December, 2023

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How Accounting Firms Should (and Should Not) Use ChatGPT

CPA Practice

By Christopher Stark, Founder & CEO, Cetrom. ChatGPT ushered in a new era of automation in accounting (link goes to YouTube), for better or worse. While technology has made many content-based tasks much easier, questions remain about its accuracy and security. This machine learning-powered chatbot with the GPT-3 engine at its core has captivated people’s attention with its rapidly evolving ability to interpret questions and commands to produce generally coherent natural-language responses.

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Here’s How Many People Were Laid Off From the Big Accounting Firms This Year (That We Know Of)

Going Concern

Today is December 27, assuming there is no accounting firm in the entire country shitty enough to lay people off just days before the end of the year (a generous assumption), we should be able to tally up how many people were shown the door in 2023. These are U.S. numbers for Big 4 and mid-tier firms only, if we missed some get in touch. Also, these layoff numbers include only layoffs that were A) confirmed and B) counted by the firm as layoffs, meaning this year’s aggressive PIP usage and

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IRS Rejects More Than 20,000 ERC Claims

Withum

The Internal Revenue Service (IRS) is continuing its crack down on dubious claims for the employee retention credit (ERC), a refundable tax credit for certain businesses that paid employees during the COVID-19 pandemic. On December 6, 2023, the IRS issued a press release announcing that it would be sending more than 20,000 letters to taxpayers notifying them of disallowed ERC claims, either because their entities did not exist during the ERC eligibility period or because they did not have employ

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How to Correct Previous Non-Compliance with Sales & Use Tax

TaxConnex

It’s the end of the year and as we all start to think about our New Year’s resolutions, it’s also a good time to start thinking about correcting any sales tax missteps your business may be facing. Maybe you’ve just figured out that you have nexus and were non-compliant without realizing it, or maybe you’ve been rolling the dice and crossing your fingers you won’t get audited but your liability is growing and you’re ready to make a change – no matter your situation, if you have established nexus,

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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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Embracing AI: 7 Keys for a Modern Accounting Firm

CPA Practice

In an era where AI, particularly generative AI, is reshaping industries, small accounting firms stand at a crossroads. As we approach 2024, the integration of AI into accounting practices is not just an opportunity for an advantage, but a necessity. This guide aims to demystify AI for small accounting firms, providing actionable insights into adopting this transformative technology to enhance efficiency, accuracy and value in your services.

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There May Still Be Time to Reduce your Small Business 2023 Tax Bill

RogerRossmeisl

In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take advantage of a few opportunities. Time deductions and income If your business operates on a cash basis, you can significantly affect your amount of taxable income by accelerating your deductions into 2023 and deferring income into 2024 (assuming you expect to be taxed at the same or a lower rate next year).

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2024: What’s coming up in sales tax

TaxConnex

The new year will no doubt be another active one in sales tax. Let’s look at a few of the likeliest developments. Weaker state revenue The kind of year it’s going to be for state coffers could greatly influence such future sales tax trends as new levies, tougher nexus thresholds and intensifying audits. If so, watch out for 2024. “With more fiscal data coming in, the long-term health of state budgets looks murky,” writes analyst Lucy Dadayan on the site of the Tax Policy Center.

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IRS plans foreign tax credit rules

Accounting Today

The Treasury Department and the Internal Revenue Service expect to issue proposed regulations to address the application of the foreign tax credit and related rules and the dual consolidated loss rules to certain types of taxes described in the GloBE Model Rules.

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4 Ways Finance and Accounting Pros Can Adapt Now to Working With Generative AI

CPA Practice

Accounting and finance professionals are always on the lookout for tools that can help them become more efficient, productive and accurate in their work. And for well over a third (38%) of workers in the profession recently surveyed by Robert Half, generative AI is one technology that they expect will make a positive impact on their careers. That includes creating more demand for their skills.

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This Is Not a Drill: EY Is Laying Off Partners Now

Going Concern

Mere hours ago, Wall Street Journal reported that EY is laying off “dozens of partners across all U.S. business” and not only in lower-demand service lines. As with most of the cuts we’ve seen this year, consulting is most affected with their partner ranks being trimmed by ten percent, four percent in strategy and transactions. Says WSJ , there will be cuts in audit and tax as well though they didn’t share numbers.

