May, 2024

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The Best Tech for Accounting Firms: CPAs Voted for Readers Choice Tech Awards

CPA Practice

The technologies used in professional accounting firms continue to evolve and shape how practices function, from client service, to staffing issues, and overall management and growth. With AI, automation and other tools allowing professionals to be more productive than ever, which is essential for firm success, as well as to offset talent pipeline issues.

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CPAs Provide Six Ways to Replenish the Talent Pipeline

CPA Practice

As the accounting profession continues to grapple with a shortage of new CPAs and fewer accounting graduates , an independent national advisory group has published six draft recommendations in a new report on what the profession can do to restock its pipeline with young talent. “The talent shortages of the past several years, coupled with strong demand for professional accountants, have created challenges throughout the profession.

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How CPAs Are Evolving Into Strategic Advisors

CPA Practice

By Dr. Sangeeta Chhabra There is no question about how CPAs have evolved in their role over the past couple of decades, but what has really been behind it and, more importantly, how do you they get there? As the business world sees a paradigm shift in the form of technological innovations, global operations, and government regulations, traditional roles and responsibilities of professionals are evolving for the better.

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You can't maximize ROI without ROR

Accounting Today

As the cornerstone of the "Return on Relationship" methodology, a holistic financial plan unlocks a deep and meaningful understanding of a client's personal and business realities and goals.

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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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The Future of AI: How Finance Leaders Will Guide its Adoption

CPA Practice

By Eli Gill. We’re in the midst of a revolution in the AI space. Splashy public models like OpenAI and ChatGPT are in the spotlight, bringing AI into focus where it has previously been considered a non-essential function. The move from classical AI models to advanced generative AI promises a rapid and continuing evolution that has profound implications for businesses.

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Accountants Will Go Extinct in the Next Decade, Says Guy

Going Concern

Sad? Sad prediction: AI and offshoring are going to wreck the accounting profession in the next decade. Combine that with the pain every company has with this function and it’s a recipe for economic disaster. — Michael Girdley (@girdley) May 14, 2024 There are two types of people: those who don’t find this sad (only accountants fall into this category) and those outside of the profession who think bookkeepers and payroll clerks (RIP) are what make up “the accounting profession.

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6 ways to use AI in your firm

Accounting Today

They say artificial intelligence will change the world, and in many ways, it already has. But AI's rapid advancements have been a source of stress for professionals like accountants. Will you be automated out of a job?

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Businesses worry about bribery and corruption impact

Accounting Today

Small and midsized business owners and their financial advisors have deep concerns about the damaging impact of bribery and corruption, according to a new survey.

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Brian Bender Named 40 Under 40 by Alexandria Chamber of Commerce

Withum

Withum is excited to share that Brian Bender , Partner and Team Leader of Withum’s Trade Associations and Membership Organizations Team, was named a 40 Under 40 Honoree by the Alexandria Chamber of Commerce. Brian has over 20 years of experience serving trade associations, membership organizations, social clubs, foundations, charities, and numerous other nonprofit entities that include complex consolidations with for-profit subsidiary companies and political action committees.

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3 Reasons Why AI Will Not Replace Accountants (But Can Help, Instead)

CPA Practice

By Fady Hawatmeh. The prospect of AI replacing accountants has stirred up some anxiety within the industry. However, it’s important to think of AI as a helpful tool designed to enhance, not replace, the capabilities of humans. Rather than seeing AI as a threat to their careers, accountants should view it as a catalyst that can help them work faster, smarter, and with greater impact.

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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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Did the Anti-150 Hour Crowd Finally Beat the AICPA Into Submission? Looks That Way

Going Concern

Stephen Foley at Financial Times wrote something today that may be of interest to high school freshmen bound for the CPA track one day, an article that suggests the AICPA is giving up the fight to save 150 hours. The leaders of the US accounting profession have signaled they could cut the education requirements for becoming an accountant, amid growing alarm about a shortage of new recruits.

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Tax Considerations When Disposing of Qualified Opportunity Zone Business Property

Cherry Bekaert

Contributor: Michael Wallach, Senior Manager, Tax Services Established by the Tax Cuts and Jobs Act, the Opportunity Zone program has been a focal point for investors seeking tax incentives while simultaneously revitalizing economically distressed communities. One crucial aspect of managing investments in Qualified Opportunity Funds (QOFs) is understanding the tax impact stemming from the disposition of Qualified Opportunity Zone Business Property (QOZBP).

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How accounting firms are innovating in 2024

ThomsonReuters

Jump to: 2024 top priorities Key Insights from the 2024 State of Tax Professionals Report Preparing your firm for the future In the ever-evolving landscape of tax and accounting, professionals are continually adapting to new challenges and opportunities. Having weathered the waves of post-pandemic anxiety, many tax & accounting firms are now shifting their attention back to business fundamentals.

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Recruiting practices to combat the hiring crisis in accounting

Accounting Today

Firms are using different recruiting practices to attract younger talent, thinking outside the standard talent pool and prioritizing company culture and personal growth opportunities.

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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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What You Need to Know About the DEA’s Plan to Reschedule Cannabis – A Focus on Taxation

Withum

In a landmark move, the Drug Enforcement Administration (DEA) announced on April 30, 2024, that it will initiate the process of rescheduling cannabis from Schedule I to Schedule III under the Controlled Substances Act (CSA), effectively recognizing its medical value and opening the door for more research and legal access. The decision comes after years of pressure from advocates, lawmakers, and scientists who have argued that the current classification of cannabis as a highly dangerous, addictiv

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What Does the Next Generation of Accounting Look Like?

