Wed.Oct 16, 2024

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The Cost of Non-Compliance: Understanding FBAR Reporting Requirements

Withum

Are you aware of the potentially severe implications of failing to report your foreign bank and financial accounts to the U.S. Department of Treasury? Regulations mandate that U.S. persons with foreign bank and financial accounts exceeding $10,000 in aggregate value must file the FinCEN Report 114, or FBAR, annually. U.S. taxpayers must be aware of the requirements for filing these reports to prevent substantial penalties and unintentional non-compliance.

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Acumatica Launches Cloud ERP Solution for Professional Services Firms

CPA Practice

Acumatica has launched its new Professional Services Edition , built to enable small and midsized professional services firms to increase efficiency and accelerate growth. This new solution marks an important expansion of the company’s industry-specific product line, delivering tailored features and capabilities designed to enhance collaboration and boost operational efficiency for firms in architecture, engineering, IT and beyond.

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Burkland Expands Expert Team with FintechForce Acquisition

BurklandAssociates

Strategic move further enhances Burkland’s strength in serving fintech startups. The post Burkland Expands Expert Team with FintechForce Acquisition appeared first on Burkland.

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EY beefs up use of AI amid $1B investment

Accounting Today

Ernst & Young is leveraging its $1 billion investment in talent and technology to expand the use of artificial intelligence and machine learning over the next four years.

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Building a Business Case for Finance Automation

Speaker: Danny Gassaway and Wayne Richards

Finance leaders are prioritizing efficiency and digital transformation, yet many hesitate to automate due to uncertainty. Without a clear understanding of its impact, organizations risk falling behind competitors who are leveraging automation to drive productivity and cost savings. Join Wayne Richards and Danny Gassaway from AvidXchange for a practical guide on bringing accounts payable (AP) automation to your organization.

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New Jersey CPA Society Announces Ovation Awards

CPA Practice

The New Jersey Society of Certified Public Accountants ‘ has announced that 40 individuals are the recipients of its 2024 Ovation Awards in seven categories: Lifetime Leader; Diversity, Equity & Inclusion; Exceptional Educators; Emerging Leaders; Impact; Innovation; and Women to Watch. Robert A. Fodera, CPA , retired partner from Baker Tilly US LP, received the Lifetime Leader Award, which recognizes an outstanding NJCPA member who is credited with extraordinary contributions to the accounti

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IRS accelerates ERC claims processsing

Accounting Today

The Internal Revenue Service says it is processing some 400,000 claims for the Employee Retention Credit, representing about $10 billion of eligible claims.

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AICPA & CIMA names Mark Koziel as next CEO

Accounting Today

The Allinial Global president and CEO will be succeeding longtime chief Barry Melancon, who is retiring at the end of this year.

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Mark Koziel to Be Next CEO of AICPA & CIMA

CPA Practice

The board of directors of the Association of International Certified Professional Accountants has appointed Mark Koziel, CPA, CGMA, as the organization’s next CEO. Koziel will succeed Barry Melancon, CPA, CGMA, who will retire at the end of 2024. Koziel is currently president and CEO of Allinial Global, an association of independent accounting and advisory firms with $6 billion in collective revenue and 268 member firms worldwide.

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Easing into automation: How to digitally transform

Accounting Today

While other industries rapidly adopt data-driven solutions like artificial intelligence (AI), many CPA firms still rely on spreadsheets and processes that merely digitize the traditional paper-based approach.

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Drum Roll Please! The Next CEO of the AICPA Is…

Going Concern

…Mark Koziel, CPA, CGMA. Surprising, our bets were on Kimberly Ellison-Taylor. Announced by the AICPA yesterday , the current president and CEO of Allinial Global — described in the press release as “an association of independent accounting and advisory firms with $6 billion in collective revenue and 268 member firms worldwide” — will be taking over for Barry Melancon in January.

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Fall In Love With the Month-End Close

It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.

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Canopy Demo Sweepstakes

Canopy Accounting

Reserve your spot for Canopy's Demo Sweepstakes! Attend live to win from $5000 of prizes and see how current Canopy users have transformed their firms with all-in-one accounting practice management.

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IRS Warns Taxpayers of Charity Scams Following Recent Hurricanes

Insightful Accountant

In the aftermath of Hurricanes Milton and Helene, the Internal Revenue Service today cautioned taxpayers of scammers who use fake charities to gather sensitive personal and financial data from unsuspecting donors.

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Withum Rolls Out New Outsourcing Service to Streamline Compliance With European Corporate Sustainability Reporting Directive (CSRD)

Withum

Withum proudly announces the rollout of a new outsourcing service offering as part of our Sustainability and ESG Practice. Designed to help companies comply with the European Corporate Sustainability Reporting Directive (CSRD), the mandate requires reporting of detailed sustainability performance as it pertains to the European Sustainability Reporting Standards (ESRS), effective January 2023.

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What are delayed filings?

Accounting Today

Whether someone incorporates their business now as the year comes to a close or waits until the new year can affect their company in various ways.

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Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape

Speaker: Jennifer Hill

Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.

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Intuit Connect 2024 – Oct. 28-30

CPA Practice

Get inspired by influential speakers and expert-led sessions on topics such as QuickBooks tools and services, Mailchimp, firm growth, client advisory, and more. Conference Date: Oct. 28-30, 2024 Aria Resort and Casino, Las Vegas Register at: [link] Formerly known as QuickBooks Connect, the reimagined event will continue to be THE premier event for accounting leaders to network, learn, and get inspired.

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A tax deduction for financial advice? Why chances are murky

Accounting Today

The CFP Board, the FPA, FSI, NAPFA and the IAA called jointly for the restoration of incentives for financial planning as part of the looming TCJA debate.

