June, 2024

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Roadmap to The Modern Firm

CPA Practice

By Darren Root, CPA, CITP, CGMA. What it takes to be a modern firm means different things to different people. Does it require having connected, collaborative cloud technology in place? A structured, current security plan? Offering a rich client experience? A healthy culture that supports remote work and flex time? The short answer is yes to all of the above—and more.

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It’s About to Be Dot-Com Boom 2.0 in Accounting

Going Concern

VC firm Andreessen Horowitz just did an interesting piece called “ Death, Taxes, and AI: How Generative AI Will Change Accounting ” that’s worth a read if you’re at all interested in this topic but most interesting of all (to us anyway) was this chart of early stage AI startups in this space. We suspect it won’t be long before a chart like this will require a looooong scroll to view.

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Consider Alternative Indicators of Business Value

RogerRossmeisl

When valuing a business, experts often look beyond the company’s financial statements. Management interviews and document requests may provide additional objective insight into how much the owners believe the business is worth. This information shouldn’t be used as a substitute for a comprehensive valuation analysis, but it may identify discrepancies that need to be reconciled.

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The IRS’ New Use of AI

Insightful Accountant

The IRS is turning to AI to help select tax returns for audits, aiming to narrow the tax gap. A recent GAO report emphasizes the need for consistent and transparent use of this technology.

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5 Steps to Shield Your Business: The Ultimate Guide to Avoiding Payment Fraud

As scams grow more sophisticated, it's crucial to stay proactive in defending against these threats. This guide equips CFOs, accountants, and business leaders with five essential steps—from fundamental safeguards to advanced security measures to strengthen your financial defenses. From enhancing data security to implementing fraud detection tools and safeguarding financial transactions, this guide provides expert advice that could save your company millions.

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IRS lowered its sights on high-income taxpayer audits

Accounting Today

The Internal Revenue Service switched over from focusing its audits on taxpayers earning $10 million or more to those earning $400,000 or more after passage of the Inflation Reduction Act.

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5 ways accountants are using AI to streamline workloads

Accounting Today

Accountants are adding AI tools to their work, saving time and becoming more efficient.

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5 Process Improvement Trends for 2024

CPA Practice

By Arianna Campbell. With another busy season in the rearview mirror, many firms are looking ahead to next year. What went well this busy season? What could use some improvement? Now is the time to make changes to your technology and processes that will set you up for success in 2025 and beyond. To help you identify these opportunities, we’ve identified five trends for process improvement that leaders in the accounting profession should be aware of to ensure their firms remain at the forefront.

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How to Use ChatGPT to Create Forms and Templates for Accounting Firms

CPA Practice

By Sandi Smith Leyva. I often hear myself saying, “I need a form for this” in my business. Forms, samples, and templates streamline just about any process you can think of. With generative AI tools, you can now streamline the forms creation process itself. What Forms Do I Need? I asked ChatGPT what forms it recommended for a CPA firm. Here is the answer I got (since ChatGPT is nondeterministic, you won’t get the exact same answer I got.): For a CPA (Certified Public Accountant) firm, creatin

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Fixing the pipeline problem

Accounting Today

The National Pipeline Advisory Group's recommendations cover a wide range of ways to attract more people to the profession, and Jennifer Wilson walks us through what everyone can do to help.

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You May Be Entitled to Tax Breaks if Caring for an Elderly Relative

RogerRossmeisl

There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive quality care. In addition, you could also be eligible for tax breaks. Here’s a rundown of four of them: Medical expenses. If the individual qualifies as your “medical dependent” and you itemize deductions on your tax return, you can include any medical expenses you incur for the person along with your own when determining your

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How to Navigate Revenue and Expense Management: Competitive Insights for Financial Success

Speaker: Hilary Akhaabi, PhD - Founder, Chief Financial & Operations Officer at Go Africa Global

In the fast-paced world of corporate finance, staying ahead of the curve is crucial for sustainable growth and profitability. This exclusive webinar with leading expert Hilary Akhaabi, PhD, will teach you practical ways to navigate complex financial landscapes and enhance your company's revenue management capabilities. Whether you're aiming to refine your financial strategies or seeking innovative solutions to drive performance, this new session is for you!

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Cookies, clicks and Wayfair: Why economic nexus started

TaxConnex

It seems like yesterday when only physical nexus ignited a company’s sales tax obligations in a state. Six years ago this month, that changed with one court decision. These days selling a certain amount remotely into a state or other tax jurisdiction (one that has a sales tax, anyway) means your company must collect and remit sales tax – a complication of doing business that’s probably going to only get more complicated in the years ahead.

