Fri.Mar 28, 2025

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The Inventory Loophole: Using the Cash Method of Accounting Toward Tax Savings, Part 2

CTP

The world of small business tax deductions looked very different before and after the Tax Cuts and Jobs Act (TCJA) of 2017. A number of the changes introduced through TCJA permanently shifted which businesses were eligible for which types of deductions. One important shift involved new rules around methods of accounting. TCJA widened eligibility for using the cash method of accountinga simpler method that allows businesses to report income in the tax year they receive it and deduct expenses in t

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Aprio and RSM US Make a Deal

CPA Practice

Top 30 firm Aprio and top five firm RSM US have reached an agreement for Aprio to acquire RSM's Professional Services+ practice operating in the U.S. andCanada.

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IRS leverages banking data for criminal investigations

Accounting Today

The Internal Revenue Service's Criminal Investigation unit has a new initiative for engaging with financial institutions to uncover tax and financial fraud.

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AICPA Seeks Feedback on 2026-30 Strategic Priorities for Standard-Setting Panel

CPA Practice

The Auditing Standards Board issues standards for auditing private companies, quality management standards for practitioners providing audit and attest services to private companies, and attestation standards.

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Data Talks, CFOs Listen: Why Analytics Is The Key To Better Spend Management

Speaker: Claire Grosjean

Finance teams are drowning in data—but is it actually helping them spend smarter? Without the right approach, excess spending, inefficiencies, and missed opportunities continue to drain profitability. While analytics offers powerful insights, financial intelligence requires more than just numbers—it takes the right blend of automation, strategy, and human expertise.

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On the move: Weaver hires energy compliance director

Accounting Today

FASB appoints new members to Public Markets Advisory Committee; WilliamsMarston launches podcast; and more news from across the profession.

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What is the Average Salary in Your State?

CPA Practice

According to a recent study from SoFi, which looked at the highest-paying states in the country, employees in 12 locationsincluding Massachusetts, California, Connecticut, and Marylandearn significantly more than the national average salary.

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Tech Essentials for Family Practice CPAs – The Accounting Technology Lab Podcast – March 2025

CPA Practice

In this video and podcast, Randy Johnston and Brian Tankersley, CPA, discuss the fundamentals of the technology needed to efficiently run a family tax and accounting practice. Watch the video, listen to the audio podcast below, or read the transcript.

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From CPA to Tech Innovator: Hector Garcia on Right Tool, Reframe, and Future of Accounting

Insightful Accountant

In this episode of the Accounting Insiders Podcast, host Gary DeHart sits down with Hector Garcia, CPA, to explore his journey from running a successful accounting firm to becoming a tech entrepreneur and thought leader in the profession.

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U.S. Population Could Shrink by 2030, Says Report

CPA Practice

Gross domestic product is forecast to increase at an average rate of 1.6% over the next 30 years, compared with the 2.

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Dylan Robinson, Manager, Award Winner

DMCL

Were proud to share that Dylan Robinson, CPA, Manager , has been selected as a recipient of the 2025 Moore North America Emerging Leader Award! Dylan is one of just five professionals across the Moore North America network to receive this years award, which recognizes rising leaders who demonstrate excellence in client service, mentorship, and community impact.

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What Your Financial Statements Are Telling You—And How to Listen!

Speaker: David Worrell, CFO, Author & Speaker

Your financial statements hold powerful insights—but are you truly paying attention? Many finance professionals focus on the income statement while overlooking key signals hidden in the balance sheet and cash flow statement. Understanding these numbers can unlock smarter decision-making, uncover risks, and drive long-term success. Join David Worrell, accomplished CFO, finance expert, and author, for an engaging, nontraditional take on reading financial statements.

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Consumer Spending Barely Rises, While Inflation Risk Rises

CPA Practice

Consumer spending was weaker than expected again in February while a key inflation metric picked up, in a double whammy for the economy before the brunt of tariffs.

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Tax departments can avoid mistakes ahead of the TCJA sunset

Accounting Today

As the expiration of key Tax Cuts and Jobs Act provisions looms, tax professionals are preparing for what could be another period of upheaval.

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Liz Scott's Free Monthly Bookkeeping Checklist for Accountants

Canopy Accounting

Hey there, accounting leaders! I'm Liz Scott , an expert in accounting technology and workflow optimization. Lets talk about something that might not sound thrilling at first but can be a game-changer for your firmmonthly bookkeeping! (Yep, you heard that right.

