Accounting Today
MARCH 7, 2024
Just as tired pilots and crew members pose risks to flight safety, auditors fatigued from excessive workloads compromise the quality and reliability of audits.
Withum
MARCH 7, 2024
There is a lot going on with the employee retention credit (ERC) these days and it can be hard to keep up with the latest developments. From Congressional proposals to changes in IRS procedures, change is afoot and more is expected in the near future. Below is a summary of the latest thoughts on various issues that are of interest to those who have already claimed the ERC or are about to claim the ERC.
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CPA Practice
MARCH 7, 2024
By Leada Gore, al.com (TNS) The IRS has a warning that expenditures for general health and wellness aren’t considered medical expenses, regardless of some advertising claims to the contrary. In a bulletin issued “amid concerns about people being misled,” the IRS said personal expenses—things like food and general wellness purchases—are not deductible or reimbursable under health flexible spending or reimbursement arrangements, health savings accounts, or medical savings accounts.
Going Concern
MARCH 7, 2024
Per The Telegraph , Big 4 firms across the pond are now “banning” applicants from using ChatGPT and its equivalents to help with applications because they’re afraid AI tools “will help them cheat the system.” The irony. Big Four accountants have warned applicants not to use AI to complete applications or online assessments during the hiring process.
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.
Accounting Today
MARCH 7, 2024
President Joe Biden will propose increasing the minimum tax rates paid by major U.S. and multinational corporations to 21% and eliminating breaks for companies with high-paid executives in his election-year State of the Union address on Thursday night.
CPA Practice
MARCH 7, 2024
The south is often called, “folksy.” And although the winters can be cold, residents of the “Land of 10,000 Lakes,” are often called “Minnesota Nice.” But another state has come in first in the 2023 Politeness Index of U.S. business owners. Alaska has the most polite small business owners in the country, according tot he report commissioned by FreshBooks, followed by Maine and Missouri.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
CPA Practice
MARCH 7, 2024
For the past two years, many business owners were concerned a recession was just around the corner. But as key economic indicators, including the unemployment, inflation and the stock market, have continued to show healthy signs, those fears of recession have waned for most economists and business executives. In the latest AICPA & CIMA Economic Outlook Survey , business decision makers reported their highest level of optimism about the U.S. economy’s prospects since the third quarter of 2021
Accounting Today
MARCH 7, 2024
Four states have no state and local sales taxes, making them the most attractive places for consumers to go shopping.
CPA Practice
MARCH 7, 2024
The IRS is asking the public to submit suggestions on tax issues that should be included in the agency’s 2024-2025 Priority Guidance Plan. The 2024-2025 Priority Guidance Plan will identify guidance projects that the Treasury Department and the IRS intend to actively work on as priorities during the period from July 1, 2024, through June 30, 2025. The Priority Guidance Plan is used by the IRS and Treasury’s Office of Tax Policy to identify and prioritizing tax issues that can be addressed throug
Going Concern
MARCH 7, 2024
The stock photo site we use tagged this image under “ranking,” let’s just go with it. So KPMG put out a press release about receiving top rankings across multiple categories in the 2023 Source client perceptions study , of course we felt compelled to go check the study out to see what that was all about. Here’s what we were greeted by: This is like the worst game of cat’s cradle ever.
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.
Accounting Today
MARCH 7, 2024
Taxpayers who exit the tax system by not filing a required return have emerged as a growing and under-the-radar problem for the IRS.
CPA Practice
MARCH 7, 2024
Augusta Saraiva Bloomberg News (TNS) Applications for U.S. unemployment benefits held at historically low levels last week, the latest evidence of a resilient labor market. Initial claims was unchanged at 217,000 in the week ending March 2, according to Labor Department data released Thursday. That was in line with the median estimate in a Bloomberg survey of economists.
Accounting Today
MARCH 7, 2024
There are talks of protesting a key piece of tax law that prevents marijuana companies from deducting expenses like other companies do.
Summit CPA
MARCH 7, 2024
Anyone who registers for an IRS Preparer Tax Identification Number (usually abbreviated as PTIN) is authorized to prepare taxes for compensation. The requirements are minimal: In order to obtain a PTIN, the applicant must verify with the IRS that they are in compliance with their own taxes and pay a small yearly fee ($19.74 in 2024). While the IRS encourages non-credentialed tax preparers to increase their knowledge through continuing education, doing so is optional.
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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.
