Accounting Today

MARCH 1, 2024

The lack of help means current accountants' hours and workloads can be grueling, upping the odds of mistakes and burnout.

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CPA Practice

MARCH 1, 2024

With a lot of unreliable information on social media, the IRS has issued list of myths and facts about 1099-K forms to help taxpayers with filing: what to do with Form 1099-K. Following feedback from partners and to help avoid taxpayer confusion, the IRS  announced in Nov. 2023, that the reporting threshold for Form 1099-K, Payment Card and Third Party Network Transactions , would not change for 2023.

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tax return Tax business accounting accountant 122

Accounting Today

MARCH 1, 2024

The IRS is planning to offer its free tax prep system around the clock next week and open it to a larger group of outside testers.

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Tax 131

CPA Practice

MARCH 1, 2024

The Internal Revenue Service has announced a new effort focused on high-income taxpayers who have failed to file federal income tax returns in more than 125,000 instances since 2017. The new initiative, made possible by Inflation Reduction Act funding, begins with IRS compliance letters going out this week on more than 125,000 cases where tax returns haven’t been filed since 2017.

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tax return Tax audit income tax 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 automation to drive productivity and cost savings. Join Wayne Richards and Danny Gassaway from AvidXchange for a practical guide on bringing accounts payable (AP) automation to your organization.

Finance

Accounting Today

MARCH 1, 2024

Some generative AI scenarios and machine learning models can add incredible value even if they are right only 90% of the time.

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CPA Practice

MARCH 1, 2024

A new study from Paychex, Inc. reveals the benefits and challenges of artificial intelligence in the human resources industry, and how opinions on its use and effectiveness differ between HR professionals and employees. The first in a new series of 2024 Pulse of HR Reports entitled “Balancing Tech and Touch in Human Resources,” found that 41% of employees surveyed prefer less AI involvement in their company’s HR processes, while more than half are content with the current (39%) or an increased (

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Technology 115

CPA Practice

MARCH 1, 2024

Hosts Randy Johnston and Brian Tankersley, CPA, discuss Stanford Tax , which leverages AI to understand your clients’ prior year tax data, features broad integration options, and can import data from thousands of clients in under 10 minutes. Or use this podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.

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Technology Tax Account accounted 111

Accounting Today

MARCH 1, 2024

Crowe collaborates with Intuit QuickBooks; Bonadio Group raises nearly $25K through firmwide Big Give campaign; and more news from across the profession.

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quickbooks 122

Going Concern

MARCH 1, 2024

As it’s the first Friday of March, today is Employee Appreciation Day. I never would have known had I not seen this tweet from Marcum because the company I work for doesn’t do things like thank us for doing our job on social media. Happy #EmployeeAppreciationDay to our incredible team! Today and every day, we celebrate the hard work and passion each of you brings to the Firm.

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public accounting accounted Account accountant 111

Accounting Today

MARCH 1, 2024

Stubbornly persistent differences between white and Black households' income and assets present financial advisors with the big-picture implications of their work.

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Tax 119

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It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.

Technology

Insightful Accountant

MARCH 1, 2024

To help taxpayers with filing, the Internal Revenue Service today debunked some common myths to help taxpayers understand what to do with Form 1099-K.

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Accounting Today

MARCH 1, 2024

Plus, Vic.ai announces fee transition; and other updates from the accounting tech arena.

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Technology Account accountant accounted 97

Randal DeHart

MARCH 1, 2024

Many small construction business owners tend to handle their accounting and bookkeeping, especially when they've just started. However, keeping track of the finance side of the business– everything from income to expenses to tax compliance– can be overwhelming. Mistakes can happen quite quickly and can have costly consequences for your business. Below are five of the most common Do-It-Yourself accounting errors you should avoid.

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Construction bookkeeping Account accounted 89

Accounting Today

MARCH 1, 2024

Despite suggestions to the contrary, audits remain valuable and serve a grander purpose.

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audit 81

Speaker: Jennifer Hill

Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.

payroll

Withum

MARCH 1, 2024

In November 2023, the Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update (ASU) to improve disclosures related to reportable segments. The amendments in ASU 2023-07 “Segment Reporting—Improvements to Reportable Segment Disclosures” are effective for fiscal years beginning after December 15, 2023, and for interim periods in fiscal years beginning after December 15, 2024.

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Accounting Today

MARCH 1, 2024

The Securities and Exchange Commission has scheduled a meeting for March 6 on its long-awaited climate disclosure rule.

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accountant accounted Account 72

Patriot Software

MARCH 1, 2024

Busy season for accountants can be a stressful time. You work long hours—sometimes around 100 hours a week—and crunch endless numbers during tax season. Who says you can’t find some humor amidst the piles of paperwork? We know how much accountants love their funny accounting jokes.

