Wed.Mar 27, 2024

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The IRS Cracks Down on Non-filers: A Growing Problem for Tax Compliance

ThomsonReuters

The IRS is having a big problem dealing with non-filers – individuals and businesses who fail to file their required tax returns. It’s an issue that’s been around for years, but one that hasn’t been a top priority for the IRS of late. As a result, there’s been a substantial increase in the amount of taxes that aren’t being paid. But now, the IRS is making a new effort to fix the problem, starting with high-income taxpayers.

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Cost Benefits of a Fractional CFO vs. Full-Time CFO for Startups

BurklandAssociates

For venture-backed startups looking to optimize costs without compromising on financial expertise, hiring a fractional CFO can be a game-changer. The post Cost Benefits of a Fractional CFO vs. Full-Time CFO for Startups appeared first on Burkland.

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Is there room for number crunchers?

Accounting Today

Is the age of the bookkeeper coming to an end? Is the payroll specialist an endangered species? Are the days of the tax preparer who focuses on basic 1040s numbered?

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IRS on Track to Give Fewest Tax Refunds in at Least 15 Years, Data Shows

CPA Practice

By Dave Eisenstadter, masslive.com (TNS) With this year’s tax filing deadline approaching, IRS reporting continues to show millions fewer refunds this year compared with last year. Records obtained from the IRS show that this year’s tax season is on track to have the fewest refunds in at least 15 years. As of the week ending March 15, the most recent data available , the IRS had issued just over 49 million tax refunds, close to 9% lower than at that point in the tax season last year, when near

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The Growth Architect: How Financial Leaders are Unlocking Potential

Speaker: Ashley Harlan, MBA

What if your role as a fractional CFO went beyond operational support to actively shaping the future of your clients’ businesses? 💼 ✨ In this session, discover how fractional finance professionals can position themselves as architects of growth, guiding their clients toward sustainable success and preparing them for full-time financial leadership.

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Auditors want better work-life balance, compensation and career development

Accounting Today

A negative outlook on work-life balance is one of the most important factors driving people away from the auditing profession.

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Cheap-Ass Firms Are Loving This Outsourcing Thing

Going Concern

Is no one concerned about the brain drain happening at the lowest levels as all the grunt work that used to train newbies gets sent overseas? Are we quickly headed toward a world where entire teams from manager on down are in another country? And does this mean clients will get a break on fees since the talent is so much cheaper? LOL to that last one.

More Trending

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More Companies Adopt 4-Day Work Week

CPA Practice

By Lizzy McLellan Ravitch. The Philadelphia Inquirer (via TNS) Software engineer Julian Plotnick made a pitch to his company’s CEO last year: Let me work one less day per week, 32 hours total, without a cut in pay. The answer was yes, and after six months of Plotnick testing it out, the Philadelphia consulting firm Metropolitan Acoustics is working on transitioning its entire 12-person staff to a four-day work week.

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Stay tax compliant across multistate operations

Accounting Today

As difficult as taxes may be, they're also important for multistate businesses to get right.

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Does Your Firm Have Trust Issues with its Data?

CPA Practice

In the realm of financial reporting, data accuracy is crucial to regulatory compliance and complete visibility into business performance. However, many companies do not have full confidence in their data, with 37% of CFOs and 50% of senior finance and accounting professionals questioning its accuracy and reliability. Errors in financial data can lead to a number of legal consequences associated with non-compliance, including fines and other penalties.

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Glazier to Union Leader: An Interview With Trailblazer Madison Hull

Withum

In celebration of Women’s History Month, Withum’s Multiemployer Benefit Plans and Labor Unions Service Partner, Jessica Roster , had an insightful conversation with Madison Hull, the Director of Service and President at District Council 16 International Union of Painters & Allied Trades. Madison’s professional journey is nothing short of remarkable.

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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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Navigating the Complexities of Delaware Statutory Trusts

Cherry Bekaert

A Delaware Statutory Trust (DST) is a real estate investment vehicle structured as a separate legal entity. DSTs are considered securities under federal law and hold fractional interest. They are treated like direct property ownership for tax purposes, which meet the requirements of like-kind property and qualify as replacement property for a Sec. 1031 exchange.

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Creating a strategy for successful business model transformations

Accounting Today

The first step is going to be conversation — lots of it.

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Predictions for Post Election Tax Law Changes

Insightful Accountant

The Senate Finance Committee recently held a hearing to discuss Biden’s proposed budget and tax law changes and tax pros are now speculating what those proposals may mean for the rest of 2024.

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Vote For The Dancing Accountant In the 2024 Top 100 ProAdvisor Awards!

Nancy McClelland, LLC

So very pleased to announce that Nancy been nominated once again for Insightful Accountant’s prestigious “Top 100 ProAdvisors Award”! It’s her fifth time being nominated, and after last year’s win , we’re hoping to make it a two-fer. One small challenge this year is that due to an administrative snafu, the name “Nancy McClelland” shows as the very last one on the list, rather than in alphabetical order.

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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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Why Bookkeepers must finely tune their tech skills

Insightful Accountant

Bookkeepers need cloud computing, AI, and automation to enhance service levels. These tools enable quicker and more efficient completion of tasks, ultimately improving overall performance. Read more about it here!

