2025

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Beware of Overly Optimistic Projections Used to Value a Business

RogerRossmeisl

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.

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Sales tax and the Navajo Nation

TaxConnex

Online businesses looking to do business on Native American tribal lands in the U.S. should know that sales tax obligations for these sovereign nations and territories resemble those obligations in other areas of the U.S. but can differ in important ways. Areas such as the Navajo Nation have tribal sovereignty; for tax purposes, this means their sales tax laws are separate from the states within which they reside.

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How to Strengthen Financial Consolidation and Close for Smarter Insights

Acterys

Financial consolidation and close are fundamental processes that ensure accurate reporting and reconciliation and allow organizations to strategically plan for the future. Yet as businesses grow in complexity, these efforts become increasingly challenging. Outdated tools, manual efforts, and fragmented data spread across an ever-increasing number of teams can turn close and consolidation into a drawn-out process riddled with errors.

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Big 4 Firms Fight Against Metrics That Would Reveal the Workloads Behind the Curtain

Going Concern

While the AICPA and large accounting firms have begged urged the SEC not to approve the PCAOB Firm and Engagement Metrics rule (PCAOB-2024-06) approved by the PCAOB on November 21, 2024, at least one person would like to see the added transparency this rule could provide and he’ll explain why in a comment letter we’ll discuss below. As a refresher, this rule requires reporting of metrics at both the firm and the engagement levels.

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Demo SkyStem’s Award Winning Month-End Close Solution & Earn $100

Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.

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FinCEN: New BOI Reporting Deadline is March 21

CPA Practice

The beneficial ownership reporting roller coaster that has been ongoing for the past two months because of various lawsuits is finally pulling into the station after a federal district court in Texas on Feb. 17 lifted the final nationwide injunctionthat had put the mandatory small business filings on hold since last December.

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Top 5 Trends Impacting Accounting in 2025

Accounting Seed

The accounting landscape continues to evolve at a rapid pace with emerging technologies, shifting workforce dynamics, and new operational demandsall of which impact the way accounting teams operate, and businesses achieve growth goals. Based on the data found in the Office of the CFO reports from Piper Sandler , weve compiled the top trends shaping the future of accounting that organizations must embrace to stay competitive: 1.

More Trending

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Financial Audit Preparation Steps: Expert Tips for An External Audit Process 

Withum

Preparing for an audit is a critical step for businesses navigating regulatory compliance, pursuing mergers and acquisitions or completing significant business transactions. Understanding the financial statement audit process and planning ahead can save time, reduce stress and ensure accurate results. In this guide, well walk through the key financial audit preparation steps, explain key differences between AICPA and PCAOB audits and provide actionable tips to streamline the external audit proce

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Why Real-Time Financial Reporting Is a Game-Changer

AccountingDepartment

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.

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Fashion forward: New York’s Fashion Workers Act threads new standards

ThomsonReuters

Blog home The New York Fashion Workers Act , set to take effect on June 19, 2025 , introduces significant changes to the fashion industry, particularly for Model Management Companies (MMCs) and their clients. This legislation aims to enhance protections for models and ensure greater transparency and fairness in their working conditions. Miguel Lopez, a shareholder at Littler Mendelson and an expert in employment law, shared his insights on the Act with Thomson Reuters’ Checkpoint Payroll

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How to Track Business Expenses Without the Stress

inDinero Tax Tips

Running an LLC or startup means wearing many hats, and learning how to track business expenses may not be the most exciting one. But with a bit of forethought, you can create a system that saves you time, money, and headaches. In this article, well teach you how to track business expenses in a way thats simple to learn and easily fits into your routine.

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How To Break Digital Transformation Barriers And Accelerate AI Adoption

Speaker: Anna Tiomina, MBA

AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?

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Your Guide to Medicare Premiums and Taxes

RogerRossmeisl

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.

