Sat.Jun 15, 2024 - Fri.Jun 21, 2024

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IRS cracks down on basis shifting by partnerships

Accounting Today

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.

Tax 110
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Weekend Discussion: Fear and Loathing in Public Accounting

Going Concern

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,

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2025 ProAdvisor Awards are becoming Year Round

Insightful Accountant

For 2025, the Insightful Accountant ProAdvisor Awards are becoming a year-round process. So look for them to begin in the upcoming days.

Account 105
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IRS Updates Careers Site to Attract Job Seekers

CPA Practice

The IRS Careers website has been updated and is now live, as the agency tries to fill job openings as part of an ongoing recruitment effort enabled by Inflation Reduction Act funding. Part of that effort was modernizing its primary vehicle to publicize job opportunities and hire new talent. The IRS Careers website now provides a comprehensive landing spot for candidates to find everything they need to pursue a career at the agency, including: Upcoming hiring events; Key job descriptions; Overvie

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How to Easily Navigate Crypto Accounting in the Web3 Era

Speaker: Aaron Jacob, VP of Accounting Solutions & Reagan Cook, GTM Lead

Are you struggling to navigate the complexities and challenges that come with crypto accounting? 🤔 This new webinar will cover everything businesses need to know to get started with crypto accounting after incorporating crypto into their business models! Industry experts Aaron Jacob and Reagan Cook of TaxBit will thoroughly explore the prevalent operational hurdles encountered by accounting teams when interacting with crypto on the books, and detail how software solutions can effectively

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Accounting Today news quiz: June 17

Accounting Today

Test your accounting knowledge on IRS backlogs, nonprofit partnerships, and more. No. 2 pencil not required!

Account 109
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Layoff Watch ’24: KPMG Australia Throws Out Babies and Bath Water in Consulting

Going Concern

As we know, it’s been a rough year and a half or so for consulting. Things are so bad in the UK firms have been shedding staff left and right while Australia has been suffering with the one-two punch of slowed client demand and the continued fallout of the PwC tax scandal leading to lost clients, reputational damage, and continued tongue-lashings from parliament.

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Does Generative AI Raise Risk of Violating Client and Engagement Confidentiality?

CPA Practice

By Jey Purushotham. Accounting firms are the keepers of tremendous amounts of sensitive client and engagement data. Most firms are exploring the power of leveraging that data with Generative AI, which puts confidential information at risk of being shared with users who are not permissioned to access it – the “oversharing” problem. For some time the most widely used iteration of natural language processing was ChatGPT, which harnessed publicly available data to generate answers to user prompts.

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Fixing the pipeline problem

Accounting Today

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.

Account 65
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Monday Morning Accounting News Brief: Heads Up, the IRS Is Scrutinizing Partnerships; | 6.17.24

Going Concern

WAKE UP! It’s Monday. For some news that’s three or more days old, check out Friday’s Footnotes and be sure to swing by every Friday at 5pm Eastern for a fresh batch of headlines. Friday Footnotes: PwC Leader Called Out for Twitter Tantrums; Why Quiet Layoffs Are a Bad Idea; Remote Work Advice for Firms | 6.14.24 And now, news that’s news as of today.

Account 59
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6 Key Sales Tax Compliance Considerations for E-commerce Businesses

Withum

When launching an e-commerce business, there are many factors to consider, such as product development and marketing strategies. One crucial aspect that often demands early attention is sales tax. Addressing sales tax obligations at the right time is essential for maintaining compliance and avoiding potential pitfalls. 6 Tax Compliance Considerations At the Outset of Your Business: Startups should consider sales tax requirements from the inception of their e-commerce business.

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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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Strategic Importance of a Unique Internal Control Framework

CPA Practice

By Manoj Kumar Vandanapu, Kiplinger Consumer News Service (TNS) In today’s complex corporate world, robust internal control frameworks are crucial for ensuring effective governance, risk management and operational efficiency. An internal control framework (ICF) not only addresses traditional risks but also enhances compliance and mitigates fraud, while improving financial reporting accuracy.

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Woodard: Advisory no safe haven from AI

Accounting Today

During the annual Scaling New Heights conference in Orlando, Joe Woodard warned that AI means accountants must go beyond advisory and analysis to remain relevant.

Account 59
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Anders Named a 2024 St. Louis Business Journal Fast 50 Company

Anders CPA

Anders has been named to the St. Louis Business Journal’s Fast 50 list for 2024 for the first time. The list recognizes the fastest-growing companies in our region, ranked on percentage of revenue growth over the past two years. Honorees were recognized during the St. Louis Business Journal’s Fast 50 event on June 13. Anders ranked 39 in the firm’s first showing on the list and is the only accounting firm included in the ranking About Anders For more than 55 years, Anders has delivered full-serv

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Selecting a Financial Expert Witness

FraudFiles

In commercial litigation, many cases require some kind of expert. Whether it is a financial expert, an engineering expert, a fraud expert, a valuation expert, or some other type of expert witness, the process of selecting one cannot be taking lightly. The effectiveness of your expert witness could win or lose a case for you, [.

