Mon.Sep 16, 2024

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Standard vs. itemized: Who deducts what?

Accounting Today

Taxpayers earning more are more likely to choose to itemize their deductions, while taxpayers earning less tend to favor the standard deduction.

Tax 134
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2023 Plan Year Filing Reminders for Employee Benefit Plans

Withum

As a plan sponsor, staying informed about the latest regulations and industry trends is crucial to the success of your employee benefit plan as we navigate through employee benefit plan filing season. Adhering to regulatory requirements and ensuring compliance to avoid potential penalties are priorities for plan sponsors with employee benefit plan audits.

CPA 124
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TIGTA faults IRS on data security, cloud security

Accounting Today

The Treasury Inspector General for Tax Administration, in two reports, critiqued the IRS on cybersecurity for both its data warehouse and its cloud infrastructure.

Tax 128
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Review of Supervizor – The Accounting Technology Lab Podcast – Sept 2024

CPA Practice

Hosts Randy Johnston and Brian Tankersley, CPA, review Supervizor , a continuous quality assurance system that helps accounting firm’s error-proof their client’s bookkeeping and curb fraud. Use the video player below to watch, or the podcast player below to listen to the podcast. Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.

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The Human Side of Finance: The Intersectionality of People, Culture, Adaptability, and Resilience

Speaker: Melissa Hurrington

Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.

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Art of Accounting: Clients' changing needs

Accounting Today

Find out what the client needs and then figure out how to fill that need.

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Gusto Introduces ‘Gus’ AI Assistant For Small Businesses

CPA Practice

Payroll solutions provider Gusto has announced a new artificial intelligence-powered assistant called “Gus,” aimed at helping small business owners save time, get personalized insights, and make smarter decisions about their businesses. Gus can provide business owners with quick answers to their most frequently asked questions, such as their compliance requirements or what they need to do to file their taxes.

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More Trending

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PwC U.K.’s Plan to Track Employees’ Work Location Gets Questioned

CPA Practice

Many professionals across various industries have gone to sites like LinkedIn and Reddit over the past week or so to discuss—and to criticize, by some—a recent plan by PwC to monitor where its 26,000 employees in the United Kingdom do their work from starting in January, as the Big Four accounting firm tightens the screws on its hybrid work policy. This move reflects a broader trend of employers rolling back hybrid working arrangements that became popular during the COVID-19 pandemic.

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Monday Morning Accounting News Brief: What Could Go Wrong Giving Nuke Power to Deloitte; KPMG SF is Moving | 9.16.24

Going Concern

Monday already? Guess we should see what’s going on in the world. Can someone help me come up with a Vault-Tec joke for this story? Because I know it’s right there. "As it stands today, Deloitte is not known as a shipbuilder, nor is it clear it could meaningfully contribute to the construction of submarines." [link] — Going Concern (@going_concern) September 14, 2024 Speaking of Deloitte, the UK business is finally entering the modern age and extending equal family leav

Account 106
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IRS Issues Proposed Regs on Tribal General Welfare Benefits

CPA Practice

The Department of the Treasury and the Internal Revenue Service have issued proposed regulations PDF for Tribal General Welfare Benefits. Section 139E of the Internal Revenue Code was enacted by the Tribal General Welfare Exclusion Act of 2014 and excludes from gross income the value of any Tribal General Welfare Benefit. As described in the Consultation and Federal Feedback summary PDF , the proposed regulations are the result of long-term efforts by Treasury, IRS, the Treasury Tribal Advisory

Education 110
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Tax Changes Deferred to Lame Duck

Insightful Accountant

As Congress reconvenes this month, tax practitioners find themselves navigating an uncertain legislative landscape with the looming threat of a government shutdown and its potential impact on year-end tax legislation.

