Mon.Jan 29, 2024

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IRS Starts 2024 Tax Filing Season

Insightful Accountant

The Internal Revenue Service successfully opened the 2024 tax season today by accepting and processing federal individual tax returns as the agency continues focusing on expanding options to help taxpayers.

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IRS kicks off tax season with extended hours, service and tools

Accounting Today

The Internal Revenue Service began accepting tax returns Monday, promising improved help to taxpayers and new resources both in-person and online.

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Acterys xP&A Suite Enters the Gartner Magic Quadrant for Financial Planning Software

Acterys

Innovative Features and Seamless Integrations Help Acterys Secure Its First Magic Quadrant Appearance (Chicago, Il., January 26, 2024) – Acterys, a leading provider of financial planning software, is proud to announce its inclusion in the Gartner Magic Quadrant for Financial Planning Software. This recognition highlights Acterys’ commitment to delivering innovative solutions that streamline and automate financial planning processes for organizations worldwide.

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Generative AI for small and midsized firms

Accounting Today

Without breaking the bank, small and midsized firms can make smart investments to adopt AI and tailor it for specific uses.

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Building a Business Case for Finance Automation

Speaker: Danny Gassaway and Wayne Richards

Finance leaders are prioritizing efficiency and digital transformation, yet many hesitate to automate due to uncertainty. Without a clear understanding of its impact, organizations risk falling behind competitors who are leveraging automation to drive productivity and cost savings. Join Wayne Richards and Danny Gassaway from AvidXchange for a practical guide on bringing accounts payable (AP) automation to your organization.

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IRS Starts Accepting Returns and Extends Hours at Tax Assistance Centers

CPA Practice

The Internal Revenue Service opened the 2024 tax season on January 29, 2024, accepting and processing federal individual tax returns, and announcing that it expects more than 146 million individual tax returns for 2023 to be filed this filing season. The final regular day of the 2024 tax season is April 15, 2024, although almost all tax filers can receive an automatic six-month extension if they apply for one. 2024 Tax Refund Calendar: How to Estimate When You May Receive Your Refund With the st

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The 20 best states for saving

Accounting Today

The best state to be a saver scored 0 out of 100, where a lower score means it's easier to save.

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More Trending

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What makes an accounting firm succeed?

Accounting Today

The first step is defining 'success,' says Seth David.

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Anders Raises Nearly $400,000 for Charitable Organizations in Latest Community Impact Report 

Anders CPA

As one of the Anders core values, Generosity is present at every level of the firm. Individually and collectively, we’re proud to give back to charitable organizations and foster an environment where people offer their time, skills and resources to improve our communities. To help showcase the efforts of our firm and employees, we’re proud to present our 8th annual Community Impact Report.

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Do audit opinions even matter anymore?

Accounting Today

The commoditization of audits is contributing to the CPA shortage.

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Acumatica Launches New Era of Business Growth and Product Expansion at Summit 2024

Insightful Accountant

Opening Keynote at Acumatica Summit reflects product plans and strategy for supporting customer growth ambitions with leading-edge technology

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Fall In Love With the Month-End Close

It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.

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Valentine’s Day Retail Sales Expected to Set Record

CPA Practice

Valentine’s Day is returning to its romantic traditions, with total spending on significant others for the holiday expected to reach a record $14.2 billion, according to the latest annual survey released by the National Retail Federation and Prosper Insights & Analytics. “Retailers are ready to help customers this Valentine’s Day with meaningful and memorable gifts,” NRF President and CEO Matthew Shay said.

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Drake Software Launches Drake Pay

Insightful Accountant

Drake Software® announces the launch of an integrated contactless payment acceptance system, Drake Pay™.

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IRS Direct File Launches for Low-Income Taxpayers in 12 States

CPA Practice

By Jon Healey, Los Angeles Times (via TNS). It’s back to regular IRS deadlines this year, but with a new tool for many low- and moderate-income households: a service that will prepare and file their tax returns online for free. Starting later this year, taxpayers in 12 states — Arizona, California, Florida, Massachusetts, New Hampshire, Nevada, New York, South Dakota, Tennessee, Texas, Washington, and Wyoming — will have access to a new program from the IRS called Direct File.

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With AI, no more 'wait and see'

Accounting Today

Accounting firms are starting to dive headfirst into artificial intelligence.

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Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape

Speaker: Jennifer Hill

Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.

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IRS Chief Gives a Shout-Out to Tax Professionals as 2024 Filing Season Begins

CPA Practice

Today marks the start of the long and grueling road ahead for CPAs and enrolled agents as the IRS has begun accepting 2023 federal income tax returns. So with that in mind, IRS Commissioner Danny Werfel had a message for all tax professionals as they embark on another filing season: Thank you. The message, which was emailed this morning to tax professionals and was posted on the IRS’s website, says: As we start the 2024 filing season today, I just wanted to take a moment to especially thank ever

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The taxman tango: The key tax question about gambling income

Accounting Today

Financial advisors and tax professionals with clients who bet online or at casinos must guide them through the choice of classifying as amateur or professional.

