Thu.May 23, 2024

article thumbnail

Two-thirds of businesses say audits hinder growth

Accounting Today

Traditional audits may hinder business growth potential as accounting firms are slow to embrace modern approaches, according to an Inflo report.

audit 126
article thumbnail

Some Employers Say July 1 Start Date for New Overtime Pay Rules is Too Soon

CPA Practice

By Dee DePass, Star Tribune (TNS) Employers are pushing back and asking for more time before implementing new federal overtime rules that will require them to pay overtime to more workers. The new Department of Labor rules take effect in two stages. Normally, employers can opt not to pay their salaried, white-collar employees “time and a half” for overtime hours worked, provided those employees make at least $35,568 a year.

Minnesota 105
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

IRS tax audits may show unintended racial, ethnic bias

Accounting Today

The Internal Revenue Service doesn't collect data on taxpayers' race or ethnicity, but some of its methods could lead to disparities in its audit rate.

audit 127
article thumbnail

Monetizing Energy Tax Credits: A Guide to Transferability and Tax Equity Transactions

Cherry Bekaert

Expansion of the Production Tax Credit and Investment Tax Credits The Inflation Reduction Act (IRA) included a range of energy tax credits designed to encourage transitioning to clean energy production, advanced manufacturing, the adoption of clean vehicles (CVs), and reduced greenhouse gas emissions through alternative fuels and energy-efficient technologies.

Tax 105
article thumbnail

Live Demo: How to Achieve Reconciliation Zen

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

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

article thumbnail

Woodard® announces the keynote speakers for the 2024 Scaling New Heights® conference

Insightful Accountant

Scaling New Heights® conference will be held June 16-19, 2024, in Orlando, Florida and will feature some of the most inuential and dynamic voices in accounting, bookkeeping, and business to encapsulate their theme of “Boldly Go”.

Florida 104
article thumbnail

Profession Leader Humbly Requests You STFU About Long Hours, Busy Season, and Stress

Going Concern

You’re scaring the children! Stories about the AICPA are like buses, you don’t see one for an hour weeks and then three show up at once. Today I come bearing a gift from this Journal of Accountancy article about new AICPA Chair Carla McCall, CPA, CGMA. Let’s see what “New AICPA chair: ‘We need to promote the cool work we do’” has to offer us.

CPA 101

More Trending

article thumbnail

AccountingDepartment.com Earns a Spot on the Woodard 2024 Top 50 Accounting Services Practice List

AccountingDepartment

We are thrilled to announce that AccountingDepartment.com has been awarded a spot on the Woodard 2024 Top 50 Accounting Services Practice list. Earning this distinction is a testament to AccountingDepartment.com's commitment to excellence for its clients.

Account 86
article thumbnail

Accounting Today news quiz: May 23

Accounting Today

Test your accounting knowledge on AI job opportunities, M&A, and more. No. 2 pencil not required!

Account 129
article thumbnail

4 Steps to Post-Tax Season Success

CPA Practice

Tax season is finally over. You’ve worked diligently and spent long nights trying to meet the deadlines and demands of 82% of clients who want more from accounting professionals. I know the sigh of relief you feel once the rush is over. First and foremost, take time to rest – you deserve it. Once you feel like you’re back to your old self and have rested enough, it’s time to reflect on how the season went: What went well?

Tax 78
article thumbnail

AICPA names Carla McCall as new chair

Accounting Today

The American Institute of CPAs elected the managing partner of AAFCPAs as its next chair.

cpas 122
article thumbnail

New DOL Final Overtime Rules: Quickstart Guide for Employers

There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.

article thumbnail

A Good Accountant for Your Skagit County Small Business Provides This

SkagitCountyTaxServices

This past weekend, Ed Dwight — age 90, became the oldest person to travel to space. Six decades ago, he was on a trajectory to become the first Black astronaut in space, but ultimately was passed over. The space exc ursion certainly cements the old adage “It’s never too late to pursue your dream.” Dwight’s once-in-a-lifetime experience has birthed new dreams — he wants to orbit the whole earth now.

Account 74
article thumbnail

AI tools that find answers, suggest tax strategies and draft emails for you

Accounting Today

Available technology solutions could boost professionals' efficiency in serving their clients — but only if financial advisors and their customers are open to them.

Tax 89
article thumbnail

Avoiding Pitfalls in AI Adoption for Law Firms

Withum

There is no doubt that artificial intelligence (AI) is going to revolutionize the legal industry, offering unprecedented tools to enhance the efficiency and effectiveness of a law firm’s operations. However, AI adoption without a proper roadmap is likely a recipe for disaster. The usage of generative AI in the courtroom has already sparked controversy across the industry, especially when implemented without a well-thought-out strategic road map.

Legal 73
article thumbnail

Tips from our own London local to help you make the most of Xerocon

Xero

Xerocon London 2024 is nearly here! World class speakers, innovative new tools and workflows, and a chance to connect with community peers, thought leaders and industry experts. From embracing uncertainty and the new frontiers of technology, to mastering app stacks, this year’s Xerocon is set to bring more inspiration and innovation than ever before.

article thumbnail

Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

article thumbnail

KKR signs private credit loan for Australia's MYOB

Accounting Today

The private equity giant acquired the accounting software firm in 2019.

article thumbnail

Best and Worst Cities to Start a Career in 2024

CPA Practice

By Donna Levalley, Kiplinger Consumer News Service (TNS) Finding your first job after graduation is an exciting and daunting process. When you layer on the reality that where you work will impact your life just as much as your new job title and salary—the search takes on heightened importance. While some cities, such as New York, are sought-after, it doesn’t mean they are the best place to start.

article thumbnail

CohnReznick Snags a Longtime PwC International Tax Guy and Issues a Press Release

Going Concern

CohnReznick has picked up former PwC principal Daniel Rinke for its international tax practice and issued a very flowery press release. Based in Massachusetts, Rinke has more than two decades of international tax experience, notably involving cross-border transactional and operational planning for multinational corporations. His diverse industry experience includes pharmaceutical, biotech, manufacturing, chemicals, semiconductors, retail, and finance.

