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In an email to tax professionals on April 5, the IRS said it’s making changes that will impact how practitioners obtain a client’s tax transcripts, as part of the agency’s efforts to combat identity theft and protect taxpayers’ personal information. Starting April 8, tax professionals must now call the Practitioner Priority Service (PPS) to request transcripts to be deposited into their Secure Object Repository (SOR).
The common definition of dietary supplements and vitamins is a non-food item that includes a vitamin, mineral, herb, botanical, amino acid or dietary substance. For purposes of incurring sales tax in any state, that essentially translates into “sometimes.” Sometimes a state considers supplements and vitamins as drugs, groceries or food. Sometimes these products are taxable tangible personal property, sometimes not.
HR recordkeeping is one of the last things most startup founders want to think about, but non-compliance can lead to major fines, reputation damage, and due diligence pitfalls. The post Navigating HR Compliance: Recordkeeping Essentials for Startups appeared first on Burkland.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
The annual 100 Best Companies to Work For list from Fortune and Great Place To Work® is out and once again a lil firm from Michigan has the honor of being best-er than the accounting firms that follow it. Everyone, let’s congratulate Plante Moran for another impressive showing and coming in 12th on the 2024 list. This year, they only narrowly beat out Deloitte again.
By Irana Wasti. The adoption of a new product or technology tends to follow a familiar cycle. First, there is skepticism about whether it will live up to the hype. A few proven use cases later, people are talking about whether it will enhance or upend their professional lives. Before we reach the final stage where the technology is widely adopted, we pass through a period of uncertainty, where we wonder if this technology will be too helpful — to the point of being a threat to job security.
By Oren Koren Tax season is underway, which means cyber criminals are hard at work. With the plethora of highly sensitive personal and financial data being shared between firms and clients, it’s the perfect time for bad actors to strike, especially as the April 15th deadline inches closer and CPAs push to get more done with less time. With an increase in activity from all sides – both to citizens who are filing taxes as well as CPAs looking for new clients – it’s critically important to underst
The Internal Revenue Service urged tax professionals to steer clear of so-called "spearphishing" scams from cybercriminals, including identity thieves posing as new clients.
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
By Leada Gore, al.com (TNS) Bogus claims on social media are nothing new. But when it comes to taxes, misleading information on social media can lead to financial or even legal problems, the IRS warns. Social media—things like Facebook, Instagram and TikTok—can be used to circulate “wildly inaccurate tax advice,” the agency said. Some claims involve urging people to misuse common tax documents like Form W-2 or more obscure ones like form 8944, a technical e-file form not commonly used by most fi
I think I have something interesting for you today. Fresh academic research has found that audit seniors are more likely to offer better constructive feedback and coaching to their juniors via review comments if the seniors think they’ll be working with that staff again. The paper “ Coaching Today’s Auditors: What Causes Reviewers to Adopt a More Developmental Approach?
The IRS last week addressed the federal income tax treatment of amounts paid for the purchase of energy-efficient property and improvements. Taxpayers who receive “rebates”—described in 2022’s Inflation Reduction Act as performance-based incentives and electrification product subsidies—for the purchase of energy-efficient homes won’t include the value of those rebates as income on their tax returns, according to Announcement 2014-19 which was issued by the IRS on April 5.
Withum is proud to announce that Chris has earned a spot on the Inside The Valley’s list for the second consecutive year. Chris is Partner-in-Charge of Withum’s Los Angeles office and has over 24 years of experience in the industry specializing in assurance and business consulting services to emerging and middle-market companies. As a prominent networker and influencer, Chris reaches a broad professional audience through his work as the Social Media CPA and as an active member of ProVisors and t
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.
On campuses around the country, the name, image and likeness (NIL) policy is revolutionizing the way student-athletes can obtain benefits while attending a college or university. As of July 2021, student-athletes can enter NIL deals if they comply with state law and the NCAA’s rules. Essentially, NIL allows college athletes to monetize their personal brand by profiting from their name, image and likeness through various opportunities such as endorsements, sponsorships, social media posts and mor
By Nellie Akalp. As accountants and CPAs, dealing with payroll taxes is essential to managing finances for your business clients. Understanding the details of payroll taxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. The ever-changing complexities of payroll taxes can often seem overwhelming, especially for business owners, so we’ve compiled an easy guide you can share with them.
A new study by WalletHub revealed that residents of New York state are burdened by taxes the most among the 50 states, while Alaska residents have the lowest tax burden. Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
If you or your clients are looking for ways to grow profits, drop prices or pay staff more, then one strategy is to lift productivity in your business. But what is productivity exactly (hint: it’s not about working longer hours), and how can you lift it in your small business or practice? What is small business productivity? Small business productivity is the measure of how much value a business can produce using the resources it has at its disposal (ie staff, capital, materials).
When we go to see our local GP we expect them to fulfil 3 primary roles. We need them to diagnose our problems, to prescribe solutions and to care for us. There is a direct parallel with the role of accountants. And, as this decade continues to generate new tools and resources, so there is the prospect of patients/clients adopting AI solutions to address 2 of those 3 roles.
KROST offers a comprehensive suite of buy-side services tailored to meet the unique needs of fund managers and investors. Our team provides dedicated support throughout the Mergers & Acquisitions transaction process, from deal sourcing and quality of earnings reports to valuations, tax planning, and transaction structuring. We leverage our industry knowledge and experience to empower Read the full article.
Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.
Reid, ranked as one of the top 20 accounting firms on Long Island, has partnered with Tampa, FL-based accounting platform Crete Professionals Alliance. Established in 2023 to provide an alternative to the traditional exit options for accounting and professional services firm owners, Crete PA partners with firms across the country, keeping their leadership, brand, and culture independent while providing access to its national back-office resources and financial backing.
The free tax program will now import a taxpayer's information from the previous year, as a report finds the program could cost the IRS considerably more than the estimated $249 million per year to maintain.
In this article, we will explore the pivotal role of Enterprise Resource Planning (ERP) systems in preparing businesses for mergers and acquisitions (M&A). M&A transactions cannot be effective if an ERP strategy is not well thought out and implemented. ERP is a system that integrates different business functions and processes, including accounting, finance, sales and supply chain management, into one platform.
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
Missouri Senate Bill 190, signed into law by Governor Mike Parson in 2023, aims to provide tax relief for seniors by expanding deductions for retirement and Social Security benefits. Under current law, eligible taxpayers can deduct a percentage of these benefits based on their filing status and adjusted gross income. This new legislation will allow all taxpayers, regardless of income level or filing status, to take advantage of the maximum deduction starting in tax year 2024.
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.
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