June, 2023

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How is artificial intelligence (AI) affecting accounting?

Reckon

Artificial intelligence, hereafter simply referred to as AI, has evolved momentously over the last decade. But just in the last 6 months, these leaps have been gargantuan. As the discipline relies on data processing, it’s not surprising accounting professionals have been particularly vocal about the advancement of AI (and machine learning) for many years.

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Tax, Accounting and Legal Pros are Cautiously Optimistic about Generative AI

CPA Practice

Artificial intelligence has been the focus of significant discussion within many professions, among them accounting, tax and legal. How are these professionals facing this new technology with regards to risk and benefit? What are the perils? Thomson Reuters, a global content and technology company, has released new research on generative AI that gauged the sentiment of professionals in legal, tax, and accounting firms in the United States, United Kingdom, and Canada.

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Boosting eCommerce Success: Solving Accounting Challenges with Outsourced Accounting and Basis 365

Basis 365

Running an eCommerce business comes with challenges, and accounting is a critical aspect that often poses difficulties. Accurate financial records, managing cash flow, ensuring compliance with financial reporting standards, and conducting financial analysis are all essential to running a successful eCommerce venture. However, these tasks can be complex and time-consuming, leading to potential errors and setbacks.

Account 98
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The Surviving “Busy Season Accounting” Guide

Ryan Lazanis

Busy season accounting can in many ways seem unavoidable, but it can be manageable with the right approach. In this post, I’ll lay out 10 simple tips your firm can implement to keep yourself sane and to avoid you from working long hours during the busiest time of the year. Table of Contents Why Does Busy Season Accounting Happen? 10 Tips to Master the Busy Season 1.

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Live Demo: How to Achieve Reconciliation Zen

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

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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Business Valuation Pros Can Wear Two Hats

RogerRossmeisl

In adversarial situations — such as divorces, contract breaches and shareholder disputes — you might need to hire an outside business valuator to evaluate complex financial matters. To get the most from these professionals, it’s important to understand the two key roles they can play in conflict resolution. Keeping these roles separate helps prevent valuators from being seen as “hired guns” by judges, juries, arbitrators and mediators.

CPA 245
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TIGTA: IRS Gave Out More Than $10 Billion in Excess Child Tax Credits in 2021

CPA Practice

The IRS miscalculated 2021 child tax credit payments for thousands of eligible taxpayers as of May 5, 2022, according to a new report from the Treasury Inspector General for Tax Administration. The American Rescue Plan Act of 2021, which was approved by Congress and enacted on March 11, 2021, expanded the child tax credit and authorized monthly payments, with differing amounts, to eligible individuals and families based on their adjusted gross incomes and, if they have kids, their children’s age

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No Escape: How to Live with the New Lease Accounting Standards

CPA Practice

By Emily Fish, director of product accounting at LeaseQuery Within the lease accounting standards, there are exceptions to help entities determine which leases are in scope and which are not. First and foremost, the lease accounting standards apply to all entities—there isn’t an exception for an entity or industry as a whole. Instead, exceptions are applied on a lease-by-lease basis depending on certain policy elections: ASC 842, IFRS 16, and GASB 87 all have exceptions for short-term and immate

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Kill the Audit Industry, Says Ex-Auditor

Going Concern

In the WaPo opinion pages yesterday one Duncan Mavin, who got his start in the 90s, says the best way to solve the audit industry’s many conflicts is to kill it altogether. He starts the piece summoning the ghost of Enron, as all writers do when discussing what happens when audit goes wrong. Bringing things back to this decade, he then talks about what’s going on at PwC Australia even though auditors weren’t the ones using confidential government data to bill clients for tax av

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Small firm, big impact: Tennick Accountants win hotly contested Xero Award

Xero

You win, or you learn – that’s one of Tennick Accountants’ internal mottos, and one that encouraged the firm to put themselves in the running and enter the 2023 Xero Awards UK & Ireland. For Graeme Tennick and his team that belief paid off, with the firm taking home the Small Firm of the Year award, the most hotly contested category of the programme.