Tax 62
article thumbnail

New York City's tourists fuel record $4.9B in tax revenue

Accounting Today

Tourists are expected to generate a record $4.9 billion in sales and other tourism-related tax revenue in the current fiscal year, a 16% jump from 2020.

article thumbnail

How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

article thumbnail

Webinar: Growing Your Bookkeeping or Accounting Firm: A Roadmap to SuccessWebinar:

CPA Practice

This webinar will be held on Tuesday, June 11, 2024 Sponsor: Canopy Software Duration: 1 Hour Register Now CPE Course Description: This course offers a roadmap for starting and continuing to grow your own accounting or bookkeeping firm, with a focus on scalability and efficiency from the outset. Learn how to shape your business for long-term success, navigating through the crucial early stages and implementing effective growth strategies.

article thumbnail

Top Remote Accountants of the Week | May 23, 2024

Going Concern

Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of skilled remote accountants without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires. FTE Senior Tax and Accounting | Candidate ID #20455103 Certifications: CPA in progress Education: BA, Accounting & Business Administration Experience (years): 4+ ye

article thumbnail

Rescinding Internships to Cut Costs is a Bad Move, HR Experts Say

CPA Practice

By Jennifer Alsever, Fast Company (TNS) Earlier this month, news circulated on social media that Tesla rescinded internship offers, reportedly as part of a larger cost-cutting measure as the EV maker faces sagging profit. HR experts say that was a big mistake. “There are cost savings, but there definitely is a cost to rescinding offers both internally and externally, which is a betrayal of trust,” says Jennifer Dulski, CEO and founder of Rising Team, a team performance platform.

payroll 59
article thumbnail

Hunter Biden criminal tax trial postponed to Sept. 5 in Los Angeles

Accounting Today

President Biden's son had been scheduled to go on trial on June 20 on charges he failed to pay $1.4 million in taxes from 2016 to 2019.

Tax 65
article thumbnail

Planning Your Restaurant's Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

article thumbnail

Carla McCall Named New Chair of AICPA

CPA Practice

Carla McCall, CPA, CGMA, Managing Partner of AAFCPAs , is the new Chair of the American Institute of CPAs (AICPA). She also will serve as Co-Chair of the Association of International Certified Professional Accountants , which combines the strengths of the AICPA and the Chartered Institute of Management Accountants (CIMA). Separately, Barry Melancon, CPA, CGMA, recently announced his upcoming resignation from the positions of president and CEO of the AICPA, which he has held for nearly 30 years.

CPA 59
article thumbnail

Intuit to cease QuickBooks Desktop 2021 support May 31

Accounting Today

Intuit will cease support for QuickBooks Desktop 2021 starting next Friday, May 31

article thumbnail

AICPA Announces Keynote Speakers and Events for AICPA & CIMA ENGAGE 2024 in Las Vegas

CPA Practice

The American Institute of Certified Public Accountants and the Chartered Institute of Management Accountants have announced the keynote speakers and key events for this year’s 2024 ENGAGE , the largest annual educational and networking event for accounting and finance professionals. The event will be held June 3-6, 2024, at the Aria Resort and Casino in Las Vegas.

article thumbnail

2024 Not-for-Profit Speaker Series: Help! We Need People!

Cherry Bekaert

Not-for-Profits face staffing challenges in their accounting and finance functions, leaving many organizations overstretched and unable to focus on their mission’s most important tasks. This webinar covers current staffing trends and how NFPs creatively address their staffing needs. Learning Objectives: Understand current trends in NFP accounting and finance staffing Identify options other NFP’s are using to address the staffing shortage Recognize opportunities to co-source or outsource pa

article thumbnail

How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

article thumbnail

Preserve Generational Wealth by Delaying Payment of Estate Tax with IRS Code Section 6166

LSLCPAs

Imagine your parents work all their lives to grow and develop a successful business. The intention is to pass it down to their children, keeping it in the family, providing for the family long after they have passed. When that time comes, the value of their estate is large enough that estate tax is due. The post Preserve Generational Wealth by Delaying Payment of Estate Tax with IRS Code Section 6166 appeared first on LSL CPAs.

Tax 52
article thumbnail

3 Reasons Why AI Will Not Replace Accountants (But Can Help Instead)

CPA Practice

By Fady Hawatmeh. The prospect of AI replacing accountants has stirred up some anxiety within the industry. However, it’s important to think of AI as a helpful tool designed to enhance, not replace, the capabilities of humans. Rather than seeing AI as a threat to their careers, accountants should view it as a catalyst that can help them work faster, smarter, and with greater impact.

Account 52
article thumbnail

4 Reasons Why You Should Record Your Business’s Processes

Summit CPA

Recording systems your business uses in its operations are integral to business growth. All businesses have systems that allow them to deliver services or products. These systems involve processes staff members must follow to achieve a desired outcome. These processes may be as simple as documenting how your administrative assistant should answer calls and capture messages to more complex procedures, such as successfully onboarding a client.

52
article thumbnail

Ignition Appoints Strickland as Global President

CPA Practice

Ignition , a revenue generation platform for accounting and professional services, has announced the appointment of Greg Strickland as its global president. Strickland brings over 15 years of invaluable experience in the technology industry, having held prominent roles at global tech firms such as Box, Productboard and Periscope Data, alongside advisory positions with emerging startups like Loom, Preset, and Grain.

article thumbnail

Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.