Wed.Jan 15, 2025

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Preparing Your Client for a Tax Audit: A Tax Planner’s Secret Weapon is Good Documentation

CTP

When that IRS audit notice shows up in the mail, many taxpayers’ first reaction is to panic. For well-trained tax planners, however, this can be our moment to shineand to demonstrate to our clients the immense value that we bring to the table. Many taxpayers dont realize that a number of tax returns are chosen randomly for an audit, which means that anyone could win the audit lottery in any given year.

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Wolters Kluwer releases inaugural report, the Future Ready Accountant, highlighting key trends in the global tax & accounting industry

Accounting Insight

The comprehensive, global study offers in-depth insights into the global tax and accounting industry and the trends that are shaping the profession. Wolters Kluwer Tax and Accounting (TAA) is pleased to announce its inaugural global study, the Future Ready Accountant, is now available. This comprehensive study provides an in-depth analysis of the global tax and accounting industry landscape, with an exclusive focus on consequential topics shaping the profession, such as technology advancement, A

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Retention of Title Claims: What Are They, and Could They Be Helpful in an Insolvency Scenario?

Menzies

Menzies LLP - A leading chartered accountancy firm. Retention of Title (ROT) iswhere the seller of physical goods attempts to protect itself against non-payment by retaining ownership of those goods until payment is received, even after the goods have been delivered. There are two types of ROT clause: Simple clause The goods supplied under a specific invoice remain the property of the seller until all such goods on the invoice have been paid for.

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The Best Audit Defense? Good Documentation

CTP

Just the mention of the word audit can strike fear into a taxpayers heartbut with enough preparation, an audit does not have to be a reason for anxiety. Each year, a number of audits are randomly chosen by the IRS, so the possibility of being audited is unavoidable even if your tax return has been filled out perfectly. So how can taxpayers prepare for this eventuality?

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You upgrade everything else. Why not your close process?

You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes? It’s time for an upgrade. SkyStem's Guide to Month-End Close Software walks you through what today’s best tools can do (and what your team shouldn’t have to deal with anymore). Get smart, fast, and a whole lot less stressed when it’s time to close the books.

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Navigating R&D Tax Credits: Maximizing Benefits for Companies

Shay CPA

As the year comes to a close, you might be thinking about ways to minimize your 2024 tax bill. At any tech company, that means exploring how to maximize your R&D tax credit. Technically called the Credit for Increasing Research Activities , this tax savings opportunity can help companies get as much as $500,000 back. This is an area you dont want to miss out on.

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Budget Addresses Key Changes to Agricultural Property Relief

Menzies

Menzies LLP - A leading chartered accountancy firm. Budget Reforms Fuel Farming Controversy Following the new Labour Governments first budget, Business Property Relief (BPR) and Agricultural Property Relief (APR)reforms to Agricultural Property Relief (APR) and Business Property Relief (BPR) has sparked controversy within the Welsh farming community, fuelling further uncertainty for businesses already navigating uncertain economic conditions.

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Layoff Rumor: RSM US Cuts in Risk Management, Staff Think the Jobs Are Going to India

Going Concern

Can you imagine why people at RSM US would think jobs are going to India when they see their colleagues laid off ? It’s a mystery. Anyway, tip we received this PM: RSM US cut a bunch of teams within their risk management function. Impacted teams were conflicts, independence, and enterprise risk management. Chief Risk Officer gave a 5 minute call with no question or answer period.

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Strategic Business Planning to Level Up Your Mount Vernon Business

SkagitCountyTaxServices

What are your goals for your Skagit County business this year? Im going to assume filing your taxes on time is already on your list. For the financial well-being of your business, that needs to be one of your top priorities right now. And the IRS has just announced: Tax season starts on January 27th. Which makes right now the most crucial time to strategically optimize your tax return.

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KPMG Is Elbowing Its Way Into Practicing Law in the US

Going Concern

These are lawyers according to the stock image site we use. It’s pretty funny that you don’t get a similar result for accountants. On Tuesday, KPMG joined four other organizations you’ve never heard of — Veterans Legacy Counsel, Get Right Legal, LLC, Homefront Group, LLC, and Mayfair Legal, LLC — in front of the Arizona Supreme Court’s Committee on Alternative Business Structures to apply for initial licensure as a law factory that allows for non-lawyer owners

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BDO USA Announces Big Brothers Big Sisters of America as First Cause Partner

CPA Practice

BDOs commitment marks the firms first national strategic nonprofit collaboration and begins a three-year relationship with BBBSA to invest in future generations and enhance youth well-being.

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AI In Accounting: A Practical Roadmap For Smarter AP

Speaker: Gerald Ratigan

The accounts payable (AP) function is evolving and AI is leading the charge. As finance teams face rising invoice volumes and expectations for speed and accuracy, AI-powered automation has shifted from a futuristic concept to the most practical solution. But for finance leaders, success isn’t just about selecting the right tools, it’s about implementing the right strategy.

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Is it time to start your own firm?

Accounting Today

Whether you should hang out your shingle as an accountant depends on the answers to a number of questions.

