CPA Practice

JANUARY 20, 2025

The pace of change in the accounting industry will never slow down, and technology will continue to be a primary driver of that change.

accounted 122

accounted Account accountant 122

Insightful Accountant

JANUARY 20, 2025

The current landscape presents a prime opportunity for launching your own tax practice, with retiring baby boomer CPAs creating market gaps and technology reducing startup costs.

cpas 101

cpas Tax 101

RogerRossmeisl

JANUARY 21, 2025

Business valuation experts often rely on prospective financial statements when applying the discounted cash flow (DCF) method to value a private business interest. However, when management prepares financial projections for another purpose such as a loan application repurposing them to estimate fair market value for litigation purposes may raise a red flag.

New York 264

New York financial statements CPA 264

AccountingDepartment

JANUARY 21, 2025

Financial reporting has always been a critical pillar of effective business management. It's the roadmap that guides decisions, uncovers opportunities, and highlights risks. However, in a fast-evolving economic landscape, relying solely on monthly reports or quarterly financial statements is slowly becoming obsolete.

Gaming 116

Gaming financial statements quickbooks accounted 116

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Accounting Today

JANUARY 21, 2025

Affected taxpayers now have until Oct. 15 to file and pay their taxes, matching the federal relief from the IRS.

California 105

California Tax 105

BurklandAssociates

JANUARY 21, 2025

Accurate accounting for R&D expenses is critical for compliance and can have significant tax benefits as well as financial reporting and operational implications. The post Accounting for R&D Costs in a Biotech Startup: Why Its Important to Get it Right appeared first on Burkland.

accounted 147

accounted Account accountant Tax 147

Accounting Today

JANUARY 22, 2025

Charles Hoffman believes the accounting industry is poised for a major shift toward machine-understandable artifacts and semantic knowledge graphs.

accounted 68

accounted Account accountant accounting software 68

Reckon

JANUARY 22, 2025

Its a new year for businesses across Australia, and you may be looking to jump-start the engine that once ran smoothly in 2024. With 12 months ahead of you, the best way to get underway is through proper planning with a roadmap. For any roadmap, it is important to have clear and achievable goals for your business, with key dates and goals that will motivate you for the year ahead.

payroll 52

payroll income tax bookkeeping Sales 52

Accounting Today

JANUARY 22, 2025

More states are expected to simplify their sales tax laws and leverage artificial intelligence for doing tax audits, according to a new report from Avalara.

Tax 121

Tax audit Sales 121

Mark Lee

JANUARY 21, 2025

A recent conversation with cybersecurity expert Francis West prompted me to revisit a previous discussion here about the risks of cybercrime affecting accountants in practice. Given the evolving threat landscape, I asked him to highlight the current challenges and solutions we need to keep in mind. Francis has been involved in the technology sector for over thirty years, providing IT and cybersecurity solutions to a range of industries, including finance, recruitment, and legal.

accounted 52

accounted Account accountant accounting firms 52

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.

Account

Withum

JANUARY 21, 2025

Let’s examine the withholding requirements for 401(k) plan distributions. Distribution Withholding Requirements A participant may receive a distribution from their vested account balance when one of the following below occurs: Participant reaches the age of 59 The participant dies, becomes disabled, or terminates employment The Plan terminates and no successor defined contribution plan is established or is maintained by the Plan Sponsor The participant has a financial hardship and the Plan

income tax 52

income tax Tax accounted Account 52

TaxConnex

JANUARY 21, 2025

An exemption certificate is one of the most useful tools that your online company has for sales tax. This little piece of paper is used to exempt an otherwise taxable transaction from sales tax. The overall concept is that the end user incurs sales tax and that all sales of tangible personal property are taxable unless specifically enumerated, usually in legislation.

Non-Profits 147

Non-Profits auditor Hospitality Sales 147

RogerRossmeisl

JANUARY 21, 2025

Understanding how to deduct transportation costs could significantly reduce the tax burden on your small business. You and your employees likely incur various local transportation expenses each year, and they have tax implications. Lets start by defining local transportation. It refers to travel when you arent away from your tax home long enough to require sleep or rest.

