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By Arianna Campbell. With another busy season in the rearview mirror, many firms are looking ahead to next year. What went well this busy season? What could use some improvement? Now is the time to make changes to your technology and processes that will set you up for success in 2025 and beyond. To help you identify these opportunities, we’ve identified five trends for process improvement that leaders in the accounting profession should be aware of to ensure their firms remain at the forefront.
320%. That’s how much the number of non-equity partners at INSIDE Public Accounting Top 100 firms — excluding Big 4 — has grown over the past 15 years. Equity partners at these firms, however, have grown only 85% in that same time period. The IPA Top 100 minus Big 4 starts at RSM with $3.7 billion in revenue and ends with a Wayne, PA firm called Global Tax Management with $48.8 million.
By Melissa Angell, Inc. (TNS) Small businesses still vying for pandemic-era employee retention credits they haven’t received could have another course of action to nab their money sooner. A provision in the tax code allows taxpayers who have filed refund claims to sue the Internal Revenue Service if they have not heard from the agency within six months, or their claim was denied and they believe it to be legitimate.
The Internal Revenue Service is targeting the use of basis shifting between related parties as a way for partnerships to avoid paying taxes, setting up a new unit within the Office of Chief Counsel to develop guidance aimed at closing tax loopholes.
The office of the CFO is rapidly evolving, with more and more demands being placed upon the finance and accounting team each year. Join us in this webinar, where we share 8 things to NOT do when it comes to helping the CFO office advance in supporting the business. Learning Objectives: This course objective is to understand how best to support an organization's finance leadership.
Accounting is facing a major issue: a shortage of 340,000 accountants. It’s not just public accounting firms experiencing the talent crunch, even Fortune 500 companies are, as errors in earnings reports have shaken investor confidence. Electric truck maker Rivian mistakenly reported a 147% increase in deliveries in Q4, when this figure actually pertained to the annual increase, not just the quarter.
There’s something in the air and it isn’t ripe armpits in the audit room. The natives are restless pic.twitter.com/F21X8uzzI3 — Going Concern (@going_concern) June 12, 2024 Lifted from Reddit here. This isn’t about one particular firm — though individual firms are doing a great job shattering trust among their own people in recent weeks (see: PwC , GT ) — rather, it’s about how all of this looks to students, people in the first few years of their career,
Vince Golle Bloomberg News (TNS) U.S. mortgage rates declined below 7% last week for the first time since March, spurring back-to-back increases in financing applications for home purchases. The contract rate on a 30-year fixed mortgage decreased 8 basis points to 6.94% in the week ended June 14, according to Mortgage Bankers Association data released Wednesday.
The IRS is turning to AI to help select tax returns for audits, aiming to narrow the tax gap. A recent GAO report emphasizes the need for consistent and transparent use of this technology.
Six years ago this Friday, the U.S. Supreme Court decided, narrowly, to complicate life for online sellers. In the landmark 2018 case South Dakota v. Wayfair, Inc. et al, the Court determined that an out-of-state seller could establish “nexus” through just economic activity. (Nexus is an economic presence that triggers the obligation to collect and remit tax or at least communicate with appropriate states.
Speaker: Dylan Secrest, Founder of Alamo Innovation and Construction Digital Transformation Consultant
Construction payment workflows are notoriously complex when you consider juggling multiple stakeholders, compliance requirements, and evolving project scopes. Delays in approvals or misaligned data between budgets, lien waivers, and pay applications can grind progress to a halt. The good news? It doesn't have to be this way! Join expert Dylan Secrest to discover how leading contractors are turning payment chaos into clarity using digital workflows, integrated systems, and automation strategies.
Businesses need to be equipped to handle whatever uncertainties the future may bring, from market shifts to technological changes and regulatory updates. That’s where a scenario planning template comes in handy. These templates are invaluable for businesses looking to map out potential future scenarios and develop strategies to handle them effectively.
