Fri.Sep 13, 2024

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How cloud-based accounting can power strategic decisions in tech

Accounting Insight

All business leaders have to make strategic decisions. The difference between the companies that end up leading the market and the ones that fall behind can come down to how informed leaders are before making such decisions. The tech industry is powered by data, so for growing companies in the sector, having an agile, efficient and insightful financial reporting system allows them to maximise investments and scale sustainably.

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AICPA, NASBA propose competency-based path to CPA

Accounting Today

Instead of completing 150 credit-hours, this pathway would allow candidates with a bachelor's degree to earn their CPA by demonstrating their professional and technical skills.

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Retail Sales Grew in August as Inflation Decreased

CPA Practice

Retail sales increased again in August as consumer demand and easing inflation overcame slower job growth, according to the CNBC/NRF Retail Monitor , powered by Affinity Solutions, presented by the National Retail Federation. “Retail sales data shows that consumers continued to spend on household priorities in August,” NRF President and CEO Matthew Shay said.

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Creating A Strong Personal Brand For Your Construction Business

Randal DeHart

In today's competitive business landscape, establishing a personal brand is essential for standing out in the construction industry. Whether you're a contractor, architect, or engineer, cultivating a professional image differentiates you from competitors and fosters trust and credibility among clients and partners. The words "personal brand" are still somewhat controversial and carry an unfortunate cast of self-promotion and vanity.

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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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State CPA Society News and Updates – Sept. 2024

CPA Practice

State CPA Society News & Updates is a selection of recent announcements and initiatives by CPA associations in the United States and its territories. The Tennessee Society of CPAs (TSCPA) is pleased to award $280,000 in scholarships through the TSCPA Educational & Memorial Foundation to 128 Tennessee accounting students. TSCPA Educational & Memorial Foundation scholarships are funded primarily through an endowment program known as the Life Associates Program, which was established in

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Show financial leadership via the art of storytelling

Accounting Today

Storytelling has many practical applications for accountants. Here's how to SPAR with your audience.

More Trending

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Treasury, IRS propose rules on excluding Tribal general welfare benefits from income

Accounting Today

The Treasury Department and the Internal Revenue Service issued a Notice of Proposed Rulemaking on Friday to implement Section 139E of the Tax Code, created by the Tribal General Welfare Exclusion Act of 2014, excluding from gross income the value of any Tribal general welfare benefit.

Tax 75
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Avalara and Oracle Expand Embedded Partnership to Support Global Tax Compliance

CPA Practice

Avalara , a provider of tax compliance automation software for businesses of all sizes and a member of Oracle PartnerNetwork (OPN), has announced that two of its products are now embedded in Oracle Fusion Cloud Enterprise Resource Planning (ERP). Mutual customers can now access Oracle Avalara Global Indirect Tax Cloud Service and the Oracle Avalara North America Tax Returns Cloud Service in Oracle B2B to enable touchless tax processes in Oracle Cloud ERP.

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80% of software vendors to offer gen AI by 2026, up from 1% last year

Accounting Today

Gartner estimates that, by 2026, around 80% of independent software vendors will embed gen AI capabilities in enterprise applications, versus less than 1% in 2023.

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IRS Offers Tax Deadline Extensions for Louisiana Due to Hurricane Francine

CPA Practice

The Internal Revenue Service is offering tax deadline relief for individuals and businesses in the entire state of Louisiana, affected by Tropical Storm Francine that began on Sept. 10, 2024. These taxpayers now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA).

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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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China levies record penalty on PwC over Evergrande fraud

Accounting Today

China suspended the operations of PricewaterhouseCoopers LLP for six months and imposed a record penalty over lapses in its auditing of China Evergrande Group.

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Restoring Trust in Government: A Plan for the Next Administration

Cherry Bekaert

Read the full article, originally published by Federal News Network, here : Cherry Bekaert’s Managing Partner of Advisory Services, Srikant Sastry, joined the President and CEO of the National Academy of Public Administration (NAPA), Terry Gerton, to discuss the key management challenges and strategies for the next U.S. administration, regardless of who is elected.

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On the move: Georgia CPAs fight hunger

Accounting Today

Plus, CohnReznick expands its valuation practice, Herbein adds a director of business development, and Abdo and Mercadien each announce a wave of promotions.

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Ways to Effectively Manage Cyber Risk for Professional Services Firms

Cherry Bekaert

As cyber threats continue to grow and evolve, especially with the rise of artificial intelligence (AI) and sophisticated deepfakes, developing a secure cyber risk management program is crucial to the success of an organization. While cybersecurity doesn’t discriminate, and poses a threat across all industries, the professional services industry faces unique risks as firms often have access to sensitive and personal information, as well as a fiduciary responsibility to protect that information.

Legal 72
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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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China Puts PwC in the Punishment Corner For Six Months and Confiscates ‘Illegal Gains’

Going Concern

Well we knew this was going to happen. Various media outlets are reporting that China has banned PwC Zhong Tian (a.k.a. PwC China) from signing off on accounts for six months in relation to their sloppy work on collapsed developer Evergrande. See earlier: China’s About to Dropkick PwC Right in the Wallet Wrote AP : China’s Ministry of Finance said in a statement Friday that it was imposing 116 million yuan ($16.35 million) in fines and confiscation of illegal gains on PwC Zhong Tian, also known

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OpenAI’s ‘Strawberry’ Model: A Leap Forward in Problem-Solving for LLMs or Just a Step?

