Fri.Feb 16, 2024

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Harnessing the hype of GenAI

Accounting Today

The chair and CEO of Deloitte Tax discusses how the firm is executing cross-business strategies to accelerate innovation and responsible application of artificial intelligence across Deloitte's offerings, products and services.

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California’s Veterinarian Telehealth Bill Aims to Relieve Limited Access to Vet Care

VetCPA

California is addressing limited access to veterinary care by passing Assembly Bill 1399, which empowers licensed veterinarians in the state to establish a veterinarian-client/patient relationship through video technology. Governor Gavin Newsom signed the bill into law in October, and it will go into effect on January 1, 2024. At the moment, California restricts veterinarians from effectively using telehealth and can bar them from giving simple advice and direction to pet owners through telemed

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IRS commits to making Child Tax Credit changes quickly

Accounting Today

The Internal Revenue Service would be able to implement changes to the Child Tax Credit within weeks, IRS Commissioner Danny Werfel told Congress, and send out tax refunds promptly.

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Several Taxpayer Assistance Centers to Have Saturday Hours, IRS Says

CPA Practice

Not only has the IRS extended weekly office hours at nearly 250 taxpayer assistance centers throughout the country this filing season, but several of those sites will have special Saturday hours beginning next weekend. The special Saturday openings will take place from 9 a.m. to 4 p.m. on Feb. 24, March 16, April 13, and May 18. Offices in dozens of states, the District of Columbia, and Puerto Rico will be open during this special four-month event, with no appointments required.

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

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

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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Scott Reddersen Awarded 40 Under 40 Honor by Washington Business Journal

Withum

Withum is proud to share that Scott Reddersen was named to the Washington Business Journal 40 Under 40 List for 2024. Scott has over 15 years of experience and specializes in tax compliance and planning for high-net-worth individuals. He leads the Tax Service Line out of Withum’s DC metro area and will soon take over as Partner-in-Charge of the DC office effective July 1.

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5 ways technology can strengthen a corporate tax team

ThomsonReuters

Whether it’s regulatory requirements, such as DAC7, GMT, BEPS 2.0 Pillar, or the ongoing tax industry talent shortage, tax departments are under stress like never before. The proper utilization and deployment of technological solutions alongside valued tax professionals is how successful tax departments deliver valued analysis, insights, and guidance for their organizations.

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On the move: KPMG releases pair of reports

Accounting Today

Eide Bailly appoints next CFO; HHM CPAs promotes two to partner; and more news from across the profession.

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Unlocking New Construction Clients And Markets

Randal DeHart

For a business to thrive and grow, it needs a strategic plan and the ability to find new customers and continually tap into promising markets. However, this can be easier said than done in a highly competitive trade industry. With time, the quality of your work will speak for itself, which is the most valuable testimonial of all. While your good reputation preceding you is undoubtedly essential, there are a few other ways that you'll want to market your services to ensure that you have a steady

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IRS Help Calls Expected to Surge After President’s Day

CPA Practice

By Karin Price Mueller, nj.com (TNS) Tax returns are not due until April 15, but the IRS says the two weeks after President’s Day is historically the peak time when taxpayers call the agency for help. The IRS is encouraging taxpayers who need help to use its online tools before they call the agency for help. Taxpayers can avoid phone delays during the “anticipated peak demand for IRS phone lines” by first checking the agency’s step-by-step help guide before calling.

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QOTD: “The Robots Are Not Coming For Your Jobs, They’re Coming For Your Tasks”

Going Concern

That’s Dan Black, Global Talent Acquisition Leader at EY, in an interview with HR Grapevine. Q. We’ve seen high-profile cases of AI-related layoffs. How do you protect employees as you roll out AI? It’s the question we get all the time from our people. First and foremost, I say this: The robots are not coming for your jobs, they’re coming for your tasks.

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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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Restaurant Sales Forecast to Hit $1.1 Trillion in 2024

CPA Practice

Restaurants sales are forecast to exceed $1.1 trillion in sales this year, marking a new milestone for the industry that will employ over 15.7 million people in the United States by the end of 2024. This is all according to the National Restaurant Association 2024 State of the Restaurant Industry Report. Key findings from this year’s report include: Positive sales expected : Restaurant operators are cautiously optimistic about the year ahead, with nearly 8 in 10 predicting their sales will incre

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KPMG study reveals surprising plan for ESG spending by companies

Accounting Today

Despite the recent pushback in the U.S., many companies — roughly 90% in a survey by KPMG — plan to dedicate more resources to ESG over the next three years.

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A Tale of Two Reactions

Going Concern

So this happened on Twitter : The article is not ours (hence the compliment for good reporting and citations) but rather published on ProMarket: Young People Are Shunning the Accounting Profession. The 150-Hour Rule Is Responsible. In the piece, industry OG Ray Ball wrote: Why would accountants voluntarily increase the cost of producing their largest input (CPAs) when the additional cost could not be passed on to clients?

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Outsourced Accountant or Bookkeeper "Near Me"?

Basis 365

Forget "Near Me": Why the Best Outsourced Accountants Can Be Anywhere In the age of Zoom meetings and instant messaging, the phrase "outsourced accountants near me" has become irrelevant. The truth is, location is a limiting factor when choosing an accounting or bookkeeping partner. Today's modern, cloud-based accounting department services have revolutionized the way businesses operate, enabling seamless collaboration and secure data access regardless of physical distance.

