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Thirty-five percent of global companies now utilize some form of artificial intelligence (AI) in their businesses, while 42 percent claim to be exploring AI within their company, according to an Exploding Topics trend analysis. Although the recent surge of generative AI brings with it many benefits and assets, there are also inherent risks. As an increasing number of organizations continue to integrate AI into their processes, having a plan to mitigate risks, such as data privacy breaches, biase
The 2023 version of Form 8308, Report of a Sale or Exchange of Certain Partnership Interests , requires information to be reported contingent upon the finalization of substantially all of a partnership’s tax return by January 31, months in advance of the due dates for Form 1065 and related Schedules K-1. These new filing requirements place an undue burden on taxpayers and tax practitioners by mandating the duplicate reporting of information already required to be reported on Schedules K-1.
Accounting tech space sees major acquisitions this week; Bitwave releases Data Fusion tool for digital assets; TaxValet gains B-corp status; and other accounting tech news.
Hybrid work has been shown to benefit workers—from better work-life balance to higher job satisfaction and more. Still, many employees expected to make the trek into the office—even on a partial basis—may put up a fight. A new report from The Conference Board identifies ways that businesses can not only reduce employee resistance to a hybrid model but maximize its value to the business.
Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.
DMJPS launches Be Greater Scholarship to celebrate 75th anniversary; Weaver adds three to transaction advisory services; and more news from across the profession.
Hosts Randy Johnston and Brian Tankersley, CPA, review CYMA Payroll , a system designed for providers offering volume payroll processing and unique markets that process complex payroll. 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.
Retail sales continued to grow in July as consumers shopped for school and college supplies and took advantage of special promotion days offered by some retailers, according to the CNBC/NRF Retail Monitor , powered by Affinity Solutions, from the National Retail Federation. “July’s data reflects what we are seeing across the economy, that while consumers remain cautious, they are still spending on essentials when they find value,” NRF President and CEO Matthew Shay said.
The Treasury Department and the Internal Revenue Service said Friday that Connecticut will be the latest state to join the IRS Direct File program for free tax preparation.
Professionals on the Move is a round-up of recent promotions and staffing news from around the profession. CLA Celebrates More than 700 Advancements CLA (CliftonLarsonAllen LLP), the eighth-largest accounting firm in the United States, recently announced more than 700 advancements across the firm. Twice each year in July and November, CLA advances high performing team members to new roles, further developing the firm’s talent and investing in its succession mindset.
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.
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
Understanding financial statements might sound daunting, but small business owners like you must stay on top of your game. Each financial report offers unique insights into your company's economic status. As a construction contractor, your financial statements provide valuable insights into your company's financial health and are essential for making informed decisions.
FT reported on Wednesday that the King’s EY was hit with a £295,000 fine ($376,309 USD) after the firm surpassed the allowed non-audit billing amount for a Russian steel company called Evraz. The fine was originally more than £321k but the FRC gives firms a discount if they admit to breaking the rules and/or assist in an FRC investigation. “It would not be fair to treat any part of this announcement as constituting or evidencing an investigation into, or findings in respect of the co
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Industrial manufacturing businesses are constantly looking for ways to reduce costs, increase profits and invest in new equipment or facilities. Fortunately, many states offer various tax credits and incentives to help companies achieve business goals and thus stimulate economic growth within their states by offering tax subsidies. In addition to the typical credits related to investment and job creation, below are five valuable tax credits available to businesses operating within the manufactur
This webinar will be held on Tuesday, September 10, 2024 at 3:00pm ET Sponsor: Drake Software Duration: 1 Hour (CPE and CE) Register Now As online communication and storage become the new norm for the tax preparation industry, data thieves have taken advantage of more opportunities to steal sensitive taxpayer information. Tax preparers can take steps to protect themselves and their clients by understanding and establishing a clear, strategic data protection plan for their businesses.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
The Financial Accounting Standards Board ( FASB ) has issued its 2024 Investor Outreach Report. The document is now available through the FASB investor web portal at [link]. “Since our first report in 2021, the FASB has engaged in more than 1,750 investor interactions,” noted FASB Chair Richard R. Jones and Technical Director Jackson M. Day in their opening letter.
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