February, 2025

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Filing trends to watch during the 2025 tax season

Accounting Today

As the new year's tax season begins, a look back at lessons from the 2024 filing season.

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Payroll Taxes for Startups: What Do I Have to Pay?

BurklandAssociates

Avoid payroll pitfallslearn the essential taxes every startup must pay and how to stay compliant with IRS and state regulations. The post Payroll Taxes for Startups: What Do I Have to Pay? appeared first on Burkland.

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Undergraduate Accounting Enrollment Rose 12% in Fall 2024

CPA Practice

New data from theNational Student Clearinghouse Research Centershows a12% increase in fall 2024 accounting enrollment compared to fall 2023. The increase amounted to an additional 28,672 students.

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5 Ways to Prepare Future Accountants for a Tech-Driven Profession

CPA Practice

Through my experience speaking with accounting students and reflecting on my own journey, Ive identified five key areas where we can bridge the gap between education and practice.

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You upgrade everything else. Why not your close process?

You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes? It’s time for an upgrade. SkyStem's Guide to Month-End Close Software walks you through what today’s best tools can do (and what your team shouldn’t have to deal with anymore). Get smart, fast, and a whole lot less stressed when it’s time to close the books.

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5 Steps to Protect Your Business from Unexpected Accounting Disruptions

AccountingDepartment

Accounting disruptions can strike without warning. Whether its a provider suddenly shutting down, platform glitches, or other unforeseen issues, these disruptions can leave your business scrambling. With cases like the sudden closure of Bench, which left businesses without their books, its more apparent than ever that entrepreneurs and business owners need a plan to safeguard their financial processes.

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Accounts Receivable Automation: The Complete Guide

Ryan Lazanis

Save time and effort with accounts receivable automation - the powerful solution to automate a manual accounting process. Learn more here! The post Accounts Receivable Automation: The Complete Guide appeared first on Future Firm.

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How large tax and accounting firms can use AI

ThomsonReuters

Jump to Key areas where AI enhances tax services in large firms Barriers to AI adoption in large firms and overcoming them Embrace AI in your large firm for a competitive edge The tax and accounting industry is on the brink of a significant transformation, driven by the integration of artificial intelligence (AI) and generative AI (GenAI). The 2024 Tax Firm Technology Report highlights that 93% of large tax and accounting firms are either actively using, exploring, or considering AI technologie

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What Is Cash-basis Accounting?

Patriot Software

One of your first choices as a business owner is your accounting method. Before making a decision, take some time to compare the cash-basis vs. accrual basis methods of accounting. Having to switch from cash-basis to accrual-basis after the fact can be difficult.

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Closing the Books: Key Steps in Year-End Accounting For SMEs

GrowthForceBlog

8 min read February 21st, 2024 For many small and medium-sized enterprises (SMEs), the end of the fiscal year coincides with the end of the calendar year. This means it is time for financial leaders to begin closing the financial books. Key Takeaways Reconcile Transactions and Accounts: This step in the process can be tedious because you have to look through minute details while paying exceptional attention to detail.

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Another L For 150 Hours: Illinois Might Have Two New CPA Pathways Soon

Going Concern

Hot off Ohio’s governor signing into law a bill that introduces a bachelor’s only pathway to CPA licensure in that state , a pair of Illinois representatives have introduced a bill that would do the same for aspiring CPAs in their state. And the Illinois CPA Society is cheering it on. They should be, they helped it come together. The details from the ICPAS press release : Today, ICPAS is incredibly pleased to have Reps.

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AI In Accounting: A Practical Roadmap For Smarter AP

Speaker: Gerald Ratigan

The accounts payable (AP) function is evolving and AI is leading the charge. As finance teams face rising invoice volumes and expectations for speed and accuracy, AI-powered automation has shifted from a futuristic concept to the most practical solution. But for finance leaders, success isn’t just about selecting the right tools, it’s about implementing the right strategy.

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Navigating the Shifting Sands: Cybersecurity Regulatory Enforcement Trends and How to Prepare

Withum

The regulatory landscape is constantly evolving, and cybersecurity is no exception. You may have heard that under the new administration, regulation was going to be reduced or that there was a pause in enforcement actions, e.g. FCPA. These pauses are temporary and intended for the agencies involved to revise their approach to be efficient and effective.

