Canopy Accounting

FEBRUARY 23, 2024

Staying ahead, (or even keeping stride), with the tech curve is not just an ambition, it’s a necessity. Canopy's latest ebook, "Embracing Tomorrow: The Blueprint of a Future-Focused Accounting Firm", serves as an invaluable asset for accountants aiming to future-proof their practices. The overall message is clear — the future of accounting is technologically innovative, client-focused, employee-focused, sustainable, and driven by data.

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Account accounted accountant Technology 52

Accounting Today

FEBRUARY 23, 2024

It's not just the 150-hour rule for obtaining a CPA license that may be the culprit for the talent shortage, according to an academic study.

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accounting standards Account accounted accountant 137

MyIRSRelief

FEBRUARY 23, 2024

Facing the IRS can be a daunting experience, especially when dealing with unpaid back taxes, unfiled returns, and the looming threat of bank levies. For many, the stress and confusion surrounding tax debt can feel overwhelming. However, it’s crucial to understand that there are avenues available to navigate this complex terrain. In this comprehensive guide, we’ll delve into the intricacies of IRS bank levies, the repercussions of unpaid back taxes and unfiled returns, and the invalua

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tax return Tax CPA accounting and finance 130

Accounting Today

FEBRUARY 23, 2024

The changes underway in setting global taxes are leading to confusion for many countries that authorities are trying to alleviate.

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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.

Finance

CPA Practice

FEBRUARY 23, 2024

Hosts Randy Johnston and Brian Tankersley, CPA, offer a report on the 2024 Zoho Analyst Day conference. The event, held in McAllen, Texas, gave attendees an inside look at tech developments the vendor is making, as well as the opportunity to speak one-on-one with developers. Use the video player below to watch, or the podcast player below to listen to the podcast.

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Accounting Today

FEBRUARY 23, 2024

Plus, Sovos debuts Compliance Cloud, for tax compliance and regulatory reporting; and other accounting tech news.

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Technology quickbooks Tax Account 100

Cherry Bekaert

FEBRUARY 23, 2024

The Governmental Accounting Standards Board (GASB) recently issued Statement No. 101, Compensated Absences, to update the recognition, measurement and disclosure requirements for compensated absences in state and local governments. The statement aims to provide financial statement users with improved and comparable information regarding compensated absences by establishing a unified model for recognizing and measuring compensated absences.

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accounting standards Government financial statements audit 93

CPA Practice

FEBRUARY 23, 2024

FORVIS, a leading accounting and consulting firm, today published its annual national nonprofit study, revealing that 71% of nonprofits had increased demands for their programs and services in 2023, resulting in waitlist increases and delays. Additionally, to mitigate operational expenses, more than two-thirds of organizations are planning to cut programs and services over the next two years.

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Management Consulting Education Tax Technology 105

AccountingDepartment

FEBRUARY 23, 2024

We are thrilled to announce that Episode 13 of our podcast, Beyond the Books , is now live and ready for your listening pleasure.

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accounting careers accountant accounted Account 83

CPA Practice

FEBRUARY 23, 2024

AICPA & CIMA, which together form the Association of International Certified Professional Accountants, today announced they have become members of the IFRS Foundation’s Partnership Framework and a contributor to the standard-setting organization’s Knowledge Hub. The two initiatives are designed to raise global awareness about the IFRS Sustainability Disclosure Standards and support implementation of them.

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cpas New York management accounting management accounts 101

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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.

Technology

Randal DeHart

FEBRUARY 23, 2024

Construction Company owners like you have probably experienced life-changing events in the past few years, as many of our clients did. Are you struggling to keep your construction business afloat? Do you find yourself facing the same issues over and over again? It's common for construction businesses to meet various challenges, but if you're not addressing them properly, they can quickly become pitfalls. 1.

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Construction 83

Accounting Today

FEBRUARY 23, 2024

What if you viewed busy season as an opportunity to make continuous improvement?

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Tax 81

CPA Practice

FEBRUARY 23, 2024

By Nellie Akalp. In the hectic world of finance and business, staying ahead of the curve is crucial. As trusted advisors to your clients, you are central in guiding them through the maze of business structuring options. While the Limited Liability Company (LLC) has long been a popular choice, other alternatives may better suit your clients’ needs. Let’s explore two noteworthy possibilities: 1—S Corporations (S Corps) S Corps offer unique tax advantages and flexibility, making them an attractive

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payroll tax Non-Profits Legal payroll 78

Accounting Today

FEBRUARY 23, 2024

The SEC's new cybersecurity disclosure rules will affect plenty of businesses, but a survey finds many cyber professionals lack confidence they can comply in time.

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Technology 78

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.

payroll

CPA Practice

FEBRUARY 23, 2024

By Stephanie Collins. Accounting firms and departments face continuous pressure to attract and retain talent due to a persistent shortage of qualified professionals to do the work. Scores of certified public accountants (CPAs) are leaving the profession or retiring, and fewer candidates are available to replace them, leaving many organizations short staffed and concerned for their futures.

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Technology cpas CPA public accounting 75

Accounting Today

FEBRUARY 23, 2024

The Internal Revenue Service issued a FAQ on a program that offers help to farmers, ranchers and forest landowners who experienced discrimination by the USDA in farm lending.

