Sat.Sep 16, 2023 - Fri.Sep 22, 2023

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6 Ways Email is Secretly Destroying Your Accounting Firm

Going Concern

Email: The word itself sounds innocent, doesn’t it? Kind of like “snail mail,” but faster, sleeker, and without the slimy trail. But don’t be fooled—email is secretly a sinister beast, hiding in the shadows as it plots to destroy businesses—including your accounting firm. If your accounting firm still relies heavily on email for client communication and document management, you’re not in the fast lane—you’re on the road to ruin.

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Consider These Two Common Strategies to Optimize Your Taxes

CPA Practice

By Laura Schultz, J.D., IAR, Kiplinger Consumer News Service (TNS) After months of sluggish activity, the market recently turned the tide. Whether the market is up or down, it’s always a good time to keep your taxes in mind and, more specifically, how you can put yourself in an advantageous position by keeping more of your own money in your pockets.

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Four Tips to Connect Your Remote Team

Summit CPA

Just ten years ago, remote work was practically science fiction. (Actually, when I first brought up the idea to my team, they thought it was the “joke of the week.”) Today, it’s a part of the business landscape. There are lots of reasons why companies, employees and clients love remote work: flexibility, an expanded workforce, and a larger client-base, to name a few.

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If You’re Looking For Career Options, Give Government Auditing a Look

Going Concern

Ed. note: This post brought to you by the Big Government Auditing lobby. Just kidding, it’s a guest post from Parker Skaats, CPA, an experienced government worker who’s here to pitch the joys of government work to the unwashed overworked masses. Okay, let’s be real for a second. When you hear “government auditing,” do you picture dull offices with fluorescent lighting, stacks of paper taller than you, and people who still think fax machines are the pinnacle of technology

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You upgrade everything else. Why not your close process?

You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes? It’s time for an upgrade. SkyStem's Guide to Month-End Close Software walks you through what today’s best tools can do (and what your team shouldn’t have to deal with anymore). Get smart, fast, and a whole lot less stressed when it’s time to close the books.

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Future Forward 2023: Transforming Advisory with Real-time AI Insights

Insightful Accountant

RLJ Financial Services' Caleb Jenkins explains the power of real-time AI insights to preempt issues, spot trends and provide invaluable, forward-looking counsel. Make sure you sign up today.

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A Cautionary Tax Planning Tale: Timing and Formalities Are Critical

CPA Practice

By John M. Goralka, Kiplinger Consumer News Service (TNS) This cautionary tale is based upon the recent tax case of Estate of Hoensheid v Commissioner , TC Memo 2023-34. When owners of a company plan to sell their business, there is very often a desire to minimize the resultant income tax. This tax is effectively taxing the increase in the value of the business often earned over many years and decades into a single year.

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Understanding the Impact of Financial Regulation on Accounting

Canopy Accounting

In the ever-changing financial landscape, regulations established by governing bodies are crucial for maintaining stability and integrity. They serve as the foundation of the financial system, ensuring fair practices, transparency, and accountability. These regulations set standards and guidelines for financial institutions and market participants, protecting consumers, preventing fraud, and promoting a level playing field.

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PCAOB proposes to toughen rule for auditor liability for negligence

Accounting Today

The Public Company Accounting Oversight Board issued a proposal to amend its rule for an individual auditor's or audit firm's contributory liability for knowingly or recklessly contributing to violations.

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'Legendary' Sid Kess remembered as a tax expert and so much more

Accounting Today

Sid Kess is remembered by colleagues as both a highly proficient technical expert and a kind, caring human being who took an active interest in others' wellbeing.

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Receive More than $10,000 in Cash at your Business? Here’s What You Must Do

RogerRossmeisl

Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. The requirements Each person who, in the course of operating a trade or business, receives more than $10,000 in cash in one transaction (or two or more related transactions), must file Form 8300.

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AI In Accounting: A Practical Roadmap For Smarter AP

Speaker: Gerald Ratigan

The accounts payable (AP) function is evolving and AI is leading the charge. As finance teams face rising invoice volumes and expectations for speed and accuracy, AI-powered automation has shifted from a futuristic concept to the most practical solution. But for finance leaders, success isn’t just about selecting the right tools, it’s about implementing the right strategy.

