Fri.Jan 26, 2024

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Unveiling the Secrets to a Calm Tax Season

Insightful Accountant

Accountants often face stress and burnout, impacting their well-being. Recognize the toll it takes on your health. A comprehensive guide offers 5 simple steps tailored for professionals like you to bring calm and balance back into your life.

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How to Get the California Franchise Tax Board to Accept Your Offer in Compromise

MyIRSRelief

The Offer in Compromise (OIC) is a powerful tool for taxpayers who are unable to pay their full tax liability. It allows taxpayers to settle their tax debt for less than the full amount owed, potentially saving them significant amounts of money. However, getting an OIC accepted by the California Franchise Tax Board (FTB) can be a complex and challenging process.

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IRS and tax pros gird for filing season amid congressional uncertainty

Accounting Today

The Internal Revenue Service and tax professionals are preparing for the start of tax season Monday, hoping for a smooth filing season like last year, although last-minute tax law changes are possible thanks to a deal working its way through Congress to revive tax breaks like a more generous Child Tax Credit.

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ROI – NJ Power List 2024

Withum

Withum is proud to share that New Jersey business publication ROI-NJ has named Bill Hagaman, Ed O’Connell, and Pat Walsh to their 2024 Power Influencer List in Accounting. Bill Hagaman , Partner and Immediate past Managing Partner and CEO, has been a member of the Firm’s management for over 30 years and specializes in merger and acquisition services and international business.

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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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PCAOB levies $590K in fines over Haynie audits

Accounting Today

The Public Company Accounting Oversight Board also permanently barred a sole practitioner in New York.

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A Book a Month: The Top 12 CEO Books for Executives to Read in 2024

GrowthForceBlog

7 min read With all of our modern technology, the written word remains the best source of learning and information. Reading is an excellent way to learn new skills, challenge your brain to think in new ways, see from new perspectives, and relax. Reading can also reduce stress by up to 68%! As every business leader knows stress management is essential to surviving and thriving in the role of CEO.

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Scaling And Adapting Business Strategies Amid Cost Of Living Crisis

Randal DeHart

When you're ready to take your construction business to the next level, you might start thinking about "scaling." No, it's not just a fancy term for growth; it's about doing more with less. Scaling is about increasing your revenue without proportionately increasing your resources—fancy yet practical, right? It's like sending an email: your effort is the same whether you send it to 100 people or 100,000.

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Florida Tax Preparer Gets Prison for False Returns and Online Romance Scam

CPA Practice

A Florida woman was sentenced on Jan. 23, 2024, to two years in prison for a scheme to file false tax returns, and to two years in prison for an unrelated online romance scam. The two sentences are to run concurrently with each other. According to court documents and statements made in court related to the tax scheme, Iona Coates owned and operated Bits & Bytes Accounting Services Inc., which provided tax preparation and bookkeeping services.

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Tech news: Drake Software releases DrakePay for accounting pros

Accounting Today

Plus, Prismatic launches multi-entity business solution with blockchain-like technology; and other accounting technology updates.

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IRS-CI to Host ERC Seminars for Tax Professionals

CPA Practice

The IRS Criminal Investigation unit will hold educational sessions for tax professionals about the employee retention credit (ERC) next month, the agency announced on Jan. 25. “CI special agents will host a series of educational sessions geared specifically to tax professionals about ERC at its field offices across the country,” the IRS said on Thursday.

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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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Finding Top Talent To Best Serve Your Clients | Beyond the Books Podcast by AccountingDepartment.com

AccountingDepartment

We are thrilled to announce that Episode 11 of our podcast, Beyond the Books , is now live and ready for your listening pleasure.

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On the move: Lavine, Lofgren, Morris & Engelberg names next MP

Accounting Today

Armanino elevates 16 to partnership; Blue & Co. appoints next CIO; and more news from across the profession.

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Which One of You Was This?

Going Concern

Spotted on the former bird app yesterday: A woman agreed to work for our firm. Did all the paperwork. Came in for first day of training. Took a break to “move her car.” Never came back. It’s become legend and a thing to tease the one guy she met with. She called this week asking for a second chance. What would you do? Second chance?

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Bill would require IRS returns to have scannable bar code

Accounting Today

A recently introduced bill would, if passed, require the IRS to add scannable bar codes to electronically prepared paper returns, to encourage process efficiency.

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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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Reconciled Continues to Lead Innovation in Advisory Services

Insightful Accountant

Beyond bookkeeping, Reconciled's success story is a testament to its transformative journey into comprehensive advisory services, driven by the strategic integration of Clockwork AI.

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Scaling And Adapting Business Strategies Amid The Cost Of Living Crisis

Randal DeHart

When you're ready to take your construction business to the next level, you might start thinking about "scaling." No, it's not just a fancy term for growth; it's about doing more with less. Scaling is about increasing your revenue without proportionately increasing your resources—fancy yet practical, right? It's like sending an email: your effort is the same whether you send it to 100 people or 100,000.

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Free IRS webinar on Jan. 30: Navigating Automated Collection Notices and Penalty Relief Restart

Insightful Accountant

The Internal Revenue Service will hold a free webinar, designed primarily for tax professionals whose clients were affected by the delayed notices during the COVID pandemic.

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Aprio Promotes 11 to Partner

CPA Practice

Top 30 accounting firm Aprio unveiled its newest partner class for 2024 on Jan. 24, which includes nine men and two women. “These new partners represent a part of the next generation of leadership at Aprio, embodying the values that have defined our firm for decades. Their commitment to excellence, combined with their diverse skills and experiences, will contribute to the continued success of our clients and the growth of our firm,” Aprio CEO and Managing Partner Richard Kopelman said in a state

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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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Charles McKissick on Strategic Outsourcing for Business Growth and Exit Planning

Insightful Accountant

Gary and Charles discuss how outsourcing can help firms grow, and scale up during busy times and how it can be an effective part of an exit strategy for firm owners.

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Why Won't My Team Just Accept Change?! (Part 2)

Canopy Accounting

Without change, businesses stagnate, profitability suffers, and efficiency wanes. How do you get your firm to get comfortable with change?

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Nonprofit accounting resolutions for a more efficient 2024

Accounting Today

As nonprofits work to combat the accounting and staff shortage, finding ways to increase efficiency is a top focus.

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Capitalise.com & the Federation of Small Businesses (FSB) announce an exciting partnership to support UK small businesses with a new FSB Funding Platform

Accounting Insight

Capitalise.com, whose mission is to help small businesses improve their financial health, is proud to announce its partnership with FSB, a leading voice for small business owners across the UK. This collaboration is set to bring a new era of financial empowerment and growth for small and medium-sized enterprises (SMEs). Simplifying Financial Access for SMEs Capitalise is dedicated to transforming the landscape of business finance for FSB members.

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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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HubSync Revolutionizes the R&D Tax Credit Process for CPA Firms

Insightful Accountant

HubSync Launches New Research and Development Tax Credit Product

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Friday Footnotes: Fired Accountant Spills the Dirty Laundry; Scandals of Yore; Gen AI For Good | 1.26.24

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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Yellen: Biden would extend some Trump tax cuts

Accounting Today

Parts of Trump's 2017 tax-cut package will expire in 2025, and Biden would only extend tax breaks for individuals earning less than $400,000 a year.

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House Speaker must choose business or politics in $78B bill

Accounting Today

A growing divide is emerging between Republicans and the business interests the GOP once unflinchingly championed.

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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.