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Refunds and sales tax

TaxConnex

Many shoppers went online this season to find the perfect gift. Its a safe bet that few of them hit the target, which leads to returns, which leads to refunds from sellers, to which leads to the nagging question: Does sales tax get refunded along with the purchase price? The simple answer is yes. The more accurate answer, particularly when something as complex as sales tax gets involved, is: Probably, but watch the details.

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Financial Modeling: A Comprehensive Step-by-Step Guide

Acterys

Financial modeling is an essential tool in corporate finance and business decision-making. By creating structured representations of a companys financial data, financial modeling enables stakeholders to forecast future cash flows, evaluate investment opportunities, and strategize for revenue growth. In this guide, we’ll explore what financial modeling is, the types of financial models, the benefits they provide, and how to create effective financial models.

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So How Did Your 2024 Predictions For the Accounting Profession Work Out?

Going Concern

At the start of last year we ran a little survey asking readers what they thought would be the biggest issues impacting the profession in 2024. And at that time, the talent shortage won out as the biggest of the big issues. By a large margin at that. What will be the biggest issue affecting the profession in 2024? With 2024 now behind us it’s safe to say that the talent shortage, which we’ve come to regard as a b t talking point at this point since firms don’t seem interested i

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New Software & You: Elevating Your Tech Stack

Speaker: Joe Wroblewski, Senior Sales Engineer

Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!

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How Health Care Savings Can Lead to Tax Savings: When to Recommend an HRA

CTP

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.

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What’s new in Xero – February 2025

Xero

We’re kicking off the new year with some exciting Xero updates designed to address some of the enhancements youve been asking for, and make things more automated to save you time. Keep reading to learn how these enhancements will benefit you and your business. Global: Enhancements to new invoicing [Product Idea ] You’ll love the time-saving enhancements we have made to new invoicing this month.

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Year-End Donor Follow-Up: How to Engage Your Supporters at the Start of the New Year

GrowthForceBlog

8 min read December 31st, 2024 Every nonprofit leader knows that year-end giving is often the biggest fundraising event of the year. Throughout the holiday season, the spirit of giving is strong, and businesses are also looking for last-minute opportunities to increase their tax write-offs for the year. Key Takeaways Demonstrate Impact: In addition to thanking your donors and including the compliance-required information in your year-end donor acknowledgment, you should also demonstrate the impa

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Former IRS Criminal Investigation Senior Special Agent, Jonathan Schnatz, CPA, CFF, Joins Withum

Withum

Withum is excited to announce that Jonathan Schnatz , CPA, CFF, most recently a Senior Special Agent of the Internal Revenue Service (IRS) Criminal Investigation (CI) Division, has joined the firm as a Principal of Withums Forensics, Investigations, and White-Collar Criminal Defense Team. During his 25 years as a federal agent, Jonathan received multiple awards from the U.S.

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The Human Side of Finance: The Intersectionality of People, Culture, Adaptability, and Resilience

Speaker: Melissa Hurrington

Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.

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Utilizing FP&A for More Effective Financial Planning

AccountingDepartment

For any business owner, prioritizing the companys future is essential. Financial planning plays a crucial role in this, enabling business owners to drive growth and broaden their operations. If a business owner hasnt focused on this aspect, they need to understand what it is, what it does, and how it differs from regular accounting. What Is FP&A?

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How large tax and accounting firms can use AI

ThomsonReuters

Jump to Key areas where AI enhances tax services in large firms Barriers to AI adoption in large firms and overcoming them Embrace AI in your large firm for a competitive edge The tax and accounting industry is on the brink of a significant transformation, driven by the integration of artificial intelligence (AI) and generative AI (GenAI). The 2024 Tax Firm Technology Report highlights that 93% of large tax and accounting firms are either actively using, exploring, or considering AI technologie

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In Memoriam: Al Dale, Founding Partner of DMCL

DMCL

It is with deep sadness that we announce the passing of our dear friend, colleague, and founding partner, Al Dale, on January 6, 2025. Als leadership and unwavering dedication have been at the heart of DMCL since its earliest days, and his influence on our firmand on everyone who had the privilege to work alongside himcannot be overstated. Throughout his remarkable career, Al helped shape DMCLs culture of collaboration, mentorship, and exceptional client service.