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The Rundown: Busy Season 2024 Guide

Cherry Bekaert

The Financial Accounting Standards Board (FASB) issued nine Accounting Standard Updates (ASUs), and the Government Accounting Standards Board (GASB) issued only one new GASB Statement in 2023. The latest issue of the Rundown features a summary of the new standards issued in the fourth quarter 2023. For summaries of standards issued in the first three quarters, view our previous rundowns here.

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EY Is Monitoring Badge Swipes and It Isn’t Looking Good For Return-to-Office

Going Concern

The following story from Financial Times pertains to EY UK however it confirms what many have suspected is happening here in the US: at least one Big 4 firm is watching badge swipes to make sure their little grunts are in the office like they’re supposed to be. Spoiler: they aren’t. FT : EY has started monitoring UK employees’ office attendance, with swipe card entry data being circulated at senior levels of the firm as some of its staff flout its hybrid working guidelines.

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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.

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Artificial Intelligence Blueprint Guide

Cherry Bekaert

Establish a governing body, align focus, pick plays, build trust and accelerate learning. Your comprehensive AI blueprint guide.

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Fair Value Determination – Valuation Reminders

Withum

“A rising tide lifts all boats” – Credited to John F. Kennedy A corollary to this metaphor may be that a falling tide sinks all ships. Observance of daily high and low tides would prove this corollary incorrect, as ships do not sink at low tide and the sinking of a ship may be caused by a multitude of factors and circumstances. It may also be observed that a rising tide does not lift all boats to the same height.

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K-pop label SM's financials being investigated

Accounting Today

The Korean internet and messaging powerhouse has hired a law firm to probe SM's books at the request of Kakao board's audit committee

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R&D Tax Relief Changes

Menzies

Menzies LLP - A leading chartered accountancy firm. Research and Development (R&D) tax relief is a highly valuable relief to promote and reward attempts by companies to achieve advances in scientific or technological fields or appreciable improvements in associated processes. The scheme is especially important to the manufacturing sector with 21% of the total claims made, and over £1.5bn of annual support received, by the sector in the latest statistics.

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Cash Flow Secrets Every Upskilled CPA Should Know

Speaker: Debra L. Robinson

CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.

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Art of Accounting: 205 free updated Ed Mendlowitz checklists for 2024

Accounting Today

There are 178 checklists for tax season, practice management and personal tips, plus a Getting Your Affairs in Order Tool Kit with 27 additional checklists.

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Private Tutors and UK tax

Menzies

Menzies LLP - A leading chartered accountancy firm. According to a recent survey an increasing number of students are receiving private tuition, with one estimate now putting the value of the private tutoring industry in the UK at £7.5 billion. The COVID-19 pandemic, and the increase in competition for places at top universities, have contributed to more students turning to private tutors to give them that additional support to help them achieve their own personal goals.

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Boomer's Blueprint: The CEO–CIO connection

Accounting Today

The business landscape is increasingly driven by digital transformation, making the relationship between these two leaders more critical than ever.

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Navigating the New Year Slump: Mastering the Art of Cashflow for Hospitality Businesses

Menzies

Menzies LLP - A leading chartered accountancy firm. Navigating the post-Christmas slump can pose significant challenges for businesses, especially those in the hospitality and leisure sector. As sales dip after the festive season, maintaining cash flow becomes crucial. In this article, we delve into the intricacies of cash flow management, highlighting the importance of understanding fluctuations, creating comprehensive cash flow forecasts, and exploring strategies to boost cash availability.

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Profit in the Details: Rethinking Spend for Monumental Impact

Speaker: Aaron Berson

Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g

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Accounting For Good training and support

Accounting for Good

Accounting For Good’s training and support services reach all levels of your organisation. Experts in Xero implementation.

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Will Tax Laws Change Mid-Filing Season?

Insightful Accountant

House committee approves bipartisan tax bill to extend tax breaks before April 15 deadline. Proposed bill includes various provisions such as expanded Child Tax Credit and deductions for research expenses. Read about it here!

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Accounting For Good training and support

Accounting for Good

Accounting For Good’s training and support services reach all levels of your organisation. Experts in Xero implementation.

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Revolutionize your talent strategy with automation

ThomsonReuters

Today’s accounting firm leaders are constantly grappling with two pivotal challenges: attracting top-tier talent and holding on to the people they have. Retiring Baby Boomers are creating a vacuum, leading to a scarcity of experienced professionals, and there aren’t enough young people graduating with accounting degrees—or choosing to enter public accounting—to fill that void.

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Navigating Bleisure Travel: A Guide for Mid-Sized Companies

Bleisure travel — where employees combine work and leisure — has been around since the advent of corporate travel and is here to stay. Successful bleisure policies strike a balance between employee preferences and company goals — workers report a 64% improvement in work-life balance, while companies benefit from reduced travel costs and increased workforce innovation.