October, 2023

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Accountants on Why They’re Leaving: ‘The Hours Are Long and Unreasonable, Compensation Is Low’

Going Concern

“The number-one trend is that the candidate is in complete control…because the unemployment rate is lower in accounting and finance than it’s ever been.” That’s a quote from a Robert Half recruiter in the Talent Retention in the U.S. Accounting and Finance Profession study released a few days ago, a collab between IMA and Robert Half (and about two dozen research partners, mostly state societies).

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IRS to offer free direct file online tax system in 13 states

Accounting Today

The Internal Revenue Service plans to run a limited pilot test of its free online tax system in 13 states next tax season, but it will only support certain tax credits.

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IRS Opens PTIN Renewal Season for 2024

CPA Practice

On your mark, get set, go! The 2024 preparer tax identification number (PTIN) renewal period for the nation’s nearly 800,000 active federal tax return preparers is now underway. All current PTINs expire on Dec. 31, 2023. Anyone paid to prepare or help prepare any federal return or claim for refund must have a valid PTIN from the IRS, which they must use as the identifying number on any returns prepared.

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Younger accountants more likely to leave employers

Accounting Today

Young accounting and finance professionals have been seeing the highest turnover over the past two years and are most likely to leave their current jobs over the next year, according to a new report.

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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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Carbon Accountants: What They Do and Why They Matter

CPA Practice

By Allison Arieff, MIT Technology Review (TNS) His official title is vice president of regulated reporting solutions. But really, Billy Scherba, CPA, is a carbon accountant. At Persefoni, a platform for climate management, Scherba works with companies to measure, manage, and disclose their contributions to climate change. Billy Scherba Carbon accountants help companies understand what data matters to their carbon footprint, how to collect that data in a consistent manner, and how to use it to ca

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Emerging risks for accountants

Accounting Today

Stephen Vono and John Raspante of McGowan Pro look at the new areas that are sparking claims against firms — and the tools they can use to protect themselves.

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More Trending

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Public Accounting Starting Salaries Expected to Increase Nearly 4% in 2024

CPA Practice

Starting salaries for roles in tax services are projected to increase an average of 3.6% in 2024, while audit and assurance services will see starting salaries likely go up an average of 3.8% next year, according to a CPA Practice Advisor analysis of public accounting pay data provided by specialized staffing firm Robert Half. Robert Half’s salary guide for 2024 was released on Monday, featuring starting salary projections for a plethora of roles in accounting and finance.

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New ERC Withdrawal Option

Withum

The IRS announced a processing moratorium on employee retention credit (ERC) claims on September 14, 2023. As part of that press release, the IRS announced that it was planning to issue two different settlement initiatives in the coming weeks/months. The first is a settlement program for taxpayers whose ERC claims have already been processed and paid, and the taxpayers deposited the check(s).

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Head of Product at HRMS Company Says A.I. Is the Copilot and Not the Replacement in the Payroll Industry

ThomsonReuters

In a recent discussion on the role of artificial intelligence (A.I.) in the payroll industry, the head of product at a human resources management systems (HRMS) company said that the next-generation technology will function as more of a copilot for employers, practitioners, and professionals, rather than as a replacement of human talent. Until technology began to catch up, payroll was primarily a manual process through the first half of the 20 th century.

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IRS Proposes Changes to Form 6765 and Requests Feedback

Cherry Bekaert

On September 15, 2023, the Internal Revenue Service (IRS) released proposed changes to Form 6765, Credit for Increasing Research Activities, and requested feedback, which is due by October 31, 2023. The proposed updates to Form 6765 require information like that which is required when submitting amended returns. See the Chief Counsel Memorandum issued September 17, 2021.

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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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IRS offers process for withdrawing bogus ERC claims

Accounting Today

The Internal Revenue Service is giving employers a way to rescind inaccurate claims for the Employee Retention Credit if they've fallen victim to a scam at the hands of so-called "ERC mills.

