Tue.May 14, 2024

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How tax and accounting pros can navigate climate disclosures

Accounting Today

Reliable data is the foundation of effective climate-related disclosures, and audit and tax professionals' experience is essential in supporting this data's integrity.

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Sales tax and Marketplaces: Who owns the responsibility?

TaxConnex

Once upon a time, selling online meant little more than setting up a website and sending both marketing efforts and sales direct to your customers from you. No more. Online selling today often involves relying on such household-name marketplaces as Amazon, Etsy, eBay and now even TikTok. But selling in U.S. jurisdictions also involves dealing with sales tax.

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Taxes for Early-Stage Startups: What Do I Have to Pay?

BurklandAssociates

Staying on top of corporate taxes, payroll taxes, sales tax, and other tax obligations is a vital aspect of running a successful startup. The post Taxes for Early-Stage Startups: What Do I Have to Pay? appeared first on Burkland.

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IRS warns of new tax scams spread by social media

Accounting Today

The Internal Revenue Service cautioned consumers to beware of inaccurate advice which prompted thousands of taxpayers to file overblown claims and held up their refunds.

Tax 132
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5 Steps to Shield Your Business: The Ultimate Guide to Avoiding Payment Fraud

As scams grow more sophisticated, it's crucial to stay proactive in defending against these threats. This guide equips CFOs, accountants, and business leaders with five essential steps—from fundamental safeguards to advanced security measures to strengthen your financial defenses. From enhancing data security to implementing fraud detection tools and safeguarding financial transactions, this guide provides expert advice that could save your company millions.

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CPAs Provide Six Ways to Replenish the Talent Pipeline

CPA Practice

As the accounting profession continues to grapple with a shortage of new CPAs and fewer accounting graduates , an independent national advisory group has published six draft recommendations in a new report on what the profession can do to restock its pipeline with young talent. “The talent shortages of the past several years, coupled with strong demand for professional accountants, have created challenges throughout the profession.

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IRS cuts PTIN fees

Accounting Today

The Internal Revenue Service published final regulations officially lowering the fees for new Preparer Tax Identification Numbers and renewed PTINs.

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More Trending

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NYU to Host Federal Real Estate and Partnerships Tax Conference

CPA Practice

The NYU School of Professional Studies Division of Programs in Business will host the 2024 Federal Real Estate and Partnerships Tax Conference at the Mayflower Hotel in Washington, DC, from June 6 to 7. Attendees engage in two full days of advanced-level learning designed for accountants, attorneys, and tax and real estate professionals involved in the planning and transactional work related to partnership and real estate taxation.

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Regulatory, Tax and SOX Compliance for Biopharmaceutical Company Expanding U.S. Presence

Cherry Bekaert

When a United Kingdom-based company moved its headquarters stateside, leadership partnered with Cherry Bekaert to assist with compliance and regulatory requirements, and for guidance on future audit preparation. Company Background The company is a clinical-stage biopharmaceutical business developing a solution for chronic respiratory illness that aims to obtain approval as a maintenance drug in the United States.

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Top 5 Best Accounting Softwares for Marketing Agencies

GrowthForceBlog

8 min read May 14th, 2024 For the modern, growing marketing agency, accounting software is necessary for running a financially healthy, compliant, and successful business. Key Takeaways Project-Based Accounting: Marketing agencies generate revenue based on projects and individual client relationships. As a result, project or client-based accounting capabilities are a must… Sage Intacct: Sage Intacct is one of the most customizable accounting software suites available on the market.

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Intuit Appoints Vasant Prabhu to Board of Directors

Insightful Accountant

Intuit, Inc. has appointed Vasant Prabhu, former Chief Financial Officer and Vice Chairman of Visa, to its board of directors.

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How to Navigate Revenue and Expense Management: Competitive Insights for Financial Success

Speaker: Hilary Akhaabi, PhD - Founder, Chief Financial & Operations Officer at Go Africa Global

In the fast-paced world of corporate finance, staying ahead of the curve is crucial for sustainable growth and profitability. This exclusive webinar with leading expert Hilary Akhaabi, PhD, will teach you practical ways to navigate complex financial landscapes and enhance your company's revenue management capabilities. Whether you're aiming to refine your financial strategies or seeking innovative solutions to drive performance, this new session is for you!

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2 Promotions to Associate at Wellers

Wellers Accounting

Simon Smith FCCA celebrates the promotion of Mike Webb and Doug Saunders to the position of Associate.