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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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TaxDome Launches AI-Powered Reporting with Advanced Analytics and Data Visualization

CPA Practice

TaxDome , a practice management solution for tax professionals, bookkeepers, and accountants, has launched its new AI-powered reporting feature. This innovative addition is designed to provide firms with advanced analytics, actionable insights, and customizable reports to enhance efficiency and profitability. Firms can easily identify areas to streamline workflows and address pressing needs, thereby transforming raw data into visual knowledge with ease.

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Past SEC head William Donaldson dies at 93

Accounting Today

He attempted to help restore confidence in corporate America following a wave of fraud, including the bankruptcies of Enron and WorldCom.

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Outsourced Accounting Services for Marketing Agencies

Anders CPA

Digital marketing agencies can refer to different kinds of businesses, including design-dev agencies, SEO-PPC agencies, as well as product-only. Usually founded by people with creative and technical expertise, these marketing businesses often grow out of a partnership, with one business owner leading the development efforts and the other in charge of sales.

Account 52
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App partner stories: Keeping the wheels of Australia turning

Xero

This guest blog was written by the team behind transport management app MyTrucking. The powerhouse of regional Australia sits in part with its farming, mining and construction industries. The thousands of communities and family-owned small businesses in these sectors around the country help keep the wheels of Australia turning. One such family-owned business has been on the tools since 2009.

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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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Dennis Duncan and Torchon Formed After Accounting Firms Merge

CPA Practice

What do you get when you combine California accounting firms Torchon and Associates and Dennis Duncan and Covington? You get Dennis Duncan and Torchon LLP. The merger became effective, believe it or not, on Valentine’s Day, the new firm announced on June 14. The union combines Calabasas-based Torchon and Associates’ deep local expertise and personalized service approach with Los Angeles-based Dennis Duncan and Covington’s broad spectrum of resources and capabilities in accounting and financial c

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IRS releases FAQs on educational assistance programs

Accounting Today

The Internal Revenue Service and the Treasury Department issued guidance answering questions related to educational assistance programs.

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How to Win the Talent War through Inbound Recruitment

Canopy Accounting

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.

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Mastering the 80:20 Rule to improve how you prioritise everything in your practice

Mark Lee

Although many people have heard of the 80:20 ‘rule’, very few accountants consciously think about how they could apply this principle to enhance way the way run their practice. The 80:20 rule is also known as the ‘Pareto principle’, the ‘law of the vital few’ and the ‘principle of factor scarcity’. Simply stated, the ‘rule’ suggests that for many activities, 80% of the effect comes from 20% of the causes.

Tax 52
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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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5 Process Improvement Trends for 2024

CPA Practice

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.

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M&A roundup: CSH and RKL expand

Accounting Today

Clark Schaefer Hackett is adding Rolfes & Swisher; and RKL Virtual Management Solutions is merging in Kauffman CPA.

CPA 62
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What’s fresh this coming financial new year for small businesses?

Reckon

Alrighty, there’s some new kids on the block and the score has changed. There’ll be come updates to your admin, compliance, and operations this coming financial year, as well as new opportunities and bonuses. So, what’s changing from 1 July 2024? New national minimum wage kicks in Don’t be caught out by the imminent boost to the National Minimum Wage , and the concurrent boost to minimum modern award pay rates.

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ITC is inadmissible on inward supply used for construction of godown meant for commercial renting

VJM Global

Held by Authority for Advance Ruling, TamilNadu In the matter of M/s Suswani Foundations Private Limited (AAR No. 123/AAR/202) The Applicant is constructing Industrial buildings which are to be rented out as godowns for commercial purposes. The Applicant is seeking advance ruling on the question that whether the Applicant is entitled to claim ITC on inward supply of goods or services used for construction of such godowns.

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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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More Employees Sticking with Current Employers Amid Job Market Uncertainty

CPA Practice

Amid a cost-of-living crisis, high inflation and global political unrest, U.S. employees are turning to their employers for a sense of security. A new survey by global advisory, broking and solutions company WTW found a majority (72%) of employees are choosing to stay with their employers, ending a period of intense job turnover and attraction and retention challenges for employers.

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Art of Accounting: Is it déjà vu all over again?

Accounting Today

Concerns about staffing and clients are nothing new at accounting firms and never seem to go away.

Account 62
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Scaling New Heights Opens with Noted Physicist

Insightful Accountant

The Opening Keynote for Scaling New Height was highlighted with a presentation from Dr. Michio Kaku, Theoretical Physicist and Renowned Futurist.

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Budget strategies for NFP organisations

Accounting for Good

Budgets are critical for Not For Profit organisations. Budget strategies give NFPs the financial structure to continue their mission smoothly.

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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.