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Understanding Cash vs. Accrual Accounting

Withum

When it comes to accounting methods, businesses primarily choose between two approaches: cash basis accounting and accrual basis accounting. Understanding the key differences between cash vs. accrual accounting is essential as this decision impacts financial reporting, cash flow management and long-term planning.

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Citing Rising Costs, Accounting Firms Plan to Increase Fees in 2025

Going Concern

Ignition has released its 2024 US Accounting and Tax Pricing Benchmark report and it reveals that the 325 Ignition customers surveyed are going all-in on fee increases in 2025. 57% of accounting firms plan to increase fees across all services in 2025. 57% of accounting firms plan to increase fees across all services in 2025.

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Review of TaxGPT – The Accounting Technology Lab Podcast – Nov. 2024

CPA Practice

Brian Tankersley, CPA, and Randy Johnston review TaxGPT , an AI-powered tax assistant for accountants & tax professionals. The tech and accounting professionals that developed the TaxGPT co-pilot system says it can boost productivity by 10x. We’d like to talk about another AI based tax research tool called Tax GPT.

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Is a Health Savings Account Right for You?

RogerRossmeisl

For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical needs. The post Is a Health Savings Account Right for You? Given the escalating cost of health care, there may be a more cost-effective way to pay for it.

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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).

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Maine Nonprofits Get Blanket Sales Tax Exemption

CPA Practice

Maine governor Janet Mills wanted to get rid of the red tape that separates many Down East nonprofits from sales tax exemptions. She succeeded: As of January 1, 2025, thousands of nonprofits in Maine will be eligible for a blanket exemption. Which nonprofits are currently exempt from Maine sales tax? By Gail Cole.

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Pros and Cons of Cash-basis Accounting

Patriot Software

Choosing your accounting method is the first step in handling your companys books. If youre a small business owner, you may prefer the simplicity of cash basis as opposed to accrual or modified cash-basis accounting. But before solidifying your decision, learn the pros and cons of cash-basis accounting.

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