May, 2024

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Growing Your Business With a New Partner: Here Are Some Tax Considerations

RogerRossmeisl

There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to the business. Assume that your basis in your partnership interests is sufficient so that the decrease in your portions of the partnership’s liabilities because of the new partner’s entry won’t reduce your basis

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Sales Tax Updates: What’s new in sales tax for April?

TaxConnex

There’s always something changing in the world of tax, especially sales tax. Here’s a review of some of the recent changes and updates. Leveling the field. A bill that would raise the online sales tax in Alabama is progressing with state lawmakers. The current Alabama sales tax is 8% for online purchases, the same as for purchases at the state’s brick-and-mortar stores.

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IRS warns of new tax scams spread by social media

Accounting Today

The Internal Revenue Service cautioned consumers to beware of inaccurate advice which prompted thousands of taxpayers to file overblown claims and held up their refunds.

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Did the Anti-150 Hour Crowd Finally Beat the AICPA Into Submission? Looks That Way

Going Concern

Stephen Foley at Financial Times wrote something today that may be of interest to high school freshmen bound for the CPA track one day, an article that suggests the AICPA is giving up the fight to save 150 hours. The leaders of the US accounting profession have signaled they could cut the education requirements for becoming an accountant, amid growing alarm about a shortage of new recruits.

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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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The Future of AI: How Finance Leaders Will Guide its Adoption

CPA Practice

By Eli Gill. We’re in the midst of a revolution in the AI space. Splashy public models like OpenAI and ChatGPT are in the spotlight, bringing AI into focus where it has previously been considered a non-essential function. The move from classical AI models to advanced generative AI promises a rapid and continuing evolution that has profound implications for businesses.

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Brian Bender Named 40 Under 40 by Alexandria Chamber of Commerce

Withum

Withum is excited to share that Brian Bender , Partner and Team Leader of Withum’s Trade Associations and Membership Organizations Team, was named a 40 Under 40 Honoree by the Alexandria Chamber of Commerce. Brian has over 20 years of experience serving trade associations, membership organizations, social clubs, foundations, charities, and numerous other nonprofit entities that include complex consolidations with for-profit subsidiary companies and political action committees.

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Future Forward Starts Tomorrow

Insightful Accountant

Day 1 of Future Forward begins tomorrow, May 21, 2024 at 11:00 AM Eastern-daylight-savings Time. It a power packed day of education that can impact your clients and your practice.

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New CTA BOI FAQs clarify reporting requirements, database access

Accounting Today

The landscape of Corporate Transparency Act beneficial ownership information reporting continues to evolve, and accountants and others who advise their small business clients need to stay ahead of the curve.

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Accountants Will Go Extinct in the Next Decade, Says Guy

Going Concern

Sad? Sad prediction: AI and offshoring are going to wreck the accounting profession in the next decade. Combine that with the pain every company has with this function and it’s a recipe for economic disaster. — Michael Girdley (@girdley) May 14, 2024 There are two types of people: those who don’t find this sad (only accountants fall into this category) and those outside of the profession who think bookkeepers and payroll clerks (RIP) are what make up “the accounting profession.

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Barry Melancon to Retire from AICPA

CPA Practice

Barry Melancon, CPA, CGMA, has announced that he will to retire on December 31, 2024, from his role as president and CEO of the American Institute of CPAs and CEO of the Association of International Certified Professional Accountants. Combined, the two organizations comprise the world’s largest membership of public and management accountants. Melancon has served in this role for 30 years.

