Mon.Feb 26, 2024

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The 20 worst states for doing business

Accounting Today

The lowest-ranked states have property and unemployment insurance taxes like every state, but significantly they also have complex, non-neutral taxes with comparatively high rates.

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Banking Webinar Series | Understanding CRA’s New Retail Lending Test: What Banks of Every Size Need to Know

Anders CPA

Face your Retail Lending Test with confidence backed by to-the-minute research on an evolving regulation Wednesday, March 27 at 10:00am CT The new Retail Lending Test was introduced as part of the Community Reinvestment Act (CRA) final rule and its implementation will have considerable impact on large and intermediate-sized banks, in addition to the small banks who opt-in.

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Trending Sources

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FTC hits H&R Block over 'free' online filing claims

Accounting Today

The Federal Trade Commission filed a complaint against tax prep giant H&R Block accusing the company of deceptively marketing "free" online tax filing when its products often were not free and deleting consumers' data when they tried to downgrade to less expensive products.

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The 10 Most Common Words (and Misspelled Words) on Resumes

CPA Practice

A new study has revealed the most overused words on resumes, with ‘responsible’ coming in first, which features on more than 5.1 million American resumes. QR code generator QRFY , compiled a list of 50 commonly used resume words and phrases, and then ran each of these through Indeed’s Resume Search, to find which featured the most across resumes updated in the past 6 months.

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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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IRS donor-advised fund proposal could have 'chilling effect'

Accounting Today

Planners who recommend the increasingly popular charitable vehicles could face penalties for what's currently a pretty common practice in the industry, experts say.

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Structuring: What Are the Most Common Fund Structures and Entity Types?

Withum

In this release of Venture To Know we discuss structuring and the most common fund structures and entity types from a tax perspective. What Are the Most Common Fund Structures? Emerging managers typically employ a three-vehicle structure, which includes a fund, a general partner entity, and a management company. The fund serves as the vehicle for subscribing limited partners, receiving capital, and making investments.

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More Trending

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Chicago's contentious mansion tax vote struck down by court

Accounting Today

Mayor Brandon Johnson's plan to increase taxes on real estate transactions of $1 million or more was dealt a major blow.

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An Architect's Blueprint for Building a Successful Firm

GrowthForceBlog

9 min read With 110 employees, $25 million in top-line revenue, and 15% profits, Guy Geier is a managing partner, leading one of the largest architecture firms in the U.S., FX Collaborative. Key Takeaways Leading an Architecture Firm Through a Pandemic: The pandemic was a challenging time for all businesses, including FX Collaborative which saw business slow and revenue decline.

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Lifelong Learning: More Than a Credits Requirement

Insightful Accountant

Continuing education is essential for tax practitioners, not just for credits but for career success and organizational growth.

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Hubdoc and Dext: Powerful Xero pairings for burgeoning businesses

Xero

Financial data lies at the heart of any small business operation. Managing it can be a juggle, but there are an array of tools you can use to stay on top of this crucial information and better manage your cash flow and compliance. Depending on what stage of the business growth journey you’re on, some Xero-connected solutions are more appropriate than others.

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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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NRA loses landmark trial over millions in wasted donor funds

Accounting Today

One high point of the trial was the testimony of Oliver North, who said that in 2019 he pushed for an outside audit of the NRA's finances but longtime leader Wayne LaPierre refused.

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Outsourced Accounting Frequently Asked Questions (FAQs)

Cherry Bekaert

Contributor: Veronica Vannoy Cherry Bekaert offers outsourced accounting services to businesses that want to reduce costs, improve efficiency and focus on core operations. Our certified accounting professionals produce accurate and timely financial reporting, while ensuring confidentiality and data security. With our help, your business can streamline accounting processes, increase productivity and make informed decisions based on reliable financial information.

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Making mentoring work

Accounting Today

AICPA chair Okorie Ramsey dives into how accounting firms can make the most of this important recruiting and career development tool, and the benefits it offers for both mentee and mentor.

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Unlocking Success: A Guide to an Effective User Acceptance Testing Plan

Withum

User acceptance testing (UAT), also called application testing or end-user testing, is a phase of software development in which the software is tested in the real world by its intended audience. User Acceptance Testing (UAT) is a critical phase in software development, where the end-users validate the system before its release. It ensures that the software meets business requirements, is ready for production and helps identify any issues that might affect the user experience.

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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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Art of Accounting: Moving staff up to replace a higher-level person

Accounting Today

You need a method to retain your staff, even for a little longer, so your firm doesn't get stuck when someone leaves.

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Thomson Reuters Acquires Pagero for $800 Million

CPA Practice

Thomson Reuters Corporation has completed its acquisition of Pagero for $800 million. The acquisition marks the sixth deal closed by Thomson Reuters since January 1, 2023, with a total acquisition value of approximately $2.1 billion, contributing to a stronger, strategically aligned portfolio with exciting growth prospects. Pagero is a provider of e-invoicing and indirect tax solutions, which it delivers through its Smart Business Network.

