September, 2023

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Preparing for Tomorrow: Trends Accountants Need to Embrace Today

CPA Practice

Joseph Graziano, CFP®. Accountants are part of an evolving industry where 82% of accountants agree that client expectations have widened. If you’re behind the trends, you risk becoming “obsolete.” Clients may still need your services, but they want an accountant to go the extra mile for them. Preparing for tomorrow can help you situate your firm to be: Streamlined Profitable today and in the future Sellable in the future (if that’s something you ever consider) You can begin prepping for the futu

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IRS Stops Processing New ERC Claims

Withum

The IRS continues to pound the table with its most recent press release on employee retention credit (ERC) claims. On September 14, 2023, the IRS announced a moratorium on processing new ERC claims until at least 2024. It wants to “protect against fraud but also to protect the businesses from facing penalties or interest payments stemming from bad claims pushed by promoters.

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Now the Profession Is Losing Experienced Accountants Too

Going Concern

Here we are again talking about the accountant shortage. Don’t blame me, blame WSJ. Mark Maurer at Wall Street Journal wrote today about a young man named Omer Khokhar who realized after six years in accounting that he was done. The article title: “Job Security Isn’t Enough to Keep Many Accountants From Quitting.” Ruh-oh. The New York resident found accounting work monotonous, with little room for creativity or growth, and maximum salaries weren’t as high as he would have liked

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Inflation is Impacting Cash Flow of Almost Half of Small Businesses

CPA Practice

A new report from Xero , the global small business platform, shows that 48% of U.S. small business owners have experienced an extreme or high impact from inflation on their cash flow over the past six months, and 44% expect inflation to continue to have a similar impact throughout the next six months. Xero’s report, titled “ Money Matters: The impact of economic conditions on the cash flow of US small businesses “, interviewed more than 500 small business owners across the United States on the

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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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Understanding Your K-1

Withum

It’s that time of year when extended pass-through business returns are being finalized, and owners are beginning to receive their K-1s. If you are one of those owners, have you ever looked at your K-1? Do you know what information is being provided to you? To move forward on explaining your K-1, we first must take a step back. Businesses that are structured as LLCs (that haven’t elected C status), partnerships or S corporations are all considered pass-through entities.

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PwC to take big steps on audit quality, independence, accountability

Accounting Today

The Big Four firm plans to stop offering some types of services to SEC-registered audit clients, and to cut the compensation of top leaders if the firm's audits fall short on quality.

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Mitigating Financial Risks: The Role of Virtual CFO Services in Safeguarding Your Business

IgniteSpot

In a world brimming with uncertainty, businesses are more vulnerable than ever to unforeseen financial risks. These risks can spell disaster if not effectively managed, leading to revenue losses, reputational damage, or even bankruptcy. But with the advent of virtual CFO services, businesses now have a formidable ally in their corner. These services act as a safety net, offering expertise and strategies to safeguard businesses from the volatile tides of financial risks.

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Listen Up, Young Accountants: Career Advice For Sticking Out Those Early Years

Going Concern

Ed. note: enjoy some wisdom from a profession OG in this guest post from Blake Oliver. TLDR: Patience, intellectual curiosity, soft skills, and time management will take you far. Most importantly, advocate for yourself. Different generations in the workforce often struggle to understand each other. But experts say one thing that young professionals can do, including young accountants, is to be more patient.

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Deloitte and Bitwave Partner for Digital Asset Accounting and Compliance

CPA Practice

Big 4 accounting firm Deloitte and Bitwave, an enterprise accounting platform for digital assets, have announced a strategic alliance that brings together Bitwave’s software platform with Deloitte’s accounting, tax and governance, risk and controls advisory services, to help deliver speed and process efficiencies, cost savings and compliance enhancements to businesses that utilize digital assets.

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From Associate to Partner: How Do Lawyers’ Taxes Change?

