March, 2024

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Accounting’s 10 Most In-Demand Skills For 2024, According to Upwork

CPA Practice

Freelance talent platform Upwork has conducted a study that reveals which types of skills are most important to accounting firms and corporate accounting departments when adding new employees to their rosters this year. “For the workforce, it is absolutely essential to understand what skills are most in demand in order to stay ahead and generate value, both for organizations and themselves,” Upwork said in the study.

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IRS encounters Form 1065 processing glitches

Accounting Today

The Internal Revenue Service has posted new information about how to handle possible processing errors when electronically filing Form 1065, "Return of Partnership Income," and ways to avoid them.

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Is BOI Reporting Already Dead?

Insightful Accountant

A judge ruled the Corporate Transparency Act's ownership reporting unconstitutional for NSBA and its 60,000+ members by March 1, 2024. This may trigger similar cases nationwide, impacting BOI reporting. Practitioners need to plan their response.

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With 340,000 fewer accountants, companies pay the price

Accounting Today

The lack of help means current accountants' hours and workloads can be grueling, upping the odds of mistakes and burnout.

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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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Is there room for number crunchers?

Accounting Today

Is the age of the bookkeeper coming to an end? Is the payroll specialist an endangered species? Are the days of the tax preparer who focuses on basic 1040s numbered?

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Practicing Efficiency: The Power of One-Piece Flow in Your Workflow

Insightful Accountant

Have you ever heard of one-piece flow? The concept of one-piece flow stands as a beacon of efficiency. Ben Coleman explains one-piece flow and how to apply it to our daily work routines.

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Accounting firm sued over Ponzi scheme

Accounting Today

Investors have filed a lawsuit against an accounting firm alleging it helped a client maintain a Ponzi scheme involving cash advances that led to the loss of millions of dollars.

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Beyond Numbers: Cultivating Emotional Intelligence in the Accounting Profession

CPA Practice

Technical skills and a meticulous eye for detail have always been the bedrock of the accounting profession. Yet, amid the focus on balance sheets and financial analytics, there’s a vital element that’s often overlooked—Emotional Intelligence (EI). As we venture through the evolving landscape of modern business, the ability to adeptly navigate our own emotions and those of others has become indispensable for accountants looking to elevate their service beyond the numbers.

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Breaking News: Federal Court Ruled Corporate Transparency Act Unconstitutional – Beneficial Ownership Information Reporting on Hold

Withum

In a surprise decision Friday night, a federal district court ruled that the Corporate Transparency Act (“CTA”) is unconstitutional, effectively placing the Beneficial Ownership Information (BOI) reporting on hold. By way of background, the CTA was enacted on January 1, 2021 as part of the 2021 National Defense Authorization Act as an attempt to prevent money laundering and tax evasion by requiring new reporting for certain companies doing business in the US.

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PwC Celebrates Seven Consecutive Years of Not Screwing Up the Oscars

Going Concern

The 96th annual Academy Awards went off seemingly without a hitch last night but we’re not here to talk about that because this isn’t a movie blog and I haven’t seen Oppenheimer. We’re here to rehash what happened seven years ago because this website specializes in the beating of dead horses and reminding Big 4 accounting firms of the dumb things they’ve done over the years.

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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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To franchise or not to franchise: What should a business consider before taking the leap?

Xero

Dive into the world of franchising in this Q&A with Lime Licensing ’s CEO, Andy Cheetham, as he shares his expertise, insights, and advice for businesses looking to franchise. How can a business determine if its model is suitable for franchising? Franchising is all about replication. If your current business can create a clone of itself in another location then it’s likely that your clone could be a franchise, provided it can be profitable of course!

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Anders Ranks #74 on Accounting Today’s Top 100 Firms List

Anders CPA

Anders is proud to be recognized as one of Accounting Today’s Top 100 Firms for the fourth year in a row. After breaking into the Top 100 Firms in 2021, Anders has moved up the list to #74 for 2024. The firm is also recognized on the Regional Leaders list, ranking third on the list of firms headquartered in the Midwest. In 2023, Anders focused on organic growth with strategic efforts around advisory services, opening a second office location in Chesterfield, MO and hiring the firm’s first Chief

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Tax season so far: Looking for answers

Accounting Today

Taxpayers are accessing the IRS website much more this year than last to find the answers they need, with more than 410 millions visits through March 15.

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How Miami Became a Hub of PPP Fraud After Pandemic

CPA Practice

By Jay Weaver, Miami Herald (via TNS). When the coronavirus threatened to turn the nation into a graveyard of failed businesses, Congress rushed through an emergency loan program: about $800 billion — roughly the size of the annual defense budget — was doled out in a matter of months to millions of companies. There were few strings attached: the U.S.

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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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BBD Joins Its Practice With Withum

Withum

Withum is excited to announce that on March 31, 2024, BBD LLP (BBD); a public accounting, tax and advisory firm dedicated to serving nonprofit and government organizations headquartered in Philadelphia, will join its practice with Withum. BBD’s five partners and 40 team members will be added to the Withum roster, remaining at their current Philadelphia office location at 1835 Market Street, Suite 300.

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Cheap-Ass Firms Are Loving This Outsourcing Thing

Going Concern

Is no one concerned about the brain drain happening at the lowest levels as all the grunt work that used to train newbies gets sent overseas? Are we quickly headed toward a world where entire teams from manager on down are in another country? And does this mean clients will get a break on fees since the talent is so much cheaper? LOL to that last one.