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Federal Income Taxes Are Set To Skyrocket

Withum

S Corporation shareholders and partners in a partnership could see their effective federal income tax rate increase by 30% by the end of December 31, 2025, due to the expiration of certain tax laws. With the sunsetting of the 199A deduction and an increase in individual federal income tax rates scheduled to occur as of December 31, 2025, the effective tax rate for pass-through entity owners will jump from 30% to 39.6%.

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The Era of the Non-Equity Partner Is Upon Us

Going Concern

320%. That’s how much the number of non-equity partners at INSIDE Public Accounting Top 100 firms — excluding Big 4 — has grown over the past 15 years. Equity partners at these firms, however, have grown only 85% in that same time period. The IPA Top 100 minus Big 4 starts at RSM with $3.7 billion in revenue and ends with a Wayne, PA firm called Global Tax Management with $48.8 million.

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2024 Most Powerful Women in Accounting Awards Announced

CPA Practice

The American Institute of Certified Public Accountants and CPA Practice Advisor have announced the recipients of the ‘Most Powerful Women in Accounting’ awards, now in their 13th year, which recognize leaders for their significant contributions to the profession. The 2024 awards were presented on the main stage at during the AICPA ENGAGE conference at the Aria Resort and Casino in Las Vegas on June 4, 2024.

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3 Must-Have Reports to Help Financial and Accounting Firms Become More Profitable

Bizinta highlights three crucial reports for financial and accounting consultancies to enhance profitability: Utilization Reporting maximizes billable hours Profitability by Consultant identifies top performers Contribution by Client prioritizes high-value clients These reports provide accurate insights, replacing guesswork with data-driven decisions.

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Deadline for MP Elite 2024 submissions extended

Accounting Today

Due to extensive interest, Accounting Today is extending the deadline for submissions for its annual Managing Partner Elite list to the end of the day on Monday, July 8.

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House Rich But Cash Poor? Consider a Reverse Mortgage Strategy

RogerRossmeisl

Are you an older taxpayer who owns a house that has appreciated greatly? At the same time, you may need income. Thankfully, there could be a solution with a tax-saving bonus. It involves taking out a reverse mortgage. Reverse mortgage basics With a reverse mortgage, the borrower doesn’t make payments to the lender to pay down the mortgage principal over time.

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Readying for Hockey-Stick Growth, Patriot Software Unleashes New CEO

Patriot Software

Canton, OH Patriot Software’s founder and former CEO, Mike Kappel has introduced that Kyle Dreger is the new CEO of Patriot Software, effective immediately.

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Withum Names Twenty New Partners 

Withum

Withum is proud to announce its 2024 New Partner Class. It’s my privilege to introduce Withum’s 2024 New Partner Class. We are celebrating these individuals for reaching a career milestone they have worked tirelessly toward. Each person on this list has exhibited a strong entrepreneurial spirit, dedication to their profession, and long-lasting grit that I am sure will propel them and our firm through many years of success.

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How To Streamline Finance Operations Through Automation

Speaker: Claire Grosjean

In today’s fast-paced business environment, finance professionals are under increasing pressure to optimize operations and drive strategic value. As a result, automation has become a core part of business strategy, offering unprecedented opportunities to streamline operations and drive efficiency. Join esteemed global finance and operations executive, Claire Grosjean, for a comprehensive guide on how to harness automation’s power through strategic collaboration with functional leaders.

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Accounting Firms of All Sizes Care Less About IRS Headaches and More About Finding and Retaining Staff, Says AICPA Survey

Going Concern

In the latest pspspsps , er PCPS survey (that’s Private Companies Practice Section) put out by the AICPA every two years, talent is winning as the biggest worry for every size firm surveyed except for sole practitioners. The “sole” in sole practitioner meaning people who work for themselves and don’t have staff so yeah, if they too were worried about finding talent we might really be in trouble.

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Why Gen Z Is Opting Out of the 9-to-5 Job Grind

CPA Practice

By Kit Eaton, Inc. (TNS) Gen Z workers aren’t just the youngest folks in the office. They’ve got a radically different approach to how they make a living than preceding generations. Consider fresh data from the freelancer networking company Upwork to see why. Its new survey shows many Gen Z workers are basically shunning traditional office work norms altogether.

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Taxpayer Advocate spotlights problems with IRS assistance

Accounting Today

The Internal Revenue Service isn't doing enough to help victims of identity theft receive their tax refunds, according to a report from National Taxpayer Advocate Erin Collins, and its statistics on answering phone calls are misleading.

