February, 2024

article thumbnail

How Firms Can Better Package Advisory Services

CPA Practice

Progressive accountants know that advisory services are the future of accounting. We’re seeing a major shift in the industry from traditional accounting to a consulting role. Taking on an advisory role will not only improve your year-round cash flow but will also help you better serve your clients. In fact, 83% of clients want a tax professional who also offers advisory services.

article thumbnail

Study: ChatGPT Won’t Be Replacing Accounting Professors In the Near Future

Going Concern

If you’re a high school student and future accounting major hoping to receive your undergraduate education from a friendly chatbot, we’re sorry to say that won’t be happening any time soon. A study authored by Charles Darwin University Professor of Accounting Indra Abeysekera and published in Journal of Open Innovation: Technology, Market, and Complexity examined how well ChatGPT can explain the solutions to problems and found it’s about as good as a terrible professor.

Account 113
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Three Skills Every Accountant Needs to Differentiate and Scale Their Firm

CPA Practice

By Adam Lean. It used to be that all an accountant had to do to earn respect, win over new clients, and have a growing firm was simply be a great accountant. Those days are over. They’re over for a few reasons: Reason #1: Most clients don’t value accounting as much as we think they should. Reason #2: Most clients (especially business owners) would rather their accountant give them advice (instead of simply being a recorder of the past).

Account 119
article thumbnail

Giving Some Love to the Concierge Accounting Practice

Insightful Accountant

Imagine a scenario in which you could devote more time to actually partnering with your clients to solve their issues and provide them solutions, rather than simply handling their books or processing their tax returns.

article thumbnail

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

article thumbnail

FTC hits H&R Block over 'free' online filing claims

Accounting Today

The Federal Trade Commission filed a complaint against tax prep giant H&R Block accusing the company of deceptively marketing "free" online tax filing when its products often were not free and deleting consumers' data when they tried to downgrade to less expensive products.

Tax 131
article thumbnail

Harvesting Tax Losses

Withum

Tax loss harvesting is an income tax planning strategy that involves selling investments at a loss with the intent to offset capital gain income. This strategy is beneficial to taxpayers who have large capital gain income and are seeking ways to lower their related income tax liability. It is important to note that any tax harvesting must be implemented prior to the end of the applicable tax year, which is December 31 st for individual taxpayers.

Tax 123

More Trending

article thumbnail

Accounting standards blamed for lack of accountants

Accounting Today

It's not just the 150-hour rule for obtaining a CPA license that may be the culprit for the talent shortage, according to an academic study.

article thumbnail

Financial Cents Unveils the 2024 State of Accounting Workflow Automation Report

Insightful Accountant

Financial Cents is excited to announce the release of the 2024 State of Accounting Workflow Automation Report. This second edition study explores the experiences and challenges faced by accounting, bookkeeping, and tax firm owners.

Account 111
article thumbnail

How to Measure Your SaaS Startup’s Net Revenue Retention (NRR)

BurklandAssociates

Net Revenue Retention (NRR), also known as Net Dollar Retention (NDR) is a key metric for SaaS companies. Measuring NRR provides important insights into a SaaS startup’s retention and expansion Read More The post How to Measure Your SaaS Startup’s Net Revenue Retention (NRR) appeared first on Burkland.

268
268
article thumbnail

What’s the Best Accounting Method Route for Business Tax Purposes?

RogerRossmeisl

Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, though some may be better off using the accrual method. Thus, it may be prudent for your business to evaluate its method to ensure that it’s the most advantageous approach.

article thumbnail

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.

article thumbnail

Demystifying Government Contract Requirements: A Guide for New Businesses.