Transportation 255

Transportation business tax Tax Maine 255

CTP

JANUARY 22, 2025

Rising health care costs are becoming a financial obstacle for many retirees. The Fidelity Retiree Health Care Cost Estimate found that the average 65-year-old retiree will need about $165,000 to cover their total health care expenses. What if you could save for these necessary expenses and lower your tax liability at the same time? Many taxpayers may be eligible for savings vessels, such as health savings accounts (HSAs), flexible spending accounts (FSAs), and health reimbursement arrangements

Tax 52

Tax Expense Reimbursements Non-Profits corporation tax 52

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.

accounting and finance

Withum

JANUARY 21, 2025

The updated guidance in Chapter 8 of the American Institute of Certified Public Accountants (AICPA) Accounting and Valuation Guide: Valuation of Privately-Held-Company Equity Securities Issued as Compensation, outlines a framework for using primary and secondary transactions in company securities to assess their impact on estimating the fair value of equity for stock-based compensation.

Sales 75

Sales public accounting accounted accountant 75

Xero

JANUARY 22, 2025

While its often referred to as self assessment season we know in reality most of you spend 10 months of the year preparing for the 31 January deadline. However, theres always that last minute rush of chasing missing data from clients which makes January a stressful time. We recently teamed up with Accounting Web to put together a special report with some helpful tips for making self assessment season less stressful and more efficient.

bookkeeping 56

bookkeeping Tax accounted Account 56

ThomsonReuters

JANUARY 23, 2025

Jump to 5 ways AI can reduce stress this tax season Understanding the long-term value of AI Implementing AI amidst the hustle and bustle of tax season Tax season is a notoriously stressful period for tax and accounting professionals. The surge in workload, tight deadlines, and client demands create a challenging environment, to say the least. However, the integration of AI-powered tax technology can change all that, offering immediate and transformational benefits that can positively impact you

Tax 52

Tax Technology tax preparation accounted 52

CTP

JANUARY 22, 2025

Saving for retirement is one arena where tax planners can provide value to their clients. Even your financially savvy clients may not be aware of the strategies they can use to increase the amount of money available during retirement and decrease the amount lost to taxes. One underutilized strategy is to leverage health care savings tools. According to the Fidelity Retiree Health Care Cost Estimate, the average 65-year-old will need about $165,000 to cover health care expenses during retirement.

Tax 89

Tax Expense Reimbursements Non-Profits accounted 89

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

Tax

Withum

JANUARY 21, 2025

A retirement plan may allow participants to access their accounts while still employed via a hardship distribution when there is an immediate and heavy financial need, whether it was incurred deliberately or unintentionally. Immediate and heavy financial need would include any of the following listed below: Medical care expenses for the employee, the employees spouse, dependents or beneficiary Tuition and related educational fees and room and board expenses for the next 12 months of postsecondar

income tax 52

income tax Education Tax accounted 52

Shay CPA

JANUARY 22, 2025

Running any business comes with a small mountain of paperwork. Theres all the documentation you need to file at founding. You need to manage your annual filings with the IRS and applicable state tax authorities. You need to periodically renew registrations, licenses, etc. And now, to top it all off, businesses might have another piece of paperwork to deal with: the beneficial ownership information (BOI) filing.

