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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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.