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Mistakes happen all the time—just look at your phone the next time you’re texting someone or putting in your password. Entering numbers in your books is no different. Data entry errors are common, but unchecked mistakes can quickly tank the accuracy of your books.
The Justice Department is advising taxpayers to choose their return preparers wisely as the April 15 federal tax filing deadline approaches. Unscrupulous preparers who include errors or false information on a tax return could leave a taxpayer open to liability for unpaid taxes, penalties and interest. “Taxpayers must look out for unscrupulous preparers, who often will promise refunds that are too good to be true,” said Deputy Assistant Attorney General David A.
The Institute of Management Accountants is examining the possibilities of artificial intelligence in the accounting profession while undergoing staff cutbacks.
You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes? It’s time for an upgrade. SkyStem's Guide to Month-End Close Software walks you through what today’s best tools can do (and what your team shouldn’t have to deal with anymore). Get smart, fast, and a whole lot less stressed when it’s time to close the books.
Taxpayers who can't pay their tax bill by the April 15, 2024, deadline shouldn't panic – the IRS is here to help. There are several options to help taxpayers meet their obligations.
The 2024 KPMG U.S. CEO Outlook Pulse Survey is out and 87 percent of the 100 CEOs surveyed say they’re confident in the growth prospects of the economy. That’s good, right? Almost three-quarters of them plan to increase headcounts this year, also good, while just four percent anticipate having to decrease their ranks. All respondents to this survey are CEOs with organizations of annual revenue over $500 million, a third of them are at businesses with more than $10 billion in revenue.
The 'far west' was the only geographic region to suffer a negative net change in employment in March. Wholesale and Construction led the way in net job growth among all employment sectors during the same period.
The 'far west' was the only geographic region to suffer a negative net change in employment in March. Wholesale and Construction led the way in net job growth among all employment sectors during the same period.
Keeping with a yearly tradition more reliable than the arrival of Santa in the early hours of December 24, Ideagen Audit Analytics has released their annual market share analysis of auditor engagements for public companies. TLDR: EY audits the most biggies…again. Here’s something interesting right off the bat: There were 239 firms conducting audits for 6,607 Securities and Exchange Commission (SEC) registrants as of the end of January, 2024.
By David B. McGarry, InsideSources.com (TNS) Tax Day looms, and the taxman cometh. It is a certainty, as Ben Franklin said. This year, the IRS has launched a pilot program dubbed “Direct File” through which Americans can opt to have the IRS prepare their taxes for free (well, except for the billions of taxpayer dollars used to create the program). The IRS wants to eliminate Americans’ reliance on private-sector tax-preparation services.
As small and medium-sized businesses undergo rapid expansion and growth, they are often faced with a myriad of sales tax challenges, particularly within the retail and e-commerce sectors. The complexities of managing sales tax compliance can be overwhelming for smaller businesses, especially when juggling various omnichannel strategies to handle their financial operations.
The accounts payable (AP) function is evolving and AI is leading the charge. As finance teams face rising invoice volumes and expectations for speed and accuracy, AI-powered automation has shifted from a futuristic concept to the most practical solution. But for finance leaders, success isn’t just about selecting the right tools, it’s about implementing the right strategy.
2023 definitely was a banner year for the enforcement division of the Public Company Accounting Oversight Board (PCAOB) as total enforcement activity reached its highest level since 2017 and monetary penalties doubled compared to the record set in 2022, according to a new study from Cornerstone Research. The PCAOB disclosed 46 total enforcement actions in 2023, 37 of which related to the performance of an audit, up more than 28% from 2022.
Automakers are grappling with the challenges of transitioning to electric vehicles in a rapidly changing landscape. Despite their commitment to a sustainable future, recent sales declines and changes in consumer habits have raised concerns. Automakers and suppliers are investing heavily in EV technology, anticipating a surge in demand. Innovations in battery technology, charging infrastructure and vehicle design are driving this optimism.
Nonprofits are under more pressure than ever to demonstrate financial accountability while continuing to expand their impact. Traditional budgeting models often fall short, reinforcing silos, limiting flexibility, and stalling growth. Enter collaborative budgeting: a dynamic, team-driven process that enables smarter resource allocation and builds financial resilience at scale.
Global employment management and payroll platform, Employment Hero, has announced the acquisition of Employment Innovations, one of the largest managed payroll providers in the world. Through this strategic acquisition, Employment Hero, who were the first technology company to offer automated payroll in the UK, will provide a service that streamlines the entire payroll process, meaning accountants and bookkeepers are able to spend less time running payroll and more time providing analysis and ad
As a small business owner , finding the right formula for the growth of your business can be difficult. When do you bring on more employees? Is your pricing where it needs to be? How do you improve profitability ? Do you have enough cash on hand to take risks to grow but also to weather any bumps in the road? How much of the total available market for your business are you actually reaching?
The International Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants both published new strategic plans for the next few years.
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
Guest post by AON An overview of key policy and cover types, best practices for choosing the right policy and making claims. Business insurance is a purchase you should make, not necessarily one that you want to. But it’s also no understatement that a lot can go wrong while running your business – despite your professionalism and expertise, some things are still out of your control.
Jump to: How AI-powered research tools streamline research processes How cloud-based accounting software and automation tools enhance efficiency How data analytics and visualization tools provide insights How continuous training and professional development programs are essential Unlocking the potential of AI to address concerns about staffing accountants Today’s tax and accounting professionals face a wide variety of challenges.
As housing prices and mortgage rates continue to escalate, many young people struggle to purchase their first home or upgrade. One option is for parents or family to finance the purchase of the house and hold a mortgage. The transaction is documented like a regular mortgage with monthly payments. Let’s look at the advantages: Favorable interest rates.
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
CohnReznick LLP , an advisory, assurance, and tax firm, has established a new Digital advisory practice. Bringing together an expanded, integrated portfolio of solutions and technology partners, the practice helps businesses navigate technology- and data-related opportunities and leverage digital innovation to streamline operations, manage cost and risk, and accelerate growth.
Crowe LLP, a public accounting, consulting and technology firm, has entered into an agreement with KMJ Corbin & Company (KMJ),a California-based firm that provides accounting, auditing, tax and consulting services, for the KMJ team to join Crowe. The transaction, which is expected to close by mid-May, will enhance and expand the firm’s audit and tax services in the Southern California market.
By Jean Ross, InsideSources.com (TNS) If there’s one thing we should be able to agree upon, it’s that everyone should pay the taxes they owe without having to pay for the privilege of doing so. This year, for the first time, residents of 12 states who file simple tax returns can file online for free using the IRS’s new Direct File portal. Thanks to funding from the Inflation Reduction Act and as part of an ambitious modernization effort, this new public tool makes tax filing faster, easier and c
Hosts Randy Johnston and Brian Tankersley, CPA, discuss cybersecurity issues and strategies for managing high net worth clients. Use the video player below to watch, or the podcast player below to listen to the podcast. Or use this podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.) Brian F. Tankersley, CPA.CITP, CGMA 00:00 Welcome to the accounting Technology Lab sponsored by CPA practice advisor with your hosts, Randy Johnston, and Brian Tank
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.
By Karl W. Smith, Bloomberg Opinion (TNS) Back in 2017, the debate around President Donald Trump’s tax cuts was a case study in how quickly a discussion around legitimate policy can descend into partisan nonsense. On one side, Republicans spouted unfounded claims that the tax cuts would pay for themselves. On the other, Democrats spouted equally unfounded claims that only big business and the wealthy would benefit.
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