Wed.Jun 05, 2024

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What is Co-Sourced Accounting and Is It a Fit for My Company?

Cherry Bekaert

In response to the talent shortage and the declining number of certified public accountants (CPA) professionals, many corporate accounting departments are relying on professional services firms to fill the gaps. This disruption has caused professional services firms to create different offerings to assist clients, prompting the questions, ‘What does this mean for my company, and how do I determine what I need?

Account 72
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What to Do if your Business is Defrauded

RogerRossmeisl

Occupational fraud isn’t just a financial threat. It can potentially change a business’s reputation, culture and relationships. But before dealing with any larger ramifications of fraud, defrauded companies must first “clean up” the mess. This may include potentially terminating the perpetrator, taking civil action or referring the perpetrator to the police.

CPA 241
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Managers Think They Are Doing Great But Employees Disagree, Survey Finds

CPA Practice

By Suzanne Lucas, Inc. (TNS) Everyone says people don’t leave jobs; they leave managers. And yet, managers don’t get the feedback they need to improve, according to a new survey from Gallup. As a result, many think they’re doing a better job than they actually are. Here’s what you need to know—and what you can do about it. Managers and employees don’t see eye to eye Gallup found a disconnect across the board between manager self-perception and employee sentiment: Manager responsiveness “72 per

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Tax Tips When Buying the Assets of a Business

RogerRossmeisl

After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two ways: Buy the assets of the business, or Buy the seller’s entity ownership interest if the target business is operated as a corporation, partnership or LLC.

Tax 235
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Live Demo: How to Achieve Reconciliation Zen

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

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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IRS tries to use AI to close tax gap

Accounting Today

The Internal Revenue Service is turning to artificial intelligence to help select tax returns to audit and narrow the tax gap, but it needs to use this new technology consistently and transparently, according to a new government report.

Tax 117
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Should You Convert Your Business from a C to an S Corporation?

RogerRossmeisl

Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations and S corporations. In some cases, a business may decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over C corporations in some circumstances, there are potentially costly tax issues that you should assess before making th

CPA 174

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Intuit to offer Account Management program for QuickBooks customers

Insightful Accountant

Intuit has selected customers who display complexity for this new program and you need to be aware of this offering because some of those customers may also be your clients.

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NPAG: All hands on deck to solve the pipeline problem

Accounting Today

Restocking the accounting profession's talent pipeline is everyone's responsibility, says the National Pipeline Advisory Group.

Account 117
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Trade Name vs. Business Name: Do You Know the Difference?

Patriot Software

One of the first things you do as a business owner is choose a business name. Your business can operate under your legal business name. Or, you can operate your company under a trade name. So, what’s the difference? Read on to learn more about business names vs. trade names and how they contrast.

Legal 96
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Deloitte’s Growing Its Disease Business

Going Concern

Announced Monday, Deloitte has acquired the assets — including software engineers, developers, and epidemiologists — of a disease surveillance business called CasePointer. If you try to visit CasePointer.com today, you are automatically redirected to Deloitte’s announcement. Said the press release : End Point’s team is one of the premier implementers of EpiTrax, an open-source platform for collecting, organizing and maintaining epidemiological data.

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New DOL Final Overtime Rules: Quickstart Guide for Employers

There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.

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Introducing our 2024 Xerocon London event partners

Xero

Xerocon London is just under a week away on 12 and 13 June, and the ExCeL exhibitor floor will be full to the brim with stands showcasing some of the best and most loved apps, tools and services for accountants, bookkeepers and small businesses. This year, you can expect to see just under 60 exhibitors at the event, including many leading Xero App Store app partners.

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What to Look for in a vCFO Service Provider

GrowthForceBlog

9 min read June 5th, 2024 Every department within a business requires its own leadership. While the CEO (chief executive officer) is in charge of envisioning a future for the company and coming up with a plan to steer it in the right direction, the CFO (chief financial officer leads the financial aspect of the business creating a financial strategy designed to support and fuel the overall business strategy.

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What Is a Business Bank Statement? Definition, Breakdown, and Example

Patriot Software

If you have a business bank account, you should regularly receive a paper or electronic statement. These business bank statements provide valuable information for managing your business finances. So if you’re tossing your unopened business bank account statements in a drawer or—worse—the trash, this one’s for you.

Finance 81
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Accountants by every other name

Accounting Today

As the profession takes on more and more roles, it's getting harder and harder to define what, exactly, an "accountant" is.

Account 89
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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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Keys to Worker Efficiency for Skagit County Small Business Owners

SkagitCountyTaxServices

An unfortunate thing about being a business owner sometimes is that you are at the crosshairs of the changing winds of the culture. And these past ten years, the very polarized political environment has put some pressures on businesses to align with different political leanings. While some have capitalized on that and seen some gains (examples: Jeremy’s Razors and Ben & Jerry’s ), backing certain ideals can put business owners like you in a precarious position.

