CPA Practice

JANUARY 24, 2024

If employee retention isn’t already a priority focus for your CPA firm, you may want to make it one — and soon. Research from Robert Half found that 27% of finance and accounting professionals in the United States are either looking for a job right now or planning to do so in the next six months. That may not sound like a significant percentage. But could you afford to lose more than one-quarter of the best players on your team, especially during tax season?

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Accounting Today

JANUARY 26, 2024

The Internal Revenue Service and tax professionals are preparing for the start of tax season Monday, hoping for a smooth filing season like last year, although last-minute tax law changes are possible thanks to a deal working its way through Congress to revive tax breaks like a more generous Child Tax Credit.

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Tax 131

Insightful Accountant

JANUARY 21, 2024

Adopting new technology and implementing it into their firm is something that I see many accountants struggle with. If your systems “work,” it’s easy to fall behind on technology and overlook the potential that new solutions offer.

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inDinero Accounting

JANUARY 22, 2024

Terms like “deferred revenue” can confuse non-accountants, but the concept is easy enough. Deferred revenue refers to when customers pay upfront for products or services they will receive later while your accountant recognizes that income over time rather than all at once. In this article, we’ll explain the GAAP-compliant method of reporting deferred revenue, provide bookkeeping examples, and explain how the practice will impact your taxes.

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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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Accounting Today

JANUARY 22, 2024

Managing employees can be a major roadblock for growing businesses, but PEOs can help, and ADP's Kristen Appleman explains how they work and when they might be a good fit.

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CPA Practice

JANUARY 2, 2024

Accountants in the U.S. who earned the CMA and CPA designations make more than $38,000 than their noncertified counterparts, according to the 2023 Global Salary Survey from the Institute of Management Accountants (IMA). According to data from IMA members surveyed in the U.S. and Canada, management accountants who are both CMAs and CPAs have a median base salary of $137,800 compared to $99,375 for accountants who hold neither certification.

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CPA Practice

JANUARY 29, 2024

The Internal Revenue Service opened the 2024 tax season on January 29, 2024, accepting and processing federal individual tax returns, and announcing that it expects more than 146 million individual tax returns for 2023 to be filed this filing season. The final regular day of the 2024 tax season is April 15, 2024, although almost all tax filers can receive an automatic six-month extension if they apply for one. 2024 Tax Refund Calendar: How to Estimate When You May Receive Your Refund With the st

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Withum

JANUARY 9, 2024

Many questions have surfaced amongst auto dealerships regarding seller and transfer reports and how to properly report them on the IRS Energy Credit Online Portal. While the roll-out of the portal has been bumpy, the Internal Revenue Service (“IRS”) is working through the problem areas as they are presented. The updated IRS guidance regarding these items as of January 8, 2024, is highlighted below.

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income tax tax return Sales Tax 126

Insightful Accountant

JANUARY 3, 2024

Your golden ticket to transformation. It's not flipping the calendar, but writing the story of 2024. Get ready for innovation, growth, and endless opportunities in the evolving landscape.

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Gaming 119

Accounting Today

JANUARY 22, 2024

The Internal Revenue Service has revised the question it has asked in recent years about income from digital assets such as cryptocurrency on the Form 1040 for individual taxpayers this tax season and added it for the first time to tax forms for estates, trusts, partnerships and C and S corporations.

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Tax 139

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!

Expense Management

Anders CPA

JANUARY 25, 2024

Anders employees nominate the not-for-profit organizations they’re involved with and passionate about every year to be considered for the firm’s Charity of Choice. The votes have been tallied and we’re excited to announce the 2024 Anders Charity of Choice is Memory Care Home Solutions! The Charity of Choice program, now in its 19 th year, supports the nominated organization with a combination of volunteer efforts and fundraising events.

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Going Concern

JANUARY 8, 2024

Hey remember the Bloomberg story last March about how staff shortages at audit firms were causing municipal credit ratings to tank ? Refresher: Municipalities across the US are at risk of having their credit ratings downgraded or withdrawn by S&P Global Ratings because staffing shortages have delayed financial disclosure documents. S&P has placed 149 long-term, underlying and program ratings on a negative credit watch this year because the ratings company hasn’t received 2021 financial s

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CPA Practice

JANUARY 8, 2024

The IRS has announced that it will start accepting and processing tax returns on Monday, Jan. 29, 2024. The agency expects more than 128.7 million individual tax returns to be filed by the April 15, 2024, tax deadline. Related: Chart shows estimated refund date timelines. Although the IRS will not officially begin accepting and processing tax returns until Jan. 29, people do not need to wait until then to work on their taxes if they’re using software companies or tax professionals.

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Withum

JANUARY 24, 2024

The R&D Tax Credit is a tax incentive that can be applied as a dollar-for-dollar offset against a company’s tax liability if they engage in activities related to the design and development of a product, process, formula, invention, software, or technique within the United States. Additionally, start-up businesses with less than $5 million in gross receipts in the current taxable year and no gross receipts prior to the fifth previous taxable year (e.g., for 2023, the company must not have gro

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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.

accounting firms

Xero

JANUARY 29, 2024

We’ve had two versions of our invoicing feature for a while now — classic invoicing and new invoicing. The new version is built on the latest technology and features time-saving tools that make it easier to customise your invoices and simplify the way you get paid. Our teams have big plans to add even more value to the new version of invoicing in the future, including features that we know are important to you.

