Thu.May 23, 2024

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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.

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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.

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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!

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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.

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AI In Accounting: A Practical Roadmap For Smarter AP

Speaker: Gerald Ratigan

The accounts payable (AP) function is evolving and AI is leading the charge. As finance teams face rising invoice volumes and expectations for speed and accuracy, AI-powered automation has shifted from a futuristic concept to the most practical solution. But for finance leaders, success isn’t just about selecting the right tools, it’s about implementing the right strategy.

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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.

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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.

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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.

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KKR signs private credit loan for Australia's MYOB

Accounting Today

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

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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”.

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Financial professionals need collaborative strategies

Accounting Today

Barriers keep CPAs, attorneys, financial advisors and brokers from communicating effectively for their client's benefit — and the benefits of collaboration are significant.

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Stop Budget Burnout: A Better Way to Grow Your Nonprofit in 2026

Speaker: Sean Yoder

Nonprofits are under more pressure than ever to demonstrate financial accountability while continuing to expand their impact. Traditional budgeting models often fall short, reinforcing silos, limiting flexibility, and stalling growth. Enter collaborative budgeting: a dynamic, team-driven process that enables smarter resource allocation and builds financial resilience at scale.

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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.

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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.

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QuickBooks Enterprise Silver, Gold, Platinum, and Diamond: What’s the Difference?

Ace Cloud Hosting

QuickBooks Enterprise is a powerful accounting software designed for midsized to large businesses. It has the most advanced features compared to other editions of QuickBooks. Its core functionalities encompass advanced.

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Intuit to cease QuickBooks Desktop 2021 support May 31

Accounting Today

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

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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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CCH ProSystem fx Hosting Benefits: Top Reasons to Move on Cloud

Ace Cloud Hosting

For tax professionals and firms, efficiently managing large volumes of paperwork, saving multiple forms, and maintaining various documents can be daunting. During the hectic tax season, gathering all this information.

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Tax Fraud Blotter: Pure fabrications

Accounting Today

Collared; gone deep; to protect and disserve; and other highlights of recent tax cases.

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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?

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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.

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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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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.

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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.

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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.

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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.

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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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Lessons in Identity Management: Navigating Microsoft Azure Ad After Okta ID

Withum

In my last blog, I walked you through my integration journey between Microsoft 365 and Google Workspace , as well as the switch from Okta to Microsoft Azure AD/Entra ID as an identity provider. In this second blog, I will share lessons learned on this process so you can tackle similar projects successfully. Please note that Microsoft Azure AD, also referred to as Microsoft Active Directory, is now known as Entra ID.

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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

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Maximizing New Small Business 401(k) Tax Credits

Insightful Accountant

Under the SECURE 2.0 Act, small businesses offering qualified retirement plans like 401(k)s may now qualify for tax credits to reduce plan costs.

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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.

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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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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

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Sage's Net-Zero Target Receive SBTi Validation

Insightful Accountant

Sage has confirmed its net-zero targets have been validated by the Science Based Targets initiative (SBTi).

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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.

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Remembering Memorial Day 2024 and Forever More

Insightful Accountant

Murph recalls growing up with memories of Memorial Days and understanding what the holiday truly meant.

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How To Overcome Change Fatigue In Finance With Neuroscience-Backed Strategies

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.