Thu.May 09, 2024

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IRS Increases HSA Contribution Limits for 2025

CPA Practice

Beginning in January, you’ll be able to contribute more to your health savings account (HSA), as the IRS released its annual inflation adjustments for HSA owners on May 9. For calendar year 2025, the annual contribution limit for an individual with self-only coverage under a high-deductible health plan (HDHP) will be $4,300. For an individual with family coverage, the amount will be $8,550.

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IRS adjusts HSA amounts for inflation in 2025

Accounting Today

The Internal Revenue Service issued the annual inflation adjustments for health savings accounts in 2025 as prices continue to rise.

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Understanding the FAQs Related to Overhead Rate Audits for Growing A&E Firms

Cherry Bekaert

For many architecture and engineering (A&E) firms, overhead rate audits are a critical aspect of financial management since they can be a great way for firms to recoup incurred costs necessary to run their business from the government. An overhead rate, also known as an indirect rate, is the percentage of indirect costs that are allocated to a contract or project.

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Tax Strategy: A look back at the 2024 tax season

Accounting Today

Overall, a better experience, but there were still some bumps on the road to April 18.

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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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The Accounting Technology Lab Podcast – Review of Digilence Cloud – May 2024

CPA Practice

Hosts Randy Johnston and Brian Tankersley, CPA, look the Digilence Experience Cloud , a cloud-based digital intelligence solution for accounting firms. The Digilence Cloud accelerates the digitization of inefficient, repetitive processes across audit, tax, client accounting, and other back-office functions. 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 t

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CLA acquires AI company Engine B

Accounting Today

CliftonLarsonAllen, a Top 10 Firm, has acquired Engine B, a London-based company that helps accounting firms get more insights from their clients' data, effective May 1.

More Trending

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House approves repeal of SEC crypto rule

Accounting Today

The House passed a bill that would repeal the SEC's SAB 121, which requires custodians to list digital currency as a liability on their balance sheets. However the president said he'd veto the bill.

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Contributing App Analysts for eCommerce Needed

Insightful Accountant

While we received some 'generic' App interest to our last posting, Insightful Accountant is currently looking for a few good ProAdvisors who can provide analysis specifically of eCommerce apps.

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Sikich gets $250M PE funding from Bain

Accounting Today

Sikich LLC, a Top 50 Firm based in Chicago, has snagged a $250 million minority investment from private equity firm Bain Capital to fund further acquisitions and growth, becoming the latest in a series of firms to score PE money.

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More Americans Leaving Big Cities for Smaller Ones

CPA Practice

Michael Sasso Bloomberg News (TNS) Score a victory for Mayberry. America’s small towns, like the iconic setting of television’s The Andy Griffith Show from the 1960s, saw more in-migration in 2023 than larger areas for the first time in decades. The remote work boom that prompted Americans to flee urban areas for mountain hamlets and seaside towns during the pandemic continued at least through last year, according to University of Virginia demographer Hamilton Lombard.

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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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Ohtani interpreter to plead guilty to bank fraud

Accounting Today

An interpreter for the Los Angeles Dodgers star has agreed to plead guilty to criminal charges including filing a false tax return after secretly transferring about $17 million from the player's account to pay off gambling debt.

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GASB Statement No. 102, Certain Risk Disclosures, Update

Cherry Bekaert

The Governmental Accounting Standards Board (GASB) has issued Statement No. 102, Certain Risk Disclosures , to provide users of government financial statements with essential information about risks related to a government’s vulnerabilities due to certain concentrations or constraints. Although this new guidance centers around risk, GASB 102 does not define risk.

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Foreign tax credits intersect with global minimum taxes

Accounting Today

The Internal Revenue Service and the Treasury Department plan to issue regulations on the interplay between foreign tax credits, dual consolidated losses and OECD rules.

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Transforming GovCon Accounting with Technology

AccountingDepartment

The government contracting sector is highly regulated and requires strict compliance with Defense Contract Audit Agency (DCAA) regulations. With ever-evolving regulations and a complex accounting system to manage, the government contract (GovCon) industry has a steep learning curve for small and medium-sized contractors. However, technology has revolutionized business processes by simplifying accounting and ensuring DCAA compliance.

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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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Tax Fraud Blotter: Lots of energy

Accounting Today

Bodies of evidence; the Ultimate crime; one expensive ghost; and other highlights of recent tax cases.

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IRS: No Change in Tax Interest Rates for Q3 2024

CPA Practice

The IRS said Thursday that interest rates will remain the same for the calendar quarter beginning on July 1. The interest rate for tax overpayments and underpayments for individuals will be 8% per year and 7% for corporations, compounded daily. Interest rates have stayed at their current levels since the fourth quarter of 2023 , when they increased from 7% for individuals and 6% for corporations.

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IRIS Updates Elements Professional Edition and Confirms Future Roadmap 

Accounting Insight

IRIS Software Group (IRIS), a leading global software provider of accounting, edtech, HR and payroll solutions, today unveiled a series of product updates for its unified cloud accountancy platform, IRIS Elements , designed to automate workflows so accountancy practices can further digitise their operations without having to switch between multiple applications.