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Overcoming Challenges Under SEC’s New Cybersecurity Rules by Improving Your Cybersecurity Incident Response Program

Cherry Bekaert

The Securities and Exchange Commission (SEC) implemented new, stricter, and more comprehensive rules related to cybersecurity risk management, strategy, governance, and incident disclosure that took effect in mid-December 2023. The SEC approved the new rule to help enterprises (and comparable private foreign issuers) ensure prompt and accurate incident reporting and improve transparency for company stakeholders.

Legal 69
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Governance and leadership dynamics in accounting firms need scrutiny

Accounting Today

The shift of public accounting firms, traditionally focused on providing auditing and tax services, into expansive multidisciplinary firms has long raised concerns among investors and regulators.

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Be Insightful at Scaling New Heights: Unveiling Exclusive Perks at Insightful Accountant's Booth

Insightful Accountant

Join us at the Scaling New Heights conference for exclusive offers, insightful resources, and more at the Insightful Accountant booth! Elevate your practice to new heights with us.

Account 59
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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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NYC congestion pricing risks delay after Hochul weighs pause

Accounting Today

New York Governor Kathy Hochul is considering delaying a plan to charge motorists driving into midtown Manhattan and potentially replacing it with a tax on New York City businesses.

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Tax Professionals' Guide to Assisting Freelance Clients

Insightful Accountant

Post-COVID, the freelance economy is booming. Tax pros face challenges managing a mix of employees and contractors. Clients seek help with self-employment taxes, offering growth opportunities for tax professionals.

Tax 59
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SEC hedge fund fee disclosure rule struck down by US court

Accounting Today

The U.S. Fifth Circuit Court of Appeals in New Orleans sided with the private funds industry, which argued that the agency overstepped its authority.

Account 68
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IRS Urges Clean Fuel Producers to Apply Now for Tax Credit

CPA Practice

Fuel producers that are eligible to claim the Clean Fuel Production Credit starting next year should apply for registration as soon as possible, the IRS said on May 31. “A taxpayer must have a signed registration letter from the Internal Revenue Service dated on or before January 1, 2025, for the taxpayer to be eligible to claim the § 45Z credit for production starting January 1, 2025,” the IRS said in Notice 2024-49 , which was released last Friday.

Tax 59
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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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Spanish court grants 'Bitcoin Jesus' bail in extradition fight

Accounting Today

A crypto investor known as "Bitcoin Jesus" has been released on bail in Spain, where he faces extradition to the U.S. on tax fraud charges.

Tax 68
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New Service Idea: Time-Saving Accounting Audit

Ryan Lazanis

Most firms struggle to show how they can save clients time. In this episode, I'll share how to market & sell this benefit effectively. The post New Service Idea: Time-Saving Accounting Audit appeared first on Future Firm.

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Weather victims in Massachusetts get tax relief

Accounting Today

The IRS is pushing back filing and payment deadlines for those impacted by last September's storms and flooding.

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Fintelligence: How AI Is Revolutionizing Fintech

Withum

Fintech is at the cross-section between the financial services and technology industries, bringing real technological solutions to the finance world. It spans various sectors, including education, retail banking, fundraising, investment management and cryptocurrencies. The fintech industry challenges traditional financial services by being nimbler, serving underserved segments, and providing faster or better service to its consumers, whether businesses or individuals, making it highly valuable a

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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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Baker Tilly Promotes 41 to Principal

CPA Practice

Chicago-based Baker Tilly admitted 41 new principals effective June 1, as the top 10 accounting firm undergoes a major restructuring. Baker Tilly said in February it was getting a “significant investment” from private equity firms Hellman & Friedman and Valeas Capital Partners. The deal, which is expected to close this month, will lead to Baker Tilly splitting in two.

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Leveraging Law Firm KPIs for Business Success

Withum

Measurement is an essential management tool for law firms to monitor performance, manage resources, and highlight areas that need improvement. Utilizing Key Performance Indicators (KPIs) in a law firm is crucial for evaluating performance, profitability, client satisfaction, and overall success. Understanding which attorneys are the most profitable, which matters are the most lucrative, and the cost of acquiring new clients is crucial for making informed business decisions.

Legal 52
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NDH Adds McGowan Guntermann in California

CPA Practice

Private-equity-backed accounting firm NDH Advisors has acquired McGowan Guntermann PC, a Santa Barbara, CA-based tax and accounting firm. Terms of the deal weren’t disclosed. Founded in 1945, McGowan provides tax and outsourced accounting services to high-net-worth individuals, closely held businesses and their owners, and family groups. The current partners of McGowan, led by David Larson, will remain actively involved in the business going forward.

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Withum Named Best Wellness Employer by Wellness Workday

Withum

Withum is proud to share that Wellness Workday , a leading provider of measurable workplace wellness programs, has granted Withum the Silver Certification for Best Wellness Employer in 2024. From providing team members with resources like Journey LIVE, a proactive mental health solution platform, and an expansive EAP, Withum is dedicated to team member wellness and strives to provide teams with all the tools they need to thrive in their personal and professional lives.

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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.