ThomsonReuters
MARCH 7, 2024
Jump to: What is Qualified Improvement Property? What is the depreciation method for real property and QIP? Reassessment of lease terms As businesses strive to enhance their properties, the tax implications of Qualified Improvement Property (QIP) and its associated depreciation methods can be substantial. Let’s explore the definition of QIP, the tax benefits it offers, and the various depreciation methods available to optimize tax strategy.
Cherry Bekaert
MARCH 7, 2024
Many organizations grapple with new enterprise resource planning (ERP) implementations or upgrades. The process of deciding what is best for your organization can be dizzying. There are several important questions and considerations organizational leaders need to navigate when selecting and implementing a new ERP system. George DelPrete , Managing Director, hosted Jeffrey Yates, Assistant City Manager of the City of Fayetteville, and Zach Salvato, Chief Information Officer of the Greenville Spar
AccountingDepartment
MARCH 7, 2024
Two decades ago, a brilliant CPA joined forces with a daring sales expert, united in their mission to revolutionize how entrepreneurs approached their accounting needs—and thus, AccountingDepartment.com came into existence. While that may be the condensed version passed down in company lore, the reality is far more captivating and undoubtedly inspiring.
Cherry Bekaert
MARCH 7, 2024
The Cybersecurity Maturity Model Certification (CMMC) is a unified cybersecurity standard for Department of Defense (DoD) acquisitions aimed at securing the Defense Industrial Base (DIB) supply chain. The “CMMC 2.0” framework consists of three levels and can require an independent third-party certification by an accredited organization. On December 26, 2023, the proposed final rule for the CMMC Program, CFR Part 170, was published in the Federal Register.
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
Insightful Accountant
MARCH 7, 2024
In this episode, Chris Panek, dive into some exciting opportunities and resources that she offers but might have missed mentioning during the podcast.
Accounting Today
MARCH 7, 2024
Controllers use many different tactics to speed up the close, but most of them find it challenging to shorten their close to fewer than seven days.
Xero
MARCH 7, 2024
The UN theme for International Women’s Day (IWD) this year is ‘Invest in women: Accelerate progress’. The lack of investment in gender equality measures is seen to be a human rights issue by the UN, and a cornerstone for building inclusive societies. Climate change, geopolitical conflicts and the current economic system exacerbate inequality and disproportionately impact women.
Patriot Software
MARCH 7, 2024
You’re ready for some help around your business. Should you hire a W-2 employee or a 1099 contractor? The choice might not be yours. There are key differences between a W-2 employee vs. a 1099 contractor that you must understand to stay legally compliant.
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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.
Xero
MARCH 7, 2024
For millions of practices, managing clients in cloud-based software has become part of the daily routine. But the array of different software and apps available can feel overwhelming. Because of this, not every practice uses their software to its full potential. In our latest webinar, we explored how you can integrate Xero Practice Manager with other apps to make your daily operations simple, secure, and fast.
Accounting Today
MARCH 7, 2024
Scale of the crime; a favorite client; with a bullet; and other highlights of recent tax cases.
Wellers Accounting
MARCH 7, 2024
Tom Biggs ACA CTA, summarises the main announcements from Jeremy Hunt's latest Budget statement.
Accounting Today
MARCH 7, 2024
New York State and the Internal Revenue Service have developed a new program that allows eligible New Yorkers to e-file their federal and state personal income tax returns for free.
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.
SkagitCountyTaxServices
MARCH 7, 2024
When I see relevant stats that my Mount Vernon business owner friends should know about, I’m going to share them with you. (You already know I’m a numbers person, after all.) But first, a quick note about the business filing deadline. Namely, that it’s a week and a half away (on March 15th). If you haven’t started yet, let’s file an extension and get to work on things for you.
Accounting Today
MARCH 7, 2024
The Committee of Sponsoring Organizations of the Treadway Commission, also known as COSO, is working with the National Association of Corporate Directors on developing a corporate governance framework.
Withum
MARCH 7, 2024
Here are four ways to save on income taxes while providing contributions to your favorite charities. These loopholes are all fully allowable, but you should discuss them with your tax advisor before doing any of them. 4 Ways to Save on Income Taxes Donate Appreciated Securities Rather than donating cash to a charitable organization, donate appreciated securities.
CPA Practice
MARCH 7, 2024
The New Jersey Society of Certified Public Accountants has won the Gold Award in the 2024 Salute to Association Excellence Commemoration/Tribute category at Association TRENDS & CEO Update’s TRENDY Awards on Feb. 27 in Washington, D.C. The award recognizes the NJCPA’s efforts in celebrating its rich, 125-year history from its initial founding by four New Jersey accountants on Jan. 19, 1898, to an organization of more than 13,000 individuals today.
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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.
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