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Deadline for Forms W-2, W-3 and 1099-NEC Due on Jan. 31, Says IRS

CPA Practice

Employees should also be provided with their copies by this date, so they can make preparations for filing taxes by April 15.

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SEC chief accountant to retire

Accounting Today

The Securities and Exchange Commission's chief accountant, Paul Munter, plans to retire from federal service this month.

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IRS Proposes Regs, Draft Form for Corporate Separations and Reorganizations

CPA Practice

The Treasury Department and the IRS on Monday released proposed regulations for corporate separations and reorganizations, as well asreporting requirementsfor multiyear corporate separations and a draft version of new Form 7216.

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Stop Budget Burnout: A Better Way to Grow Your Nonprofit in 2026

Speaker: Sean Yoder

Nonprofits are under more pressure than ever to demonstrate financial accountability while continuing to expand their impact. Traditional budgeting models often fall short, reinforcing silos, limiting flexibility, and stalling growth. Enter collaborative budgeting: a dynamic, team-driven process that enables smarter resource allocation and builds financial resilience at scale.

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IRS proposes regs for corporate splits, reorgs

Accounting Today

The IRS and the Treasury Department issued proposed regs and reporting requirements for multi-year corporate separations and a draft form.

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Treasury, IRS List Qualifying Technologies for Clean Electricity Tax Credits

CPA Practice

The Treasury Department and the IRS on Jan. 15 published the firstAnnual Tablethat provides greenhouse gas emissions rates for certain types or categories of facilities that are eligible for the Clean Electricity Production Tax Credit and the Clean Electricity Investment Tax Credit.

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Xero wins IDC 2024 SaaS CSAT Award for Finance

Xero

We’re thrilled to share some exciting news! Xero has just been awarded the IDC 2024 SaaS CSAT Award for Finance. Xero placed in the highest scoring group for vendors serving the financial application market. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets.

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L.A. Fires: Rental Housing Costs Spike and Claims of Price Gouging in Southern California

CPA Practice

In the Beverly Grove neighborhood of Los Angeles, the asking rent for a two-bedroom condo jumped from $5,000 to $8,000 in the wake ofthe fires.

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Why Tech-Forward Tax and Accounting Firms Have the Inside Track to the Future

Speaker: Joe Wroblewski, Sales Engineer Manager

Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te

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KLR merges in Sullivan Bille

Accounting Today

KLR, a Top 100 Firm based in Boston, has added Sullivan Bille P.C., based in Andover, Massachusetts.

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Atlas Salt spices up Project Management with Oracle Solutions

Insightful Accountant

North American mineral development company "Atlas Salt" has taken their project, information management and financial efficiency to the next level with Oracle Primavera Cloud, Aconex, and NetSuite.

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Tax automation tools top firms' wishlists

Accounting Today

A survey from Wolters Kluwer found that accounting firms are planning major tech investments in 2025.

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Input Needed: ProAdvisor 'Inventory/Manufacturing' App Survey

Insightful Accountant

Insightful Accountant needs your help updating ProAdvisor preferences for Inventory/Manufacturing Apps working with QuickBooks. Please answer this short survey.

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Live Demo - Supercharge your Month End Close

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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AI implementation at firms grows 34% in a year

Accounting Today

A recent survey from Wolters Kluwer found that implementation of AI search and productivity tools at firms went from 1% in 2023 to 35% in 2024.

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How to Intuit Enterprise Suite: Dimensionalization

Insightful Accountant

Murph takes you through the steps to 'Dimensionalize' your accounting using Intuit Enterprise Suite.

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QB on Amazon, and other tech stories you may have missed

Accounting Today

1-800Accountant and LegalZoom teamed up, accounts payable's AI-empowered glow-up, and other tech developments from the past month.

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Key Changes Coming to Circular 230: What Tax Preparers Need to Know

Insightful Accountant

The Treasury Department and IRS are proposing significant amendments to Circular 230, marking the most substantial changes since 2014. Here's what you need to know.

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Mid-Year Review: How to Ignite Employee Potential Through Meaningful Feedback

Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.

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5 Steps to Delegate More at Your Firm

Ryan Lazanis

Learn how to delegate the right way so you can hand off tasks you dont enjoy, free up your time, and focus on what matters most. The post 5 Steps to Delegate More at Your Firm appeared first on Future Firm.

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Workwize Raises $13 Million in Series A Funding to Disrupt IT Asset Management for Globally Distributed Teams

CPA Practice

Workwize, a platform for global IT hardware asset management, has closed $13 million in Series A funding led by Klass Capital, with continued support from early-stage investors Peak and Graduate Entrepreneur Fund.

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IESBA plans standards for firm culture, governance

Accounting Today

The International Ethics Standards Board for Accountants plans a standard-setting project on accounting firm culture and governance in response to a new report.

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insightsoftware Acquires JustPerform to Deliver Unified, No-Code, Cloud-Native Enterprise Performance Management

CPA Practice

The demand for EPM platforms is surging as organizations seek integrated, cloud-native solutions to address budgeting, forecasting, and consolidation challenges with real-time accuracy.

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Your Accounting Expertise Will Only Get You So Far: What Really Matters

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. If you’re aiming for the summit, the air gets thinner—and what got you here won’t be enough to get you to the top (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level.