Mon.Dec 11, 2023

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The Future Is Now: How to Modernize Your Firm Today

Canopy Accounting

Wanting to modernize your firm but unsure of where to start? Unsure of what "modernize" even means? In this webinar hear from Terrell Turner, CPA and co-founder of TLTurner Group, and Andrew Berg, CPA, managing partner of Berg Advisors, on the process they went through to build firms that take advantage of modern workforce practices, tech, and more.

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R&D Tax Credit and Section 174 Update for Startups

BurklandAssociates

The IRS recently provided new interim guidance around expense categories, contract research, and foreign R&D activities. The post R&D Tax Credit and Section 174 Update for Startups appeared first on Burkland.

Tax 162
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IRS plans foreign tax credit rules

Accounting Today

The Treasury Department and the Internal Revenue Service expect to issue proposed regulations to address the application of the foreign tax credit and related rules and the dual consolidated loss rules to certain types of taxes described in the GloBE Model Rules.

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Your Firm and Your AI Future

CPA Practice

A Top Technology Initiative Article – Dec. 2023. Artificial intelligence (AI) has rapidly transitioned from science fiction to everyday reality, transforming industries and disrupting long-held paradigms. AI’s influence is pervasive and ever-growing, from self-driving cars to personalized healthcare. As we enter 2024, it’s natural to wonder what the future holds for this transformative emerging technology, especially for accountants.

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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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IFAC to revise education standards for sustainability

Accounting Today

The International Federation of Accountants' planned revisions will include some new and revised learning outcomes to meet the demands for sustainability reporting and assurance.

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IRS Updates FSA Amounts for 2024

CPA Practice

By Leada Gore, al.com (TNS) The maximum contribution amount for employees participating in a flexible spending account will increase in 2024, according to the IRS. Starting in 2024, employees can contribute up to $3,200 tax-free to an FSA through payroll deduction, an increase of $150 from this year. The account can be used to pay for medical expenses not covered by other health plans—including copays, deductibles and a variety of medical products, as well as eye and dental care—and contributio

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On Event of 250th Anniversary of Boston Tea Party, U.S. Tea Merchants and Small Businesses Find Taxes too Complex

CPA Practice

Tea merchants and small to medium businesses in the U.S. continue to struggle to navigate with tax complexity and tax rate changes on the eve of the 250th anniversary of the Boston Tea Party. In fact, eight in 10 tea merchants (82%) feel anxiety related to staying on top of their tax obligations. In the U.S., there are more than 900 sales tax rules on tea products.

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Monday Morning Accounting News Brief: Pissed Off Wipfli Employee Got the Office Shut Down; New PwC Flight Rules | 12.11.23

Going Concern

Morning! Please let there be some news happening. An upset Wipfli employee caused the entire Lincolnshire, IL office to get shut down for a week. No one was harmed and detectives determined the threat was empty. An office building in Lincolnshire was closed for the entire week after an upset employee made a threat to harm others but police have released few details.

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Business Executives’ Mixed View on Economy Reflects Continued Uncertainty, AICPA & CIMA Survey Finds

CPA Practice

Business executives don’t have a strong sense of where the economy is headed, and their mixed-bag outlook reflects that, according to the fourth-quarter AICPA & CIMA Economic Outlook Survey. The survey polls chief executive officers, chief financial officers, controllers and other certified public accountants in U.S. companies who hold executive and senior management accounting roles.

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On-Demand Webinar: 2023 Year-End Tax Planning for Law Firms and Attorneys

Withum

Join Withum’s Law Firm Services team for an overview of the most important tax issues to address going into 2024. View On-Demand Webinar With ongoing changes to the tax landscape, tax proposals in the face of an impending election, changes to bonus depreciation and more, there is much for law firms and attorneys to keep in the forefront this year-end.

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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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20 big companies that are getting great tax advice

Accounting Today

The five S&P 100 companies with the lowest overall tax rates paid an average of -18.87% in 2022.