SMBAccountant

Understanding the basics of government contracts is essential when engaging in contractual agreements with government entities. When reviewing such contracts, key considerations include a thorough examination of the scope of work, payment terms, performance metrics, and compliance with regulations. Utilizing tools like Suppl-O contract briefs can significantly aid in the efficient review process by highlighting changes, facilitating quick reference, and ensuring transparency.

article thumbnail

The IRS Is Ready to Strike the Fear of God Into Anyone Who Took ERC

Going Concern

For posterity’s sake, here’s what the IRS says about its open Employee Retention Credit (ERC) investigations as of January 25: That’s nine open investigations, 123 under review, and anyone who comes forward to say they took ERC money they weren’t entitled to before the Voluntary Disclosure Program closes on March 22 will have to give up the name of the promoter that encouraged them to take the credits.

payroll 132
article thumbnail

IRS commits to making Child Tax Credit changes quickly

Accounting Today

The Internal Revenue Service would be able to implement changes to the Child Tax Credit within weeks, IRS Commissioner Danny Werfel told Congress, and send out tax refunds promptly.

Tax 139
article thumbnail

House Bill Proposes to End Social Security Tax for Retirees

CPA Practice

By Katelyn Washington, Kiplinger Consumer News Service (TNS) A proposal to end federal tax on Social Security retirement benefits would provide relief for retirees as early as next year. That’s because, as the bill is worded, federal taxes on Social Security income would be eliminated beginning in 2025 (tax returns filed in early 2026). The You Earned It, You Keep It Act is referred to as a “win-win” by its sponsor, Minnesota Rep.

Tax 131
article thumbnail

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.

article thumbnail

Mindfulness Practices for Busy Season: Alleviate Stress and Create Better Work Environments

Canopy Accounting

Busy season is upon us. Every year you may be saying the same things…"I start off sticking to a routine but it quickly falls off and I start feeling burned out and tired". Make this the year you are going to make small changes that make a big impact through incorporating mindfulness practices at work. During this session, we will experience practices we can put in place in our day to gain a better understanding of where we are off-balance internally so we can show up better for ourselves and tho

Start-ups 124
article thumbnail

IRAs: Build a Tax-Favored Retirement Nest Egg

RogerRossmeisl

Although traditional IRAs and Roth IRAs have been around for decades, the rules involved have changed many times. The Secure 2.0 law, which was enacted at the end of 2022, brought even more changes that made IRAs more advantageous for many taxpayers. What hasn’t changed is that they can help you save for retirement on a tax-favored basis. Here’s an overview of the basic rules and some of the recent changes.

Tax 250
article thumbnail

House Passes Tax Relief Act With a Decisive Bipartisan Vote

Withum

The House of Representatives passed Rep. Jason Smith’s sponsored bill H.R. 7024, Tax Relief for American Families and Workers Act of 2024 , by a wide bipartisan vote of 357 to 70 yesterday evening. While the decisive vote helps to focus the Senate discussion, the ability and timing for the Senate to vote on the bill remains unclear. The bill includes tax legislation to help small and private businesses, including the ability to immediately expense domestic research and experimental expenditures

Tax 124
article thumbnail

Why Did the PCAOB Redact KPMG’s Audit Failure Rate?

Going Concern

What the f**k is this?? 2022 PCAOB Inspection of KPMG LLP [ PDF ] WSJ doesn’t know why it was redacted either. NO ONE DOES. We’ve got some more inspection reports to dig into shortly, lots of them. EY, PwC, Deloitte, GT, BDO, RSM, Moss Adams…does anyone want to know all that? We were warned last year that this batch of PCAOB inspection reports would be “completely unacceptable” but no one said they would be completely unknowable.

audit 127
article thumbnail

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

article thumbnail

The 20 best states for doing business

Accounting Today

While property and unemployment insurance taxes are universal in every state, many of the best states for doing business do not have corporate, sales or individual income taxes.

article thumbnail

Voting Opens for 2024 Readers’ Choice Awards

CPA Practice

Voting in the 2024 Readers’ Choice Awards is now open. The CPA Practice Advisor Readers’ Choice Awards give our readers the opportunity to spotlight the technologies they most rely on and trust to manage their firms, provide client services, and help those clients run their businesses. From online tax and accounting systems, practice management, document automation and workflow tools, to apps for collaboration, mobile productivity and research.

article thumbnail

Banking Webinar Series | Understanding CRA’s New Retail Lending Test: What Banks of Every Size Need to Know

Anders CPA

Face your Retail Lending Test with confidence backed by to-the-minute research on an evolving regulation Wednesday, March 27 at 10:00am CT The new Retail Lending Test was introduced as part of the Community Reinvestment Act (CRA) final rule and its implementation will have considerable impact on large and intermediate-sized banks, in addition to the small banks who opt-in.

