2023

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IRS: Collection Notices Are Coming Back in 2024

CPA Practice

The IRS has hit the restart button on sending out automated collection notices, ending a two-year hiatus because of the COVID-19 pandemic, the agency said on Tuesday. Because automated collection notices were paused during that two-year span, the IRS also said today it will be providing about $1 billion in penalty relief to approximately 4.7 million individuals, businesses, and tax-exempt organizations that weren’t sent collection reminders about their overdue taxes during the pandemic.

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Younger accountants more likely to leave employers

Accounting Today

Young accounting and finance professionals have been seeing the highest turnover over the past two years and are most likely to leave their current jobs over the next year, according to a new report.

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Accountants on Why They’re Leaving: ‘The Hours Are Long and Unreasonable, Compensation Is Low’

Going Concern

“The number-one trend is that the candidate is in complete control…because the unemployment rate is lower in accounting and finance than it’s ever been.” That’s a quote from a Robert Half recruiter in the Talent Retention in the U.S. Accounting and Finance Profession study released a few days ago, a collab between IMA and Robert Half (and about two dozen research partners, mostly state societies).

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What can ChatGPT do for accountants?

Accounting Insight

A lot has been written about OpenAI’s unveiling of ChatGPT. It’s garnered a very excited response. To summarise, it’s a chatbot. By responding to prompts, it can answer questions, create stories, and it remembers its previous responses. Its core function is to mimic a human conversation. What separates it from other chatbots is the absurd amount of data behind it – 300 billion words’ worth.

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You upgrade everything else. Why not your close process?

You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes?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.

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Shortage of Accountants? Think Again.

CPA Practice

By Andrew Argue, CPA. People are nervous. College graduates with accounting degrees , CPA exam takers , new entrants to the accounting workforce —all these metrics and our experience make us feel there’s a lack of interest in our industry. You can sense the collective anxiety brewing: Is our industry running low on accounting talent? It’s not just the macro stats causing concern.

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How firms can prioritize accountants’ mental health in the workplace

ThomsonReuters

Working in the tax and accounting industry can be a stressful job. With long hours, tight deadlines, and pressure to deliver results, it can be hard to achieve a work-life balance. That’s why it’s important for both tax and accounting professionals and their firms to take steps to protect their mental health. With Mental Health Month upon us, this is a good time to think about strategies to ensure that your teams maintain a healthy work-life balance.

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More Trending

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IRS Releases Long-Awaited ERC Voluntary Settlement Program

Withum

On December 21, 2023, the IRS released details about its second settlement initiative relating to the employee retention credit (ERC). See IR-2023-247 , Announcement 2024-3 , general information , and FAQs. The IRS previously released a withdrawal option on October 19, 2023, for taxpayers who either did not receive their ERC checks or did not cash them.

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Firms look at ways to attract young people to accounting

Accounting Today

Accounting firms need to pay more to bring young people into the profession, as starting salaries are still lagging compared to other fields, and they have to make other changes in how the job is structured.

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96% of Accountants Think Automation is Essential for Profession

CPA Practice

A new study on how accounting professionals feel about their profession, job satisfaction, and automation has found that, while they are overwhelmingly positive about the profession, there is a clear need for more automation. This is an opportunity for firms to provide better client and employee experiences and to gain a competitive advantage. These results were part of the study, “Automation: Putting Accountants on the Right Path,” which was commissioned by ShareFile , a business unit of Cloud

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Plan Now for Year-End Gifts with the Gift Tax Annual Exclusion

RogerRossmeisl

The holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or gift tax. The exclusion amount for 2023 is $17,000. The exclusion covers gifts you make to each recipient each year.

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AI In Accounting: A Practical Roadmap For Smarter AP

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.

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2024: What’s coming up in sales tax

TaxConnex

The new year will no doubt be another active one in sales tax. Let’s look at a few of the likeliest developments. Weaker state revenue The kind of year it’s going to be for state coffers could greatly influence such future sales tax trends as new levies, tougher nexus thresholds and intensifying audits. If so, watch out for 2024. “With more fiscal data coming in, the long-term health of state budgets looks murky,” writes analyst Lucy Dadayan on the site of the Tax Policy Center.

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How to Calculate Burn Rate at Your Startup

BurklandAssociates

Tracking your monthly burn rate helps ensure you don’t run out of cash runway while investing in your startup’s growth. The post How to Calculate Burn Rate at Your Startup appeared first on Burkland.

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Microsoft Excel vs. Power BI: Time to Make the Switch?

Acterys

From startups to multinationals, Microsoft Excel is at the core of countless organization’s reporting and financial planning and analysis (FP&A). IDC reveals that 64% of businesses still lean on spreadsheets for their financial operations. Excel’s appeal lies in its simplicity and cost-effectiveness, but it’s not without limitations.

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How a continuous close leads to more accurate forecasting, better time management, and more.

Airbase

The COVID-19 pandemic, an economic slowdown, more restricted access to capital — for many organizations, the last few years have been marked by quick pivots and continual re-forecasting. This uncertainty and fast pace of change have laid bare the limitations of the traditional monthly close. Fast responses demand accurate and up-to-date data. As a result, more and more finance teams now realize the advantages of a continuous close, sometimes called a “rolling close.

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Stop Budget Burnout: A Better Way to Grow Your Nonprofit in 2026

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.

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Changes to Lease Accounting Rules (ASC 842)

SMBAccountant

New rules are going into effect for lease accounting which may change how small businesses who follow Generally Accepted Accounting Principles (GAAP) think about and reporting leases. Under the old rules, financial reporting requirements were determined based on whether a contract was considered a capital or operating lease. Capital leases were leases of equipment or large assets.

