Fri.Apr 07, 2023

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How CFOs and Their Teams Manage Uncertainty

IgniteSpot

Share information. During a crisis, it’s tough to know which way is up. “Are we losing money?” “Will there be layoffs?” Uncertainty creates fear, giving way to poor performance and even turnover. It’s important to share information openly with the team.

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The CPA Shortage Compels Accounting Firms to Embrace Digital Transformation

CPA Practice

By Cameron White. Despite high demand for CPAs, accounting firms struggle to hire accountants. In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. Deloitte ranks the talent shortage among the top challenges that are expected to influence or disrupt businesses this year. With an onslaught of economic disruptions and complexities on their plate, a CPA shortage proves especially burdensome for middle market companies.

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Anders is Opening a New Office in Chesterfield!

Anders CPA

As one of the fastest-growing firms in the nation, Anders is excited to announce plans to expand our geographic footprint by opening additional office space in Chesterfield, Missouri. To accommodate the firm’s rapid growth, Anders will take over 10,000 square feet at 16090 Swingley Ridge Road in Chesterfield. The Need for Expansion After breaking into the Accounting Today Top 100 Firms in 2021 at #100, Anders continues to gain momentum through mergers and organic growth, climbing up the li

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Justice Department Continues Efforts to Stop Fraudulent Tax Preparers

CPA Practice

The Department of Justice is warning taxpayers to choose their return preparers wisely as the April 18 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 should choose their return preparer wisely and remain vigilant against unscrupulous preparers, who often present clients with refunds that are too good to be true,” said Deputy Assista

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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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Fundamentals of Co-op Taxation — A “Must Watch” NSAC Webinar, 4/19/23

Nancy McClelland, LLC

Everyone who reads my blog or works with me knows I’m a vocal proponent of the cooperative structure as a sustainable and enriching alternative to classic shareholder business models. Co-ops allow companies to distribute wealth among those that do business with it, rather than to investors just trying to make a buck. They exist to fulfill member needs, rather than to generate profit — though they can be lucrative to those involved.

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Can’t File Your Taxes Yet? Anyone Can Get an Extension – Here’s How

CPA Practice

Taxpayers who are unable to file their tax return by this year’s April 18 deadline have an easy, online option to get more time to complete their return. Anyone can request an automatic six-month extension to file. An extension allows for extra time to gather, prepare and file paperwork with the IRS. However, taxpayers should be aware that: An extension to file their return does not grant them an extension to pay their taxes.

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Illinois CPA Society President and CEO Receives Special Achievement Award

CPA Practice

The president and CEO of the Illinois CPA Society (ICPAS) has been honored with the 2023 National Association of Personal Financial Advisors (NAPFA) Special Achievement Award. The NAPFA Special Achievement Award is presented to non-members whose service greatly enhanced the environment for fee-only financial advisors or the advising profession and helped provide consumer education on the benefits of a comprehensive financial plan and highly qualified advisor.

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Head Regulator Said He’ll Break Out the World’s Smallest Violin For Auditors Crying About Tougher Regulation

Going Concern

Financial Times has reported that Financial Reporting Council head Sir Jon Thompson — who last year told firms complaining about audit fines to get gud (paraphrased) — has no sympathy for audit partners across the pond who can afford Ferraris but can’t afford the staff and training necessary to perform acceptable audit work. Auditors who think robust regulation of their sector is disproportionate deserve “the world’s smallest violin”, the head of the UK accounting watchdog ha

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PwC Survey Shows Business Leaders Overestimate Preparedness for Disruption

CPA Practice

PwC’s bi-annual Global Crisis and Resilience Survey reveals organizations and business leaders overestimate their resilience despite operating in an age of disruption. Data from 1,812 respondents worldwide provides insights into how business leaders are preparing for – and responding to – this new world. When asked where resilience falls on the list of corporate priorities, nine in ten (89%) respondents said resilience is one of their most important strategic organizational priorities – indicati

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How To Protect Your Construction Company From Bankruptcy

Randal DeHart

Starting a construction business is not for the faint of heart. A certain level of stress comes with ensuring your company's success. If things go wrong, it all falls back on you. That said, the freedom and sense of accomplishment of running your own business make the challenges well worth it. With good planning and strong business practices, you can avoid the pitfalls and drive your trade business to financial success.

