July, 2023

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Why accounting firms should become business advisors

ThomsonReuters

As accounting firms look to differentiate themselves from the competition, one trend is leading the way: business advisory. From advising on mergers and acquisitions to specializing in accounting and advisory in your clients’ specific industry, there are many ways to take advantage of this unique opportunity. What are business advisory services? Business advisory services capitalize on the unique insight of accounting firms to make a profitable shift from serving clients as a once-a-year tax com

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What accounting advisory services should firms offer?

ThomsonReuters

If you’re a leader within an accounting firm, you’ve likely heard of advisory services and their lucrative impact. This trend is picking up pace as traditional accounting firms seek more strategic and meaningful work that goes beyond just tax returns. Offering your clients proactive advice through accounting advisory services is especially important as the regulatory and legislative landscape continues to become increasingly complex.

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Trending Sources

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Accounting firms pursue non-traditional applicants in bid to diversify

Accounting Today

CPA firms have been recruiting more people without accounting degrees and backgrounds as a way to fill their open jobs while expanding diversity in their workforce.

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IRS Warns of New Tax Refund Mail Scam

CPA Practice

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) There’s a new IRS scam to watch out for. Some people are receiving cardboard envelopes in the mail containing the IRS masthead and the wording: “in relation to your unclaimed refund.” Monday, the agency warned that the mailings are a scam to trick taxpayers into providing sensitive information to thieves.

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How to Easily Navigate Crypto Accounting in the Web3 Era

Speaker: Aaron Jacob, VP of Accounting Solutions & Reagan Cook, GTM Lead

Are you struggling to navigate the complexities and challenges that come with crypto accounting? 🤔 This new webinar will cover everything businesses need to know to get started with crypto accounting after incorporating crypto into their business models! Industry experts Aaron Jacob and Reagan Cook of TaxBit will thoroughly explore the prevalent operational hurdles encountered by accounting teams when interacting with crypto on the books, and detail how software solutions can effectively

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The Accountant Shortage is a Material Weakness Now

Going Concern

The Wall Street Journal wrote today about recent disclosures made by Advance Auto Parts, Joby Aviation, and Germany’s Evotec that specifically point to a lack of accounting staff as a contributor to or sole factor causing certain material weaknesses. It seems we are entering the “find out” phase of FAFO, the FA being shitty pay (and to a lesser extent, decades of ineffective recruiting strategies).

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Geni Whitehouse Named President of Information Technology Alliance

Insightful Accountant

Effective Aug. 1, 2023, the noted thought leader will take the reins of the North American independent membership association of leading mid-market technology professionals, consultants and product/service providers.

More Trending

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WEBINAR: Keep Your Head Above Water with Updated Flood Insurance Guidance for Financial Institutions 

Anders CPA

Wednesday, August 30 at 10:00am CT Has your financial institution updated its flood insurance procedures to reflect the revised and expanded interagency Q&As?  A year after the updated Q&As were released, we’re taking a deep dive into which revisions clarified gray areas and which have introduced new policy complications that must be properly understood in order to comply with the regulation.

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IRS warns of new scam involving unclaimed refunds

Accounting Today

The Internal Revenue Service is cautioning taxpayers to beware of a new scam in which fraudsters are sending out cardboard envelopes from a delivery service asking for personal info.

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Study: Women Are Underrepresented Among Paid Interns

CPA Practice

By Mia Gindis, Bloomberg News (TNS) A recent study of students attending four-year colleges and universities in 2022 found that two-thirds of the graduating male respondents received paid internships compared to less than half of women, despite women representing 70% of the 2,140 seniors surveyed. The research, conducted by the National Association of Colleges and Employers, is in line with other findings from previous years, suggesting that undergraduate work experiences might set the stage for

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Baker Tilly Canada Deludes Itself Into Thinking Fresh Office Space Will Be a Big Recruiting Advantage

Going Concern

*not the actual office. Apologies if this photo is triggering to anyone. Let’s throw a theoretical out here. Imagine you are a highly qualified Canadian CPA with exemplary communication and data analytics skills and you have received two identical offers from leading firms. Would a clean, streamlined aesthetic and open plan sightlines, accentuated by generous glazing and abundant natural and contemporary LED lighting compel you to choose the firm whose office checks all those boxes?

