Thu.Nov 16, 2023

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Elevating Your Accounting Practice: The Critical Role of a Value Committee

CPA Practice

Today, ensuring your firm delivers exceptional value and effectively captures that value through appropriate pricing is crucial. Traditional approaches to scoping and pricing jobs have often been fragmented and inconsistent. Partners and managers handle their own pricing on a client-by-client basis and often end up undercharging. The same client might get a quote from two offices for the same service priced drastically differently depending on who they call.

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How To Qualify For Telecommunications Tax Exemptions

TaxConnex

At TaxConnex, we work with telecommunications service providers  of all sizes.  Many are existing MSPs (Managed Service Providers) or IT management companies that would like to expand their service offering and become “stickier” with their clients. They may have infrastructure in place to support the sales tax requirements of their existing business, but the telecommunications service presents a different set of issues.

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The best small-biz acct'g software, and other tech stories you may have missed

Accounting Today

Plus, Google wants you to ditch passwords, and eight other things that happened in technology this past month and how they'll impact your clients and your firm.

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Survey Says: Audit Fees Were Up Almost Five Percent in 2022, In-Person Audit Work Is Back

Going Concern

The Financial Education & Research Foundation (FERF) has released the findings of its 14th Annual Public Company Audit Fee Study , sponsored by Center for Audit Quality. The FERF 2022 Public Company Audit Fee Study Report examines audit fees companies paid to external auditors for auditing and related services for the period between June 2022 and May 2023.

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Less Stress, More Success: Accounting Best Practices & Processes for 2025

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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IRS will receive 30M more 1099-Ks

Accounting Today

Thanks to the lower threshold, the service expects to receive about 44 million 1099-Ks in 2024, up from about 14 million.

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Exploring E-Commerce Challenges and Opportunities: A Conversation With Brian Anderson From Nacelle

Withum

In this two part video series, Withum Partner and E-Commerce Practice Co-Leader, Lonnie Bloom , sits down with Nacelle’s Brian Anderson to discuss the latest challenges faced by e-commerce companies. Exploring E-Commerce Challenges and Opportunities – Part 1 In Part 1 of this interview, Withum Partner and E-Commerce Practice Co-Leader, Lonnie Bloom , sits down with Nacelle’s Founder and CEO, Brian Anderson , to discuss the challenges faced by e-commerce companies, including the impact of p

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Debunking Common Myths about DCAA Compliant Timekeeping

Insightful Accountant

Navigating DCAA compliance can be daunting for contractors. Misinformation and myths add to the confusion. In this article, we debunk common myths about DCAA compliant timekeeping.

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Trevor Shaw Recognized by AICPA as Outstanding Contributor to Forensic and Valuation Fields

Withum

Withum is proud to announce that the AICPA has named Trevor Shaw , CPA, ABV, CFF, as a 2023 FVS Standing Ovation Award recipient. The Standing Ovation Program honors successful young professionals with FVS-specified credentials, including Financial Forensics (CFF) and Accredited in Business Valuation (ABV®) and their unique contributions to the field.

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New Sage Intacct Features Give Deeper Insights and Automation to Help Drive Better Business Decisions

Insightful Accountant

New Sage Intacct release extends capabilities to consolidate financials for complex ownership structures, improve project management, integrate ministry financials, improve 1099 e-filing and respond to governance expectations

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Charitable donations by billionaires go to their own DAFs and private foundations

Accounting Today

The ultra-wealthy are using charitable giving vehicles to avoid taxes and exert influence, at the expense of ordinary taxpayers.

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Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors

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.

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New ProAdvisor Training and Exams Available

Insightful Accountant

Intuit is "All In With ProAdvisors", so 'New' ProAdvisor training and certifications have just been released. Intuit will offer a QuickBooks Training and Certification Bootcamp in early December.

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AICTP’s Roadmap to Tax Planning: 10 Keys to Growing Your Accounting Advisory Services

CTP

The accounting landscape is changing rapidly. CPAs and EAs are rethinking their strategies for practice management while moving from compliance to advisory services. As firms look to provide more value to clients, many have introduced Client Advisory Services (CAS). It is one of the fastest growing segments in the profession. The American Institute of Certified Tax Planners (AICTP) offers a full-service solution to developing CAS in your firm focusing on the specialization of tax planning.

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New Features Give Sage Intacct Features Deeper Insights and Automation

CPA Practice

Sage, a maker of accounting, financial, HR and payroll technology for small and mid-sized businesses, has added new product updates in Sage Intacct for increased automation, deeper insights, and even stronger compliance. These significant advancements will provide increased productivity, insightful data and streamlined business processes for customers.

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PCAOB fines doubled in recent years

Accounting Today

The board voted to approve a new budget for fiscal 2024 and revealed it surpassed last year's record amount of fines.

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Back to Basics with Reconciliations

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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How to Conduct a Cash Flow Analysis

MineralTree

Conducting a cash flow analysis is an integral part of running a business — dedicating time to this process can mean the difference between barely surviving and thriving. However a cash flow analysis is only as valuable as your ability to understand and interpret the results. By assessing your cash inflows and outflows, you can gain valuable insights into your organization’s financial health, helping you make informed decisions to sustain and scale your operations.

