ThomsonReuters

DECEMBER 27, 2024

Blog home With the introduction of Accounting Standards Update 2023-08, Subtopic 350-60, the landscape for accounting, audit, and assurance of cryptocurrency is evolving. This update provides guidance for financial statement reporting, effective for fiscal years beginning after December 15, 2024, requiring crypto assets to be measured at fair value, with changes recognized in net income each reporting period.

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audit auditor financial statements Technology 52

RogerRossmeisl

DECEMBER 27, 2024

In a surprising turn of events, the Fifth Circuit Court of Appeals has reinstated a nationwide injunction that halts the enforcement of beneficial ownership information (BOI) reporting requirements. This decision, made on Thursday, reverses an earlier order from the same court issued just days prior. The court’s latest action aims “to preserve the constitutional status quo while the merits panel considers the parties’ weighty substantive arguments,” according to the court

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CPA Practice

DECEMBER 27, 2024

The roller coaster continues, as the 5th U.S. Circuit Court's decision on Dec. 26 suspends the deadline once again for most reporting companies to file BOI reports with the Financial Crimes Enforcement Network.

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MyIRSRelief

DECEMBER 27, 2024

When the IRS decides to audit your tax returns, the experience can be daunting and stressful. An IRS tax audit is essentially a review of an individual’s or organization’s accounts and financial information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is accurate. The process involves meticulous examination of financial documents and can result in significant financial and legal consequences if discrepancies are found.

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audit Tax tax return Legal 130

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.

Finance

Accounting Today

DECEMBER 27, 2024

A federal appeals court has reversed itself, reinstating an injunction on beneficial ownership information reporting by businesses only days after lifting it.

Account 25

Account accountant accounted 25

CPA Practice

DECEMBER 27, 2024

2024 saw major news events and ongoing trends that are significantly shaping the profession, including how professionals practice, how firms operate, and your business and individual clients.

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tax accountant Account accounted accountant 98

CPA Practice

DECEMBER 27, 2024

Marketing automation offers you a dynamic approach to streamline lead nurturing, making the client acquisition process more efficient and personalized.

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Accounting Today

DECEMBER 27, 2024

The tax preparer known as 'the Magician' will pay $145 million in restitution.

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tax preparation Tax 105

Patriot Software

DECEMBER 27, 2024

When you hire a new employee, you must collect a completed Form W-4, Employees Withholding Certificate. This is how you determine federal income tax withholding. At some point in the onboarding process, an employee may ask you how to fill out Form W-4. Do you know the answer?

income tax 86

income tax Tax payroll tax payroll 86

Randal DeHart

DECEMBER 27, 2024

As the year draws to a close, construction business owners find themselves in a critical period of reflection and preparation. The year's end is a time to celebrate past successes and an opportunity to assess financial health and strategize for the coming year. A thorough year-end financial checklist can help ensure your business is on solid footing as you move forward.

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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.

Account

ThomsonReuters

DECEMBER 27, 2024

Blog home With digital assets gaining ground in financial markets, the IRS has implemented new regulations to ensure proper reporting of these transactions. This marks a pivotal shift for tax and accounting professionals, fundamentally altering how digital asset transactions, including cryptocurrency , are tracked and reported for tax purposes. For accountants, the new digital asset reporting regulations will likely generate a surge in client inquiries, making it critical for firms to be fully

Real Estate 52

Real Estate tax planning accounting and finance tax preparation 52

Randal DeHart

DECEMBER 27, 2024

As the year draws to a close, construction business owners find themselves in a critical period of reflection and preparation. The year's end is a time to celebrate past successes and an opportunity to assess financial health and strategize for the coming year. A thorough year-end financial checklist can help ensure your business is on solid footing as you move forward.

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Construction bookkeeping accounted Account 79

Accounting Today

DECEMBER 27, 2024

In 2024, private equity money flooded the accounting M&A market, but next year will bring other changes.

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accounting firms Account accounted accountant 59

Going Concern

DECEMBER 27, 2024

Friday Footnotes will return on January 3, 2025. That’s next Friday, just by the way. Instead of a wrap up of the week’s accounting news (there is none), here are a few items for your consideration. Comments are open if you’d like to share your opinion on anything here, or any other relevant happenings in and around the accounting profession.

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Technology bookkeeping public accounting accountant salary 59

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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.

accounting and finance

Accounting Today

DECEMBER 27, 2024

In this second of three parts of our annual AI Thought Leaders Survey, our pool of experts offer their take on AI regulation, and their predictions for 2025.

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Technology 53

Withum

DECEMBER 27, 2024

Not more than four days (December 23, 2024) from when the Fifth Circuit Court of Appeals in Texas Top Cop Shop v. Garland lifted the district courts December 3 rd preliminary nationwide injunction on beneficial ownership reporting (BOI) , a Fifth Circuit panel has now reinstated a nationwide injunction blocking enforcement of BOI reporting. What It Means The nationwide scope of the injunction means that the BOI reporting is temporarily blocked for all of the approximately 32.6 million existing r

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Accounting Today

DECEMBER 27, 2024

The Financial Accounting Standards Board has posted the 2025 GAAP Financial Reporting Taxonomy, SEC Reporting Taxonomy and GAAP Employee Benefit Plan Taxonomy.

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accounting standards financial accounting Account accounted 52

Ronika Khanna CPA,CA

DECEMBER 27, 2024

As we approach the new year, it is time to start thinking about a subject near and dear to everyones heart i.e. taxes (insert appropriate emoji). Below are the deadlines that all small businesses/sole proprietors need to know for 2025. Coming Soon: Download your free Canada unincorporated business tax deadline calendar for 2025 (both Federal and Quebec).

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Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, emails, and shared drives no longer need to slow you down. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

Technology