Fri.Dec 08, 2023

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The Role of Mentorship in Accounting Firms

Canopy Accounting

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.

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IRS Rejects More Than 20,000 ERC Claims

Withum

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

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Friday Footnotes: Accountant Shortage Ramps Up Work Pressure; Celebrities’ Trusted CPAs; ERC Reverse Card | 12.8.23

Going Concern

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.

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Hunter Biden indicted in tax case as White House woes mount

Accounting Today

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.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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How AI can transform the way accountants work — for the better

ThomsonReuters

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.

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IRS Appeals office sets priorities for next year

Accounting Today

The Internal Revenue Service's Independent Office of Appeals hopes to improve taxpayer service next year and improve the experience of its workforce.

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More Trending

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AI in Accounting

Insightful Accountant

AI revolutionized industries worldwide, including accounting. BrightReturn recognizes the need for AI, Automation, and other technologies in the accounting field to gain a competitive edge.

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How To Avoid Year-End Construction Bookkeeping Chaos

Randal DeHart

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.

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The 2023 Top 100 Most influential People in Accounting

Accounting Today

Accounting Today's annual collection of the thought leaders and changemakers who are shaping the profession — and their snacks.

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Y’all Probably Need to Cool It on Sharing Exam Answers For the Time Being

Going Concern

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

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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.

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Are your clients ready for the beneficial ownership information report?

Accounting Today

With steep civil penalties of up to $500 per day for each day a BOI report is late, business owners will want to make sure they get theirs in on time.

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Unlocking Growth: What Food & Drink Manufacturing Needs from Government in 2024

Menzies

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.

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IRS aggressively attacks improper Employee Retention Credit claims

Accounting Today

The IRS is sending 20,000 disallowance letters, with more action and a voluntary disclosure program coming.

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An overview of the EU Carbon Border Adjustment Mechanism

Menzies

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.

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

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Employers added 199K jobs in November, but cut 2,500 in accounting

Accounting Today

The unemployment rate declined two-tenths of a point to 3.7% in a sign of a strong economy despite high interest rates.

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Update on Border Target Operating Model – goods moving from the island of Ireland to Great Britain

Menzies

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.

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Navigating Financial Challenges During Economic Downturns: A CEO's Playbook

GrowthForceBlog

10 min read No business is safe from a difficult economy.

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Top New Products 2024: Call for nominations

Accounting Today

Accounting Today has issued a call for submissions for its 2023 Top New Products report.

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Guide to Business Writing

Everything you need to know about better business writing in one place. This is a complete guide to business writing — from a clear business writing definition to tips on how to hone your business writing skills.

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3,000+ Accounting Professionals Earn CPE During Largest Free Streaming Conference

CPA Practice

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.

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Tech News: Ledgible launches transaction table

Accounting Today

Ledgible improves transaction table; Wolters Kluwer's emissions reduction targets validated by SBTi; and other updates from the accounting technology world.

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The Technology Lab Podcast – Beneficial Ownership Information Reporting – Dec. 2023

CPA Practice

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.

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CPA execs uncertain on economic outlook in 2024

Accounting Today

Business leaders who are also CPAs are unsure about the direction of the U.S. economy next year.

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Finding “The One:” The Ultimate Guide to Selecting Financial Software

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

As finance and accounting practitioners, you are expected to complete daily operations as well as to manage next generation tools and resources to support a business that is growing in complexity. Having the right software can be critical in juggling and meeting those high expectations. The path to the right software, however, is paved with challenging decisions.

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On the move: Centri appoints first president

Accounting Today

Brown Schultz Sheridan & Fritz renames firm; Weaver moves into new Texas office; and more news from across the profession.

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RF&F acquires Mister, Burton & Associates

Accounting Today

Rosen, Sapperstein and Friedlander, a Regional Leader based in Towson, Maryland, is buying MBA, a firm based in Cockeysville.

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Trump's expert accounting witness trashes NY's 'absurd' fraud case in court clash

Accounting Today

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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