Thu.Apr 11, 2024

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Strategies for Minimizing Data Entry Errors in Accounting

Patriot Software

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.

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IMA sees role for AI in accounting

Accounting Today

The Institute of Management Accountants is examining the possibilities of artificial intelligence in the accounting profession while undergoing staff cutbacks.

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Feds Cracking Down on Unlawful Tax Return Preparers

CPA Practice

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.

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Tax season nears its end, but uncertainties linger

Accounting Today

From BOI reporting to tax legislation in limbo, even the most 'normal' filing season in a several years still has unresolved questions.

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

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

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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Exploring Assistance Options for Taxpayers Struggling with Tax Bills

Insightful Accountant

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.

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COUNTERPOINT: IRS Should Not Be Trusted With Direct File

CPA Practice

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.

More Trending

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CEOs Feel Good About the Economy and Hybrid Work Is Winning, Says KPMG in This CEO Survey

Going Concern

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.

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Tackling Growth and Compliance Tax Challenges with Avalara

AccountingDepartment

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.

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For the Eighth Year in a Row, EY Is the Busiest Public Company Auditor

Going Concern

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.

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PCAOB Really Flexed Its Enforcement Muscles in 2023

CPA Practice

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.

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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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Leveraging Supplier Collaboration and Incentives for Your Electric Vehicle Transition

Withum

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.

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Employment Hero acquisition enables world’s first fully automated payroll solution

Accounting Insight

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

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CFOs for Small Businesses: When To Hire the Right Financial Expert

Summit CPA

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?

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Tax deadline is pivotal for funding markets, Fed's balance sheet

Accounting Today

The annual rush to pay Uncle Sam tends to suck hundreds of billions of dollars from the banking system.

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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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Business Insurance 101: Important things to know

Reckon

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.

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EY weighs another 100 job cuts in Oceania

Accounting Today

The cutbacks in the Australia region are the latest sign of pressure in an industry that spans accounting, audit and consulting.

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How to Assist A Child Buying a Home

Dent Moses

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.

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Crowe adds KMJ Corbin

Accounting Today

The Chicago-based firm is expanding in Southern California in the third M&A deal it has announced this month.

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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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CohnReznick Launches Digital Advisory Practice, Aligns with Top Solutions Providers

CPA Practice

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.

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IAASB and IESBA adjust strategic plans

Accounting Today

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.

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Crowe Adds Southern California Accounting Firm KMJ Corbin & Company

CPA Practice

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.

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Tax Fraud Blotter: For the birds

Accounting Today

Disunion; cell phones; only the lonely; and other highlights of recent tax cases.

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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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POINT: IRS Direct File Simplifies Doing Taxes, Saves Money

CPA Practice

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

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What should owners of an accounting firm call themselves?

Accounting Today

A professional title infers a level of authority, responsibilities and legal accountability, so it's important to choose wisely.

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The Accounting Technology Lab Podcast – Cybersecurity for High Net Worth Clients – Apr. 2024

CPA Practice

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

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Leveraging AI to address challenges in staffing accountants

ThomsonReuters

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.

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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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Trump Tax Cuts Were Neither Panacea Nor Rip-Off

CPA Practice

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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