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Agriculture Tax 75

Cherry Bekaert

FEBRUARY 23, 2024

Contributor: Kathleen Kizior The American Rescue Plan Act (ARPA) is one of the largest economic stimulus packages in U.S. history, focused on addressing the immediate challenges posed by the COVID-19 pandemic and supporting the recovery of individuals and the economy. Under the Coronavirus State and Local Fiscal Recovery Funds rule (31 CFR 35) , state and local governments were provided provisions for the use of this funding, including dates and deadlines.

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Government accounting standards payroll audit 75

Going Concern

FEBRUARY 23, 2024

Yesterday the SEC charged the soon-to-be-ex-husband of a BP mergers and acquisitions manager with insider trading after hubby allegedly listened in on his wife’s work-related convos about a particular acquisition. Ironically, husband Tyler Loudon allegedly hoped that the trading — which ultimately netted him $1.76 million — would give the couple enough money for his wife to pull back from work.

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Ohio 72

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.

Finance

CPA Practice

FEBRUARY 23, 2024

Baker Tilly, Mazars USA, and Withum were fined a combined total of $2.14 million earlier this week for breaking various Public Company Accounting Oversight Board auditing rules. Grant Thornton’s India arm and an Australian audit firm also received penalties from the PCAOB. The biggest fine was given to top 25 accounting firm Withum, which was docked $2 million on Feb. 21 for “pervasive” quality control violations found in its audits of special-purpose acquisition companies (SPACs) in 2020 and 20

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audit auditor Tax accounting firms 69

Going Concern

FEBRUARY 23, 2024

They are also utilizing puns in press release titles which is somehow scarier. Announced Wednesday , the IRS has decided to put some of that Inflation Reduction Act funding toward scrutinizing the use of private jets, “a complex area where IRS work has been stretched thin” according to Commissioner Danny Werfel. Dozens of audits on business aircraft maybe being inappropriately used for personal purposes began this week.

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audit Tax 69

CPA Practice

FEBRUARY 23, 2024

By Eyal Shinar. In the 2000s and 2010s, CPAs witnessed technology advancements that largely accrued to accounting-centric workflows. Vendors streamlined tasks like bookkeeping which unblocked time for higher-value opportunities, namely client accounting services (CAS). CAS created significant value for staff and clients of accounting departments, evidenced by reports of double-digit annual growth and clients’ willingness to pay up to 20% more for these services.

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Technology Tax cpas tax preparation 64

Accounting Today

FEBRUARY 23, 2024

Okorie Ramsey, the chair of the AICPA and vice president of SOX at Kaiser Permanente, dives into how accounting firms can make the most of this important recruiting and career development tool, and the benefits it offers for both mentee and mentor.

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accounting firms Account accountant accounted 61

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.

CPA

Randal DeHart

FEBRUARY 23, 2024

Construction Company owners like you have probably experienced life-changing events in the past few years, as many of our clients did. Are you struggling to keep your construction business afloat? Do you find yourself facing the same issues over and over again? It's common for construction businesses to meet various challenges, but if you're not addressing them properly, they can quickly become pitfalls. 1.

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Construction 52

Accounting Today

FEBRUARY 23, 2024

Grimbleby Coleman launches new wealth management division; HHM CPAs hires three senior managers; and more news from around the profession.

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cpas 61

ThomsonReuters

FEBRUARY 23, 2024

Jump to: Why is it important to be proactive toward sales tax audits? How can my company prepare for a potential sales tax audit? How can tax technology help when defending an audit? When and how should tax systems be upgraded? Sales tax audits are laborious, complex, data-intensive events that almost all companies must endure at some point. By the time an audit is triggered , however, it is too late to change the outcome in any meaningful way because the transactions and events under audit have

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audit Sales Tax Technology 52

Withum

FEBRUARY 23, 2024

Download a PDF of this case study. Executive Summary Withum has teamed up with an insurance coverage provider for the higher education sector (the Client), using the most recent technology developments to overcome the difficulties of offering precise and tailored customer service. The Client is changing the way customers get help with their questions about their coverage by using cutting-edge artificial intelligence (AI), including the newest Retrieval-Augmented Generation (RAG technology), to m

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Education Technology 52

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

Spend Management

Ronika Khanna CPA,CA

FEBRUARY 23, 2024

For all Canadian businesses that have employees on their payroll, the deadline to file your T4s is February 28th (unless it is a leap year and then it is February 29th), The good news is that it has become much easier to prepare and submit the T4s particularly if you are submitting them electronically. The Canada Revenue Agency (CRA) encourages businesses to file the T4s electronically and it should be noted that e-filing is mandatory for employers with more than 50 employees.

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quickbooks payroll accounting and finance Start-ups 57

Cherry Bekaert

FEBRUARY 23, 2024

As artificial intelligence (AI) makes its way further into every corner of our lives and aspect of our workplaces, it continues to present a myriad of challenges and opportunities. Businesses that are strategic and intentional about AI will be the ones to benefit and outpace the competition. However, there is no “how to” guide—not yet, at least. To plan for the still-emerging potential of AI, business leaders must understand the landscape and stay ahead of the technology as it continues to devel

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Technology Government Transportation New York 52

Going Concern

FEBRUARY 23, 2024

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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