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IRS Wipes Out 20,000 Employee Retention Credit Claims

CPA Practice

Nearly three months after pressing pause on the employee retention credit program until the end of this year due to a wave of fraudulent claims, the IRS said on Dec. 6 it has rejected more than 20,000 suspicious submissions for the pandemic tax credit meant to help small businesses. The agency said it is sending this initial round of letters disallowing ERC claims to “entities that did not exist or did not have paid employees during the period of eligibility to prevent improper ERC payments from

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Poor pay and career opportunities, lack of respect prompt finance employees to quit

Accounting Today

What are the main factors driving finance employees to leave their jobs?

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The Role of a Financial Controller in Mid-Market: Key Strategies for Success

GrowthForceBlog

6 min read As a business grows, transforming from a small business to a mid-market company, its bookkeeping, accounting, and financial management needs expand, too. What was once an easily manageable back office can quickly balloon into way more invoices, transactions, vendors, employees, expenses, reports, rules, and regulations than can't be effectively managed without the help, oversight, effective systems, and know-how of an experienced financial controller.

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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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What is AI, anyway?

Accounting Today

Not everyone agrees on a single definition, so Accounting Today asked a number of experts to share their idea of what, exactly, artificial intelligence is.

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Where Have All The Accountants Gone?

CPA Practice

Picture this: You’re at the end of another year, mulling over an all-too-familiar quandary that’s been haunting the accounting industry for two decades. Why is there a chronic shortage of accountants? Could it be that they’ve all but disappeared, swallowed by a metaphorical ‘Nothing’ akin to the Never Ending Story’s void? This exploration aims not just to highlight this trend but to delve deeper into its roots and propose a rejuvenated approach for the accounting profession.

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Ex-Monte Paschi CEO Viola cleared in false accounting trial

Accounting Today

Three years ago, Viola and Profumo were convicted of improperly booking the Santorini and Alexandria transactions as repurchase agreements instead of derivatives.

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Revolutionizing Collaboration With Identity Security: Your Journey to Microsoft 365 and Google Workspace Integration

Withum

This blog post unveils my plan to optimize collaboration and identity security between users of Microsoft 365 and Google Workspace. While a single environment ultimately would make collaboration and management easier, it is sometimes impossible due to significantly large migration effort/user impact or existing licensing commitments or other complexities.

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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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Art of Accounting: Problems after selling your practice

Accounting Today

Sellers cannot protect themselves from a buyer's bankruptcy or if the buyer just stops making payments.

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NJCPA Delivers More Than 2,300 pounds of Food and Supplies to Community FoodBank of New Jersey

CPA Practice

The New Jersey Society of Certified Public Accountants delivered 2,369 pounds of nonperishable items and canned goods for its fourteenth annual food drive in November to benefit the Community FoodBank of New Jersey. NJCPA volunteers also assisted with packing more than 2,300 bags of pasta at the FoodBank. The Community FoodBank of New Jersey has been delivering food and food supplies to needy families in 15 counties in the state for nearly 50 years.

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How to keep up with the regional complexities of e-invoicing and CTCs: Part 3

ThomsonReuters

In the first two installments of our blog series on e-invoicing and Continuous Transaction Controls (CTC), we discussed the basics of e-invoicing and how it affects tax teams and compliance efforts. In this article, the third and last of the series, we will explore some of the regional complexities and challenges that companies may encounter with e-invoicing and CTCs , as well as updates on regulatory changes and strategies for keeping up with the requirements that typically accompany these mand

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AICPA & CIMA Registers First 100 Apprentices and Signs 17 Employers to Apprenticeship Program in First Year

CPA Practice

The AICPA & CIMA has registered over 100 apprentices in its Registered Apprenticeship for Finance Business Partners program within the inaugural year of the program. These apprentices represent 17 employers across 15 industries. Most recently, CareFirst and Stanley Black & Decker (NYSE: SWK) have signed and joined a roster of employers that include AON (NYSE: AON), HP (NYSE: HPQ), Liberty Bank, Hypertherm Associates, and Messer Americas.