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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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IRS Revises Form 8940, Request for Miscellaneous Determination

CPA Practice

As part of ongoing efforts it says will improve service for the tax-exempt community, the Internal Revenue Service issued the revised Form 8940, Request for Miscellaneous Determination, and its instructions to allow electronic filing. Beginning April 3, 2023, the IRS will make available the electronic version of the Form 8940 that exempt organizations use to make miscellaneous determination requests online at Pay.gov.

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EV Tax Credits Will Change on April 18, 2023

LSLCPAs

On Friday, March 31, 2023, the Internal Revenue Service and the Treasury Department made their rulings public. More boxes must be checked to qualify for the $7500 tax credit. If you want the full credit and can buy soon See our previous January 19, 2023 summary. It has some excellent links to items you need. The post EV Tax Credits Will Change on April 18, 2023 appeared first on LSL CPAs.

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The Technology Lab Podcast – Review of Zoho DataPrep – April 2023

CPA Practice

Technologists Randy Johnston and Brian Tankersley, CPA, CITP, CGMA review Zoho DataPrep , an augmented self-service data preparation tool that helps accounting professionals connect, explore, transform and enrich data for analytics, machine learning, data warehousing and more. Click here to visit the podcast page.

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Turnover at EY Australia Was Significantly Higher Than Competitors’ Turnover Last Year

Going Concern

One difficult thing about observing and reporting on the happenings at professional services firms is that they tend to be really tight-lipped about internal metrics, attrition, and salaries. They know exactly how many people they’re losing in any given period, we do not. Not so much the case in Australia where the Workplace Gender Equality Act requires non-public sector employers with 100 or more employees to submit a report to the Workplace Gender Equality Agency to make sure men and wom

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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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National Taxpayer Advocate Finds Hope in IRS Plan

CPA Practice

In the latest NTA BLOG , National Taxpayer Advocate Erin M. Collins dives into the details of the IRS’s newly released Strategic Operating Plan (SOP) outlining how it plans to use nearly $80 billion in additional funding received as part of the Inflation Reduction Act of 2022. She also shares hope that with long-term funding and prudent management, there is light at the end of the tunnel for taxpayers and practitioners who have experienced problems over the past three years.

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Indiana Owner of D.C.-area Tax Preparation Business Pleads Guilty to Tax Refund Fraud Scheme

CPA Practice

An Indiana woman pleaded guilty in federal court last Friday in the District of Columbia to conspiring to file false tax returns and related charges. According to court documents and statements made in court, Awett Tedla of Indianapolis was the owner and operator of Speedy Tax Services, L.L.C., a tax preparation business in Washington, D.C., and District Heights, Maryland.

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Professionals on the Move – April 2023

CPA Practice

Professionals on the Move is a round-up of recent promotions and hiring announcements in and around the accounting profession. EisnerAmper Names Naomi Barrett as Director of Global Diversity, Equity & Inclusion EisnerAmper recently named Naomi Barrett as its Director of Global Diversity, Equity & Inclusion (“DE&I”). Naomi will work closely with leadership and colleagues to enhance and execute the firm-wide DE&I strategy.

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The Technology Lab Podcast – Review of Zoho Data Prep – April 2023

CPA Practice

Technologists Randy Johnston and Brian Tankersley, CPA, CITP, CGMA review Zoho DataPrep , an augmented self-service data preparation tool that helps accounting professionals connect, explore, transform and enrich data for analytics, machine learning, data warehousing and more. Use the podcast player below to listen to the podcast.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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IRS Says it Has 5 Major Goals

CPA Practice

By Christopher Zara – Fast Company Fast Company Magazine (via TNS). If you’re one of the millions of U.S. taxpayers who have waited months or years to speak with an IRS agent, get an update on your filing status, or receive a refund, the tax man has some good news for you. The Internal Revenue Service (IRS) this week announced “an ambitious effort to transform the tax agency and dramatically improve service to taxpayers and the nation during the next decade,” according to a news release from the