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Featured….
The Accounting Technology Lab Podcast – Review Of Datamatics – May 2024
EY Adds New York-Based Technology Consulting Firm Nuvalence
Wipfli Buys Michigan-Based Consulting Firm Harbour Results
Hourly Wages Grow at Small Businesses
Contributors….
Randy Johnston
Darren Root, CPA, CITP, CGMA
Becky Livingston
Garrett Wagner
Richard D. Alaniz, JD
Webinars and CPE….
Webast: Valuation Considerations in Emerging Markets – July 11, 2024
Webinar: Effortless Tax Prep and Workflow: Say Goodbye to Client Frustrations
Events….
Accounting
Xerocon 2024 Nashville: Aug. 14-15, 2024
The event will be hosted at the Music City Center, allowing Xero’s community of accountants and bookkeepers from across the U.S., Canada and beyond the chance to connect, as well as options for earning CPE credit.
Accounting
RightNOW Conference 2024
Top influencer keynotes, transformative tech insights and AI innovators converge to elevate the accounting profession at RightNOW 2024. May 14-16, 2024 | Austin, TX.
IRS Offers Resources and Advice During National Small Business Week
The Internal Revenue Service is offering tax-related information to entrepreneurs in anticipation of the upcoming kick-off of National Small Business Week.
Digital Workflow in Intuit ProConnect Tax
During the Intuit Accountants “Better Together” event in New York City, the Intuit ProTax Group brought together tax professionals and industry thought leaders.
Technology
Midmarket Businesses Face Challenges Implementing AI
Most middle market organizations are adopting AI (78%) and generative AI (77%). However, 54% of those using generative AI find its deployment more challenging than anticipated.
Accounting
The Accounting Technology Lab Podcast – Review Of Datamatics – May 2024
Hosts Randy Johnston and Brian Tankersley, CPA, look at Datamatics, a digital technologies, operations, and experiences company.
Firm Management
EY Adds New York-Based Technology Consulting Firm Nuvalence
The transaction expands EY’s digital engineering and generative AI services to organizations across industries and sectors.
Firm Management
Wipfli Buys Michigan-Based Consulting Firm Harbour Results
The top 20 firm’s deal with Harbour Results, a management consulting firm for the manufacturing industry, became effective May 1.
Payroll
Hourly Wages Grow at Small Businesses
“Hourly earnings growth increased to 3.34% in April, ending a decline that began in mid-2022.”
Firm Management
CLA Adds Atlanta-Based Ronald Blue & Co. CPAs
With approximately 80 employees and eight partners, Ronald Blue was expected to join top 10 accounting firm CLA on May 1.
Firm Management
EisnerAmper Acquires Boston-Based Edelstein
Edelstein offers accounting, tax and advisory services for the food and beverage, healthcare, financial services, nonprofit, real estate, professional services, and other sectors.
Firm Management
Maryland Accounting Firm SKMB Joins Marcum
The combination brings SKMB’s talented team to Marcum, including two senior advisors and their associates with extensive experience in accounting, assurance, tax services, and business valuations.
Accounting
Police Accountant Charged With Stealing From City of Wichita, KS
Shauna Marie Dickman was charged with two counts of felony theft for allegedly stealing at least $3,915 in cash.
Accounting
Ex-HVAC Accountant Admits to Embezzling $1.5 Million in Wilkes-Barre, PA
Lawrence Malachefski was accused of stealing from the HVAC equipment company to support his online gambling habit.
Payroll
U.S. Added 192,000 Jobs in April, Wages Up 5 Percent, Says ADP
The ADP National Employment Report is an independent measure and high-frequency view of the private-sector labor market based on actual, anonymized payroll data of more than 25 million U.S. employees.
Taxes
Disaster Preparation: IRS Reminds to Safeguard Your Info
Original documents such as tax returns, Social Security cards, marriage certificates, birth certificates and land ownership documents need to be secured in a waterproof container in a safe space.
Firm Management
Avantax Acquires Integrated Tax & Wealth Strategies’ $760 Million Wealth Management Business
Integrated Tax & Wealth Strategies’ founder – highly successful independent financial advisor Brian Stephens – will continue with the tax practice.
Accounting
Financial Accounting Foundation Seeks Nominations for the Financial Accounting Standards Advisory Council
The Board of Trustees of the Financial Accounting Foundation (FAF) is seeking nominations for new members to join the Financial Accounting Standards Advisory Council (FASAC) for an initial one-year term beginning January 1, 2025. The FASAC is the primary advisory body to the Financial Accounting Standards Board (FASB).