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An Introduction to SOC 2 Reports

Cherry Bekaert

In the latest episode of Cherry Bekaert’s Risk & Accounting Advisory podcast series, Neal Beggan , is joined by Steven Ursillo and Dan Sembler , both partners in our Information Assurance & Cybersecurity practice. During this episode they discuss the many benefits of Service Organization Control (SOC) 2 reports, such as security insights, gaining customer trust and risk management, and how those benefits bring value to a company.

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Where is the St. Louis Startup Ecosystem Headed? Anders Startup Funding and Outlook Survey Report Reveals the Answers 

Anders CPA

St. Louis startups and their funding sources are an integral part of the city’s revitalization as they bring jobs and innovation to the region. As the startup scene struggles with post-COVID recovery, rising inflation, high interest rates and other compounding economic factors, the Anders Startup and Entrepreneurial Services team surveyed area founders and funding sources to weigh in on the impacts.

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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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Court rules Corporate Transparency Act unconstitutional: What's next

Accounting Today

An Alabama federal district court held that the Corporate Transparency Act is unconstitutional, stating it "exceeds the Constitution's limits on Congress' power.

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IRS: Time is Running Out to Collect Over $1 Billion in Tax Refunds For 2020

CPA Practice

By Alvin Buyinza, masslive.com (TNS) Nearly 940,000 Americans have unclaimed tax returns from 2020 and face a May 17 deadline if they want to get it back, the IRS announced on Monday. Due to the hundreds of thousands of Americans who’ve yet to file their 2020 tax returns, the IRS estimates there are more than $1 billion in unclaimed tax refunds, the agency stated in a news release.

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Two Worlds Collided: Exploring Real Estate on the Blockchain With Seth Priebatsch of Groma

Withum

In this episode of Cryptonomix, Mark Eckerle sits down with Seth Priebatsch, President at Groma, a full-service real estate development and management firm with a blockchain twist.

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Formerly Prestigious Firm Fires 327 People and Three Dozen Partners After Genius Money-Making Scheme Backfires

Going Concern

*Technically the partners are being forced to retire but the headline was already way too many characters It’s been more than a year since Australian Financial Review blew the PwC Australia tax scandal wide open and it’s been nothing but migraines for PwC leadership (and their cousins at other Big 4 firms also subject to relentless grilling by Aussie senators) since.

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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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Work Smarter with Microsoft Copilot and Office 365

Cherry Bekaert

Organizations across the globe are struggling to keep up with the pressure of demands and the pace of work. According to a Microsoft 2023 Work Trend Index Annual Report survey , 68% of people say they don’t have enough uninterrupted focus time at work; 62% of people are spending too much time searching for information; and 57% of an employee’s time is spent on communication through meetings, email and chat.

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Vote for 2024 Domestic ProAdvisor Awards Closes Tomorrow

Insightful Accountant

Voting for the 2024 Domestic (US & its Territories) ProAdvisor Awards will close April 2, 2024 at 23:59:59 Pacific Time. If you haven't voted, get your vote in today.

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SEC approves watered down climate disclosure rule

Accounting Today

A divided Securities and Exchange Commission voted to approve a new rule that would require companies to provide climate-related disclosures to investors, but scaled back the original proposal to exclude disclosure of so-called Scope 3 emissions from their supply chains, and exempt many smaller companies.

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IRS Tries to Clear Up Confusion on Medical Expenses

CPA Practice

By Leada Gore, al.com (TNS) The IRS has a warning that expenditures for general health and wellness aren’t considered medical expenses, regardless of some advertising claims to the contrary. In a bulletin issued “amid concerns about people being misled,” the IRS said personal expenses—things like food and general wellness purchases—are not deductible or reimbursable under health flexible spending or reimbursement arrangements, health savings accounts, or medical savings accounts.

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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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Landscape of Employee Retention Credit Tax Issues

Withum

There is a lot going on with the employee retention credit (ERC) these days and it can be hard to keep up with the latest developments. From Congressional proposals to changes in IRS procedures, change is afoot and more is expected in the near future. Below is a summary of the latest thoughts on various issues that are of interest to those who have already claimed the ERC or are about to claim the ERC.

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Big 4 Firms Regularly Caught Cheating Worried ChatGPT Will Help Applicants Cheat

Going Concern

Per The Telegraph , Big 4 firms across the pond are now “banning” applicants from using ChatGPT and its equivalents to help with applications because they’re afraid AI tools “will help them cheat the system.” The irony. Big Four accountants have warned applicants not to use AI to complete applications or online assessments during the hiring process.

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Navigating the Complexities of Delaware Statutory Trusts

Cherry Bekaert

A Delaware Statutory Trust (DST) is a real estate investment vehicle structured as a separate legal entity. DSTs are considered securities under federal law and hold fractional interest. They are treated like direct property ownership for tax purposes, which meet the requirements of like-kind property and qualify as replacement property for a Sec. 1031 exchange.

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Beyond Survival: Transforming the Busy Season with AI and Proactive Strategies

Insightful Accountant

Contributing Author Katie Thomas, CPA shows you how you can not only make it through "the busy season' by help future-proof your firm by adopting AI and proactive strategies.

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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.