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No One Will Be Surprised to Hear CPA Exam Candidate Numbers Are Down in Every Way the Numbers Can Be

Going Concern

As you may already know the 2023 AICPA Trends report is out , here’s our earlier write-up on how many accounting degrees were completed for the 2021-22 period covered in the new report (saving you a click: it’s 65,035). Today we’re going to look at CPA exam candidate numbers. In a vacuum the 2022 numbers aren’t terrible — 30,251 new CPA candidates, 67,336 unique CPA candidates, and 18,847 CPA candidates who passed their 4th section that year.

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IRS OKs E-Signatures to Be Used on a Slew of Forms Indefinitely

CPA Practice

The IRS said on Monday that it will allow electronic signatures to be used on certain tax forms “indefinitely until more robust technical solutions are deployed.” In addition, the agency extended until Oct. 31, 2025, the ability to use encrypted email when working directly with IRS employees to clear up tax-related issues or concerns. During the COVID-19 pandemic the IRS provided temporary relief allowing taxpayers to use digital or e-signatures on specified paper forms and filings that would or

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ERC Moratorium – What Does That Mean?

Withum

The IRS announced on September 14, 2023 a processing moratorium on new employee retention credit (ERC) claims. This means that it will not process any newly filed ERC claims until it works through its backlog of more than 600,000 claims, which it estimates will not occur until next year. The moratorium does not mean that the IRS is shutting down the ERC program because the IRS does not have the power to do that; only Congress and the President can do that.

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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St. Louis Inno Partnership: As Series A Funding Dries Up, Startups Must Shift Focus from Growth to Profit

Anders CPA

Startups saw a surge in seed round funding in the aftermath of the COVID-19 pandemic throughout 2021 and 2022, but accessing Series A funding rounds has proven more difficult than ever. Investor priorities have shifted and placed a new focus on profitability rather than growth. Tax partner and leader of the firm’s startup practice Dave Finklang, CPA/CGMA, MBA , examined the phenomenon in his recent article for the St.

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Cloud-Based Accounting: Sage Intacct’s Modern Solution for Businesses

Cherry Bekaert

Accounting , fondly known as the ‘language of business,’ tells the story of how a business is performing. It is one of the oldest-known professions dating as far back as 3500 BC, when the ancient Sumerians charged royal scribes with performing record-keeping duties. (1) Fast-forward to present day and the fundamental concepts performed by modern bookkeepers and accountants remain, but functionality and performance look vastly different in the age of all things digital.

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EAs call on IRS to restart balance due notices

Accounting Today

The National Association of Enrolled Agents is asking the Internal Revenue Service to resume sending reminder notices immediately to non-filers and those with balances due of more than $10,000.

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2024 Public Accounting Starting Salary Numbers Are In

Going Concern

Staffing authority Robert Half has released its much-anticipated 2024 Salary Guide and just like years past, the guide is packed with intel not only on finance and accounting but the greater job market that we really don’t care about. We’ll be deconstructing various aspects of the guide over the next few weeks, for now we’re taking a look at basic public accounting salaries and service lines.

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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 Has Collected $160 Million in Back Taxes From Millionaires This Year

CPA Practice

As part of its crackdown on high-income, high-wealth individuals who have not paid what they owe, the IRS said on Oct. 20 that it has recovered $160 million in back taxes so far this year. The IRS said it has collected $122 million from 100 wealthy taxpayers, in addition to the $38 million the agency collected from more than 175 other high-income earners earlier this year.

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Mastering Partnership Capital Accounts: Navigating Tax Complexities and Equity Valuations

Withum

Capital accounts track the net equity owned by each partner in a partnership and typically include such information as initial and subsequent capital contributions, each partner’s distributive share of the profits and losses, and all distributions. Capital Accounts Beginning in tax year 2020, the IRS required partnerships to report their capital accounts on Schedule K-1, Item L, partners’ capital account analysis using the tax basis.

