Sat.Dec 28, 2024 - Fri.Jan 03, 2025

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So How Did Your 2024 Predictions For the Accounting Profession Work Out?

Going Concern

At the start of last year we ran a little survey asking readers what they thought would be the biggest issues impacting the profession in 2024. And at that time, the talent shortage won out as the biggest of the big issues. By a large margin at that. What will be the biggest issue affecting the profession in 2024? With 2024 now behind us it’s safe to say that the talent shortage, which we’ve come to regard as a b t talking point at this point since firms don’t seem interested i

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Are Your Job Candidates Honest? A Look at Resumé Fraud

RogerRossmeisl

Job applicants must work hard to stand out in a crowded marketplace. For some, that means bending the truth or outright lying about their experience, skills and education. According to a survey performed by resum-writing service StandOut CV, a staggering 64.2% of Americans have lied on their resum at least once. Bad hires can generate direct and indirect costs, including lost productivity, customer dissatisfaction and wasted training time.

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Leveraging Financial Analytics: Turning Data into Actionable Business Strategies

AccountingDepartment

In today's fast-paced business environment, numbers alone won't cut it. It's about transforming those numbers into meaningful insights that can guide strategic decisions and drive growth. Financial analytics offers medium-sized businesses a powerful tool to convert raw data into actionable strategies, giving them a competitive edge. Let's explore how leveraging financial analytics can revolutionize business operations , improve decision-making, and enhance overall efficiency.

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How Inflation Will Affect Your 2024 and 2025 Tax Bills

RogerRossmeisl

Inflation can have a significant impact on federal tax breaks. While recent inflation has come down since its peak in 2022, some tax amounts will still increase for 2025. The IRS recently announced next years inflation-adjusted amounts for several provisions. Here are the highlights. Standard deduction. What does an increased standard deduction mean for you?

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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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IRS seeks feedback on draft 6765 instructions

Accounting Today

The proposed instructions relate to filing for the research credit.

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Art of Accounting: The changes for 2025 that 2024 brought

Accounting Today

Evaluate your accomplishments this year and see how to build on them.

More Trending

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Tech Startup Accounting Insights From A Y Combinator Company

inDinero Tax Tips

When youre building a tech startup, accounting probably doesnt feel very exciting. Who wants to think about spreadsheets when youre busy building or scaling? But, as a Y Combinator funded company and referral partner, weve noticed a pattern: promising startups regularly fail because of poor financial management. In this article, well explore the essentials of tech startup accounting, including best practices, common mistakes, and the accounting software we think will make your life easier.

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Upcoming tax law changes

ThomsonReuters

With the Republican win in the U.S. presidential election , the tax and accounting profession is bracing for the potential tax law changes that now lie ahead as President-elect Donald Trump returns to the White House. Meanwhile, the IRS has outlined several of its planned adjustments for 2025. Jump to IRS adjustments for 2025 401(k) and Roth changes Future of the TCJA Elimination of taxes on Social Security benefits Stay aware of upcoming tax law changes On the campaign trail, Trump floated a w

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Survey opens for 2025 Top 100 Firms and Regional Leaders

Accounting Today

Accounting Today is looking for firms that belong in its prestigious annual rankings of the biggest practices in the field.

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Get Tax Breaks for Energy-Saving Purchases This Year Because They May Disappear

RogerRossmeisl

The Inflation Reduction Act (IRA), enacted in 2022, created several tax credits aimed at promoting clean energy. You may want to take advantage of them before its toolate. On the campaign trail, President-Elect Donald Trump pledged to terminate the law and rescind all unspent funds. Rescinding all or part of the law would require action from Congress and is possible when Republicans take control of both chambers in January.

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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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New Automated 1099 Preparation available in QuickBooks Online

SchoolofBookkeeping

In a recent edition of Intuit's 'In The Know' webinar series, they recapped the latest demonstration on the 1099 enhancements available in QuickBooks Online Payroll. These updates have been designed to significantly streamline the preparation and filing of 1099s, enabling users to complete the process faster and more efficiently. Tiffany Dolan, who authored the recent product update, rejoined the show to walk us through the new enhancements.

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Future sales tax trends

TaxConnex

Every new year brings a ton of developments in all varieties of tax. Sales tax driven by burgeoning eCommerce, dynamic kinds of nexus and a steam of new tech and products that jurisdictions see as lush sources of revenue again has more than its share of trends on tap for 2025. Heres a look at a few. More tax in more states. New sales taxes scored some wins but hardly ran the table on last election day: Voters in plenty of communities said no to new or increased sales taxes in 2025.

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Friday Footnotes: PwC Completes Its Punishment; Hybrid Work Should Stay in 2025; Deloitte Clutters Up the Dark Web | 1.3.25

Going Concern

Psst, take our 2025 Predictions for the Accounting Profession survey. To see 2024 survey results, check out this post. 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.

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When Can You Deduct Business Meals and Entertainment?

RogerRossmeisl

Youre not alone if youre confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in recent years. Lets take a look at what you can deduct in 2024. Current law The Tax Cuts and Jobs Act eliminated deductions for most business-related entertainment expenses. That means, for example, that you cant deduct any part of the cost of taking clients out for a round of golf or to a football game.

