Fri.May 10, 2024

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Generative AI may let tax pros charge more

Accounting Today

A recent survey has found that 40% of tax professionals believe generative AI will allow them to demand higher rates, in comparison to 6% who said rates will decrease.

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AICPA News – May 2024

CPA Practice

AICPA News is a recap of recent announcements from the American Institute of CPAs. Innovative Program to Ease Attainment of CPA Education Requirement Gets Off to Quick Start AICPA reports that a pilot program to help accounting graduates earn the required academic credits for CPA licensure is off to a quick start and has earned positive reviews in limited feedback so far from students and the accounting firms that employ them.

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A No-fuss Record-keeping Guide For Your Construction Business

Randal DeHart

Managing a hectic schedule and complex projects can be challenging if you're a contractor. You must also ensure that your paperwork, documents, and contracts are in order. It's essential to keep a paper trail of your work and practice due diligence. Keeping all your working documents in order shows that you treat your business, customers, and subcontractors responsibly.

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Amazon Adds New Fees for Online Sellers

CPA Practice

Spencer Soper Bloomberg News (TNS) Amazon.com Inc. merchants have found themselves caught in an economic vice. Earlier this year, the e-commerce giant rolled out changes to the fees its charges them — essentially shifting more of its operating costs onto the small businesses that account for most of the products sold on the site. Making matters worse for merchants, shoppers are trading down.

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Live Demo: How to Achieve Reconciliation Zen

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

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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On the move: PYA names chief marketing officer

Accounting Today

Eide Bailly admits 24 partners; MGI Worldwide adds new member firm; and more news from across the profession.

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Recognizing Our Military Spouses - Happy 2024 MilSpouse Appreciation Day!

AccountingDepartment

Our AccountingDepartment.com family is proud of its vibrant and diverse “cast of characters”—we span the country with our team members coming from all backgrounds and personalities. Included among our team are some amazing Military Spouses whose hard work, dedication, and contributions are part of what makes our family so strong—and theirs as well.

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New Overtime Rule for 2024: How Will it Affect Your Business?

Patriot Software

Starting in July 2024, four million new workers will become entitled to overtime pay, thanks to the Department of Labor’s (DOL) new overtime rule. What does this DOL overtime rule update mean for your small business? It may mean that you need to change your employees’ classification.

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Tax pros, protect your clients and firm after massive IRS data breach

Accounting Today

The extent of how many taxpayers were affected by the breach was unknown until now.

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Professionals on the Move – May 2024

CPA Practice

Professionals on the Move is a round-up of recent promotions, management changes, and other staffing announcements from across the profession. Wolters Kluwer announces two senior executive appointments ­­­­Wolters Kluwer, a global leader in information, software, and services for professionals, recently announced Atul Dubey as General Manager of its Finance, Risk and Regulatory Reporting (FRR) business, part of its Corporate Performance & ESG (CP & ESG) division.

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US April budget surplus hits $210B on higher tax receipts

Accounting Today

The U.S. government recorded a higher budget surplus for the month of April than a year ago thanks to a rise in tax receipts, while steeper debt-servicing costs continue to impose a major drag.

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New DOL Final Overtime Rules: Quickstart Guide for Employers

There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.

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State CPA Society News & Updates – May 2024

CPA Practice

State CPA Society News & Updates is a selection of recent announcements and initiatives by CPA associations in the United States and its territories. The Illinois CPA Society (ICPAS) , one of the largest CPA societies in the U.S., recently announced the 2024 Outstanding Leadership Award Recipients. ICPAS will formally present awards to the following honorees at the Leadership Recognition & Awards Dinner in Chicago on June 13, 2024: Lifetime Achievement Award The Lifetime Achievement Awar

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Accounting heroes emerge as key to small business success

Accounting Insight

Small businesses are under pressure, and accountants are being called upon to provide a much-needed lifeline. According to new research from Intuit QuickBooks into the top priorities for small businesses over the next 12 months, 41% are using the new tax year to herald in radical changes for their business. The findings, based on insights from small business owners and decision-makers, paint a sobering picture: almost all (99.6%) small businesses plan to change how they operate in the new tax ye

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EY’s New Shared Service Center in Sofia Isn’t as Plain as a Bulgarian Pin-Up

Going Concern

If you get the reference in the title, you are officially cool. For some reason, we’re fascinated with Big 4 office spaces. Perhaps because we don’t have to work in them and can instead admire (or criticize) from a safe distance. There have been a few interesting ones in recent years, like Deloitte’s ‘future of work’ office in Edinburgh, Scotland and the building PwC is moving into in San Jose soon — just down the street from Winchester Mystery House — h

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Lightyear strengthens data offering with new financial analysis tools and launches fractional limit orders for US stocks

Accounting Insight

Today, investment platform Lightyear rolls out candlestick charts for extended financial analysis and announces the launch of fractional limit orders of US stocks to enable automated and precise portfolio weightings. Lightyear also announces 18 new financial analysis metrics, bolstering the data offering for European investors. Building upon its extensive array of analysis tools, Lightyear introduces candlestick charts to its platform.

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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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FICPA launches pilot program to help accountants complete 150 credit-hours for free

Accounting Today

The Bridge to CPA program allows accountants to complete their remaining credits for CPA licensure for free through Nova Southeastern University.

