Going Concern

OCTOBER 19, 2023

“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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Accounting Today

OCTOBER 17, 2023

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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CPA Practice

OCTOBER 24, 2023

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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Insightful Accountant

OCTOBER 29, 2023

Breadnbeyond's Andre Oentoro's breaks down the internal communication tools that can help you and your accounting team stay on top of things without burning yourself out.

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Companies are increasingly choosing to automate their month-end close process, hoping to get rid of manual activities, save time, and get control of the close. By allowing technology to take the wheel, finance leaders can streamline and optimize the close, leading to greater accuracy, reduced risk, and improved efficiency. This being said, it can still be difficult to find the best month-end close solution for your team.

Finance

Accounting Today

OCTOBER 17, 2023

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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CPA Practice

OCTOBER 27, 2023

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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Going Concern

OCTOBER 20, 2023

Ed. note: A reader sent in this thought-provoking essay on their experience as a CPA. In it the author covers their introduction to accounting, the impact the pandemic had on their goals, and the all too familiar feeling of watching your peers make buckets of money in other careers while you grind away in public. If you take nothing else from it, read this quote: “I hope that individuals can work to widen the pipeline to the point that anyone who has ever even THOUGHT about pursuing the CP

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Insightful Accountant

OCTOBER 26, 2023

Everything comes down to marketing. Balanced Awakenings' Dr. Hannah Yang provides some insights practice owners can use to help leverage their market strategies and build momentum.

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CPA Practice

OCTOBER 3, 2023

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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RogerRossmeisl

OCTOBER 29, 2023

If your employer provides life insurance, you probably find it to be a desirable fringe benefit. However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications. You’re taxed on income you didn’t receive The first $50,000 of group term life insurance coverage that your employer provides is excluded from taxable income and doesn’t add anything to your income tax bill.

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"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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Withum

OCTOBER 19, 2023

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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Accounting Today

OCTOBER 20, 2023

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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Going Concern

OCTOBER 25, 2023

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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Insightful Accountant

OCTOBER 22, 2023

As part of security enhancements being implemented between mid-October and the end of November 2023, Chase Bank will require all QBO and QuickBooks Desktop users to reconnect their bank connections.

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Advertiser: Paycor

These calendars provide pay period dates and paydays for biweekly, semi-monthly, and monthly payroll in 2024. Use them as a reminder or share with employees so they can celebrate payday.

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CPA Practice

OCTOBER 30, 2023

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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RogerRossmeisl

OCTOBER 30, 2023

The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. Here are the numbers that small business owners need to know. §179 deductions For qualifying assets placed in service in tax years beginning in 2023, the maximum §179 deduction is $1.16 million.

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Withum

OCTOBER 3, 2023

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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Accounting Today

OCTOBER 19, 2023

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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Speaker: Robbie Bhathal, Founder & CEO, and Matthew Acalin, Head of Credit Intelligence

In today's volatile financial environment, how confident are you in your company’s financial forecasting? To get the most accurate cash predictions that will lead to long-term financial survival, real-time data is critical. Innovative cash management strategies can lead to better credit opportunities, more sustainable growth, and long-term financial prosperity.

Finance

Going Concern

OCTOBER 4, 2023

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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Anders CPA

OCTOBER 24, 2023

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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CPA Practice

OCTOBER 25, 2023

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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RogerRossmeisl

OCTOBER 29, 2023

Intangible assets — such as patents, copyrights, trademarks and customer lists — can have substantial value. But, unless they’re purchased from a third-party, you might not know what they’re currently worth. For example, if a business cultivates a well-known brand over several years using internal resources, it won’t appear on its balance sheet. Owners of intangibles need to know the value of these assets in various situations.

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Speaker: Erika R. Bales, Esq.

When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.

Legal

Withum

OCTOBER 13, 2023

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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Accounting Today

OCTOBER 16, 2023

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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Going Concern

OCTOBER 2, 2023

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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Cherry Bekaert

OCTOBER 10, 2023

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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The status quo for AP in small and mid-market companies is broken. It consists of messy tech stacks of siloed solutions that give rise to manual work, a lack of control, wasted spend, and unnecessary risks. The benefits of shifting to spend management are tangible, measurable, and are felt across the whole organization. Spend management is a different way of thinking and an innovation whose time has come.

Spend Management

CPA Practice

OCTOBER 9, 2023

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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RogerRossmeisl

OCTOBER 29, 2023

Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax implications. If your corporation defaults on the loan and you’re required to pay principal or interest under the guarantee agreement, you don’t want to be caught unaware.

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Withum

OCTOBER 26, 2023

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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Accounting Today

OCTOBER 10, 2023

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

How do you know if your accounting team is ready to automate the month-end close? Join us in this informative webinar, where we share the top 8 signs that indicate that a team has outgrown all existing tools and may be ready to embark upon month-end close automation. We will examine the process clues that help determine whether your team would be a good candidate for automation.

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