Retail 119
article thumbnail

4 Efficient Growth Strategies for Technology Businesses

Cherry Bekaert

For technology companies, “efficiency” isn’t just another buzzword. It’s a strategic imperative, and the pursuit of efficiency has emerged as a critical factor in driving sustainable growth. Our “Year of Efficiency” podcast series recently featured four key areas in which technology company CEOs and CFOs should focus on in the continual quest for improved business processes and substantial growth.

article thumbnail

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.

article thumbnail

Withum Named on USA TODAY and Statista List of Most Recommended Tax and Accounting Firms

Withum

Withum is excited to share that USA TODAY and Statista named the Firm on the list of America’s Most Recommended Tax and Accounting Firms 2024. For the first time, USA TODAY and Statista awarded the titles of “America’s Most Recommended Tax Firms” and “America’s Most Recommended Accounting Firms” through an independent survey based on the number of recommendations received from peers, clients and additional company data.

article thumbnail

Deloitte Has Out-Cringed Itself

Going Concern

The Aussie Corporate ( Insta ) recently shared some uniquely Deloitte motivation attempts and we must warn you, it’s bad. Why are firms like this? HAHAHAHA because we make you work too much LOL aren’t we funny!! But wait! There’s more! Ten posters to be exact, nine of which are terrible. View this post on Instagram A post shared by The Aussie Corporate (@theaussiecorporate) This set includes: Don’t “circle back” Do Talk straight [Take your own advice here, Big

128
128
article thumbnail

The 20 worst states for doing business

Accounting Today

The lowest-ranked states have property and unemployment insurance taxes like every state, but significantly they also have complex, non-neutral taxes with comparatively high rates.

Tax 133
article thumbnail

Betting on the Super Bowl? Don’t Forget About Taxes

CPA Practice

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) The Kansas City Chiefs, making their second consecutive appearance, are set to play in Super Bowl LVIII against the San Francisco 49ers. As usual, fans are anticipating the commercials and Usher’s halftime show. And there’s also lots of talk about Taylor Swift and Travis Kelce. However, if you are among the 68 million people expected to place bets on the big game, you need to know that taxes are part of the equation.

Gambling 122
article thumbnail

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.

article thumbnail

Anders Technology Makes CRN’s MSP 500 List for 2024

Anders CPA

Anders Technology, a service line of Anders CPAs + Advisors, is proud to be recognized on CRN’s Managed Service Provider (MSP) 500 list in the Pioneer 250 category for 2024. The annual MSP 500 list acknowledges the leading solution providers in North America whose innovative approaches to providing managed services are changing the landscape of the IT channel with groundbreaking solutions while helping end users improve operational efficiencies and maximize their return on investment.

article thumbnail

2024 SEC Filing Deadlines and Financial Statement Staleness Dates

Cherry Bekaert

Financial statement issuers must assess many items when planning to file a registration statement with the U.S. Securities and Exchange Commission (SEC), including which financial statements are required to be included in the registration statement. Many factors are considered when determining the appropriate financial statements to include in the registration statement, such as the appropriate filing status of the company, pro forma financial statement requirements, transactions, acquisitions,

article thumbnail

2024 Tax Pocket Guide

Withum

The goal of minimizing tax liability likely drives a desire to discover new advantages in the tax law. If this sounds familiar to you, when planning for the upcoming tax year, a great place to start is with the basics. We can help. As you navigate our complicated tax code, you need a partner and important information in order to make the appropriate adjustments.

Tax 120
article thumbnail

Weekend Discussion: Are Partners Basically Better-Dressed Used Car Salesmen?

Going Concern

*and saleswomen This person on r/Big4 seems to have had an epiphany that partners are better at people-ing than they are at the technical aspects of the firm’s business. Quite the revelation! Why does it feel like the people who make it to partner are better at schmoozing than accounting? by u/TheU_isBack in Big4 Take note, overachievers and aspiring partners: Technical skill matters most when you’re in the trenches.

Account 117
article thumbnail

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.