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Signals of the future: What sci-fi movies can teach us about predicting the direction of technology in small business

Xero

I remember watching Back to the Future as a kid and looking forward to the future it predicted. Flying cars! Hoverboards! But here we are, 10 years after the movies timeline, and I still need roads wherever Im going. It turns out that predicting the future is hard. Really hard. Particularly when trying to do so on an accurate timeline. But that doesnt mean we cant spot signals and patterns emerging today that hint at whats to come.

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Preparing for Your First Financial Audit: A Checklist for Startups

Shay CPA

Growing a startup comes with a potentially heady mix of near-endless opportunities surrounded by countless pitfalls. While the freedom that comes with scaling up the business is exciting, sometimes its nice to know youre on the right track as verified by outside sources. Enter: a financial audit. This tool gives you a way to validate that your company is following proper accounting practices and that your books are accurate.

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GST Registration Can’t Be Rejected to the Applicant from Other State

VJM Global

Held by the Honble High Court of Andhra Pradesh In the matter of Tirumala Balaji Marbles And Granites vs. the Assistant Commissioner St and Others (W.P.No.1200/2025) The Petitioner applied for GST registration in the state of Andhra Pradesh. However, the proper officer rejected the application because the applicant and the authorized representative do not belong to the state of AP.

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Stop Budget Burnout: A Better Way to Grow Your Nonprofit in 2026

Speaker: Sean Yoder

Nonprofits are under more pressure than ever to demonstrate financial accountability while continuing to expand their impact. Traditional budgeting models often fall short, reinforcing silos, limiting flexibility, and stalling growth. Enter collaborative budgeting: a dynamic, team-driven process that enables smarter resource allocation and builds financial resilience at scale.

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5 time management tips for accountants and CPAs

ThomsonReuters

In the fast-paced world of accounting and tax preparation, every minute counts. As an accountant or CPA, youre often juggling multiple clients, deadlines, and tasks, which can lead to overwhelming stress and burnout. According to the 2024 State of Tax Professionals Report , time management, meeting deadlines, and timely filing were the second highest set of challenges for survey respondents.

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Ethical Issues for the Modern Tax Practice: The Role of Remote Work

CTP

The rise of remote work has impacted the majority of industries across the U.S. The Bureau of Labor Statistics found that between 2019 and 2021 the percentage of remote workers rose from less than 17% to over 39% among professional, scientific, and technical servicesincluding tax professionals. Adopting remote working practices comes with both advantages and disadvantages: how can you communicate well across geographies and time zones and make sure the client gets the best product?

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The Future of Automotive Retail: Insights From the 2024 AICPA Dealership Conference

Withum

For automotive accountants and CFOs, the AICPA Dealership Conference is the ultimate destination to connect with industry contacts, clients, and fellow accounting firms to discuss the latest hot topics and trends for the current and upcoming year. We at Withum look forward to attending year after year and highly recommend this event to our clients, banking partners, and other accounting firms.

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Trading allowance

Menzies

Menzies LLP - A leading chartered accountancy firm. What is the trading allowance? The trading allowance is a tax-free allowance of up to 1,000 per year for any trading or casual income sources. Sometimes referred to as the hobby allowance, the trading allowance is great for people who are just starting out a trade or receive small revenues for small gigs such as occasional dog walking.

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Why Tech-Forward Tax and Accounting Firms Have the Inside Track to the Future

Speaker: Joe Wroblewski, Sales Engineer Manager

Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te

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Bookkeeping Basics for SaaS Companies: Managing Revenue Recognition

Shay CPA

On the surface, bookkeeping might not seem that complicated. A client or customer pays you money, so you record it on your books on the date it was paid. Right? Wrong. Because of the Financial Accounting Standards Boards (FASBs) Accounting Standards Codification (ASC) 606 , its mandated that companies use whats called revenue recognition. This means only putting something on your books as revenue as youve actually earned the money.

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Acterys: Setting the Record Straight on Smart Write-back & Planning Solutions

Acterys

At Acterys, we believe in fair competition, and we welcome comparisons that allow potential clients to make informed decisions. However, when competitors resort to spreading misinformation and misleading claims, its essential to address these inaccuracies head-on. Recently, we’ve encountered false narratives about our solution from some competitors.

