Tue.Jan 02, 2024

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Tuesday Morning Accounting News Brief: Big 4 Needs a Governance Makeover; BEC Went Out With a Bang | 1.2.24

Going Concern

Here we are, a brand new year. Guess it’s back to the grind, starting with some news. I’ve been mostly checked out for a week so I don’t even know if there’s anything going on. Surely something happened in the last week. I too would like to know the answer to this. How much longer do I have to continue wishing people a Happy New Year?

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Why You Should Estimate Your Sales Tax Exposure | TaxConnex

TaxConnex

Is one of your new year’s resolutions to make sure you’re complying with sales tax in 2024? If you’ve determined nexus to exist for your business and understand that your products or services are taxable, but you’ve yet to comply to sales & use tax rules. You could be at risk for heavy penalty and fees depending on your sales tax exposure. How do you estimate your exposure, how do you rectify it and move forward to compliance?

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LTV:CAC – An Important (But Often Misunderstood) SaaS Metric

BurklandAssociates

The ratio of Lifetime Customer Value to Customer Acquisition Cost (LTV:CAC) has long been a gold standard metric for SaaS startups, and for good reason. When properly used, this metric Read More The post LTV:CAC – An Important (But Often Misunderstood) SaaS Metric appeared first on Burkland.

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Electric car models eligible for $7,500 tax credit cut to 13

Accounting Today

Narrower criteria reduced the number of qualifying models from about two dozen. The new rules exclude from the tax credit vehicles that use battery components made by Chinese manufacturers.

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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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Professionals on the Move – Jan. 2024

CPA Practice

Professionals on the Move is a round-up of recent hiring and promotion announcements from across the profession. PKF Mueller Joins Cherry Bekaert to Expand Chicago Market Reach Cherry Bekaery, an assurance, tax and advisory firm, recently completed an acquisition transaction with PKF Mueller , a full-service certified public accounting and business advisory firm located in the metropolitan Chicago area.

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Some audit disclosures may prompt companies to manipulate earnings

Accounting Today

Auditor disclosures of client-specific quantitative materiality thresholds, which are required in the U.K. but not the U.S., could be encouraging some businesses to massage their earnings reports.

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Terrorist attacks and mass shootings can affect company accounting

Accounting Today

A study finds the negative effects of such events can lead to pessimistic risk assessments of financial reporting choices and a decline in accrual-based and real earnings management for companies in the impacted areas.

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TikTok Ban Not Fully Enforced at the IRS, Report Finds

CPA Practice

A recent report from the Treasury Inspector General for Tax Administration (TIGTA) said hundreds of employees in the IRS’s Criminal Investigation unit had access to TikTok on their computers and mobile phones months after the social media app was banned from all government devices. Last February the Office of Management and Budget (OMB) issued “No TikTok on Government Devices” implementation guidance , which required agencies to take actions and meet deadlines within 30, 90, and 120 days after d

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Software developers implore accountants to learn AI

Accounting Today

When asked what advice they had for accountants in 2024, there is one thing that company after company suggested: learn AI.

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BatchMaster for QuickBooks - Part 3

Insightful Accountant

Murph returns with 'Part 3' of his series on BatchMaster, an application to formulate, produce, ensure quality control and manage batch production/manufacturing that works with QuickBooks.

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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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FinCEN begins accepting beneficial ownership reports

Accounting Today

A new online registry opened Monday where companies need to disclose who truly owns or controls them.

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Meet 2023 Top 25 Up-N-Coming ProAdvisor: Chris Macksey

Insightful Accountant

We sat down with Tailor to get his thoughts on being a Top 25 Up-N-Coming ProAdvisor, his journey, path to success, and constant evolution to give their clients the best value.

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U.S.-Hungary tax treaty no longer in effect

Accounting Today

The double taxation treaty between the U.S. and Hungary has been terminated as of Monday.

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There’s Still Time to Claim Unpaid Economic Stimulus Payments

CPA Practice

By Ken Berry, J.D. Did you get the full amount of the economic stimulus payments you were entitled to receive during the height of the pandemic? If not, you may still be able to recover the payments you’re owed from the IRS. But time is running out—fast—for certain taxpayers. Details : In order to stimulate the economy while the nation was in the throes of the pandemic, Congress approved three rounds of Economic Impact Payments (EIPs) for qualified taxpayers.

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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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Pennsylvania Will Recognize Grantor Trusts for Tax Years Beginning After January 1, 2025

Withum

Pennsylvania Senate Bill 815, signed into law on December 14, 2023, amended the Pennsylvania tax code to recognize irrevocable grantor trusts for tax years beginning after January 1, 2025. Prior to the passing of this bill, Pennsylvania was the only state that did not align with federal grantor trust rules, allowing the grantor of the trust to be treated as the owner of all or part of the trust for income tax purposes.

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Stephano Slack merges in Morgenstern Waxman Ellershaw

Accounting Today

Stephano Slack, a firm based in Wayne, Pennsylvania, added Morgenstern Waxman Ellershaw LLC, headquartered in Marlton, New Jersey, effective Jan. 1, 2024.

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CFO vs. Controller Services - What Engineering Firms Need to Know

GrowthForceBlog

9 min read Congratulations! Your engineering firm is growing and changing, and the demands of your back office have likely become more than you and your small bookkeeping and accounting team can handle.

