Accounting Insight

JUNE 13, 2023

How can AI and automation help small accountancy practices provide a better service? 2023 is the year when AI leapt from Californian software labs to our homes. The masses are suddenly using tools like Google Bard and ChatGPT for anything from homework to writing code. The commodification of AI is also happening in accountancy: small and medium-sized firms are beginning to embrace the technology, which was previously the preserve of the Big Four.

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BurklandAssociates

JUNE 13, 2023

Startups can improve efficiency, reduce errors, and make better decisions by pairing emerging AI accounting tools with human accounting professionals. The post When AI & Human Accountants Team Up, Startup Founders Win appeared first on Burkland.

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TaxConnex

JUNE 13, 2023

Sales tax compliance involves a highly complex set of rules and regulations. These rules change frequently in many jurisdictions, and the question of whether (and how) your company needs to collect and remit sales tax to a certain jurisdiction can be quite difficult to determine. Many companies believe that when going with a sales tax automation option everything is taken care of.

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CPA Practice

JUNE 13, 2023

By Joy Taylor, Kiplinger Consumer News Service (TNS) The U.S. State Department can deny or revoke U.S. passports of people with federal tax debts of $59,000 or more on whom a tax lien or levy has been filed. This doesn’t include individuals who are paying their taxes under an installment agreement, people in bankruptcy, individuals who live in a federally declared disaster area, or people with a tax debt that the IRS has determined isn’t collectible because of hardship.

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Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.

accountant

Going Concern

JUNE 13, 2023

Financial Reporting Council chair and stereotypically European named Jan du Plessis has told the Financial Times that audit firms — who regularly complain about the UK audit regulator being up their asses — should pay their junior auditors more. “There has been a significant increase in profitability at all the audit firms. They have the resources available to increase the pay levels of more junior people that they want to attract into their firms and it’s up to them whether th

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auditor audit financial statements Legal 111

CPA Practice

JUNE 13, 2023

If you’re a U.S. citizen working abroad, you still must pay U.S. federal income tax, even if a foreign country also taxes you. However, you may be eligible for a unique tax break. A long as certain requirements are met, you can claim the foreign earned income exclusion on a substantial portion of your foreign income—maybe even all of it. The exclusion is indexed annually for inflation.

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CPA Practice

JUNE 13, 2023

By Melissa Angell, Inc. (TNS) A backlog of claims for the employee retention credit (ERC) has piled up before the IRS, as business owners seek out the retroactive tax credit. The credit, which was authorized by the $2.2 trillion coronavirus package known as the Cares Act, aimed to motivate employers to keep workers on staff during the early days of the pandemic as unemployment rates surged.

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GrowthForceBlog

JUNE 13, 2023

6 min read You can't run a business without a sound back office. Key Takeaways Why Some Businesses Consider Building Their Own Accounting Systems: Many businesses find that these software systems cannot meet their unique back-office needs because using an inflexible, one-size-fits-all software solution A Powerful Accounting Software Solution: While an investment of this size into custom-designed accounting software might make sense for a large corporation, for most small and medium-sized busines

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accounting system Account accounted accountant 98

CPA Practice

JUNE 13, 2023

The American Institute of CPAs (AICPA) Foundation awarded $970,000 in academic scholarships to 195 students for the 2023-2024 academic year through the AICPA Legacy Scholars Program. The AICPA Foundation was established in 1922 to advance the science of accountancy and accounting education. For more than 100 years, the organization has focused on supporting the next generation of CPAs through accounting education and outreach, scholarships and fellowships, and diversity and inclusion.

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ThomsonReuters

JUNE 13, 2023

If you’re part of a small or medium-sized tax and accounting firm, you know that differentiating yourself from the competition is always top of mind. Your long-term success hinges on capturing opportunities that cultivate deeper and more meaningful client relationships—and that’s where advisory services come in. But what are advisory services all about and how do you know if your clients will respond to them?

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tax return Tax bookkeeping services Technology 93

Speaker: Kim Beynon, CPA, CGMA, PMP

The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.

Finance

CPA Practice

JUNE 13, 2023

A new survey of 1,000 U.S. and U.K. businesses shows that online sales tax compliance remains complex and confusing for businesses to navigate as we mark the fifth anniversary of the Wayfair decision. The survey was commissioned by Avalara, Inc. , a provider of cloud-based tax compliance automation for businesses of all sizes. “Complexity tied to economic nexus and marketplace facilitator laws is likely at its highest level since the Wayfair decision happened as all states with a general sales

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SkagitCountyTaxServices

JUNE 13, 2023

I’ve talked to you before about the ERC scams running rampant and how to steer clear of them, but there’s a recent update worth mentioning: They’re also partially responsible for the IRS’s delay in issuing ERC refunds — especially for small businesses. And funds like that could be exactly the kind of boost needed for struggling businesses. Now, maybe the ERC credit isn’t for your Skagit County business (or you’ve already received it), and you’re still in need of a cash flow infusion.

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Finance Real Estate tax return Tax 73

CPA Practice

JUNE 13, 2023

By Nathan Baird, cleveland.com (TNS) The national landscape surrounding name, image, and likeness laws continues to evolve—with the latest development potentially impacting the operations of NIL collectives associated with The Ohio State University. Last Friday, the IRS’s Chief Counsel’s office released a memo stating that donations made to nonprofit NIL collectives are not tax exempt.