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More money available for Low-Income Taxpayer Clinics

Accounting Today

The IRS is particularly interested in applications covering Hawaii, Kansas, Nevada, North Dakota, South Dakota, West Virginia and Puerto Rico.

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Matthew Kanas on The Year of Change Management ft. Ignition & AI

Insightful Accountant

Survey by Ignition reveals top challenges in accounting firms: staffing shortages, manual processes, and workload abundance. Gary and Matt discuss strategies and AI solutions for effective change management.

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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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Mauldin & Jenkins merges in CFO Navigator

Accounting Today

The Regional Leader has added a firm that offers financial guidance to businesses and nonprofit organizations in the Atlanta area.

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Choosing an Online Bill Payment Solution for QuickBooks Online

SchoolofBookkeeping

QuickBooks Online is a popular accounting software for small businesses and it provides a range of bill pay options. One of the most important features for business owners is the ability to pay bills electronically, which can save time and reduce errors. There are different bill pay options available in QuickBooks Online, a newly launched Quickbooks Bill Pay Service, Melio, Bill.com, and Corpay One among others.

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Unlocking the Potential: How Proof-of-Reserves Is Changing the Game

Withum

Proof-of-reserves is a method cryptocurrency exchanges and other financial institutions use to demonstrate that they hold the funds they claim to have on deposit to ultimately fund customer balances. The concept behind proof-of-reserves is to provide transparency and to assure customers and regulators that the institution has the necessary assets to meet its financial obligations.

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Danielle Supkis Cheek Named VP at Caseware

CPA Practice

Caseware International , a global leader in cloud-enabled audit, financial reporting and data analytics solutions, is pleased to announce the appointment of Danielle Supkis Cheek as Vice President, Head of Analytics and AI. Supkis Cheek joins Caseware from MindBridge where she was Vice President of Strategy and Industry Relations. Her outstanding career, spanning over 15 years in public accounting, includes senior leadership roles within various small and medium sized firms, as well as several y

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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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The FTC Safeguards Rule: Get Your Dealership in Compliance

Withum

As of June 9, 2023, the FTC Safeguards Rule took full effect and is now required to be implemented for compliance. The rule expanded applicability to auto dealers that hold or process personal information and are considered a “non-banking” financial institution. What does it mean for auto dealers? Well, June 9, 2023, has come and gone. Owners and management should receive periodic updates on the status of their cybersecurity program as they are accountable.

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The Bonadio Group Raises $25K for Charitable Campaign

CPA Practice

The Bonadio Group , a nationally ranked accounting firm, has announced the results of its second annual “The Big Give” fundraising campaign, including nearly $25,000 of donations, 1,250 staff volunteer hours, and support to over 50 non-profit organizations across the firm’s national footprint. The fundraising campaign, which ran from October 1 through December 31, 2023, encouraged employees to raise money for an organization of their choice by earning a $20 cash grant from the Bonadio Foundation

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Key Takeaways From the 2023 AICPA Dealership Conference

Withum

There is no better place for automotive accountants and CFOs to pack in CPE credits, networking, good food, and fun than at the AICPA Dealership Conference. The CPAs at Withum always look forward to this event in Las Vegas in October after deadlines have settled. It’s a chance for us to get together with our industry contacts, clients, and other accounting firms to discuss hot topics for the current year and the upcoming year.

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Monday Morning Accounting News Brief: Semper Fi-nancial; EY Gets a D in Auditing; Deepfake CFOs Are a Thing | 2.26.24

Going Concern

Hi, welcome to another Monday. *insert sassy observation here* As you ready yourself for the week ahead, take some time to contemplate the fact that there’s better s**t to do with your life than work it away. I took off yesterday afternoon and this afternoon to help my son find another car, because his car was totaled a couple of weeks ago. I am so thankful that my schedule now allows me to take an afternoon or two off if I need to.

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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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Maximize Your Dealership’s 2024 Returns With These 4 Tax Credits and Reporting Requirements

Withum

With so much going on in the dealership world, it is easy for items like filing deadlines and tax credits to fall by the wayside. While these mundane things can often get lost in the shuffle, keeping these items at the forefront is imperative. They can potentially result in heavy penalties for missed deadlines or lost opportunities for dealers to save money.

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Shout-Out This Person Whose Jumping Ship Made It Into EY’s PCAOB Inspection Report

Going Concern

As mentioned in today’s Monday Morning Accounting News Brief and first spotted on Canadian Accountant , a shout-out is in order for this person who bailed on EY Canada to go work for the client and scored themselves a mention in the firm’s 2022 PCAOB inspection report: The firm reported one instance of potential non-compliance with PCAOB Rule 3500T regarding firm personnel negotiating prospective employment with an audit client.

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Trump pledges to slash taxes if he returns to the White House

Accounting Today

Trump said that he would make sure that "tariffs on foreign countries go up" and that "taxes on American workers and families will come down very substantially.

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