Mon.Dec 02, 2024

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Accuracy, Accuracy, Accuracy: 3 Best Practices for Supporting Your Client in a Tax Audit

CTP

Despite your best efforts as a tax planner, your client may still end up facing an audit. Since some audits are randomly chosen, this is an unavoidable reality for those of us in the tax field. The question is: what is our role when it comes to supporting our clients through an audit? Where do our responsibilities begin and end? And how can we best prepare for this possibility so we can guide our clients toward the best attainable outcome?

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Understanding Cash vs. Accrual Accounting

Withum

When it comes to accounting methods, businesses primarily choose between two approaches: cash basis accounting and accrual basis accounting. Understanding the key differences between cash vs. accrual accounting is essential as this decision impacts financial reporting, cash flow management and long-term planning. What Is Cash Basis Accounting? Cash basis accounting is a straightforward method in which revenue and expenses are recorded only when cash is exchanged.

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Expert Advice for Financial Planning for SaaS Startups

inDinero Tax Tips

This article is a primer for founders without finance backgrounds who want a sense of what should be on their minds when developing a financial plan for their SaaS startup. There are plenty of free spreadsheet templates online, but without an understanding of how or why to customize them, they aren’t particularly useful. It’s like the difference between copying someone else’s homework and doing it yourself.

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Your business, your rules: managing difficult clients with confidence

Mark Lee

Ever feel torn between wanting to fire a difficult client and worrying about losing their fees? You’re not alone. The higher the fees, the harder it is to cut the cord. It’s a classic accountant’s dilemma—and one worth addressing before it drains your energy and confidence. It is a topic that often comes up in my conversations with mentoring clients and we’ve also discussed it in detail during a meeting of the Sole Practice Club.

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Forecasting Failures Are Costly: Here's How To Fix Them

Speaker: Dave Sackett

Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.

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Year-End Hiring Strategies for 2024: Navigating the Senior Talent Gap in Accounting

CPA Practice

By Amy Gallagher, Managing Director, UHY. As we move into 2025, accounting firms face a significant challenge: a growing talent gap caused by many experienced CPAs and professionals retiring. The accounting profession’s yawning talent gap has long been a thorn in the industry’s side. However, with an estimated 75 percent of CPAs having hit retirement age by the year 2020, and the number of accounting graduates continuing to trend downwards , the talent challenges the accounting industry is facin

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Navigating Employment Status in Physician Practices: Are They an Employee or an Independent Contractor?

Withum

In many physician practices, it has been common practice to contract an outside healthcare professional to provide services at a per-procedure rate. Did you know that those healthcare professionals may now be considered employees? On January 10, 2024, the U.S. Department of Labor published a final rule, effective March 11, 2024, revising the Department’s guidance on analyzing who is an employee or independent contractor under the Fair Labor Standards Act (FLSA).

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The best and worst states for taxes in 2025

Accounting Today

States that do not assess the major taxes are more competitive than states with complex taxes with high rates.

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The Benefits of Outsourcing Bookkeeping for Small Business Growth

MyIRSRelief

The Benefits of Outsourcing Bookkeeping for Small Business Growth Outsourcing bookkeeping has become a game-changer for small businesses looking to streamline operations, cut costs, and focus more on growth. For many small business owners, managing the books can be time-consuming and complex, especially when juggling payroll, tax preparation, and other essential financial tasks.

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Aprio Releases 2025 Technology Outlook

CPA Practice

Aprio , the 25 th largest business advisory and accounting firm, has released its 2025 Technology Outlook , highlighting the recent impact of private equity and venture capital funding within the tech sector and key trends that will continue to make an impact in 2025. The Outlook dives into the particularities of equity investment in the tech sector.

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Practice Profile: Dreaming up a better tax season

Accounting Today

Al-Nesha Jones envisioned a better busy season, and made it happen at her ASE Group

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Are Robots Replacing You? Keeping Humans in the Loop in Automated Environments

Speaker: Erroll Amacker

As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R

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In-Kind Donations Can Help Retail Clients Solve Unwanted Returns and Inventory

CPA Practice

By Paula DeJayes. Generous return policies by companies like Target, Kohl’s and Walmart are popular with customers. Though they generate goodwill and repeat business, retailers are not exactly happy to be stuck with returned inventory. Now, your client retailers are thinking the unthinkable: Giving customers refunds but letting them keep their unwanted goods.

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Slow down on that SLAT. Here are some of the risks

Accounting Today

The tax advantages and a degree of flexibility have added to the appeal of spousal lifetime access trusts. But they aren't a fit for everyone.

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AICPA News – December 2024

CPA Practice

AICPA News is a round-up of recent announcements from the American Institute of Certified Public Accountants. AICPA Reiterates ‘Grave Concerns’ with BOI Reporting Requirement Timeline, Requests Filing Delay In a letter to Congressional leadership of the Senate Banking Committee and the House Financial Services Committee, the American Institute of CPAs (AICPA) recently expressed their concerns with the Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership Information (BOI) report

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Taxes and the 'amateur athlete'

Accounting Today

Court decisions have opened up a whole new world of tax worries for college athletes.