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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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More Top 100 Clues from Award Recipients

Insightful Accountant

In this second part of Murph's mini-series on "clues to Top 100 from 2023 Aware Recipients', he provides valuable insight into how maximized 'App engagement' is the key to scoring in many different award categories.

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Should You Transition to a Paperless Office (and What CRA Has to Say about It)

Ronika Khanna CPA,CA

Imagine having an office without clutter, free from sad looking boxes and filing cabinets filled to the brim, where you don’t have to rifle through unlabeled containers to find a receipt for a scanner that you bought three years ago. An office that would make Marie Kondo (queen of decluttering) proud by getting rid of (almost) anything that does not bring you joy and surrounding it instead with items that inspire (or at least improve productivity).

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Withum Expands to New Baltimore Location

Withum

BALTIMORE, MD. (August 1, 2023) – WithumSmith+Brown, PC (“Withum”), one of the top 25 public accounting and advisory firms in the country, announced today that the firm is expanding its national footprint through the acquisition of two practices based in Baltimore, MD. The first practice includes the specialized healthcare assurance and risk consulting practice of Baltimore-based TMDG, LLC.

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Senate panel looks into changing tax treatment of crypto

Accounting Today

Leaders of the Senate Finance Committee are sending an open letter seeking input from experts, stakeholders and interested parties about how to adjust the rules for digital assets.

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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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ADP Report Shows Employment Rose by 497,000 in June; Pay Up 6.4%

CPA Practice

Private sector employment increased by 497,000 jobs in June and annual pay was up 6.4 percent year-over-year, according to the June ADP National Employment Report produced by the ADP Research Institute in collaboration with the Stanford Digital Economy Lab. The jobs report and pay insights use ADP’s fine-grained anonymized and aggregated payroll data of over 25 million U.S. employees to provide a representative picture of the labor market.

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Regulatory Compliance Digest | July 2023

Cherry Bekaert

The July issue of the Regulatory Compliance Digest features a summary of the latest updates from the Consumer Financial Protection Bureau (CFPB) on Section 1071, the clarification of guidance on multiple re-presentment fees, interagency guidance on the risk management of third-party relationships and a reminder to file Office of Foreign Assets Control’s (OFAC) annual report on blocked property by September 30.

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Starting Your QuickBooks Online Company File Over

Insightful Accountant

If your QBO Company-file is less than 60 days old, you can simply purge all the data from it and start over. Otherwise, you must cancel your subscription and start a new one.

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Managing tax overpayments and repayments

ThomsonReuters

Overpayments and repayments are two of the most common anomalies that could complicate year-end and W-2 processing. Now is a great time to sort out any potential difficulties. Jump to: What is an overpayment on taxes? Overpayments and repayments in the current year Overpayments and repayments in subsequent years Preventing tax overpayments What is an overpayment on taxes?

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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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Looks Like the IRS Does Listen to Main Street After All – IRS Announces Temporary Relief on Key Foreign Tax Credit Rules

Withum

In what seems to be an unprecedented turn of events on July 21, 2023, the IRS released Notice 2023-55 , providing temporary relief for taxpayers in determining which foreign taxes are “creditable” taxes for U.S. purposes. In early 2022, the IRS issued final regulations providing guidance on determining if a foreign tax is creditable for U.S. tax purposes.

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IOSCO endorses ISSB standards

Accounting Today

The International Organization of Securities Commissions officially approved sustainability and climate disclosure standards from the International Sustainability Standards Board.