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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 Releases Long-Awaited ERC Voluntary Settlement Program

Withum

On December 21, 2023, the IRS released details about its second settlement initiative relating to the employee retention credit (ERC). See IR-2023-247 , Announcement 2024-3 , general information , and FAQs. The IRS previously released a withdrawal option on October 19, 2023, for taxpayers who either did not receive their ERC checks or did not cash them.

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Tax Breaks for Businesses: Discovering the Benefits of the IC-DISC

CTP

If you are working with a company that sells goods made in the U.S. in foreign markets, you may want to introduce this lucrative tax incentive: the interest charge domestic international sales corporation, more commonly known as the “IC-DISC.” Geared specifically toward American exporters, this incentive helps companies become more globally competitive by lowering their U.S. taxes.

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QuickBooks Revises 1099 Process for 2023 Filings

Insightful Accountant

Preparing, filing, and correcting 1099s is now easier than ever in QuickBooks Online. New workflow, reporting, free e-file of corrections and E-file payment flexibility and will be available for the 2023 filing period.

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FASB issues cryptoasset standard

Accounting Today

The Financial Accounting Standards Board released its long-awaited accounting standards update to improve the accounting for and disclosure of certain cryptoassets.

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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: Collection Notices Are Coming Back in 2024

CPA Practice

The IRS has hit the restart button on sending out automated collection notices, ending a two-year hiatus because of the COVID-19 pandemic, the agency said on Tuesday. Because automated collection notices were paused during that two-year span, the IRS also said today it will be providing about $1 billion in penalty relief to approximately 4.7 million individuals, businesses, and tax-exempt organizations that weren’t sent collection reminders about their overdue taxes during the pandemic.

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We’re Not Buying This ‘Deloitte Using AI to Avoid Layoffs’ Story

Going Concern

You may have seen headlines over the past week about Deloitte “looking to AI to help avoid mass layoffs in the future” as first reported by Bloomberg and picked up by multiple outlets (including us putting a link to it in Monday morning’s news brief). It said: The giants of the consulting world face an unusual quandary this year: many of them are in the process of dismissing hundreds of staffers even after they hired thousands of college graduates to deal with new demand.

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Tax Court Weakens Self-Employment Tax Exception for Limited Partners

Withum

On November 28, 2023, the Tax Court ruled that the exception from self-employment tax for limited partners does not apply to limited partners who actively participate in the partnership’s business operations. The court engaged in a “functional inquiry into the roles and activities” of the limited partners. It concluded that their level of participation was inconsistent with an exception from self-employment tax.

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How to Calculate Cash Flow: A Comprehensive Guide

Basis 365

In the bustling world of business, financial statement profits may grab the headlines, but it's cash flow that keeps the lights on. It's the lifeblood of a company, ensuring you have the resources to pay bills, invest in growth, and ultimately, stay afloat. Accrual accounting is important for many reasons when analyzing the performance of your business but your income statement profit is not the same as your cash flow.

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Guide to Business Writing

Everything you need to know about better business writing in one place. This is a complete guide to business writing — from a clear business writing definition to tips on how to hone your business writing skills.

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Renewable energy tax credits: Geothermal, solar, biomass, wind power, and more

ThomsonReuters

Jump to: How do renewable energy tax credits work? What renewable energy tax incentives does the IRS offer for individuals vs. businesses? Overview of clean energy credits by energy type Helping clients with renewable energy credits In recent years, the U.S. and other countries around the world have placed a growing emphasis on sustainability and green energy.

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IRS falls short when employees get arrested

Accounting Today

The Internal Revenue Service needs to do a better job of keeping track of employees who are arrested by law enforcement and notifying their colleagues, according to a new report.

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New York Considers New Taxes on Guns and Ammunition

CPA Practice

By Gail Cole. Firearms and ammunition are already subject to New York sales tax. If New York State Senate Bill 7733 is enacted, it will place an additional excise tax on the sale of firearms and ammunition in the Empire State. The rate would be 11% to match the federal firearms and ammunition excise tax as well as the new California tax on guns and ammo dealers.