Tax 105
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Defending IRS Cash-Based Audits – Guilty Until Proven Innocent: Computing Income

Withum

As discussed in our previous article, The Case for Using a Forensic Accountant , confronting the prospects of a cash-based audit is fraught with potential traps and exposure to civil and criminal penalties, including incarceration. Understanding the government’s process and having the information to respond quickly will make the process smoother. The goal should be to demonstrate that all income has been reported and, if that is not possible, keep the review in the civil realm.

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New PCAOB Rules Would Push Auditors to Assemble Final Documentation More Quickly

CPA Practice

The Public Company Accounting Oversight Board (PCAOB) approved a sweeping new standard on the general responsibilities of an auditor on May 13, including a provision that significantly cuts the maximum time period for the auditor to assemble a complete and final set of audit documentation from 45 days to 14 days. Over the years, technology has enabled auditors to transition from paper-based audit documentation to electronic workpapers, which takes them less time to complete the final set of audi

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PCAOB resets agendas as standards fall into place

Accounting Today

The Public Company Accounting Oversight Board updated its standard-setting, research and rulemaking agendas to reflect recent progress on modernizing the its older standards and rules.

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3 Must-Have Reports to Help Financial and Accounting Firms Become More Profitable

Bizinta highlights three crucial reports for financial and accounting consultancies to enhance profitability: Utilization Reporting maximizes billable hours Profitability by Consultant identifies top performers Contribution by Client prioritizes high-value clients These reports provide accurate insights, replacing guesswork with data-driven decisions.

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PCAOB Replaces Old Quality Control Rules With a New Standard

CPA Practice

The Public Company Accounting Oversight Board (PCAOB) has overhauled its decades-old quality control requirements for audit firms by adopting a new standard on May 13 designed to put the onus squarely on auditors and executives. The new standard, which the board approved by a 4-1 vote on Monday, would require all PCAOB-registered accounting firms to identify their specific risks that would inhibit audit quality—like the use of technology-based auditing tools that could create new risks if they d

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How to Develop a Company-Wide AI Policy for ChatGPT and Other Generative AI Tools

Anders CPA

Generative AI technology, such as ChatGPT, Microsoft Copilot, DALL-E and more, has the potential to revolutionize industries and enhance business processes, but it also comes with risks and ethical considerations that must be carefully addressed. To ensure responsible and effective use of generative AI within your organization, it is crucial to establish a clear policy that outlines guidelines for its implementation.

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Avalara Honored as 2023 BigCommerce Tech Partner Award Winner

CPA Practice

Avalara, Inc. , a leading provider of cloud-based tax compliance automation for businesses of all sizes, today announced that the company has been named BigCommerce 2023 Americas Tech Partner of the Year for seamlessly solving tax compliance challenges for ecommerce merchants. The BigCommerce Global Partner Awards recognize the top-performing partners among BigCommerce’s global network of thousands of agency and technology partners in its open ecosystem.

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KKR taps private credit loan for Australian software firm MYOB

Accounting Today

KKR & Co. is in talks for a new loan with private credit lenders for MYOB, an Australian accounting software firm that the private equity giant acquired in 2019, people familiar with the matter said.

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How To Streamline Finance Operations Through Automation

Speaker: Claire Grosjean

In today’s fast-paced business environment, finance professionals are under increasing pressure to optimize operations and drive strategic value. As a result, automation has become a core part of business strategy, offering unprecedented opportunities to streamline operations and drive efficiency. Join esteemed global finance and operations executive, Claire Grosjean, for a comprehensive guide on how to harness automation’s power through strategic collaboration with functional leaders.

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Leverage Voice of the Customer Analyses in Commercial Due Diligence to Amplify Post-Acquisition Growth

Cherry Bekaert

Applying voice of the customer (VoC) analyses at the beginning of the investment lifecycle can provide qualitative data on consumer behavior to inform investment decisions and post-transaction strategies. By integrating VoC methodologies within traditional due diligence processes, organizations can make better strategic decisions to validate the deal thesis and drive post-acquisition growth.

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U.S. Retail Sales Saw Increase in April

CPA Practice

Retail sales grew modestly from the month before in April, but a shift in the timing of Easter appeared to be behind a slight year-over-year decline, according to the CNBC/NRF Retail Monitor , powered by Affinity Solutions and the National Retail Federation. “Consumer spending continues to drive economic growth and retail sales increases, though we see some moderation in spending as consumers continually search for value,” NRF President and CEO Matthew Shay said.