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How to Use Microsoft Copilot for CPA Firm Marketing

CPA Practice

You have a ton of content on your website. But are you marketing it as effectively as you can? Maybe you don’t have time or can’t be bothered. Maybe you aren’t sure how to do it. I’m here to let you in on Copilot’s tricks to help you be more effective with your marketing initiatives. What is Copilot? According to ChatGPT, “Microsoft Copilot is an AI-powered code completion tool developed by GitHub in collaboration with OpenAI.

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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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What Auditors Do

Withum

In two weeks, I will be teaching a graduate course on audit concepts and methods to accounting students at Fairleigh Dickinson University. I’ve taught this previously and certainly know the material. However, my role is not just to teach the material but to excite them about accounting as a profession and auditing in particular and share my pride in the vital role auditors play in our ecosystem.

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Most Tax Pros, Corporate and Public, Believe AI Should Be in Their Toolbox

CPA Practice

More than three-fourths (77%) of tax professionals believe AI technology can be applied to their work, and more than half (56%) of in-house corporate tax teams think their external tax advisers’ firms should be using AI, shows a new report by Thomson Reuters. Thomson Reuters 2024 Generative AI in Professional Services report shows views towards AI among tax professionals have shifted significantly in the last twelve months.

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How to Get Things Done When You Feel Overwhelmed

Insightful Accountant

Tax pros post-tax season: vacation or dive into to-do list? Heavy workload can overwhelm, hindering productivity. Strategic techniques help navigate overwhelm efficiently and reduce stress.

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CLA Acquires U.K. Tech Company Engine B

CPA Practice

In what is the top 10 accounting firm’s first deal outside the U.S., CliftonLarsonAllen (CLA) said Thursday that it has acquired London-based Engine B, a technology company that specializes in delivering generative AI solutions for the professional services industry. “This strategic move—CLA’s first global acquisition—underscores the firm’s commitment to harnessing cutting-edge technology to enhance client service and enable CLA professionals to focus more on client engagement, pursuing new busi

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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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What is invoice fraud and how can you avoid it?

Accounting Today

The first step in identifying invoice fraud and stopping it is knowing what you're looking for.

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60% of Corporate Tax Professionals Believe in Value of GenAI

Insightful Accountant

A new 'Generative AI' report from Thomson Reuters shows 60% of corporate tax professionals now believe Gen AI should be applied to their work, up from 53% in 2023.

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What are Australian businesses looking for in the upcoming 2024 Federal Budget? We asked them.

Reckon

Here at Reckon, our primary concern is the wellbeing and prosperity of Australian small and medium businesses. So, with the Federal Budget looming, we wanted to understand what they were really looking for. What measures are important to small businesses? We conducted a study to get to the bottom of what businesses want to see on 14 May 2024 when the Federal Budget drops.

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Sikich Secures $250 Million in PE Funding From Bain Capital

CPA Practice

Sikich has locked up a $250 million minority investment from private equity firm Bain Capital to support the top 30 accounting firm’s aggressive growth strategy, focused on acquisitions and strategic partnerships. As part of the deal, Sikich maintains majority control of the company and its existing executive and leadership teams, led by CEO Christopher Geier.

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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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WHAT IS CASH FLOW FORECASTING?

Summit CPA

Cash flow forecasting seems like a simple process, but it’s the most fundamental part of running a business. Forecasting helps you determine if you have enough money to keep the lights on, avoid overdrawing on your line of credit, send your employees home with paychecks, etc.

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Diving Into the HR Recruiting Landscape: A Complicated Market and Outlook for the Next Year

Cherry Bekaert

In the latest episode of the Talkin’ Talent, Sam McCarthy, Director at Cordia Resources by Cherry Bekaert, is joined by Tori Mitchell, SHRM-CP, Talent Acquisition Leader at Juno Search Partners. They discuss how the HR recruiting landscape has changed since the COVID-19 pandemic and what the next 12 months have in store. They also delve into why working with an HR recruiter can be beneficial in this complicated hiring market, common mistake leaders make when hiring for HR and what to do instead.

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New Hire Screening Survey Helps Optimize WOTC Credits

CPA Practice

Arvo Tech , which provides tax strategy solutions for small businesses, is launching a new version of its Work Opportunity Tax (WOTC) Credit program survey. The survey helps employers improve employee application rates and gather the data they need to take advantage of federal and state incentive programs aimed at helping them and increase WOTC certification rates.

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Navigating the Corporate Transparency Act: Implications and Congressional considerations

ThomsonReuters

Jump to: Implications of the Corporate Transparency Act Congressional considerations and proposed solutions Evolving attitudes and potential changes to the Corporate Transparency Act To catch up with the Corporate Transparency Act, read our introductory blog below: Are you ready? The Corporate Transparency Act becomes effective Jan 1, 2024 In an effort to combat money laundering, tax fraud, and other illicit activities, the Corporate Transparency Act (CTA) was enacted in 2021 and became effe

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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.