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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accountant Account accounted Technology 52

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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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 accountant Account accounted 137

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 accountant Account accounted 115

Speaker: Amanda Adams, Fractional CFO, CPA

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Amanda Adams, 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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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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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

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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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 85

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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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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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.

Account

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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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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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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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

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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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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

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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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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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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Speaker: David Warren and Kevin O’Neill Stoll

Transitioning to a usage-based business model offers powerful growth opportunities but comes with unique challenges. How do you validate strategies, reduce risks, and ensure alignment with customer value? Join us for a deep dive into designing effective pilots that test the waters and drive success in usage-based revenue. Discover how to develop a pilot that captures real customer feedback, aligns internal teams with usage metrics, and rethinks sales incentives to prioritize lasting customer eng

Sales

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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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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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

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

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Tax 81

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The first Market Momentum Index: AI and Unstructured Data Management, conducted by Deep Analysis with support from AIIM and M-Files, surveyed 500 enterprises across various industries to assess their readiness to employ AI. The results reveal that AI is already far more embedded into organizations' operations than previously realized. These findings and more insights have been brought to you in the "Market Momentum Index: AI and Unstructured Data Management.

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

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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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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Speaker: Mark Stovel

When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.

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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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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