Sat.May 20, 2023 - Fri.May 26, 2023

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Why Are Accountants Quitting?

Canopy Accounting

The accounting profession has always been challenging and demanding, requiring much time, dedication, and attention to detail. However, in recent years, there has been a growing trend of accountants quitting their jobs and leaving the industry altogether. And there are fewer students graduating with accounting degrees. This trend is concerning for firms, clients, and the industry as a whole.

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Why CFOs Love Outsourced Accounting Services

Basis 365

As the business world becomes increasingly fast-paced and complex, CFOs (Chief Financial Officers) always seek ways to maximize efficiency and cut waste. One solution that many CFOs are turning to is outsourcing their company's accounting and accounting tasks. In this blog post, we will discuss why CFOs love outsourced accounting services and the many benefits that they provide.

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Trending Sources

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The Future Is Decentralized: Web 3.0 Valuations and the Rise of Blockchain Technology

Withum

Within the vast and quickly changing world of internet technology, some of the most recent conversations include a discussion of Web 3.0, including crypto, NFTs (Non-Fungible Tokens), the metaverse and blockchain. So, what exactly is Web 3.0, and how will it impact the internet and the valuation of startup companies operating in Web 3.0? To answer this question, we begin with a survey of Web 1.0 and 2.0.

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Avoiding holiday pay headaches this summer

Accounting Insight

Hello to the holiday season. Easter and the Coronation are behind us but a further bank holiday looms in coming weeks, alongside the hottest months of the year, when a lot of employees chose to take their annual leave. Everyone, including payroll and accountancy professionals, love to take a break. But unfortunately holiday pay is often one of the most time-consuming and headache-inducing parts of running a business’ books.

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Live Demo: How to Achieve Reconciliation Zen

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

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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ChatGPT Can Pass the CPA Exam But Here’s What It Can’t Do (Yet)

Going Concern

If the headlines are to be believed, humanity is mere months away from being enslaved by artificial intelligence or, at the very least, being permanently unemployed (cue sounds of the Going Concern audience celebrating here). You may have seen clickbait articles about entire marketing departments being turfed in favor of ChatGPT (we never liked the people in marketing anyway!

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Podcast: The changing face of tax and its emerging trends

Menzies

Menzies LLP - A leading chartered accountancy firm. Jonathan Bass , Partner, Matthew Watkins , Director, and Stephen Hemmings , Partner at Menzies, discuss recent tax announcements made in the Spring Statement, covering the changes that are underway, in areas such as R&D and tax disputes. The podcast will discuss what the changes could mean for you and your clients, as well as discussing HMRC’s increased scrutiny, and the range of options that are available to you to deal with HMRC.

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Modernizing Dated Systems: What the IRS Can Learn from the Latvian Government

CPA Practice

By Adam Goran. What comes to mind when you think of the IRS, or the International Revenue Service, in America? Most people think about taxes and tax season—and the piles of paperwork and forms that coincide. But what if the IRS was more digitized? Well, they’re trying to do just that. Last month, the IRS put out a news release stating they are trying to become a “digital first” organization.

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What are the Important Financial Records for Startups to Keep?

BurklandAssociates

Maintaining accurate and complete financial records is critical for compliance, business intelligence, and investor due diligence. The post What are the Important Financial Records for Startups to Keep? appeared first on Burkland.

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Financial Performance and Financial Reporting

Insightful Accountant

B2B CFO's Don King continues his multi-arc series on explaining why mastering these areas will help management monitor their financial performance and identify areas for improvement—among other things.

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What is an IRS CP14 notice? Options for balance due for unpaid taxes

MyIRSRelief

What is an IRS CP14 notice? An IRS CP14 notice is a letter sent to taxpayers who owe money to the IRS. The notice will state the amount of tax due, as well as interest and penalties. The IRS will also provide instructions on how to pay the amount due. What does the IRS CP14 notice look like? The IRS CP14 notice is a white letter with a blue header. The letter will be addressed to the taxpayer and will include the taxpayer’s Social Security number or taxpayer identification number.

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New DOL Final Overtime Rules: Quickstart Guide for Employers

There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.

