Tue.Oct 10, 2023

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State Pass-Through Entity Tax Updates: October 2023

Cherry Bekaert

Iowa On September 29, 2023, the Iowa Department of Revenue announced that the 2022 Pass-Through Entity (PTE) Tax election and 2022 PTE Tax Form are available through GovConnectIowa. The Iowa Department of Revenue will not be issuing paper forms or modifying any existing 2022 income forms or schedules. Eligible partnerships and S-Corporations may now make their 2022 Iowa PTE Tax election to compute and report the PTE Tax credit available to each owner and make payments of the PTE tax due.

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Setting Up Your Startup’s Chart of Accounts

BurklandAssociates

A straightforward approach to organizing your startup's Chart of Accounts with industry-specific example templates. The post Setting Up Your Startup’s Chart of Accounts appeared first on Burkland.

Account 147
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Accounting groups look to identify pipeline problems

Accounting Today

State and local organizations hope to learn what's behind the decline in young people pursuing the CPA.

Account 134
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Here’s How Much Deloitte Spends on Compensation As a Percentage of the Firm’s Revenue

Going Concern

Shout-out Stephen Foley at FT for writing up the most important part of Deloitte’s recently released transparency report : PAY. Let’s jump right in and do our own digging. The 2023 Transparency Report talks quite a bit about governance, ethics, audit quality, leadership, blah blah. You’re welcome to check it out should any of these appeal to you, just know each section is littered with Deloitte’s trademark self-fellating language.

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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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Auditors more worried about cybersecurity than AI risks

Accounting Today

A majority of chief audit executives and information technology audit leaders consider cybersecurity to be a top risk over the next year, but they're less concerned about artificial intelligence.

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IRS Proposes Changes to Form 6765 and Requests Feedback

Cherry Bekaert

On September 15, 2023, the Internal Revenue Service (IRS) released proposed changes to Form 6765, Credit for Increasing Research Activities, and requested feedback, which is due by October 31, 2023. The proposed updates to Form 6765 require information like that which is required when submitting amended returns. See the Chief Counsel Memorandum issued September 17, 2021.

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More Trending

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It's Time for QBTalks and the QBO Update

Insightful Accountant

Join Liz Scott on Wednesday, October 18, 2023 at 2 PM Eastern for the latest and greatest news about the QuickBooks Online product line-up. You won't want to miss it.

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Most companies unaware of beneficial ownership rules as deadline approaches

Accounting Today

Even though the effective date is less than 90 days away, most businesses are either unaware of it or uncertain how to comply.

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How Accounting Firms Can Personalize Their Marketing Using Artificial Intelligence

CPA Practice

The modern-day marketing professional has an extensive rotation of roles to fill—and only so many hours during the workday to do so. But with the help of artificial intelligence, marketers have access to tools that allow them to work more effectively and efficiently. Becca McGovern During the 2023 Association for Accounting Marketing (AAM) Emerge Virtual Conference on Oct. 4, Becca McGovern, marketing manager at top 200 firm Johnson Lambert, provided five ways AI can help accounting firms person

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Cybersecurity for CPAs: Technically legal but still frowned upon

Accounting Today

A lack of data management policies can be an expensive mistake.

Legal 126
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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.

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Arthur Andersen’s House Is For Sale

Going Concern

Thanks to an article in Crain’s Chicago Business yesterday we know that the house that Arthur Andersen built is up for sale. A baronial home in Winnetka built in the 1930s by Arthur Andersen, an eminent figure in Chicago’s business history who founded one of the “Big Five” accounting firms, is for sale at $8.9 million. Built in 1931, the house on Locust Road has a remarkable Tudor exterior marked by a towering chimney, gargoyles flanking the front door and an imposing overall look from its

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FASB updates disclosure requirements in response to SEC

Accounting Today

The Financial Accounting Standards Board is incorporating some of the Securities and Exchange Commission's disclosure requirements into its Accounting Standards Codification.

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Improve Quality Using a Business Process Maturity Model: Part 2

Cherry Bekaert

In this 2nd part of a 3-part series about Continuous Improvement, Jim Holman , Director and Strategy & Operations Leader, rejoins with Steve Holliday , Director of Digital Advisory, to discuss the process maturity model (PMM) and its attributes to advance your organization’s continuous improvement practice. Listen to this episode to: Gain knowledge around the importance of the process maturity model (PMM) and its different five levels of maturity.

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Grant Thornton's revenues hit $2.4B

Accounting Today

The Top 10 Firm reported Tuesday it reached a record annual revenue of $2.4 billion for the fiscal year ending July 31, 2023.

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The Growth Architect: How Financial Leaders are Unlocking Potential

Speaker: Ashley Harlan, MBA

What if your role as a fractional CFO went beyond operational support to actively shaping the future of your clients’ businesses? 💼 ✨ In this session, discover how fractional finance professionals can position themselves as architects of growth, guiding their clients toward sustainable success and preparing them for full-time financial leadership.

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Insightful Accountant's 2024 International ProAdvisor Awards

Insightful Accountant

Insightful Accountant is proud to announce the new International ProAdvisor Awards for 2024. The awards will be conducted alongside the US Top 100 ProAdvisor and Up-n-coming ProAdvisor awards.

