Thu.Sep 19, 2024

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Taxpayer Advocate acknowledges shortcomings

Accounting Today

National Taxpayer Advocate Erin Collins issued a mea culpa admitting to the findings of a recent report faulting the Taxpayer Advocate Service that she runs for slow responsiveness to taxpayers.

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Best Practices for Tax Professionals Filing Returns During the 2025 Filing Season (For 2024 Taxes)

CPA Practice

By Isaac Bock. The new tax season of 2024 brings multiple changes and updates, which makes it a rather challenging time for all tax professionals. At a minimum, tax professionals need to stay sharp and up to date with the laws and regulatory requirements that change from year to year. This year is marked by unique challenges under tax law, with new IRS regulations and sector-specific concerns.

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IRS issues warning about Offer in Compromise 'mills'

Accounting Today

The Internal Revenue Service cautioned taxpayers to steer clear of promoters who claim their services are needed to handle unpaid debts, saying such businesses often charge excessive fees and often produce no results.

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Three Whistleblowers Will Share One of the Largest Awards Ever Given By the IRS

CPA Practice

Three people who blew the whistle on a longstanding tax evasion scheme will share a $74 million payout from the IRS, one of the largest awards in the history of the agency’s whistleblower program. The individuals, whose identities remain protected, disclosed an offshore tax evasion scheme that spanned 15 years, enabling the IRS to collect $263 million from an unidentified individual, Bloomberg reported.

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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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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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Tax Fraud Blotter: What nerve

Accounting Today

Journey's end; just shocking; house cleaning; and other highlights of recent tax cases.

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Top Remote Accountants of the Week | September 19, 2024

Going Concern

Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of top remote accounting candidates without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires. TAX AND ACCOUNTING CANDIDATES FTE Tax and Accounting | Candidate ID #15191471 Certifications: EA in progress Education: BA Accounting Experience (years): 7+

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73% of Employees Want More Education on Company Benefits

CPA Practice

Are human resources (HR) teams spending a disproportionate amount of time on administration? That is one of the finding in the 2024 State of Employee Financial Wellness Report from Payroll Integrations. HR managers say they spend 12 hours on average, or more than one-fourth of their week, on payroll and benefit-related administrative tasks–with 27% of them spending 20 hours or more.

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Medicare basics for accountants: Key considerations for advising clients

Accounting Today

Navigating Medicare can be a complex task for retirees, and accountants play a crucial role in guiding their clients through this essential aspect of retirement planning.

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Streamline Your Monthly Close Process with These Effective Strategies

AccountingDepartment

The month-end is coming up and that means it is time to close. A monthly close can be a laborious process that is dreaded by some accounting and finance departments, but it doesn't have to be that hard!

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IRS urged to take action on new information reporting requirements

Accounting Today

The Internal Revenue Service needs to do more to get ready for new reporting requirements on the Form 1099-K and 1099-DA, according to a new report.

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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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IRS Warns of Scams Involving Offers in Compromise: “OIC Mills”

CPA Practice

The Internal Revenue Service is alerting taxpayers to beware of promoters claiming their services are necessary to resolve unpaid taxes owed to the IRS while charging excessive fees, often with no results. These unscrupulous “mills” use aggressive marketing to make false claims of guaranteed settlements for “pennies-on-the-dollar,” or will say there’s a limited window of time to resolve tax debts through the IRS Offer in Compromise (OIC) program.

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Top ProAdvisor Profiles: Kathy Grosskurth

Insightful Accountant

Kathy Grosskurth is our featured 2024 Top ProAdvisor this week. Kathy has her own Bookkeeping practice in Ormond Beach, Florida.

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How to Pay Estimated Taxes: Is Your Skagit County Business Doing This Right?

SkagitCountyTaxServices

Cue the pumpkin stands, trick-or-treating supplies, mannequins with sweaters, and the way-too-perfect apple-picking photos in your social media feed. The calendar flipped to September and suddenly it’s fall … y’all. (Saw that one on a scrolling bank sign yesterday, so you know it must be true.) For you, know that this is the beginning of the holiday cycle, which serves as a good reminder of things to prepare for in the coming months.

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A Sub-$41 Million Firm We’ve Never Heard of Has Let Private Equity In

Going Concern

It’s rare we write about $40 million firms over here as we focus on the behemoths of professional services but we’re writing about ATA Partners’ recent deal with Copley Equity Partners today because the private equity deals are coming hard and fast and unlike the happenings of small firms, that’s something we’re interested in.

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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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Proposed regs issued on Alternative Refueling Property Credit

Accounting Today

The Internal Revenue Service has proposed guidance on the credit, which was modified by the Inflation Reduction Act.

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Postal Mail Still Plays Critical Role in How America Communicates

CPA Practice

In an era dominated by digital communications, the act of sending mail might seem like a relic of the past. However, a new survey commissioned by Stamps.com , a leading provider of postage and shipping solutions from Auctane , reveals that mail is far from obsolete. From personal letters to essential business documents, consumers and companies alike are still mailing, driven by a desire for personal connection and reliable communication.

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Tax tipsters getting $74M shows IRS progress, lawyers say

Accounting Today

Three people shared the award after disclosing an offshore tax-evasion scheme that spanned 15 years, enabling the IRS to collect $263 million from an unidentified individual.