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Telecom tax and filing complexities

TaxConnex

Telecommunications companies face tougher problems than most other businesses when trying to comply with federal, state and local tax and regulatory obligations. Most of the taxes that telecom companies contend with are administered by the individual states’ Departments of Revenue (DOR) and local jurisdictions. These taxes go by various names: sales tax, communications services tax, utility users’ tax, local license tax and so on.

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Metrics Matter: Five KPIs for Fintech Startups

BurklandAssociates

Fintech is a diverse sector with KPIs that vary between companies, but these five metrics should matter to wide swaths of the industry. The post Metrics Matter: Five KPIs for Fintech Startups appeared first on Burkland.

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IRS to reduce audits of EITC claimants

Accounting Today

The service said Monday it plans to lower its audit rate of low-income taxpayers, even as some criticize its ability to protect taxpayer information.

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Planning Ahead for 2024: Should Your 401(k) Help Employees with Emergencies?

RogerRossmeisl

The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies. This will be done through what the law calls “pension-linked emergency savings accounts.” Effective for plan years beginning January 1, 2024, SECURE 2.0 permits a plan sponsor to amend its 401(k), 403(b) or government 457(b) plan to offer emergency savings accounts that a

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Stop Budget Burnout: A Better Way to Grow Your Nonprofit in 2026

Speaker: Sean Yoder

Nonprofits are under more pressure than ever to demonstrate financial accountability while continuing to expand their impact. Traditional budgeting models often fall short, reinforcing silos, limiting flexibility, and stalling growth. Enter collaborative budgeting: a dynamic, team-driven process that enables smarter resource allocation and builds financial resilience at scale.

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Xero Beautiful Business Fund: Meet our global judges

Xero

The application period for the Xero Beautiful Business Fund will be wrapping up a few short weeks! To help us select the winners of the 2023 Xero Beautiful Business Fund, we’ve lined up a stellar list of regional and global judges. The judges represent small businesses, accountants and bookkeepers and Xero’s global partners. They will play a key role in evaluating the entries to help our small business winners achieve their ambitions.

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IRS Temporarily Suspends ERC Claims: What You Need to Know

Cherry Bekaert

On September 14, 2023, the Internal Revenue Service (IRS) announced an immediate moratorium on the processing of new Employee Retention Credit (ERC) claims until at least 2024. This pause in processing claims should not deter any employer from determining if it qualifies as an employer eligible to claim the ERC, documenting its eligibility, calculating the credit or filing an amended Form 940X to claim the appropriate credit.

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IRS moratorium on new ERC claims puts spotlight on preparers

Accounting Today

The Internal Revenue Service is encouraging employers to work with qualified tax professionals rather than shady promoters.

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Can You Deduct Student Loan Interest on your Tax Return?

RogerRossmeisl

The federal student loan “pause” came to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you can deduct the interest you pay on your tax return. The answer may be yes, subject to certain limits. The deduction is phased out if your adjusted gross income exceeds certain levels — and they aren’t as high as the income levels for many other deductions.

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Why Tech-Forward Tax and Accounting Firms Have the Inside Track to the Future

Speaker: Joe Wroblewski, Sales Engineer Manager

Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te

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IRS Establishing New Unit to Crack Down on Tax Dodging by Pass-Throughs

CPA Practice

A new work group within the Large Business and International (LB&I) division will be tasked with holding large partnerships and other pass-through businesses accountable to pay the full amount of taxes they owe, the IRS said on Wednesday. The new pass-through unit will include many of the 3,700 agents the IRS is planning to hire in an effort to ramp up tax compliance efforts against high-income earners, complex partnerships, large corporations, and promoters.

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EY Survey: Gen Z Is Broke, Anxious, and Extremely Worried About Everything. We Can’t Blame Them

Going Concern

EY put out a press release on the results of its 2023 Gen Z Segmentation study yesterday and it’s not good. Less than a third (31%) of those born between 1997 and 2007 surveyed feel financially secure, more than half (52%) said they are very or extremely worried about not having enough money. Mind you EY surveyed only 1500 of the 2.56 billion people who make up Gen Z for this particular project.