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Accounting Today

JANUARY 12, 2024

The Internal Revenue Service reported progress Friday on its efforts to increase its audits of large corporations, complex partnerships and high-income individuals, collecting over half a billion dollars from millionaires who didn't pay their taxes.

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Anders CPA

JANUARY 16, 2024

The looming sunset of the expanded lifetime estate and gift tax exemption will arrive on January 1, 2026. If you are anticipating a transition of ownership of your business to your heirs in the years ahead, now may be the best time in a generation to take advantage of the increased thresholds before they expire. Gifting minority interests in the business over the next two years can help you maximize the potential tax benefit of the increased gifting thresholds.

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Going Concern

JANUARY 16, 2024

Yo. It’s another week. Yay. In case you’re wondering why this is a Tuesday news brief and not a Monday one, it’s because we don’t work on MLK Day. Hope the same is true for you. Anyway, some news. Supposedly accounting is the hottest in-demand remote job : The most sought-after remote job companies are hiring for isn’t in tech, as you might expect.

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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.

Finance

CPA Practice

JANUARY 31, 2024

By David Faulkner, CFP, RICP, Kiplinger Consumer News Service (TNS) As a U.S. citizen and business owner, I really don’t have a problem with paying the taxes I owe. I understand the money the IRS collects (about $4.3 trillion, net , in federal taxes in 2022) goes toward everything from education, transportation and the country’s defense to Social Security, health care and veterans’ benefits.

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Withum

JANUARY 16, 2024

We are excited to announce that Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR) released a bipartisan tax framework that promotes Main Street businesses, while also providing more financial security to families in need. The agreement is between the two Chairs, but respective ranking members and leadership support is still needed to pass the bill.

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Insightful Accountant

JANUARY 30, 2024

During the 2nd-day of their 2024 Summit, Acumatica announced the event’s date and location for 2025. They also premiere new features and functionalities that will be implemented with their 2024R1 and R2 updates.

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Accounting Today

JANUARY 19, 2024

The Internal Revenue Service and the Treasury released information on tax incentives for installing electric vehicle charging stations and where they can be located.

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Tax 134

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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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Anders CPA

JANUARY 29, 2024

As one of the Anders core values, Generosity is present at every level of the firm. Individually and collectively, we’re proud to give back to charitable organizations and foster an environment where people offer their time, skills and resources to improve our communities. To help showcase the efforts of our firm and employees, we’re proud to present our 8th annual Community Impact Report.

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Missouri CPA 111

Going Concern

JANUARY 31, 2024

In an audit quality report released last week [ PDF ], the once flawless PwC admits its next PCAOB inspection report will be twice as bad as the last one. That’s not so terrible though, PwC has proven in recent years they are superior to all other auditors when it comes to avoiding deficiencies from the PCAOB — in 2020, PwC had a record-low 1.9% deficiency rate with just one mistake found in 52 audits inspected.

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CPA Practice

JANUARY 23, 2024

The Internal Revenue Service says it is working on the Simple Notice Initiative, a sweeping effort to simplify and clarify about 170 million letters sent annually to taxpayers. Part of the larger transformation work taking place at the IRS with Inflation Reduction Act funding, the Simple Notice Initiative will build off redesigned notice efforts in place for the 2024 tax season and expand on a recent successful pilot involving identity theft letters.

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tax return Tax 122

Withum

JANUARY 31, 2024

Withum’s global advisory and accounting network, HLB International, has been named the Best Cross-Border Collaboration for Tax Solutions Global 2023 by Capital Financial International (CFI). Pictured: Dave Springsteen, Withum Partner Emeritus, HLB Global Tax, Surabhi Bansal, Shannon Smith, Kimberlee SP Murphy, Partner, Withum International Services Practice Leader, Christian Jahndorf, Nick Farmer.

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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.

Insightful Accountant

JANUARY 28, 2024

An issue with Zoho has created a problem with the built in date limits in the Top 100 Forms. If you had a problem with “form closed’, please try again, as we’ve temporarily turned off date limits.

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Accounting Today

JANUARY 3, 2024

Fifteen states are reducing either individual or corporate income taxes this year, with some states trimming both individual and corporate taxes, among 34 states starting the year with significant tax changes.

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Canopy Accounting

JANUARY 17, 2024

Nancy McClelland, CPA & Owner of The Dancing Accountant discusses how she balances her love for dance, her passion for her profession, and her commitment to creating a caring and supportive workplace. It explores the opportunities and challenges presented by AI in accounting, showcasing Nancy's enthusiasm for embracing technology while also prioritizing the human element.

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Going Concern

JANUARY 5, 2024

Our 2024 Predictions For the Accounting Profession survey is still open and we invite you to share your thoughts on what lies ahead. Not only do we care about the future, we also asked what issue is currently affecting the profession but not talked about nearly enough or even at all. Shout-out to all of you who mentioned pay as if that isn’t THE most talked about issue.

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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.

Technology