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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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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Trending Sources

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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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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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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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We’re retiring the classic version of Xero invoicing

Xero

We’ve had two versions of our invoicing feature for a while now — classic invoicing and new invoicing. The new version is built on the latest technology and features time-saving tools that make it easier to customise your invoices and simplify the way you get paid. Our teams have big plans to add even more value to the new version of invoicing in the future, including features that we know are important to you.

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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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More Trending

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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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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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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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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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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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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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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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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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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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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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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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What makes an accounting firm succeed?

Accounting Today

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

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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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Do audit opinions even matter anymore?

Accounting Today

The commoditization of audits is contributing to the CPA shortage.

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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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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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With AI, no more 'wait and see'

Accounting Today

Accounting firms are starting to dive headfirst into artificial intelligence.

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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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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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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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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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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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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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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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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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PCAOB Doles Out $590,000 in Fines to Haynie & Co., Four Partners

CPA Practice

Top 100 accounting firm Haynie & Co. was fined $400,000 and two current and two former partners were fined a total of $190,000 by the Public Company Accounting Oversight Board (PCAOB) on Jan. 23 for subpar auditing and quality control failures. The audit regulator found that Haynie partners Tyson Holman and Stevin Avis and ex-partners Anna Hrabova and Richard Fleischman each violated PCAOB rules and standards while serving as either engagement partner or engagement quality review partner on

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Combining Deep Analytics and Creative Thinking to Bring a New Product to the Marketplace

Cherry Bekaert

Enhancing the Food and Floral Supply Chain Verdant Technologies (Verdant) remains focused on changing the benchmark for freshness and sustainability from farm to table. This cultivates their commitment to providing consumers with high-quality, environmentally friendly products in the food and floral supply chains. Additionally, their solutions create new opportunities and expand markets while using fewer natural resources and reducing negative environmental impacts.

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Registering with the Tax Authorities

Inform Accounting

A significant task for the new business owner is ensuring that the business is properly complying with the extensive tax and information filing requirements imposed by the various authorities.

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IRS Notice 2024-19: Penalty Relief for Partnerships Providing Forms 8308 to Partners for 2023 Section 751(a) Exchanges

Cherry Bekaert

Section 751 Property Generally, partnerships that have Section 751 property, such as unrealized receivables or inventory property, are required to provide information to the Internal Revenue Service (IRS) when a sale or exchange of partnership interests occurs between partners. This information is also reported to the partners engaged in the sale or exchange.

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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.