Withum

MAY 24, 2024

When discussing AI at work, specifically Generative AI (Gen AI) and the future of work, there are significant opportunities for augmentation, acceleration, automation and analysis across various sectors: Augmentation: Gen AI can enhance human capabilities, particularly in creative, STEM and business fields. It can assist in generating new ideas, designs and solutions, thereby augmenting the creative process.

Technology 59

Technology Healthcare accounting and finance Education 59

CPA Practice

MAY 24, 2024

If you receive an award or legal settlement relating to a personal injury or illness, you normally don’t owe any federal income tax on the payment. However, as pointed out in a new case, Roman (TC Memo 2023-142, 11/28, 23, Uncle Sam may still be entitled to his fair slice of the pie. Background : Most types of compensation—like wages received for working—are subject to federal income tax.

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Legal Tax income tax 122

Accounting Today

MAY 24, 2024

Connecticut Society of CPAs installs board of directors; CohnReznick establishes merger integration and carve-out services practice; and more news from across the profession.

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Connecticut cpas Tax 122

CPA Practice

MAY 24, 2024

Think of strategic planning as your firm’s roadmap to the future. When change is the only constant , having a plan that adapts and evolves is crucial. But strategic planning is more than just a survival toolkit for today’s challenges. It’s your opportunity to shape what’s next. At the heart of this journey is setting visionary goals—these are the big, bold dreams that drive innovation and inspire change.

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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.

Account

Cherry Bekaert

MAY 24, 2024

The Office of Management and Budget (OMB) recently published its final revisions to the federal Uniform Guidance (2 CFR Part 200). This revision outlines compliance and reporting requirements for federal financial assistance, such as grants and loans. Host Kat Kizior , Senior Associate at Cherry Bekaert, is joined by special guest Robert Shea , CEO of GovNavigators, to discuss2 CFR 200 uniform guidance updates and how these changes will affect state and local governments, non-profits and publi

Non-Profits 105

Non-Profits Government 105

CPA Practice

MAY 24, 2024

Sixteen awards were doled out for exceptional accounting marketing during the Association for Accounting Marketing’s annual Summit event in Orlando on May 14, with Forvis being the big winner as the top 10 accounting firm received three awards. This year, AAM introduced two new award categories: Client Experience and Innovation & Strategic Achievement, reflecting the evolving landscape of marketing and growth in the accounting profession.

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CPA Practice

MAY 24, 2024

By Liz Scott. I have discovered the magic of the “capacity mindset” in the hectic accounting world. It’s all about maximizing the key areas of operations such as available time, resources, and talent to enhance client services and grow my accounting firm. If you’re like me, you spend a lot of time wondering, “How could I do this better?” The answers we seek are in the operational data of our practices.

Technology 94

Technology accounting firms Gaming accountant 94

Randal DeHart

MAY 24, 2024

The power of effective bookkeeping using QuickBooks Desktop - plus an Important Update from Intuit. Keeping track of sales, earnings, expenses, and purchases is fundamental to your construction business's overall health and sustainability. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals.

quickbooks 90

quickbooks Construction Finance bookkeeping 90

CPA Practice

MAY 24, 2024

Hosts Randy Johnston and Brian Tankersley, CPA, are joined by guest Will Zacher, co-founder of AIgency Partners , to discuss a recent study on how artificial intelligence fared when attempting to pass the CPA exam. Use the video player below to watch, or the podcast player below to listen to the podcast. – Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.

CPA 78

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Accounting Today

MAY 24, 2024

Accounting needs to evolve in order to face a new reality.

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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.

Account

CPA Practice

MAY 24, 2024

The American Institute of CPAs (AICPA) submitted comments to the Internal Revenue Service (IRS) containing 189 recommendations regarding the 2024-2025 Guidance Priority Plan. As the IRS plans to prioritize providing additional guidance as stated in the IRS Strategic Operating Plan , the AICPA encourages the IRS to issue guidance on recommended areas.

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Menzies

MAY 24, 2024

Menzies LLP - A leading chartered accountancy firm. The CIOT has confirmed that HMRC are in the process of developing a new disclosure facility specifically for R&D claims, due to open in June 2024. Why is there a need for a new disclosure facility? The Government have introduced a number of changes to the R&D scheme in recent times as part of their overall efforts to tackle error and abuse in this area.

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tax return chartered accountant Tax Government 59

CPA Practice

MAY 24, 2024

By Jon Hubbard. The CPA firm leaders I speak to daily face similar challenges: struggling to attract talent, trying to serve too many clients for too low fees and being unable to keep talented supervisors and managers on the partner track. All these challenges relate to a firm’s business model. Issues such as starting salaries, demanding billable hours requirements, and the slow pace of advancement are turning potential talent away.

Non-Profits 59

Non-Profits cpa firm Technology CPA 59

Randal DeHart

MAY 24, 2024

The power of effective bookkeeping using QuickBooks Desktop - plus an Important Update from Intuit. Keeping track of sales, earnings, expenses, and purchases is fundamental to your construction business's overall health and sustainability. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals.

quickbooks 52

quickbooks Construction Finance bookkeeping 52

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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.

