Going Concern
JULY 17, 2024
INSIDE Public Accounting is due to release their Top 500 list soon and in the meantime, they’ve asked a very important question: Will 2024 show another big boost in compensation? Here they’ve compared compensation for equity and non-equity partners, managing partners, and professional staff at non-Big 4 IPA 100 firms for 2023 against 2019.
CPA Practice
JULY 16, 2024
By Davis Bell. In business, as in life, change is the only true constant. From mitigating unprecedented business disruptors to adapting to new operational paradigms, professionals in all industries find themselves dealing with major changes — many of them driven by emerging technologies. [Go to Part II of this two-part series.] Accounting is no exception.
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Accounting Today
JULY 16, 2024
Accounting firms and vendors alike have stressed the importance of having a "human in the loop" to oversee AI. Just who are these humans and what do they do?
Going Concern
JULY 15, 2024
Thomson Reuters has another survey to share with the world and that’s the 2024 Audit Survey Report from the TR Institute. Like the State of Tax Professionals and Future of Professionals reports, it gives us a birds eye view of the issues these segments are facing and what they’re doing to address them. It’s 2024 so of course generative AI comes up a lot.
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
BurklandAssociates
JULY 16, 2024
Investing in employee retention makes financial sense and builds a foundation for sustained success and growth. The post Employee Retention Strategies for Startups: Keeping Your Best Talent Engaged appeared first on Burkland.
RogerRossmeisl
JULY 15, 2024
For many businesses, such as retailers, manufacturers and contractors, strict inventory control is central to operations. If you don’t track inventory accurately, you can’t effectively produce goods, meet customer demand and realize profits. Let’s say you’re performing a year-end inventory count and you come up short. Have you miscounted or have the items been misplaced?
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Accounting Today
JULY 16, 2024
The role of the internal auditor is expected to change drastically in the decade to come, according to a new report by the Institute of Internal Auditors.
CPA Practice
JULY 15, 2024
Advice making the rounds on social media touting a “self-employment tax credit” as a way for self-employed and gig workers to receive big payments for the COVID-19 pandemic period is a new problem the IRS is dealing with because no such tax credit exists. In a consumer alert issued on Monday, the IRS said bad advice circulating on social media about the non-existent “self-employment tax credit” is misleading taxpayers into filing false claims.
TaxConnex
JULY 18, 2024
Maintaining compliance documentation is crucial for businesses to ensure smooth and successful audits. Proper documentation allows auditors to interpret and verify your financial transactions accurately. Unfortunately, many businesses find themselves unprepared when faced with an audit, lacking the necessary documentation. This can lead to auditors assuming transactions are taxable, or making historical projections or arbitrary assessments of taxable sales.
RogerRossmeisl
JULY 17, 2024
July 15 Employers should deposit Social Security, Medicare and withheld income taxes for June if the monthly deposit rule applies. They should also deposit non-payroll withheld income tax for June if the monthly deposit rule applies. July 31 Report income tax withholding and FICA taxes for second quarter 2024 (Form 941) and pay any tax due. (See the exception below, under “August 12.
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Accounting Today
JULY 18, 2024
The top state takes in $7,200 in tax per capita.
CPA Practice
JULY 16, 2024
Chicago-based RSM US brought in $4 billion in revenue during the firm’s most recent fiscal year, with consulting driving business growth, according to its FY 2024 Impact Report. The firm reached the $4 billion mark after a nearly 8% increase in revenue in FY 2024, up from $3.7 billion in FY 2023. “We have made significant progress during the last year in our journey to become an even more compelling, digital and global organization committed to leading the middle market into the future,” Brian B
TaxConnex
JULY 16, 2024
Knowing when and where you have sales tax obligations is a key part of compliance. And understanding your taxability – especially if you don’t sell just tangible personal property (TPP) – is key to getting the right sales tax rates on transactions. Tax mapping helps you determine how items are taxed in a jurisdiction. Anything not tagged to a tax code in mapping is taxed as TTP, which may not be the best or correct sales tax rate.
RogerRossmeisl
JULY 17, 2024
Whether your company acquires businesses that own real estate or you invest in real estate directly, fraud poses an ever-present threat. Buying and selling real estate is complicated, and it’s relatively easy for crooks to manipulate the process. To help mitigate real estate fraud threats, thorough due diligence is essential. Staying current on common schemes and red flags also may enable you to identify risky transactions before you put down any money. 5 schemes First, be aware of these five co
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Accounting Today
JULY 18, 2024
The Treasury Department and the Internal Revenue Service issued final regulations Thursday to update the rules for required minimum distributions.
Acterys
JULY 17, 2024
We are beyond thrilled to announce the release of Acterys’ latest version, 24.1. The launch of Acterys 24.1 heralds a transformative era in business intelligence and planning, blending the power of AI with the robust functionality of Power BI. This release marks a significant milestone, embodying our commitment to revolutionizing enterprise planning through cutting-edge technology, all underpinned by our strategic partnership with Microsoft.