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Withum

JUNE 13, 2023

Real estate investors generally want to do everything possible to maximize their return on investment when investing in residential rental properties. One of the most effective methods of accomplishing this is by reducing their income tax liability on the investment properties they own; this can be accomplished by conducting a cost segregation study.

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Real Estate income tax Tax 69

Speaker: Mark Gilham, FCCA, CPP

Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.

Finance

CPA Practice

JUNE 13, 2023

Farmington, MI-based top 30 accounting firm UHY continues to grow in its home state by merging in CPA firm Baird, Cotter & Bishop PC. The deal, which went into effect on June 12, gives UHY an additional 40 team members and two Michigan offices—one in Cadillac and the other in Traverse City. Financial terms of the deal weren’t disclosed. “With this combination, UHY is proud to have nine total offices in the state of Michigan,” Tom Callan, Great Lakes regional managing partner for UHY, said in

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Insightful Accountant

JUNE 13, 2023

You can use your potential as a CEO Whisperer to offer differentiated advisory services. In the final part of G76's Peter Mares' four-part series, you learn how to grow your business. Sign up for the June 14 webinar here.

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CPA Practice

JUNE 13, 2023

Technologists Randy Johnston and Brian Tankersley, CPA, discuss DataSnipper, an Intelligent Automation Platform within Excel that accelerates Audit and Finance teams' productivity.

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Cherry Bekaert

JUNE 13, 2023

Making Informed Entity Selection Decisions The life cycle of your real estate venture or property management company should be planned with the end in mind. Decisions made today can have a critical impact on the taxability of your investment, including on the exit strategy. In this article, we’ll explore the advantages and disadvantages that the type of entity chosen for a real estate venture or property management company can have on the tax strategies available during your project’s life cycle

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Real Estate income tax tax return Legal 59

Advertiser: Paycor

Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.

LSLCPAs

JUNE 13, 2023

Don’t Miss Out on Big Tax Savings! If you own more than 2% of an S-Corp, be sure you are reporting your health insurance premiums correctly to the IRS. Here’s the thing: if you’re not, you could be missing out on significant tax savings. But before you get too excited, you also need to know. The post How to Correctly Report Self-Employed Health Insurance for S-Corporation Owners appeared first on LSL CPAs.

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cpas Tax 52

Going Concern

JUNE 13, 2023

This just in: Carmine is gonna head out. FT : On Tuesday, Di Sibio made it clear he did not intend to step down immediately, but would instead oversee the organisation through a long transition lasting until the end of the next financial year in June 2024. In a partner webcast, he said he planned to leave “having reached the EY mandatory retirement age”.

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Basis 365

JUNE 13, 2023

In today's digital age, businesses constantly seek efficient and user-friendly solutions to manage their finances. Cloud-based accounting software has revolutionized how companies handle their financial tasks, making bookkeeping and financial management more accessible and convenient. QuickBooks Online (QBO) and Xero are popular platforms in this space.

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Withum

JUNE 13, 2023

Learn how Withum helped a food manufacturer leverage an existing Microsoft investment to streamline business processes and empower citizen developers with Power Platform. Download a PDF of this case study. Executive Summary An established food manufacturing company requested support to help them fully leverage their existing Microsoft infrastructure and to prove that they could consolidate apps, bots and tools from other vendors onto Microsoft platforms.

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Speaker: Cheryl J. Muldrew-McMurtry

Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.

Finance

Anders CPA

JUNE 13, 2023

An increasingly difficult Venture Capital investment environment has made raising funds a much more complicated process for many startups, particularly those still in the early stages. The collapse of Silicon Valley Bank , among other factors, has influenced VC investors to take fewer risks, leading to a funding desert for some startups. To overcome this lack of outside funding, startups should seek out internal ways to improve themselves and develop the traits that may attract success and, even

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CPA Tax 52

Withum

JUNE 13, 2023

It is upgrade time again for Business Central. Microsoft has two major version upgrades for Business Central each year in April and May. These upgrades come rich with new features, better usability, and increased functionality. We are going to dive into some of our favorite features from the most recent wave release, Microsoft Dynamics 365 Business Central 2023 release wave 1, version 22. 1.

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AccountingDepartment

JUNE 13, 2023

It often happens that businesses become frustrated with slow-moving, unwieldy end-to-end experiences with their credit card programs. Encountering delays in issuing new cards to employees, which further compounds the issues, and both employees and members of the finance team lacking a centralized view of cardholder transactions, creates all sorts of ongoing challenges.

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Mark Lee

JUNE 13, 2023

One of the biggest changes to be heralded by the introduction of AI so far as accountants are concerned, links to one of my long-term messages for accountants. How can you stand out from the competition? And, as a result, win more of the business you really want? Even before the launch of ChatGPT and other AI systems, over the last few years many of us have realised that we need to adopt a new mindset across our marketing and sales activities.

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Advertiser: Paycor

Before you can achieve success, you have to define it. Objectives and Key Results (OKRs) give you the framework to do just that. Paycor’s free guide includes a step-by-step process leaders can use to work toward – and achieve – their loftiest business goals.

Withum

JUNE 13, 2023

Benjamin Franklin’s Way to Wealth will be the topic of this week’s webinar for the East Brunswick Public Library. I will also suggest things you could adopt to maintain, better, and/or grow your wealth and health. Benjamin Franklin was probably the best-known American during his lifetime and received worldwide honors. He also helped create the United States of America.

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