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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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5 Common Revenue Metric Pitfalls in Startup Pitches

Withum

When pitching to potential investors, capturing the most appropriate revenue metrics is crucial when demonstrating your company’s potential. However, not all revenue metrics are created equal. Some metrics could be misleading, inaccurate, or irrelevant to your business model and may hurt your credibility and chances of success. To show how much value you are creating and capturing in the market, it’s important to use the right metrics and methods to present a more convincing and re

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Michigan Gets IRS Tax Extension to June 17 Due to Storms

CPA Practice

Due to severe storms in August 2023, individuals and business taxpayers in some Michigan counties have until June 17, 2024, to file various federal individual and business tax returns and make tax payments, the the Internal Revenue Service has announced. The IRS is offering relief to any area designated by the Federal Emergency Management Agency. Currently, this includes Eaton, Ingham, Ionia, Kent, Livingston, Macomb, Monroe, Oakland and Wayne counties.

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On-Demand Webinar: Considerations for M&A in the Healthcare Industry

Withum

Benefits, Challenges and Pitfalls of Healthcare M&A Mergers and affiliations in the healthcare industry have significantly increased, these transactions include all aspects of healthcare including hospitals and healthcare systems, physicians, ancillary healthcare entities and private equity firms. Transaction considerations include financial, revenue cycle, tax, post-merger operational and system integration, technology and structuring aspects of the deal.

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IRS-CI Chief Jim Lee Will Call It a Career in April

CPA Practice

Happy trails to IRS Criminal Investigation unit chief Jim Lee who is retiring on April 6. His successor has not yet been named, the IRS said earlier this week. Lee has led IRS-CI since October 2020. During that three-year period, he has overseen a staff of more than 3,200 CI employees, including 2,200 special agents, who have investigated thousands of financial crimes involving tax violations, money laundering, public corruption, cybercrime, identity theft, narcotics trafficking, human trafficki

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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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Maximizing Efficiency: How the Right Cannabis ERP Can Drive Your Company’s Growth 

Withum

The cannabis industry landscape is ever-evolving. Businesses in cannabis face unique challenges demanding streamlined compliance, efficiency and growth solutions. However, due to a variety of reasons, many organizations we work with have ended up in a web of separate/siloed cannabis technology solutions requiring extensive manual effort to share information between them.

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InsightSoftware Sees 5 Year Growth Rate of 425 Percent

CPA Practice

Financial and operations software system provider insightsoftware has realized a 5-year growth rate of 425 percent. In the last twelve months, it brought several new critical solutions to market to eliminate manual tasks, address skilled labor shortages, and boost productivity for organizations. Finance professionals are spread thin as they strive to do more with fewer resources.

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California Law Mandates Carbon Accounting: How Will This Affect Private Equity and Portfolio Companies?

Cherry Bekaert

Key Takeaway: Private equity funds can save significant time and resources by organizing a “fund-wide” strategy upfront to handle their carbon compliance requirements, as opposed to portfolio companies creating independent, unaligned solutions. Cherry Bekaert can advise on private equity best practices to help guide you. In October, two California laws mandating carbon disclosure were signed by Governor Gavin Newsom.

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When Accounting Goes Mainstream: Our Favorite Accountants from Pop Culture

Canopy Accounting

As the saying goes, “Art imitates life,” and that’s certainly the case for actors playing accountants in television series and movies over the years. Whether they’re making calculations for a paper company or crunching numbers between battling ghosts, these pop-culture characters add a little color and fun to the world of accounting.

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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.

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Tech news: IRS Solutions launches tool to detect changes to client transcripts

Accounting Today

Plus, LeaseCrunch offers webinar on ASC 842 basics; and other accounting technology news.

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Embracing Tomorrow: The Blueprint of a Future-focused Accounting Firm

Canopy Accounting

Ready to future-proof your accounting firm? Learn how to build a rock-solid practice that's as proactive as it is profitable by focusing on these 6 key areas of your firm's operations.

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Revolutionize ERP with Artificial Intelligence

Cherry Bekaert

In an increasingly challenging business environment, middle-market organizations must continue to strategize for longevity and growth. The economy, consumer sentiment, and rapid changes in technology remain top challenges for these organizations. As the new year unfolds, middle-market organizations are still facing hardship with inflation, high interest rates and talent retention.

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Family Budget Calculator Shows Cost of Living in All U.S. Counties

CPA Practice

The Economic Policy Institute has updated its signature Family Budget Calculator with 2023 data on the cost of living in all counties and metro areas across the country. The calculator estimates community-specific costs—including housing, food, transportation, child care, health care, taxes, and other basic necessities—for 10 family types (one or two adults with zero to four children).

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

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Friday Footnotes: Work-Life Balance, Does It Work?; Big 4 Firms Slash Job Postings; She Doesn’t Even Go Here! | 2.16.24

Going Concern

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

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GOP’s SALT Bill Goes Down in the House, Likely Sealing Its Fate

CPA Practice

By Caitlin Reilly, CQ-Roll Call (TNS) The House rejected a rule that would provide for floor consideration of a bill to double the cap on state and local tax deductions for married couples earning up to $500,000, striking a blow to legislation championed by blue-state Republicans. The House voted 195-225 Wednesday on the rule, falling well short of the majority needed to proceed to a floor vote on the bill and an unrelated resolution criticizing President Joe Biden’s energy policies.