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10 steps to manage your sales tax obligations

TaxConnex

Sales tax is complex for businesses of all sizes. If you are a business with customers in multiple states, your scope and risk grows in accordance with the number of states and the sales tax complexities in those states. Sales tax obligations begin with whether you have nexus in a state or other locality. Nexus today largely stems from two main factors – a physical presence or economic presence.

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Deloitte Risk Advisory Associate Director Who Praised Hitler on LinkedIn No Longer Works at Deloitte

Going Concern

Ed. note: this article’s headline has been changed as we don’t actually know if he got fired or not. Neerabh Mehrotra, formerly Associate Director at Deloitte India, has been let go after he gushed over Adolf Hitler’s charisma, intelligence, and confidence on LinkedIn. The post: Text transcription, courtesy Google Lens: Friday Inspiration Recently I picked up a book on Adolf Hitler “The Dark Charisma of Adolf Hitler” by Laurence Rees.

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How to Be Prepared for an ERC Audit

CPA Practice

The IRS has announced that it’s “open season” on false claims for the Employee Retention Credit (ERC). It is stepping up efforts to audit employers as aggressive promoters continue to make a pitch for fraudulent refunds (IR-203-40, 3/7/23). This type of scheme was recently included on the IRS’ list of the Dirty Dozen tax scams to watch out for in 2023.

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Professional tax help Chicago: Taxpayers Facing Tax Audits, Back Taxes, and 941 Payroll Tax Problems

MyIRSRelief

Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. The process of resolving tax issues can be overwhelming and stressful for taxpayers, and seeking professional (EA, CPA, Lawyer) tax help can be a wise decision. In this article, we will explore the benefits of professional tax help for Chicago taxpayers facing tax audits, back taxes, and 941 payroll tax problems.

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Planning Your Restaurant's Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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Loopholes and other odd sales tax rules, part 2

TaxConnex

Last time we looked at a sample of the strange sales tax laws regarding food, including a sliced bagel in New York. If only that was the only complex category concerning sales tax. Take diapers. Almost half the states have stopped sales tax on diapers, but these baby products still, despite frequent efforts at repeal, incur sales tax in Maine, Ohio, Michigan, New Mexico, Nebraska, Washington and Nevada.

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Dialysis Litigation Continues After Supreme Court Ruling

ThomsonReuters

DaVita Inc. v. Marietta Mem’l Hosp. Emp. Health Benefit Plan, 2023 WL 3452353 (S.D. Ohio 2023) A federal trial court has decided the latest installment of a case in which a large dialysis provider sued a group health plan and its TPA for classifying all dialysis providers as “out-of-network,” resulting in a lower reimbursement rate for them than for providers of other medical services.

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AICPA Endorses Legislation to Simplify Tax Filing Extension Process

CPA Practice

The American Institute of CPAs (AICPA) has endorsed bipartisan legislation introduced by Representatives Judy Chu (D-CA) and Mike Carey (R-OH) to simplify the tax filing extension process. The Simplify Automatic Filing Extensions (SAFE) Act of 2023 would assist the Internal Revenue Service (IRS) with receiving extensions earlier in the year, providing taxpayers, CPAs and the IRS with a streamlined process and reducing the need for many penalty abatement requests.

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What is an IRS CP14 notice? Help options for balance due for unpaid taxes

MyIRSRelief

What is an IRS CP14 notice? An IRS CP14 notice is a letter sent to taxpayers who owe money to the IRS. The notice will state the amount of tax due, as well as interest and penalties. The IRS will also provide instructions on how to pay the amount due. What does the IRS CP14 notice look like? The IRS CP14 notice is a white letter with a blue header. The letter will be addressed to the taxpayer and will include the taxpayer’s Social Security number or taxpayer identification number.

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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

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Custom Workflows Enhanced in QBO-Advanced

Insightful Accountant

Intuit has significantly enhanced the custom workflow feature within QuickBooks Online Advanced. Murph shows why the new workflows are easier and better than ever.

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AICPA Council Approves 12-Point Plan to Do F*ck All to Solve the Accountant Shortage

Going Concern

Last week, the AICPA released a revised pipeline acceleration plan , the goal of which is to get more young people into accounting to save the profession from extinction. To save you a click, I’m putting it here. At its spring meeting in Washington this week, the AICPA’s governing body (“Council”) approved this plan. Yay. Cue measured fanfare.