Texas 52

Texas Legal Alabama CPA 52

ThomsonReuters

JANUARY 21, 2025

Blog home In the ever-evolving landscape of auditing, the integration of artificial intelligence (AI) has emerged as a transformative force. AI-powered risk identification tools are revolutionizing the audit process, enhancing efficiency, accuracy, and overall effectiveness. Mercadien , a leading accounting and advisory firm, has experienced firsthand the benefits of AI-powered risk identification tools.

audit 52

audit Gaming auditor Technology 52

Dent Moses

JANUARY 21, 2025

There seems to be a great deal of confusion about the required minimum distributions from inherited IRAs. A wide variety of factual situations can occur, making a simple explanation impossible. The following chart attempts to summarize the new rules for inherited IRA distributions. Due to confusion, the IRS has provided relief for beneficiaries who inherited IRAs between 2020 and 2025.

accounted 52

accounted Account accountant Tax 52

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Account

Going Concern

JANUARY 22, 2025

On Monday, President Trump signed an executive order freezing federal hiring for federal civilian positions vacant as of noon on January 20, 2025. The freeze applies to all executive departments and agencies regardless of their sources of operational and programmatic funding. While broadly covering everything except the military, immigration enforcement, national security and public safety, the order contained an interesting call-out of the IRS specifically: Within 90 days of the date of this me

Government 105

Government Education Tax accounted 105

Basis 365

JANUARY 19, 2025

Every business owner knows that running a company is a lot more complicated than it looks on the outside, and often a major culprit for these complications are financial mishaps. To mitigate this, every company, regardless of its size, needs a reliable and efficient accounting team to handle bookkeeping, financial reporting, payroll, and more. But when it comes to assembling this team, business owners face a crucial decision: hire an in-house accounting staff or outsource to a professional accou

bookkeeping 52

bookkeeping accounting firms payroll accounting and finance 52

RogerRossmeisl

JANUARY 21, 2025

Medicare health insurance premiums can add up to big bucks especially if youre upper-income, married, and you and your spouse both pay premiums. Read on to understand how taxes fit in. Premiums for Part B coverage Medicare Part B coverage is commonly called Medicare medical insurance. Part B mainly covers doctors visits and outpatient services. Eligible individuals must pay monthly premiums for this benefit.

Tax 264

Tax Maine CPA 264

Withum

JANUARY 20, 2025

Employment taxes are always scrutinized by the IRS and state taxing authorities, particularly in the healthcare industry. Audit issues include reclassification of workers from independent contractor to employee; an individual receiving both a Form W-2 and Form 1099 in the same calendar year; incorrect employment tax forms preparation; the failure to issue Forms 1099; and general non-compliance with Form W-9 record-keeping.

Healthcare 78

Healthcare Tax accounts payable audit 78

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Going Concern

JANUARY 21, 2025

We knew it was only a matter of time before someone filed a class action lawsuit against BDO USA for all that ESOP stuff. Pretty much ever since the secret partner meeting happened back in 2023 we’ve heard from countless current and former partners saying “Gee I wish someone would sue the s**t out of BDO” (paraphrasing) for everything related to BDO’s deal with Apollo and the ESOP.

Massachusetts 71

Massachusetts accounting and finance Government Finance 71

Xero

JANUARY 22, 2025

As 2024 came to a close, Xero surveyed small business owners to find out how they were feeling, what was driving their positive or negative outlook, and how recent interest rate cuts had impacted their business. 1 As Xero’s economist, Ive reviewed the results and dusted off my crystal ball to bring you my thoughts on what your business is likely to be facing in 2025 and how you can prepare.

bookkeeping 82

bookkeeping Sales Government accounted 82

LSLCPAs

JANUARY 22, 2025

Local governments face financial risks every day, from overreliance on a single industry to unexpected natural disasters. These risks, often hidden in plain sight, have long lacked formal disclosure requirementsuntil now. GASB 102: Certain Risk Disclosures is the latest initiative from the Governmental Accounting Standards Board (GASB) to bring transparency to these vulnerabilities.

cpas 52

cpas accounting standards Government accounted 52

Withum

JANUARY 22, 2025

On January 6, 2025, the Pension Benefit Guaranty Corporation issued Technical Update 25-1, lending guidance on the timing of premium payments for all 2025 Plan Years. Per Section 502 of the Bipartisan Budget Act of 2015 , the premium filing due date for all plans is the 15 th day of the ninth calendar month that begins on or after the first day of the plan year.

69

69

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.

Account