Withum

NOVEMBER 3, 2023

The subject of accounting standards is of utmost importance in the business world. With the ever-evolving nature of the global economy, it becomes imperative to align accounting practices and regulations with the changing needs of organizations. To this end, the Accounting Standards Update 2023-01 Leases (Topic 842): Common Control Arrangements offers valuable insights and guidelines for entities involved in such transactions.

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MyIRSRelief

NOVEMBER 3, 2023

Mike Habib, EA: Your Ally in Navigating Tax Problems Tax issues can be a source of significant stress and confusion. Whether it’s unfiled tax returns, unpaid back taxes, tax audits and appeals, or 941 employment payroll problems, these issues can seem insurmountable. However, our representation firm led by experienced EAs, tax professionals specialize in these very problems.

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CPA Practice

NOVEMBER 3, 2023

By Andrew Argue, CPA. People are nervous. College graduates with accounting degrees , CPA exam takers , new entrants to the accounting workforce —all these metrics and our experience make us feel there’s a lack of interest in our industry. You can sense the collective anxiety brewing: Is our industry running low on accounting talent? It’s not just the macro stats causing concern.

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Accounting Today

NOVEMBER 3, 2023

The service's development of its newly introduced business tax accounts and recent improvements in its tax pro accounts could be jeopardized if funding is cut.

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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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CPA Practice

NOVEMBER 3, 2023

By Josephine Stratman. New York Daily News (TNS) NEW YORK — A jury unanimously found the former golden boy of cryptocurrency, Sam Bankman-Fried, guilty on all counts on Thursday. Culminating his stunning fall from grace, he was convicted of wire fraud, conspiracy and money laundering targeting the customers, investors and lenders of Bankman-Fried’s companies, FTX and Alameda Research.

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Accounting Today

NOVEMBER 3, 2023

NASBA CEO and RSM International CEO both announce plans to step down; Citrin Cooperman relocates New York City office; and more news from across the profession.

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Accounting Today

NOVEMBER 3, 2023

Plus, Client Hub launches AI-enabled email integration; and other news from the accounting technology world.

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Going Concern

NOVEMBER 3, 2023

Scott Scarano is not your typical accounting firm owner. With his hip-hop hats, silver chains, and rapper persona, he looks more like a SoundCloud artist than a buttoned-up businessman. Yet behind the unconventional facade lies the real story of an entrepreneur who found purpose in the unlikeliest places. In his teens, Scott was set on making it big in the entertainment and music industry.

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Accounting Today

NOVEMBER 3, 2023

A recent report from Atlas VPN estimates that if the internet were shut down entirely around the world for one day, it would cost the global economy about $43 billion.

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AccountingDepartment

NOVEMBER 3, 2023

We are thrilled to announce that Episode 5 of our podcast, Beyond the Books , is now live and ready for your listening pleasure.

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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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Accounting Today

NOVEMBER 3, 2023

Gainful employment; waste not; Mr. Plow; and other highlights of recent tax cases.

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CPA Practice

NOVEMBER 3, 2023

When You Should PIG Out It’s not greedy to use a “pig” when you’re talking about investment strategies designed to reduce income tax liability. In this instance, the term refers to a “passive income generator” (PIG). Depending on your situation, you might invest in a PIG to maximize the tax benefits. Briefly stated, income from a PIG can absorb prior passive activity losses and is essentially tax-free up to the amount of the total loss, despite certain tax law restrictions.

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Withum

NOVEMBER 3, 2023

The American electric vehicle (EV) sector is at an inflection point. Two key developments — the recent United Auto Workers (UAW) labor contract and the evolving costs of EV battery packs — are emerging as significant drivers of change. The UAW labor contract, a groundbreaking agreement with the Big 3, is poised to exert transformative pressure on EV manufacturing.

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CPA Practice

NOVEMBER 3, 2023

Top 25 accounting firm Citrin Cooperman has acquired Gettry Marcus, a top 200 CPA firm based in Woodbury, NY. Financial terms of the transaction, which became official on Nov. 1, were not disclosed. More than 130 professionals and 28 partners from Gettry Marcus joined Citrin Cooperman as part of the deal. “Gettry Marcus has a long-standing presence in the marketplace, and we’re excited to welcome a great group of people to the firm,” Citrin Cooperman CEO Alan Badey and Executive Chairman Joel Co

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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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Withum

NOVEMBER 3, 2023

Maybe the title should be National Health Education Initiative spearheaded by a Public Library. 14 years ago, the East Brunswick Public Library (EBPL) planted a seed to provide health information to members of its community. Today, this is an award-winning national program with support from major organizations. When EBPL Information Services Manager Karen Parry, with acquiescence from Library Director MaryEllen Firestone, proposed initiating a program to provide health information to residents o

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CPA Practice

NOVEMBER 3, 2023

New York-based CPA firm Grassi announced on Thursday it has established an employee stock ownership plan (ESOP) for its more than 450 employees. In addition, the top 60 accounting firm said it is shifting to an alternative practice structure “ensuring the firm’s independence and strength.” An ESOP is an employee benefit plan that gives workers ownership interest in the company in the form of shares of stock.