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How to Be Prepared for an ERC Audit

CPA Practice

The IRS has announced that it’s “open season” on false claims for the Employee Retention Credit (ERC). It is stepping up efforts to audit employers as aggressive promoters continue to make a pitch for fraudulent refunds (IR-203-40, 3/7/23). This type of scheme was recently included on the IRS’ list of the Dirty Dozen tax scams to watch out for in 2023.

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Key Performance Indicators for Service-Based Businesses

Basis 365

Service-based businesses , such as management consulting firms, marketing agencies, or PR firms, rely on performance metrics to gauge their success. Key Performance Indicators (KPIs) are essential tools that service-based businesses can use to measure their performance, track progress toward goals, and identify areas for improvement. This blog post will discuss some of the most critical KPIs for service-based businesses and explain why outsourcing accounting services is the best option to manage

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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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FloQast Introduces Compliance Management Solution

Insightful Accountant

The solution integrates controls capture directly into financial close and other processes, reducing complexity, costs and compliance implementation and maintenance efforts.

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Highlights from this year’s Xerocon Sydney agenda

Xero

In just a few months, we’re heading back to Sydney’s iconic Darling Harbour for Xerocon 2023! On 23 and 24 August, we’re bringing our partner community together from across the globe for two inspiring days. So what can you expect? As the world’s most beautiful and innovative conference for cloud accounting leaders, this is your opportunity to see world-class speakers and entertainers, hear thought-provoking updates from Xero’s leadership team, and take home practical learnings from the Xero show

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Supreme Court Says the IRS Can Secretly Obtain Your Bank Records

CPA Practice

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) The IRS has scored a win at the U.S. Supreme Court. Last Thursday, the court released its ruling in Polselli v. IRS , involving whether the agency can access bank records of a taxpayer’s relatives or associates—without notice—to help with tax collection efforts. The Supreme Court’s answer is yes.

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EY’s Landlord Didn’t Pay the Mortgage on the Downtown LA Office Building

Going Concern

Before we get into the situation, please note the issue discussed here is not EY’s fault. Rather, the office tower bearing the firm’s name at 725 South Figueroa Street in downtown Los Angeles has entered receivership after asset management company Brookfield stopped making payments on its debt in April. Commercial real estate firm Colliers has taken control of the 41 stories high, 968,184 square-foot office tower and issued a news release : Colliers is pleased to announce it has been

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

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Hoops for Hope Raises $13,010 for Missouri Veterans Endeavor

Anders CPA

Over 670 brackets were created during the 35th annual Anders Hoops for Hope March Madness-style bracket tournament supporting Missouri Veteran’s Endeavor (MOVE-STL). As the firm’s 2023 Charity of Choice, members of MOVE-STL joined Anders for a celebration luncheon where the final amount raised during Hoops for Hope was unveiled and a check for $13,010 was presented.

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QuickBooks Connect Returning to Las Vegas in 2023

Insightful Accountant

Intuit has set November 13 thru 15 as the dates for the 2023 QuickBooks Connect event. The Aria Las Vegas will once again be 'conference central' for the event.

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New Jersey Considers Tax Cuts for Seniors and Businesses

CPA Practice

By Brent Johnson, Derek Hall – nj.com (via TNS). New Jersey’s top two state lawmakers gave an indication Monday that tax cuts — one proposed for seniors, another already planned for large corporations — are likely to be a big focus, and possibly spark a big fight, in the final weeks of state budget negotiations. State Assembly Speaker Craig Coughlin , D-Middlesex, proposed a plan to “effectively cut” property taxes in half for all people 65 and older who live in the Garden State.

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Accounting Technologies: The 2023 Annual Guide

Ryan Lazanis

Here is my complete guide to emerging accounting technologies for 2023. In this guide, you’ll learn about the top accounting technology in the profession along with some tips and tricks on how to leverage them. So if you’re looking to leverage software to automate your accounting work, you’ll love this guide. Let’s go! Table of Contents Cloud Computing Artificial Intelligence & Machine Learning Optical Character Recognition Robotic Process Automation Blockchain Big Data The Metaverse Mobile

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.