Fri.Aug 23, 2024

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Outsourced, Cloud-Based Accounting to Accommodate Manna Food Center’s Rapid Growth

Cherry Bekaert

During the COVID-19 pandemic, Manna Food Center, a food distribution and advocacy organization, experienced an influx of community need. Located in Montgomery County, Maryland, Manna’s management team needed to develop new solutions and processes to meet this increased demand, and to manage accounting and budgeting tasks more efficiently. Manna partnered with Cherry Bekaert to streamline its operations and improve financial reporting, so staff could focus on carrying out the organization’s miss

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Options for Taxpayers Who Owe Money to the IRS: Payment Plans, Offers in Compromise, and Other Relief Options

MyIRSRelief

Owing money to the IRS can be a daunting experience, but it’s important to know that you have options. The IRS offers several programs to help taxpayers manage their tax debt, including payment plans, offers in compromise, and other relief options. In this article, we will explore these options in detail and discuss how our representation tax firm can assist you in navigating these complex processes.

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One Third of U.S. Workers Want to Phase Into Retirement

CPA Practice

While millions of older working Americans are delaying plans to retire amid mounting financial concerns, another group of employees are taking a different path: phasing into retirement. That’s according to new survey research from WTW, a global advisory, broking and solutions company. The 2024 Global Benefits Attitudes Survey found one in three (34%) workers age 50 and older either have already started phasing into retirement (15%) by reducing their work hours or job responsibilities as they nea

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The IRS Is Trying to Get ERC Employers to Tell on Themselves Again

Going Concern

Burdened by heaps of paperwork and knowing many of the Employee Retention Credit claims they still needed to sort through were sketchy at best and outright fraudulent at worst, the Internal Revenue Service opened up a voluntary disclosure program last year that would allow employers to take back their erroneous ERC claims without eating big penalties.

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Why Tech-Forward Tax and Accounting Firms Have the Inside Track to the Future

Speaker: Joe Wroblewski, Sales Engineer Manager

Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te

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Mortgage Rates Drop to 2024 Low Point as Fed Signals Interest Rate Cut

CPA Practice

Paulina Cachero Bloomberg News (TNS) Mortgage rates in the U.S. resumed their downward path, dropping to a new low for the year. The average for a 30-year, fixed loan was 6.46%, down from 6.49% last week, Freddie Mac said in a statement Thursday. Borrowing costs are down significantly after topping 7% earlier this year, giving house hunters more purchasing power and coaxing some would-be buyers off the fence.

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Silent Success: How Active Listening Can Speak Volumes In Construction

Randal DeHart

Communication is crucial in the construction industry, and active listening plays a significant role in fostering successful communication. In the bustling environment of a construction business, the ability to actively listen can make a substantial difference in understanding client needs, ensuring project requirements are met, and ultimately delivering top-quality results.

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Two years in: IRS highlights improvements under Inflation Reduction Act

Accounting Today

The Internal Revenue Service noted that taxpayers can now conduct all interactions with the IRS digitally and that the service is better equipped to address tax evasion and scams.

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New FAFSA Delay Presents an Opportunity for Some Families To Reduce College Costs

CPA Practice

Despite previous assurances that the 2025-26 Free Application for Federal Student Aid, better known as FAFSA, would be released on Oct. 1, the U.S. Department of Education announced in August that most families will not be able to submit their FAFSA until December. While many families may be wringing their hands about the announcement, the delay will actually give some families an opportunity to reduce their college costs by thousands of dollars a year.

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Updates to the Financial Data Transparency Act

Accounting Today

The Gov Fin 2024 conference put a spotlight on the implications of the Financial Data Transparency Act.

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Controller vs CFO: Which Does Your Client Need

CPA Practice

By Bob Wang. Do your clients need a controller, a CFO, or both? Every business, at some point, reaches a stage where financial management becomes too complex and just getting the bookkeeping done is no longer enough. Whether your clients are navigating growth, preparing for an acquisition, or just trying to stay afloat during challenging times, having the right financial leadership is key.

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Live Demo - Supercharge your Month End Close

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i

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On the move: BeachFleischman names innovation principal

Accounting Today

Boomer Consulting recognizes 10 companies with Boomer Visionary Awards; Marcum Foundation raises over $1M for St. Jude Children's Research Hospital; and more news from across the profession.

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Another Bold Move from Patriot Software: Free HR Center for Payroll and HR

Patriot Software

Patriot Software continues its hot streak of new value-added features by releasing a new HR Center for payroll and HR software customers. Powered by Miratech Mineral, a leader in HR compliance, the HR Center includes proactive federal, state, and local compliance monitoring and robust HR tools, resources, and templates.

