Fri.Nov 17, 2023

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S Corporation Tax Savings: Frequently Asked Questions

MyIRSRelief

S Corporations are a popular choice for many business owners due to their unique tax benefits. This article will answer some of the most frequently asked questions about S Corporation tax savings. What is an S Corporation? An S Corporation is a type of corporation that meets specific Internal Revenue Service (IRS) tax code requirements. The biggest feature of an S Corporation is that it provides its owners with limited liability protection, while allowing income and losses to be passed through t

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Tech News: IRIS launches firm management tool

Accounting Today

Plus, Sage releases new Intacct features; Liscio unveils new upgrades aimed at enhanced client experience; and other accounting tech news.

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IRS Pressed to Crack Down on Wealthy Tax Cheats in Puerto Rico

CPA Practice

By Jim Wyss and Angelica Serrano-Roman, Bloomberg News (TNS) A group of U.S. lawmakers is asking tax authorities to accelerate an investigation into rich Americans seeking lucrative tax breaks in Puerto Rico. Twelve Democratic members of the House of Representatives asked the IRS on Friday to expedite a congressional request for information about efforts to root out people allegedly abusing Puerto Rico’s tax benefits.

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Americanas accounting fraud was $1B bigger than suspected

Accounting Today

Revised financial statements mark an attempt to "turn the page" for the scandal-struck Brazilian retailer

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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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Tax Interest Rates to Stay the Same in Q1 2024, IRS Says

CPA Practice

The IRS said on Friday that it will not raise interest rates for the first calendar quarter of 2024. Beginning on Jan. 1, the rate for overpayments and underpayments for individuals will be 8% per year, compounded daily. Here is a complete list of the Q1 2024 rates: 8% for overpayments (payments made in excess of the amount owed), 7% for corporations. 5.5% for the portion of a corporate overpayment exceeding $10,000. 8% for underpayments (taxes owed but not fully paid). 10% for large corporate u

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New regs proposed on conservation easement deductions

Accounting Today

The regulations address new subsections of the law from the SECURE 2.0 Act.

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More Trending

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IRS urged to crack down on wealthy tax cheats in Puerto Rico

Accounting Today

Democratic lawmakers want the service to look into the possible abuse of tax breaks on the island.

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Proposed IRS Regs Would Remove Deductions for Some Sydnicated Conservation Easements by Pass-Throughs

CPA Practice

The Department of the Treasury and the Internal Revenue Service has issued proposed regulations that provide guidance under a new section of the law that disallows deductions for certain charitable conservation contributions by partnerships and other pass-through entities. Syndicated conservation easements have been included in the IRS’ annual list of Dirty Dozen tax schemes for many years.

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On the move: Windes adds tax partner

Accounting Today

IFAC and FASB both appoint and reappoint board members; RSM raises $4.7M for nonprofits via Power of Love program; and more news from across the profession.

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Becoming A Better Construction Leader By Practicing Generosity

Randal DeHart

If you have been lucky enough to encounter generous people, you understand they have a unique gift for garnering the respect and admiration of individuals around them. When you are a leader, having a positive relationship with the people who follow you is a huge asset you cannot put a price on. In the construction business, generosity and helpfulness are two fundamental traits that can make a business successful.

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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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Minnesota Paid Sick Leave: Guide for Small Business Owners

Patriot Software

On January 1, 2024, employers with employees working in Minnesota are responsible for a new workplace standard—offering paid sick leave. How much do you know about the Minnesota paid sick leave law, known as Earned Sick and Safe Time?

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Cyber Security Ranks as Top Risk for Enterprises in 2024

CPA Practice

AuditBoard, the leading cloud-based platform transforming audit, risk, IT compliance, and ESG management, has released its 2024 Focus on the Future report based on an annual survey of risk management and internal audit leaders across North America. The report reveals a growing gap between risk and assurance teams’ capacity to effectively manage risks and the reality of today’s state of “permacrisis,” an extended period of instability and insecurity marked by one disruptive crisis following anoth

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It's the Holiday Season and Time for a Workplace Secret Santa! | Beyond the Books Podcast by AccountingDepartment.com

AccountingDepartment

We are thrilled to announce that Episode 6 of our podcast, Beyond the Books , is now live and ready for your listening pleasure.

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How to beat these six cybersecurity threats

Accounting Today

How CPA firms can mitigate these risks with a hosting partner.

cpa firm 101
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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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Zack Smith Named to Upstate New York Appraisal Institute Board of Directors

Withum

Withum is excited to share that Zack Smith , Team Leader of the Real Estate Valuation Practice , has been appointed to the Board of Directors of the Upstate New York Appraisal Institute. The institute sponsors appraisal education, including courses and seminars that help professionals earn continuing education credits. As a member of the board, Zack will assist in administering these programs.

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KROST is Paneling at the CalCPA Los Angeles & Inland Empire Mt. SAC Accounting Conference

KROST

KROST is attending the second annual CalCPA Los Angeles & Inland Empire Mt. SAC Accounting Conference. The event is in partnership with Mt. San Antonio College, where the conference will be held on Saturday, November 18th, from 7:00am to 2:00pm. This is a perfect opportunity for college and university students to hear firsthand experiences from Read the full article.

