Mon.Mar 18, 2024

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Art of Accounting: Succession planning exit strategy

Accounting Today

There's an inherent conflict between wanting the best deal when you exit and wanting the best arrangement during the time you are working.

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Employee Retention Tax Credit Penalty Relief

RogerRossmeisl

We are finding that, all too often, taxpayers that make Employee Retention Tax Credit (ERTC) claims by engaging a so-called “ERTC Mill” are never told of their responsibility to amend their applicable prior year federal income tax return(s), and are shocked to learn that they owe additional taxes, penalties and interest. In order to offset their wage expense for the amount of the credit claimed, taxpayers who file an amended Form 941-X to claim an ERTC refund must simultaneously file an amended

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Deloitte revamps structure to cut costs in tough market

Accounting Today

Deloitte is looking to overhaul its structure as the professional services firm looks to cut costs ahead of a market slowdown, according to the Financial Times.

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An Introduction to SOC 2 Reports

Cherry Bekaert

In the latest episode of Cherry Bekaert’s Risk & Accounting Advisory podcast series, Neal Beggan , is joined by Steven Ursillo and Dan Sembler , both partners in our Information Assurance & Cybersecurity practice. During this episode they discuss the many benefits of Service Organization Control (SOC) 2 reports, such as security insights, gaining customer trust and risk management, and how those benefits bring value to a company.

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2025 Payroll Calendar Templates (Biweekly, Semi-Monthly, and Monthly)

Use these handy calendar templates to stay on top of payroll in 2025! Download them today to share with your HR team or post for employees. Whether your company has biweekly, semi-monthly, or monthly pay periods, Paycor has you covered. Get your templates today!

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Court stays SEC climate rule

Accounting Today

A federal court has temporarily halted the Securities and Exchange Commission's climate-related disclosure rule in response to a lawsuit from a pair of fracking companies.

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Lara Waldner Named Woman to Watch on Broadway by Broadway Women’s Fund

Withum

Withum is excited to share that Lara Waldner , CPA, Team Leader of the Theatre and Entertainment Services Team, has been named on the Broadway Women’s Fund list of Women to Watch on Broadway. Lara’s expertise is in providing auditing, accounting and consulting services to commercial theatrical productions and not-for-profit organizations in the theatre and entertainment space.

More Trending

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Can Tax Practices Really Implement a 4-Day Week

Insightful Accountant

Implementing a four-day workweek can boost productivity by 77%, improve work-life balance, reduce absenteeism, and save costs. However, it requires careful planning and execution, which may seem daunting in busy accounting and tax practices.

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Labor Union Strike Activity Increased 280% in 2023

CPA Practice

More than 458,000 workers were involved in major strikes in 2023, according to an EPI analysis of data released by the Bureau of Labor Statistics (BLS). This marks a 280% increase compared with 2022, returning to levels last seen prior to the COVID-19 pandemic. These strikes included workers across the country—from auto workers to Hollywood writers and actors, nurses, and public school teachers.

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Unlocking Wealth: 5 Books Every Business Owner Must Read to Succeed

IgniteSpot

In the journey of entrepreneurship, understanding the nuts and bolts of your business finances is not just an option—it's a necessity. Many entrepreneurs in their 30s to 50s find themselves in a unique position; they're passionate about growth and self-improvement but often find the world of accounting and financial jargon to be a dense fog on their path to wealth.

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Accounting Today seeking 2024's 'Best Firms for Technology'

Accounting Today

Accounting Today is accepting submissions for its report recognizing the Best Accounting Firms for Technology. This is the sixth year the publication will recognize firms in this category.

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Less Stress, More Success: Accounting Best Practices & Processes for 2025

Speaker: Duke Heninger, Partner and Fractional CFO at Ampleo & Creator of CFO System

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Duke Heninger, a seasoned fractional CFO and CPA passionate about transforming back-office operations for finance teams. This session will cover critical best practices and process improvements tailored specifically for accounting professionals.

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Tax Law: These TCJA Provisions Will Expire Soon

CPA Practice

By Ken Berry The monumental Tax Cuts and Jobs Act—signed on December 22, 2017—featured a slew of provisions affecting individuals and business entities. Although there are exceptions, many of the provisions for individuals are scheduled to expire after 2025. Conversely, most changes for businesses are permanent, such as the flat 21% tax rate for corporations, but others are temporary.

