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Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. The process of resolving tax issues can be overwhelming and stressful for taxpayers, and seeking professional (EA, CPA, Lawyer) tax help can be a wise decision. In this article, we will explore the benefits of professional tax help for Chicago taxpayers facing tax audits, back taxes, and 941 payroll tax problems.
By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) The IRS has scored a win at the U.S. Supreme Court. Last Thursday, the court released its ruling in Polselli v. IRS , involving whether the agency can access bank records of a taxpayer’s relatives or associates—without notice—to help with tax collection efforts. The Supreme Court’s answer is yes.
Intuit has significantly enhanced the custom workflow feature within QuickBooks Online Advanced. Murph shows why the new workflows are easier and better than ever.
By Adam Goran. What comes to mind when you think of the IRS, or the International Revenue Service, in America? Most people think about taxes and tax season—and the piles of paperwork and forms that coincide. But what if the IRS was more digitized? Well, they’re trying to do just that. Last month, the IRS put out a news release stating they are trying to become a “digital first” organization.
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.
Earlier this afternoon we received a tip: Grant Thornton to perform layoffs across the firm. Numbers unknown. Areas impacted unknown. Well then, that’s not very helpful is it. A quick search uncovered this Reddit thread from a few hours ago which along with many comments about how these hoes ain’t loyal contains what appears to be the text of an email that went out earlier today.
Have all your personnel participated in a focused firm security briefing in the past twelve months? If not, it’s time to conduct one as it is not only a good practice but is required for any individual or firm that electronically file tax returns. In this article we will outline not only the legal requirements but the best practices we have identified in our consulting with firms and in providing accounting firm security briefings.
In March, Atlanta Business Chronicle reported Deloitte did not renew its 260,000 square foot lease at 191 Peachtree St in downtown Atlanta. Now KPMG might be joining them in looking to downsize from downtown space. Deloitte’s decision may have something to do with this: Violent protests over long work weeks tonight at Atlanta’s Deloitte office by u/titty_brain in Accounting Guys, don’t make this lore.
In March, Atlanta Business Chronicle reported Deloitte did not renew its 260,000 square foot lease at 191 Peachtree St in downtown Atlanta. Now KPMG might be joining them in looking to downsize from downtown space. Deloitte’s decision may have something to do with this: Violent protests over long work weeks tonight at Atlanta’s Deloitte office by u/titty_brain in Accounting Guys, don’t make this lore.
Over the last year, governmental financial statement preparers’ attention has shifted from Leases to SBITAs, leaving some to wonder about Public-Private Partnerships (P3s). The Governmental Accounting Standards Board (GASB) Statements 87, 94 and 96 are all based on the underlying concept that leases, P3s and SBITAs are all financings of the rights to control someone else’s assets.
The CPA Practice Advisor Tax & Accounting Technology Innovation Awards honor new technologies that help accounting firms and their small business clients operate more efficiently and profitably through improved workflow, increased accessibility, or enhanced collaboration. Now in their 20th year, the Innovation Awards highlight technologies that are shaping the profession and small businesses through increased collaboration and productivity.
A technology platform that fuels every aspect of your business is no longer a competitive advantage in this data-driven, digital-first business world – it is an imperative. The Microsoft Power Platform (the Platform) delivers a low-code solution, enabling users to build custom business applications, automate workflows, analyze data and deliver Automated Intelligence (AI) solutions in one inclusive environment.
The IRS said on Monday that it will not raise interest rates for the third quarter of this year. Beginning on July 1, the rate for overpayments and underpayments for individuals will be 7% per year, compounded daily. Here is a complete list of the Q3 rates: 7% for overpayments (payments made in excess of the amount owed), 6% for corporations. 4.5% for the portion of a corporate overpayment exceeding $10,000. 7% for underpayments (taxes owed but not fully paid). 9% for large corporate underpaymen
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.
If you’re new to the Salesforce world, the first thing to know is that it’s a Customer Relationship Management (CRM) system built on an open platform so other applications can easily work together to house, manage, and collaborate with different departments using the same data. If you’re considering Salesforce, you should look at our blog, Salesforce Accounting: 10 Things Admins Should Know , which provides valuable insights into how to leverage the power of accounting in Salesforce.
Audit partners are pessimistic about the outlook for the U.S. economy as U.S. businesses continue to face inflation, cybersecurity risks, and increased regulation, according to the Center for Audit Quality (CAQ’s), Audit Partner Pulse Survey , a biannual survey of US public company audit partners. The survey provides independent and objective perspectives on a range of topics, including the overall health of the economy and business transformation.