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Book of Secrets on the Month-End Close

Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.

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Research Shows Top Hiring Challenges for SMBs in 2025

CPA Practice

Research from global talent solutions and business consulting firm Robert Half reveals the top recruiting obstacles small and midsize businesses (SMBs) are facing now and in the months ahead. The research offers valuable insights to help SMBs compete for top talent in a complex and evolving hiring landscape. According to a survey of more than 1,700 hiring managers at small (20-99 employees) and midsize (100-999 employees) companies, the greatest hiring challenges facing SMBs include: Salary pres

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Looking back with Barry Melancon

Accounting Today

On the eve of his retirement, AICPA chief Barry Melancon looks back at how the institute – and the accounting profession – have changed over the past 30 years.

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Help, I’m Being Audited! 3 Reasons You’ll Want a Tax Planner in Your Corner When Facing an Audit

CTP

Tax audits are, unfortunately, a possibility that every taxpayer should be prepared for. Even if you’ve crossed your t’s and dotted your i’s, the IRS does sometimes choose tax returns at random for an audit. How can you ensure you are ready if this happens to you? The more documentation you have to support the claims made on your tax return and the more understanding you have of the tax laws that apply to your case, the better you’ll fare.

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Small firms must balance budget and ambition on AI

Accounting Today

Small firms can't drop billions on custom AI systems, but there are still ways to leverage the tech without breaking the bank.

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How To Break Digital Transformation Barriers And Accelerate AI Adoption

Speaker: Anna Tiomina, MBA

AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?

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IRS Announces New 1099-K Reporting Thresholds for 2024-2025

Insightful Accountant

In a significant development for tax practitioners and their small business clients, the IRS has established new transitional thresholds for Form 1099-K reporting through Notice 2024-85.

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Financial Accounting Foundation executive director to retire

Accounting Today

John Auchincloss will retire in September 2025 from the FAF. The search for his successor will begin immediately.

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Maximize Efficiency with QuickBooks Online Accountant’s 8 Prep for Taxes Features

Insightful Accountant

Tax season is a big challenge for all accountants. You need to get information from clients, clean up their books, carefully review data, and export and/or check trial balances. “Busy season” is accurate.

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Time is Running Out! Secure Year-End Savings with Outsourced Accounting

Basis 365

For business owners, the end of the year signals a time for evaluating financial standings and planning how best to utilize those remaining profits. Strategic investments at this time can both strengthen a companys future operations and provide financial benefits, like tax deductions. If youve been considering how to bolster your companys financial operations and are looking to invest strategically with year-end funds, outsourced accounting services are a smart investment.

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Demo SkyStem’s Award Winning Month-End Close Solution & Earn $100

Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.

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Extended 2025 ProAdvisor Nomination Deadline Approaching

Insightful Accountant

December 10th is the 'Extended Deadline' to nominate a ProAdvisor. There's still time to nominate a deserving U.S. or International ProAdvisor for the 2025 Awards.

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Super Micro finds no evidence of fraud, will replace CFO

Accounting Today

The investigation determined that "the conclusions EY stated in its resignation letter were not supported by the facts examined in the review.

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Aprio Releases 2025 Technology Outlook

Insightful Accountant

Aprio tech outlook outlines key trends that will influence investment in the tech sector during 2025.

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Art of Accounting: Stanley Goldstein's early reflections on Barry Melancon

Accounting Today

Barry had an extraordinary career with great achievements leading the accounting profession forward and into a bright-looking future.

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New Software & You: Elevating Your Tech Stack

Speaker: Joe Wroblewski, Senior Sales Engineer

Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!

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Insights on Business Valuation and M&A with John Martinka

Insightful Accountant

In this episode of the Accounting Insiders podcast, Gary DeHart interviews John Martinka, co-founder of Nokomis Advisory Services, about key strategies for small businesses in the M&A sector.

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Ex-bank CEO's tax scandal bill raised to €5.6M by top court

Accounting Today

Germany's top criminal court almost doubled the amounts of illicit profits a former chief executive officer of a defunct bank and other ex-managers must repay.

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Expense Report Fraud

FraudFiles

The dreaded expense reports. Employees hate preparing them. Companies hate reviewing them. They seem to be painful for everyone involved, yet companies can’t get away from them all together. You’re asking yourself why this might be an important topic. Expense report losses are really a minor expense for most companies, aren’t they? Yes, they are. [.

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Monday Morning Accounting News Brief: KPMG Wins in Losing Clients; PwC Supports Alternative Pathways (We Know) | 12.2.24

Going Concern

Welcome back to the working world, everyone. I trust you all had a nice holiday. Since we had a couple days off I took the opportunity to finally finish the Silent Hill 2 remake. I got the ‘Head of Controlling’ ending (jk, I got Leave). Let's acknowledge the most important people behind the spectacular Silent Hill 2 remake: pic.twitter.com/GGquHgEVvq — Going Concern (@going_concern) November 30, 2024 Alright, enough chit-chat.

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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.