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As the saying goes, everyone makes mistakes. Just ask the Los Angeles Lakers, who recently unveiled the Kobe Bryant statue, which featured several easily avoidable spelling errors and mistakes at the base of the statue. While the Lakers are currently working to correct the typos, in the accounting world, the price of these unintentional errors and lack of oversight (due to talent shortages and/or strained capacity at the senior management or executive level) can be especially costly — financiall
More states are plowing ahead with adding a new kind of expense to delivering in the eCommerce age. In what states do you have to watch for retail delivery fees (RDFs)? Q: Is this a “tax” or a “fee”? A: Most states refer to it as a fee, a distinction that allows lawmakers to avoid the voting process. RDFs are a relatively new concept: Colorado was first to roll one out, in July 2022.
As posted to the Munro Live YouTube Channel on 4/24/2024 (Run Time 18 min, 42 sec) Sandy Munro and Armin von Czarnowski demonstrate how steer-by-wire works and examine the components that make it possible in the Cybertruck. Steer-by-wire differs significantly from a normal steering system in that there is no mechanical linkage between the steering wheel and the front wheels.
Accountants and fractional CFOs play distinct but complementary roles in the financial management of venture-funded startups. The post Accountant vs. Fractional CFO: Choosing the Right Financial Expertise for Your Startup appeared first on Burkland.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
According to the Treasury, the US government has provided auto dealers with >$580 million in advance payments for consumer electric vehicle (EV) tax credits since 1/1/2024. Before 2024, American car purchasers were only eligible for the new electric vehicle (EV) credit of up to $7,500 or the $4,000 credit for used EVs when they submitted their tax returns in the subsequent year.
Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home. Scenario 1: You’ve never used the home as your primary residence In this case, the home sale gain exclusion tax break (up to $250,000 or $500,000 for a married couple) is unavailable.
Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home. Scenario 1: You’ve never used the home as your primary residence In this case, the home sale gain exclusion tax break (up to $250,000 or $500,000 for a married couple) is unavailable.
It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as an architecture or law firm. For example, partners in service partnerships may incur entertainment expenses in developing new client relationships. They may also incur expenses for: transportation to get to and from client meetings, professional publications, continuing education and home office.
Working together can bring out the best — and worst — in families. Here are some issues business valuation experts consider when appraising these entities. Family members on the payroll Family-owned businesses aren’t usually run like large public companies. For starters, “family business” and “nepotism” often go hand in hand. Some business owners hire family members because they’re perceived as more trustworthy, while many hire them out of obligation or to satisfy a desire to pass the business o
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
By Will Zacher. In a landmark experiment, researchers at AIGENCY have tested the limits of artificial intelligence (AI) by challenging state-of-the-art AI models with the rigorous Certified Public Accountant (CPA) exam. Their study, “Can LLMs Pass the CPA Exam? Evaluating Large Language Model Performance on the Certified Public Accountant test,” provides the first comprehensive assessment of AI’s potential in the accounting profession.
It’s nice to see the internet getting heated about something other than politics for once. Enjoy it while you can, it’s an election year. So some guy tweeted the following on April 23: Me: really enjoyed the call. Please see attached financial modeling test Gen Z applicant: this looks like a lot of work. Without knowing where I stand in the process, I’m not comfortable spending 90 minutes in Excel Me:…well…I can tell you where you stand now — m. stanfield (@mu2myoc) April 23, 2
LinkedIn released its eighth annual Top Companies ranking last week—which identifies the 50 best places for professionals to develop their skills and grow their careers—and five of the largest public accounting firms in the U.S. made this year’s list, with two finishing within the top five. All 50 companies included in the 2024 ranking offer their employees what LinkedIn says are eight pillars that lead to career growth progression: Ability to advance Skills growth Company stability External opp
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.
[ State CPA Societies in Action is a series of articles spotlighting the varied educational, advocacy, networking and professional activities of the state CPA societies across the U.S.] The Oklahoma Society of Certified Public Accountants represents professionals in the Sooner State on a timely, responsive, and creative basis, by promoting the public image and professionalism, protecting the interests and designation of CPAs, providing member services, including quality education and opportuniti
It's time to recertify for most QuickBooks Online ProAdvisors ('Core' or 'Advanced'). The recertification window opens May 1 with a June 30, 2024 deadline for exam completion.
By Dr. Sangeeta Chhabra Make no mistake, cloud platforms have become pivotal In the ever-evolving landscape. This is mainly due to the synergy between security and emerging technologies, which have laid the groundwork for unparalleled possibilities that many accountants may still not be aware of. In this article, we will shed light on specifically how cloud platforms unlock endless opportunities, prioritize security, and embrace cutting-edge technologies.
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?
Okeydokey, there’s been some grim Australian business news pouring in throughout this April. We sorted through the chaff to collate the most newsworthy developments for the month to keep you well informed. So, what happened in the world of business during April, and how might it affect you as a small business owner? Business insolvencies are up over the last 24 months and will likely continue Business insolvencies over FY2023 and FY2024 are up significantly and are set to continue until the new
A majority of workers, including 86% of Gen Z, are stressed about their financial situation and report losing an average of more than 7 hours of productivity each week due to their financial stress, according to BrightPlan ‘s 2024 Wellness Barometer Survey on the state of workforce well-being. The problem is only getting bigger with younger generations seeing the most impact — Gen Z reports over 8 hours a week in lost productivity.
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.
Fyle provides a software solution that empowers small businesses to effortlessly access their corporate credit card transaction data, granting them enhanced insight into employees' expenditures in real time. This software seamlessly integrates with the accounting tools of small businesses, automating the retrieval of expense data and relieving finance teams from the burden of manual transaction input.
KROST’s Restaurant Practice Leader, Jean Hagan, is attending the National Restaurant Association Show on May 18th – 21st. The conference will be held at McCormick Place in Chicago, Illinois. The exclusive four-day event is packed with learning sessions, networking, innovative forums, exhibitor booths, educational speaker sessions, and more.
Sovos announced the launch of Sovos Indirect Taxes, which features e-invoicing capacities and integrates with over 70 ERPs and transaction management systems.
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
Spring is a time of renewal for many. It is a time to refresh and adjust in preparation for a new season. It’s also a great time to look at your practice’s operating agreement or consider drafting an agreement if you don’t already have one. Operating agreements are the road map for how your business will be managed and how your entity will be governed.
On April 1 st (officially 04/04/2024), the Department of Defense (DoD), General Services Administration (GSA) and National Aeronautics and Space Administration (NASA) issued a final rule amending the Federal Acquisition Regulation (FAR). The amendment adds the framework for a new FAR part 40 on information security and supply chain security. The effective date for this ruling is 05/01/2024.
Second Round of Section 48C Applications Have Opened The Internal Revenue Services (IRS) has released Notice 2024-36 , which provides taxpayers the timeline for beginning the second round of the Section 48C Advanced Energy Project Credit (Section 48C) allocations. The Section 48C program is an allocation-based credit, funded with $10 billion of tax credit allocation by the Inflation Reduction Act (IRA).
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.
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