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Despite Economic Concerns, Small Business Owners Remain Optimistic

CPA Practice

By Jenna Anderson, Inc. (TNS). Despite concerns about inflation and interest rates, small business owners were more optimistic about the national economic outlook in the second quarter of 2023, according to a recent survey. The latest Small Business Index , a survey of small businesses from MetLife and the U.S. Chamber of Commerce, shows an increase in overall confidence from 60 to 63.1 since the first quarter of the year.

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Changing Work-Life Balance Into Work-Life Harmony

Canopy Accounting

As the accounting industry evolves rapidly, so do the demands on accountants. The relentless pressure to meet deadlines, manage financial complexities, and adapt to technological advancements often takes a toll on their work-life balance. Enduring that imbalance is what often can lead to burnout — which, to the surprise of no one in accounting, 99% of accountants suffer from burnout.

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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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New I-9 Form Begins August 1, 2023

Insightful Accountant

The US Citizenship & Immigration Service has announced a new Form I-9 available on August 1, 2023, and also a new alternative I-9 documentation procedure available only to qualified E-verify employers.

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Investment in technology: How much time does your firm waste?

ThomsonReuters

For today’s accounting firms, advanced technology is no longer an option but a necessity. To keep pace in an increasingly competitive landscape, forward-looking firms are investing in artificial intelligence (AI) solutions to automate tax workflow, open up additional revenue streams, and better serve clients. If your firm is considering an investment in tax technology, the time is now.

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IRS Severely Limits Supply Chain Disruptions

Withum

The IRS released a general legal advice memorandum, or GLAM, addressing the employee retention credit (ERC) and supply chain disruptions on July 20, 2023. The GLAM discusses five scenarios where taxpayers might qualify for the ERC on the basis of a supply chain disruption, and then it dismisses each of the claims in order. While the specific principles that can be distilled from the GLAM are discussed below, we believe it is telling that the IRS issued a pronouncement on supply chain disruptions

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IRS warns of summertime tax scams

Accounting Today

The Internal Revenue Service is seeing a surge of tax scams this summer hitting taxpayers via email and text messages touting tax refunds and quick fixes to their tax problems.

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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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IRS Quietly Changed the Rules on Inheritance Taxes

CPA Practice

By Lindsay N. Graves, Esq., Kiplinger Consumer News Service (TNS) In March, the IRS issued Revenue Ruling 2023-2 , which had a substantial impact on estate planning, particularly where an irrevocable trust is involved. In the last decade or so, more families have begun utilizing irrevocable trusts to protect their assets from spend-down in order to qualify for government benefits, such as Medicaid and VA Aid and Attendance.

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Evolving Role of the CFO and Digital Transformation of the Finance Department

Cherry Bekaert

Evolution of the CFO The role of the Chief Financial Officer (CFO) continues to evolve and expand due to a changing business landscape. While the primary role of a CFO centers around financial management, there are several emerging trends that will shape the future role of CFOs. We are living in an increasingly volatile, uncertain, complex and ambiguous (VUCA) multilateral world, especially with the rapid pace of change in business.

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Interview: Meet the Brilliant & Insightful Nancy McClelland, CPA

Nancy McClelland, LLC

Nancy modeling at the Beehive In Bloom Fashion Show | photo by Zak Jacobson It’s not often I am described as either brilliant or insightful — so it’s a banner day when referred to as both. And what better day than today, the 22nd anniversary of starting my own accounting firm? To celebrate, I am delighted to share a recent interview with CanvasRebel , an online magazine and podcast that highlights voices of small business owners — in their words, “stories about our

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Partner Showcase: CRMIT Solutions

Accounting Seed

CRMIT Solutions, a certified Salesforce and Accounting Seed partner, was founded in 2003 as a Salesforce services company focused on digital transformation to deliver Customer 360. With over 1500 successful implementations under their belt, CRMIT specializes in Salesforce CRM (Customer Relationship Management), business insights, field transformations, and much more.

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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.