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: Melissa Hurrington

Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.

Finance

CPA Practice

FEBRUARY 23, 2024

By Nate Varel. Amid technological advancements, the audit professional’s role, characterized by a deep attention to detail, compliance and risk management, is proving to be vital well outside the traditional confines of finance. Auditors are poised to become crucial facilitators in the accounting and finance function’s adoption of AI and large language models (LLMs).

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audit auditor accounting and finance Technology 114

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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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

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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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 Account accountant accounted 88

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 84

Speaker: Yohan Lobo

In the accounting world, staying ahead means embracing the tools that allow you to work smarter, not harder. Outdated processes and disconnected systems can hold your organization back, but the right technologies can help you streamline operations, boost productivity, and improve client delivery. Dive into the strategies and innovations transforming accounting practices.

Account

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

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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Advertisement

Our 2025 Center Travel Survey is clear: as corporate travel increases, so does corporate credit cards distribution, and a rise in off-platform travel booking. This 61% rise causes various challenges: compliance, spend control, reporting problems, and a lack of visibility across organizations. To evolve with the ever-changing needs of travelers, decision-makers need a better solution.

accounting and finance

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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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 73

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

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Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, emails, and shared drives no longer need to slow you down. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

Technology

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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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 accounted Account accountant 61

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

Speaker: Susan Richards

Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.

Account

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

Education 52

Education Technology 52

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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Technology Account accounted accountant 115

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 technology to drive productivity and cost savings. So, how do you make the case for automation within your organization?

AP Automation

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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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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