Fri.Dec 13, 2024

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10 Year End Financial and Tax Tips for Your Small Business

Ronika Khanna CPA,CA

As the end of the year approaches, some of us find ourselves overwhelmed by top 10 lists, the hordes of shoppers and endless renditions of Christmas Music. Businesses tend to experience a slowdown, which makes it the perfect time for small business owners to take a closer look at their overall business, financial and tax situation. When you are not buying gifts for your customers , family and friends, a review and analysis of your business will allow you to optimize your current financial situat

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Hedge fund founder jailed over $1.3B tax scam

Accounting Today

Sanjay Shah was sentenced to 12 years in prison, the heaviest jail term handed down so far in Europe's sprawling Cum-Ex trading scandal.

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Construction Business Review: What Went Right Or Wrong This Year?

Randal DeHart

The construction industry is dynamic and challenging, and a business's success or failure can hinge on various factors. As we approach the end of another year, it's essential to take a step back and assess your company's successes and challenges. Contracting is notorious for its complexities and ever-changing landscape. It is crucial to evaluate what worked well, what didn't, and what lessons we can carry into the following year.

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Death to A/R

Accounting Today

Professionals should never be bill collectors.

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The Growth Architect: How Financial Leaders are Unlocking Potential

Speaker: Ashley Harlan, MBA

What if your role as a fractional CFO went beyond operational support to actively shaping the future of your clients’ businesses? 💼 ✨ In this session, discover how fractional finance professionals can position themselves as architects of growth, guiding their clients toward sustainable success and preparing them for full-time financial leadership.

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Geotagging Employee Attendance: Is Your Team Working? 

Patriot Software

You might already be tagging geographical locations when you share Facebook posts. But did you know you can use geotagging to tag your employees location when they clock in and out for work? Geotagging is a time and attendance software feature that can help mitigate time theft and improve time and attendance accuracy.

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Bill Launches 1099 Filing Solution

CPA Practice

The 1099 filing offering from BILL is an all-in-one solution that enables businesses to manage their AP needs and 1099-NEC and 1099-MISC forms together from a single platform.

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Wendy Terry Appointed to City of Orlando Finance Committee

Withum

Withum is proud to announce that Wendy Terry , Partner and Practice Leader of the Firms Professional Services Industry Team , has been appointed to serve on the City of Orlando Finance Committee. The appointment by Orlando Mayor Buddy Dyer reflects Wendys extensive experience in the accounting profession and commitment to serving the local Central Florida community.

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AICPA releases valuation guide for business combinations

Accounting Today

The American Institute of CPAs has published a new guide with information on best practices for the accounting and valuation of business combinations such as mergers and acquisitions.

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The Accountant Trust Quotient: How Accountants Can Help Clients Build Trust in New Technology

CPA Practice

The 'trust equation,' outlined in The Trusted Advisor by David Maister, Charles Green, and Robert Galford, is a formula that quantifies trust in professional relationships: take a persons credibility, reliability, and intimacy and divides it by their self-interest.

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Stop trying to engage your employees

Accounting Today

Equip employees to self-engage.

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2025 Payroll Calendar Templates (Biweekly, Semi-Monthly, and Monthly)

Use these handy calendar templates to stay on top of payroll in 2025! Download them today to share with your HR team or post for employees. Whether your company has biweekly, semi-monthly, or monthly pay periods, Paycor has you covered. Get your templates today!

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Millennials to the Rescue? Bridging the Generational Divide in Accounting Leadership

CPA Practice

Alright, fellow Millennialsremember when we were the young ones shaking things up, pushing for work-life balance, and making remote work sound like an innovation? Fast forward, and now were stepping into leadership roles. And suddenly, were not the fresh faces anymore.

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Mortgage Interest Basics

Withum

With federal interest rates slowly on the decline, it may be a good opportunity to consider whether you should refinance your mortgage or purchase a home. During the pandemic, interest rates were at their lowest; many took advantage of these rates to purchase homes. Later, with the impending recession, the housing market took a hit as interest rates rose significantly in hopes of preventing a recession.

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5 Ways to Help Clients Prepare for Busy Season

CPA Practice

Timely and effective communication is key to helping create a path to busy season success for both you and the client. Here are five ways to help your clients prepare.

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On the move: INCPAS bestows annual awards

Accounting Today

GRI appoints new CEO; Tennessee Society of CPAs celebrates Accounting Opportunities Month; and more from across the profession.

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Less Stress, More Success: Accounting Best Practices & Processes for 2025

Speaker: Duke Heninger, Partner and Fractional CFO at Ampleo & Creator of CFO System

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Duke Heninger, 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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3 ways to strengthen your corporate tax compliance

ThomsonReuters

In todays fast-moving global business landscape, the complexities faced by corporate tax and trade departments continue to multiply. With supply chains continually threatened by international conflicts, the almost constant disruption hinders global-trade efforts. This hampers regulatory cooperation and exacerbates internal conflicts and challenges for many businesses.

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Tech News: Protiviti awarded patent on automated audit artifact reconciliation process

Accounting Today

Plus, Avalara named leader in three IDC MarketScape reports; LeaseCrunch to hold webinar; and other accounting tech updates.

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Planning for your Annual CASS Audit

Menzies

Menzies LLP - A leading chartered accountancy firm. I understand no one looks forward to their CASS audit being carried out. Whats to like about someone diving into your systems and controls and checking everything has gone to plan? The tight deadlines dont help either! The best you can do is to try and make it as painless as possible by being well prepared, the following is a CASS auditors suggestions on steps to ensure a smooth process.

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Business Experimentation with Gen AI Grows but Full Implementation Remains Rare, AICPA & CIMA Survey Finds

CPA Practice

While 30% said they were experimenting with Gen AI in business applications, up from only 23% last year, the percentage of companies that are fully using Gen AI in key operations hasnt budged much.

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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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Friday Footnotes: Private Equity Explains Their Accounting Endgame; Overworked Auditors and Their Wandering Eyes; Gen AI Use Ramps Up | 12.13.24

Going Concern

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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Overview of 2024 Thomson Reuters Synergy Conference- The Accounting Technology Lab Podcast – Nov. 2024

CPA Practice

Brian Tankersley, CPA, and Randy Johnston continue their travels to the largest conference for accounting professionals, and provide a recap of the 2024 Thomson Reuters Synergy user conference.

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Bitcoin Hits 100k: How a Crypto-Friendly America Could Dominate the Digital Era

Withum

Bitcoins price is trending again, breaking through $100,000 for the first time. This increase is mainly due to the president-elects view on cryptocurrencies and the thought that he will bring crypto to the mainstream of finance. President Trump has proposed several projects to boost the crypto sector. These include dispensing capital gains tax for Bitcoin transactions and building a centralized Bitcoin holding account.

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Trump's tax cuts may fail to boost economy

Accounting Today

A new analysis from the Committee for a Responsible Federal Budget warns that extending the expiring tax cuts could do almost nothing to grow the economy.

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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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Trump woos Wall Street with corporate tax cuts at NYSE visit

Accounting Today

The president-elect vowed to lower the corporate rate to 15% from 21% and is talking with his advisors about cutting levies on capital gains and dividends.