CPA Practice
JULY 17, 2024
By Ali Donaldson, Inc. (TNS) Where have all the accountants gone? Between 1990 and 2021, the number of people sitting for the Certified Public Accountant exam plunged by almost 50 percent , according to the Association of International Certified Professional Accountants. With fewer young people entering the profession and an increasing number of baby boomers, who account for three-quarters of CPAs, heading for retirement, a Bloomberg analysis of data from the Bureau of Labor Statistics found th
RogerRossmeisl
JULY 17, 2024
Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections. Our current situation The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made sweeping changes. Many of its provisions are set to expire on December 31, 2025. With this date getting closer each day, you may wonder how your federal tax bill will be affected in 2026.
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.
Accounting Today
JULY 16, 2024
Accounting is an industry wedded to traditional techniques, so leveraging new technology will require a cultural shift within the organization.
Going Concern
JULY 16, 2024
I’d like the record to reflect that this is not my idea. Comment left on “ What’s your hot take for the next 5 years in the field of Accounting? “ I wasn’t able to find any information on the average cost of those extra 30 units, probably because it varies so much so instead let me drop two relevant links. You all are welcome to tell us how much you paid for your 30 units in the comments (or by email ).
CPA Practice
JULY 16, 2024
The American Institute of CPAs and the National Association of State Boards of Accountancy have expanded international testing availability of the U.S. CPA Exam to the Republic of the Philippines. Passing the Uniform CPA Examination is a prerequisite to becoming a licensed Certified Public Accountant (CPA) in the United States. With the increasing globalization of business, many people who live abroad are interested in obtaining the U.S. professional designation.
RogerRossmeisl
JULY 15, 2024
With school out, you might be hiring your child to work at your company. In addition to giving your son or daughter some business knowledge, you and your child could reap some tax advantages. Benefits for your child There are special tax breaks for hiring your offspring if you operate your business as one of the following: A sole proprietorship, A partnership owned by both spouses, A single-member LLC that’s treated as a sole proprietorship for tax purposes, or An LLC that’s treated as a partner
Speaker: Kim Beynon, CPA, CGMA, PMP
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
Accounting Today
JULY 16, 2024
The Big Four firm netted the most new SEC audit clients in the first quarter, followed closely by Deloitte.
Going Concern
JULY 19, 2024
RSM has released its FY24 Impact Report and we just have to recognize how much work they put into making this thing pretty. Not that we read most of it of course. The parts we do read look nice and the excessive animations are snazzy. Does anyone know if they have in-house graphic designers or are they shopping this thing out to an agency? Just curious.
CPA Practice
JULY 15, 2024
Results from the latest Vision report from the Institutie of Internal Audits and the Internal Audit Foundation, based on feedback from more than 7,000 practitioners and stakeholders around the world, lay bare the extent to which technological change will continue to impact the internal audit profession. The results of the “Internal Audit: Vision 2035 – Creating Our Future Together ” report underscore the need for internal audit practitioners to expand the scope of their services and embrace emer
RogerRossmeisl
JULY 15, 2024
Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people don’t fully understand the Social Security tax they pay. If you’re an employee If you’re an employee, your wages are hit with the 12.4% Social Security tax up to the annual wage ceiling. Half of the Social Security tax bill (6.2%) is withheld from your paychecks.
Speaker: Mark Gilham, FCCA, CPP
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
Accounting Today
JULY 18, 2024
The RSM network made five strategic acquisitions in Europe, including specialist audit and consulting firms in Austria, Denmark and France, plus a prestigious law firm in Spain.
Going Concern
JULY 18, 2024
In an opinion piece published in Fortune on July 17 , former IRS commish Chuck Rettig recognizes that his former employer was wise to put a moratorium on processing fraud-plagued Employee Retention Credit (ERC) claims but says the IRS should process the less shady ones in the meantime. The work of identifying the risk level of individual claims has apparently already been done so at this point they know which bunch are most likely to be legit.
CPA Practice
JULY 16, 2024
The American Institute of CPAs has submitted a request to the Department of the Treasury and the Internal Revenue Service (IRS) to clarify the instructions of Form 4626, Alternative Minimum Tax—Corporations , to allow corporations already identified as “applicable corporations” to skip Part V of the form. The current filing requirement to complete Part V represents a substantial compliance and administrative burden for taxpayers, and the information included in Part V does not appear to provide
RogerRossmeisl
JULY 15, 2024
Do you invest in mutual funds or are you interested in putting some money into them? If so, you’re part of a large group. According to the Investment Company Institute, 116 million individual U.S. investors owned mutual funds in 2023. But despite their widespread use, the tax rules involved in selling mutual fund shares can be complex. Review the basic rules Let’s say you sell appreciated mutual fund shares that you’ve owned for more than one year.
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