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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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What You Need to Know About the DEA’s Plan to Reschedule Cannabis – A Focus on Taxation

Withum

In a landmark move, the Drug Enforcement Administration (DEA) announced on April 30, 2024, that it will initiate the process of rescheduling cannabis from Schedule I to Schedule III under the Controlled Substances Act (CSA), effectively recognizing its medical value and opening the door for more research and legal access. The decision comes after years of pressure from advocates, lawmakers, and scientists who have argued that the current classification of cannabis as a highly dangerous, addictiv

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Virginia Pass-Through Entity Tax Updates

Cherry Bekaert

In the most recent episode of Cherry Bekaert’s Tax Services podcast, we focus on the Virginia pass-through entity tax (PTET) election. Join Cathie Shaw , partner at Cherry Bekaert, and Tony Konkol , State and Local Tax Manager, as they navigate the intricacies of this important topic. The Virginia PTET election is a crucial consideration for businesses operating in the state.

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QuickBooks Online Payroll: "New" Digitized I-9 Form

Insightful Accountant

QuickBooks Online Payroll has recently added a digitized I-9 process that works as part of QuickBooks Workforce. Murph takes you through the steps of using this new functionality.

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6 ways to use AI in your firm

Accounting Today

They say artificial intelligence will change the world, and in many ways, it already has. But AI's rapid advancements have been a source of stress for professionals like accountants. Will you be automated out of a job?

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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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Note to Partners: Make Sure Your Interns and Associates Know How to Avoid Sus Links and Phishing

Going Concern

Remember the Deloitte survey a while back that found Gen Zers were more than twice as likely as boomers to have their social media account hacked * (17% vs. 8%) and three times more likely than boomers to fall for an online scam (16% vs. 5%)? A refresher: Deloitte Survey Finds Zoomers Are 3x More Likely to Fall For Scams Than Boomers So Why Don’t More of Them Work at Deloitte Today EY released the results of its 2024 Human Risk in Cybersecurity Survey and Gen Z workers who use work-issued

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IRS Chief: $400 Million in ERC Claims Have Been Withdrawn

CPA Practice

During testimony before a House Appropriations subcommittee on May 7, IRS Commissioner Danny Werfel said almost $400 million in unpaid employee retention credit (ERC) claims have been withdrawn by taxpayers since the agency put a moratorium on processing new claims last September. In addition, Werfel told lawmakers on the panel that the IRS has received $777 million from businesses that voluntarily returned the tax credit after being found ineligible.

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Withum Team Members Honored at Innovate 100 by New Jersey Business Magazine

Withum

Withum is proud to share that Jim Bourke and Chris DeMayo were honored by New Jersey Business Magazine as part of their NJ Innovate 100 Celebration. The inaugural NJ Innovate 100 Celebration spotlights professionals dedicated to the progression of their industries and the overall innovative ecosystem in New Jersey. Innovation+, along with assistance from local business associations, compiled the lists to highlight professionals who value and utilize collaboration, and serve as catalysts for prog

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Tax Considerations When Disposing of Qualified Opportunity Zone Business Property

Cherry Bekaert

Contributor: Michael Wallach, Senior Manager, Tax Services Established by the Tax Cuts and Jobs Act, the Opportunity Zone program has been a focal point for investors seeking tax incentives while simultaneously revitalizing economically distressed communities. One crucial aspect of managing investments in Qualified Opportunity Funds (QOFs) is understanding the tax impact stemming from the disposition of Qualified Opportunity Zone Business Property (QOZBP).

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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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Future Forward is the Place to Be

Insightful Accountant

Insightful Accountant is hosting Future Forward 2024 next Tuesday and Wednesday. If you are a QuickBooks Pro or Premier user you will want to attend my two sessions on Migration from those products.

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You can't maximize ROI without ROR

Accounting Today

As the cornerstone of the "Return on Relationship" methodology, a holistic financial plan unlocks a deep and meaningful understanding of a client's personal and business realities and goals.

