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The recent cyber outage is a stark reminder of digital systems' vulnerability and potential impact on businesses, including those in the construction industry. This incident offers several critical lessons for construction bookkeeping. As a contractor, your accounting and bookkeeping systems are vulnerable not only to cyber threats but also to software outages, which can compromise sensitive financial data and disrupt business operations.
The IRS on July 26 provided five additional red flags of incorrect Employee Retention Credit (ERC) claims by businesses, as the agency continues to scrutinize requests for the pandemic-era tax credit. The new warning signs come from common issues that IRS compliance teams have seen while analyzing and processing ERC claims. These five red flags are in addition to seven problem areas the IRS highlighted last March.
The Internal Revenue Service isn't in full compliance with the federal government's guidance for removal of TikTok from devices, according to a new report, but mainly because it hasn't been inserting the requirement in all its contract actions.
By Anthony G. Attrino, nj.com (TNS) A woman who worked as an accountant for a New Jersey company was sentenced Monday to more than three years in prison and ordered to pay $3.8 million in fines for charging millions in personal expenses on her employer’s credit card. Jennifer Vandever, 51, of Atco, was also sentenced in federal court in Camden County to three years of supervised release, according to a spokesman for the Internal Revenue Service’s criminal investigations unit.
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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.
8 min read July 26th, 2024 Nonprofit organizations have multiple funding channels to manage. In addition to tracking donations and events, nonprofits must also keep track of the funds received as a result of grant awards. Key Takeaways What Is Grant Tracking: Grant tracking is a part of grant management. The grant tracking process occurs after a grant is applied for and awarded.
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In today’s corporate sphere, virtually all companies depend, to some degree, on software systems supplied by third-party vendors. These include systems for accounting, back-office operations, and IT and cybersecurity support. Despite the prevalence of this practice, some organizations undermine the potential risks associated with dependence on third parties.
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On June 17, 2024, the Vermont legislature made a significant change by enacting legislation ( Vt. H. 887 ) that repeals the sales and use tax exemption for prewritten computer software accessed remotely, which was originally enacted in 2015 with Act 51. The new law went into effect on July 1, 2024, amending the definition of tangible personal property to include prewritten computer software, regardless of the delivery method or access.
Insightful Accountant launched it's premium content and training solution in June designed to help you grow and manage your practice through actionable articles, training sessions and Q&A sessions.
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.
In today’s corporate sphere, virtually all companies depend, to some degree, on software systems supplied by third-party vendors. These include systems for accounting, back-office operations, and IT and cybersecurity support. Despite the prevalence of this practice, some organizations undermine the potential risks associated with dependence on third parties.
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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.
By Enda Curran and Viktoria Dendrinou, Bloomberg News (TNS) The shock replacement of the Democratic presidential candidate less than four months before the U.S. election has introduced a new element of uncertainty about the outlook for economic policy in 2025 and beyond. The immediate unknown is whether President Joe Biden’s expected successor at the top of his party’s ticket, Vice President Kamala Harris, would recalibrate Democrats’ economic agenda.
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