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Tax Fraud Blotter: Two-timers

Accounting Today

Shell of a way to work; RICO rip-off; fun with refunds; and other highlights of recent tax cases.

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State Pass-Through Entity Tax Updates: November 2023

Cherry Bekaert

Contributor: Tony Konkol, Manager | State & Local Tax Hawaii On October 31, 2023, the Hawaii Department of Taxation issued Tax Information Release (TIR) No. 2023-03 , which provides revised guidance and notice of proposed temporary administrative rules for the state’s Pass-Through Entity (PTE) Tax, replacing and superseding Tax Information Release No. 2023-01 , which was published on July 21, 2023.

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Plante Moran's new MP looks ahead to $2B

Accounting Today

Jason Drake will be taking the helm next July and hopes to grow it into a $2 billion firm.

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Usage-Based Monetization Musts: A Roadmap for Sustainable Revenue Growth

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

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Transforming GovCon Accounting with Technology

AccountingDepartment

The government contracting sector is highly regulated and requires strict compliance with Defense Contract Audit Agency (DCAA) regulations. With ever-evolving regulations and a complex accounting system to manage, the government contract (GovCon) industry has a steep learning curve for small and medium-sized contractors.

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How certain small business stock could supercharge tax savings

Accounting Today

Financial advisors and tax professionals working with entrepreneurs and potential startup investors should consider an often-overlooked exemption, experts say.

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The Importance of CFO Services for Scaling Your SMB

GrowthForceBlog

7 min read Most often, a business’s financial strategies consists of covering costs, staying open, and sustainably turning a profit.

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Internal auditors optimistic on economy, talent, but risks remain

Accounting Today

A recent survey has found internal auditors are optimistic about the economy and about the availability of talent going into 2024 despite ongoing risks in both areas.

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Harness the Potential of Your Enterprise Knowledge

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.

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The Technology Lab Podcast – Review of Clockwork – Nov. 2023

CPA Practice

Technologists Randy Johnston and Brian Tankersley, CPA, discuss Clockwork , an intelligent financial advisory tool that allows firms to connect clients to their AI-powered account in literal minutes and enjoy CFO-level insights with unlimited world-class support. Use the podcast player below to listen. Transcript (Note: There may be typos due to automated transcription errors.

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Nepsis acquires SBGB

Accounting Today

Nepsis, a Minneapolis-based financial advisory and investment management firm, has acquired Sevenich, Butler, Gerlach, & Brazil, a tax, accounting and consulting firm in Saint Paul, Minnesota.

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The IRS Takes Aim at High-Income Non-Compliance With New Pass-Through Unit

Withum

After a decade of budget cuts and watching audit rates of wealthy taxpayers decline due to fiscal constraints, the IRS announced earlier this year its plans to establish a special unit to focus on large or complex pass-through entities. IRS Commissioner Daniel Werfel says the goal is to “disrupt efforts by certain large partnerships to use pass-throughs to intentionally shield income to avoid paying the taxes they owe,” and to “end the era of historically low error rates for we

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Top Remote Accounting Freelancers of the Week: November 16, 2023

Going Concern

Looking to staff up for a season or hire a freelancer for a project? Accountingfly is ready to partner with you! Gain full access to a pool of highly skilled and experienced remote freelance accountants ready to join your team with with no up-front cost. We are sharing a sneak peek of a few top freelance accounting candidates available this week with Accountingfly.

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Solve Your Firm's Automation Complexities Once and For All

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.

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Go back to basics before busy season to drive resilience

Accounting Today

By focusing on areas where they can drive efficiency, firms can reduce stress in the years ahead.

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Marcum Offers 2023 Year-End Tax Guide

CPA Practice

With the tax landscape continually evolving, Marcum LLP has released its 2023 Year-End Tax Guide. The guide features a detailed analysis of the current tax environment and spans more than 135 pages. Marcum’s tax team constructs its annual guides to help businesses and individuals navigate the latest changes to tax rules and regulations and support strategic financial planning through the year-end and beyond.

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Pentagon fails its financial audit for sixth straight year

Accounting Today

Pentagon officials nonetheless claimed significant progress in tracking its assets and correcting hundreds of deficiencies in its accounts.

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iplicit offers benefits of accounts payable automation to all its customers

Accounting Insight

The finance platform iplicit is offering the time-saving advantages of accounts payable (AP) automation to its full range of customers in the latest update to its product. iplicit’s own AP automation features will sit alongside the system’s ability to integrate with third-party applications such as Lightyear, offering a choice of ways to increase accuracy and digitise previously manual processes.

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It Takes Two to Tango

With automation, you’ll reduce errors and save valuable time, allowing you to focus on what really matters: strategic analysis and insightful decision-making. Picture accurate financial reports ready at your fingertips, giving you the confidence to tackle business challenges head-on. Embracing automation not only boosts productivity but also elevates your role from number cruncher to closing rockstar.