RogerRossmeisl

MARCH 25, 2021

If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which was signed into law in late 2019, made a number of changes of interest to those nearing retirement.

CPA 246

CPA Account accountant accounted 246

Accounting Today

FEBRUARY 5, 2025

Total undergraduate accounting enrollment for fall 2024 was 257,278 students, the highest reported since fall 2020 and just shy of the pre-pandemic fall 2019 enrollment.

accounted 96

accounted Account accountant Education 96

TaxConnex

SEPTEMBER 17, 2020

Online sales tax revenue compared to the same period in 2019 increased $140 million between April and July. Sales tax is the largest source of funding for the Texas budget, accounting for 59 percent of all tax collections. Online sales accounted for $166,000 in online sales tax in June. billion, up 0.2. percent over FY19.

Oklahoma 244

Oklahoma Texas Kansas Tennessee 244

RogerRossmeisl

NOVEMBER 13, 2022

IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation if your return is among those selected to be examined. From tax years 2010 to 2019, audit rates of individual tax returns decreased for all income levels, according to the GAO.

audit 238

audit tax return CPA Tax 238

Going Concern

OCTOBER 17, 2023

The 2023 AICPA Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits report (short: Trends report) was released last week and spoiler alert, it’s dark. Says the AICPA, bachelor’s degree completions in accounting dropped 7.8% 65,035 total accounting degrees completed for 2021-22.

accounting degree 124

accounting degree accounted Account accountant 124

CPA Practice

APRIL 16, 2024

The Philadelphia Inquirer (via TNS) Molly Kowal decided to become an accountant in part because she knew it would be a stable career. My generation is more focused on maintaining that work-life balance,” said Kowal, who works at accounting firm EisnerAmper in Philadelphia. “A By Lizzy McLellan Ravitch.

accounting firms 134

accounting firms accounted Account accountant 134

TaxConnex

NOVEMBER 3, 2020

percent) from the same period in 2019. Sales tax accounted for the largest decline, falling $918 million, or 23 percent. percent less than in September 2019. Sales tax is the largest source of state funding for the Texas budget, accounting for 60 percent of all tax collections. billion (3.5 billion in September, 6.1

Sales 246

Sales Tax Wisconsin Vermont 246

Accounting Today

FEBRUARY 28, 2024

The 83 publicly disclosed accounting and auditing enforcement actions represented the highest number of actions initiated since FY 2019.

audit 116

audit accounted Account accountant 116

Going Concern

JULY 11, 2023

The Wall Street Journal wrote today about recent disclosures made by Advance Auto Parts, Joby Aviation, and Germany’s Evotec that specifically point to a lack of accounting staff as a contributor to or sole factor causing certain material weaknesses. We have engaged a leading public accounting firm to support this work.

accounted 139

accounted Account accountant financial statements 139

CPA Practice

APRIL 7, 2023

Despite high demand for CPAs, accounting firms struggle to hire accountants. In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. By Cameron White. Technology also gives staff real-time access to their data, from anywhere at any time.

accounting firms 139

accounting firms CPA Technology accounted 139

CPA Practice

OCTOBER 22, 2024

Since 2019, Grant Thornton has teamed up with Workday , a leader in enterprise cloud applications for finance and human resources. Grant Thornton has also enhanced its Workday leadership team with the addition of Andrew (Drew) Houts, who joins the firm with nearly a decade of Workday ecosystem leadership experience.

accounting and finance 119

accounting and finance Healthcare Manufacturing payroll 119

CPA Practice

APRIL 3, 2023

Despite high demand for CPAs, accounting firms struggle to hire accountants. In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. By Cameron White. Technology also gives staff real-time access to their data, from anywhere at any time.

accounting firms 135

accounting firms CPA Technology accounted 135

CPA Practice

JUNE 6, 2023

The American Institute of Certified Public Accountants and CPA Practice Advisor have announced the recipients of the 12th annual ‘Most Powerful Women in Accounting’ awards, which recognize leaders for their significant contributions to the profession. re increasingly becoming the face of public accounting and financial management.

