Thu.Nov 02, 2023

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Key considerations for internal auditors in post-transformation integrations

Accounting Today

These audits are essential to ensure that integration processes are executed correctly, risks are identified and mitigated, and controls are in place to safeguard the organization's assets and financial reporting.

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Don't Forget Sales Tax When It Comes to Year-End Planning for Your Clients!

TaxConnex

October 15 th ended the last major income tax due dates in 2023. Most CPAs use the fourth quarter of the year for audit and tax planning for clients, strategic planning for the firm and of course, CPE. (Look out for our December webinar for an additional CPE credit!)  As you are contemplating your clients’ needs and identifying tax planning for them, don’t forget about sales tax planning as well.

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Virtual card payments and their benefits for accounts payable departments.

Airbase

Virtual cards are a game-changer for accounts payable departments. They’re an efficient solution for any business looking to streamline their expense management and procurement processes. In addition to greater control, security, and flexibility, virtual card payments can save finance teams hours of tedious work. David Coffman, VP Finance at Doximity, says Airbase virtual cards play an integral role in cutting the company’s time-to-close in half.

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IRS criminal investigators team up with other countries to tackle cybercrime

Accounting Today

Officials from the IRS's Criminal Investigation division met with tax officials from four other countries to uncover tax evasion and money laundering schemes through data mining.

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

Speaker: Amanda Adams, Fractional CFO, CPA

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Amanda Adams, 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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Clean Energy and Climate Action Offer Tax Benefits

CPA Practice

By Diana Crawford, CPA. One of the topics the minds of many tax and accounting professionals is the environment. ESG, as the movement is known, includes the aspects considered when companies invest in environmental, social, and corporate governance policies. Legislation is playing a role in this. The Inflation Reduction Act of 2022 (Act) was visioned to encourage clean energy solutions, manufacturing, and innovation.

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Uber, Lyft agree to $328M in back pay for NY drivers

Accounting Today

Attorney General Letitia James says Uber from 2014 to 2017 improperly deducted sales tax and other fees from driver paychecks that should have been paid by passengers.

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SAS 145 is here. Are you prepared?

ThomsonReuters

Jump to: What does SAS 145 address? 9 steps to apply SAS 145 Managing SAS 145 compliance What does SAS 145 address? At a high level, SAS 145 addresses a company’s system of internal control and information technology. It also revises the definition of significant risk so that auditors will be focused on where the risks lie on a spectrum of inherent risk.

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Withum Successfully Completes Its First SOC 2 Examination

Withum

Withum is pleased to share that it has successfully completed a System and Organization Control (SOC) 2 Type 1 examination in accordance with the standards set forth by the Association of International Certified Professional Accountants (AICPA). The SOC 2 Type 1 report deems Withum’s design of internal controls in its systems in line with the AICPA Trust Service Criteria.

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Thomson Reuters Unveils Generative AI Strategy Designed to Transform the Future of Professionals

Insightful Accountant

Thomson Reuters, a global content and technology company, today announced updates on its multi-year global investment strategy in generative artificial intelligence. These include integrating generative AI skills through product, Westlaw Precision.

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Tax Planning for Retirement Income: Strategies for Generating Cash

CTP

As people plan for retirement, they rarely take into consideration the tax implications. What taxpayers may not realize is that the amount of retirement income that goes toward taxes can considerably lower the funds available to sustain the type of life they imagined for themselves. This is where offering your assistance as a Certified Tax Planner can be invaluable.

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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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Impact of Section 6417: IRA Domestic Content Requirements

Cherry Bekaert

What Is Section 6417? 2023 has been an exciting year for clean energy investments as more guidance has been issued surrounding the Inflation Reduction Act (IRA). One of the most anticipated new provisions of the IRA is Internal Revenue Code Section 6417 , known as the elective pay regime. This allows non-profits and certain governmental entities to receive credits in the form of cash payment rather than as nonrefundable credits.

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NASBA CEO Ken Bishop plans to retire

Accounting Today

The longtime leader of the National Association of State Boards of Accountancy plans to retire at the end of July.

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The Ins and Outs of DCAA Accounting for Government Contractors

AccountingDepartment

When it comes to compliance with government regulations, navigating the intricacies and nuances of DCAA accounting is essential for any government contractor. DCAA stands for Defense Contract Audit Agency, a branch of the Department of Defense that is tasked with auditing and evaluating proposal and contract costs for the government.

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Intuit to Close Down Mint, Shift Users to Credit Karma

CPA Practice

Intuit Inc. will be closing down Mint, its personal financial management app it acquired in 2009, starting in 2024. Intuit has stated that it will encourage a shift of these users to the similar Credit Karma, which Intuit acquired in 2020. Both systems offer similar features for tracking credit scores, spending, and income, and are often ad supported with credit offers based on anonymized user financial data.

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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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TGI Fridays' Global Expansion Sizzles with NetSuite

Insightful Accountant

NetSuite helps TGI Friday’s global chain automate financial processes, improve decision-making, and expand revenue streams.

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Grassi announces ESOP

Accounting Today

The New York-based Top 100 Firm is also adopting an alternative practice structure.

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How to Effectively Audit Accounts Payable

MineralTree

Accounts payable is a foundational function that ensures organizations maintain accurate invoices, payments, and vendor relationships, while making bill payments on time. However, amidst today’s rapid and intricate business transactions, particularly in high volumes, managing accounts payable processes can pose significant challenges. Without proper oversight and regular checks, accounts payable can turn into a source of financial complexity and risk.