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What to Do if your Business is Defrauded

RogerRossmeisl

Occupational fraud isn’t just a financial threat. It can potentially change a business’s reputation, culture and relationships. But before dealing with any larger ramifications of fraud, defrauded companies must first “clean up” the mess. This may include potentially terminating the perpetrator, taking civil action or referring the perpetrator to the police.

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How to Elevate Your CPA Services and Grow Your Business

As a CPA, your expertise is invaluable to your clients. By partnering with Fincent, you can enhance your service offerings and streamline financial management for your clients. Our platform provides real-time financial reports, cash flow tracking, automated posting of banking transactions to reduce errors, and powerful search capabilities. With Fincent, you can focus on high-value services while we handle the day-to-day bookkeeping tasks.

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New South Carolina Tax Credit to Incentivize Expanding Trail System

Cherry Bekaert

Contributor: Nick Cousino, Senior Manager A new South Carolina tax credit that encourages private parties to expand the state’s ever-growing trail system went into effect May 13. South Carolina taxpayers who encumber their property with a perpetual recreational trail easement and right-of-way are allowed a one-time income tax credit equal to ten cents for each square foot of the property that is encumbered by the recreational trail easement.

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CDK DMS Cyberattack: What Dealerships Need To Do When They Are Back Online

Withum

Many dealerships’ operations were brought to a halt due to the second cyberattack on CDK Global software and its impact is still being felt today. “Late in the evening of June 19, we experienced an additional cyber incident and proactively shut down most of our systems,” CDK said in a statement per CNN. CDK provides over 15,000 dealerships software to support dealer operations.

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Let’s Wish These 69 High School Students Good Luck as They Start a Summer Internship at a Top Ten Firm

Going Concern

CliftonLarsonAllen announced today that for the second year in a row, a group of high school students aged 16-18 will be joining the usual college interns at the firm this summer. And yes, they’re getting paid. CLA’s high school intern class of 69 people will be working across 14 offices: Baltimore, Charlotte, Chicago, Des Moines, Indianapolis, Philadelphia, Milwaukee, Minneapolis, Nashville, Phoenix, Boston, Seattle, Tampa, and Toledo.

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Amazon, Ebay and Other Marketplaces Sue Georgia Over Law Affecting Online Sales

CPA Practice

Rosie Manins, The Atlanta Journal-Constitution (via TNS) The trade association for online marketplaces including Google, Amazon and eBay is trying to void a new Georgia law that extends requirements for collecting seller information, alleging it will hurt Georgia businesses. NetChoice filed a lawsuit Thursday against Georgia Attorney General Chris Carr, claiming Georgia’s “Combating Organized Retail Crime Act” is unconstitutional and conflicts with a federal law that already requires online mark

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How to Avoid Getting Ghosted: Top 3 Secrets to Staying Relevant with Gen Z

Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert

In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant or getting "ghosted" if they fail to meet the evolving needs of Gen Z consumers. In this new webinar, Brian Muse-McKenney of Episode Six and Matt Simester of Payments Consultancy Limited will reveal key considerations banks should factor into their efforts to develop target products for the next generation of bank customers.

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IRS will resume paying ERC claims slowly to safeguard against fraud

Accounting Today

The Internal Revenue Service plans to begin slowly paying some of its older claims for the fraud-plagued Employee Retention Credit this summer but is not lifting its moratorium.

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Tax Tips When Buying the Assets of a Business

RogerRossmeisl

After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two ways: Buy the assets of the business, or Buy the seller’s entity ownership interest if the target business is operated as a corporation, partnership or LLC.

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Is Your Sales Cycle Lengthening? Do You Know Why?

Summit CPA

When your days-to-close increase, it’s easy to point a finger at the prospect: Businesses have less cash in the bank, especially now that PPP money has all been spent. They come to sales calls with more stakeholders and take longer to align on solutions. With more cooks in the kitchen, things inevitably slow down.

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The Race for Inclusion With Special Olympics Florida

Withum

Join us for this episode of Civic Warriors, where we speak with Sherry Wheelock, President and CEO of Special Olympics Florida, and Maryann Gonzalez, a Coordinator of Sports and an athlete at the Special Olympics Florida.

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Navigating the Automation Landscape: Selecting Tools That Fit Your Business

Speaker: Gary Dmitriev

Our upcoming webinar aims to demystify the process of selecting and implementing automation tools for financial institutes. This session will provide your roadmap for vetting potential solutions, focusing on due diligence, vendor assessments, and aligning technology with strategic goals. We’ll also address the critical issue of innovation fatigue, offering tips on maintaining enthusiasm and momentum for new initiatives.