Sat.Feb 08, 2025 - Fri.Feb 14, 2025

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A bumpy start: Tax season kicks off amid uncertainty all around

Accounting Today

Hiring freezes at the IRS to a potential end to contingency fees have created a complicated start to the year for accountants and tax pros.

Tax 122
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$1,928 is the Average Refund Amount So Far This Tax Season

CPA Practice

Since the start of the 2025 tax filing season on Jan. 27, the IRS has issued 3.23 million refunds with an average refund amount of $1,928 as of Jan. 31, the agency said last week.

Tax 114
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What TF Is Going on With CPA Exam Pass Rates?

Going Concern

Um, what is this? The CPA Exam remains broken. Q4 2024 Pass Rates: Core: FAR – 36.80% AUD – 43.50% REG – 60.40% Discipline (Candidates Choose 1): BAR – 33.70% TCP – 72.20% ISC – 56.40% A few thoughts: The consensus on the new exam was FAR would see higher pass rates as difficult material — Dr. Josh McGowan, CPA (@Jmcgowan3838) February 8, 2025 Full text of Dr.

CPA 87
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The AI Revolution in Tax Firms: Adapting to the Future

Insightful Accountant

The rise of AI agents is poised to fundamentally reshape how tax firms operate and compete. As autonomous AI systems become more sophisticated, firms must prepare for significant changes.

Tax 52
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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You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes?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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By the numbers: E-filing rejections, retaining talent

Accounting Today

The latest data on the most common e-filing rejections, how accounting firms are recruiting and retaining top talent, and other major metrics.

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Bookkeeping Basics for SaaS Companies: Managing Revenue Recognition

Shay CPA

On the surface, bookkeeping might not seem that complicated. A client or customer pays you money, so you record it on your books on the date it was paid. Right? Wrong. Because of the Financial Accounting Standards Boards (FASBs) Accounting Standards Codification (ASC) 606 , its mandated that companies use whats called revenue recognition. This means only putting something on your books as revenue as youve actually earned the money.

More Trending

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Four New Members Added to American Accounting Association Hall of Fame

CPA Practice

This years inductees include David R. Bean, Barry C. Melancon, Terry Shevlin, and Mary T. Washington Wylie (1906-2005). The 2025 inductees represent a diverse group of accounting thought leaders, from practice and academia.

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Is it worth paying voluntary Class 3 NICs?

Inform Accounting

The payment of National Insurance contributions is linked to entitlement to the state pension. If sufficient National Insurance contributions of the right type are paid for a tax year, that year counts as a qualifying year for state pension and benefit purposes.

Tax 52
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The End of Another 1099 Season is Here at AccountingDepartment.com!

AccountingDepartment

It is that time of the year again, tax season. Many businesses dread this time of the year - it's tough. But thankfully, it's not as tough when you have the unrivaled support of AccountingDepartment.com.

Tax 62
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What’s new in Xero – February 2025

Xero

We’re kicking off the new year with some exciting Xero updates designed to address some of the enhancements youve been asking for, and make things more automated to save you time. Keep reading to learn how these enhancements will benefit you and your business. Global: Enhancements to new invoicing [Product Idea ] You’ll love the time-saving enhancements we have made to new invoicing this month.

Tax 96
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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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Howlers, blunders, or manifest errors?

Menzies

Menzies LLP - A leading chartered accountancy firm. Expert Determinations are a form of Alternative Dispute Resolution, typically used where there are technical issues best resolved by a subject matter expert. Quick and flexible, Expert Determinations are usually final and binding on the parties, except in cases where the Expert Determination is shown to contain manifest error or fraud.

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Sales tax and the Navajo Nation

TaxConnex

Online businesses looking to do business on Native American tribal lands in the U.S. should know that sales tax obligations for these sovereign nations and territories resemble those obligations in other areas of the U.S. but can differ in important ways. Areas such as the Navajo Nation have tribal sovereignty; for tax purposes, this means their sales tax laws are separate from the states within which they reside.

