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Last year, roughly 50.5 million Americans quit their jobs to take new positions and 73% of employers are having difficulty attracting staff. Clearly, the accounting industry has been affected by this rapid resignation of employees–despite having the third lowest turnover rate in the nation. Many accounting firms have struggled to attract and retain top talent and are revamping benefit offerings and increasing salaries to fill open positions.
The Internal Revenue Service (IRS) is continuing its crack down on dubious claims for the employee retention credit (ERC), a refundable tax credit for certain businesses that paid employees during the COVID-19 pandemic. On December 6, 2023, the IRS issued a press release announcing that it would be sending more than 20,000 letters to taxpayers notifying them of disallowed ERC claims, either because their entities did not exist during the ERC eligibility period or because they did not have employ
As the year comes to a close, it's important to start thinking about your bookkeeping tasks to ensure a smooth transition into the new year. Deadlines are fast approaching, but it doesn't have to be stressful. Have you given your bookkeeper, wife, partner), accountant or tax accountant, what information is needed to complete your reports? Accountants need good information to create detailed reports and save money on your taxes.
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.
President Joe Biden's son Hunter was indicted on nine federal tax charges in a development that will become a political headache for the White House and Democrats as the 2024 campaign ramps up.
As technology has evolved, so too has the accounting profession. From paper-based processes to cloud-based software, accountants are no strangers to change. No previous advancement, however, has had the potential to alter accounting (and many other industries) quite like generative artificial intelligence. But for those who embrace AI, there is a strategic opportunity to capitalize on its many benefits while protecting and even uplifting the irreplaceable human connection.
Jump to: How AI is transforming audit AI-Assisted Decision Making in Thomson Reuters Cloud Audit Suite Ready to transform audit? How AI is transforming audit Traditionally, auditors have heavily relied on manual processes to uncover risk in financial statements and business operations. This approach, while effective to a certain extent, is time-consuming and vulnerable to human error.
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.
SEC Chief Accountant Paul Munter was interviewed by WSJ ‘s Mark Maurer the other day and his comments about firm culture are worth paying attention to if you’ve been tempted to speedrun internal exams lately. Asked about his vocal stance on the importance of firm culture in maintaining professionalism — which includes independence — and if there are any particular cases that make firm culture a priority now, Munter referenced numerous “troubling things” on the
Technologists Randy Johnston and Brian Tankersley, CPA, discuss a new regulatory change coming in 2024, and what firms need to know and do for their clients. Use the podcast player below to listen. Transcript (Note: There may be typos due to automated transcription errors.) SPEAKERS Randy Johnston, Brian F. Tankersley, CPA.CITP, CGMA. Welcome to the technology lab presented by CPA practice advisor with your hosts, Randy Johnston and Brian Tankersley.
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.
Menzies LLP - A leading chartered accountancy firm. Explore the vital changes that are needed to fuel prosperity in the Food & Drink industry – with insights that go beyond November’s Autumn Statement. November’s Autumn Statement earmarked £4.5bn for key manufacturing sectors, and some beneficial changes to tax reliefs and full expensing.
Menzies LLP - A leading chartered accountancy firm. What is it? The Carbon Border Adjustment Mechanism (CBAM) will impact all exporters of certain relevant products and EU importers, where the import of steel and aluminium, fertiliser, concrete, hydrogen and electricity, must be tracked. Why? The CBAM is part of the concept of carbon pricing and the EU’s aim of being the first ‘green continent’, by imposing regulation on EU businesses, to encourage decarbonisation.
Ledgible improves transaction table; Wolters Kluwer's emissions reduction targets validated by SBTi; and other updates from the accounting technology world.
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.
Menzies LLP - A leading chartered accountancy firm. The government published the final version of its Border Target Operating Model (TOM) earlier this year, confirming that from 31 January 2024, certain goods will be subject to full customs controls when moved directly from Irish ports to Great Britain (GB). Where goods are imported directly from Ireland into GB, not moving from or through Northern Ireland (NI), import processes will need to be undertaken.
Ensuring Success, the largest live-streamed CPE conference for accounting and tax professionals, was held December 6-7, providing these financial and tax advisors the opportunity to complete their credential requirements, and also offering strategies for developing firm growth opportunities and strategies to better serve their clients. More than 3,300 registered for this year’s event, which was the 10th anniversary of Ensuring Success.
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.
Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.
A prominent NYU accounting professor who is being paid to testify in Donald Trump's defense in a civil fraud trial heaped praise on the former president's financial records for hours under oath.
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