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CPA Exam Candidates Got F**ked Over One Last Time Before the Year Ends Because of Course They Did

Going Concern

I’m breaking my holiday vacation with this news: Attention all CPA Exam Candidates… pic.twitter.com/YwBD3uym2l — NASBA (@NASBA) December 27, 2023 Make sure you check out the comments. The funniest part is they posted this on Tuesday like everything was going to be normal: #CPAExam candidates! Waiting for your score(s)? They will be released tonight at 7 p.m.

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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.

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Withum Wrap-Up: Giving Back in 2023

Withum

As the end of the year approaches, Withum is excited to share a round-up of the Firm’s giving efforts for 2023. From large, organized projects to hyper-localized volunteerism and individual philanthropy, it is safe to say that Withum team members from all over the world live the Withum Way every day and give back to their communities and causes close to their hearts at every opportunity.

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Murph hosts a ProAdvisor Meetup for January's QB Talks

Insightful Accountant

What better time of the year to find out what you are thinking.ProAdvisors are invited to January's "open microphone' edition of QB Talks to tell us what you think about the ProAdvisor Awards, the ProAdvisor Program and recent QB-Desktop news.

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How AI can transform the way accountants work — for the better

ThomsonReuters

As technology has evolved, so too has the accounting profession. From paper-based processes to cloud-based software, accountants are no strangers to change. No previous advancement, however, has had the potential to alter accounting (and many other industries) quite like generative artificial intelligence. But for those who embrace AI, there is a strategic opportunity to capitalize on its many benefits while protecting and even uplifting the irreplaceable human connection.

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IRS to propose rules on claiming energy efficient home tax credit

Accounting Today

The Internal Revenue Service and Treasury plan to propose regulations on a requirement for a product identification number, and they're asking for comments ahead of time on the PIN requirement.

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Predictions You Can Rely On: How Data Drives Successful Financial Forecasting

Speaker: Robbie Bhathal, Founder & CEO, and Matthew Acalin, Head of Credit Intelligence

In today's volatile financial environment, how confident are you in your company’s financial forecasting? To get the most accurate cash predictions that will lead to long-term financial survival, real-time data is critical. Innovative cash management strategies can lead to better credit opportunities, more sustainable growth, and long-term financial prosperity.

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As Businesses Shift Focus to Efficiency, Finance Teams Must Find Ways to Do More with Less in AP

CPA Practice

By Anik Jain. Continued economic uncertainty, geopolitical tensions, stubborn inflationary trends and high interest rates are impacting everything from supply chains and vendor relationships to the labor force and the workplace. As a result, finance leaders find their departments squarely in the spotlight—keeping a closer eye on their balance sheets, taking fewer risks, and focusing more on efficiency and value over growth.

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RIP BEC

Going Concern

Actually RIP the entire four-part CPA exam. Tomorrow, December 15, 2023, is the last day anyone will ever sit for BEC before it shuffles off into examination heaven and takes written communication with it. That’s right, no more written communication on the CPA exam. Wyoming and Idaho were the states with the latest application deadline for BEC — November 15 — while most others cut off re-exam NTSs on November 12 and first-time NTSs on October 1.

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Accounting Standards Update 2023-08: FASB’s New Crypto Accounting Guidance

Withum

On December 13, 2023, the Financial Accounting Standards Board (FASB) finalized Accounting Standards Update (ASU) 2023-08 “Accounting for and Disclosure of Crypto Assets”. The amendments in the expedited ASU aim to improve the reporting of crypto assets by requiring entities to present crypto assets at fair value instead of the previously used cost-less-impairment model.

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January's QB Talks is our 2024 ProAdvisor Meetup

Insightful Accountant

Insightful Accountant will host a 'talkative' ProAdvisor Meetup for our first QB Talks of 2024. ProAdvisors are invited to this 'open mic' discussion of issues surrounding the ProAdvisor Awards, the ProAdvisor Program and QuickBooks Desktop 2024.

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Finding “The One:” The Ultimate Guide to Selecting Financial Software

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

As finance and accounting practitioners, you are expected to complete daily operations as well as to manage next generation tools and resources to support a business that is growing in complexity. Having the right software can be critical in juggling and meeting those high expectations. The path to the right software, however, is paved with challenging decisions.