From valuation to term sheet to exit strategy alignment, a startup’s Series A round involves careful consideration of several critical factors. The post The Startup Founder’s Guide to Evaluating a Series A Round appeared first on Burkland.
In accounting world the key to success is attracting and retaining clients. Effective accounting marketing strategies can enhance visibility and build healthy client relationships, helping firms build long-term success in.
The unpredictable nature of digital assets stands out as both a defining characteristic and a significant challenge for investors and accounting professionals alike.
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.
Canton, OH Patriot Software’s founder and former CEO, Mike Kappel has introduced that Kyle Dreger is the new CEO of Patriot Software, effective immediately.
By Sandi Smith Leyva. AI tools like ChatGPT can be used to streamline financial statement analysis and other client accounting service tasks. Here’s an example of what it can do with an income statement. An important reminder is that your data needs to be anonymized before entering it into any generative AI application. This means stripping out the company name and any other identifying information.
Many dealerships’ operations were brought to a halt due to the second cyberattack on CDK Global software and its impact is still being felt today. “Late in the evening of June 19, we experienced an additional cyber incident and proactively shut down most of our systems,” CDK said in a statement per CNN. CDK provides over 15,000 dealerships software to support dealer operations.
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.
CliftonLarsonAllen announced today that for the second year in a row, a group of high school students aged 16-18 will be joining the usual college interns at the firm this summer. And yes, they’re getting paid. CLA’s high school intern class of 69 people will be working across 14 offices: Baltimore, Charlotte, Chicago, Des Moines, Indianapolis, Philadelphia, Milwaukee, Minneapolis, Nashville, Phoenix, Boston, Seattle, Tampa, and Toledo.
By Jim Wesloh U.S. government contracts account for over $700 billion annually , a significant portion of which hinges on the ability for contractors to “establish and maintain an acceptable accounting system” which includes “timekeeping” and “labor distribution.” Failure to maintain an acceptable accounting system may result in the withholding of payments from the government to a contractor.
In the construction industry, unexpected challenges can arise at any moment. Numerous factors, from material delays to unforeseen weather conditions, can disrupt project timelines and budgets. From terrorism to fire, from extreme weather or earthquakes to cyber-attacks – how would your business cope if it was affected? Would your staff know what to do?
The Internal Revenue Service plans to begin slowly paying some of its older claims for the fraud-plagued Employee Retention Credit this summer but is not lifting its moratorium.
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.
Earlier this year we communicated that we’ll be retiring the older version of our invoicing product – classic invoicing – on 2 September 2024. You may have questions about this change, so we thought we’d answer a few of the most common ones people have been asking. Does new invoicing support repeating invoices? Yes, new invoicing supports repeating invoices.
Competition for top talent is tough across all sectors. This is particularly true in finance, given the number of opportunities for recent graduates, spanning fintech, wealth management, accounting and financial analysis. Here’s a snapshot of 2024 finance graduates and some strategies on how to attract the best talent. Finance graduate job market trends Even though traditional careers in finance like analysts and advisors are always in high demand, the graduate job market in this profession is u
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
Contributor: Nick Cousino, Senior Manager A new South Carolina tax credit that encourages private parties to expand the state’s ever-growing trail system went into effect May 13. South Carolina taxpayers who encumber their property with a perpetual recreational trail easement and right-of-way are allowed a one-time income tax credit equal to ten cents for each square foot of the property that is encumbered by the recreational trail easement.
In Notice 2024-55 (PDF) issued on June 20, 2024, the Internal Revenue Service is providing guidance on exceptions to the additional tax incurred when taxpayers with tax-deferred retirement accounts take an early permissible retirement plan distribution for emergency personal expenses, and for victims of domestic abuse. This was added by the SECURE 2.0 Act of 2022, and the provisions became effective on January 1, 2024.
The National Pipeline Advisory Group's recommendations cover a wide range of ways to attract more people to the profession, and Jennifer Wilson walks us through what everyone can do to help.
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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