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CAS and value pricing boost firms' bottom lines

Accounting Today

A recent survey says a large majority of firms enjoyed increased revenue and profit this year, based partially on growing client advisory services and the adoption of value-based pricing.

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A Guide to Navigating Taxes in the Gig Economy

Ronika Khanna CPA,CA

In a recent study by H&R Block, nearly 28% of Canadians reported taking on a side hustle in the “gig economy” to boost their income. This is a significant increase from 2022 in which the analogous percentage was 13%. This is likely a result of inflationary pressures and the expansion of opportunities available for flexible work. What is the Gig Economy?

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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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IRS appoints next CIO

Accounting Today

Rajiv Uppal will begin assisting with the agency's transformation work in early 2024.

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CPE Webinar December 12, 2023: Take the Stress Out of Tax Season with Bite-Size Benchmarks

CPA Practice

Date: Tuesday, December 12, 2023 Time: 3 PM ET /2 PM CT / 12 PM PT / 8 PM GMT Sponsor: Canopy Duration: 1 Hour Receive 1 hour of free CPE credit for participating in this live webinar. Already registered for this webinar? Click here to log in. The writing is on the wall. The standard business model for accounting firms is reactive and transactional – and it’s on life support.

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Stop talking about the talent shortage and start solving it!

Accounting Today

These six strategies might improve the flow of young people into the profession.

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New Canopy Engagements Enables Accounting Professionals to Automate and Customize Engagement Letters and Proposals

Insightful Accountant

Canopy, an accounting software provider, unveiled on November 16, Canopy Engagements. This new feature empowers accountants to automate client experiences through professional engagement letters and proposals directly within the Canopy suite.

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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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Elevating Auto Parts Manufacturer and Distributor: Mastering IT Security, Infrastructure and Applications

Cherry Bekaert

GSP North America (GSP) is a leading aftermarket manufacturer and distributor offering superior Automotive Aftermarket Parts in North and Latin America. Headquartered in China, GSP manufacturers and distributes their products globally through a series of distribution centers throughout North America, China and Europe. GSP engaged Cherry Bekaert’s Digital Advisory and Risk & Accounting Advisory practice to be their reliable one-stop tech shop for all their technology needs.

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App Academy | Client Hub

Insightful Accountant

Judie McCarthy, Co-founder of Client Hub, walks you through the product to highlight the critical features to show you how Client Hub can help to significantly increase productivity in your firm and deliver an amazing client experience.

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Lightyear connects with the IBEX 35 bringing Spain’s top stocks to investors across Europe

Accounting Insight

Today, investment platform Lightyear announces the highly anticipated launch of Spanish stocks. Lightyear has connected with Madrid and Barcelona stock exchanges to offer Spanish investors the chance to buy into the IBEX 35, where 35 of Spain’s biggest companies are listed. Recent data shows that investment in funds has quadrupled in the last decade, 1 but worryingly, few Spanish people invest. 2 The fintech aims to change this with transparent and low-cost access to international markets and it

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An Accountant's Guide to Cryptocurrency

Canopy Accounting

In the ever-evolving world of finance, cryptocurrency has emerged as a revolutionary digital asset class. Powered by blockchain technology, a decentralized and transparent ledger system, cryptocurrency enables secure online transactions and offers unique opportunities for investment. With its potential to disrupt traditional financial systems, cryptocurrency has garnered significant attention from individuals and institutions alike.

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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.

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Identifying Fraud Red Flags

FraudFiles

Would you recognize the clues that your client has been ripped off by one of its employees? Or would management conduct business as usual, blindly trusting their employees? Companies make the mistake of not actively searching for fraud.

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Write the Perfect Engagement Letter in 7 Easy Steps | Canopy

Canopy Accounting

You know you should use engagement letters in your tax resolution cases, but you need to figure out what your engagement letter should look like. Or you've finally decided to update the same old letter you've used for years. You may be fine-tuning your current letter, intent on taking it from great to flawless. Regardless, in seven simple steps, you're in the right place to learn how to construct an engagement letter properly.

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Farm Incomes in Upper Midwest Fell During Summer

CPA Practice

Christopher Vondracek Minneapolis Star Tribune (TNS) Farm incomes across the Upper Midwest declined this summer, according to a new Federal Reserve Bank of Minneapolis survey. Forty-six percent of ag lenders say farm incomes fell during the July-September period, Joe Mahon, a regional outlook director with the Fed, said Thursday. Conditions can vary across the Fed’s ninth district — which includes Minnesota, the Dakotas, northern Wisconsin, the Upper Peninsula of Michigan and Montana — where 23%

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Pioneering Trustworthy AI Solutions in Response to President Biden’s Executive Order

Cherry Bekaert

In response to President Biden’s recent Executive Order on Safe, Secure, and Trustworthy Artificial Intelligence (AI) , Cherry Bekaert stands at the forefront of innovative solutions that can help various clients navigate this evolving potential risk landscape. The Executive Order is a significant step for the United States in supporting AI. It plans to ensure AI development is safe, secure, private, fair and responsible.

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Protect What Matters: Rethinking Finance Ops In A Digital World

Speaker: Cheryl J. Muldrew-McMurtry

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.