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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You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes?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.
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.
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.
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.
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.
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
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.
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.
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.
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.
Withum
FEBRUARY 27, 2025
In a tradition stretching back more than three decades, the Florida Institute of Certified Public Accountants (FICPA) held its annual liaison meeting with the states Department of Revenue (DOR). The days agenda covered a wide range of topics including general tax administration, artificial intelligence tools, technical assistance and an update from general counsel.
ThomsonReuters
FEBRUARY 28, 2025
Tariffs, a critical part of international trade, have helped shape economies and have been the cause of many disputes over the years. Well take a deep dive into what tariffs are, how they work, and who pays them. Well also discuss the current tariff landscape in the U.S., including recent trade tensions, and how to communicate the impacts of tariffs to clients and stakeholders.
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.
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
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).
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
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.
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.
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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
ThomsonReuters
FEBRUARY 23, 2025
Complexity and disruption those are the keywords when describing global trade and supply chain management in 2025, according to Thomson Reuters 2024 Global Trade Survey Report. The report is based on responses from upper-level trade professionals in North America, the European Union, the United Kingdom, Latin America, and Asia Pacific. Each of the 2024 surveys top themes is related to complexity and disruption in some way, with disruption in the supply chain being the primary concern for respo
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.
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.
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.
Advertiser: Paycor
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.
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.
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.
Withum
FEBRUARY 27, 2025
The House took the first step toward federal tax reform by approving a budget resolution on February 25, 2025, that would require $2 trillion in overall spending cuts over the next decade. This resolution aims to help pay for $4.5 trillion in tax cuts as an extension of President Trumps 2017 tax cuts is set to expire this year. The House budget resolution will now move to the Senate for approval.
Going Concern
FEBRUARY 28, 2025
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.
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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