Thu.Oct 05, 2023

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10 Essential Project Management Principles for Accounting Firms

Going Concern

Every accounting firm struggles with project management, with smaller practices that are rapidly expanding taking the brunt of the damage. As your firm adds new clients, takes on more work, and hires additional employees, old-school project management processes can quickly become obsolete. However, all is not lost! There are proven strategies that can guide your project management toward efficiency and success—although, it took some serious digging for us to find them.

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Sales tax processes – beyond software’s promises

TaxConnex

Automated sales tax software promises to manage your filing and payments, but there’s more to sales tax compliance. Nexus and taxability Even before the Supreme Court’s Wayfair decision five years ago, states had nexus thresholds, often hinging on a company’s physical presence in a state (offices, warehouses, personnel). Wayfair opened the way for all states with a statewide sales tax to now have economic nexus thresholds set by dollar amount or volume of sales.

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IRS warns about art donation scams

Accounting Today

The service is cautioning taxpayers against claiming exaggerated deductions for purported donations of artwork, as it sees a rise in such schemes.

Tax 131
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SaaS Finance Toolkit Updates for 2023

BurklandAssociates

New industry research, planning templates, eBooks, podcasts, and articles to help SaaS startups plan and scale their financial operations. The post SaaS Finance Toolkit Updates for 2023 appeared first on Burkland.

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Data Talks, CFOs Listen: Why Analytics Is The Key To Better Spend Management

Speaker: Claire Grosjean

Finance teams are drowning in data—but is it actually helping them spend smarter? Without the right approach, excess spending, inefficiencies, and missed opportunities continue to drain profitability. While analytics offers powerful insights, financial intelligence requires more than just numbers—it takes the right blend of automation, strategy, and human expertise.

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IRS makes progress on implementing Inflation Reduction Act

Accounting Today

The Internal Revenue Service has been working hard to implement the dozens of tax provisions contained in last year's Inflation Reduction Act, according to a new report.

Tax 130
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New National Research on CPA Pipeline Challenges Underway

CPA Practice

The Illinois CPA Society (ICPAS), in partnership with the Center for Accounting Transformation (the Center) and a coalition of other stakeholders, is launching a new, national survey to gain fresh insight into what’s driving the decline in individuals pursuing the certified public accountant (CPA) credential. This survey will expand the reach of the one ICPAS deployed in fall 2020, allowing for direct comparisons against previous findings, which were published in the 2021 Insight Special Feature

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Corporate Giving With the PSEG Foundation

Withum

Explore Other Episodes #CivicWarriors #WithumImpact The post Corporate Giving With the PSEG Foundation appeared first on Withum.

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Tax Fraud Blotter: Toxic relationships

Accounting Today

Depend on nothing; love, law and the slammer; financial whizzes; and other highlights of recent tax cases.

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Cloud-Based Accounting: Sage Intacct’s Modern Solution for Businesses

Cherry Bekaert

Accounting , fondly known as the ‘language of business,’ tells the story of how a business is performing. It is one of the oldest-known professions dating as far back as 3500 BC, when the ancient Sumerians charged royal scribes with performing record-keeping duties. (1) Fast-forward to present day and the fundamental concepts performed by modern bookkeepers and accountants remain, but functionality and performance look vastly different in the age of all things digital.

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E-Commerce Unplugged: Insights and Trends With Eric Bellomo of Pitchbook

Withum

In this two part video series, Withum Partner and E-Commerce Practice Co-Leader, Lonnie Bloom , sits down with Pitchbook’s Eric Bellomo to discuss the latest insights and trends for e-commerce companies. E-Commerce Unplugged: Insights and Trends With Eric Bellomo of Pitchbook – Part 1 In Part 1 of E-Commerce Unplugged, Withum Partner and E-Commerce Practice Co-Leader, Lonnie Bloom , sits down with Pitchbook’s Eric Bellomo to discuss top-line revenue growth vs. profitability and a potentia

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What Your Financial Statements Are Telling You—And How to Listen!

