Tue.Sep 03, 2024

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Innovative Accounting: Tech Trends Every CPA Should Know

Insightful Accountant

Accounting is evolving along with the rest of the world, and it's definitely one of those industries that will keep expanding. However, there are certain trends you should pay attention to if you want to succeed more quickly.

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Data Backup Essentials: Safeguarding Your Startup’s Success

BurklandAssociates

By prioritizing backups, startups can protect their data, ensure compliance, maintain business continuity, and build trust with stakeholders. The post Data Backup Essentials: Safeguarding Your Startup’s Success appeared first on Burkland.

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IRS targets large partnerships for increased audits

Accounting Today

The Internal Revenue Service is ramping up its scrutiny of large partnerships, leveraging increased funding under the Inflation Reduction Act of 2022.

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Combating Isolation and Finding Community With Project Refit

Withum

Explore Other Episodes #CivicWarriors #WithumImpact The post Combating Isolation and Finding Community With Project Refit appeared first on Withum.

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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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Hourly earnings growth fell at small businesses in August

Accounting Today

Hourly earnings growth for workers at small businesses dropped to 2.89% in August, Paychex reported Tuesday, the first time growth has been under 3% since January 2021.

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Is Your Technology Working for You?

CPA Practice

A Top Technology Initiative Article For those in public practice dealing with tax extension season, ask yourself: Did our tax software work correctly and quickly? If not, perhaps you have a software issue, a configuration problem, or something else to resolve. While there used to be over 100 tax software products, there are only around a dozen options today.

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More Trending

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Businesses Should Have a Disaster Readiness Plan in Place

CPA Practice

Although only five named tropical storms and hurricanes have developed in the Atlantic Ocean this year, the National Hurricane Center is still expecting a significant risk of dangerous storms in the coming months. As the peak of hurricane season is on tap, and an elevated wildfire risk now exists across much of the West, the Internal Revenue Service is reminding businesses and individual taxpayers to develop an emergency preparedness plan or, if they already have one, to update it for 2024.

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Mastering the Future: How Rolling Forecasts Can Propel Your Business Growth

AccountingDepartment

It has been said that human capital is an organization's most valuable asset in today's climate. However, managing your financial assets is the ultimate responsibility of the company leadership. Without sound financial planning and asset management, a business can't thrive. And, ultimately, your human assets will suffer. Forecasting is an essential part of the equation.

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Taxes, Health Care Costs Top Concerns For Small Businesses, Report Says

CPA Practice

By Christian M. Wade Gloucester Daily Times, Mass. (TNS) BOSTON — Main Street employers are getting hammered by taxes, health care expenses, lingering high inflation and other costs, according to a new report by a national business group, which calls on Beacon Hill policymakers to focus their attention on helping small businesses stay afloat. The report by the National Federation of Independent Business found that despite the 2018 Tax Cuts and Jobs Act, which reduced the corporate tax rate from

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Cloud in Healthcare Industry – Benefits and Use Cases

Ace Cloud Hosting

After the COVID-19 pandemic, the healthcare sector is experiencing a significant surge in innovation.

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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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Which States Are the ‘Rich’ Millennials Moving To?

CPA Practice

By Chantal Allam The News & Observer (Raleigh, NC) (TNS) High-earning millennials—those with annual incomes above $200,000—are exiting states like New York and California in droves, according to new analysis by SmartAsset. And a large percentage of them are ending up in the Old North State. North Carolina ranked No. 3 for the nation’s highest net migration of well-heeled millennials, ages 26 to 45, posting a net gain of 1,970, the study found.

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Accounting apps remain dominant for small biz but less than last year

Accounting Today

A recent survey has found that while small businesses still primarily use accounting software to record and manage transactions, usage dropped from 85% to 68% from April 2023 to July 2024.

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Marcum Adds 15 New Partners Across the U.S.

CPA Practice

Top 15 accounting firm Marcum has promoted 15 individuals to partner in eight states, effective Sept. 1. “These individuals represent Marcum’s dedication to excellence. They bring a wealth of experience, skill, and an entrepreneurial spirit. In a rapidly evolving world, they have shown adaptability and dedication to understanding and exceeding our clients’ expectations,” Chairman and CEO Jeffrey Weiner said in a statement.

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7 impactful tax strategies for HNW business clients

Accounting Today

This combination of trusts, credits and other tax strategies are great ways help wealthy clients protect their families and their businesses.

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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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Jaffa Cakes – Biscuit or Cake? And Other Quirky Food-Related VAT Cases

Accounting Insight

Value Added Tax (VAT) is an increasingly complex area of tax. Many of the VAT rules have been determined by court cases and, as a result, important questions such as “is a Jaffa Cake a biscuit or cake?” have been addressed by HMRC. Jaffa Cakes The importance of whether a Jaffa Cake is a biscuit or cake was taken to the courts back in 1991. The debate was significant for McVitie’s as cakes are zero-rated for VAT purposes while chocolate covered biscuits are standard rated (20%) for VAT purposes.