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HBK splits accounting, wealth management leadership

Accounting Today

The Top 50 firm voted to split leadership of its entities, HBK CPAs & Consultants and HBKS Wealth Advisors, giving each its own top executive.

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Intuit Reports Strong Fourth Quarter and Full Year Results

Insightful Accountant

Intuit's full-year revenue grew 13 percent, Small Business and Self-Employed Group revenue grew 19 percent

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Mid-Year Review: How to Ignite Employee Potential Through Meaningful Feedback

Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.

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Weather victims in Puerto Rico, South Dakota get tax relief

Accounting Today

The IRS is pushing back filing and payment deadlines for those affected by Ernesto and other storms.

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Paychex Launches Digital Employee Benefits Marketplace

CPA Practice

Paychex, Inc. , a provider of integrated human capital management software solutions for human resources, employee benefits, insurance services, and payroll, has introduced Paychex Flex Perks, a digital marketplace of employee benefits curated to address the needs of today’s diverse, five-generational workforce. Launching with 17 unique products, Paychex Flex Perks includes early access to earned wages, financial wellness solutions, and voluntary lifestyle benefits for the employees of Paychex c

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Boomer grants 10 Visionary Awards

Accounting Today

Ten companies were recipients of the Boomer Visionary Awards, honoring member firms and sponsor partners in the accounting profession demonstrating exemplary performance and innovation.

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Divorce Issues: Income Available for Support

FraudFiles

The issue of “income available for support” in divorces can be huge, particularly if only one spouse works. The issue gets complex if the earnings of one or both spouses are non-traditional. Regular wages are usually easy to evaluate in a divorce case, while income from businesses, real estate, and other investments become more complicated. [.

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Your Accounting Expertise Will Only Get You So Far: What Really Matters

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. 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 (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). 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.

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Tech news: Schellman forms new advisory board

Accounting Today

Schellman forms new advisory board; New partnership lets Xero users send data to Caseware; Fortanix announces full disc encryption; and other accounting technology stories.

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An introduction to new and improved invoicing in Xero

Inform Accounting

Invoicing is a critical part of running any business, but it’s also one of the most tedious. The good news? Xero's new invoicing features are designed to make this task faster, easier, and more accurate.

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Business banking startups are criminally underutilizing accountants

Accounting Today

In their quest to "fix" business banking, some startups have overlooked a critical group of users: accountants.

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Influencers and Non-Cash Payments

Menzies

Menzies LLP - A leading chartered accountancy firm. You may have heard of influencer ‘unboxings’, where an online creator films themselves opening a luxury handbag, or top of the line gaming equipment, to share with their followers. At what point do these gifts constitute taxable income? When does an influencer need to declare these gifts in their business accounts?

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The Hidden Science Behind Why Finance Teams Resist Change—And How to Fix It

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.

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My Father Collected Stamps

Withum

Last week, I went to a stamp show and I won a silver medal. I previously posted about what I would exhibit. I also mentioned to quite a few people that I was a stamp collector and going to a stamp show, and they replied, “My father used to collect stamps!” Well, I still do! I really enjoy collecting and get a lot of pleasure, relaxation and mind-clearing satisfaction from it.

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Trump says growth will pay for tax cuts said to cost trillions

Accounting Today

The Republican nominee for president wants to renew the provisions of the Tax Cuts and Jobs Act.

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Consumer Sentiment Rose for First Time in Five Months

CPA Practice

By Augusta Saraiva Bloomberg News (TNS) U.S. consumer sentiment rose in early August for the first time in five months on more optimistic expectations about their finances as inflation steadied. The sentiment index climbed to 67.8 from 66.4 in July, according to the preliminary August reading from the University of Michigan. The median estimate in a Bloomberg survey of economists called for 66.9.

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Tipped workers aren't holding their breath

Accounting Today

The proposal from Trump and Harris to not tax tips is popular, but tipped workers in Nevada are clear-eyed out its electoral chances.

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Doing More With Less: The Modern Finance Miracle

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.

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Friday Footnotes: EY Shrinks Its Audit Practice; Andersen Going Public; Someone’s Losing a CPA License | 8.23.24

Going Concern

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

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U.S. Jobs Report Revised Down by 818,000 as Recession Worries Grow

CPA Practice

By Linda Stein Delaware Valley Journal, West Chester, Pa. (TNS) Aug. 22—The Bureau of Labor Statistics revised its annual jobs report by a whopping 818,000 jobs. That’s close to 1 million jobs “created” during the Biden-Harris administration that never existed. And it’s the largest downward jobs report revision in 15 years—that was in 2009, when the country was in the midst of the Great Recession.

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