The FASAC consists of approximately 35 members who represent a broad cross section of the FASB’s constituency. Its primary function is to advise the FASB on issues related to projects on the FASB’s agenda, possible new agenda items, project priorities, procedural matters that may require the attention of the FASB, and other matters as requested by the FASB chair.
FASAC members are appointed by the FAF Trustees for an initial one-year term and are eligible to be reappointed for three additional one-year terms.
Taxes
AICPA Provides Comments on the Tax Classification of Purpose Trusts
The recommendations would simplify filing for taxpayers and practitioners and will reduce the administrative burden on the IRS.
Taxes
IRS Provides Safe Harbors For the Clean Aviation Fuel Credit
New guidance touches on the role farmers will play in the production of clean jet fuels and reducing emissions in the aviation industry.
Taxes
IRS: Applications For TCE and VITA Grants Can Be Submitted Through End of May
The funding helps organizations provide free tax assistance to elderly and low-income taxpayers for up to three years.
Taxes
How Biden’s Marijuana Shift Could Impact Taxes
A pending Biden administration marijuana rule change could help some cannabis businesses lower their tax.
Taxes
‘Bitcoin Jesus’ Charged With Evading Nearly $50 Million in Taxes
Roger Ver was charged with mail fraud, tax evasion, and filing false returns in order to avoid paying at least $48 million in U.S. taxes.
Firm Management
CohnReznick and Prevedere Forge Strategic Alliance
This collaboration will leverage Prevedere’s AI-powered platform to empower CohnReznick’s clients with global data, analytic models, and econometric context to revolutionize their business planning.
Payroll
Workers at U.S. Unions Saw Record Pay Increases Over Past 12 Months
Wages of private sector union workers rose 6.3% in the year ended in March, the largest increase in data back to 2001, according to Bureau of Labor Statistics employment cost figures released Tuesday.
Small Business
DEA May Reclassify Cannabis as Lower Level Drug
Federal authorities appear to be on the brink of reclassifying cannabis, a change which, if it happens, could affect the cannabis market in a variety of ways.
Firm Management
Fieldguide Launches Analytics Solution for CPA Firm Decision-Making
With the industry-wide talent shortage, firms are seeking to be smarter and more vigilant with their engagements, resources, and client metrics.
AICPA
Can AI Pass the CPA Exam? New Ground-Breaking Study Shows Surprising Potential and Limitations
In a landmark experiment, researchers at AIGENCY have tested the limits of artificial intelligence (AI) by challenging state-of-the-art AI models with the rigorous Certified Public Accountant (CPA) exam.
Small Business
Expensify Targets Global Self-Employed Market With New Expense Tracking Features
The financial management app maker Expensify, Inc., which focuses on expenses and corporate cards, has added expense tracking for self-employed professionals in its next-gen New Expensify platform.
Auditing
8 Characteristics of a Well-Designed Root Cause Analysis Process, According to the PCAOB
In a staff report, the PCAOB discusses the importance of the root cause analysis process in firms’ efforts to improve audit quality.
Accounting
Five Accounting Firms Among LinkedIn’s Top Companies to Grow Your Career in 2024
The 50 companies included in the 2024 ranking offer their employees what LinkedIn says are eight pillars that lead to career growth.
Cloud Technology
One Cloud Platform, Endless Possibilities For Accountants
Cloud platforms unlock endless opportunities, prioritize security, and embrace cutting-edge technologies.
Accounting
Minnesota CPA Stole More Than $340,000 From Her Clients, Feds Say
Jeana Ann Lautigar of Edina, MN, was charged with making monetary transactions connected to the crime and failing to file taxes.
Taxes
Florida Tax Preparer Charged 5 Years Ago With Stealing Has Done It Again, Cops Say
Dennis Maxey was arrested in 2019 for grand theft and scheme to defraud, both first-degree felonies. He was arrested again on April 18.
Payroll
Majority of GenZ Workers Stressed Over Finances, Report Lost Productivity
While 76% of workers are not satisfied with their company’s financial benefits, 92% of leaders believe their company offers the financial support employees need.
Payroll
AI Will Help Some Plan for Summer Vacations
The survey found that families traveling with children are especially likely to use travel AI tools this summer, with 57.4% indicating a potential interest in using the technology.