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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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Future-Proofing Your Business: Why CFO Support Services Are Essential for Long-Term Success

AccountingDepartment

In an ever-evolving business landscape, anticipating and adapting to future challenges and opportunities is crucial for achieving long-term success. As companies strive to stay ahead, CFO support services have emerged as a vital component in future-proofing business operations. Providing expert financial guidance, strategic planning, and technological integration, these services play a pivotal role in ensuring stability and growth.

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Year-End Donor Follow-Up: How to Engage Your Supporters at the Start of the New Year

GrowthForceBlog

8 min read December 31st, 2024 Every nonprofit leader knows that year-end giving is often the biggest fundraising event of the year. Throughout the holiday season, the spirit of giving is strong, and businesses are also looking for last-minute opportunities to increase their tax write-offs for the year. Key Takeaways Demonstrate Impact: In addition to thanking your donors and including the compliance-required information in your year-end donor acknowledgment, you should also demonstrate the impa

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Top Remote Accountants of the Week | January 2, 2025

Going Concern

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs. Sign up now to view the complete candidate list and connect with potential hires.

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Senior Tax-Saving Alert: Make Charitable Donations from your IRA

RogerRossmeisl

If youve reached age 70, you can make cash donations directly from your IRA to IRS-approved charities. These qualified charitable distributions (QCDs) may help you gain tax advantages. QCD basics QCDs can be made from your traditional IRA(s) free of federal income tax. In contrast, other traditional IRA distributions are wholly or partially taxable, depending on whether youve made nondeductible contributions over the years.

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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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Economic Review December 2024

Churchill-Knight

As we enter 2025, this article provides an overview of the UK’s economic performance in December 2024, focusing on overall growth, markets, retail sales and wages. Please keep reading for more information. Inflation at eight-month high Release of the latest inflation statistics showed consumer prices are now rising at their fastest rate since March 2024, while last month also saw Bank of England (BoE) policymakers become more divided over the need to cut interest rates.

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How Construction Business Owners Can Overcome Digital Hurdles

Randal DeHart

We are witnessing a remarkable transformation driven by Artificial Intelligence (AI) and automation. While these advancements promise to enhance efficiency and speed, business owners must recognize the enduring importance of soft skills in their teams for long-term success and competitiveness. The construction industry has also experienced a significant transformation in recent years, driven by technological advancements.

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Deloitte Confirms That the New Orleans Terror Attack Suspect Was an Employee of the Firm

Going Concern

Well this might be the worst “accountants behaving badly” item we’ve ever written about in the 16 years this website has existed. And believe you me, there have been some bad accountants over all those years. At a little past 3 am on New Year’s Day, a truck barreled into the crowds cruising Bourbon St. in New Orleans and killed 14 people and injured at least 35; the driver died in a shootout with police.

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Don’t Overlook the Cost Approach When Valuing a Private Business

RogerRossmeisl

There are three commonly accepted techniques for valuing a closely held business: the cost (or asset-based) approach, the market approach and the income approach. Valuation professionals routinely consider all three approaches before deciding which is most appropriate for the circumstances or choosing to use a blend of approaches. Some people mistakenly assume that the cost approach will always undervalue a business or business interest.

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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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Burkland’s Top Startup Podcast Episodes of 2024

BurklandAssociates

From inspiring founder stories to valuable insights from investors, these 2024 Startup Success episodes are must-listens. The post Burklands Top Startup Podcast Episodes of 2024 appeared first on Burkland.

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Mastering the Maze of 941 Payroll Tax Problems: How a Tax Firm Can Guide You to Resolution

MyIRSRelief

Understanding and managing payroll taxes, particularly through Form 941, is a critical but often misunderstood part of running a business. This form, which employers must file quarterly, reports withheld income taxes, as well as Social Security and Medicare taxes for employees. Yet, even a minor error in this process can lead to significant financial and legal consequences.

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New crypto regs will generate information deluge

Accounting Today

Experts expect 'scattershot, unhelpful reporting' of crypto assets and transactions for the first few years with the 1099-DA.

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Self-Employment Tax: A Refresher on How it Works

RogerRossmeisl

If you own a growing, unincorporated small business, you may be concerned about high self-employment (SE) tax bills. The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals like you. SE tax basics The maximum 15.3% SE tax rate hits the first $168,600 of your 2024 net SE income. The 15.3% rate is comprised of the 12.4% rate for the Social Security tax component plus the 2.9% rate for the Medicare tax component.

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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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Nine States Cut Individual Income Taxes on Jan. 1

CPA Practice

Seven of the states that are lowering their individual income taxes in 2025 have legislatures that are controlled by Republicans, as well as Republican governors.

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Who Inspires You in the Industry? – Hear From Industry Experts

Ace Cloud Hosting

In the ever-evolving world of accounting and financial services, staying inspired and innovative is essential. Professionals often find motivation from peers, mentors, and thought leaders who push boundaries and redefine.

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AI Thought Leaders : The Singularity

Accounting Today

In this final part of our annual AI Thought Leaders Survey, our experts share what they think of the technological singularity.

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Healthy Savings: How Tax-Smart HSAs Can Benefit your Small Business and Employees

RogerRossmeisl

As a small business owner, managing health care costs for yourself and your employees can be challenging. One effective tool to consider adding is a Health Savings Account (HSA). HSAs offer a range of benefits that can help you save on health care expenses while providing valuable tax advantages. You may already have an HSA. Its a good time to review how these accounts work because the IRS has announced the relevant inflation-adjusted amounts for 2025.

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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.