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CPA Practice

MAY 24, 2024

The Florida Institute of Certified Public Accountants will hold its premier annual event, the MEGA Conference, June 11-13, 2024, at the Universal Lowes Sapphire Falls Resort in Orlando, Florida. The even draws together accounting and finance professionals for continuing education, networking, solution-centric exhibits and add-on events. Gail Perry, CPA, the editor-in-chief of CPA Practice Advisor, will be one of the event’s speakers, with a presentation on time management for accounting professi

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Withum

MAY 24, 2024

Effectively managing a health plan demands a constant flow of accurate, timely, and relevant data to the plan sponsor and its board. Integration of financial and non-financial data is key for a holistic understanding of the plan’s performance. Board reports, sourced from various entities such as accountants, actuaries, third-party administrators, and pharmacy benefit managers, require meticulous compilation to form a concise yet comprehensive reporting package.

Healthcare 52

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CPA Practice

MAY 24, 2024

By Bill Sheridan. Twenty emerging accounting and finance leaders learned the skills they’ll need to take their teams, their careers, and their profession to the next level during the Maryland Association of CPAs’ 2024 Leadership Academy. Held May 14-16 in Towson, Md., the annual event is designed to help emerging leaders make the transition from individual contributors to leaders in their organizations.

Maryland 59

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Menzies

MAY 24, 2024

Menzies LLP - A leading chartered accountancy firm. Introduction Back in December 2023, HMRC finally released a summary of the responses regarding changes to the VAT treatment of fund management services proposed in a technical consultation published at the end of 2022. The purpose of the consultation was to: Improve policy clarity and certainty for all stakeholders on the application of the VAT exemption for fund management services; and Remove reliance on retained EU law in the wake of Brexit.

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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

Sales

CPA Practice

MAY 24, 2024

CPACharge , an online payment solution developed specifically for accounting professionals, has launched new partnerships with New Jersey , Nevada , and Wyoming Society for CPAs. Each partnership provides members access to CPACharge and all associated benefits it has to offer for accounting firms to scale. CPACharge is the only payment solution offered as a Member Discount Partner by the AICPA and recommended by more than 42 state CPA societies.

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Menzies

MAY 24, 2024

Menzies LLP - A leading chartered accountancy firm. Overview In today's rapidly evolving eCommerce landscape, effective stock management has become a cornerstone of success for businesses of all sizes. With consumer expectations at an all-time high and competition fiercer than ever, the ability to efficiently track inventory, anticipate demand, and streamline fulfilment processes is paramount.

Technology 52

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CPA Practice

MAY 24, 2024

The Board of Trustees of the Financial Accounting Foundation (FAF) today announced that Hillary H. Salo, whose five-year term on the Financial Accounting Standards Board (FASB) begins July 1, 2024, will serve as the board’s vice chair upon the start of her term. In this capacity, she will succeed current FASB vice chair James L. Kroeker , whose final term on the FASB concludes June 30, 2024.

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Accounting Insight

MAY 24, 2024

Accountex London made its annual return to ExCeL on 15-16 May 2024 and welcomed over eleven thousand attendees from across the UK and has far as Singapore, Australia and New Zealand. This year’s show is officially the largest show in Accountex history, after a 7% increase on last year’s record-breaking numbers. ‘The atmosphere was electric; it was inspiring to see the community so active’ Portfolio Director, Caroline Hobden was ecstatic about the success “To be totally honest, we weren’t

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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.

CPA Practice

MAY 24, 2024

Risk management software provider AuditBoard is being acquired by private equity firm Hg in a deal reportedly valued at more than $3 billion. Scott Arnold “We are grateful to our customers and their teams for the trust they have placed in us, and view our partnership with Hg as further validation of our practitioner-first focus , ” Scott Arnold, CEO of Cerritos, CA-based AuditBoard, said in a statement on May 23, adding that the transaction is an important milestone for the company.

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Ronika Khanna CPA,CA

MAY 24, 2024

If you are a small business or self employed, you are generally able to reflect your car costs as an expense on your profit and loss as well as write off the portion of the expenses that relate to business on your tax return. You can also see the video tutorial below (using QuickBooks Online): What Are The Types of Car Expenses The most common types of car expenses include: Gas Insurance Licence Registration Repairs and maintenance (fixing your car, car washes, changing summer or winter tires, o

accountant 52

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CPA Practice

MAY 24, 2024

Nick Florio, Partner, UHY The last five years have left CFOs with no shortage of problems to solve and challenges to overcome. From the uncertainty of the Covid-19 pandemic, to trying to conquer rising inflation, to ever rising interest rates, CFOs across business sectors have grown accustomed to juggling multiple fire drills at once. Compounding these challenges for CFOs is the fact that as the world continues to try to emerge from this choppy economic period, not only are CFOs tasked with navi

Healthcare 52

Healthcare Expense Management Sales accountant 52

Going Concern

MAY 24, 2024

Sorry, these are the options for “Gen Z” stock photos. As an industry publication that started out as a voice for millennials (and cool Gen Xers), we’ve never bought into the “Gen Z is lazy” stereotype because that stereotype was pinned on our generation too when we started entering the workforce at the turn of the millennium.

Sports 59

Sports Healthcare audit Tax 59

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.

Going Concern

MAY 24, 2024

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.

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