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Aprio to acquire RSM's professional services practice

Accounting Today

The PS+ practice serves nearly 80 firms across the U.S. and Canada.

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Forecasting Failures Are Costly: Here's How To Fix Them

Speaker: Dave Sackett

Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.

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Price Increase Letter for Accounting Services (Template)

Ryan Lazanis

Get a free price increase letter that will help you boost your firm's revenue, plus tips to increase the odds clients will say "yes." The post Price Increase Letter for Accounting Services (Template) appeared first on Future Firm.

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Reconstructing Books and Records For a Tax Audit

FraudFiles

You are being audited. These are some of the most dreaded words an individual or business will ever hear from a state or federal tax auditor. They invoke fear, panic, and sometimes anger. Most of all, they create a need for documentation. Every number could be scrutinized. That means documentation must be produced to support [.

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Bank Secrecy Act Data Key to IRS-CI Cracking Many Financial Crime Cases

CPA Practice

The IRS Criminal Investigation unit released new statistics on March 28 highlighting how the agency has investigated financial crimes using Bank Secrecy Act data.

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Pick your firm's culture

Accounting Today

If your culture is based on being able to walk down the hall to ask a question, you don't have much of a culture or, at least, not much of an intentional culture.

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Are Robots Replacing You? Keeping Humans in the Loop in Automated Environments

Speaker: Erroll Amacker

As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R

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Social Security Delays, Tweaks New In-Person ID Check Requirements

CPA Practice

After facing backlash for a plan to require in-person identity checks for millions of Americans to receive their much-needed monthly benefits, theSocial Security Administrationhas altered and delayed the controversial policy change.

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SEC stops defending climate disclosure rule

Accounting Today

The Securities and Exchange Commission voted to end its defense of the climate-related disclosure rule it approved last year under the Biden administration.

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Transforming Your Construction Team Through Support And Collaboration

Randal DeHart

Being a construction manager and a business owner requires a unique blend of skills and attributes essential for effectively leading a crew. Leadership is at the forefront of this role, as a construction manager must inspire and motivate their team to achieve project goals while maintaining safety and quality standards. This involves clear communication, conflict resolution, and a collaborative team environment.

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Accounting students can look forward to vital careers

Accounting Today

The reasons why accounting is a fascinating major go beyond mere security. Within the field, a transformation is underway.

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Book of Secrets on the Month-End Close

Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.

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Can You Believe This Accounting Firm Raided By Police Wasn’t Paperless??

Going Concern

51 Thais and 21 Chinese nationals working at an unnamed accounting firm in Bang Phli Yai, a modestly sized district on the eastern side of Bangkok, have been arrested for what appears to be an scheme to register Thais as owners of businesses not actually owned by Thais to skirt around Foreign Business Act rules that bar foreign owners. OK but it wasn’t just that.

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Senators seek to modify tax plan to require fewer Medicaid cuts

Accounting Today

Fiscal conservatives in the party want steep spending cuts to help offset the multitrillion-dollar tax-cut package.

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Celebrating Success: Jordan Wood is promoted to Partner at Wellers

Wellers Accounting

Simon Smith FCCA shares the exciting news of Jordan Wood becoming a partner at the firm.

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The Inventory Loophole: Using the Books and Records Method

CTP

With their smaller margins and limited resources, most small businesses will take any money-saving opportunity they can (lawfully) get. The Tax Cuts and Jobs Act (TCJA) introduced a number of provisions that reduced taxes for many small businesses. Some provisions are currently scheduled to expire at the end of 2025, but others are considered permanent and could be factored into your business next tax plan.

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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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Interested in integrating examples of ESG into your accounting course?

Wendy Tietz

This week, Im giving a presentation on ways to integrate ESG into introductory accounting at the AAAs Sustainability in Accounting conference. I thought Id share one of the resources I developed for that presentation here on my blog.

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How does company car tax work?

Wellers Accounting

Jack Fowler FCCA explains and compares company car tax rates between electric, hybrid, and petrol vehicles.

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Friday Footnotes: Aprio Acquires Something of RSM’s; PwC Report Says Gen Z Is Over It; Auditing Is Broken | 3.28.25

Going Concern

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

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Spring Statement 2025 Commentary: Transport & Logistics

Menzies

Menzies LLP - A leading chartered accountancy firm. The Spring Statement 2025 didnt have any surprises for the Transport and Logistics sector, with opportunities arising from infrastructure investments and workforce development initiatives, alongside challenges posed by increased taxation announced in the Autumn Budget and a moderated economic growth outlook.

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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.