Thu.May 30, 2024

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Tax Preparation: A Step-by-Step Guide

MyIRSRelief

Tax preparation service Learn how to prepare your taxes accurately and efficiently with our step-by-step guide. Discover tax tips, deductions, and credits to maximize your refund. As the tax filing season approaches, many individuals and business owners feel overwhelmed by the complexity of tax preparation. However, with the right guidance, navigating the tax preparation process can be straightforward and stress-free.

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IRS plans to make Direct File free tax prep permanent

Accounting Today

The Internal Revenue Service intends to expand the number of states and tax situations in which the free system will be available.

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What Does the Next Generation of Accounting Look Like?

CPA Practice

By Reyes Florez. Headlines highlighting rapid changes in the accounting industry are ubiquitous. The shifts are both obvious and subtle, and for those of us in the industry, it can seem daunting to predict what’s next as even the pace of acceleration is accelerating. Investing time to understand where things are headed is important to a firm’s and professionals’ ability to proactively evolve instead of merely reacting.

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Cannabis rescheduling points to new opportunities

Accounting Today

If marijuana is reclassified, lots of businesses may want to reconsider their structure.

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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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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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Here’s How Mid-Tier Accounting Firms Are Feeling About Private Equity and M&A

Going Concern

This is gonna be long and there’s no TLDR. Get over it. As mentioned in this week’s news brief, the Institute of Chartered Accountants in England and Wales (ICAEW) put together a snazzy little report on the state of mid-tier firms based on a survey of managing partners. Keeping in mind that these are specifically mid-tier firms across the pond but the Brits are basically us with funny accents, bland food, and an unnecessary vowel littered throughout their words ending in -or.

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AccountingDepartment.com Attends VETS24

AccountingDepartment

Last week, AccountingDepartment.com Business Development Representative, Luke Backus, attended the Veteran Entrepreneur Training Symposium (VETS24) in Orlando, Florida.

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QuickBooks Bill Pay Plans - User and ProAdvisor Discounts

Insightful Accountant

Intuit is offering a variety of discounts for QuickBooks Users and ProAdvisors adopting their QuickBooks Bill Pay plans in lieu of Melio Bill Pay which is no longer integrated into QBO.

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Payroll KPIs and Statistics: Small Business Payroll Performance

Patriot Software

Running payroll is more than cutting employees a check for their hours worked. Payroll takes time. A lot goes into calculating and withholding taxes and deductions. There’s room for mistakes and opportunities for improvement. You can use payroll KPIs, or key performance indicators, to analyze how well you manage payroll.

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Why firms should budget for managed security services in 2024

Accounting Today

Given the financial and reputational repercussions, accounting firms must look for advanced solutions to stay ahead of cybercriminals. One is opting for managed security services.

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Accessing Public Records Post Daniel’s Law

Withum

Investigators often gather public information maintained by public bodies, such as individual real estate tax records, criminal tax histories, and civil court records. This information is used in background checks, civil litigation and due diligence investigations. Technological advancements have made personal information in the public domain more readily available.

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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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China weighs record fine for PwC over Evergrande audit work

Accounting Today

China may suspend some of the global auditor's local operations over its role in one of the nation's biggest alleged financial fraud cases.

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Report Shows Evolving Threat Environment with Emerging Technologies and Ransomware Attacks

CPA Practice

Cybersecurity attacks continue to be a significant risk for middle market companies as the increasingly complex threat environment includes emerging technologies such as generative AI, according to the RSM US Middle Market Business Index Special Report: Cybersecurity 2024, presented by RSM US LLP (“RSM”) in partnership with the U.S. Chamber of Commerce.

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Who are accountants' competition in wealth management?

Accounting Today

CPA financial planners need to make clear how they're different from the rest of the pack.

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Embracing Excellence: The Key to a Successful Accounting Department

Basis 365

“ How you do one thing is the way you do everything. ” There’s a powerful phrase that resonates across industries and life: "how you do one thing is the way you do everything." This has also been written as "how you do anything is the way you do everything." Whichever version you know or prefer, the point is the same. These sayings encapsulate the essence of consistency, attention to detail, and a commitment to excellence—qualities that are crucial for any successful enterprise.

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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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Navigate GASB 87 and 96 standards with accounting solutions

Accounting Today

While robust software solutions can streamline these processes, it's still important to have a fundamental grasp of the requirements for successful implementation.

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ShareFile Unveils New Innovations to Transform Accounting Workflows

CPA Practice

ShareFile has added new accounting functionalities designed to create efficiency, reduce complexity, and improve client satisfaction. ShareFile is a business unit of Cloud Software Group, Inc., and provider of the ShareFile secure, collaborative client experience technology. Created specifically with accountants and CPAs in mind, the new capabilities help manage and automate document and client-centric workflows.

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Short seller Jim Chanos sued by partner alleging misuse of funds

Accounting Today

The lawsuit alleges that Chanos "never intended on paying the company back, but instead planned on using his power as general partner to run the company into the ground, enjoy the tax benefits of his financial shenanigans, and leave his partners with nothing.

