CPA Practice

SEPTEMBER 22, 2023

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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Going Concern

SEPTEMBER 22, 2023

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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Accounting Today

SEPTEMBER 22, 2023

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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tax Technology 111

Cherry Bekaert

SEPTEMBER 22, 2023

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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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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Accounting Today

SEPTEMBER 22, 2023

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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Cherry Bekaert

SEPTEMBER 22, 2023

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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Ronika Khanna CPA,CA

SEPTEMBER 22, 2023

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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Accounting Today

SEPTEMBER 22, 2023

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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Randal DeHart

SEPTEMBER 22, 2023

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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Accounting Today

SEPTEMBER 22, 2023

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

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"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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Going Concern

SEPTEMBER 22, 2023

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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Accounting Today

SEPTEMBER 22, 2023

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

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Going Concern

SEPTEMBER 22, 2023

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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Accounting Today

SEPTEMBER 22, 2023

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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Advertiser: Paycor

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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Withum

SEPTEMBER 22, 2023

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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Accounting Today

SEPTEMBER 22, 2023

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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Withum

SEPTEMBER 22, 2023

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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Canopy Accounting

SEPTEMBER 22, 2023

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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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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CPA Practice

SEPTEMBER 22, 2023

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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Patriot Software

SEPTEMBER 22, 2023

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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CPA Practice

SEPTEMBER 22, 2023

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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ThomsonReuters

SEPTEMBER 22, 2023

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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Advertiser: Paycor

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.

FraudFiles

SEPTEMBER 22, 2023

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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Accounting Today

SEPTEMBER 22, 2023

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

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Wellers Accounting

SEPTEMBER 22, 2023

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

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Accounting Today

SEPTEMBER 22, 2023

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

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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.

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