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Drive Down Your Business Taxes with Local Transportation Cost Deductions

RogerRossmeisl

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.

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Maximizing Profit and Productivity: The New Era of AI-Powered Accounting

Speaker: Yohan Lobo

In the accounting world, staying ahead means embracing the tools that allow you to work smarter, not harder. Outdated processes and disconnected systems can hold your organization back, but the right technologies can help you streamline operations, boost productivity, and improve client delivery. Dive into the strategies and innovations transforming accounting practices.

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How to validate a resale certificate

TaxConnex

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.

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How to Use Acterys for Power BI Write-Back

Acterys

When it comes to managing and analyzing your data, staying agile and collaborative is essential. One key enabler for this agility is the ability to write back directly to your data models from within Power BI. Acterys takes this functionality to the next level by allowing users to seamlessly input, update, and manage data in real-time all while working directly in their Power BI dashboards.

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Your Critical Thinking Skills Might Suffer If You Use Gen AI at Work

Going Concern

Although we haven’t fully decided whether accountants are knowledge workers or manual laborers so long as accountants’ output is predominantly measured in billable hours, this recent paper as reported in 404 Media seems relevant to the sector nonetheless. Emanuel Maiberg writes : A new paper from researchers at Microsoft and Carnegie Mellon University finds that as humans increasingly rely on generative AI in their work, they use less critical thinking, which can result in the deteri

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Preparing Your Client for a Tax Audit: Walking the Taxpayer Through IRS Audits 101

CTP

One of the many roles we play as tax planners is as the taxpayers audit support system. Just the word audit can cause the typical taxpayer to panic. We can help reduce taxpayer stress by orienting them to audit basics long before that notice comes in the mail. Our clients should know the reasons they might be selected for an audit, how they will find out they are being audited, and what an IRS auditor might ask for.

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Smarter Card Solutions: Meeting the Challenges of Mid-Market Travel & Expense

Our 2025 Center Travel Survey is clear: as corporate travel increases, so does corporate credit cards distribution, and a rise in off-platform travel booking. This 61% rise causes various challenges: compliance, spend control, reporting problems, and a lack of visibility across organizations. To evolve with the ever-changing needs of travelers, decision-makers need a better solution.

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Turning cash flow into cash now with Paidnice

Xero

“When my debtor workflow is turned off, people stop paying me almost immediately.” This stark observation from Haley Reyners, founder of My Two Cents Accounting Services , highlights a common challenge facing small businesses. For her accounting and advisory firm, which is based in Northland, New Zealand, having over $60,000 tied up in outstanding invoices wasn’t just a number it was a threat to business sustainability. “I’m the same as any other small business own

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Transposition Error, the Little Mistake That Causes Big Problems

Patriot Software

Mistakes happen, especially when it comes to recording transactions in your books. One type of accounting mistake thats easy to make is a transposition error. Read on to learn what is a transposition error and how it can affect your accounting books. What is a transposition error?

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Russell Goldberg Honored on 2025 South Florida Business Journal Power Leaders List

Withum

Withum is proud to share that the South Florida Business Journal has honored Russell Goldberg, Partner in Charge of Withums Boca Raton Office , as a 2025 Power Leader in the Professional Services category. The 2025 Power Leaders list celebrates 250 leading executives across the tri-county regions major sectors who have helped grow the regions diverse business market and advance the local economy.

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Why CFO Support Services Are Essential for Business Success in 2025

AccountingDepartment

The role of financial strategy in business success has never been more apparent. With increasing financial complexities, regulatory challenges, and an unpredictable economic environment, small and medium-sized businesses (SMBs) are discovering the critical value of CFO support services.

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Outsourcing Vs. In-House: The Ultimate Battle For Better Collections

Speaker: Susan Richards

Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.