Thu.Oct 31, 2024

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Corporate Transparency Act FAQs

ThomsonReuters

Jump to ↓ 1. What is the Corporate Transparency Act (CTA)? 2. Why was the Corporate Transparency Act introduced? 3. Who needs to file a Beneficial Ownership Information (BOI) report? 4. What information must be provided by beneficial owners? 5. What are the penalties for non-compliance? 6. How does the CTA impact accounting professionals? 7. What tools can accounting professionals use to stay compliant with the CTA?

Tax 52
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PwC Reports Un-Chadly Revenue For FY24

Going Concern

PwC has announced global revenue numbers for FY24 (unaudited) and like their compadres at Deloitte and EY, they had a relatively ass year compared to the golden days of the Covid-and-everything-after consulting boom. For the 12 months ending 30 June 2024, PwC firms around the world reported record gross revenues of $55.4 billion USD, up from $53.1 billion for FY23.

Tax 119
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Russian Court Fines Google $20 Decillion (20 with 33 Zeros)

CPA Practice

Theresa Braine New York Daily News (TNS) Russia has fined Google $20,000,000,000,000,000,000,000,000,000,000,000, many times more than the world’s entire GDP, for blocking its YouTube accounts. That figure — a 20 followed by 33 zeroes — is $20 decillion, to the uninitiated who didn’t know such a word existed. Even the Kremlin acknowledged on Thursday that it was more a symbolic gesture than anything else.

New York 119
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From Startups to Enterprises: Tailoring CFO Support Services to Fit Your Business Needs

AccountingDepartment

In the ever-evolving landscape of business, one size rarely fits all. This is particularly true when it comes to financial management. Whether you're a burgeoning startup or an established enterprise, having a firm grasp on your finances is crucial.

Finance 96
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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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Accounts for Federal Contracting Compliance: Key Requirements and Recommendations

CPA Practice

By Jim Wesloh Navigating the challenging landscape of cost accounting within the framework of federal contracting requires an understanding of both the Federal Acquisition Regulation (FAR) and Generally Accepted Accounting Principles (GAAP). Below we explore these topics with particular focus on the categorization and management of costs. As businesses engaged in federal contracting strive to maintain compliance and optimize their financial operations, understanding the delineation between direc

Account 117
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Two CPAs caught in conservation easement scam

Accounting Today

The Georgia accountants were sentenced to periods of supervised release and have to pay millions in restitution.

cpas 122

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Tax Fraud Blotter: Questionable resources

Accounting Today

To the mat; extra help; FACS of the case; and other highlights of recent tax cases.

Tax 121
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FASB Seeks Comments on Proposal to Clarify Guidance on Identifying the Accounting Acquirer in Business Combinations

CPA Practice

The Financial Accounting Standards Board (FASB) has published a proposed Accounting Standards Update (ASU) intended to improve the requirements for identifying the accounting acquirer in FASB Accounting Standards Codification Topic 805, Business Combinations. The proposed ASU is based on a recommendation of the Emerging Issues Task Force (EITF). Stakeholders are encouraged to review and provide input on the proposed ASU by December 16, 2024.

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Who's going to file what?

Accounting Today

The number of taxpayers filing individual income tax returns is projected to increase by about 10,000,000 over the next eight years.

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Vertex Releases AI-Powered Copilot and Honors Partners at Exchange 2024 Conference

CPA Practice

Tax technology provider Vertex recently released new innovations, honored partners and fostered big ideas in the world of tax technology at its annual Vertex Exchange conference in New Orleans, Louisiana. Bringing together a record number of attendees—industry leaders, tax professionals, and technology innovators focused on the future of tax compliance while exploring the latest intelligent solutions to overcome the challenges of today’s evolving business obligations.

Louisiana 102
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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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Liability insurance for accountants: New times, new risks

Accounting Today

Liability insurance experts examine the current landscape of risk.

Account 122
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Your Skagit County Business’s Budget Should Start Here

SkagitCountyTaxServices

It seems like the government thinks they have an endless supply of dollar bills, the way they like to throw our tax dollars around. But believe it or not, the government has to use an annual budget , and they have agencies in place to make them stick to it (whose purpose is actually to try to save your tax dollars, not spend them). Here’s a recent example of the federal budget in action (which can impact you as you’re considering your annual business budget): Policymakers are soon expected to cu

Sales 70
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PCAOB supplements guidance on remediation process

Accounting Today

The Public Company Accounting Oversight Board released a supplement Wednesday to its staff guidance on the remediation process for auditing firms that have deficiencies in quality control that need to be fixed.

audit 75
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Avalara Expands Global E-Invoicing Compliance with Built on Workday

CPA Practice

Tax compliance automation software maker Avalara, Inc. , which is also a Workday Certified Integration Partner, has launched its Avalara E-Invoicing and Live Reporting solution (Avalara ELR) for Workday users. The solution is available on the Workday Marketplace. Leveraging “Built on Workday,” a program that empowers Workday partners to create and market pre-built apps to solve customers’ business and industry challenges, the Avalara ELR solution gives customers a robust tax automation tool to h

Tax 59
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Solve Your Firms 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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IRS offers penalty relief for late-filed foreign gift forms

Accounting Today

The Internal Revenue Service has decided to stop automatically levying penalties when a taxpayer files a form reporting foreign gifts and inheritance bequests too late and it will start reviewing the reasonable cause statements that taxpayers provide when they file the forms too late.

