Fri.Jan 17, 2025

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The High Cost Of Not Keeping Up With Your Bookkeeping

Randal DeHart

If you ask 100 business owners what they like least about running a business, bookkeeping will likely rank high. It's an annoying and frustrating chore that takes up much time and is easy to put off until tomorrow. Avoiding your bookkeeping is dangerous, however. Not knowing your construction company's financial situation can result in missteps that could ultimately cost you your business.

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Preparing Your Client for a Tax Audit: Walking the Taxpayer Through IRS Audits 101

CTP

One of the many roles we play as tax planners is as the taxpayers audit support system. Just the word audit can cause the typical taxpayer to panic. We can help reduce taxpayer stress by orienting them to audit basics long before that notice comes in the mail. Our clients should know the reasons they might be selected for an audit, how they will find out they are being audited, and what an IRS auditor might ask for.

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In Memoriam: Al Dale, Founding Partner of DMCL

DMCL

It is with deep sadness that we announce the passing of our dear friend, colleague, and founding partner, Al Dale, on January 6, 2025. Als leadership and unwavering dedication have been at the heart of DMCL since its earliest days, and his influence on our firmand on everyone who had the privilege to work alongside himcannot be overstated. Throughout his remarkable career, Al helped shape DMCLs culture of collaboration, mentorship, and exceptional client service.

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It’s 2025: Are You Too Late to the AI Party?

Withum

The constant waves of hype about artificial intelligence have left many business leaders asking themselves an increasingly urgent question: “Have we missed our chance?” With headlines trumpeting AI successes and competitors announcing ambitious AI initiatives, it’s easy to feel like you’re falling behind. But before you rush to implement AI solutions out of FOMO (fear of missing out), let’s examine why “too late” is a relative concept and why thoughtful

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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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IRS Chief Danny Werfel to Resign on Jan. 20

CPA Practice

Werfel took over as chief of the tax agency in March 2023 and is stepping down on Inauguration Day with three years left in his term.

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Top Remote Accountants of the Week | January 17, 2025

Going Concern

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs. Sign up now to view the complete candidate list and connect with potential hires.

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IRS to test faster dispute resolution

Accounting Today

Three pilot programs aim to increase the use of 'fast-track settlement' in the agency's different divisions.

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Software Tax Deduction: Can You Deduct the Cost of Software for Your Business?

Patriot Software

Millions of businesses use at least one small business software platform to do everything from running payroll to managing customer relationships. Software can simplify processes, save time, and ensure accuracy. But the more systems you use, the greater your costs. Can you take a software tax deduction to offset your expenses?

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Werfel resigns as IRS commissioner

Accounting Today

IRS commissioner Danny Werfel announced plans Friday to resign next Monday, Jan. 20, coinciding with Inauguration Day.

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GBQ Adds Wirth Lowe Wissemeier CPAs in Ohio

CPA Practice

The Columbus, OH-based top 100 accounting firm acquired Cincinnati-based CPA firm Wirth Lowe Wissemeier CPAs, effective Dec. 16, 2024.

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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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The McCloud Remedy explained & how it impacts on public sector pensions

Wellers Accounting

Jonny Tetsell explains the McCloud remedy, its impact on public sector pensions, the key considerations, and potential complex tax implications.

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KLR Merges in Sullivan Bille in Massachusetts

CPA Practice

With this expansion, KLR will now operate three offices in the Greater Boston area, enhancing the top 100 accounting firm's ability to serve clients across the region.

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IRS revises guidance on residential clean energy credits

Accounting Today

The IRS has updated and added new guidance for claiming the Energy Efficient Home Improvement Credit and the Residential Clean Energy Property Credit.

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Exploring CES 2025 – The Accounting Technology Lab Podcast – Jan. 2025

CPA Practice

Randy Johnston and Brian Tankersley, CPA, explored CES 2025 in Las Vegas in January. In this podcast, they highlight some of the most interesting and useful technologies they saw on display.

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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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Understanding and Diagnosing VEXAS With the VEXAS Foundation

Withum

What is really valuable is having awareness among the medical profession and awareness among patients who are affected or may be affected [by VEXAS]. Explore Other Episodes #CivicWarriors #WithumImpact The post Understanding and Diagnosing VEXAS With the VEXAS Foundation appeared first on Withum.