Account 104
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Pittsburgh Steelers team with CAQ to recruit accounting students

Accounting Today

The Pittsburgh Steelers kicked off an unusual multiyear partnership Tuesday with the Center for Audit Quality's Accounting+ initiative with the goal of drafting a new generation of diverse students to join the accounting profession.

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CFOs Pivoting from Revenue Growth to Cost Control

Insightful Accountant

According to US Bank's 'CFO Insights Report,' more of today's finance leaders are shifting to more of a defense mode. Check out the survey results inside.

Finance 104
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Tax headaches when QTIP trusts hold interests in LLCs

Accounting Today

Significant tax and legal issues may be triggered with some types of estate planning arrangements.

Tax 121
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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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Chicago to Phase Out Sub-Minimum Wage Rates for Tipped Workers

CPA Practice

By Talia Soglin, Chicago Tribune (via TNS). Chicago became the largest U.S. city to independently phase out the subminimum wage for tipped workers on Friday, a step celebrity chef Rick Bayless said the city needed to take “for the greater good.” Bayless supported the legislation, which passed by vote of 36-10 , but not without reservations. He worries it could deepen the pay disparity between well-paid front-of-house workers who will be getting raises and their counterparts in the kitchen , who

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A message from the outgoing CEO

Accounting for Good

A message from the outgoing CEO. Kirsten Forrester leaves the business in excellent shape and in the hands of skillful and experienced professionals.

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Meeting the Staffing Demands: How Automation is Transforming Accounting Firms

CPA Practice

By Richard Lavina and Ralph Carnicer. The demand for skilled tax practitioners in the accounting profession has never been more critical. With the continuous growth in the IRC’s complexity and the rising number of tax filings each year (at both the federal, state, and local levels), the likelihood of making an inaccurate filing is increasing to unprecedented levels; which in turn is stretching industry talent dangerously thin.

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Xero Awards UK: How to craft a winning award entry

Xero

Entries for the UK Xero Awards 2024 are now open for our accounting, bookkeeping and app partners. Being an award-winning firm isn’t easy, and neither is writing an award-winning entry. So how can you put your best foot forward when crafting your award submission? In season one of Beyond Numbers – our new podcast for accountants and bookkeepers – we spoke to Pam Phillips, founder and managing director of award-winning small firm de Jong Phillips , who shared her advice on not just being an award

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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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The BILL Spend & Expense Approach to Making Expense Management Easy

AccountingDepartment

When running a business, keeping track of expenses can be a daunting task. From petty cash expenses to vendor payments, you need to ensure every penny spent is accounted for. That's where expense reports come in.

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Bookkeeping Best Practices for Mid-Market Companies

GrowthForceBlog

7 min read As businesses grow and reach the mid-market level, their leaders often face a challenge in reorganizing the back office structure, policies, and procedures in order to keep up with the business's changing and expanding bookkeeping and accounting needs. As a result, the volume of day-to-day bookkeeping processes quickly becomes overwhelming, and the quality of the company's financial data suffers.

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IT Auditors See Cyber Risks, Data Privacy and Talent Shortages as Top Challenges

CPA Practice

As the scale of emerging technology risks facing companies continue to multiply, IT auditors play a key role in identifying these threats and helping their organizations to navigate them. A new survey conducted by Protiviti and The Institute of Internal Auditors (IIA) reveals which risks are keeping IT auditors up at night. The 11 th annual “Global Technology Audit Risks Survey” polled a group of over 550 Chief Audit Executives (CAEs) and IT audit professionals on the technology risks their com

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Sam Bankman-Fried's FTX trial witnesses: Who knew what, when

Accounting Today

For years, company leadership allegedly misrepresented and concealed key details about FTX's operations from investors, other employees and the customers who prosecutors claim had billions of dollars of their money stolen.

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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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SYSPRO ERP and SugarCRM Partner to Optimize Operations and Revenue Growth

CPA Practice

SYSPRO , a provider of industry-built enterprise resource planning (ERP) software, and SugarCRM , the provider of an AI-driven CRM platform, have partnered to provide mid-market manufacturers and distributors with a tightly integrated ERP and CRM solution. As a result, customers can align the front and back offices to optimize inventory, streamline supply chain and manufacturing operations, and drive additional revenue.

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Sephora Missouri Tax Settlement: Sales and Use Tax Lessons for Businesses and Consumers

Anders CPA

Sales tax regulations have become a significant concern for both businesses and consumers. A recent case involving the beauty retailer Sephora USA, Inc. (Sephora) sheds light on the repercussions of collecting an improper amount of sales or use tax. Though Sephora has not admitted any wrongdoing in this settlement, the company’s agreement to pay over $1.77 million to resolve claims of overcharging taxes on Missouri purchases serves as a lesson for all people involved.

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Ensuring Success 2023 – 2 Days of Free Online CPE – Register Now to Save Your Space

CPA Practice

Ensuring Success will be held December 6-7, 2023. Earn up to 14 hours of free CPE during this 2-day annual, virtual conference. Register now and mark your calendar for Ensuring Success, to ensure you meet your year-end CPE requirements. This is the original, completely virtual online CPE conference for accounting and tax pros, so you can attend and earn free CPE credits from the comfort of your office.

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In the blogs: Simple hopes

Accounting Today

Staffing and AI; a tab for online sports bets; risk factors; and other highlights from our favorite tax bloggers.

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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