November, 2023

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Firms look at ways to attract young people to accounting

Accounting Today

Accounting firms need to pay more to bring young people into the profession, as starting salaries are still lagging compared to other fields, and they have to make other changes in how the job is structured.

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Why 2024 will be the year of generative AI for investment accounting

Accounting Today

While it initially garnered attention for its creative applications in content and image generation, the true potential of generative AI lies in its ability to unlock new ways of thinking in the business world.

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IRS Releases Tax Brackets, Standard Deduction for 2024

CPA Practice

By Karin Price Mueller, nj.com (TNS) The IRS on Thursday released updated tax brackets and standard deductions for 2024. While the actual percentages of the tax brackets will remain the same until 2025 because of the Tax Cuts and Jobs Act of 2017, the income levels of each bracket change annually to adjust to inflation. These tax rates are for the 2024 tax year covering tax returns that will be filed in 2025.

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Understanding the Latest Accounting Standards Update 2023-01 Leases: Common Control Arrangements

Withum

The subject of accounting standards is of utmost importance in the business world. With the ever-evolving nature of the global economy, it becomes imperative to align accounting practices and regulations with the changing needs of organizations. To this end, the Accounting Standards Update 2023-01 Leases (Topic 842): Common Control Arrangements offers valuable insights and guidelines for entities involved in such transactions.

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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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Art of Accounting: Problems with accounts receivable besides collecting them

Accounting Today

Delaying a payment or not paying an invoice and letting amounts pile up are a way for a client to give voice to a problem with your services without causing an immediate confrontation.

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Elevating Your Accounting Practice: The Critical Role of a Value Committee

CPA Practice

Today, ensuring your firm delivers exceptional value and effectively captures that value through appropriate pricing is crucial. Traditional approaches to scoping and pricing jobs have often been fragmented and inconsistent. Partners and managers handle their own pricing on a client-by-client basis and often end up undercharging. The same client might get a quote from two offices for the same service priced drastically differently depending on who they call.

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More Trending

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Deloitte Auditors Got Caught Changing Their Computer Clocks to Backdate Workpapers

Going Concern

This is not the kind of behavior we expect from our friends in the north! CPA Ontario announced yesterday Deloitte will be paying $1.59 million ($1.15 million USD) in fines and costs for breaches of the CPA Ontario Code of Professional Conduct (Rule 501 and 502). 501 covers a firm’s maintenance of policies and procedures for compliance with professional standards and 502 a firm’s maintenance of policies and procedures: competence and conduct of firm members.

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2024 ProAdvisor Awards Process Begins Today

Insightful Accountant

What does it take to be in the next Top 100. it takes You participating. The 2024 ProAdvisor Awards process begins today. ProAdvisors may nominate themselves or be nominated by another ProAdvisor.

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Preparing for the 1099 Filing Season: Are You Ready? 

Withum

1099 filing season is approaching, and now is the time to review your vendor information to ensure everything is in order come January. Let’s break down what you need to know ahead of time. First, you want to familiarize yourself with the standard 1099 forms that most companies must file. 1099 NEC (Non-employee Compensation) reports payments of at least $600 or more in the calendar year to non-employees for services rendered. 1099 MISC (Miscellaneous) reports miscellaneous payments such as ren

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CFOs should embrace digital transformation or risk irrelevance

Accounting Today

In an ever-shifting global landscape full of economic uncertainties, the traditional role of chief financial officers is undergoing a seismic evolution.

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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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96% of Accountants Think Automation is Essential for Profession

CPA Practice

A new study on how accounting professionals feel about their profession, job satisfaction, and automation has found that, while they are overwhelmingly positive about the profession, there is a clear need for more automation. This is an opportunity for firms to provide better client and employee experiences and to gain a competitive advantage. These results were part of the study, “Automation: Putting Accountants on the Right Path,” which was commissioned by ShareFile , a business unit of Cloud

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Intuit's ProAdvisor Changes Offer Real Value for Accounting Professionals

IgniteSpot

Intuit's upcoming changes to the existing four-tier ProAdvisor program promise to deliver significant value for accounting professionals. While maintaining the Silver, Gold, Platinum, and Elite tiers, Intuit is overhauling each level's points system and benefits. These updates will provide advisors and their firms substantial advantages.

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Rumor: There Might Be a Big Merger in the Works For FORVIS

Going Concern

Fresh off the rumor mill via the tip box: Forvis, in its laughable quest for global domination (WE DONT WANT TO BE THE BIG 4), is going to announce another merger/acquisition this week, presumably to leapfrog GT and BDO in the Americas or establish significant footing overseas. FORV/S (ugh why’d I type that) currently sits at #8 on the IPA Top 100 with $1.7 billion in revenue.

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Add some "Style" to Your QBO Inventory with Item Variability

Insightful Accountant

As Intuit incorporates more of the QuickBooks Commerce inventory related functionality into various QuickBooks Online SKUs, they are adding some "Style" to QBO Advanced Inventory.

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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 Revolutionizes Correspondence With Taxpayers Through New Online Document Upload Tool

Withum

In a move aimed at modernizing and streamlining the interaction between the Internal Revenue Service (IRS) and taxpayers, the IRS has recently announced the launch of its new Online Document Upload Tool. This tool represents a significant shift from the traditional method of correspondence, which primarily involved sending paper documents via regular mail.

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Cybersecurity for CPAs: Don't empower imposters

Accounting Today

By clicking on malicious links and then entering your login information, you risk letting cybercriminals pretend to be you and send out $250,000 worth of fake invoices.