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4 Tax Challenges You May Encounter If You’re Retiring Soon

RogerRossmeisl

Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Taking required minimum distributions. These are the minimum amounts you must withdraw from your retirement accounts.

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New DOL Final Overtime Rules: Quickstart Guide for Employers

There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.

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Rewind 'Bulk Linking' Feature Now Available

Insightful Accountant

Rewind, the No. 1 rated commercially-available backup app for QuickBooks Online, has just introduced a new bulk linking feature, which makes it easier than ever for ProAdvisors to protect their clients' data.

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Are accounting firms keeping remote work positions?

ThomsonReuters

Many of today’s accounting professionals have a new perspective on when and how they want to work. Are firms heeding the call? The onset of the COVID-19 pandemic forced countless businesses, including accounting firms, to go remote essentially overnight due to mandated shutdowns and stay-at-home orders. Now with the public health emergency officially over , the shift to more remote work has become the new normal.

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AICPA and CPA Practice Advisor Announce the 2023 ‘Most Powerful Women in Accounting’

CPA Practice

The American Institute of Certified Public Accountants and CPA Practice Advisor have announced the recipients of the 12th annual ‘Most Powerful Women in Accounting’ awards, which recognize leaders for their significant contributions to the profession. The 2023 awards were presented at a ceremony at Dolby Live Stage at the Park MGM Casino during the AICPA ENGAGE conference in Las Vegas on June 6, 2023.

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Layoff Watch ’23: The KPMG Workforce is Shrinking By About 5% (UPDATED)

Going Concern

Stock photo of KPMG office in London. Look, the logo is the same ok. Rumors have been buzzing for a few weeks now that KPMG would be making some cuts, the most notable of these buzzes an extra buzzy post on Reddit suggesting an incoming RIF. This morning (Monday), all-hands calls started appearing in people’s calendars and, well, you know what happens after that.

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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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Federal Estate and Gift Tax Exemption Will Sunset After 2025: How to Prepare Now

Cherry Bekaert

Upcoming Changes to Estate Planning Laws: Start Preparing Now Elevated Gift Tax Exclusions Will Sunset after 2025 The 2017 Tax Cuts and Jobs Act (TCJA) nearly doubled the lifetime estate and gift tax exemption from $5.6 million to $11.18 million for individuals, indexed for inflation after 2018. For 2023, the indexed exemption rose to $12.92 million ($25.84 million for married couples).

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Financial Statement Fraud: Don’t Believe Everything You Read

RogerRossmeisl

Financial statements are central to understanding any business. A public company’s balance sheet, income statement and cash flow statement enable investors, lenders, the media and other stakeholders to value the company, forecast short- and long-term performance, and determine potential credit risk, among other purposes. To ensure analysis of a company is accurate and insightful, financial statements must be reliable.

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Forwardly Instant Payments Debuts to Improve Cash Flow for SMBs

Insightful Accountant

See how the First Real-Time Payments only solution empowers US businesses to get paid up to three days faster, while saving money on processing fees and streamlining workflows with automatic payment reconciliation.

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Staying up to speed with artificial intelligence in accounting

ThomsonReuters

Artificial intelligence (AI) has proven that it is a far cry from just a buzzword. Over the years, AI in accounting has increasingly gained traction and, going forward, it will continue to transform the tax and accounting profession. Is your firm ready? Like many industries, the accounting profession is exploring how AI can improve efficiencies and help strained firms better serve clients.

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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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What is a ‘Boot’ in a 1031 Exchange?

CPA Practice

By Edward E. Fernandez, Kiplinger Consumer News Service (TNS) In the context of a 1031 exchange, “boot” refers to the portion of a transaction that doesn’t meet the tax-free criteria and thus becomes subject to immediate capital gains tax. Forms of boot might include cash proceeds, mortgage reduction and non-transaction costs. Although boot won’t disqualify a 1031 exchange, understanding its implications is crucial for optimizing tax benefits and preventing unnecessary liabilities.