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Lesley Sanchez Named a 2023 MOCPA Woman to Watch

Anders CPA

Anders is proud to announce that Lesley Sanchez, CPA , Audit and Assurance partner, has been named a 2023 MOCPA Woman to Watch. The Missouri Society of Certified Public Accountants (MOCPA) and the American Institute of Certified Public Accountants (AICPA) have partnered to recognize and honor outstanding women in the accounting profession through the Women to Watch Awards since 2006.

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SOX “Lite” Compliance Services: Benefits for Small Companies

Cherry Bekaert

In the latest episode of our Risk & Accounting Advisory podcast, Neal Beggan , Risk Advisory Leader, and key leaders from Cherry Bekaert’s Risk Advisory SOX practice, Gareth Montague-Smith and Peyton Black , discuss the concept of SOX “Lite,” a controls diagnostic service for smaller or private companies that can help prepare companies to go public, help remediate material weaknesses or significant deficiencies, provide efficiencies for companies facing difficult audits and more.

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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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IRS introduces business tax accounts as it targets big corporations for audits

Accounting Today

The Internal Revenue Service is making improvements to its online tax professional accounts and hiring more accountants as it ramps up enforcement.

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Obvious Figure of the Day: 95% of Hiring Managers Are Having Trouble Finding Finance and Accounting Talent

Going Concern

Fun number of the day: 95%. That’s the percentage of hiring managers in finance and accounting having trouble finding skilled talent according to recent Robert Half research. The figures come from a survey of hiring managers and employees from small (20-249 employees), midsize (250-499 employees) and large (500-plus employees) private, publicly listed and public sector organizations.

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Two Supreme Court Cases Could Change the Tax Landscape

CPA Practice

By Joy Taylor, Kiplinger Consumer News Service (TNS) The Supreme Court’s new term started October 2. There are some interesting cases on its docket. Two could majorly change the tax landscape. First, is taxing unrealized income valid? This has come up in a case in which a couple who are minority owners of an Indian corporation were charged the repatriation tax.

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Property Valuation and Appraisal Considerations for Insurance Renewals

Withum

Once upon a time, property insurance renewals were an annual formality. They often consisted of a brief conversation, a review of a property listing, and a moderate 2%-4% increase in valuation to account for inflation. These valuations and renewals have instead become increasingly consequential today. A property insurance appraisal of building and equipment assets performed by an experienced, independent third party can be key in this preparation.

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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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Are you ready? The Corporate Transparency Act becomes effective Jan 1, 2024

ThomsonReuters

Jump to: Who does the Corporate Transparency Act affect? Who needs to file Beneficial owners Company applicants When do reports need to be filed for the Corporate Transparency Act? The Corporate Transparency Act’s impact on tax and accounting professionals Implementation and compliance challenges Embracing the Corporate Transparency Act The Corporate Transparency Act (CTA), enacted in 2021, was passed to enhance transparency in entity structures and ownership to combat money launde

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The Rundown: Third Quarter 2023

Cherry Bekaert

After a period of relative inactivity, standard setters have issued four new standards. The Financial Accounting Standards Board (FASB) has issued Accounting Standard Update (ASU) 2023-03 through ASU 2023-06. However, three of the four ASUs pertain to SEC guidance contained in the Codification and there were no new standards issued by the Government Accounting Standards Board (GASB) this quarter.

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Auditors more worried about cybersecurity than AI risks

Accounting Today

A majority of chief audit executives and information technology audit leaders consider cybersecurity to be a top risk over the next year, but they're less concerned about artificial intelligence.

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Wisconsin Is Putting Its CPAs to Work For ‘CPA Appreciation Month’

Going Concern

The Wisconsin Institute of Certified Public Accountants (WICPA) has announced — and in typical Midwestern fashion was pleased to do so — that Governor Tony Evers and the state of Wisconsin have designated November 2023 as CPA Appreciation Month. Free pizza for everyone on the governor? Not quite. In November, dozens of Wisconsin CPAs are heading to high schools throughout the state to preach the joys of a career in accounting (that’s not as sarcastic as it sounds) and inform st

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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.