CPA Practice

By Reyes Florez. Headlines highlighting rapid changes in the accounting industry are ubiquitous. The shifts are both obvious and subtle, and for those of us in the industry, it can seem daunting to predict what’s next as even the pace of acceleration is accelerating. Investing time to understand where things are headed is important to a firm’s and professionals’ ability to proactively evolve instead of merely reacting.

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QuickBooks Bill Pay Plans - User and ProAdvisor Discounts

Insightful Accountant

Intuit is offering a variety of discounts for QuickBooks Users and ProAdvisors adopting their QuickBooks Bill Pay plans in lieu of Melio Bill Pay which is no longer integrated into QBO.

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An Introduction to NIL and Its Impact on College Athletics

Cherry Bekaert

Contributor: Anthony Kocheran While in school, University of Iowa basketball player Caitlin Clark netted more than $3 million from name, image and likeness (NIL) deals. She’s far from the only college athlete taking advantage of NIL, a legal concept revolutionizing the way student-athletes can earn money while attending a college or university. Essentially, NIL allows college athletes to monetize their personal brand by profiting from their name, image and likeness through various opportunities,

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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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Canopy Shines During Tax Season: A Behind-the-Scenes Perspective

Canopy Accounting

As the dust settles on the most intense period of the year for financial professionals, we're taking a moment to celebrate the incredible achievements of our backend systems and the team behind them during the most recent tax season. The last 30 days of the tax season have seen our operations pushed to their limits, but Canopy has not just survived; it has thrived, showcasing the robustness and efficiency of our platform.

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Art of Accounting: Invest time to save time

Accounting Today

Sometimes spending a little more time on something will save a lot more time later on or reduce the stress level for those involved with that project.

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Here’s How Mid-Tier Accounting Firms Are Feeling About Private Equity and M&A

Going Concern

This is gonna be long and there’s no TLDR. Get over it. As mentioned in this week’s news brief, the Institute of Chartered Accountants in England and Wales (ICAEW) put together a snazzy little report on the state of mid-tier firms based on a survey of managing partners. Keeping in mind that these are specifically mid-tier firms across the pond but the Brits are basically us with funny accents, bland food, and an unnecessary vowel littered throughout their words ending in -or.

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IRS Proposal Lays Out Requirements for Clean Electricity Tax Credits

CPA Practice

Proposed guidance issued Wednesday by the Treasury Department and the IRS explains how eligible facilities can qualify for “technology-neutral” clean electricity tax credits under the Inflation Reduction Act. The 2022 tax-and-climate law sunsets the existing Production Tax Credit (Section 45 of the tax code) and Investment Tax Credit (Section 48) by limiting their availability to projects beginning construction before 2025.

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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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QuickBooks Online Payroll: "New" Digitized I-9 Form

Insightful Accountant

QuickBooks Online Payroll has recently added a digitized I-9 process that works as part of QuickBooks Workforce. Murph takes you through the steps of using this new functionality.

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Virginia Pass-Through Entity Tax Updates

Cherry Bekaert

In the most recent episode of Cherry Bekaert’s Tax Services podcast, we focus on the Virginia pass-through entity tax (PTET) election. Join Cathie Shaw , partner at Cherry Bekaert, and Tony Konkol , State and Local Tax Manager, as they navigate the intricacies of this important topic. The Virginia PTET election is a crucial consideration for businesses operating in the state.

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EY Selects Unconventional Entrepreneur as Finalist for Entrepreneur of the Year® 2024

Patriot Software

Canton, OH Patriot Software is proud to announce that its founder & CEO, Mike Kappel, has been selected by Ernst & Young LLP (EY US) as a finalist for the EY Entrepreneur Of The Year® 2024. Kappel is among 29 entrepreneurs selected by an independent panel of judges.

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CFOs seeking tech solutions need change management

Accounting Today

Partly in response to the talent crunch, CFOs are reaching for digital platforms to automate, streamline and spare the highest-value talent for highest-value work.

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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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Emily Egkan Wins CalCPA Women to Watch: Experienced Leader Award

Withum

Withum is excited to announce that Emily Egkan , Senior Manager, has been selected as a 2024 Women to Watch award winner in the Experienced Leader category at CalCPA’s Elevate: Women’s Leadership Forum. Emily has over 14 years of experience specializing in Tax for construction, manufacturing, food and beverage, healthcare and technology industries.

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Barry Melancon to Retire from AICPA

CPA Practice

Barry Melancon, CPA, CGMA, has announced that he will to retire on December 31, 2024, from his role as president and CEO of the American Institute of CPAs and CEO of the Association of International Certified Professional Accountants. Combined, the two organizations comprise the world’s largest membership of public and management accountants. Melancon has served in this role for 30 years.

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"Thank You" Intuit Trainer/Writer Network Members

Insightful Accountant

While Intuit has sunset the Trainer/Writer network and gone back to the drawing board on how to provide training and education for the QuickBooks Community, Insightful Accountant wants to thank all Trainer/Writer Network members.

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IRS Guidance Accelerates Deduction for Credit Card Reward Programs

Cherry Bekaert

On April 24, 2024, the Internal Revenue Services (IRS) issued Chief Counsel Advice 2417021 (CCA), which discusses the treatment of credit card reward liabilities under Internal Revenue Code (IRC) section 461. The CCA was issued in direct response to the following questions presented by the U.S. Department of the Treasury regarding rewards liability accounting: When do credit card reward liabilities become fixed and determinable under section 461?

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.