CPA 134

CPA accounted Account accountant 134

CPA Practice

FEBRUARY 13, 2023

a follow-up to the initial SECURE Act of 2019, may give the Roth 401(k) option more juice. It combines several elements of traditional 401(k) plans with Roth IRA features in designated accounts. Contributions benefit from tax-deferred growth within the account. Now new legislation dubbed SECURE Act 2.0, SECURE Act 2.0

accounted 122

accounted Account accountant income tax 122

CPA Practice

DECEMBER 11, 2024

Required minimum distributions (RMDs) are amounts that many retirement plan and IRA account owners must withdraw annually. Act: The new law raised the age that account owners must begin taking RMDs, while eliminating RMDs for Designated Roth accounts in 401(k) and 403(b) retirement plans.

tax return 85

tax return income tax Tax Account 85

Going Concern

JANUARY 3, 2023

Pay extra close attention to accounting firm press releases this year, they will be packed with claims of record applicants, excess hiring, and huge numbers of incoming interns. From Why So Many Accountants Are Quitting published in the Wall Street Journal last Wednesday: More than 300,000 U.S. People want to work here.”

accounted 116

accounted Account accountant accounting and finance 116

Going Concern

NOVEMBER 2, 2022

Although the accounting talent shortage seems like something that just popped out of nowhere and couldn’t possibly have been predicted, oh, a decade ago, I feel compelled to remind everyone that we here at Going Concern saw this coming. From Is There Really a Shortage of Entry Level Accountants? OK ready for the prophetic bit?

accounted 126

accounted Account accountant accounting degree 126

CPA Practice

DECEMBER 18, 2023

The Internal Revenue Service has launched the second phase of a new online self-service tool for businesses that expands business tax account capabilities and eligible entity types. Available at IRS.gov/businessaccount , the new business tax account is a key part of the agency’s continuing service improvement initiative.

tax accountant 126

tax accountant business tax Tax accounted 126

Going Concern

OCTOBER 18, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. Firm Watch Accountancy firm BDO fined €1.3 BDO is going to appeal the decision.

audit 104

audit auditor New York accounting and finance 104

CPA Practice

OCTOBER 28, 2024

Conference activities centered around small business practices, advisory services, professional tax services, and accounting firm management will be held from October 28-30. Under his leadership, Intuit has transformed from a tax and accounting platform to the global financial technology platform.

quickbooks 104

quickbooks accounting and finance New York Education 104

CPA Practice

MARCH 31, 2023

Technology continues to be a driver of growth for today’s successful accounting practices, and professionals know it, with a recent survey showing that 86% of respondents agree that technology will play a significant role in the growth and expansion of their practices in the next year. The survey was sponsored by Intuit Inc.,

Technology 128

Technology quickbooks accounted Account 128

Going Concern

JANUARY 23, 2023

Brazilian retailer and PwC client Americanas filed for bankruptcy, its three largest shareholders said over the weekend they had not known of $4 billion in accounting inconsistencies. “We didn’t know of and would never allow any accounting manipulation in the company”, they said in a statement.

public accounting 116

public accounting accounted Account accountant 116

CPA Practice

JULY 16, 2024

Accounting is no exception. While some pundits say accounting has a dim future in the digital world of tomorrow, technologies such as cloud-based data management, process automation and advanced analytics are actually poised to further elevate accountants in new and empowering ways. Go to Part II of this two-part series.]

Technology 124

Technology accounting firms accounted Account 124

CPA Practice

MARCH 17, 2023

They’re not missing something, either (minus a few thousand dollars in their bank accounts). And stats from a 2019 U.S. But the problem persists elsewhere too, and women know it: 62% of women in advertising and 60% in accounting also said they aren’t being equally valued, according to Glassdoor.

accounted 121

accounted Account accountant accounting and finance 121

Going Concern

SEPTEMBER 22, 2023

Here we are again talking about the accountant shortage. Mark Maurer at Wall Street Journal wrote today about a young man named Omer Khokhar who realized after six years in accounting that he was done. The article title: “Job Security Isn’t Enough to Keep Many Accountants From Quitting.” ” Ruh-oh.

accounted 116

accounted Account accountant CPA 116

Going Concern

JANUARY 13, 2025

There is enough data to show most WFH people are not as productive unless they have ownership in the business because quite frankly [link] — Eric Pierre, CPA (@yourfavecpa) January 12, 2025 Venture capitalists are excited about accounting firms according to WSJ : Venture capitalists are known for betting on risky, moonshot technology.

accounting firms 52

accounting firms accounted Account accountant 52

Going Concern

JULY 29, 2024

India Today explains why US firms love hiring accountants in India : Consequently, American firms are increasingly turning to other countries to fill the gap, particularly eyeing India for its highly skilled accounting professionals. … In essence, the US accounting crisis presents a unique opportunity for Indian accountants.