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Senior Associates Ask: ‘Why Should I Work So Hard Only to Get Permission to Work Even Harder?’

Going Concern

The Institute of Chartered Accountants in England and Wales has written about the talent shortage , more specifically how accounting firms can retain talent in a world where sticking it out until partner is no longer something staff are interested in doing. For “Broader career paths attract accountancy talent” ICAEW spoke to Michael Smets, Professor of Management at University of Oxford’s Saïd Business School , an expert of sorts who’s dedicated two decades of his life to obser

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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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Are Skagit County Consumers Exhausted by Tip Screens?

SkagitCountyTaxServices

You might remember this little story from last year when an ex-IRS contractor pleaded guilty to leaking President Trump’s private taxpayer information along with many other wealthy individuals. It brought the IRS’s ability to secure taxpayer data into question along with a demand for better security measures as they continue to hire and train a new workforce in their walls.

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Majority of organizations now use AI in financial reporting

Accounting Today

A recent poll of finance leaders has found that the majority of organizations now use AI in at least some of their financial reporting process.

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The Employer and Employee Tax Benefits of Group Term Life Insurance

CPA Practice

Employers are often searching for the “latest and greatest” ways to reward employees with fringe benefits, but one of the best options has been around for seemingly forever: employer-paid group-term life insurance coverage. Not only can it provide tax-favored coverage for employees across-the-board, an employer can carve out extra benefits for certain higher-ups.

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Citrin Cooperman acquires Gettry Marcus

Accounting Today

The Top 30 Firm is expanding its presence in the New York area, the latest in a series of deals after receiving private equity funding.

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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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Accounting Marketing Firm Wins Two Awards

CPA Practice

Edge Marketing, Inc. (formerly Edge Legal Marketing and Accounting Edge Marketing), a Minneapolis-based public relations and marketing firm serving the needs of organizations in the legal and accounting industries, has been named a gold winner in two categories of the prestigious MarCom Awards. The agency was named a gold winner for a company launch publicity campaign in the categories of strategic communications, media relations and publicity campaign.

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Cryptobros Celebrate the GAO Shooting Down a Sneaky SEC Staff Accounting Bulletin

Going Concern

Call them worthless bureaucrats if you must but the US Government Accountability Office (GAO) just made a bunch of friends in the crypto space this week with its decision on Staff Accounting Bulletin No. 121 issued by the SEC in March of last year. Without getting too deep into it, said bulletin provided interpretive guidance on how covered entities should account for and disclose their custodial obligations to safeguard cryptoassets held for their platform users.

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How to Achieve a 0 Percent Capital Gains Tax Rate

CPA Practice

As an investor, you’re probably ware that you can benefit from a favorable tax rate on long-term capital gains. Depending on your situation, you may qualify for a maximum 15%, pretty good in most people’s books. But you might be able to do even better. Believe it or not, some or all of your capital gain may be taxed at a zero percent rate! That’s not a misprint.

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Optimizing Payroll Management for Staffing Businesses

Withum

In this digital age, efficient payroll processes are not just about cutting checks; they are a strategic tool that can drive business growth. Payroll management is a driver of client satisfaction for staffing businesses due to its direct impact on worker retention, efficiency of temporary workforce management, accuracy of employee benefits and deductions, financial stability and more.

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Solve Your Firm's Automation Complexities Once and For All

Speaker: Mark Stovel

When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.

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The Accounting Firm’s Guide to Preparing for the Tech Stack of the Future

CPA Practice

The accounting industry has been changing rapidly—and there are a number of factors at play that are causing those changes. Firms that want to succeed will have to quickly adapt to this moving landscape by adopting new strategies. Our new ebook “The Accounting Firm’s Guide to Preparing for the Tech Stack of the Future” discusses what these changes are, how they are affecting your firm, and what your firm can do to successfully adapt.

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Hotel Business Insights: 4 Common Audit Challenges and How to Tackle Them

Menzies

Menzies LLP - A leading chartered accountancy firm. This article explores 4 common challenges and discusses practical suggestions for how these might be navigated. The ultimate result can be valuable savings in time and money, allowing greater focus on strategic growth. Challenge No. 1 – Property valuation & EBITDA The single most important asset to any hotel business is its property.

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Texas Society of CPAs Hosts Accounting Opportunities Month

CPA Practice

The Texas Society of CPAs is collaborating with the American Institute of CPAs and other state CPA societies throughout the U.S. for a unique career awareness event aimed at inspiring and educating students about career opportunities in accounting. Accounting Opportunities Month will bring Certified Public Accountants into middle school, high school and college classrooms to share their career journeys, debunk common myths, and provide valuable insights into the accounting profession.

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Responding to the evolving Transport & Logistics Landscape

Menzies

Menzies LLP - A leading chartered accountancy firm. Menzies’ Scott Bright has a unique insight into businesses operating in the evolving Transport and Logistics sector, which is having to respond to changing market pressures. In this article Scott throws light on some of the common financial reporting challenges business owners face as well as some strategies for improving decision making.

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It Takes Two to Tango

With automation, you’ll reduce errors and save valuable time, allowing you to focus on what really matters: strategic analysis and insightful decision-making. Picture accurate financial reports ready at your fingertips, giving you the confidence to tackle business challenges head-on. Embracing automation not only boosts productivity but also elevates your role from number cruncher to closing rockstar.