Tax 95
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Maximizing Profit and Productivity: The New Era of AI-Powered Accounting

Speaker: Yohan Lobo

In the accounting world, staying ahead means embracing the tools that allow you to work smarter, not harder. Outdated processes and disconnected systems can hold your organization back, but the right technologies can help you streamline operations, boost productivity, and improve client delivery. Dive into the strategies and innovations transforming accounting practices.

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Federal Reserve Could Cut Interest Rates This Week

CPA Practice

Michael E. Kanell The Atlanta Journal-Constitution (TNS) Will they or won’t they? The interest rate-setting committee of the Federal Reserve will meet starting Tuesday to discuss the economy and a potential cut to the central bank’s benchmark rate — a decision that will affect the pricing of home, auto and business loans, credit card rates, the rates for savers and so on.

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Reliance on Interim Financials in SBA Business Valuations

Withum

A common challenge when completing a business valuation for SBA 7(a) purposes is how much reliance should be given to the seller’s interim financial statements. Generally, an SBA lender will provide an appraiser with three years of business tax returns and interim financial statements as of the current calendar year. This is where certain trends may be observed from the interim financial statements on an annualized basis that have large divergences from the business tax returns.

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Report Shows How Finance Teams are Handling AI, Skill Gaps, Data Integration and ESG

CPA Practice

insightsoftware (lowercase intentional), a provider of solutions for CFOs, has released its 2024 Finance Team Trends Report. The report analyzes data integration challenges, the rise of artificial intelligence (AI), essential shifts in cloud computing, and the ongoing impact of staffing and skills challenges across the finance and accounting sectors.

Finance 98
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Latest update of CCH Axcess Audit makes heavy use of integrations

Accounting Today

Wolters Kluwer announced major enhancements to CCH Axcess Audit, which works with numerous other modules in the suite to produce more detailed insights and workflow integration.

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Smarter Card Solutions: Meeting the Challenges of Mid-Market Travel & Expense

Our 2025 Center Travel Survey is clear: as corporate travel increases, so does corporate credit cards distribution, and a rise in off-platform travel booking. This 61% rise causes various challenges: compliance, spend control, reporting problems, and a lack of visibility across organizations. To evolve with the ever-changing needs of travelers, decision-makers need a better solution.

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Annual Planning for Transportation and Logistics Businesses: Prepare to Thrive in 2025

Anders CPA

It’s that time of year, when we start to get our financial ducks in a row. The end of Q3 is the perfect time to look back at the past year and ahead to the future. This period provides a critical opportunity to assess performance, identify areas for improvement, and set strategic goals. The transportation industry has endured a lot in these past few years, but a wise colleague of mine once said, “Prepare to endure, endure.

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Figuring out alternative investments

Accounting Today

John Napolitano of Napier Financial takes a long look at the host of unusual investment opportunities available to your wealthier clients.

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Deloitte’s Bringing a Small D to Revenue Season This Year

Going Concern

Deloitte has reported its global revenue numbers and while it’s another record-smasher for the Big D, it’s also got to be a bit disappointing for the firm that enjoys self-jerking it to their greatness more than any other. Growth is in the low single digits for the first time since 2020 when they clocked in at 3.9% growth (in US currency).

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KNAV takes on investment from India

Accounting Today

In the latest example of accounting firms taking on outside investments, the internationally focused firm has sold a minority stake to an Indian billionaire.

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Say ‘Goodbye’ to Clunky Spreadsheets and Say ‘Hello’ to Month-End Automation

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, emails, and shared drives no longer need to slow you down. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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International ProAdvisors Award Applications Remain Open

Insightful Accountant

You still have plenty of time to apply for the International ProAdvisor Awards, but why wait. you can start your application and come and go as you complete new training, earn certifications and use/learn new Apps.

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3 client scenarios that highlight tax advantages of donor-advised funds

Accounting Today

The accounts are expected to grow by another trillion dollars over the next decade because of their tax and flexibility advantages, Daffy CEO Adam Nash said.

Tax 69
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Need an eCommerce Connector? Attend today's webinar.

