Mon.Dec 04, 2023

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Consulting giants see AI shaving years off the path to partner

Accounting Today

Artificial intelligence speeds up the time it takes junior staffers to make it to the prestigious partner level as the technology eliminates vast swaths of the repetitive, time-consuming tasks that typically filled up their first few years on the job.

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Quote of the Day: ‘The Message Conveyed is That Firms Will Work You to Death with Minimal Pay Increases’

Going Concern

Check out this brutal honesty in CPA Journal today: The message conveyed is that firms will work you to death with minimal pay increases, there is little long-term career pay-off for the majority of new hires, and the work is mundane and boring. OK, context. The article “ What Can the Profession Do? ” is predominantly about the profession’s diversity problem and how despite “decades of effort” to diversify accounting programs and CPA firms, Black representation is s

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IRS falls short when employees get arrested

Accounting Today

The Internal Revenue Service needs to do a better job of keeping track of employees who are arrested by law enforcement and notifying their colleagues, according to a new report.

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3 Minutes with Lydia Read-Potter

Accounting Insight

Lydia founded BookSmart Accounting at the start of 2021 and has grown the business to a team of five with 200+ SME clients. Before starting her own company Lydia had worked in accountancy practice and finance roles in industry for over 15 years. We caught up with the trail-blazer herself… How did you get into the profession? I was temping through an agency at 18, they moved me from an admin role to a finance team and I fell in love with the work.

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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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PwC names Mohammed Kande as new global chair

Accounting Today

Kande has been the firm's global advisory leader since 2019 and also currently serves as co-leader of the U.S. Consulting Solutions side, where he has been involved in the firm's artificial intelligence efforts.

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Award Nominees and Applicants: Don't Lose that Email

Insightful Accountant

What Does It Take To Be Recognized in the 2024 ProAdvisor Awards? It Takes You Participating! If you've been nominated you should have gotten an email taking you to the Formal Application. Don't ignore or loose that Email!

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More Trending

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Intuit Releases Newest Small Business Index

Insightful Accountant

According to the Intuit QuickBooks Small Business Index, November, 2023 saw US small business employment decrease by 36,800 jobs to 13,244,300 people.

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20 big companies that need better tax advice

Accounting Today

The five S&P 100 companies with the highest overall tax rates paid an average of 43.32% in 2022.

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Make sales tax easier with Xero’s new auto sales tax, powered by Avalara

Xero

It’s no secret that businesses are always looking for ways to work smarter and faster. In fact, according to a recent survey of finance professionals commissioned by Avalara , 71% are investing in more tools and solutions to close overall efficiency gaps. When it comes to manual tasks, there are few that are more burdensome than sales tax. There are more than 13,000 jurisdictions across the US, so sifting through them all and making sure you’re selecting the right ones for your business can be a

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IRS whistleblower nets $15M award amid calls for reform

Accounting Today

An anonymous tipster helped the agency catch more than 100 high net worth individuals who paid a combined $71 million in previously avoided taxes.

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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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AICPA Debuts Proposed Reporting Framework for Issuers of Stablecoins

CPA Practice

The AICPA has developed a comprehensive set of criteria to help increase transparency around stablecoins, a type of digital asset backed by traditional currency or other types of assets. The document will provide the first framework of its kind to those issuing stablecoins, backed by fiat currency, to report relevant information to stakeholders and will provide the basis for attestation services around this asset class.

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Supreme Court could make massive tax impact — or none at all

Accounting Today

Moore v. U.S. could "basically get rid of, I don't know, a third of the tax code," former House Speaker Paul Ryan has said.

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Protective Refund Claims on Taxes Paid Under Section 965 in Light of the Moore Case

Withum

On December 5, 2023, the U.S. Supreme Court will hear oral arguments in Moore v. United States , an appeal from a decision from the 9 th Circuit U.S. Court of Appeals which, held that the Transition Tax under Section 965 of the Internal Revenue Code was a constitutional tax. Moore involved individual taxpayers who challenged the constitutionality of the Transition Tax as it violated the 16 th amendment since it was a direct tax on income which has not been apportioned among the states.

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Ex-lawyer who advised top banks on taxes told to expect conviction

Accounting Today

A former Freshfields Bruckhaus Deringer attorney advised top investment banks on how to navigate the "Cum-Ex" trading strategy at the center of Europe's biggest tax scandal.

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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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Marcum Unveils New Generative AI Tool AskMarcum.ai

CPA Practice

Top 15 accounting firm Marcum has launched AskMarcum.ai , a generative AI tool powered by Microsoft Azure OpenAI Service. Developed by Marcum Technology’s innovation incubator, Marcum Labs, this new tool is embedded within Microsoft Teams to be used exclusively by firm employees. Embedding a custom generative AI interface into Teams extends its accessibility and functionality as a secure AI tool for Marcum employees to use at their desks and on mobile devices, the firm said on Dec. 4.

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Marcum launches generative AI tool, AskMarcum.ai

Accounting Today

The tool is a product of Marcum Technology's innovation incubator, Marcum Labs, and is embedded within Microsoft Teams.