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IRS Letter 1058 (LT11): Your Help Guide to Understanding and Responding

MyIRSRelief

I have to start by stating that this “Final Notice notice of intent to levy and notice of your rights to a hearing, please respond immediately” is one of the most important and urgent IRS notice a taxpayer may receive, and although it is so important as it would lead to levying your bank accounts, paychecks etc., many taxpayers unintentionally ignore it.

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Layoff Watch ’23: The KPMG Workforce is Shrinking By About 5% (UPDATED)

Going Concern

Stock photo of KPMG office in London. Look, the logo is the same ok. Rumors have been buzzing for a few weeks now that KPMG would be making some cuts, the most notable of these buzzes an extra buzzy post on Reddit suggesting an incoming RIF. This morning (Monday), all-hands calls started appearing in people’s calendars and, well, you know what happens after that.

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A sneak peek into what’s next for reports in Xero

Xero

Our team hit the ground running in 2023, introducing a number of exciting features to new reports that we know you’ve been waiting for — including the addition of foreign currency to new reports. Here are some of the highlights and a sneak peek into what’s coming next. Don’t forget, the older versions of our reports will be retired on 31 July 2023. We urge you to start using new reports now , so you have plenty of time to get used to them before the older versions are retired.

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Why Tech-Forward Tax and Accounting Firms Have the Inside Track to the Future

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

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CFOs should embrace digital transformation or risk irrelevance

Accounting Today

In an ever-shifting global landscape full of economic uncertainties, the traditional role of chief financial officers is undergoing a seismic evolution.

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Single Women More Likely to Buy a Home than Single Men

CPA Practice

By Michael E. Kanell – The Atlanta Journal-Constitution (via TNS). Mary Woods has a career with erratic schedules and unpredictable paychecks, but she saved money and kept her credit score high so she could buy a house on her own. The purchase was a priority, said Woods, 43, a production worker in the film industry who has been in her DeKalb County, Georgia, home for nearly two years, glad for friendly neighbors, the options for walking her dogs and the proximity to urban amenities.

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Tax Consequences of Employer-Provided Life Insurance

RogerRossmeisl

If your employer provides life insurance, you probably find it to be a desirable fringe benefit. However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications. You’re taxed on income you didn’t receive The first $50,000 of group term life insurance coverage that your employer provides is excluded from taxable income and doesn’t add anything to your income tax bill.

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How to Correct Previous Non-Compliance with Sales & Use Tax

TaxConnex

It’s the end of the year and as we all start to think about our New Year’s resolutions, it’s also a good time to start thinking about correcting any sales tax missteps your business may be facing. Maybe you’ve just figured out that you have nexus and were non-compliant without realizing it, or maybe you’ve been rolling the dice and crossing your fingers you won’t get audited but your liability is growing and you’re ready to make a change – no matter your situation, if you have established nexus,

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Mid-Year Review: How to Ignite Employee Potential Through Meaningful Feedback

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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R&D Tax Credit and Section 174 Update for Startups

BurklandAssociates

The IRS recently provided new interim guidance around expense categories, contract research, and foreign R&D activities. The post R&D Tax Credit and Section 174 Update for Startups appeared first on Burkland.

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The Benefits of Combining FP&A and Power BI

Acterys

Financial planning and analysis (FP&A) teams are critical for a business’ strategic foresight and its ability to navigate evolving market conditions. These teams are essential in parsing business performance data and crafting informed strategies. However, outdated systems and manual workflows can hinder their effectiveness, leading to issues with data access, accuracy and responsiveness.

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Will there be a recession? How spend management improves agility in the face of uncertainty.

Airbase

“Those who have knowledge don’t predict. Those who predict don’t have knowledge.” — Lao Tzu Predictions about the state of the economy are notoriously difficult. In fact, one study by the International Monetary Fund concluded that economists are uniformly unsuccessful at predicting recessions. In the words of Prakash Loungani, one of the study’s authors, “the failure of economists to forecast recessions is virtually unblemished.

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1099-NEC guidelines for business owners

SMBAccountant

When a new vendor or subcontractor provides a service to your business for the first time, it is important to request a W-9 from them as soon as possible. By doing so, you will be able to confirm the vendors mailing information and EIN (Employer Identification Number) which is needed for 1099-NEC tax filings. Tax form 1099-NEC is the IRS form used by businesses to report payments made to independent contractors, subcontractors, freelancers, sole proprietors and self-employed individuals for serv

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Your Accounting Expertise Will Only Get You So Far: What Really Matters

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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Tax Problems and how to resolve them – IRS-FTB-EDD-CDTFA

MyIRSRelief

Tax problems can be a nightmare for individuals and businesses. It can cause stress, anxiety, and even serious seizure issues if not handled correctly. Tax audits, unpaid back taxes, and unfiled tax returns are just some of the most common tax-related issues that can arise. While dealing with these problems on your own can be overwhelming, hiring a professional tax firm can provide you with a peace of mind and efficient resolution.

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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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What We’re ERC’ing With the Employee Retention Credit

Withum

As we begin 2023, we are still seeing many businesses that have not yet claimed the employee retention credit (“ERC”) , and the potential benefit of this credit has attracted many inexperienced service providers making exaggerated promises in exchange for outsize contingency fees. In fact, these service providers have become so prevalent that the IRS, in a relatively unprecedented move, released a warning to taxpayers to be wary of third parties advising them to claim the ERC when they do not qu

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IRS requires business to start e-filing Form 8300 in 2024

Accounting Today

The Internal Revenue Service is telling companies they will need to start electronically filing their forms reporting cash payments over $10,000, starting Jan. 1, 2024.

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How To Overcome Change Fatigue In Finance With Neuroscience-Backed Strategies

Speaker: Kim Beynon, CPA, CGMA, PMP

The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.