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HOA fees are pricey and prevalent — but tax planning can help some clients

Accounting Today

Financial advisors and tax experts say HOA fees are usually not deductible, unless the home is used for a business or as a rental property.

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AICPA Accounting Scholars Leadership Workshop Aims to Help Expand Diverse Talent Pipeline

CPA Practice

AICPA & CIMA are accepting applications for their annual Accounting Scholars Leadership Workshop (ASLW), an event that provides instruction, advice and guidance to diverse college and university students interested in a career in accounting and finance. The program also demonstrates the value these students would add to the growth and development of the profession.

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Fallen tech star Lynch in fight to avoid prison for fraud

Accounting Today

It would cap a remarkable downfall for Mike Lynch if he's convicted of accounting fraud after he sold his startup Autonomy to Hewlett Packard for $11 billion.

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Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors

Speaker: Abdi Ali, Sr. Lease Accounting Consultant

Join this insightful webinar with industry expert Abdi Ali, who will discuss the challenges that can arise from managing lease accounting with spreadsheets! He will share real-world examples of errors, compliance issues, and risks that may be present within your spreadsheets. Learn how these tools, while useful, can sometimes lead to inefficiencies that affect your time, resources, and peace of mind.

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Personalized Client Surveys Can Create Stronger Relationships

CPA Practice

With tax season nearly over, it’s a great opportunity to understand more about your client’s experience. A client satisfaction survey can help you do that. Personalized customer surveys are a powerful tool in garnering this essential information, enabling you to tailor your firm’s products, services, and communication effectively. Let’s delve into best practices for crafting these surveys, recommended software tools, suggested top questions to include, and a sample email to send to your clients

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Mastering ERP Success: Two Essential ERP Implementation Best Practices

Withum

Enterprise Resource Planning (ERP) implementation is a complex process requiring significant investment in resources, time and money. An ERP system is designed to help organizations streamline their business processes, increase efficiency and achieve their strategic goals. However, an ERP implementation can also be challenging, and organizations may face issues such as cost overruns, delayed timelines, and unexpected problems.

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Deloitte Revamps Structure to Slash Costs in Tough Market

CPA Practice

By Irina Anghel, Bloomberg News (TNS) Deloitte is looking to overhaul its structure as the professional services firm looks to cut costs ahead of a market slowdown, according to the Financial Times. The move will see the firm reorganize its main business units down to four arms from five, the paper said, citing a person familiar with the matter. They are audit and assurance; strategy, risk and transactions; technology and transformation; and tax and legal.

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Why the profession needs to say no to NOCLAR

Accounting Today

PICPA believes the PCAOB's Non-Compliance with Laws and Regulations proposal is disconnected from the realities of the auditing profession and will impose undue strain on an already thinly stretched workforce of CPAs.

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Back to Basics with Reconciliations

Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.

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ITC is ineligible in relation to construction work of immovable property which is further let out

VJM Global

Held by Hon’ble Appellate Authority of Advance Ruling, West Bengal In the matter of Assistant Commissioner, Shibpur Division, CGST & CX Vs. Mindrill Systems and Solutions Private Limited (GST AAAR West Bengal) (Appeal Case No. 04/WBAAAR/APPEAL/2023) The Company constructed a warehouse and let it out. The Company paid the GST on such outward supply.

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CPE Webcast Mar. 29, 2024: Using Tax Advisory Services to Create Capacity

CPA Practice

Date: March 29, 2024 | 12 noon EDT Duration: 60 Minutes | Cost: Free Sponsor/CPE Provider: Intuit Accountants Register Here If you feel overworked and underappreciated, consider updating your tax preparation practice to lead with planning and advisory services, powering prosperity for your firm and your clients. Join Dawn Brolin, the Designated Motivator, to learn how to shift from reactive, client dependent workflows to planning driven workflows.

