Thu.Dec 19, 2024

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6 Ways to Avoid a Financial Hangover

CPA Practice

The festivity of December is replaced all too quickly by the due dates of January, when the bills from holiday spending and travel arrive. This kind of financial hangover can make the start of the year a little less joyful, but there are ways to prevent it.

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Unified Workforce Analysis: The Secret to Better Planning

Acterys

Without a clear understanding of what your workforce is capable of today, planning for tomorrow becomes a guessing game. This is where workforce analysis becomes a game-changer transforming vague assumptions into informed decisions. Yet Gartner research reveals that only 8% of organizations have reliable data on the skills their workforce currently possesses and those that drive business success.

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IRS boosts standard mileage rate for 2025

Accounting Today

The optional standard mileage rate for automobiles driven for business will increase 3 cents next year.

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2024 Ensuring Success Online CPE Conference Draws More Than 3,000 Attendees

CPA Practice

The event is free for professionals, thanks to the sponsorship of several leading accounting and tax technology providers. All sessions are NASBA certified for CPE credit, and some sessions are IRS certified for CE credit.

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Building a Business Case for Finance Automation

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.

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6 ways to keep your tax data secure

Accounting Today

The IRS and its partners shared a half-dozen ways to safeguard your firm and your clients during National Tax Security Awareness Week.

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Top 5 Mistakes Nonprofits Make During Year-End Financial Reporting

GrowthForceBlog

7 min read December 18th, 2024 The process of closing out financial records is complex, and there are lots of places where nonprofit financial mistakes can occur. However, your final financial reports and records must be accurate and compliant. Key Takeaways 5 Common Year-End Financial Reporting Mistakes Nonprofits Should Avoid: In addition to recognizing pledged contributions at the correct time, nonprofits must also separate the revenue they receive into distinct categories.

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KPMG Brings Up the Rear For Revenue Season With $38.4 Billion in 2024

Going Concern

It’s official, revenue season for global Big 4 firms has come to a close. And it wasn’t a particularly great year for any of them as they continued to struggle with low demand for consulting services and low attrition keeping their salary costs higher than they’d like. Alright, KPMG, let’s see what you got. KPMG International announces annual globally aggregated revenues for KPMG firms of US$38.4 billion for the year ended 30 September 2024 (FY24) an increase of 5.1% in

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What tax filers and preparers need to know before 2025

Accounting Today

Next year is set to become one of the most significant in modern history when it comes to shaping the tax and financial planning environment.

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IRS Raises Standard Mileage Rate to 70 Cents Per Mile in 2025

CPA Practice

The optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain unchanged from 2024.

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Tax season kickoff: 'The calm before the change'

Accounting Today

Tax pros don't expect big changes for the coming filing season but they're already worrying about the one after that

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Fall In Love With the Month-End Close

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.

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Why Automation and AI Will Never Fully Replace Human Intelligence Gathering

Withum

Many changes in technology over the past 30 years have affected how background investigations are conducted. Numerous types of documents, including, but not limited to, court records, bankruptcy filings, real estate records, employment histories, corporate filings, and professional licenses, are now available online or through proprietary databases.

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Congressman introduces bill to offer residence-based tax system to expats

Accounting Today

Expatriate advocacy groups are applauding legislation introduced this week that would implement a residence-based taxation system for U.S. citizens living overseas.

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Streamlining your tax workflow: Understanding IRS digital asset reporting for accountants

ThomsonReuters

Jump to Automating digital asset compliance workflows What can cryptocurrency tax software do? Strategic digital asset reporting implementation for tax professionals Act now and gain a competitive edge The tax landscape is evolving rapidly, especially with the emergence of digital assets like cryptocurrencies. As part of this evolution, the IRS has introduced new digital asset reporting regulations.

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Report finds Private Company Council effective

Accounting Today

The Financial Accounting Foundation report found the Private Company Council has been performing its duties effectively and should continue to operate.

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Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape

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.

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How to comply with the new IRS digital asset regulations

ThomsonReuters

Jump to The impact (and opportunity) for tax professionals Discover the advantages of AI-powered solutions Tackle digital asset regulations with confidence As digital assets continue to gain momentum, the IRS is taking significant steps to ensure that these types of transactions including cryptocurrencies , NFTs, stablecoins, and tokenized securities are properly tracked and reported for tax purposes.

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FASB asks for input on accounting for intangibles

Accounting Today

The Financial Accounting Standards Board issued an invitation to comment on whether to pursue a project on accounting for intangible assets.