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Review of Anchor – The Accounting Technology Lab Podcast – June 2024

CPA Practice

Hosts Randy Johnston and Brian Tankersley, CPA, review Anchor , a system that automates the entire process of getting paid by clients, end-to-end. It enables firms to send proposals, and has functions to auto-invoice, auto-charge, and auto-sync them all with your accounting software. Use the video player below to watch, or the podcast player below to listen to the podcast. – Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.

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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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What Is Microsoft List App? The Five W’s of Microsoft List Compared to Microsoft Sharepoint List

Withum

Let’s start off with the basics: What is Microsoft List, and what makes it different than the standard, out-of-the-box SharePoint list? What? The Microsoft List app is a smart tracking application within the Microsoft 365 suite that allows users to create, share and manage lists for various purposes, such as tracking issues, assets, routines, contacts, inventory and more.

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A Fourth Round of Stimulus Checks Is Not Coming to Senior Citizens

CPA Practice

Attention senior citizens: Do not get duped by fake content on the internet (like this ), videos on YouTube, and posts on Facebook or other social media sites claiming that a fourth stimulus check of $2,000 or a similar amount is forthcoming to you and people with disabilities. It is not true. Misinformation about a fourth stimulus check being sent from the federal government—not only to seniors and the disabled but to other Americans—has been circulating online for many months.

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Bridging Insights: A Conversation with Marcus Brandt, Partner

DMCL

As a talent lead, what truly excites me is sharing insights about positions and managers with potential candidates, acting as a bridge (no pun intended) between job descriptions and candidates to envision their future roles. While job descriptions provide a glimpse of the job responsibilities, deeper insights from hiring managers can reveal the true essence of an opportunity as well as the managers’ approach to the team objectives.

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Wipfli Promotes 10 to Partnership

CPA Practice

Ten professionals at top 20 accounting firm Wipfli will be able to add the title of “partner” to their LinkedIn profiles on June 1. “I am happy to announce 10 individuals’ promotions to partner. It is a privilege to work with these leaders, knowing they have earned the respect of colleagues and clients,” Kurt Gresens, managing partner of Wipfli, said in a statement.

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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.

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Treasury and IRS Proposed Regulations for Clean Energy Owners

Insightful Accountant

The Department of the Treasury and the Internal Revenue Service have issued proposed regulations under the Inflation Reduction Act for owners of qualified clean electricity facilities and energy storage technology seeking relevant tax credits.

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IRS to Expand Free Tax-Filing Service to More Taxpayers in 2025

CPA Practice

By Jon Healey, Los Angeles Times (TNS) After a trial run in California and 11 other states, the IRS Direct File program will be made available to all 50 states next year, Treasury Secretary Janet Yellen announced Thursday. And over the next few years, the program’s capabilities will be expanded so that more taxpayers in participating states will be able to use it, she said.

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SAS 145 at a glance

ThomsonReuters

In the ever-evolving world of auditing, the AICPA Auditing Standards Board (ASB) has introduced SAS 145 , effective for audits of financial statements for periods ending on or after December 15, 2023. This new standard, which supersedes AU-C 315A and amends other AU-C sections, aims to bridge gaps in risk assessments and elevate audit quality. SAS 145 maintains the core principles of audit risk assessment but introduces significant enhancements and clarifications.

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How Firms Can be M&A Deal-Ready in 2024

CPA Practice

By Ira Rosenbloom. Mergers and acquisitions (M&A) activity in the accounting industry has been robust and competitive—and all signs point to a continuation of that trend, especially in certain markets and for certain firms. If you are thinking of becoming either a buyer or a seller this year, there are critical steps to pursue that can improve your odds of success.

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New Software & You: Elevating Your Tech Stack

Speaker: Joe Wroblewski, Senior Sales Engineer

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!

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Can’t Afford a Full-Time CFO? Hire a Part-Time CFO.

Summit CPA

Many business owners can relate to this narrative: As a business scales, you become aware that your business needs a financial consultant. The financial needs of your business have far bypassed the expertise that yourself and your bookkeeper have. Naturally, you decide that a Chief Financial Officer (CFO) is likely what your business needs , but you can’t afford the salary of a full-time CFO or a robust CPA firm.

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Sovos Launches TINCheck

CPA Practice

TINCheck by Sovos, today announced the launch of the new and enhanced service offering, enabling businesses to reduce the risk of potential tax penalties, sanctions and identity theft associated with conducting business with unverified individuals and businesses. Thousands of organizations of all sizes use TINCheck to proactively verify customer and vendor data through government databases and watchlists within seconds.

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7 Key Benefits of Sage Intacct for Construction Companies

Cherry Bekaert

As the demand for new infrastructure, commercial and residential buildings, and renovations expands, the construction industry also faces labor shortages, rising materials costs, and supply chain delays. Now more than ever, companies must find ways to streamline their operations and stay competitive. Trusted by thousands of contractors, developers, and property managers for many years, Sage 300 Construction and Real Estate (CRE) software users, formerly Timberline, may require a more robust solu

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Calculating a Business Interruption Claim

FraudFiles

Tracy walks through the process of calculating a business interruption insurance claim, also called a business income loss. When a company is unable to operate for a period of time due to a covered loss (a fire, for example), its insurance policy may provide coverage that pays for lost profits while the business is closed. [.

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The Human Side of Finance: The Intersectionality of People, Culture, Adaptability, and Resilience

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.