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IRS seeks to bolster foreign trust, gift transactions rules

Accounting Today

Tax professionals are calling for changes to the proposal, even though they welcome clarifications they have been waiting on for decades.

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Embracing change: Auditors’ views on generative AI

ThomsonReuters

The 2024 Generative AI in Professional Services research conducted by the Thomson Reuters Institute provides a comprehensive overview of the burgeoning role of GenAI across various professional sectors, including legal, tax, accounting, risk, and government. This study captures the complex spectrum of emotions surrounding GenAI, from hope and excitement to hesitancy and concern.

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Researchers teach LLMs to use spreadsheets well

Accounting Today

Microsoft researchers believe they have found a way to overcome the traditional challenges generative AI large language models have had with using spreadsheets.

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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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Private Equity Midyear 2024 Report

Cherry Bekaert

Questions? Contact Us Private Equity Dealmaking Shows Improvement but Falls Short of Expectations Key Observations Banks have returned to the M&A lending market and are recapturing market share from nonbank lenders who moved in during their absence. While the U.S. Federal Reserve (Fed) has not instituted any rate reductions, the competition in leveraged finance sector is resulting in more favorable terms—both in terms of rates and covenants—than what was in place 12 months ago.

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One-fourth of accountants want more DEI

Accounting Today

Twenty-five percent of accounting professionals want to increase their roles in implementing diversity, equity and inclusion initiatives, per the Center for Accounting Transformation.

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The King’s EY Gives Out Pay Cuts For Raises

Going Concern

“Market slowdown” On Saturday, Financial Times reported that due to a “market slowdown,” EY UK has gotten rid of a small number of partners and given out annual salary increases of 2.2% to its 4,400-person tax advisory business. It was six percent in 2023 and 10 percent in 2022. FT said bonuses would be smaller as well (£500 for junior staff — that’s $655 USD — to £4,000 for directors) and explained the math thusly: Bonuses for EY employees are calculate

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New regs on changing accounting methods for research

Accounting Today

Revenue Procedure 2024-34 expands the waiver of the eligibility rules to accounting method changes.

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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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Process of Claiming Refund for Additional IGST Paid Due to Upward Revision of Price on Goods Exported

VJM Global

Under the Goods and Service Tax (GST) , the Refund is a key component in the case of export of goods or services. The following two mechanisms of claiming a refund in case of export are: Claiming refund of Input Tax Credit about goods exported without payment of IGST; Claiming refund of IGST paid on export of goods CBIC has received various representations from the industry seeking clarification on how to claim a refund where goods were exported on payment of IGST and additional IGST is paid pos

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Everything is now e-commerce: Are you ready?

Accounting Today

Welcome to the era of e-commerce accounting, where digital transactions are overtaking traditional sales.

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Warehouse Wednesday: Acumatica In-depth Part 5

Insightful Accountant

This is a prologue to Murph's next part of his in-depth series on Acumatica. a summary of Acumatica ERP's Wholesale and Distribution businesses that simply can't get the job done with smaller accounting solutions.

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Modernizing your tax workpapers process

Accounting Today

For too long, tax departments have longed to improve their workpapers process, but they lack the time, resources or expertise to do so.

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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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IRS Reminds Taxpayers of Important Tax Guidelines Involving Online Crowdfunding

Insightful Accountant

The IRS reminds taxpayers of important tax guidelines involving contributions and distributions from online crowdfunding.

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How to Become a Financial Hero to Your SMB Clients

CPA Practice

Small and medium-sized businesses (SMBs) are facing new cash flow challenges. Caught between advancing technologies and tighter lending standards, many of your SMB clients could be struggling to find the comprehensive financial advice they need for success. This is where you come in. In “Be the Financial Hero for SMB Clients (Without Being Their Bank),” you’ll learn top strategies to become a more trusted advisor – just by helping your clients overcome their financial constraints and objections.

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Intuit releases latest QuickBooks Small Business Insights

Insightful Accountant

Intuit has just released the newest edition of their quarterly QuickBooks Small Business Insights, a survey of SMB owners.

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Best Reasons for Local Government Finance Departments to Automate Financial Statements with Workiva

LSLCPAs

Calling all local government finance departments! Let’s talk about your financial statements, which can be your Annual Comprehensive Financial Report (ACFR), Popular Annual Financial Report (PAFR), budget book, or even a small monthly report. Does your team still use manual processes to create these financial statement reports with Word and Excel? Maybe you’d like to.

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8 Pillars of Leadership Development

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.