Inform Accounting
DECEMBER 1, 2024
As the holiday season approaches, businesses are not just decking the halls - they’re also closing the books for the year. Here are 12 accounting tips wrapped up in a festive Christmas theme to help you keep your finances as merry and bright as your Christmas tree lights!
Withum
DECEMBER 2, 2024
When it comes to accounting methods, businesses primarily choose between two approaches: cash basis accounting and accrual basis accounting. Understanding the key differences between cash vs. accrual accounting is essential as this decision impacts financial reporting, cash flow management and long-term planning. What Is Cash Basis Accounting? Cash basis accounting is a straightforward method in which revenue and expenses are recorded only when cash is exchanged.
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Insightful Accountant
DECEMBER 1, 2024
Many corporations and limited liability companies must now file a Beneficial Ownership Information (BOI) Report with the U.S. Treasury Financial Crimes Enforcement Network. have you filed yours?
Withum
DECEMBER 4, 2024
The corporate tax rate is currently a flat 21% rate. There is also a 15% corporate alternative minimum tax (CAMT) based on book income for companies with average annual adjusted financial statement income exceeding $1 billion. Limits on Deduction of Business Interest Every business, regardless of its form, is generally subject to a disallowance of a deduction for net interest expense in excess of 30% of its adjusted taxable income (ATI).
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You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes?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.
TaxConnex
DECEMBER 3, 2024
There’s always something changing in the world of tax, especially sales tax. Here’s a review of some of the recent changes and updates. NOMAD news. Will “NOMAD” soon be just a NOD? The five-letter acronym stands for the states without a statewide sales tax – New Hampshire, Oregon, Montana, Alaska and Delaware – and two of those states might be leaving the group sooner than later.
CPA Practice
DECEMBER 2, 2024
The Internal Revenue Service and its Security Summit partners are warning taxpayers to approach their holiday shopping with extra caution because scammers are also shopping – for their next victim’s personal information. The consumer alert kicks off the ninth annual National Tax Security Awareness Week featuring tips for taxpayers and tax professionals to avoid scams and protect their sensitive data.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
CPA Practice
DECEMBER 2, 2024
By Amy Gallagher, Managing Director, UHY. As we move into 2025, accounting firms face a significant challenge: a growing talent gap caused by many experienced CPAs and professionals retiring. The accounting profession’s yawning talent gap has long been a thorn in the industry’s side. However, with an estimated 75 percent of CPAs having hit retirement age by the year 2020, and the number of accounting graduates continuing to trend downwards , the talent challenges the accounting industry is facin
Insightful Accountant
DECEMBER 2, 2024
In a significant development for tax practitioners and their small business clients, the IRS has established new transitional thresholds for Form 1099-K reporting through Notice 2024-85.
Accounting Today
DECEMBER 4, 2024
The most influential people in the field, as chosen by their peers.
ThomsonReuters
DECEMBER 4, 2024
Filing business tax returns is no doubt an intricate process, but with the right workflow, accounting firms can streamline the process, reduce errors, and ensure compliance. By implementing a digital tax workflow that automates repetitive tasks and integrates cloud-based collaboration tools, accounting firms and tax preparers can streamline the entire business tax return process from start to finish.
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.
Accounting Insight
DECEMBER 6, 2024
New data published today from award-winning accounting software provider, iplicit, has revealed that the time it takes to prepare month-end accounts is on the rise. Over half of UK finance decision-makers admit that it takes over a week to prepare and submit month-end accounts (55%). This has risen from 39% in 2023! Even more striking is that almost a third say it takes over two weeks (30%) and 1 in 10 confessed it can take over three weeks (13%).
Xero
DECEMBER 4, 2024
From January 2025, new climate reporting legislation will be introduced. It will require big businesses in Australia to track their carbon emissions and include the results in sustainability reports , which they’ll need to submit alongside their other annual reporting obligations. While this law directly targets businesses with more than 100 employees, the impact will inevitably trickle down to their suppliers, who may need to provide emissions data to them.
CPA Practice
DECEMBER 5, 2024
Top 100 accounting firm Dean Dorton is expanding its specialized forensic accounting and valuation services for clients after bringing aboard Shilts CPA, a forensic accounting and valuation firm based in Jacksonville, FL, on Dec. 1. Financial terms of the deal weren’t disclosed. Josh Shilts, founder and CEO of Shilts CPA, is now a director in Dean Dorton’s Valuation and Forensic Services practice.
ThomsonReuters
DECEMBER 2, 2024
← Blog home At a high level, SAS 145 brings with it refinements to risk assessment standards in audits, reinforcing the need for vigilance and critical thinking. While it does not change the confirmation requirements, it prompts auditors to re-examine inherent risk factors closely, particularly for areas like cash and cash equivalents, where fraud can be more prevalent.
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.
Going Concern
DECEMBER 5, 2024
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.
inDinero Tax Tips
DECEMBER 4, 2024
Founders usually know how much runway they have, but may not be budgeting for their startup with an explicit system. While this can work for a time, investors want to see clear, data-backed strategies for how their money will be or is being used to deliver returns. This guide will walk you through the essential steps to develop a budget that supports growth and helps make a strong business case for prospective investors.
CPA Practice
DECEMBER 3, 2024
UHY is getting an injection of private equity funding from Boston-based investment firm Summit Partners, calling it a significant milestone in its growth and strategic development, the top 30 accounting firm said on Dec. 3. Financial terms of the deal weren’t disclosed. With this deal, more than 35% of the top 30 accounting firms in the U.S. by revenue have sold stakes in their firms—many a controlling stake and some a minority stake —to private equity investors.