Insightful Accountant

Murph will host Dawn Brolin, Kelly Gonsalves, and Jeff Siegel to review the Top 100 ProAdvisors' Top 10 most popular eCommerce Connector Apps today, September 17 at 2 PM Eastern.

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Francine victims in Louisiana get tax relief

Accounting Today

The IRS has postponed payment and filing deadlines for those affected by the storm.

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Outsourcing Vs. In-House: The Ultimate Battle For Better Collections

Speaker: Susan Richards

Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.

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The Value of Meeting with Your CPA Regularly

LSLCPAs

As a business owner, your primary focus is on growing and managing your business. However, while navigating the financial landscape can be complex and time-consuming, prioritizing regular meetings with your Certified Public Accountant (CPA) is crucial to your business’s success. So you don’t get overwhelmed, remember that you don’t have to cover every item on.

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PwC probe shifts to Hong Kong after record China fine

Accounting Today

Hong Kong's Accounting and Financial Reporting Council said its review of PwC's local practice, which is separate from China's probe, is still "in progress.

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Wolters Kluwer Enhances CCH Axcess Audit Solution

CPA Practice

Wolters Kluwer Tax & Accounting unveiled on Sept. 16 a huge expansion of its CCH Axcess Audit solution, which integrates with other key CCH Axcess modules for faster, more precise engagements across firms of all sizes. According to Wolters Kluwer, the new technological advancements reduce manual data entry, minimize errors, and sync data in real time, adding a layer of agility and cohesion to every project.

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Autumn Budget Hub 2024: Retail Wish List

Menzies

Menzies LLP - A leading chartered accountancy firm. In anticipation of this year’s Autumn Budget, Menzies’ Retail Sector Team have compiled a Wishlist for the sector, covering key areas such as VAT, business rates, the national living wage, and the employer national insurance allowance, highlighting the measures businesses should focus on.

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AP Automation: The Competitive Advantage Your Business Needs

Speaker: Danny Gassaway and Wayne Richards

Finance leaders are prioritizing efficiency and digital transformation, yet many hesitate to automate due to uncertainty. Without a clear understanding of its impact, organizations risk falling behind competitors who are leveraging technology to drive productivity and cost savings. So, how do you make the case for automation within your organization?

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Divorce Financials: Importance of a Lifestyle Analysis

FraudFiles

In the early stages of divorce, clients are required to complete financial affidavits, financial declarations, or other similarly titled disclosures. The importance of an accurate disclosure of assets, liabilities, and income is obvious. Yet many clients are unable to accurately prepare this financial information. Particularly in high net worth divorces, it may be difficult for [.

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Trump tariffs would help pay for his tax cuts, JD Vance says

Accounting Today

Former President Donald Trump's agenda of higher tariffs on U.S. imports would help offset his expanding tax-cut proposals if he's reelected in November, according to his running mate, Ohio Senator JD Vance.

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Wolters Kluwer Analyzes Tax Policies of Harris and Trump

CPA Practice

A tax briefing on the proposed tax policies of the major presidential candidates, Vice President Kamala Harris and former President Donald Trump, was recently released by Wolters Kluwer Tax and Accounting. The analysis aims to clearly distinguish their tax priorities and propose how their policies could potentially affect individual taxpayers, businesses, and the wider economy, Wolters Kluwer said.

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Vance Says Trump Tariffs Would Help Pay For His Tax Cuts

CPA Practice

By Tony Czuczka Bloomberg News (TNS) Former President Donald Trump’s agenda of higher tariffs on U.S. imports would help offset his expanding tax-cut proposals if he’s reelected in November, according to his running mate, Ohio Senator JD Vance. “If we actually balance this out by penalizing some of these companies for manufacturing overseas, I do think that we can get this to balance out in the right way, where we’re not blowing a hole in the deficit, we’re giving workers more of their money,” V

Tax 64
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Fall In Love With the Month-End Close

It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.