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Account accounted accountant Tax 71

Going Concern

MARCH 1, 2024

FORVIS made the local news for moving the Louisville office from the ‘burbs to downtown where the real office grunts work. That’s it, that’s the story. Accounting firm FORVIS moves to top floor of PNC Tower in downtown Louisville [ WHAS ] The post FORVIS Shows Off Its New Office In Loo-Ville appeared first on Going Concern.

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accounting firms Account accountant accounted 59

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.

Finance

Withum

MARCH 1, 2024

Understanding your insurance carrier’s auto adjudication rate can offer valuable insights into the efficiency of their third-party claims processing. Have you ever inquired about your auto adjudication rate and compared it to the industry average? The response might reveal more than you expect. Is a rate below the industry average cause for concern?

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audit CPA 52

ThomsonReuters

MARCH 1, 2024

Jump to: How are S corporations taxed? How can S corporations reduce their taxes? How a corporate tax software can help filing S corporation taxes Setting up your business as an S corporation (S corp) provides several tax advantages that are not available to owners of C corporations (C corp) or Limited Liability Companies (LLCs). You may wonder how the S corporation taxation generally works.

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corporation tax Tax tax return income tax 52

CPA Practice

MARCH 1, 2024

The Financial Accounting Foundation has started its effectiveness review—which includes a public comment period—of the Private Company Council, the panel that advises the Financial Accounting Standards Board on private company matters. Formed in 2012, the PCC uses the Private Company Decision-Making Framework to advise the FASB on the appropriate accounting treatment for private companies for items under active consideration on the FASB’s technical agenda.

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accounting principles Virginia financial statements accounting standards 52

Insightful Accountant

MARCH 1, 2024

We’ve taken a look at the Top 5 Most Popular QB Talks just incase you might have missed them. If you missed them, sit back, watch a few episodes and take a break!

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Speaker: Debra L. Robinson

CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.

CPA

CPA Practice

MARCH 1, 2024

ComPsych Corporation, a provider of mental health and absence management services, says a new study finds that mental health leaves of absence increased by a third in 2023 over the prior year. This continues a years-long trend: ComPsych data shows that from 2017 to 2023, mental health related leaves of absence have increased a stunning 300%. This increase has largely been driven by female employees.

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accounted Account accountant 52

Canopy Accounting

MARCH 1, 2024

Profile: Harvest Accounting Firm , founded in August 2020, specializes in serving small family-owned and operated businesses across various industries. With a focus on businesses ranging from half a million to several million in revenue, Harvest Accounting provides tax compliance, planning, projections, and monthly bookkeeping services. The firm emphasizes building long-term relationships with its clients.

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accounting firms bookkeeping services Account accounted 52

CPA Practice

MARCH 1, 2024

The Board of Trustees of the Financial Accounting Foundation (FAF) has appointed Lisa Washburn to the position of vice chair and has appointmented David Goldman and Deborah L. Miller, CPA, to the Governmental Accounting Standards Advisory Council (GASAC). All appointees’ terms begin March 1, 2024. Washburn will serve in the role of vice chair for the GASAC for the remainder of her final term on the GASAC, which will conclude on December 31, 2024.

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financial accounting Account accounted accountant 52

FraudFiles

MARCH 1, 2024

A divorcing couple has a premarital agreement, so everything is simple when it comes to dividing assets and paying maintenance, right? Of course not. Premarital agreements are rarely simple, and they become even more complicated when the language in the agreement is imprecise. This high net worth divorce case study provides some important insights into [.

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Speaker: Aaron Berson

Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g

Spend Management

Martin Quinn

MARCH 1, 2024

While we hear a lot about tax avoidance and tax evasion today, I think it is something we always have had and probably always will. To be clear avoidance is using legal means, evasion is the illegal one. I can recall as a young kid being told by my father that old houses had less or smaller windows due to a window tax – see here [link]. Or here is another example, a curved brick wall which used less bricks – and it’s also quite nice to look at [link] Both of these examples essentiall

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CPA Practice

MARCH 1, 2024

By Lia Coniglio, Esq. – For Payroll.org From Payroll.org: An updated chart of State Taxable Wage Bases for 2021 to 2024 (as of February 7, 2024) may be downloaded from the Payroll.org website. To access the chart from the Payroll.org home page select “Compliance” and then “State Unemployment Wage Bases” under “Overview.” State unemployment insurance taxes are based on a percentage of the taxable wages an employer pays.

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Tax 40

Going Concern

MARCH 1, 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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audit Nebraska auditor chartered accountant 111

ThomsonReuters

MARCH 1, 2024

In a world where data breaches are becoming all too common, President Biden’s recent Executive Order to protect Americans’ sensitive personal data marks a pivotal moment for tax and accounting professionals. With the proliferation of cyber threats, the role of accountants to serve as protectors of clients’ most confidential financial information has become more significant than ever.

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Bleisure travel — where employees combine work and leisure — has been around since the advent of corporate travel and is here to stay. Successful bleisure policies strike a balance between employee preferences and company goals — workers report a 64% improvement in work-life balance, while companies benefit from reduced travel costs and increased workforce innovation.