Fri.Sep 22, 2023

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IRS Promises Fewer Audits of EITC Claims

CPA Practice

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) IRS audits raise anxiety for many taxpayers. What can be even more frustrating is when those examinations seem unevenly targeted to taxpayers with lower incomes. That’s been the case with the earned income tax credit (EITC), which has been the subject of recent controversy. (A study released earlier this year found that the IRS audits Black taxpayers at about three to five times higher rates than the agency audits other taxpayers.

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Now the Profession Is Losing Experienced Accountants Too

Going Concern

Here we are again talking about the accountant shortage. Don’t blame me, blame WSJ. Mark Maurer at Wall Street Journal wrote today about a young man named Omer Khokhar who realized after six years in accounting that he was done. The article title: “Job Security Isn’t Enough to Keep Many Accountants From Quitting.” Ruh-oh. The New York resident found accounting work monotonous, with little room for creativity or growth, and maximum salaries weren’t as high as he would have liked

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Tax Strategy: IRS expands focus on digital asset reporting

Accounting Today

The proposed regulations define a digital asset as any digital representation of value that is recorded on a cryptographically secure distributed ledger or any similar technology.

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The Evolving Opportunity Zone Fund: Where Are We Now?

Cherry Bekaert

In the six years since its introduction, the Opportunity Zone (OZ) program continues to gain more attention and broader success. Despite recent macroeconomic volatility, this year has seen increased excitement and a wider range of achievements. The Tax Cuts and Jobs Act of 2017 (TCJA) gave way to the OZ program, which instantly became a hot topic across the real estate industry.

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Which Month-End Close Automation Software is Right for You?

Companies are increasingly choosing to automate their month-end close process, hoping to get rid of manual activities, save time, and get control of the close. By allowing technology to take the wheel, finance leaders can streamline and optimize the close, leading to greater accuracy, reduced risk, and improved efficiency. This being said, it can still be difficult to find the best month-end close solution for your team.

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Win the big game with a nonprofit bookkeeping playbook

Accounting Today

NFPs may not be like the NFL, but they can borrow a page from the playbook to tackle operational and bookkeeping hurdles and score the ultimate touchdown: accomplishing their mission.

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FASB Adopts New Rule on Fair-Value Accounting for Disclosure of Crypto Assets

Cherry Bekaert

Contributors: Graham Michitsch, Senior Manager On September 6, 2023, the Financial Accounting Standards Board voted on cryptocurrency accounting and set in place a new rule that business must use fair-value accounting for certain crypto assets that meet the predefined criteria, such as bitcoin. This is a welcomed and long-awaited change that accountants, companies, and investors have rallied for as it treats digital assets the same as financial assets.

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More Trending

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16 Common Financial and Tax Mistakes That Affect Your Small Business’ Bottom Line

Ronika Khanna CPA,CA

Starting a business is hard work. In addition to creating your core product or service , you also need to have a working knowledge of numerous other facets of business including marketing, IT, accounting and operations. In the early stages cost constraints may prevent you from hiring additional staff or even outside contractors to handle some of these roles may not be an option.

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IESBA revises ethics handbook for accountants

Accounting Today

The board released an annual update of its ethics code to reflect the latest changes in auditing and quality management standards.

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What Is A Fractional CFO And How Can It Help Your Construction Business?

Randal DeHart

A fractional CFO, or Chief Financial Officer, is a finance professional working part-time, retainer, or contract. They bring the experience and expertise of a high-level CFO to your business – without the cost of hiring a full-time, in-house employee. Fractional CFOs service several clients simultaneously, typically on a part-time, retainer, or contract basis.

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Working with the procrastinator client

Accounting Today

There will always be both business owners and individuals who drag their feet on different elements of their financial planning.

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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.

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Friday Footnotes: Remembering Legend Sid Kess; Andersen’s Doing Great; Poland Banned Deloitte From Auditing? | 9.22.23

Going Concern

People Ken Miller set to retire after more than three decades of service [ Virginia Tech ] After more than 35 years of dedicated service to Virginia Tech, Ken Miller has announced his retirement. Miller was appointed vice president for finance in April 2020 and also serves as the university treasurer. In these roles, he provides financial leadership in support of Virginia Tech’s mission and serves as a trusted, collaborative resource for university leadership.

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IRS plans possible furloughs in case of shutdown

Accounting Today

The service is developing a contingency plan that may involve cutbacks if Congress can't reach a deal.

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Opinion: On-the-Job Experiential Learning Credit to Meet the 150-hour Requirement Makes Sense

Going Concern

Ed. note: the following is by Joseph P. Petito, Esq. Joe currently serves on the Maryland State Board of Accountancy and the board of directors of the NASBA Center for the Public Trust. Full bio at the bottom. I love accounting. Though an attorney and not a CPA, I’ve spent over 30 years in and around the CPA profession, retiring from PwC as a Principal.

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Planning beyond the numbers

Accounting Today

If clients don't know what their future selves look like, they can't finish the planning process. That's where you (and behavioral finance) come in.