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Three Creative Agency Pipeline Challenges – and How to Fix Them

Summit CPA

Across the creative agency industry, we’re hearing the same pain-point: pipelines are quieter, longer , and leaner. Now that pandemic relief money has been spent and the economy is in search of a new equilibrium, it looks like all eyes will be on pipeline for the near future. With a strong concentration in the creative agency space, we have our ear to the ground on pipeline issues.

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Empowering the next generation: How AI can support junior tax professionals

ThomsonReuters

Expectations of tax professionals today are higher than ever. Alongside having a head for figures, they need a problem-solving mindset, have commercial awareness, and be able to act as a strategic adviser to the business – all the while staying abreast of fast-changing regulatory developments and a shifting economic landscape. For junior tax professionals entering this complex and demanding world, the challenge can be exciting – but the learning curve can be steep.

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How to Elevate Your CPA Services and Grow Your Business

As a CPA, your expertise is invaluable to your clients. By partnering with Fincent, you can enhance your service offerings and streamline financial management for your clients. Our platform provides real-time financial reports, cash flow tracking, automated posting of banking transactions to reduce errors, and powerful search capabilities. With Fincent, you can focus on high-value services while we handle the day-to-day bookkeeping tasks.

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Survey Reveals 90% of UK Accountants Charge Between £126 to £400 for a Tax Return  

Accounting Insight

IRIS Software Group , a leading global software provider of accounting, edtech, payroll and HR solutions, today released the results of its anonymous poll of UK-based accountants, conducted during February and March 2024. Accountants responded to 13 multiple-choice questions pertaining to pricing, AML compliance, and cybersecurity confidence. How much do accountants charge across the UK?

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A Bankruptcy Investigation Example

FraudFiles

The skills of a forensic accountant can be useful in bankruptcy cases. In this video, Tracy talks about a case in which she was retained by a creditor to examine the finances of the debtor. There were allegations that the debtor concealed material facts about its financial position when it originally applied for credit, and [.

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15 key business skills for future focused accountants

Mark Lee

In my latest talks about what the future demands from accountants I reference key business skills. This is a subject that has long been dear to my heart as, after I had been working in tax for a while at what is now Deloitte (back when it was Touche Ross), I helped out the tax training team. Our focus was NOT on tax knowledge but on client relationship skills.

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Today's QB Talks focuses on QuickBooks Live Expert Assist

Insightful Accountant

Alicia will host special guest Ted Callahan, Intuit’s Accountant Leader, Ted Callahan, to discuss how Intuit sees QuickBooks Live Expert Assist as a benefit to ProAdvisors.

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Top 3 Secrets to Staying Relevant with Gen Z

Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert

In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant or getting "ghosted" if they fail to meet the evolving needs of Gen Z consumers. In this new webinar, Brian Muse-McKenney of Episode Six and Matt Simester of Payments Consultancy Limited will reveal key considerations banks should factor into their efforts to develop target products for the next generation of bank customers.

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AI makes zero-based budgeting a practical finance tool

Accounting Today

The convergence of machine learning, generative AI and autonomous sourcing gives organizations the ability to realize most of the ZBB ideal.

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Caseware Financials: Cloud-based Financial Reporting

Insightful Accountant

Caseware Financials delivers the power of cloud, data, automation and localized content in one dynamic app for statutory reporting.

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Accounting Advisory Panel Releases Action Plan to Address Talent Shortage in Profession

CPA Practice

The National Pipeline Advisory Group (NPAG), an independent group of stakeholders working on behalf of the U.S. accounting profession, today released a set of draft recommendations to address the accounting talent shortage. The proposals fall within six broad themes and target audiences that range from high school students to accounting professionals who have spent five years or less on the job.

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In the blogs: Age before beauty

Accounting Today

Old IRS tech; lead, don't manage; an MP want-ad; and other highlights from our favorite tax bloggers.

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Simplify Your Business Finances with Dedicated Bookkeeping Services

Managing bookkeeping and tax can be challenging for businesses of all sizes. Fincent’s services offer a comprehensive solution to streamline your financial operations. With personalized, dedicated bookkeepers and controllers, our platform ensures accurate monthly books and financial statements delivered by the 10th business day of each month. Open monthly communication and an easy-to-use online chat with your bookkeeper provide consistent support and seamless management.