Speaker: David Worrell, CFO, Author & Speaker

Your financial statements hold powerful insights—but are you truly paying attention? Many finance professionals focus on the income statement while overlooking key signals hidden in the balance sheet and cash flow statement. Understanding these numbers can unlock smarter decision-making, uncover risks, and drive long-term success. Join David Worrell, accomplished CFO, finance expert, and author, for an engaging, nontraditional take on reading financial statements.

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Five Tax Strategies Retirees Should Consider Before Dec. 31

CPA Practice

By Evan T. Beach, EA, CFP, AWMA, Kiplinger Consumer News Service (TNS) For me, the dread of tax season truly arrives when I start receiving 1099s, W-2s, 1098s, etc., in February. It’s time to gather everything, fill out a painful spreadsheet and write a check to my CPA. The fourth quarter, on the other hand, is fun. This is when you can be strategic.

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The Year of Efficiency Part 4: Growth Through Innovation

Cherry Bekaert

Efficiencies can come in the form of cost-saving, process streamlining , and resource allocation, which act as a catalyst for innovation by freeing up resources, enhancing collaboration, fostering a culture of continuous improvement, and allowing for calculated risks in creativity and experimentation. Listen as Jim Holman and Steve Holliday provide real-world examples from leading technology companies to further illustrate how these principles have been successfully applied to drive innovat

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Research: A Majority of CFOs Face Significant Talent Shortage and Burnout of Existing Staff

Going Concern

It’s not even worth coming up with a smarmy clickbait headline for this press release Avalara put out yesterday , it’s perfect just the way it is: Avalara Survey Finds Majority of CFOs Face Significant Talent Shortage and Burnout of Existing Staff in the United States and United Kingdom Fun! Key findings from the survey of 307 full-time CFOs in the US and UK: CFOs both sides of the pond are facing a talent crisis 8 in 10 (81%) US and UK CFOs report a talent shortage in accounting rol

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IRS Cuts PTIN Fees for 2024

CPA Practice

The IRS is slashing the costs for paid tax return preparers to renew their preparer tax identification numbers (PTINs) in 2024 by nearly 36%, after a court ruled earlier this year that the agency had previously overcharged tax professionals to obtain a valid PTIN. According to interim final regulations released by the IRS on Sept. 29, the application and renewal fee will be $11 per user, plus an $8.75 fee paid to a third-party contractor, for a total of $19.75—down from $30.75 for PTIN renewals

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Forecasting Failures Are Costly: Heres How To Fix Them

Speaker: Dave Sackett

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.

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ADC Gets AMPLIFIED in Detroit at EO XCentric!

AccountingDepartment

Our second Entrepreneurs' Organization (EO) event of the year, EO XCentric, took place in Detroit this week and ADC's Shawn Marcum, fresh off of EO Alchemy, set out to rock Detroit and spend some time with all of the great event attendees.

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BatchMaster for QuickBooks – Introduction

Insightful Accountant

Murph delivers the first part of a series on BatchMaster software for use with QuickBooks, which can bring your products to market faster and cheaper, while reducing overall costs and complying with your industry’s regulatory mandates.

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Outsourced Accounting Costs for Mid-Market Companies

GrowthForceBlog

9 min read Market companies. Within this middle ground of the market, businesses are often growing and changing quickly, and this can cause growing pains for businesses that result in operational challenges, expenses that balloon out of control, and shrinking profit margins.

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Bill Unveils Accountant Console for Accountant Partners

Insightful Accountant

The new financial operations platform for SMBs integrates category-leading solutions across accounts payable (AP), accounts receivable (AR), and spend and expense management.

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Are Robots Replacing You? Keeping Humans in the Loop in Automated Environments

Speaker: Erroll Amacker

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

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12 Tax Tips for the Self Employed

Ronika Khanna CPA,CA

The self-employed lifestyle holds great promise when you first start being self employed , however you quickly find yourself doing things that you would never have dreamed of. You are expected to take on role of salesperson, market researcher, accountant, lawyer and social media expert , while not getting paid for any of it. Your available funds do not allow for outsourcing and at times you are not even aware of what you don’t know.