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ROI-NJ Names Pat Walsh to 2024 Top Champions of the C-Suite List

Withum

Withum is proud to share that New Jersey business publication ROI-NJ has named Pat Walsh to their 2024 Top Champions of the C-Suite list. Pat Walsh, Managing Partner and CEO, was recognized for his commitment to leading an inclusive and diverse workplace and continuing to support the Firm’s rich culture. Having taken over the helm on January 1, 2023, Withum has continued its consistent year-over-year positive growth under Pat’s leadership.

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Intuit steps up, and other tech stories you may have missed

Accounting Today

Plus LiveFlow raises $13.5 million to modernize accounting, a host of developments in AI, and other technology stories you may have missed in the last month.

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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.

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Dominic Piscopo Navigates Compensation and Pricing in Accounting

Canopy Accounting

In this episode of the Canopy Practice Success Podcast , Dominic Piscopo, the founder of Big 4 Transparency , discusses his journey in creating a crowdsourced database for accounting salaries to promote fairness in compensation. Dominic explains the need for accountants to advocate for fair compensation while addressing the underpricing in the accounting industry.

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SAP applies gen AI to spend management

Accounting Today

SAP announced improvements to its spend management and business network solutions, not least of which is the embedding of a generative AI assistant.

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What About that Intuit Enterprise Suite ProAdvisor Training?

Insightful Accountant

We want to know what our readers thought about the Intuit Enterprise Suite ProAdvisor Training presented on Wednesday, October 16th. Has your comfort level changed?

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SEC's evolving stance on climate disclosures has implications for auditors

Accounting Today

The new regulatory environment has faced legal challenges, creating uncertainty for companies and auditors.

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Cash Flow Secrets Every Upskilled CPA Should Know

Speaker: Debra L. Robinson

CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.

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"New" How to Acumatica - Purchase Receipts from Receiving Dashboard

Insightful Accountant

Murph is starting a new 'How to" series related to various ERPs. In today's version he's selected a core functionality of Acumatica involving a Warehouse Manager, a Warehouse Worker, and Receiving Clerk.

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How to Turn Advisory Work Into a Recurring Service

Ryan Lazanis

Advisory services give clients peace-of-mind, but they're often delivered ad hoc. Here's how to offer advisory services on a recurring basis. The post How to Turn Advisory Work Into a Recurring Service appeared first on Future Firm.

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Expert Tips For Attending QuickBooks Connect 2024

Nancy McClelland, LLC

One of my favorite books when I was a kid was “ Hail, Hail, Camp Timberwood ,” about a girl who goes to summer camp for her first time. She’s standing around, feeling (and probably looking) uncomfortable as all the return campers are running around, hugging each other, excited to be reunited. All of a sudden, someone runs up to her and gives her a big hug and says how happy she is to see her again.

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SAP Embeds GenAI Throughout Spend Management and Business Network Solutions

CPA Practice

During its Spend Connect Live conference in Las Vegas on Oct. 15, SAP announced updates to its spend management solutions to help companies collaborate strategically, increase productivity, manage compliance, and gain business insights. SAP is embedding its generative AI copilot Joule across the SAP Ariba source-to-pay solution portfolio, making it easier for customers to manage routine inquiries, such as status updates, summarization, and frequently asked questions.

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Profit in the Details: Rethinking Spend for Monumental Impact

Speaker: Aaron Berson

Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g

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Do These Two Things for Growing a Business to AVOID Bankruptcy

IgniteSpot

There is a catastrophic problem that is causing businesses to fail financially in this economy I'm going to tell you what I'm seeing, how to identify it, and how to fix it. I am one of the partners here at Ignite Spot outsourced accounting, and we have the blessing and (sometimes the curse) of seeing what's happening out in the business world. It is both exciting and scary.

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Misinformation, Online Scams Surging Following Historic Hurricanes

CPA Practice

Dan Lohrmann Government Technology (TNS) That didn’t take long. According to CBS, Aas Hurricane Milton steams toward Florida even as Americans continue to clean up from Hurricane Helene, another threat looms: scammers trying to exploit the disasters, and many people’s impulse to help those in need, by posing as legitimate charities. “The National Center for Disaster Fraud (NCDF), established by the Justice Department after Hurricane Katrina in 2005 to protect people from scams following disaster

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Developments in California’s Climate Regulations: SB 219

Withum

In September 2024, California’s Senate passed Senate Bill 219 (SB 219), a bill consolidating SB 253 and SB 261 to streamline compliance and address ongoing litigation and concerns from Governor Gavin Newsom. SB 219 passed through the California Senate and was signed into law by Governor Newsom on September 27, 2024.  Key Updates SB 219 still requires scope 1 and 2 emissions reporting in 2026 for the prior fiscal year (January 1, 2025).

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IRIS Unveils Practice in a Box Solution For Accounting Firms

CPA Practice

IRIS Software Group, the London-based accounting and payroll solutions provider, recently launched Practice in a Box, an all-in-one solution designed to simplify accounting firms’ workflows and allow them to grow more profitably. Built on the IRIS Elements cloud-based platform, Practice in a Box combines essential accounting services into one seamless and easy-to-use bundle, the company said in a media release.

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Navigating Bleisure Travel: A Guide for Mid-Sized Companies

Bleisure travel — where employees combine work and leisure — has been around since the advent of corporate travel and is here to stay. Successful bleisure policies strike a balance between employee preferences and company goals — workers report a 64% improvement in work-life balance, while companies benefit from reduced travel costs and increased workforce innovation.