Tax 72
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Top Remote Accountants of the Week | October 31, 2024

Going Concern

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs. Sign up now to view the complete candidate list and connect with potential hires.

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MicroStrategy posts third straight loss on Bitcoin impairment charge

Accounting Today

Whenever MicroStrategy implements a new accounting rule, and values its crypto assets at market value at the end of each reporting period, that could trigger a major cash tax obligation.

Tax 69
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Free Feature Content Available to App Developers

Insightful Accountant

App and Software Developers should know that Insightful Accountant offers 'FREE' feature content, including App Aware and First Look features covering their app or software and Advisor Alliance articles covering their partner programs.

Account 52
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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.

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IPSASB proposes climate disclosure standard for public sector

Accounting Today

The International Public Sector Accounting Standards Board released a draft version of a sustainability reporting standard for use by governments around the world.

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IRS and Security Summit Supply Online Safety Tips

Insightful Accountant

As National Cybersecurity Awareness Month concludes and preparation for next tax season begins, the Internal Revenue Service and its Security Summit partners today reminded taxpayers to be wary of online threats like identity theft and fraud.

Tax 52
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New times, new risks

Accounting Today

CPA firms continue to face unique challenges as they navigate some of the current liability issues and trends facing the profession, including beneficial ownership information filing under the Corporate Transparency Act, artificial intelligence, and cyberthreats.

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IRD to make Unannounced Tax Audit Visits

Generate Accounting

Inland Revenue (IRD) has recently announced that it is significantly expanding their compliance activities as a result of additional funding in the budget. IR will be making unannounced visits to hundreds of businesses who they believe aren’t meeting all their tax obligations as employers. These visits can lead to a full tax audit. Anonymous tip offs The businesses which will be visited have been identified from the list of nearly 7,000 anonymous tipoffs the department receives each year.

audit 52
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How To Optimize Cash Flow: Your Roadmap To Resilience!

Speaker: Genevieve Hancock, CPA

Cash flow isn’t just about balancing numbers - it's about ensuring your organization is positioned for both immediate stability and long-term success. Understanding that cash flow management fuels every decision, every opportunity, and every growth phase is critical. But how can you shift from simply managing cash to strategically optimizing it for resilience?

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IRS fee increases deter private letter ruling requests

Accounting Today

Fee increases may be discouraging taxpayers from seeking private letter rulings from the Internal Revenue Service to resolve their questions ahead of filing, according to a new report.

Tax 75
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Crowe Launches Human Capital Consulting Practice

CPA Practice

Top 15 accounting firm Crowe said on Oct. 31 it has launched a human capital consulting practice , led by seasoned industry specialist Joy Duce. The new service offering provides organizations of all sizes across industries with tailored solutions to manage the full employee life cycle—from policies and processes to due diligence, regulatory obligations, and more, Crowe said in a media release.

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Great Place to Work® Names Withum Among Best Workplaces for Women

Withum

Withum is proud to share that Great Place to Work® has named the Firm as one of this year’s Fortune Best Workplaces for Women. Ranking in the top 100 for the first time, Great Place to Work® recognized the Firm for making sure women across all intersections feel valued, seen and supported through our benefits , work events and schedules, interwoven with a clear career path supported by development and mentorship opportunities while creating a positive work environment.

Account 52
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Sage and Artis Partner for Document Automation and Efficiency

CPA Practice

Sage , a provider of accounting, financial, HR and payroll technology for small and mid-sized businesses (SMBs), has announced a partnership with Artis Trade Systems “Artis”, to automate document data entry and accelerate financial and document workflows for Secured Finance Lenders, Transportation and Commercial Companies. Artis is a technology company that provides performance tools for Secured Finance Lenders to increase efficiency, reduce costs, generate new sources of revenue and reduce cred

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Confronting the Change Challenge

Change is difficult, whether in our private or work life. However, without change, growth and learning are difficult not to mention keeping up with the market and staying competitive. We have all worked for or ourselves are the bosses that prefer to keep the status quo. We will discuss how to address the "change challenge" to enable you to be a changemaker and a graceful recipient of change.

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Four major changes shaping accounting careers

Accounting Today

The accounting industry looks different today. Here's how to use that to your advantage.

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Centime and Fyle Team Up on Expense Management for SMBs

CPA Practice

Centime, a Boston-based fintech that offers comprehensive cash management solutions to small and midsized businesses (SMBs), is partnering with expense management solutions provider Fyle to add expense management to Centime’s platform. Centime’s comprehensive cash management solutions help companies streamline accounts payable, accounts receivable, and banking.

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Millionaire tax vote opens door to new clash over Chicago wealth

Accounting Today

A handful of Illinois politicians are once again eyeing a new tax on the highest earners.

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Financial Cents Launches Free Community-Driven Template Library to Help Accounting Professionals Streamline and Standardize Workflows

CPA Practice

Financial Cents, a provider of practice management solutions for accounting firms, has launched a new Community-Driven Template Library. In this collaborative space, accounting professionals can share, discover, and adopt workflow templates designed to increase efficiency and simplify firm operations. This new library offers access to a diverse range of templates curated by industry experts and tailored to the unique needs of accounting and bookkeeping professionals.

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Travel and Expense Policy Success: Your Essential Checklist

Setting the stage for successful organizational change always begins with clear, thoughtful communication. When it comes to rolling out a new travel and expense (T&E) policy, establishing a well-structured communication plan is key to ensuring that all employees understand the changes and their impact. By following a step-by-step approach, you can guide your organization through the transition, fostering smooth adoption from the outset and improving compliance.