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Navigating the Complexities of Delaware Statutory Trusts

Cherry Bekaert

A Delaware Statutory Trust (DST) is a real estate investment vehicle structured as a separate legal entity. DSTs are considered securities under federal law and hold fractional interest. They are treated like direct property ownership for tax purposes, which meet the requirements of like-kind property and qualify as replacement property for a Sec. 1031 exchange.

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Intuit builds "Done-for-you" Tax Model based on AI

Insightful Accountant

In our attempt to bring you more International Coverage welcome an "International Pro's Perspective". Sholto Macpherson brings a fresh perspective on the Accounting Tech.

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The next chapter at Wellers: Meet new Managing Partner, Simon Smith

Wellers Accounting

Chris Thompson reports on Christina Nawrocki handing over the reins to Simon Smith, our new Managing Partner at Wellers.

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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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ESOP gives BDO employees a stake in firm's future

Accounting Today

An employee stock ownership plan may be the answer as the accounting profession faces a talent shortage.

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Tax Tips for the 2024 Filing Season from the AICPA

CPA Practice

The 2024 tax season is almost over and millions of Americans are finalizing their 2023 returns, which are due to the Internal Revenue Service by Monday, April 15, 2024. The IRS expects to have more than 128 million individual tax returns filed by that deadline. As taxpayers navigate the challenges of tax season, the American Institute of CPAs (AICPA) wants individual filers to be aware of what’s new for this filing season: Standard deduction increases : the standard deduction amount for 2023 has

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Jobs without a future

Accounting Today

The jobs that will become a lot less common in accounting in the future are those that involve the inputting and manipulation of data for routine and repeatable tasks

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Manage Remote Workers Through I-9 Requirements: A How-To for Skagit County Businesses

SkagitCountyTaxServices

Double-checking is a motto we live by here at Padgett & Padgett, PLLC CPA. It’s just good sense when you’re dealing with complicated tax code and people’s returns. No one situation is quite the same with our clients. And you can be sure we’re giving your tax filing a couple of different checks before we send it off to the IRS for you. That matters this time of year as we hustle to get returns submitted (or extensions in some cases).

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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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U.S. Agency Calls for Audits of AI Systems to Hold Companies Accountable

CPA Practice

By Gopal Ratnam, CQ-Roll Call (TNS) The National Telecommunications and Information Administration on Wednesday issued a report calling for establishing a system of audits for artificial intelligence systems that would ensure transparency as well as hold tech companies accountable for potential risks and harms. The Artificial Intelligence Accountability Policy Report stemmed from more than 1,400 comments the agency, which is part of the Commerce Department, received last year from companies and

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How to Protect Your Intellectual Property Abroad and Minimize Tax Liabilities

Cherry Bekaert

Is your technology company’s biggest asset – its intellectual property (IP) – automatically protected in other countries just because it is protected in the U.S.? It’s not! In this podcast episode, members of our International Tax Practice uncover this and other missteps that many companies make in the tax planning process when trying to expand globally.

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Mastering Cash Reconciliation: Process, Best Practices, and Automation Tips

AccountingDepartment

Balancing the books in any retail enterprise can be a nerve-wracking task. For small business owners and retail managers, ensuring that cash in the register matches the sales receipts is not just about maintaining financial accuracy – it's the linchpin of trust in your business and a crucial safeguard against fraud or operational errors. This comprehensive guide takes you through the intricate yet critical process of cash reconciliation, offering you a clear path to financial vigilance, operatio

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First test of US e-invoicing network hailed as success

Accounting Today

The Digital Business Networks Alliance, a Federal Reserve-sponsored group, announced the first successful transmission of an electronic invoice over the new U.S. network.

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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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More Businesses Are Turning to Automation to Manage Tax on Purchases

CPA Practice

Avalara, Inc. , a provider of cloud-based tax compliance automation for businesses of all sizes, today released findings from a new survey of The survey findings reveal that A majority of businesses believe that use tax is challenging, with many indicating the cost of managing use tax obligations is high for their business. That’s according to a new survey from Avalara of accounts payable departments, accounting, finance, and tax professionals that focus on managing use tax obligations.

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Withum Turns 50

Going Concern

The New Jersey accounting firm formerly known as WithumSmith+Brown got a nice little write-up in ROI-NJ for turning 50 on March 21, go read it if you want to find out what year Withum reached $100 million in revenue (2014). The article talks about the “no jerks allowed” philosophy founding partner Ivan Brown had in mind when he, Fred Withum, and Len Smith founded the firm in 1974 (“In the beginning, we didn’t have any grand ideas or long-range plans,” Brown said.

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Randy Johnston Talks About Accounting Trends, Selecting a Vertical, and the Significance of Technology.

Canopy Accounting

Randy Johnston, executive vice president of K2 Enterprises, sits down with Canopy to discuss his 30+ years in accounting and technology. In the episode Randy discusses the need for keeping up on accounting trends, why it's important for accounting firms to identify who they are and what they do, and why technology is crucial to running and efficient firm.

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Texas Now Has 27 Billionaires on Bloomberg List

CPA Practice

By Irving Mejia-Hilario, The Dallas Morning News (via TNS). It’s not just average, everyday citizens who are moving to Texas. More of the ultra rich and powerful are beginning to call Texas home. A total of 27 individuals including Dallas Mavericks minority owner Mark Cuban , Dallas philanthropists Margot Perot and family, Tesla Motors CEO Elon Musk , Dallas oilman Ray Hunt , and many more are part of a long list of the most affluent people who claim the Lone Star State as their stomping grounds

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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.