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Generative AI, Practice Transformation, Capacity and Leadership Headline DCPA23 Conference

CPA Practice

Harnessing the power of GenAI, transformation of practice areas, building capacity and a sharp focus on leadership and talent strategies are the key themes being discussed at this week’s 2023 Digital CPA conference, an event for forward-thinking accounting professionals. The rapid emergence of GenAI-enabled solutions was front and center for CPA.com president and CEO Erik Asgeirsson who believes the technology “presents enormous opportunities for the accounting and finance profession.

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Billionaire tax rests on a disputed $14,729 refund at the Supreme Court

Accounting Today

The case coming before the court stems from a 2017 tax law provision that aimed to collect hundreds of billions of dollars on earnings accumulated and held overseas by big multinational companies.

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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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Anti-money laundering and accounting: 2024 predictions

Accounting Insight

The National Crime Agency estimates that between £36 billion and £90 billion is laundered in the UK currently. In light of this, the long awaited Economic Crime and Corporate Transparency Act has finally passed, bringing much needed reforms, including robust improvements to Companies House and its powers to verify the information that is registered there.

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How to find or trace a lost pension

Menzies

Menzies LLP - A leading chartered accountancy firm. Is it time to get your pensions pots into shape? Locating a misplaced pension fund can be a challenging task, particularly if you’ve changed jobs frequently. Recent studies by Opinium reveal that 16% of UK adults have made an effort to locate a lost or forgotten pension, with only 9% succeeding in doing so.

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Swoop for Advisors introduces tailored package for Bookkeepers, recognising their invaluable contribution to SMEs

Accounting Insight

Swoop for Advisors, a leading funding platform, proudly launches a package exclusively for bookkeepers, highlighting their crucial role in supporting business owners. This move underscores our commitment to recognising and empowering bookkeepers as integral players in every business’s success. “Our team at Swoop for Advisors deeply appreciates the invaluable contribution bookkeepers make to their clients.

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70% of Higher Ed Leaders Think Industry Needs Fundamental Change in Management

CPA Practice

Despite 70% of higher education leaders expressing the belief that their industry’s economic model, programming, and other operations require fundamental change, about 80% of these same leaders are confident in their own institution’s financial stability over the next decade. This and other findings are part of FORVIS’ 2024 Annual Higher Education Outlook.

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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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ACCOUNTEX ESPAÑA 2023 closes its second show, breaking records with more than 5,000 attendees

Accounting Insight

On the 7-8 of November, the accounting and finance profession reunited at ACCOUNTEX ESPAÑA to discuss the challenges and trends affecting the industry. Big themes included digital transformation, Artificial Intelligence, the constant legislative changes, labour management and human resources. The event, which has become the main meeting for the profession, presents an opportunity for the sector to learn about digitalisation and automation.

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Join us for Today's Future Forward (Day-1)

Insightful Accountant

It's Future Forward time. are you ready to find out what the future holds for the accounting, bookkeeping and advisory communities? It's not too late to register for today's FREE informative 'live' sessions.

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GST Implication on reimbursement of foreign expats salaries| “Manpower Supply service” or not

VJM Global

Time limit of issuance of notice for GST Assessment for FY 2017 -18 lapsed on 30th September, 2023. Every industry is flooded with GST notices on various allegations including Purchase from canceled dealers, ITC reversal on exempted supplies, ITC ineligible under Section 17(5) of CGST etc. Notices are issued for FY 2017-18 till FY 2022-23. One of the issues on which thousands of MNCs have received notice is GST on salary of foreign expats paid by foreign parent companies.

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Sovos Approved as an IRS Modernized e-File (MeF) Business Provider for 1042 Returns

CPA Practice

Global compliance technology solutions and services provider Sovos has been approved by the IRS as a Modernized e-File (MeF) Business Provider for 1042 returns, in compliance with updated IRS e-filing requirements. Starting with tax year 2023 filings and beyond, financial institutions or businesses filing 10 or more information returns can no longer submit Form 1042 on paper, making e-File the only acceptable option.

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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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Navigating the staffing challenges in the hospitality sector for a smooth festive season

Menzies

Menzies LLP - A leading chartered accountancy firm. As we approach the holiday season, the hospitality industry stands at a pivotal juncture this year. Restaurants, pubs, and bars are eagerly anticipating an increase in visitors looking to celebrate with family and friends. Jobs site, Adzuna, has noted a 25% surge in openings for temporary festive positions in preparation for this expected influx.

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Creating a Budget for College Expenses: Tips for Clients

CPA Practice

By Billie Jo Weis. Some of your clients may be parents of college-bound students, and you know that higher education comes with not just academic challenges, but financial ones as well. The cost of college can be significant and can put a strain on a family’s finances if not managed wisely. That’s why it’s essential to create a budget for college expenses early on.

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Using Bank Statements to Determine Income in Divorce

FraudFiles

What do you do when a spouse will not accurately disclose income during a divorce? One option is to analyze the bank statements. Tracy explains how this is done.

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Art of Accounting: Jumpstarting tax season 2024

Accounting Today

Now is the time to start planning tax season and easing some of its pressures.

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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.