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Here’s How Many Hours Accountants Are Saving With AI (Allegedly)

Going Concern

On average 56 minutes a day, or 18 hours a month , according to the 2025 State of AI in Accounting Report by Karbon. Who’s working just 18 days a month? Good for them. Karbon said: On average, accounting professionals save 56 minutes a day (a potential of 18 hours a month) with AI, with over a third (38%) of this time spent on communication tasks like drafting emails and managing correspondence.

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What’s new in Xero – February 2025

Xero

We’re kicking off the new year with some exciting Xero updates designed to address some of the enhancements youve been asking for, and make things more automated to save you time. Keep reading to learn how these enhancements will benefit you and your business. Global: Enhancements to new invoicing [Product Idea ] You’ll love the time-saving enhancements we have made to new invoicing this month.

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Mid-Year Review: How to Ignite Employee Potential Through Meaningful Feedback

Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.

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What Plan Sponsors Should Know About Section 101 of SECURE Act 2.0

Withum

The SECURE Act 2.0 of 2022 introduces several significant changes aimed at enhancing retirement savings for American workers. Breaking Down Section 101 One of the key provisions, Section 101, focuses on expanding automatic enrollment in retirement plans. Heres what plan sponsors need to know: Automatic Enrollment Mandate: Section 101 mandates that new 401(k) and 403(b) plans must include an automatic enrollment feature.

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Fractional CFO vs. Controllers: Which Does Your Business Need?

Basis 365

If youre growing your business, your financial leadership is essential for sustainable success. However, not every business has the capacity or budget to hire a full-time, in-house Chief Financial Officer (CFO) or Controller. Thats where fractional financial professionals come in. But whats the difference between a fractional CFO and a fractional Controller, and which role would your business benefit from the most?

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The Future of Hiring with Kristy Busija

Canopy Accounting

Kristy Busija, CEO & Founder of Next Conversation Consulting, and host Nicole McMillan, SVP of People at Canopy, explore the evolving landscape of hiring and talent retention in the accounting profession. They emphasize the need for modernized recruitment strategies and flexible work models to attract top talent. Kristy urges companies to meet candidates where by embracing fractional employees and building a culture that reflects flexibility, inclusion, and transparency.

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Sales tax and the Navajo Nation

TaxConnex

Online businesses looking to do business on Native American tribal lands in the U.S. should know that sales tax obligations for these sovereign nations and territories resemble those obligations in other areas of the U.S. but can differ in important ways. Areas such as the Navajo Nation have tribal sovereignty; for tax purposes, this means their sales tax laws are separate from the states within which they reside.

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Your Accounting Expertise Will Only Get You So Far: What Really Matters

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. If you’re aiming for the summit, the air gets thinner—and what got you here won’t be enough to get you to the top (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level.

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Realizing It’s a Losing Fight, TPTB Are Caving on 150 Hours

Going Concern

Announced February 13 , the AICPA and NASBA are giving up the quixotic fight to maintain 150 hours of education as the sole standard across CPA jurisdictions and are now “advancing model legislative language that enables an additional path to CPA licensure.” As has already been made law in Ohio recently , the alternate pathway option doesn’t eliminate 150 hours entirely, rather gives aspiring CPAs another option.

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Regulation CC: Preparing for Upcoming Threshold Increases and Common Sense Advice to Reduce Errors in Your Hold Procedures. 

Anders CPA

March 26, 2025, 11:00 am 12:00 pm (CST) Regulation CC, implementing the Expedited Funds Availability (EFA) Act, has been amended by the Board of Governors of the Federal Reserve System (Board) to increase threshold amounts effective July 1, 2025. Banks and credit unions should prepare for the upcoming changes while also reviewing hold policies and processes.

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Tax Planning Strategies for Car Dealerships: Cost Segregation

Withum

Owning a car dealership can present a golden opportunity to reduce your tax liabilities. One such opportunity is cost segregation , allowing dealerships to speed up depreciation deductions, which can lead to significant tax savings early on. In this article, we’ll break down cost segregation, explain how it works, and show why it’s crucial for improving your cash flow and overall financial bottom line.

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Maximize Your 401(k) in 2025: Smart Strategies for a Secure Retirement

RogerRossmeisl

Saving for retirement is a crucial financial goal and a 401(k) plan is one of the most effective tools for achieving it. If your employer offers a 401(k) or Roth 401(k), contributing as much as possible to the plan in 2025 is a smart way to build a considerable nest egg. If youre not already contributing the maximum allowed, consider increasing your contribution in 2025.

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Live Demo - Supercharge your Month End Close

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