ThomsonReuters
DECEMBER 5, 2024
As a tax and accounting professional, you understand tax research and staying current with new developments can be time-consuming, especially in todays ever-changing legislative and regulatory environment. In fact, state legislatures have found that keeping pace with the changes and complexity of tax laws continues to be a top concern for most CPA firms.
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
Xero
DECEMBER 4, 2024
We’re excited to share some new apps in the Xero App Store : Caseware and Wagepoint. These apps bring key capabilities into the Xero platform, to simplify your year-end workflows, payroll and compliance. It’s all part of our work to make life better for people in small business and their advisors across Canada. Complete year-end compliance work faster with Caseware Caseware is a Canadian-born, global provider of audit, financial reporting and data analytics solutions for accountants and bookkeep
inDinero Tax Tips
DECEMBER 2, 2024
This article is a primer for founders without finance backgrounds who want a sense of what should be on their minds when developing a financial plan for their SaaS startup. There are plenty of free spreadsheet templates online, but without an understanding of how or why to customize them, they aren’t particularly useful. It’s like the difference between copying someone else’s homework and doing it yourself.
CPA Practice
DECEMBER 6, 2024
Brian Tankersley, CPA, and Randy Johnston provide a recap of the 2024 CCH Connections user conference. Watch the video, or listen to the audio podcast below (transcript below): Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.) Brian F. Tankersley, CPA.CITP, CGMA 00:00 Welcome to the accounting Technology Lab, sponsored by CPA practice advisor, with your hosts, Randy Johnston and Brian Tankersley.
ThomsonReuters
DECEMBER 2, 2024
The U.S. Department of Labor (DOL) is currently reviewing a recent decision made by a federal court judge in Texas, which overturned the increased salary thresholds for overtime exemptions. This review is being conducted in collaboration with the U.S. Department of Justice (DOJ), according to a DOL spokesperson. In April 2024, a final rule was issued to update the Fair Labor Standards Act’s (FLSA) overtime exemptions for executive, administrative, and professional (EAP) employees.
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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
Canopy Accounting
DECEMBER 4, 2024
Streamlining your workflow isn’t just about saving time—it’s about eliminating the frustration of repetitive, labor-intensive tasks that can weigh us down as accountants. But knowing when to use each tool can be the difference between smooth operations and a tangled mess. Liz Scott , an accounting technology trainer, breaks down the differences between Client Requests and Client Email Templates in Canopy and when to use each for maximum efficiency.
Going Concern
DECEMBER 3, 2024
Multiple sources are reporting that the King’s EY is looking at axing about 150 people in consulting, 3% of that service line and 1% of the overall workforce. Bloomberg Law said the cuts are “another sign of a weak consulting market that lately has affected big accounting firms globally” but with how long this excuse has been going, it’s really starting to feel like firms are just bad at managing their headcounts and making money.
CPA Practice
DECEMBER 5, 2024
Following the November presidential election, CPA business leaders have a much more positive outlook about the U.S. economy and their own organizations for the next 12 months, according to the fourth-quarter AICPA & CIMA Economic Outlook Survey. The quarterly survey includes 273 qualified responses from CPAs and Chartered Global Management Accountants (CGMAs) who hold leadership positions, such as CFO or controller, in their companies.
Withum
DECEMBER 5, 2024
In government contracting, understanding the various types of indirect cost rates used for pricing and billing is crucial. Why? By establishing indirect rates, contractors are equipped to calculate the total cost of contract performance. Additionally, federal contractors are also able to determine how much of their indirect costs (G&A, overhead, etc.) can be recovered.
Advertiser: Paycor
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DMCL
DECEMBER 3, 2024
DMCL is thrilled to share that Donna Branston , our Entertainment Accounting and Business Management Partner, was recently featured in CPABC’s Backstage Pass , a podcast exploring the unique stories of CPAs working in entertainment. In her interview, Donna sheds light on the dynamic world of entertainment accounting, the challenges faced by artists and creatives, and how her work at DMCL helps clients navigate the complexities of this exciting industry.
Menzies
DECEMBER 3, 2024
Menzies LLP - A leading chartered accountancy firm. A finance manual is a comprehensive file that documents a business’ internal financial processes and policies. It serves as a guide for staff to ensure consistency, compliance, and efficiency in financial operations. A finance manual may also be requested by investors, buyers, and board members to support making business/finance decisions.
CPA Practice
DECEMBER 6, 2024
Staff report Audit firms have room to improve when it comes to creating cultures of accountability that promote audit quality, according to a new staff Spotlight report from the Public Company Accounting Oversight Board (PCAOB). The report, released on Dec. 5, is based on an in-depth PCAOB staff review of culture at audit firms, including more than 150 interviews with partners at the largest U.S. audit firms.
Withum
DECEMBER 6, 2024
On November 21, 2024, Judge Reed OConnor of the U.S. District Court for the Northern District of Texas vacated the recently adopted Rules 3a5-4 and 3a44-2 (collectively, the Dealer Rule) of the Securities Exchange Act of 1934, as amended (Exchange Act). The court determined that the Securities and Exchange Commission (SEC) exceeded its statutory authority in adopting the Dealer Rule, describing it as untethered from the text, history, and structure of the [Exchange] Act.
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.
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