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Tax implications of installing solar panels on warehouses

Menzies

Menzies LLP - A leading chartered accountancy firm. In a recent study undertaken by the UK Warehousing Association, the warehousing sector possesses approximately a third of all commercial roof space and whilst the take up of solar panel installations in the sector have been slow, this is now starting to increase and gain momentum. By 2030, non-domestic minimum expected energy standards (MEES) will require all non-domestic private rented properties to have an EPC level of at least level B, with

Tax 52
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3 Mistakes Manufacturers Make with AI and How to Avoid Them

Withum

The manufacturing world is buzzing with artificial intelligence success stories, at least if vendors are to be believed. Industry publications overflow with tales of AI-powered predictive maintenance saving millions, computer vision systems achieving substantial quality control improvements, and smart AIs optimizing entire factory floors. Yet beneath this enthusiastic narrative lies a more sobering reality: many manufacturers are struggling with the basics of digital transformation.

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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

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.

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App Aware: InsureTax

Insightful Accountant

InsureTax, is a Lloyd's agent, offering the first-ever Tax Audit Insurance solution tailored for small businesses (SMBs). This solution is very different than other solutions you think can protect you in the event of a tax return audit.

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The big value — and tax savings — of personal goodwill

Accounting Today

The asset sales carry complexity requiring careful thought and expert advice, but they could prove beneficial to some wirehouse breakaways or RIA succession plans.

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Prepare to File in 2025: Get Ready for Tax Season

Insightful Accountant

With the 2025 filing season quickly approaching, the Internal Revenue Service encouraged taxpayers to take key steps now to prepare for filing their 2024 federal income tax returns next year.

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Sikich launches virtual chief AI officer service

Accounting Today

Chicago's Sikich announced the launch of a new virtual chief AI officer service, giving organizations executive level oversight of AI initiatives without committing to a full time hire.

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Cash Flow Secrets Every Upskilled CPA Should Know

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.

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Is Free Accounting CRM Software Worth It? A Thoughtful Exploration for Accountants

Canopy Accounting

Client relationship management (CRM) software helps businesses across all industries manage client communications throughout the service lifecycle. Small-to-medium-sized businesses (SMBs), especially, will seek out free options to get the basic necessities from a well-regarded platform.

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Audit planning: Evolving peer review practices and insights

ThomsonReuters

Blog home As audit firms prepare for the upcoming season, peer review challenges remain at the forefront. Changes in standards, increased regulatory scrutiny, and advancements in audit technologies are shaping the landscape and leaving firms wondering how they can stay ahead. To address these concerns, weve compiled insight on the new peer review standards alongside actionable strategies so your firm can approach the year ahead with confidence.

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Chicago passes 2025 budget without property tax hike

Accounting Today

The spending plan comes after contentious talks between the administration and aldermen over how to close a nearly $1 billion deficit with higher taxes or cuts.

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LIVE: Join Now: Day 2 of Free Online CPE Conference Kicks Off with 7 More Hours of CPE Credit – Ensuring Success 2024

CPA Practice

Thursday's free CPE session topics begin at 9am ET, and include Secure Act 2.0 effects on retirement, CAS, business license management, firm strategies, tax resolution, firm staffing, and marketing. Day two sessions start at 9am ET.

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Profit in the Details: Rethinking Spend for Monumental Impact

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

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Embracing digital transformation in the Hospitality and Leisure sector

Menzies

Menzies LLP - A leading chartered accountancy firm. Digital transformation is changing how hospitality and leisure businesses operate. By adopting new technologies, digital transformation can help businesses with the following: Streamlining operational processes and systems Enhancing operational efficiency Reduce risk Improving data security Deliver inaccurate and timely reporting Maximising engagement with customers and improve the overall customer experience This article explores the key chall

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BOI Reporting Deadline Extension Proposed in House Budget Bill

RogerRossmeisl

Good news for small businesses: The deadline for filing Beneficial Ownership Information (BOI) reports might be extended by a year. The House of Representatives has proposed a continuing resolution that includes this extension, pushing the deadline from January 1, 2025, to January 1, 2026, for companies formed or registered before January 1, 2024. This 1,500-page funding bill, aimed at preventing a government shutdown by extending funding through to March 14, 2025, is up for a vote soon.

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Is the Work Opportunity Tax Credit Right For Your Skagit County Business?

SkagitCountyTaxServices

Raise your hand if you feel like youre living through a sales tax nightmare as were in the post-Black Friday and pre-Christmas window of chaos. (While I cant see your raised hand, I can certainly feel it.) Which only makes sense: You have to pay attention to a lot of details, all while handling an atypical volume of sales. Stress and mistakes are inevitable.

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Leveraging Decision-Making Frameworks to Grow Your Business

Summit CPA

Learning to manage your team effectively is crucial to your success as a business owner. Successfully overseeing team operations helps ensure that your company provides outstanding service to your clients and happy clients often translate into business longevity. Learning how to manage your staff effectively may include implementing different practices, from establishing beneficial communication strategies to regularly checking in on your team to address problems or concerns before they become l

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Navigating Bleisure Travel: A Guide for Mid-Sized Companies

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.