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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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Menzies Corporate Finance Team named as finalists at the Insider South East Dealmakers Awards 2024

Menzies

Menzies LLP - A leading chartered accountancy firm. Our Corporate Finance team are delighted to be named as finalists at the Insider South East Dealmakers Awards 2024 for: Corporate Finance Advisory Team of the Year Commenting on the shortlisting, Mike Grayer , Head of Menzies Corporate Finance team, said: “We are absolutely delighted to be nominated for Corporate Finance Advisory Team of the year at these prestigious awards.

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GST on reimbursement of Electricity Charges| Clarification and Issues around

VJM Global

Like the Pre- GST regime, Reimbursement of expenses has always been grossly excluded from the purview of GST law subject to fulfillment of conditions given. Reimbursement is not charged to GST if the supplier is acting as a pure agent, i.e., expenses are incurred by the supplier on behalf of the recipient and reimbursement is claimed by the supplier of the same amount.

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Why Dynamics 365 Business Central ERP Is the Ultimate Centerpiece for Your Tech Stack

Withum

In today’s digitally driven business landscape, having an efficient and integrated technology stack is vital for optimizing productivity, streamlining operations and gaining a competitive edge. As businesses strive to stay ahead of the curve, Microsoft Dynamics 365 Business Central ERP has emerged as a robust and comprehensive ERP solution. Let’s explore why Microsoft Dynamics 365 BC should be the centerpiece of your company’s tech stack and its numerous benefits when combined with o

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CPAmerica Unveils New Brand Strategy and Website

CPA Practice

CPAmerica unveiled a new brand identity, value proposition and website to their members and supporters at their Leading Partners Retreat in San Diego, Calif. CPAmerica has been providing resources, training and support to independent accounting and advisory firms for the last 45 years. CPAmerica’s new brand strategy is rooted in the advantages of sharing and is captured in the brand promise, “Where collaboration means business.

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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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On-Demand Webinar: Sage Intacct Release 4 Recap: Exploring the Latest Features and Enhancements

Withum

Join us for an exclusive and informative on-demand webinar as we delve into the exciting new updates and features of Sage Intacct’s final Release 4 for 2023! View On-Demand Webinar Learn about the latest innovations and hear about practical insights and real-world use cases to maximize the benefits of Intacct. We will share how these enhancements will help streamline your financial management processes, boost productivity, and empower your team with powerful tools for smarter decision-maki

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A&A Update for Technology & Life Sciences

Cherry Bekaert

Navigating Accounting & Auditing Trends and Future Standards: How Will New Standards Affect Your Business in 2024? Elevate your expertise by watching our webinar focused on accounting trends and upcoming audit standard updates for companies in the technology and life sciences industries. The second in a three-part series, this webinar provides an overview of the ASC 326 Financial Instruments – Credit Losses (CECL) accounting standard, including areas on which companies should focus du

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On-Demand Webinar: Cost Segregation Studies – Discover the Key to Maximizing Your Tax Savings

Withum

Withum understands the importance of strategic financial planning and are constantly seeking ways to provide our clients with valuable insights and opportunities for financial growth. Why Watch? Cost segregation is a tax strategy that can help commercial property owners and real estate investors significantly reduce their tax liabilities. By reclassifying assets and accelerating depreciation, you can unlock hidden tax benefits and boost your cash flow.

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Investing in Warehouses of the Future – Important Considerations

Menzies

Menzies LLP - A leading chartered accountancy firm. The Logistics industry is experiencing a significant makeover with the advent of ‘Warehouses of the Future,’ incorporating cutting-edge technologies such as robotics, AI, and sustainability measures to enhance operational efficiency. However, transformation comes at a significant cost and feasibility will need to be investigated with consideration of both available tax reliefs and timing of investments.

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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.