Going Concern
FEBRUARY 24, 2025
On average 56 minutes a day, or 18 hours a month , according to the 2025 State of AI in Accounting Report by Karbon. Who’s working just 18 days a month? Good for them. Karbon said: On average, accounting professionals save 56 minutes a day (a potential of 18 hours a month) with AI, with over a third (38%) of this time spent on communication tasks like drafting emails and managing correspondence.
CTP
FEBRUARY 24, 2025
The rise of remote work has impacted the majority of industries across the U.S. The Bureau of Labor Statistics found that between 2019 and 2021 the percentage of remote workers rose from less than 17% to over 39% among professional, scientific, and technical servicesincluding tax professionals. Adopting remote working practices comes with both advantages and disadvantages: how can you communicate well across geographies and time zones and make sure the client gets the best product?
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Patriot Software
FEBRUARY 26, 2025
Picture this: You own a small restaurant. One day, you receive an IRS noticeyoure being audited. Do you A) Panic or B) Calmly review your business records? If you know how long to keep business records (and which ones to keep), youll have the supporting documents needed to back up your tax return claims.
Accounting Today
FEBRUARY 26, 2025
Agentic AI represents more than mere automation. It's a paradigm shift that elevates the role of accountants from transactional operators to strategic advisors.
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Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.
Insightful Accountant
FEBRUARY 23, 2025
In this week's QuickBooks Monday Minute, Murph gives you a few simple steps to run multi-period 'packaged' payroll reports from QBO.
CPA Practice
FEBRUARY 24, 2025
If you get paid through Venmo, PayPal, Cash App or another payment app, you may receive an IRS Form 1099-K this year. Here's what you need to know.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
RogerRossmeisl
FEBRUARY 23, 2025
Saving for retirement is a crucial financial goal and a 401(k) plan is one of the most effective tools for achieving it. If your employer offers a 401(k) or Roth 401(k), contributing as much as possible to the plan in 2025 is a smart way to build a considerable nest egg. If youre not already contributing the maximum allowed, consider increasing your contribution in 2025.
Patriot Software
FEBRUARY 27, 2025
One of your first choices as a business owner is your accounting method. Before making a decision, take some time to compare the cash-basis vs. accrual basis methods of accounting. Having to switch from cash-basis to accrual-basis after the fact can be difficult.
Accounting Today
FEBRUARY 27, 2025
Even though things are busy, tax pros can't afford to let their guards down on engagement letters, scope creep, data security and much more.
ThomsonReuters
FEBRUARY 28, 2025
As discussed in my previous post, tax reform is a complex jigsaw puzzle where various groups compete to be heard. As these voices cross paths, the legislative process becomes more convoluted. Nowhere is this seen more than in the constant tug of war between Congress and special interest groups. The influence of special interest groups on tax reform As you can imagine, special interest groups play a significant role in shaping tax reform.
Speaker: Anna Tiomina, MBA
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
RogerRossmeisl
FEBRUARY 23, 2025
According to the U.S. Bureau of Labor Statistics, the unemployment rate continues to be historically low, ranging from 4.0% to 4.3% from May to November of 2024. With todays hiring challenges, business owners should be aware that the Work Opportunity Tax Credit (WOTC) is available to employers that hire workers from targeted groups who face significant barriers to employment.
Withum
FEBRUARY 27, 2025
I retired only a few weeks ago after 25 years as a special agent with IRS Criminal Investigation, and have lost count of the number of texts I received containing news stories about IRS-CI special agents being assigned to conduct immigration enforcement. This, along with reports of reduced funding and staffing , make this an opportune time to remind US taxpayers of the critical work performed by the agencyand is why many professionals with IRS-CI experience see these proposals as shortsighted an
AccountingDepartment
FEBRUARY 27, 2025
When Bench suddenly ceased operations and left thousands of businesses stranded, it reignited an important conversation about the tools we choose to keep our businesses running. Bench was known for its proprietary accounting system, which unfortunately became an obstacle for its clients during the transition. This event underscores an essential lesson for every business owner and entrepreneurchoosing the right accounting system can make or break your operations.
SkagitCountyTaxServices
FEBRUARY 27, 2025
I wont say I told you so, but Im certainly thinking it: Beneficial Ownership Reporting requirements are back on as of last week. In the words of a friend of mine, Youd think they were planning a trip to the Caribbean with the amount of flip-flops were seeing. But you dont have to start scrambling FinCen has extended the filing deadline to March 21st (for most businesses).
Speaker: Joe Wroblewski, Senior Sales Engineer
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
RogerRossmeisl
FEBRUARY 23, 2025
Global merger and acquisition (M&A) volume is expected to surpass $4 trillion in 2025, the highest in four years, according to Reuters. Reasons for the anticipated surge include recent interest rate cuts by the Federal Reserve and GOP promises of fewer regulations and lower taxes for U.S. businesses and their owners. Tariffs if enacted also could spur consolidation in certain industries.
Anders CPA
FEBRUARY 28, 2025
With rare exceptions, the practice of law is a business, and legal services are a product. To improve law firm profitability, think of your firm as a manufacturer. If law firms want to remain sustainable, they must prioritize profitability by balancing production volume and cost efficiency. Making data-driven adjustments can enhance cash flow and profitability, ensuring sustainability for the firm and improved services for clients.