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2024 Payroll Calendar Templates

These calendars provide pay period dates and paydays for biweekly, semi-monthly, and monthly payroll in 2024. Use them as a reminder or share with employees so they can celebrate payday.

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Sidney Kess 1926 to 2023

Withum

A good friend, colleague and writing partner passed away Sunday. Sidney Kess was 97. We spoke at least once a week and are scheduled to co-present a continuing education program on October 18th. I first “met” Sid in 1967 when I attended one of his early Tax Workshops my boss sent me to. I spent a day with a few hundred other CPAs getting a tax update and thought Sidney was the smartest tax person in the world.

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On the move: Herbein appoints director of ops

Accounting Today

LBMC and Wilkin & Guttenplan both announce next managing partners; CohnReznick names cannabis industry practice leader; and more news from around the profession.

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Navigating Market Uncertainty: Strategies for Manufacturers to Trim Supply Chain Costs and Embrace Technology

Withum

Manufacturers find themselves at a crossroads in an era marked by rapid technological advancements and market fluctuations. The delicate balance between traditional labor-intensive processes and adopting advanced machinery and technology poses a formidable challenge. As supply chain costs continue to rise and market uncertainty becomes a constant companion, manufacturers must explore innovative strategies to reduce expenses and adapt to the evolving landscape.

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Understanding the Impact of Financial Regulation on Accounting

Canopy Accounting

In the ever-changing financial landscape, regulations established by governing bodies are crucial for maintaining stability and integrity. They serve as the foundation of the financial system, ensuring fair practices, transparency, and accountability. These regulations set standards and guidelines for financial institutions and market participants, protecting consumers, preventing fraud, and promoting a level playing field.

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8 Signs Your Accounting Team Is Ready to Automate Month-End Close

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

How do you know if your accounting team is ready to automate the month-end close? Join us in this informative webinar, where we share the top 8 signs that indicate that a team has outgrown all existing tools and may be ready to embark upon month-end close automation. We will examine the process clues that help determine whether your team would be a good candidate for automation.

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Avalara Shares New Integrations and APIs in Advance of Avalara NEXT, Its Annual Virtual Conference for Developers

CPA Practice

Avalara, Inc. , a provider of cloud-based tax compliance automation software for businesses of all sizes, has announced new APIs and integrations that were highlighted at Avalara NEXT , its third annual event for developers and partners responsible for building global tax compliance into commerce and business operations. The virtual conference took place September 20–21, 2023.

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Shortage of Accountants: What’s Going On?

Patriot Software

You’ve likely heard about—or experienced firsthand—a shortage of accountants. So what gives? Where did all the accountants and prospective accountants go? And what can you do if you experience talent shortages in your firm? Why is there a shortage of accountants? Two factors contribute to the accountant shortage.

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Sam Bankman-Fried’s Bid for Jail Release Denied by Appeals Court

CPA Practice

By Patricia Hurtado and Ava Benny-Morrison, Bloomberg News (TNS) Sam Bankman-Fried’s request to be released from jail ahead of his Oct. 3 fraud trial was denied by a federal appeals court, hours after he lost a separate ruling that blocks him from calling expert witnesses for his defense. The former FTX co-founder has been dealt a series of setbacks as he gears up for his trial, which is scheduled in two weeks.

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Legal Expert: Employers Should Conduct Regular Auditing of A.I. Tools Used for Employment Practices

ThomsonReuters

On September 11, 2023, the Equal Employment Opportunity Commission (EEOC) announced that a China-based tutoring company agreed to settle an employment discrimination lawsuit that claimed the employer programmed its online software to automatically reject applicants based on their age, in violation of the Age Discrimination in Employment Act (ADEA) (see Payroll Guide ¶20,480 ).

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DOL Final Overtime Rules: Quickstart Guide for Employers

On August 30, 2023, the DOL unveiled a proposed overtime rule that would raise the weekly salary threshold under the Federal Labor Standards Act. Paycor is closely monitoring the proposal and will provide updates as new information becomes available.

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Finding Hidden Income and Assets

FraudFiles

Cases of financial fraud often focus on the core issue of where the money went. Successfully carrying out a fraud scheme involves not only taking the money, but covering up the fraud and hiding the money trail.

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Tech News: Wolters Kluwer releases audit quality solution

Accounting Today

Plus, Docyt unveils Docyt AI for real time accounting, and other accounting technology news.

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How does self-employment tax work in the UK?

Wellers Accounting

Ben Brookes provides an introduction and explanation of the UK tax system for those starting out as self-employed.

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Firm culture: Put the pistol away

Accounting Today

Hermann Goering has nothing to teach us about building a culture in your practice.

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Predictions You Can Rely On: How Data Drives Successful Financial Forecasting

Speaker: Robbie Bhathal, Founder & CEO, and Matthew Acalin, Head of Credit Intelligence

In today's volatile financial environment, how confident are you in your company’s financial forecasting? To get the most accurate cash predictions that will lead to long-term financial survival, real-time data is critical. Innovative cash management strategies can lead to better credit opportunities, more sustainable growth, and long-term financial prosperity.