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GASB Statement No. 101: Changes to Compensated Absences for Government Entities

Withum

The Governmental Accounting Standards Board (GASB) issued Statement No. 101 to provide updated guidance on the recognition and measurement of compensated absences for government entities. This statement aims to enhance the clarity and consistency of financial reporting for compensated absences, ensuring that financial statement users receive accurate and comparable information.

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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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Autumn Budget 2024: Financial Services Wish List

Menzies

Menzies LLP - A leading chartered accountancy firm. As the Autumn Budget nears, Menzies’ Financial Services team have compiled a Wishlist for the sector, covering key areas such as FinTech, and skilled workers in the industry, New Government The new government brings with it renewed hope that the financial services (FS) sector will receive much-needed attention in the upcoming budget, something that has been lacking for quite some time.

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UK businesses three times more likely to enter voluntary liquidation than ever before, Quadient finds

Accounting Insight

FOI request to The Insolvency Service shows the proportion of businesses choosing to liquidate has more than tripled, with a record 12-fold increase in 2021. More than a decade of challenges, such as austerity, Covid, wars, and financial crises, means UK business leaders are increasingly choosing to liquidate their companies rather than being forced to, according to a Freedom of Information (FOI) request by Quadient (Euronext Paris: QDT), a global automation platform powering secure and sustaina

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Autumn Budget 2024: Hospitality & Leisure Predictions & Wish List

Menzies

Menzies LLP - A leading chartered accountancy firm. With the new Labour Government’s first budget approaching on 30 th October 2024, our Hospitality & Leisure team are looking ahead to what Keir Starmer could do to alleviate the ongoing challenges faced by the sector. The messaging coming out of Downing Street suggests the budget may be better placed on Halloween one day later, but our team are calling for positive change to propel the industry forward.

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How Payday Super works for small businesses

Reckon

The Australian Tax Office and the Treasurer, Jim Chalmers, have released more details on the Payday Super scheme, which will take effect on July 1, 2026. The scheme was announced in the 2023-2024 Federal Budget and outlines that employers must pay their employees’ superannuation guarantee contributions alongside their regular salary and wages. This is quite an adjustment, as Aussie businesses have had to follow regular guidelines of contributing their employees’ super guarantees every quarter.

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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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Autumn Budget 2024: Manufacturing

Menzies

Menzies LLP - A leading chartered accountancy firm. As the Autumn Budget nears, Menzies’ Manufacturing sector team have compiled a Wishlist for the sector, covering key areas such as a government tax roadmap, full expensing, innovation, and education investment for the sector. Tax Roadmap For the manufacturing sector, a detailed tax roadmap from the government, which sets out anticipated tax reforms and their implementation timetables, would provide much-needed clarity and and allow busin

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LeaseCrunch to Hold Webinar on GASB 87 and GASB 96

CPA Practice

LeaseCrunch LLC , a leading lease accounting software company,today announces a webinar on GASB 87 and GASB 96: “From Basic Principles to Advanced Practices.” The webinar will take place on September 26 at 1:00 p.m. CDT. The webinar will feature Jess Vento, senior director of solution engineering, education and support at LeaseCrunch, as she explores lease recognition, measurement and disclosure under GASB 87, subscription-based IT Arrangements (SBITAs) in GASB 96 and how to handle lease modific

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Autumn Budget 2024: T&L Budget Wish List

Menzies

Menzies LLP - A leading chartered accountancy firm. As the Autumn Budget nears, Menzies’ T&L Sector Team have compiled a Wishlist for the sector, covering key areas such as concerns over the fuel duty pause, capital gains, and green technology. Concerns about ending the fuel duty pause With tight margins in the industry, suddenly reintroducing fuel duty increases would have a massive impact.

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[CPE] Balancing Automation and Personal Connection in this Digital Era

CPA Practice

This webinar will be held on Tuesday, October 22, 2024 at 1:00pm ET Sponsor: SafeSend Duration: 1 Hour Register Now Join our upcoming webinar “Balancing Automation and Personal Connection,” where Joe Wroblewski, Senior Sales Engineer at SafeSend, tackles a common misconception — that automation, especially in tax software, results in a cold, impersonal experience.

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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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Capitalizing Assets Below Your Capitalization Threshold

LSLCPAs

When managing accounting for your government’s capital assets, a common question arises: Should capital assets with an individual value below your capitalization threshold be capitalized when the purchase is acquired as part of a larger purchase? Understanding the rules around this may surprise you and improve your understanding of your governments financial picture.

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NetSuite Announces New Enhancements to Help Businesses with Efficiency and Growth

CPA Practice

At it’s SuiteWorld conference earlier this month in Las Vegas, Oracle NetSuite announced a series of new product updates and AI innovations across the suite to help organizations increase efficiency and accelerate growth. The company says these latest innovations build on the comprehensive AI capabilities, including generative AI, embedded in NetSuite by adding powerful new AI updates, a new procurement solution, new partner integrations, updated project management capabilities, user experience

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Change Management Strategies That Lead to Business Growth

Summit CPA

Businesses that learn to harness change management are the ones that see profit rise. Use these change management strategies to level up your business.

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2024 Innovation Awards Roundup – The Accounting Technology Lab Podcast – Sept. 2024

CPA Practice

Hosts Brian Tankersley, CPA, and Randy Johnston discuss the technologies that won this year’s 2024 Tax and Accounting Technology Innovation Awards, a program by CPA Practice Advisor that honors products making a difference for professionals. View the video at: [link] Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.

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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.