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The Funniest Anti-WFH Propaganda You’ll See All Week

Going Concern

Perhaps you’ve already seen this in 24 hours since it was released but let’s talk about it anyway because L-O-f **g-L. UK office furniture company Furniture at Work has published a hilarious anti-WFH piece called “From Claw Hands to Hunchbacks: How Working From Home Could Affect Our Bodies.” The article warns that if you continue to work from home you will end up looking like an enemy from Silent Hill by the time you are 70.

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Changes are coming to the contact overview page

Xero

Changes are coming to the contact overview page We wanted to share the next step in improving the contacts experience in Xero, helping you better manage the relationships with your customers and suppliers, as well as your cash flow. We’re excited to share that we’ve updated the design of our contact overview page, and introduced search and filter functionality.

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The IRS Has Just Announced 2024 Amounts for Health Savings Accounts

RogerRossmeisl

The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered under a “high-deductible health plan.

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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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Withum Names Nineteen New Partners 

Withum

Withum is proud to announce its 2023 New Partner Class. I’m excited to introduce this year’s New Partner Class. To get to this level takes an incredible amount of grit, passion and determination. This group is comprised of dedicated individuals who have a deep understanding of what it takes to succeed and thrive in business and life. The accomplishments of each individual are evidence of a larger trend—that of professionals going above and beyond, never ceasing to learn, create and innovate to b

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Eight New Apps in the QuickBooks App Store

Insightful Accountant

Just because you are not at Scaling New Heights doesn't mean you can't have an 'exhibit hall' of your own. Check out these eight new apps in the QuickBooks App Store, I guarantee it won't be nearly as many steps to walk.

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IRS, Treasury Provide More Guidance for Advanced Energy Project Credit

CPA Practice

The IRS and the Treasury Department on Wednesday provided additional information about the application process and technical guidance for the qualifying advanced energy project credit program under section 48C of the Internal Revenue Code, which was re-established last year by the Inflation Reduction Act. The qualifying advanced energy project credit program renews and expands a tax credit created in 2009 through the American Recovery and Reinvestment Act.

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Rumor: BDO USA Is Switching From a Partnership to a Corporation on July 1

Going Concern

For those who have been paying attention and noticed us teasing a big story coming out of BDO for months now I’m sorry to say this is not it. I’d also like to say that while I totally understand the accusations of “clickbait” and “b t” (I see you, Fishbowl), that’s not why we can’t report on it yet. Just getting those ducks in a row, thank you for understanding.

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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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Over a third of accountants considering leaving the profession in next five years, citing work-life balance issues

Accounting Insight

Over a third (36%) of accountants are considering leaving the profession in the next five years, including 30% of under 25s, new data from cloud pre-accounting platform Dext has revealed. This is particularly concerning as the number of accountancy students has decreased in recent years. Dext surveyed 250 accountants and bookkeepers across the UK to determine accountant attitudes towards the profession and what they need to be happier in their roles.

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Sustaining audit innovation: How to set your firm apart

ThomsonReuters

In a rapidly changing and increasingly competitive business environment, it is essential for audit firms to stay ahead of the curve and remain competitive. To do this, auditors must leverage technology and data analytics to innovate and sustain their edge over the competition. In this article, we will explore how using data analytics and automation can help enhance the auditing process, achieve greater operational efficiency, and ultimately set your firm apart.

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Belgium Ends Sharing Information With the IRS on U.S. Persons Resident in Belgium

Withum

On May 24, 2023, Belgium’s Data Protection Authority made a decision that complying with the U.S. Foreign Account Tax Compliance Act (“FATCA”) to be a violation of the European Union’s General Data Protection Regulation (“GDPR”). The FATCA rules require foreign countries to share U.S. persons’ information with the Internal Revenue Service (“IRS”). Belgium will no long share the tax data required under FATCA with the Internal Revenue Service (“IRS”).

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CLA Summer Internship Underway

Insightful Accountant

CliftonLarsonAllen LLP has kicked off its high school summer internship program in 15 select cities across the country with 60 students chosen from more than 400 applicants.

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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.