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SSA: Social Security Overpayments Swell to $23 Billion

CPA Practice

By Joey Solitro, Kiplinger Consumer News Service (TNS) The Social Security Administration (SSA) released a report revealing its overpayment problem worsened in October, now standing at $23 billion. The newly released Agency Financial Report showed that the SSA made $11.1 billion in overpayments—accidentally paying beneficiaries too much—and $2.5 billion in underpayments to beneficiaries in fiscal year 2022, up from $6 billion in overpayments and $1.4 billion in underpayments in fiscal year 202

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Automating your way to success: How automation can help relieve accounting staff shortages

ThomsonReuters

Jump to: Reflect on your current tax workflow Use automation to boost staff engagement and retention Unlock growth opportunities With staffing shortages of epic proportions, the accounting industry is facing a crossroads. In recent years, more tax professionals have exited the industry than entered it, which presents the potential for detrimental effects across the business and financial world.

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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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Our Profession Really Has Abused Those at the Entry Level, Says Managing Partner to the Local News

Going Concern

KTVN in Reno has covered the CPA shortage and in order to do so because local news reporters rarely even think about accountants much less report on them, the news spoke to the incredibly candid Mark Bailey, managing partner and founder of Excelsis Accounting Group. In a sea of talent shortage articles quoting boomers who think 70-hour weeks build character, it’s refreshing to see someone speak so openly about the profession’s biggest issue. 2News : “I think that our profession

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FinCEN Set to Begin Enforcement January 1, 2024

Insightful Accountant

The Financial Crimes Enforcement Network, part of the U.S. Department of Treasury is set to begin Small Entity Compliance implementation and enforcement of provisions related to Beneficial Owners Reporting as of January 1, 2024.

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2024 Inflation Adjusted Estate and Gift Tax Amounts

Withum

The Internal Revenue Service (IRS) releases a list of inflation adjustments annually. The IRS has recently published the inflation adjustments for the 2024 tax year. It is crucial to monitor these updates in order to determine how they can impact you and your family. Key Figures – Estate and Gift Taxes Below is a summary of key figures related to Estate and Gift Taxes. 2024 2023 Lifetime Estate and Gift Tax Exclusion $13,610,000 $12,920,000 Lifetime Generation-Skipping Transfer (GST) Ta

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Audit committee disclosures increased over past decade

Accounting Today

Corporate audit committees have been providing investors with a greater number of disclosures about their activities and responsibilities over the past 10 years, but there's still room for improvement.

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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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Online CPE Conference Dec. 6 and 7 Offers Up to 14 Hours of Free CPE Credits

CPA Practice

The sessions and CPE fields of study for Ensuring Success 2023 have been announced. Ensuring Success will be held December 6-7, 2023. Professionals can earn up to 14 hours of free CPE during this 2-day annual, virtual conference. Additionally, EAs can receive up to 3 hours of CE credit. Register now and mark your calendar for Ensuring Success, to ensure you meet your year-end CPE requirements.

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5 Critical Questions to Ask Your Accountant About Tax Planning BEFORE Tax Season

CTP

Do you feel that you pay too much in tax? You’re not alone. The General Accounting Office estimates that Americans over-pay their taxes by almost a billion (yes, that’s billion) dollars each year! That’s why tax planning is gaining in popularity. Why do so many pay more than they have to? Some obvious reasons are mistakes or oversights on their tax returns.

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Layoff Watch ’23: EY Joins the Aussie Layoff Party, Now All Four Big 4 Firms Made Cuts This Year

Going Concern

A day after PwC Australia cut four percent of its workforce , EY Oceania made some cuts of its own. 232 people to be exact. That works out to more than two percent of its 10,700-person workforce. Reports AFR : The firm, which was the only big four giant to avoid cutting staff during the COVID-19 pandemic downturn, is also dealing with issues on two other fronts: the fallout of a scathing report into its culture , which found staff felt overworked, bullied and harassed and its own tax scandal inv

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Case Study: Running the Favorite Tools in Your Practice

Insightful Accountant

Accounting now heavily relies on various applications and systems. Unfortunately, these are often different, either cloud-based, SaaS, or desktop. This poses security risks as firms lack IT support.

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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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The Essentials of Beneficial Ownership Reporting

Withum

Beginning January 1, 2024, the Corporate Transparency Act requires certain businesses to submit an online report to the Financial Crimes Enforcement Network (FinCEN), an arm of the U.S. Treasury Department. The report will require affected businesses to provide personal information about their legal entities, beneficial owners, and company applicants.

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Lower 1099-K threshold may force sellers to drop out

Accounting Today

The lowering of the Form 1099-K threshold from $20,000 to $600 will not only produce millions more forms to be sent to taxpayers, but could also prompt many of them to abandon online marketplaces and gig economy jobs.

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IRS Pressed to Crack Down on Wealthy Tax Cheats in Puerto Rico

CPA Practice

By Jim Wyss and Angelica Serrano-Roman, Bloomberg News (TNS) A group of U.S. lawmakers is asking tax authorities to accelerate an investigation into rich Americans seeking lucrative tax breaks in Puerto Rico. Twelve Democratic members of the House of Representatives asked the IRS on Friday to expedite a congressional request for information about efforts to root out people allegedly abusing Puerto Rico’s tax benefits.

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Tips for Managing Capacity During Tax Season

Canopy Accounting

It's that time again to begin exploring ways we can manage tax season, stay sane, and still be intentional about how we lead our firms. In this webinar we'll discuss some capacity management tips for those running a tax season with a virtual team (which is more difficult to do than brock and mortar!).

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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.