Summit CPA
FEBRUARY 27, 2025
When you first started your business, you were likely focused on just getting as many clients as possible. In the beginning stages, you are just trying to establish yourself and grow a consistent client base. However, as your business expands, you might become aware of a sweet spot: a specific number of clients necessary to cover costs while also putting away enough money to reach business goals.
CTP
FEBRUARY 28, 2025
Technological competence for tax practitioners is receiving increased attention from the IRS. Circular 230, which outlines rules governing those who practice before the IRS, has an entire section on competence. According to this guidance, tax practitioners must have the knowledge, skill, thoroughness, and preparation for any tax engagement they take on.
Speaker: Melissa Hurrington
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
RogerRossmeisl
FEBRUARY 23, 2025
When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from the sale or exchange of certain business property. Business gain and loss tax basics The federal income tax character of gains and losses from selling business assets can fall into three categories: Capital gains and losses.
Randal DeHart
FEBRUARY 28, 2025
Navigating the world of finances can sometimes feel like trying to build a house without a blueprint. Between managing budgets, keeping track of expenses, and ensuring you're compliant with tax regulations, it's easy to feel overwhelmed. That's where your financial dream team comes in! Having the right people by your side can make all the difference in staying organized and achieving your business goals.
Going Concern
FEBRUARY 27, 2025
We received this tip on Twitter yesterday: Hi, There seems to be another round of lay offs in EY, affecting IT folks globally. Affected staff were notified this past Monday, and expected to leave by this Friday. Note the tipster said globally. They added: Global lay off for enterprise technology. This time the layoffs are brutal. Many many IT divisions, Infosec and senior IT leaders affected.
BurklandAssociates
FEBRUARY 25, 2025
Building a scalable Chart of Accounts for your AI startup means aligning standard accounting practices with the unique challenges of a fast-evolving sector. The post Creating a Scalable Chart of Accounts for an AI Startup appeared first on Burkland.
Speaker: Yohan Lobo
In the accounting world, staying ahead means embracing the tools that allow you to work smarter, not harder. Outdated processes and disconnected systems can hold your organization back, but the right technologies can help you streamline operations, boost productivity, and improve client delivery. Dive into the strategies and innovations transforming accounting practices.
RogerRossmeisl
FEBRUARY 23, 2025
According to the Association of Certified Fraud Examiners, when one occupational fraud perpetrator pulls off a scam, the employer suffers a median loss of $75,000. When crooked individuals team up, that median loss rises to $135,000. And when three or more crooks work together to defraud an organization? $329,000. Thats the power of collusion. If such financial consequences werent bad enough, collusion can also destroy a companys reputation.
ThomsonReuters
FEBRUARY 28, 2025
Blog home The IRS published the final Form 6765 and its instructions for the tax year 2024 on February 10, 2025. This form is used to claim the credit for increasing research activities. The IRS is seeking feedback on the form and instructions until June 30, 2025, to ensure that the instructions for tax year 2025 (processing year 2026) are clear and up to date.
Going Concern
FEBRUARY 28, 2025
Welcome to the era of US accounting firms practicing law. KPMG’s request to Arizona to open a law practice there has been granted and they set right to bragging about it in a press release yesterday : Today, KPMG LLP, the U.S. audit, tax, and advisory firm, launched KPMG Law US, a subsidiary of KPMG LLP, marking a milestone as the first law firm owned by a Big Four firm to serve the US market.
CPA Practice
FEBRUARY 26, 2025
Beyond malt, hops, yeast and water, aluminum is a key ingredient in the manufacturing process, used to make the cans for most of the craft beer sold at retail.
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Our 2025 Center Travel Survey is clear: as corporate travel increases, so does corporate credit cards distribution, and a rise in off-platform travel booking. This 61% rise causes various challenges: compliance, spend control, reporting problems, and a lack of visibility across organizations. To evolve with the ever-changing needs of travelers, decision-makers need a better solution.
Accounting Today
FEBRUARY 28, 2025
KPMG Law US, based in Arizona, will deliver legal services powered by artificial intelligence and KPMG Digital Gateway.
Patriot Software
FEBRUARY 28, 2025
Several states require that employers give tax notices to employees regarding their possible eligibility for the Earned Income Tax Credit (EITC, or EIC). The tax notice is typically IRS Notice 797, although you can give alternative notifications. EITC is a benefit for working people who make low to moderate income.
Withum
FEBRUARY 27, 2025
Any suggestions and illustrations in this blog are not intended as financial advice. They are my personal opinions. Last week, when I presented my annual stock market update webinar for the East Brunswick Public Library, I provided a 120-page handout which I want to share with my blog readers. The handout begins with some basic information about why companies sell shares of stock, before moving to an analysis of the last ten years performance of exchange-traded funds (ETF) of eleven S&P 500
CPA Practice
FEBRUARY 28, 2025
Most farmers and fishers who chose to forgo making estimated tax payments by January that they must generally file their 2024 federal income tax return and pay all taxes due by March 3, 2025.
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Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, emails, and shared drives no longer need to slow you down. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.
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