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Monday Morning Accounting News Brief: Big 4 Firms Hate Going Concern (Warnings, That Is); Being a Whistleblower Blows | 5.20.24

Going Concern

Rise and shine, a new week is upon us. Here’s some stuff going on. PwC Australia is in court arguing that it isn’t responsible for sexual assault that happens off campus after hours and especially not so because the alleged assaulter completed two sexual harassment learning modules. Employers can be found vicariously liable for alleged sexual assault that occurred between employees outside working hours but only where it was connected with their employment, according to a leading emp

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Updated CPA Pipeline Report Show Top Reasons Some Decide Not to Pursue Credential

CPA Practice

Unveiling the findings of its previously announced research into the decreasing supply of new certified public accountants (CPAs), the Illinois CPA Society (ICPAS)—one of the largest state CPA societies in the nation—is pleased to release its 2024 Insight Special Feature, “Re-Decoding the Decline: An Updated CPA Pipeline Report.” In October 2023, ICPAS, in partnership with the Center for Accounting Transformation, convened a coalition of 27 additional research partners—including the American Acc

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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.

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EY Selects Unconventional Entrepreneur as Finalist for Entrepreneur of the Year® 2024

Patriot Software

Canton, OH Patriot Software is proud to announce that its founder & CEO, Mike Kappel, has been selected by Ernst & Young LLP (EY US) as a finalist for the EY Entrepreneur Of The Year® 2024. Kappel is among 29 entrepreneurs selected by an independent panel of judges.

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Canopy Raises $35M in New Funding Round

Canopy Accounting

South Jordan, UT – [May 8, 2024] – Canopy, the firm-wide operating system that helps accountants build the firm they’ve always wanted , is thrilled to announce the successful raising of $35 million in an oversubscribed round. The round was led by Ten Coves Capital and Ankona Capital, with participation from Pelion Venture Partners, Tenaya Capital, and NewView Capital.

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"Thank You" Intuit Trainer/Writer Network Members

Insightful Accountant

While Intuit has sunset the Trainer/Writer network and gone back to the drawing board on how to provide training and education for the QuickBooks Community, Insightful Accountant wants to thank all Trainer/Writer Network members.

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PCAOB OKs auditor responsibility and quality control standards

Accounting Today

The Public Company Accounting Oversight Board approved two new standards on a firm's system of quality control and the general responsibilities of the auditor in conducting an audit, albeit with pushback on the QC standard from one board member.

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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.

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Deloitte Survey: Surprise, Gen Z and Millennials are Worried About the Cost of Living and GenAI

Going Concern

I tried to find a stock photo full of fabulous Gen Z mullets and sour faces, this is the best I can do. When was the last time we covered Deloitte’s yearly Gen Z and Millennial survey? This is its thirteenth year and we’ve been around for almost 15 so…you know what, who cares. It’s been a while. This year’s survey consisted of 22,841 respondents (14,468 Gen Zs and 8,373 millennials) across 44 countries.

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How CPAs Are Evolving Into Strategic Advisors

CPA Practice

By Dr. Sangeeta Chhabra There is no question about how CPAs have evolved in their role over the past couple of decades, but what has really been behind it and, more importantly, how do you they get there? As the business world sees a paradigm shift in the form of technological innovations, global operations, and government regulations, traditional roles and responsibilities of professionals are evolving for the better.

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Manufacturing 4.0: A Comprehensive Guide to Leveraging AI and Advanced Technologies for Operational Excellence

Withum

Empower your manufacturing business with efficiency, quality and innovation. We’ve put together a guide, designed to serve as your roadmap to getting started with AI and successfully leveraging its full potential. After all, AI is more than just Copilot or ChatGPT. In the guide, we explore real-world applications of AI and Machine Learning (ML) and offer actionable insights into leveraging AI to optimize business processes, contain costs and maximize human capital.

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Sage Intacct – A Simple Solution for Not for Profits Struggling to Manage Accounting Processes

Cherry Bekaert

Not-for-profits (NFP) across the country often struggle with their accounting processes due to outdated software, spreadsheets and manual data entry. Sage Intacct, a cloud-based platform, can simplify accounting processes so not-for-profits can focus on the business of helping others. In this episode of our NFP podcast series, we hear about the power of Sage Intacct from Kristen Jenei, Managing Director at Cherry Bekaert, and Hina Babar, a Director at Cherry Bekaert.

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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.