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Accounting Today

NOVEMBER 3, 2023

It's imperative now more than ever that businesses understand how to efficiently manage their sustainability investments.

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Canopy Accounting

NOVEMBER 3, 2023

Wanting to modernize your firm but unsure of where to start? Unsure of what "modernize" even means? In this webinar hear from Terrell Turner, CPA and co-founder of TLTurner Group, and Andrew Berg, CPA, managing partner of Berg Advisors, on the process they went through to build firms that take advantage of modern workforce practices, tech, and more.

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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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Menzies

NOVEMBER 3, 2023

Menzies LLP - A leading chartered accountancy firm. What does this mean? The measures outlined in the act will give Companies House new and increased powers. Changes expected to come into force early 2024: Companies House powers to query information. Although this has already commenced with notices being sent, information will be scrutinised and rejected if information appears incorrect or inconsistent with filing history on the register.

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CPA Practice

NOVEMBER 3, 2023

The countdown is on QuickBooks Connect 2023 is on. The event, a three-day cloud accounting conference where accountants and bookkeepers can connect and get inspired – and have fun doing it. This year’s event is set for November 13-15 at the Aria Las Vegas Resort and Casino. To get the conference started with a bang, Ignition will host an exclusive pre-conference party on November 12 at 7pm at Alexxa’s, an eatery and lounge located inside the neighboring Paris Las Vegas hotel.

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Menzies

NOVEMBER 3, 2023

Menzies LLP - A leading chartered accountancy firm. HMRC have recently introduced measures to combat fraud within R&D, including lowering the SME tax relief and increasing compliance requirements, as Ant Lalsing details in his article here. With increased HMRC scrutiny, it’s more likely you may receive correspondence from HMRC regarding your company’s R&D claim.

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Canopy Accounting

NOVEMBER 3, 2023

Embarking on a career in accounting can be a rewarding path filled with abundant growth opportunities. Here are four essential tips to help aspiring accountants effectively navigate their career development journey.

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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.

Accounting Today

NOVEMBER 3, 2023

The unemployment rate ticked up one-tenth of a point to 3.9% as hiring slowed.

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Ronika Khanna CPA,CA

NOVEMBER 3, 2023

There comes a time for many small business owners when they decide that they need to hire employees. This is usually an excellent sign as it means a) the business is growing and b) the small business owner has learned to delegate. It also means that additional paperwork needs to be filled out and additional taxes need to be paid. The simplest option when deciding to augment your workforce is to have the new worker invoice the business, based on hours worked or some other formula.

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Accounting Today

NOVEMBER 3, 2023

Senate Majority Leader Chuck Schumer vowed the Senate won't vote on the House bill and instead will produce a broader emergency package without cuts to the IRS.

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CPA Practice

NOVEMBER 3, 2023

Technologists Randy Johnston and Brian Tankersley, CPA, give advice about how firms that are adopting AI technologies can determine the difference between real and fake data. Use the podcast player below to listen. Transcript (Note: There may be typos due to automated transcription errors. Also, due to the intro to the podcast, add apx. 10 seconds to the time stamps below.

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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.

Accounting Today

NOVEMBER 3, 2023

"I relied upon Mazars and our accounting team to tell me" about the preparation of a 2017 Trump financial statement, Donald Trump Jr. told the judge, who is hearing the case without a jury. "That's why we have accountants.

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CPA Practice

NOVEMBER 3, 2023

By Molly Crane-Newman, New York Daily News (TNS) Donald Trump’s eldest sons testified back-to-back at the family’s fraud trial in Manhattan Supreme Court on Thursday—both denying involvement in statements that exaggerated their father’s net worth by billions despite evidence to the contrary. Replacing his brother in the witness box shortly before noon, Eric Trump testified that he didn’t know “anything” about his dad’s financial statements until the New York attorney general brought the case

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Going Concern

NOVEMBER 3, 2023

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. See ya. AI Australian academics apologize for false AI-generated allegations against big four consultancy firms [ The Guardian ] A group of academics has offered an unreserved apology to the big four consultancy firms after admi

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