By Samuel V. Gaeta, CFP, Kiplinger Consumer News Service (TNS) Many know that capital gains taxes are what you owe when you sell an investment that has gained value since you bought it. What’s less well-known is that you can end up owing capital gains taxes on an investment that has lost value since you purchased it and that you haven’t even sold!
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.
A survey from Dext , the cloud pre-accounting platform, has revealed that the majority (43%) of accountants are ‘Digital Champions’. Defined as being confident with technology and knowing how to use accounting software and automation tools effectively, Digital Champions embrace digital tools as a way to improve efficiency and save time at their firm.
Ramp, the leading finance automation platform helping 15,000+ businesses find time and money savings across transactions, bill payments, and accounting, today announced Ramp Intelligence: a suite of never-before-seen tools in financial services, driven by AI, designed to solve customer problems. The launch represents the most significant evolution of Ramp’s core time and money saving engine, with solutions powered by GPT-4 embedded throughout Ramp’s platform – including vendor price intelligence
Hello to the holiday season. Easter and the Coronation are behind us but a further bank holiday looms in coming weeks, alongside the hottest months of the year, when a lot of employees chose to take their annual leave. Everyone, including payroll and accountancy professionals, love to take a break. But unfortunately holiday pay is often one of the most time-consuming and headache-inducing parts of running a business’ books.
The GST Department and CBIC keeps on issuing various notifications, circulars and instructions on small and big matters for ease of industries. Similarly, various updates are also made on GST portal to make the GST portal more automated and integrated with other portals. Here is a gist of certain notifications, circulars, instructions or advisories issued by CBIC and GST Department in last sometime: 1.
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.
Insightful Accountant is hosting its Future Forward Summit — 'Integrate to Accelerate' — May 23-24, featuring eight sessions with CPE and some of the top speakers in the profession.
PCAOB Chair Erica Williams has repeatedly said over the past year that the audit regulator is embarking on one of the most ambitious standard-setting agendas in its history, so it should come as no surprise the PCAOB has moved a couple projects around that it wants to complete sooner rather than later. The PCAOB said on May 16 that it revised its standard-setting agenda to include two projects slated for short-term action.
NetSuite for Government helps state and local agencies transition to the cloud for better efficiency, strengthened financial, workforce management and cost savings.
The American Institute of CPAs (AICPA) submitted a letter to the Internal Revenue Service (IRS) containing 182 suggestions regarding the 2023-2024 Guidance Priority List. As the IRS plans to prioritize providing additional guidance as stated in the IRS Strategic Operating Plan , the AICPA encourages the IRS to issue guidance on recommended areas. In addition, the AICPA encouraged the Department of the Treasury and the IRS to continue pursuing tax simplification, recognizing the balance needed f
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.
Good morning and happy Monday! How’s everyone doing? Let’s start off with a positive post on r/accounting. I had to check the weather report for Hell when I saw it. Current and future accountants, you have a lot to be optimistic about. by u/manthisis in Accounting Moving on, PwC Australia continues to rack up the Ls. Reuters is reporting that the government will take further steps in response to the leak of government tax plans by PwC and that the matter could be referred to the Aust
Canton, OH Patriot Software, a leading provider of online accounting software and payroll for employers with up to 500 employees, has been named the “Best Affordable Option” in Money’s 2023 best payroll software services list. Money is an online magazine with over 50 years in business.
FORVIS has appointed Jennifer Wold as managing partner of its Virginia practice unit, overseeing offices in Richmond and Norfolk, effective June 1. She succeeds Tom Hazelwood, after five years as Office Managing Partner in Norfolk and the past year as MP of Virginia. He will be moving back to and focusing on growth in his home state, North Carolina.
Every time there is turmoil in the stock market, we hear about allegations of investment fraud. Are there more investment scams occurring, or do market conditions just lead to the discovery of more of these schemes? I’ll guess the latter, although no one really knows for sure.
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.
LeaseCrunch LLC , a leading lease accounting software company, is excited to announce its active participation in multiple accounting conferences in the upcoming weeks. As a sponsor, exhibitor and presenter, LeaseCrunch is dedicated to engaging with industry professionals and offering valuable insights on lease accounting standards. The first event on the agenda is the Government Finance Officers Association (GFOA) 2023 Annual Conference , scheduled for May 21-24 in Portland, Oregon.
By Stephanie Bodoni – Bloomberg News (via TNS). Facebook owner Meta Platforms Inc. was hit by a record €1.2 billion ($1.3 billion) European Union privacy fine and given a deadline to stop shipping users’ data to the U.S. after regulators said it failed to protect personal information from the American security services. The social network giant’s continued data transfers to the U.S. didn’t address “the risks to the fundamental rights and freedoms” of people whose data was being transferred acros
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