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Mindful Communication: The Secret to Deeper Client Engagement in Your Accounting Practice

CPA Practice

Jessica, an accountant, sits across from her long-term client, Mrs. Jackson. She’s visibly distressed about the recent changes in tax regulations, feeling overwhelmed. Instead of jumping directly to numbers and solutions, Jessica takes a moment, maintains eye contact, and calmly says, “I understand why this is worrisome. Let’s navigate this together.

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Steps For Prioritizing Profit In Your Skagit County Small Business

SkagitCountyTaxServices

Profit is the lifeblood of any organization. Show me a small business with PROFIT at its center, and I’ll show you something worth modeling yourself after. An organization NOT to model yourself after: the federal government. They prefer to operate in deficit mode, narrowly avoiding yet another shutdown this weekend with a temporary funding bill that expires around Thanksgiving.

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IRS tax-exempt unit faces its own backlogs

Accounting Today

The TE/GE Division didn't provide satisfactory answers to many of the questions it received from taxpayers, according to a new report.

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Book of Secrets on the Month-End Close

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.

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Improving the AP End of Month Close Process

MineralTree

The end of month close process plays a vital role in ensuring the accuracy, integrity, and transparency of financial records for businesses of all sizes. Making this monthly ritual effective and efficient can mean the difference between informed decision-making and costly errors. Read on to learn the benefits of streamlining and optimizing the accounts payable month-end close process, including information on best practices and the role of automation in achieving operational excellence.

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AICPA awards $400K in minority doctoral scholarships

Accounting Today

The move comes as firms try to widen the pipeline of young people entering the accounting profession, especially from diverse backgrounds.

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Be on the Lookout for Art Donation Tax Scams, IRS Says

CPA Practice

The IRS on Thursday cautioned taxpayers—particularly high-income filers—to stay alert for scams involving exaggerated art donation deductions. In these scams, promoters use direct solicitation to persuade wealthy taxpayers to purchase art, wait to donate the art, and then take a phony deduction for the donated art. The IRS warned that these promoters are promising values of art that are too good to be true.

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Developing FedNow expertise enhances your value to business clients

Accounting Today

Learning to use the Federal Reserve's new payment system can be a competitive advantage for firms.

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How To Break Digital Transformation Barriers And Accelerate AI Adoption

Speaker: Anna Tiomina, MBA

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?

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IRS Proposes New Digital Asset Reporting Regulations

Withum

The U.S. Department of the Treasury, in conjunction with the Internal Revenue Service (IRS), has unveiled new proposed regulations targeted at providing clarity in the rapidly expanding domain of digital assets 1. A summary of the proposed regulation is as follows: Broker Reporting: Beginning January 1, 2025, brokers, including digital trading platforms, payment processors, and specific hosted wallet providers, will be mandated to report sales and exchanges of digital assets using the newly inst

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Business Versus Knowledge Process Outsourcing: Which Is Right for Your Firm?

CPA Practice

By Matt Sheridan. Today’s accounting firms are facing many industry challenges, including a major labor and talent shortage. Many firms have been struggling to find qualified workers since early 2020 as many baby boomers retired and pre-existing shortages were accelerated by the Covid-19 pandemic. It is estimated that nearly 300,000 professionals have left the industry for retirement or other roles in finance and technology.

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Navigating Tax Considerations for the MSO-PC Model in the Evolving Digital Health Industry

Withum

The MSO-PC model, also known as the “Friendly PC model,” has been gaining popularity in recent years as the digital health, telehealth, and healthtech industry in general has been exploding in the post-COVID era. This model has been essential to growing virtual health businesses that need to remain in compliance with the Corporate Practice of Medicine (CPOM) laws; however, there are several legal and tax considerations to be aware of when considering whether to file a consolidated fe

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AICPA Foundation Awards $400,000 in Accounting Doctoral Scholarships

CPA Practice

The American Institute of CPAs (AICPA) Foundation has granted fellowships to 25 minority doctoral students as part of the AICPA Fellowship for Minority Doctoral Students. This initiative aims to enhance racial and ethnic diversity and inclusivity among accounting educators in colleges and universities. “Diversity in the accounting profession is not just about representing different faces and backgrounds; it’s about embracing a multitude of perspectives and experiences,” says Mike Decker, Vice Pr

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Demo SkyStem’s Award Winning Month-End Close Solution & Earn $100

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.