Withum

Tax Planning Checklist for New Law Firm Partners Understanding the intricacies of tax planning is essential for optimizing your financial position and ensuring compliance with relevant regulations. Utilize this Tax Planning Checklist to help navigate the complex landscape and maximize your tax benefits. Download The post From Associate to Partner: How Do Lawyers’ Taxes Change?

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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 expands features in Tax Pro Accounts

Accounting Today

The Internal Revenue Service is allowing tax practitioners to see their client's tax information, including balance due amounts, as well as withdraw from their active authorizations online in real time.

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The Evolving Opportunity Zone Fund: Where Are We Now?

Cherry Bekaert

In the six years since its introduction, the Opportunity Zone (OZ) program continues to gain more attention and broader success. Despite recent macroeconomic volatility, this year has seen increased excitement and a wider range of achievements. The Tax Cuts and Jobs Act of 2017 (TCJA) gave way to the OZ program, which instantly became a hot topic across the real estate industry.

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IRS Pauses on Processing New Employee Retention Tax Credit (ERTC) Claims in Response to Fraud and Aggressive Promoters

Anders CPA

The IRS issued a moratorium on processing new Employee Retention Tax Credit (ERTC) claims on September 14, 2023. The moratorium, which took place effective immediately and will last through December 31 at least, comes as the IRS seeks a way to protect honest small business owners from scams. Key Takeaways: The program is not cancelled, but as of September 14, 2023 and lasting through at least December 31, 2023, the IRS will no longer accept new ERTC claims Claims that have already been filed but

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This Shady Chattanooga Accounting Firm Just Went Down in Flames and Still Owes Staff Months of Pay

Going Concern

Chattanooga Times Free Press has written quite the story about legacy accounting firm Croft & Frost abruptly laying everyone off earlier this week after months of issues making payroll. Thanks to the tipsters who sent this over because holy s**t. CTFP: Several emails obtained by the Chattanooga Times Free Press show a period stretching between late May to the present in which the company was continually failing to pay employees on time, even as its CEO Jonathan Frost and other leaders assure

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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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Five Key Principles for Increasing Your ROI with an Intentional Company Culture

CPA Practice

By Paul S. Hamann. As many of us in the accounting profession have learned over the years, and especially in the current environment of talent scarcity, structuring a high-performing team in your firm is no easy feat. Whether you have worked to build an engaging and effective culture or not, your practice has a culture. I know from my experience in building companies over the years, each part of the culture-building process needs to be intentional if you want your culture to positively contribut

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Cybersecurity Awareness at 20: Back to Basics with Cyber Hygiene Best Practices

Withum

Did you know that 2023 marks the 20th year of Cybersecurity Awareness Month? Since 2003, we have seen the dramatic evolution of cyberattacks. Despite all the technological advances, the same cyber threats are still at play today. These include ransomware , phishing and business email compromise. Hackers are still trying to steal data, disrupt businesses and even harm physical safety.

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Nearly 1,000 millionaires haven't filed tax returns

Accounting Today

Close to a thousand taxpayers who earn over $1 million a year failed to file tax returns over multiple recent years, potentially owing $34 billion in taxes, according to IRS data.

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Employee Retention Credit (ERC) Updates September 2023

Cherry Bekaert

The Employee Retention Credit (ERC) was created to reward companies that continued paying employees when operations were negatively impacted by the COVID-19 pandemic. It is a proven program that helps companies recover from the negative impacts of the pandemic on their business, even when ERC refund claims are filed today. The Internal Revenue Service (IRS) released new guidance for how employers may or may not have been impacted by supply chain disruptions during the pandemic.

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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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Top 100 2024 Certification Clues: QuickBooks Point-of-Sale

Insightful Accountant

Murph clues you in on why the Top 100 2024 process will still award points for QuickBooks Desktop Point-of-sale ProAdvisor Certification even if Intuit drops the certification after it stops supporting QBPOS on Oct. 3, 2023.