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Chinese Hackers Accessed Yellen’s Computer in Treasury Breach

CPA Practice

The attackers also hacked the computers of two of Janet Yellens lieutenants, Deputy SecretaryWally Adeyemoand Acting Under SecretaryBrad Smith, and some unclassified files were accessed.

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19 Features to Consider When Selecting Small Business Accounting Software

Ronika Khanna CPA,CA

A good accounting software can be an invaluable tool for businesses. Before choosing an accounting software it helps to have a detailed understanding of what your accounting system can do for you. This involves analysing the key aspects of your business, determining what is essential (eg. invoicing, expenses, banking, reports) and what you would like to have (eg. time tracking, credit card payments, banking downloads etc.).

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Grassi Joins Global Association of Accounting and Advisory Firms

CPA Practice

The top 60 accounting firm has joined PrimeGlobal, an association comprised of more than 300 independent member accounting and advisory firms in over 113 countries with a combined revenue of $5.4 billion.

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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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IESBA, IAASB near launch of global sustainability assurance standards

Accounting Today

The International Ethics Sustainability Board for Accountants said its Global Ethics Sustainability Standards have been certified by the PIOB and IOSCO.

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Reconciliation Debate to Test ‘Tax Cuts for the Rich’ Narrative

CPA Practice

Washingtonis poised once again to return to united Republican control, and theGOP is preparing to extend the Tax Cuts and Jobs Act paired with deep cuts to federal programs that lower-income households rely on, such as Medicaid.

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On the move: LLME adds audit partner

Accounting Today

Two leaders exit SEC; Illinois CPA Society welcomes largest class of Mary T. Washington Wylie Internship Preparation Program scholars; and more news from across the profession.

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Lifestyle Analysis in White Collar Criminal Defense

FraudFiles

Both civil and criminal cases often involve an element of proving or disproving income of an individual or business. It is not unusual for a divorce case to include allegations of hidden income or assets. In contract disputes alleging the loss of sales or profits, an accurate determination of income is critical. In criminal cases, [.

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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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Tech news: CPA.com announces updates to Dynamic Audit Solution

Accounting Today

Plus, Corecentric enhances its International Tax Management Engine; and other accounting tech news and updates.

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QuickBooks Hosting: Will It Enhance Multi-User Access for Teams?

Ace Cloud Hosting

If you’re part of an accounting team, you know how difficult it can be to wait to access up-to-date company files. More than convenience, it is a critical aspect of.

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Brady Martz Adds Green & Miller in Texas

CPA Practice

The Grand Forks, ND-based top 100 firm has expanded its automotive dealerships team and footprint with the addition of Corinth, TX-basedfull-service accounting firm Green & Miller PC.

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Failure to prevent fraud: not just the criminal implications?

Menzies

Menzies LLP - A leading chartered accountancy firm. Much has been written about Section 199 of the Economic Crime and Corporate Transparency Act. Rightly so. It is a significant piece of legislation. In introducing a new corporate offence of failure to prevent fraud, the Section 199 allows prosecutions against corporates for allowing a fraud to happen.

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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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Steps to take as bonus depreciation phases down

Accounting Today

As we enter the beginning of 2025, bonus depreciation continues to leverage down as more portions of the Tax Cuts and Jobs Act expire.

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Ex-PwC CEO Outdoes the Tax Scandal With a Dick Pic Scandal

Going Concern

PwC Australia is in the news again for yet another scandal though this time there won’t be any regulators up their asses about it because the scandalee is their former CEO Luke Sayers. Sayers was CEO when tax partner Peter Collins was sharing confidential government information with other partners for the purposes of client tax-dodging however he had left the position by the time Australian Financial Review ruthlessly began to put a spotlight on the happenings in 2023.

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IRS Audits 101: Could it Happen to You and How to Prepare

CTP

An IRS audit can happen to anyonebut this is not an invitation to panic. With enough advance preparation, you can sail through an audit with surprisingly little stress. The first step in this preparation process is to make sure you understand the basics: what are the reasons you might be selected for an audit, how will you find out you are being audited, and what might an IRS auditor ask you for?

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10 Tips to a Successful Year-End Closing

Canopy Accounting

Year-end is here, but closing the books doesnt have to feel overwhelming! With a solid plan, you can confidently wrap up your clients books in QuickBooks Online. These 10 tips help you tackle year-end like a pro, keeping last-minute chaos at bay and setting your clients up for a strong start in the new year. Lets dive in and make this year-end as successful as possible!

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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.