Sales 213
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Navigating the Latest Section 174 R&D Capitalization Rules: What Founders Need to Know in 2025

Shay CPA

For early-stage startups, research and development (R&D) is the lifeblood of innovation. Historically, small companies benefited from being able to immediately deduct R&D costs each year. However, legislative changes enacted under the Tax Cuts and Jobs Act (TCJA) of 2017 have altered the playing field. This post explores Section 174 in its current form, common pitfalls for founders, and practical strategies to help you navigate these rules effectivelyeven as legislative uncertainty looms

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Turning cash flow into cash now with Paidnice

Xero

“When my debtor workflow is turned off, people stop paying me almost immediately.” This stark observation from Haley Reyners, founder of My Two Cents Accounting Services , highlights a common challenge facing small businesses. For her accounting and advisory firm, which is based in Northland, New Zealand, having over $60,000 tied up in outstanding invoices wasn’t just a number it was a threat to business sustainability. “I’m the same as any other small business own

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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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Organize Microsoft Teams Chats and Channels With Sections

Withum

Information overload is a challenge for everyone. Im always excited to check out features that will make my life easier and keep things organized. Microsoft Teams channels have long been a critical way to stay productive, and now Microsoft Teams has made one of the biggest changes to the Teams chat UI in recent memory: a combined layout for both channels and chats.

Sales 64
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Your Critical Thinking Skills Might Suffer If You Use Gen AI at Work

Going Concern

Although we haven’t fully decided whether accountants are knowledge workers or manual laborers so long as accountants’ output is predominantly measured in billable hours, this recent paper as reported in 404 Media seems relevant to the sector nonetheless. Emanuel Maiberg writes : A new paper from researchers at Microsoft and Carnegie Mellon University finds that as humans increasingly rely on generative AI in their work, they use less critical thinking, which can result in the deteri

Education 103
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Expert Determinations: Howlers, blunders, or manifest errors?

Menzies

Menzies LLP - A leading chartered accountancy firm. Expert Determinations are a form of Alternative Dispute Resolution, typically used where there are technical issues best resolved by a subject matter expert such as an accountant or valuation expert. Quick and flexible, Expert Determinations are usually final and binding on the parties, except in cases where the Expert Determination is shown to contain manifest error or fraud.

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The ripple effect of Prime Minister Justin Trudeau’s resignation on U.S. accounting professionals

ThomsonReuters

Blog home In a significant turn of events, Prime Minister Justin Trudeau announced his resignation on January 6, 2025 a decision that could have profound implications not just for Canada, but also for its largest trading partner, the United States. For accounting professionals in the U.S., understanding the potential impacts of this political shift is crucial, especially in light of past tensions over tariffs and trade agreements.

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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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New York Set to Adopt Federal Centralized Partnership Audit Regime

Withum

New York plans to align with the federal centralized partnership audit regime as part of Governor Kathy Hochuls fiscal year 2026 budget. The 2026 budget proposal would amend various tax law provisions and introduce a new section, 659-a, detailing how partnerships must report federal changes and pay any resulting tax on behalf of their partners.The proposal aims to clarify New York state reporting requirements since the IRS started its partnership audit initiative in 2018.

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10 Bookkeeping Best Practices Every Business Should Outsource

Basis 365

Keeping your business successful requires well-managed financial records, but taking the time and money to build an accounting team can use up resources you cant spare. If youre finding it difficult to keep up with your bookkeeping but dont want to hire an in-person accounting team, its time to consider alternative solutions! Outsourcing your accounting needs can scale with your business while ensuring accuracy, and its quickly becoming a standard for successful businesses.

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Eliminating Federal Taxes on Tips

Dent Moses

President Donald Trump has proposed a plan to eliminate federal taxes on tips, aiming to increase take-home pay for workers in the hospitality and service industries. This initiative is part of a broader tax reform agenda that includes removing taxes on overtime pay and Social Security benefits. Under current federal law, tips are taxable income, subject to income and payroll taxes.