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If You’re Looking For Career Options, Give Government Auditing a Look

Going Concern

Ed. note: This post brought to you by the Big Government Auditing lobby. Just kidding, it’s a guest post from Parker Skaats, CPA, an experienced government worker who’s here to pitch the joys of government work to the unwashed overworked masses. Okay, let’s be real for a second. When you hear “government auditing,” do you picture dull offices with fluorescent lighting, stacks of paper taller than you, and people who still think fax machines are the pinnacle of technology

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Pop Singer Shakira Charged with Tax Evasion for Second Time

CPA Practice

By Chelsea Hylton, Los Angeles Times (TNS) It seems like news about Shakira just doesn’t stop. This time the Grammy-winning artist is being charged by Spanish prosecutors for tax evasion. Prosecutors claim she failed to pay $7.1 million in taxes in 2018, according to the Associated Press. She is also being accused of using an offshore company to avoid paying taxes.

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The IRS Puts High-Income Non-Filers Notice

Withum

In a recently issued notice, #IR 2023-126, the IRS warns that the government is coming after high-income taxpayers who fail to file a tax return. The IRS discusses how the reduction in agency funding in the past impaired the Service’s ability to track down high-income non-filers and what the recent budget increases have permitted the IRS to accomplish in terms of collecting taxes and even securing criminal convictions.

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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 announces aggressive enforcement focus

Accounting Today

Following a top-to-bottom review of enforcement efforts, the agency is shifting more attention from working-class taxpayers to high-income earners, partnerships, large corporations and promoters of abusive tax shelters.

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IRS Catch-Up Contribution Changes 2023

Cherry Bekaert

Extended Catch-up Contributions SECURE Act 2.0 was signed into law in December 2022, bringing with it major changes that encourage employers to offer retirement plan benefits and incentivize employees to save for their future retirement. The rules for catch-up contributions for 401(k), 403(b) and 457(b) governmental plans were affected. Internal Revenue Service (IRS) has issued guidance that extends the new requirement that any catch-up contributions made by plan participants earning more than $

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What is a CAF Number and How To Get One: Step-By-Step Guide | Canopy

Canopy Accounting

If you are looking to start offering tax resolution services, there’s a few things you’ll need to take care of first. One of those things is getting a CAF Number. We’ll walk you through that process here.

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According to Deloitte, Partners Crowdsurfing in Mosh Pits is Not a Party

Going Concern

Deloitte Australia’s 1,000 or so partners gathered in Adelaide at the end of August and according to Sydney Morning Herald reporting ahead of the totally-business-and-not-pleasure gathering, it was absolutely in no way whatsoever a party. Per Deloitte themselves. Consulting giant Deloitte is holding a big partner bash from Thursday, flying in more than 1000 partners and nearly booking out a couple of five-star hotels in town.

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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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How Accounting Firms Are Winning the Automation Game

CPA Practice

For accounting firms, automation gathers scattered information and turns it into valuable insights. It increases productivity and empowers firms to better advise their clients by putting the right data into the right hands at the right time. So, it should come as no surprise that firms using technology and software to streamline certain practices and processes are reaping the growth and financial benefits of automation.

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Ed Mendlowitz Establishes the Mendlowitz Family Scholarship at Alma Mater Baruch

Withum

Ed Mendlowitz , Emeritus Partner at Withum, is a local and industry legend, having lent his voice and his talents to the accounting world for over 60 years. He is a thought leader, mentor, teacher, professor, writer and philanthropist. Furthering his worldwide impact on the industry, Ed has now established the Mendlowitz Family Scholarship at Baruch College.

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Promoting an employee may lead them to leave

Accounting Today

The ADP Research Institute released a report on how worker promotions can affect businesses and employee retention and debuted a new index for tracking employee motivation and commitment.

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New Markets Tax Credit Case Study for Welcome House

Cherry Bekaert

Welcome House Sponsor For more than 50 years, Welcome House has been committed to providing a high-quality, moral and open residential program to men struggling with alcoholism and addiction. Welcome House has held more than 50,000 12-step meetings and helped over 18,000 men become productive members of society again. This program has become a vital recovery resource and a community safety net for the Kansas City area.

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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.