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Justify Your Spending — Grant Expenditures

Cherry Bekaert

As a grant recipient, it’s important to ensure the money is being spent effectively and efficiently when it comes to the costs related to grant expenditures. However, justifying grant expenditures can be a complex and time-consuming process. Hosts Kimberly Konczack, an Advisory Manager at Cherry Bekaert, and Shuo Zhang, Manager, are joined by Kat Kizior, Senior Associate, and special guest Anthony Walsh, Senior Manager.

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CPE Webcast Apr. 2, 2024: The Future of Media & Entertainment: Leveraging Data and Finance

CPA Practice

Date: April 2, 2024 | 1pm EDT Duration: 60 minutes | Cost: Free Presented and Hosted by GrantThornton Register Here The media and entertainment landscape is in a state of unprecedented transformation. The traditional studio model has been disrupted by streaming giants, shifting power into the hands of consumers. To thrive in this new normal, M&E companies must strike a delicate balance between advertisement revenue and subscription models.

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Usage-Based Monetization Musts: A Roadmap for Sustainable Revenue Growth

Speaker: David Warren and Kevin O'Neill Stoll

Transitioning to a usage-based business model offers powerful growth opportunities but comes with unique challenges. How do you validate strategies, reduce risks, and ensure alignment with customer value? Join us for a deep dive into designing effective pilots that test the waters and drive success in usage-based revenue. Discover how to develop a pilot that captures real customer feedback, aligns internal teams with usage metrics, and rethinks sales incentives to prioritize lasting customer eng

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How to Improve Your Trucking Company’s Profit Margin

Anders CPA

Operating a business in the trucking industry has always been a challenge, but recent years have been exceptionally difficult. Fuel costs, labor costs, and equipment costs are all sky-high. This environment has created opportunities for some with significant consolidation among trucking companies. Yet household names in the industry that existed for nearly 100 years have completely gone out of business.

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Quadient Partner Program Extends to CCM and Financial Automation Solutions for Wider Customer Engagement

CPA Practice

Quadient is expanding its Quadient Experience Partner Program to include the company’s financial automation solutions. Previously focused on Quadient’s CCM solutions, the new program brings more value to partners while expanding the reach of Quadient’s cloud solutions’ rich features and functions to more customers. Currently, more than 100 business and technology partners collaborate with Quadient on delivering and integrating with the company’s CCM and document automation solutions, Quadient In

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10 Best Practice Management Software — 2024

Canopy Accounting

With the technological transformation that's taking place in the business landscape, the importance of having the right practice management software has never been more critical for the accounting industry.

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JHM Merges in CPA Firm Harting, Bishop & Arrendale

CPA Practice

Top 500 accounting firm JHM Certified Public Accountants, based in Chattanooga, is expanding its presence in eastern Tennessee by combining with Harting, Bishop & Arrendale (HBA) in Cleveland, TN. The combined firm will operate under the name of JHM Certified Public Accountants. The merger brings JHM to approximately 70 team members. Dean Krech “We were very familiar with the importance HBA placed on deep personal relationships with their clientele and are sincerely humbled and honored to e

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Harness the Potential of Your Enterprise Knowledge

The first Market Momentum Index: AI and Unstructured Data Management, conducted by Deep Analysis with support from AIIM and M-Files, surveyed 500 enterprises across various industries to assess their readiness to employ AI. The results reveal that AI is already far more embedded into organizations' operations than previously realized. These findings and more insights have been brought to you in the "Market Momentum Index: AI and Unstructured Data Management.

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California weighs new taxes to bail out Bay Area's struggling transit budget

Accounting Today

Transit operators in San Francisco's Bay Area are facing massive budget shortfalls as ridership lingers well below its prepandemic levels.

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Monday Morning Accounting News Brief: Deloitte Using Scary Words Now; Have Some Self Respect, My Guy | 3.18.24

Going Concern

Hey. Here we are, another Monday. What fresh horrors await us this week? I’ll start. Due to a technical issue on the website over the weekend, our weekend discussion on private equity in the profession was deleted — along with a few earlier posts that we were thankfully able to recover. SO, I’ll repost the topic and some of the comments we received on it (which thankfully exist in my disaster of an email inbox) to ensure the discussion rolls on.

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Bloomberg officially launches Tax Workpapers solution

Accounting Today

Bloomberg Tax and Accounting released Bloomberg Tax Workpapers, which focuses on data, controls and calculations for tax preparation.

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