Fri.Mar 21, 2025

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When to Recommend a Partnership Structure: The Tax Benefits of Special Allocations

CTP

When it comes to choosing an entity type, many entrepreneurs are drawn to S corporations and may make an election without truly weighing the pros and cons of each option. Business owners may not think to ask their tax planner for advice on business structures, but offering your expertise early in the process can help your clients save significantly on their tax bill down the road.

Tax 52
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AI in advisory: Forensic accounting

Accounting Today

The first of four looks at how specific accounting firm niches are being impacted for good and ill by artificial intelligence.

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Why Structure Your Business as a Partnership? Understanding the Tax Benefits of Special Allocations

CTP

When you are starting a new business or attempting to reduce the tax bill for your existing business, how do you decide which entity type is right for you? Entrepreneurs these days tend to gravitate towards S corporations almost as a default, and certainly, this can be the right choice for certain businesses and comes with its own set of tax advantages.

Tax 52
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Is Homeland Security Using IRS Agents to Help with Deportations?

CPA Practice

The news that the Department of Homeland Security has pressured the Internal Revenue Service to help with immigration enforcement actions has stirred up more concerns of potential mass deportations in Fresno and the Central Valley.

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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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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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AI in advisory: Estate planning

Accounting Today

The third of four looks at how specific accounting firm niches are being impacted for good and ill by artificial intelligence.

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The Latest End-User Technology for Q1 2025 – The Accounting Technology Lab Podcast – March 2025

CPA Practice

In this video and podcast, Randy Johnston and Brian Tankersley, CPA, discuss the latest innovations in technology that they've seen so far this year at CES and other trade shows and conferences. Watch the video, or listen to the audio podcast.

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More Trending

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Rehmann to Merge in Kmetz, Elwell, Graham & Associates

CPA Practice

The Troy, MI-based top 40 accounting firm is expanding in Florida by combining with Vero Beach-based CPA firm Kmetz, Elwell, Graham & Associates, effective June 1.

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Staying ahead of AI: Don't be a second opinion

Accounting Today

The threat is that clients decide an AI chatbot is good enough for their purposes and so they never call their accountant in the first place.

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Los Angeles Faces $1 Billion Budget Hole, Warns of Layoffs

CPA Practice

Los Angeles is facing a projected deficit of nearly $1 billion in the next fiscal year as the city grapples with the aftermath of historic wildfires and a deep decline in revenue.

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On the move: Monroe Shine celebrates 100 years, new CEO

Accounting Today

Lohman adds professional services line; Nathan Wechsler hires COO; and more news from across the profession.

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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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After $1.8B Accounting Error, Senate Report Likely to Suggest Removal of South Carolina’s Treasurer

CPA Practice

South CarolinaSenate Finance Committeemembers investigating a $1.8 billion accounting error on the states books will likely recommend Treasurer Curtis Loftisbe removed from office for willful neglect of duty.

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Auditing Standards Board proposes 5-year plan

Accounting Today

The American Institute of CPAs' Auditing Standards Board is looking for feedback on its proposed strategic plan for 2026-30.

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Accountant Used Stolen Identity to Embezzle $1 Million From Fresno Fruit Company, DOJ Says

CPA Practice

Sergio Zacarias Lopez, 57, was charged with bank fraud, aggravated identity theft and illegal re-entry of a removed alien, according to the Justice Department.

Account 71
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AI in advisory: Valuation

Accounting Today

The second of four looks at how specific accounting firm niches are being impacted for good and ill by artificial intelligence.

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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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Product Update: Custom Questionnaires

Canopy Accounting

What's New? In January, we launched an open BETA of Questionnaires the ability to create survey-like forms to collect information of any kind in any format youd like.

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Tech news: SEC accepts 2025 FASB taxonomies

Accounting Today

SEC accepts 2025 FASB taxonomies; SAP builds Joule AI into Concur Expense and Concur Travel; New startup, Town, launches with SMB tax platform; and other accounting tech updates.

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Friday Footnotes: Big 4 Pissed at IRS; Tech Companies Tweak Servers’ Useful Life; Grant Thornton Managing Aircraft? | 3.21.25

Going Concern

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

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Client coaching, CPA referrals can ease tax season stress

Accounting Today

Ahead of Tax Day, annual return filings consume a lot of attention, but advisors and other experts say they pose opportunities for growth and savings as well.

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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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Mastering California’s Tax Maze: How Mike Habib, EA Can Help Business Taxpayers Overcome FTB, CDTFA, and EDD Challenges

MyIRSRelief

California’s tax environment is notoriously complex, with businesses often facing a gauntlet of issues from multiple state agencies like the Franchise Tax Board (FTB), the California Department of Tax and Fee Administration (CDTFA), and the Employment Development Department (EDD). Navigating these challenges requires not just a deep understanding of tax law but also strategic representation.

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AI in advisory: M&A

Accounting Today

The fourth of four looks at how specific accounting firm niches are being impacted for good and ill by artificial intelligence.

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Overcoming Challenges In Construction Project Estimates And Submissions

Randal DeHart

In the bidding process, contractors prepare detailed proposals that outline their approach, costs, and timelines for a project. This involves thoroughly understanding the project specifications, assessing the site conditions, and determining the resources needed. Competitive bidding requires a balance between offering a competitive price and ensuring the proposal reflects the quality and reliability of the work.

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Embracing independence

Accounting Today

When a firm is independent, there's flexibility and a cogent desire to invest in the future.

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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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Federal Judge Says 25,000 Workers Can Keep Jobs for Now

CPA Practice

The Trump administration must continue to comply with a Maryland judges order to temporarily reinstate almost 25,000 fired employees at 18 U.S. agencies for at least another week, a federal appeals court held.

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Crypto's clout in Washington is soaring

Accounting Today

The cryptocurrency industry is on a roll in Washington and it's not just because of President Donald Trump.

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Accenture Warns Investors Things Will Be Sucky Until They Can Overcharge the Government For Slides Again

Going Concern

In case you haven’t heard, billable prospects aren’t looking so hot for Accenture these days. Pick any one of these stories from the last 24 hours: Let’s go with Financial Times since they appear to be first as usual: Consulting giant Accenture warned that Elon Musks efforts to slash costs across the US federal government had started to affect its revenues and geopolitical developments had raised economic uncertainty around the world.