Tax 52
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Reduce Employee Turnover Rate in Your Skagit County Small Business

SkagitCountyTaxServices

Saving money isnt a good priority in your business. I know, a shocking statement by any means, but especially in our current inflationary reality. But, heres what I mean If were speaking strictly in terms of getting your costs down, it’s understandable why youd prioritize anything that gets you savings. When prices go up, you have to adjust for that.

Tax 57
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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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New 2025 Filing Requirements for PA Nonprofits

Withum

Starting January 2025, due to Pennsylvania Act 122, most domestic and foreign filing associations registered to do business in Pennsylvania are required to file an Annual Report. This report will replace the prior filing, which is required once every 10 years, to confirm the existence of entities that have not made some other type of filing with the Pennsylvania Corporation Bureau during the preceding 10 years.

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Monday Morning Accounting News Brief: It’s TikTok *Tax* Advice, Not Grammar Advice; NABA Gets a New Ally | 2.10.25

Going Concern

Good morning, counterati. It’s Monday again, here is some news for you to start your week. ‘Tis the season to get tax advice from TikTok. p.s. It’s they’re , buddy. Accountants are too stupid to know about this because after all the schooling they just STOP learning! pic.twitter.com/BuMGHJuKx9 — Jessica Smith, EA , not a CPA (@Taxsavvyjessica) February 9, 2025 Something to chew on as both sides argue about fraud and waste: My dad was an auditor with The Indiana Depa

Indiana 52
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Identifying CASS Breaches and Reporting

Menzies

Menzies LLP - A leading chartered accountancy firm. All firms must understand the circumstances within their business models where breaches of CASS can occur and ensure that they have adequate systems and controls in place to identify non-compliance. Firms retain full responsibility for the compliance of the outsourced operational functions this includes any breaches that may occur by a third party.

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Chaser launches integration with Sage 200 to reduce late payments and simplify credit management

Accounting Insight

Chaser, the global leader in debtor management software, has launched an integration with Sage 200, delivering a solution for businesses to simplify accounts receivable processes, reduce late payments, and safeguard revenue. With late payments responsible for 10% of invoices being written off as bad debt (Sage), the integration equips businesses with the tools needed to take control of their receivables and avoid the financial strain caused by overdue payments.

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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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Copilot Updates: Microsoft 365 Copilot Chat Is Now Available

Withum

Microsoft Copilot has an update: Microsoft 365 Copilot Chat is now available! Copilot Chat is free access to Enterprise grade Copilot, giving organizations a taste of Copilot. This version has some limitations but is a great starting point for organizations not ready to get the value from the $30/month Copilot license. Key Features of Microsoft 365 Copilot Chat Web-Grounded Chat with GPT-4o: Microsoft 365 Copilot Chat is powered by GPT-4o , providing a robust and secure AI chat experience.

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Friday Footnotes: Stop Saying There’s a Shortage and Just Admit You’re Cheap, Firms; DOGE Hits the IRS; AICPA Caves on 150 | 2.14.25

Going Concern

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

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How to Use Acterys for Power BI Write-Back

Acterys

When it comes to managing and analyzing your data, staying agile and collaborative is essential. One key enabler for this agility is the ability to write back directly to your data models from within Power BI. Acterys takes this functionality to the next level by allowing users to seamlessly input, update, and manage data in real-time all while working directly in their Power BI dashboards.

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Decoding President Trump’s tariffs: What tax and accounting professionals need to know

ThomsonReuters

Jump to What exactly is a tariff? Reciprocal tariffs The impact of the Trump tariffs Considerations for tax and accounting professionals Moving forward The Trump administration made headlines with its imposition of tariffs on goods from various countries, including China, Mexico, and Canada. These tariffs, essentially taxes on imported goods, sent ripples through the global economy, impacting businesses and consumers alike.

Tax 59
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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.