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IRS sets up unit to focus on tax compliance at pass-throughs

Accounting Today

The service is establishing a group within its Large Business and International division to bolster tax compliance at large partnerships and S corps.

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Chapter 11: How Business Valuators Can Help Companies Reorganize

RogerRossmeisl

Most people equate business bankruptcy with liquidating a company’s assets and using the proceeds to repay creditors. That’s a Chapter 7 filing under the U.S. Bankruptcy Code, but closing shop isn’t a foregone conclusion in bankruptcy. Many companies instead file for Chapter 11 (reorganization) bankruptcy. This option allows a company to continue to operate, with the hope of turning things around.

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Live Demo - Supercharge your Month End Close

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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Mitigating Financial Risks: The Role of Virtual CFO Services in Safeguarding Your Business

IgniteSpot

In a world brimming with uncertainty, businesses are more vulnerable than ever to unforeseen financial risks. These risks can spell disaster if not effectively managed, leading to revenue losses, reputational damage, or even bankruptcy. But with the advent of virtual CFO services, businesses now have a formidable ally in their corner. These services act as a safety net, offering expertise and strategies to safeguard businesses from the volatile tides of financial risks.

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IRS Promises Fewer Audits of EITC Claims

CPA Practice

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) IRS audits raise anxiety for many taxpayers. What can be even more frustrating is when those examinations seem unevenly targeted to taxpayers with lower incomes. That’s been the case with the earned income tax credit (EITC), which has been the subject of recent controversy. (A study released earlier this year found that the IRS audits Black taxpayers at about three to five times higher rates than the agency audits other taxpayers.

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FTC warns prep companies about misusing customer data

Accounting Today

Five tax giants received a shot across the bow from the Federal Trade Commission.

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Keeping the 150 Hour Rule Is Making the Profession’s Diversity Problem More Pronounced

Going Concern

by Sharon Lassar, PhD, CPA (Florida) John J. Gilbert Professor and Director of the School of Accountancy, University of Denver The AICPA announced the formation of a National Pipeline Advisory Group , published an article about its focus on the accounting talent shortage, and scheduled a webinar titled “Special Pipeline Series: Path to 150.” All of this happened after the Center for Audit Quality (CAQ) released its study titled “ Increasing Diversity in the Accounting Profession Pipeline.

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Mid-Year Review: How to Ignite Employee Potential Through Meaningful Feedback

Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.

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Ed Mendlowitz Establishes the Mendlowitz Family Scholarship at Alma Mater Baruch

Withum

Ed Mendlowitz , Emeritus Partner at Withum, is a local and industry legend, having lent his voice and his talents to the accounting world for over 60 years. He is a thought leader, mentor, teacher, professor, writer and philanthropist. Furthering his worldwide impact on the industry, Ed has now established the Mendlowitz Family Scholarship at Baruch College.

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PCAOB Looks to Amend Rule on Auditors’ Liability for Audit Firm Violations

CPA Practice

A proposal issued by the Public Company Accounting Oversight Board (PCAOB) on Tuesday would hold auditors and others more accountable when they negligently, directly, and substantially cause their firm to violate auditing standards. The audit regulator is proposing changes to PCAOB Rule 3502, Responsibility Not to Knowingly or Recklessly Contribute to Violations.

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Helping clients recover from tax scams

Accounting Today

Fraudsters are ever-inventive, and accountants and tax pros need to make sure their clients keep vigilant.

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Now the Profession Is Losing Experienced Accountants Too

Going Concern

Here we are again talking about the accountant shortage. Don’t blame me, blame WSJ. Mark Maurer at Wall Street Journal wrote today about a young man named Omer Khokhar who realized after six years in accounting that he was done. The article title: “Job Security Isn’t Enough to Keep Many Accountants From Quitting.” Ruh-oh. The New York resident found accounting work monotonous, with little room for creativity or growth, and maximum salaries weren’t as high as he would have liked

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Your Accounting Expertise Will Only Get You So Far: What Really Matters

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. If you’re aiming for the summit, the air gets thinner—and what got you here won’t be enough to get you to the top (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level.