Withum

A model code-named “Strawberry”, part of OpenAI’s newly-released O1 product, introduces a structured planning module designed to enhance how large language models (LLMs) solve problems. Tailored for Chain-of-Thought (CoT) Reasoning While the idea of using more computation to search for optimal solutions isn’t new (e.g. this paper “Language Agent Tree Search Unifies Reasoning Acting and Planning in Language Models”), OpenAI’s Strawberry Model seems to have been tailored specifically f

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Wiss Enters Strategic Partnership With AI Platform Basis

CPA Practice

Top 100 accounting firm Wiss announced a strategic partnership with Basis, an artificial intelligence platform for accounting firms. Basis will be deployed across the firm to enhance efficiency, reduce risk, and improve the quality of work-life balance for accountants, Florham Park, NJ-based Wiss said on Sept. 11. Basis uses cutting-edge AI, including generative AI and language models built specifically for accounting firms, to streamline workflows across Wiss.

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“How Did We Do?” Questionnaire

Withum

I recently received three questionnaires asking me to reply or post how I felt about the service I received. In each case, I was extremely satisfied with the overall service, but I had follow-up encounters that required extra effort on my part or were not responded to. These encounters upset me and made me reluctant to respond to their questionnaires.

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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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Deloitte Global Hauled in $67.2 Billion in Revenue This Year

CPA Practice

Deloitte is first out of the gate among the Big Four to announce global revenues for 2024 with $67.2 billion for the fiscal year ending May 31, the firm said on Thursday. That’s a 3.6% increase in U.S. dollar terms and 3.1% in local currency terms from 2023’s revenue of $64.9 billion. Deloitte is the largest accounting firm in the world by revenue, followed by PwC, EY, and KPMG.

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Donna Branston Featured in CPA Canada’s Pivot Magazine

DMCL

We’re excited to share that DMCL’s Entertainment group partner, Donna Branston , was recently featured in CPA Canada’s Pivot magazine. In the article, Donna discusses the unique challenges of working with musicians and entertainers, including the need for flexibility, adaptability, and a deep understanding of U.S. tax regulations. Donna also shares her experiences working with high-profile clients like Bryan Adams and Tegan and Sara, offering a behind-the-scenes look at what it takes to help dri

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Driving Continuity and Stability: CVSA Overcomes Challenges With the Combination of Outsourced Accounting Services and Sage Intacct

Cherry Bekaert

About CVSA The Commercial Vehicle Safety Alliance (CVSA) is a nonprofit organization comprised of local, state, provincial, territorial, and federal commercial motor vehicle safety officials and industry representatives across North America. CVSA aims to prevent commercial motor vehicle crashes, injuries, and fatalities through guidance, education, and advocacy for enforcement.

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The Benefits of Electric Cars: A Tax-Friendly Choice for Employers and Employees

Inform Accounting

Electric cars are increasingly popular, not just for their environmental benefits, but also for their financial perks. Both employers and employees stand to gain from choosing an electric vehicle (EV) over traditional petrol or diesel cars, thanks to significant tax incentives. In this blog, we’ll explore the benefits of electric cars and break down the tax implications.

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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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Tech News: Oracle NetSuite announces new procurement solution

Accounting Today

Oracle NetSuite announces new procurement solution; Gusto announces "Gus" AI; Boost launches cross-border payment solution; and other accounting tech news.

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Top 5 GST/HST Mistakes (and How to Avoid Them)

Ronika Khanna CPA,CA

Whether you have just started your business venture or have a couple of years under your belt, navigating GST/HST can be confusing and stressful. There’s is lots of information on the internet but hard to know if it is trustworthy or comprehensive. Consequently, it's easy to make mistakes that results in time wasted or worse, unnecessary interest, penalties and letters from the government.

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Friday Footnotes: Someone Hates the Quality Control Standard; EY Associate Doesn’t Care; Deloitte Doesn’t Build Ships | 9.13.24

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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Trump pledges no taxes on overtime in pitch to blue-collar vote

Accounting Today

The presidential nominee is looking to turn the page with a new populist tax cut proposal.

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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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Trump Pledges No Taxes on Overtime

CPA Practice

By Eliyahu Kamisher and Gregory Korte Bloomberg News (TNS) Republican Donald Trump pledged to eliminate taxes on overtime pay at a rally days after a shaky debate performance, as the presidential nominee looked to turn the page with a new populist tax cut proposal. “We will end all taxes on overtime,” Trump said Thursday at a rally in Tucson, Arizona.

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What to know about TCJA expiration

ThomsonReuters

← Blog home Just as the dust finally settled from the tax law changes unleashed with the passage of the Tax Cuts and Jobs Act (TCJA) in 2017, a new round of changes are on the horizon as the profession braces for potential sunsetting provisions, most of which would impact individual taxpayers. The passage of the TCJA in December 2017 was significant as it overhauled the tax landscape for both individuals and corporations.

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House Passes Bill Tightening China Restrictions for EV Tax Credit

CPA Practice

By Grant Schwab The Detroit News (TNS) WASHINGTON — The U.S. House of Representatives passed a bill Thursday that would tighten requirements around Chinese business ties in determining which electric vehicles qualify for $7,500 federal tax credits upon purchase. Debate for the bill, which passed along a mostly party-line 217 to 189 vote, was contentious.