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Practice CS to Canopy: The Guide to Switching Practice Management Software

Canopy Accounting

With supportive implementation and a user-friendly design, switching to Canopy isn't scary - it's simple. Learn how easy it is to make the switch, step by step, with this guide.

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PwC Admits 158 to Partnership

CPA Practice

Tim Ryan presided over his final Partner Announcement Day as senior partner of PwC on May 3, as the 158 members of the class of 2024 were recognized for their achievement. “Over the years, I have seen many colleagues become partners at @PwCUS. The road to becoming a partner is one of hard work and dedication and is worth every step!” Ryan, who is retiring on June 30 as head of PwC US, wrote in a post on X.

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Building a Strong Future: Succession Planning Options for the Construction Industry

Withum

Business succession planning is a topic that continues to gain prominence as business owners seek ways to transition their ownership. Closely-held, owner-managed companies face the biggest challenge when it comes to a successful transition. It is estimated that only 30% of construction companies survive after the founder dies, and that number drops to 20% through the third generation.

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

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FloQast Adds New Features Supporting Diverse Compliance Frameworks

CPA Practice

FloQast, a finance and accounting operations platform provider created for accountants by accountants, has added new feature enhancements to its FloQast Compliance Management solution, empowering proactive risk assessment, more effective management of compliance programs, and smoother and more efficient internal audit processes. The feature enhancements bring even greater ROI to chief financial officers and accounting and finance teams through a lower total cost of ownership driven by consolidat

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Speaker Q&A: Hamish Edwards, Firmcheck

Accounting Insight

Hamish co-founded Xero back in 2006, where he was pivotal in Xero’s early growth across NZ, Australia and the UK. At the time Hamish was a practising accountant before his journey with Xero. Whilst, no longer a practising accountant Hamish is still passionate about how technology can continue to be transformative for accounting, and that is reflected in his involvement with Firmcheck.

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FICPA & Nova Southeastern University Introduce Cost-Free, Fifth-Year “Bridge to CPA” Program

CPA Practice

The Florida Institute of Public Accountants (FICPA), Nova Southeastern University (NSU) and three South Florida accounting firms – Berkowitz Pollack Brant, Kaufman Rossin and PAAST – have launched a new partnership that will assist future certified public accountants (CPAs) on their path to licensure. The Bridge to CPA pilot program, the first of its kind, will give firm employees who have already completed 120 hours of undergraduate education the opportunity to fulfill their remaining 30 credit

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Changes to impact all companies reporting under FRS 102 – 1 Jan 2026

Menzies

Menzies LLP - A leading chartered accountancy firm. On 27th March 2024, the FRC has issued amendments to UK GAAP. This follows extensive feedback from its published exposure draft FRED 82, issued in December 2022. The changes impact all companies reporting under FRS 102 and small companies reporting under FRS 102 section 1A. In addition, there are some changes impacting micro companies reporting under FRS 105.

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Planning Your Restaurant's Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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For Aspiring Fraud Investigators and Forensic Accountants

FraudFiles

I receive many requests for information on the field of forensic accounting, including questions on courses of study, certification, job opportunities, and preparing for a career. Here are a few quick tips: Establish a background in general business and finance/accounting. You need a good working knowledge of financial statements and the accounting process.

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PwC cuts around 60 Canadian jobs

Accounting Today

The firm employs about 7,700 people in Canada and had already cut about 2% of its workforce in the country at the end of last year.

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TurboTax Promises Refunds to Oregon Filers Whose Returns It Bungled

CPA Practice

By Mike Rogoway, oregonlive.com (TNS) TurboTax began notifying some Oregon customers this week that it made a mistake in their tax returns , offering them instructions on how to amend their filings and promising to refund money they paid for TurboTax’s service. “We truly apologize for any inconvenience this might have caused and want to say thanks for being part of the TurboTax family,” the service told customers in messages sent out beginning Monday.

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CFO strategies can maintain profitability despite economic uncertainty

Accounting Today

To maintain steady organic growth and decrease time to value, financial leaders must implement effective response strategies.

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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

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IRIS Launches Statutory Audit Outsourcing Service to Help Practices and Firms Grow Profits and Scale Workloads  

Accounting Insight

IRIS Software Group , a leading global software provider of accounting, edtech, payroll and HR solutions, today unveiled IRIS Outsourcing Audit Services, further assisting accountancy firms in unlocking capacity issues that inhibit growth. This is the sixth outsourcing service IRIS has released since 2004, adding to its existing catalogue of outsourced bookkeeping, year-end accounts, personal tax, payroll, and iXBRL tagging services.

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Tech News: Patriot Software launches 1099 portal

Accounting Today

Patriot Software launches 1099 portal; Expensify launches Expensify Travel; Sage launches two new integrated suites in U.K. and Canada; and other accounting technology updates.

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Sovos Introduces Indirect Tax Suite to Meet Complexities of Global Compliance

CPA Practice

Sovos , a maker of tax solutions for businesses, has launched its Indirect Tax Suite, a comprehensive, integrated solution to modernize how companies meet global indirect tax obligations. Part of the Sovos Compliance Cloud , the Indirect Tax Suite empowers enterprises to manage all of their indirect tax obligations with governments, buyers, suppliers and consumers.

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Brainard vows corporate tax hike with Trump cuts set to expire

Accounting Today

President Biden's top economic advisor pledged Democrats would push to reverse Donald Trump's corporate tax cuts next year.

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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.