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St. Louis Inno Partnership: What Investors Look for in Each Funding Phase

Anders CPA

To improve your performance in front of investors, startup founders must fully understand the purpose of each funding phase and how to pitch at every stage. Although it may seem complex and daunting, knowing when you’re ready for the next stage of fundraising, the goals your business should meet during the process and how to prepare your presentation can help you secure funding.

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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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2023 Year-End Financial Benchmark Charts and Graphs

Withum

These charts continue an annual tradition I use to assist clients with their financial planning. The charts show the 10-year annual and cumulative percentage gains or losses of the major stock market indexes, interest rates, currencies, and gold. The charts include the dividends paid, the price-to-earnings ratios, and the index’s earnings and dividend payout percentages.

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Anders Celebrates 29 Promoted Employees

Anders CPA

Anders proudly recognizes the promotions of 29 employees at the firm. This is the first January promotion cycle at the firm, added in addition to annual promotions each July. The firm is delighted to recognize our promoted employees’ professional achievements, their embodiment of the firm’s core values and their ability to deliver exceptional results for Anders clients.

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Quadient integrates with Xero to automate and streamline accounting for small and medium enterprises

Accounting Insight

Quadient (Euronext Paris: QDT), a leader in helping businesses create meaningful customer connections through digital and physical channels, and Xero , a cloud-based accounting software for small to medium-sized enterprises, have today announced a strategic partnership in North America and the United Kingdom. Xero integrates with Quadient’s Accounts Payable (AP) capabilities to fully automate and streamline accounting processes.

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Ryan Huff, Joshua Snyder and Clay Kniepmann Named Principals at Anders

Anders CPA

Anders is proud to announce the promotions of Ryan M. Huff, CPA and Joshua L. Snyder, CPA in Tax and Clay M. Kniepmann, JD, CPA/CFF/ABV, CFE in Forensic, Valuation and Litigation to principals at the firm. Ryan, Josh and Clay have earned their principal titles by going above and beyond to exhibit technical and leadership acumen throughout their careers.

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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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Scaling New Heights – June 16-19, 2024

CPA Practice

The annual Scaling New Heights technology conference for accounting professionals and financial advisors will be held June 16-19, 2024 at the Orlando Marriott World Center in Orlando, Florida. The Scaling New Heights conference is a leading accounting technology event and one of the largest gatherings of accountants and bookkeepers in the country. For four days each year, Scaling New Heights transforms the way businesses operate by equipping business advisors to provide their clients with busine

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A Milestone Moment: Welcoming Partners Amy Duncan and Edwin Yeung

DMCL

We’re thrilled to celebrate Amy Duncan and Edwin Yeung’s rise to partnership at DMCL. Amy, who began her journey as a CGA student in 2010 and achieved her designation in 2013, has consistently demonstrated growth and leadership in our Accounting & Assurance group. Her expertise and passion have significantly contributed to the successes of our private enterprise and non-profit organization clients.

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Legal Insights on Forthcoming Federal Paid Family and Medical Leave Legislation

ThomsonReuters

Senators Kirsten Gillibrand (D-NY) and Bill Cassidy (R-LA) and Representatives Chrissy Houlahan (D-PA) and Stephanie Bice (R-OK) are leading bipartisan bicameral working groups to explore a federal paid leave program. The Working Groups issued a Request for Information (RFI) , seeking input from a host of entities, ranging from unions, care advocacy groups, business groups, and think tanks, to suggest ideas on how the program should be funded, the suggested scope, and the role of the federal gov

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Zoho Inventory @ QuickBooks Connect 2023

Insightful Accountant

Experience a unique and powerful software suite that transforms the way you work. Designed for businesses of all sizes, it is crafted by a company that values your privacy.

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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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What accountants need to know about R&D expensing changes

Accounting Today

What do these changes mean for taxpayers and how can accountants help manage the impact?

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AICPA News – Jan. 2024

CPA Practice

AICPA News is a recap of recent announcements from the American Institute of CPAs. AICPA & CIMA Registers First 100 Apprentices and Signs 17 Employers to Apprenticeship Program in Inaugural Year The AICPA & CIMA recently announced that it has registered over 100 apprentices in its Registered Apprenticeship for Finance Business Partners program within the inaugural year of the program.

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Dual Certifications Mean Big Bucks for Accountants

CPA Practice

Accountants in the U.S. who earned the CMA and CPA designations make more than $38,000 than their noncertified counterparts, according to the 2023 Global Salary Survey from the Institute of Management Accountants (IMA). According to data from IMA members surveyed in the U.S. and Canada, management accountants who are both CMAs and CPAs have a median base salary of $137,800 compared to $99,375 for accountants who hold neither certification.

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Grant Thornton Achieves $7.5 Billion in Global Revenue

CPA Practice

The global business advisory and accounting firm Grant Thornton International Ltd announced in late December that its global revenues grew to a record $7.5 billion for the financial year ended September 30, 2023. This is an increase of 10.9% in adjusted constant currency terms, and follows the 13.7% growth achieved in the prior fiscal year. The network reported double-digit growth across all major service lines (assurance, tax and advisory), led by assurance services up 14.5%, reinforcing the ne

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It Takes Two to Tango

With automation, you’ll reduce errors and save valuable time, allowing you to focus on what really matters: strategic analysis and insightful decision-making. Picture accurate financial reports ready at your fingertips, giving you the confidence to tackle business challenges head-on. Embracing automation not only boosts productivity but also elevates your role from number cruncher to closing rockstar.