CPA 116

CPA accounted Account accountant 116

Going Concern

DECEMBER 5, 2023

Related research: In 2019, Academic Researchers Tried to Answer the Question ‘Is Accounting a Miserable Job?’ The post Science Has Finally Explained Why Accountants Are Good With Numbers: Because They’re Cynical and Negative appeared first on Going Concern. ’ Go forth and be negative, friends.

accounted 116

accounted accountant Account 116

Going Concern

MARCH 19, 2025

Each of them violated PCAOB Rule 3211 , Auditor Reporting of Certain Audit Participants, by “failing to accurately disclose on PCAOB Form AP the participation in firm audits of other accounting firms, including, among others, component auditors, shared service centers, and critical audit matter hub.”

auditor 52

auditor audit accounting firms public accounting 52

Withum

MAY 7, 2024

The Internal Revenue Service (IRS) again postponed Required Minimum Distribution (RMD) rules for certain taxpayers owning inherited retirement accounts. Prior to 2020, beneficiaries of inherited retirement accounts were generally able to withdraw the balance of these accounts over their lifetime.

accounted 98

accounted Account accountant income tax 98

CPA Practice

FEBRUARY 8, 2024

By Mike Fouts The accounting profession is at a crucial moment in which there’s massive potential to enhance productivity, elevate client experiences, and prevent burnout. As financial first responders, accountants often find themselves under immense pressure that is only amplified by the busy tax season.

Technology 111

Technology accounting firms accounted Account 111

Going Concern

MAY 9, 2023

So far it seems dwindling accounting graduate numbers in the Philippines are mostly affecting in-country businesses and firms, still something worth keeping an eye on. Ten to fifteen years ago, as soon as we graduate from Accountancy school, we would be employed by accounting firms or other local corporations. The salary.

cpas 122

cpas accounted Account accountant 122

CPA Practice

AUGUST 23, 2023

Partnering with an outsourced accounting firm can not only help leadership recapture lost time, but also increase financial efficiency and improve data accuracy – providing real-time insights and expertise that will embolden organizations’ missions and allow them to maximize their impact with limited resources.

accounted 98

accounted Account accountant accounting and finance 98

Going Concern

OCTOBER 18, 2022

CohnReznick announced a merger with Dallas firm BKM Sowan Horan and the Dallas Morning News took the opportunity to trumpet the happy nuptials of the official accounting firm of the Dallas Cowboys. Dallas Morning News : CohnReznick, the 15th largest accounting firm in the U.S. look how excited 5 out of 8 of these people are.

accounted 105

accounted Account accountant Texas 105

Accounting Today

AUGUST 12, 2024

The SEC charged electric vehicle company Ideanomics and three of its executives with fraud for misleading the public about its financial performance from 2017 and 2019.

accounted 89

accounted Account accountant 89

CPA Practice

AUGUST 29, 2024

As more than 75% of Certified Public Accountants reached retirement age in 2019 and fewer recruits are entering the field due to demanding education and work experience requirements, the talent gap is widening—the U.S. is lacking 340,000 accountants alone. based companies between Q1 2022 and Q1 2024.

accounted 98

accounted Account accountant public accounting 98

Going Concern

MAY 20, 2024

PwC is facing legal action claiming the accountancy firm is liable for the alleged rape of a graduate employee following after-work drinks. Shout-out to NPR for continuing to stay on top of the accounting shortage. Illinois CPA Society has issued a new pipeline report: Re-Decoding the Decline. Find it, and other ICPAS insights, here.

audit 105

audit auditor accounted accountant 105