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A new survey from Big Four firm EY reveals that CFOs’ and corporate tax leaders’ stances on generative artificial intelligence have shifted over the past year—from mostly negative to mostly positive. Of the more than 1,600 professionals who participated in the 2024 EY Tax and Finance Operations Survey, 87% say they believe integrating GenAI will drive increased efficiency and effectiveness within the tax function, up significantly from 15% in 2023.
Yo. It’s Monday, some stuff happened over the weekend, let’s get right to it. An ‘everygirl’ tells the tale of being pressured to choose a major, landing on accounting, and regretting the decision in ‘ I Was Dedicated to My 5-Year Plan—and Then It Blew Up in My Face ‘: It was the fall semester of my sophomore year of college.
Nominations for the 2024 Awards are now open. Click here to go to the free nomination form. Multiple nominations do not enhance a candidate’s chances. There are no costs associated with these awards or the nomination process. The 40 Under 40 Awards spotlight the top practicing public accountants, educators and thought leaders who are leading their profession by visibly and incrementally changing the accounting profession through their exemplary leadership, their innovative thinking, their collab
Withum, together with DwellFi and Cole-Frieman & Mallon , are pleased to announce the release of a comprehensive survey report titled ‘ The State of Applied AI in Fund Administration ,’ conducted by Alternatives Watch. The survey gathered responses from senior executives at fund administrators ranging in AUA, and reveals a rapidly evolving landscape where Gen AI is becoming a critical differentiator.
Your financial statements hold powerful insights—but are you truly paying attention? Many finance professionals focus on the income statement while overlooking key signals hidden in the balance sheet and cash flow statement. Understanding these numbers can unlock smarter decision-making, uncover risks, and drive long-term success. Join David Worrell, accomplished CFO, finance expert, and author, for an engaging, nontraditional take on reading financial statements.
TurboTax, the most widely-used do-it-yourself tax preparation in the U.S., is out with a new advertisement in which it is telling Americans that maybe they should save money and have a “tax break up” with their professional preparer by using one of TurboTax’s live experts. The irritation factor for some tax professionals and CPAs who provide tax preparation services is that Intuit, the maker of TurboTax and several other consumer business programs, also produces a range of tax preparation system
Women CEOs at large U.S. public companies outearned their male counterparts in 2024. The median compensation for female CEOs in the S&P 500 was $16.4 million, while their male counterparts earned $15.6 million. Despite higher compensation, the new report by The Conference Board, ESGAUGE, and FW Cook notes that women continue to hold few CEO positions in corporate America—just 7.9% in the S&P 500.
Women CEOs at large U.S. public companies outearned their male counterparts in 2024. The median compensation for female CEOs in the S&P 500 was $16.4 million, while their male counterparts earned $15.6 million. Despite higher compensation, the new report by The Conference Board, ESGAUGE, and FW Cook notes that women continue to hold few CEO positions in corporate America—just 7.9% in the S&P 500.
The accounting talent shortage is now at a crisis level within the tax and finance functions, as 70% of CFOs and corporate tax executives say they’re feeling the impact of fewer accountants entering the profession while senior cohorts retire, according to the 2024 EY Tax and Finance Operations Survey. The lack of up-and-coming accounting professionals has gotten so bad, according to EY, that a majority (62%) of tax and finance leaders say professionals without a university degree have become imp
The 2025 ProAdvisor Awards are already underway, hundreds of ProAdvisors have already been nominated or have applied. You can also nominate a deserving ProAdvisor or start your application today, learn more inside.
Optimism among mid-market business leaders has reached a record high with 74% optimistic about the outlook for their economy over the next 12 months (up three points from Q2 2024), according to Grant Thornton’s latest International Business Report (IBR). This increase in confidence appears to be driven by a drop in concerns about business constraints.
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.
Maintaining robust internal controls in your 401(k) plan is essential not only for compliance but for ensuring the accuracy of financial statements for your audit. From an auditor’s perspective, these controls provide a solid foundation of trust, allowing the audit process to be more efficient and less costly. Without effective controls, audits become time-consuming and expensive, as auditors are forced to double-check every detail.
CBIC received various representations with respect to the admissibility of Input Tax credits on demo vehicles in pursuance of Section 17(5) of the CGST Act. The demo vehicles are maintained by authorized dealers as per dealership norms and are used for providing a trial run and for demonstrating features of the vehicle to potential buyers. Demo vehicles are purchased by the authorized dealers from the vehicle manufacturers against tax invoices and are generally reflected as capital assets in th
An investigative policy is an important tool to help manage the process of initiating a corporate fraud investigation. Doing so will help bring uniformity to the evaluation of fraud allegations, and it will help guide management through the decision making relative to the claims. The first step in creating an investigative policy is drafting a [.
To enable taxpayers to efficiently address invoice corrections/amendments with their suppliers through the portal, a new communication process called the Invoice Management System (IMS) has been introduced by the GSTN. The facility has been made live on the GST portal with effect from 1st October 2024. The IMS shall allow the taxpayer to take action on the invoice reflected in the IMS, i.e., the Recipient may mark the invoice as accepted or rejected or for later use.
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
Top 25 accounting firm Cherry Bekaert is expanding its enterprise resource planning (ERP) and technology and consulting capabilities by acquiring ArcherPoint, a Microsoft Certified Solutions partner servicing clients across North America and Europe, as well as an ArcherPoint affiliate, Suite Engine, a solutions developer for Microsoft Dynamics 365 Business Central.
For the second year in a row, EY is pushing back start dates for some new hires, in this case about 200 people who were expecting to start at Parthenon next month or in January. Earlier start date deferrals happened in November and August of 2023 , there may be more we haven’t mentioned. Probably are more. FT : On a call with staff, EY-Parthenon bosses blamed a disappointing market for mergers and acquisitions and private equity activity, meaning advisory revenue growth has been slower tha
The IRS is granting certain tax-exempt organizations that are making an elective payment election a six-month automatic extension of time to file an original or superseding Form 990-T, Exempt Organization Business Income Tax Return , with relevant schedules and forms, the agency said on Oct. 11. This relief means that applicable tax-exempt organizations that were required to but didn’t file a timely extension on Form 8868, Application for Extension of Time to File an Exempt Organization Return ,
Nobody knows your business like you do. Your management team is on top of key performance metrics (KPIs) daily, such as mpg, dwell time, gross profit, idle time, revenue per tractor/trailer ratios – monitoring your company’s every move. You and your team know your business – and how to guide it to success. But what about when you need to communicate your businesses’ value outside of your team?
Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
The American Institute of CPAs recently submitted a comment letter to the Department of the Treasury and the Internal Revenue Service in response to their release of a guidance package addressing certain basis-shifting transactions involving partnerships and related parties. On June 17, 2024, Treasury and the IRS issued a guidance package targeting related parties and partnerships, which structure transactions to take advantage of the basis-adjustment provisions of subchapter K.
Doing business through a partnership has many benefits, such as allowing for a pass-through (conduit) regime of taxation and great flexibility in allocating profit and loss among the partners. Liabilities under the aggregate concept of partnership taxation are included in the partners outside basis of its interest. Internal Revenue Code (IRC) Section 752 accomplishes this by treating changes in the partnership’s liabilities as deemed contributions and distributions to and from the partnership.
In recent years, trade sanctions have become an increasingly important, and well-used foreign policy tool for governments worldwide. Companies have to navigate a vastly expanded sanctions environment, in which regulations are multiplying, international cooperation is becoming more joined, and enforcement action is intensifying. The number of sanctions measures is also growing.
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