ThomsonReuters

MAY 16, 2024

Jump to: The rise of GenAI in professional services GenAI’s potential in tax and accounting GenAI insights: Accuracy and data security are top concerns GenAI’s impact on business models and pricing strategies Training for the future: Preparing staff for GenAI GenAI and the road ahead For professionals across all industries, the advent of Generative AI (GenAI) has emerged as a transformative force, shifting the landscape and bringing with it both disruption and opportunity.

Tax 52

Tax accountant Account accounted 52

RogerRossmeisl

MAY 16, 2024

Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn your sewing or photography skills into an income-producing business. You probably won’t have any tax headaches if your new business is profitable over a certain period of time. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on your tax return?

Tax 191

Tax tax return CPA 191

Accounting Today

MAY 16, 2024

Partly in response to the talent crunch, CFOs are reaching for digital platforms to automate, streamline and spare the highest-value talent for highest-value work.

Technology 139

Technology 139

RogerRossmeisl

MAY 16, 2024

Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corporation that needs more capital. You should know that the federal tax code treats corporate debt more favorably than corporate equity. So for shareholders of closely held C corporations, it can be a tax-smart move to include in the corporation’s capital structure: Some third-party debt (owed to outside lenders), and/or Some owner debt.

Tax 188

Tax income tax CPA business tax 188

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.

Account

Accounting Today

MAY 16, 2024

The American Institute of CPAs' Auditing Standards Board voted to approve a set of revisions to the rules for attestation engagements to align them with the AICPA's quality management standards.

cpas 124

cpas audit 124

RogerRossmeisl

MAY 16, 2024

Most business valuation assignments call for a conclusion of value. However, there may be times when a calculation of value can be a quicker, more cost-effective solution. Value conclusions When providing conclusions of value, valuators consider all approaches and procedures they deem appropriate for the circumstances. The valuation takes into account applicable valuation practices and standards, as well as any relevant legal precedents.

Legal 182

Legal CPA accountant Account 182

RogerRossmeisl

MAY 16, 2024

There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to the business. Assume that your basis in your partnership interests is sufficient so that the decrease in your portions of the partnership’s liabilities because of the new partner’s entry won’t reduce your basis

Tax 177

Tax Legal CPA business tax 177

CPA Practice

MAY 16, 2024

Unveiling the findings of its previously announced research into the decreasing supply of new certified public accountants (CPAs), the Illinois CPA Society (ICPAS)—one of the largest state CPA societies in the nation—is pleased to release its 2024 Insight Special Feature, “Re-Decoding the Decline: An Updated CPA Pipeline Report.” In October 2023, ICPAS, in partnership with the Center for Accounting Transformation, convened a coalition of 27 additional research partners—including the American Acc

CPA 119

CPA cpas accounting degree Illinois 119

RogerRossmeisl

MAY 16, 2024

Financial institutions, investment service companies, insurers and creditors generally are required to implement and follow know-your-customer (KYC) policies as part of a larger anti-money laundering (AML) effort. Although most other nonregulated businesses don’t have a KYC mandate, such procedures can help prevent fraud and significant financial losses from criminal activity, among other benefits.

CPA 175

CPA 175

Going Concern

MAY 16, 2024

I tried to find a stock photo full of fabulous Gen Z mullets and sour faces, this is the best I can do. When was the last time we covered Deloitte’s yearly Gen Z and Millennial survey? This is its thirteenth year and we’ve been around for almost 15 so…you know what, who cares. It’s been a while. This year’s survey consisted of 22,841 respondents (14,468 Gen Zs and 8,373 millennials) across 44 countries.

Technology 110

Technology accounting and finance public accounting accountant 110

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.

Account

RogerRossmeisl

MAY 16, 2024

If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. How can you protect your deduction? First, be aware that in order to deduct charitable donations, you must itemize deductions.

tax return 166

tax return CPA Tax 166

Insightful Accountant

MAY 16, 2024

Insightful Accountant is hosting Future Forward 2024 next Tuesday and Wednesday. If you are a QuickBooks Pro or Premier user you will want to attend my two sessions on Migration from those products.

quickbooks 105

quickbooks accountant Account accounted 105

CPA Practice

MAY 16, 2024

In its first major deal since receiving a large private equity investment earlier this year, top 10 firm Baker Tilly is set to acquire Seiler, a top 100 accounting and advisory firm based in Redwood City, CA, effective July 1. Financial terms of the deal weren’t disclosed. The move expands Chicago-based Baker Tilly’s presence in the Bay Area and strengthens the services the firm offers to family offices and ultra-high-net-worth clients.

California 105

California cpa firm CPA accounting and finance 105

Accounting Today

MAY 16, 2024

Wolters Kluwer launched a Regulatory Violations Intelligence Index tracking penalties against U.S. financial services institutions.

tax accountant 122

tax accountant Tax accountant accounted 122

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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.

financial statements

CPA Practice

MAY 16, 2024

Lili , the financial platform designed for small business owners, today announced the launch of a new generative AI tool — Accountant AI — which harnesses businesses’ financial data and the latest industry information to provide business owners with personalized, instant recommendations about their businesses’ finances. Business owners, particularly those running smaller-sized operations, often manage their own finances with no outside help, such as an accountant or bookkeeper.

accountant 103

accountant Account accounted accounting and finance 103

ThomsonReuters

MAY 16, 2024

The Public Company Accounting Oversight Board (PCAOB) has recently adopted a significant new auditing standard, AS 1000, titled “ General Responsibilities of the Auditor in Conducting an Audit.” This standard is a pivotal development in the auditing world, aiming to consolidate and clarify the foundational responsibilities of auditors. AS 1000 is designed to enhance the structure and clarity of auditor responsibilities, ensuring that audits are conducted with a high degree of profess

auditor 98

auditor audit financial statements Government 98

AccountingDepartment

MAY 16, 2024

Outsourced client accounting services play a crucial role in helping businesses take control of their financials. These services involve outsourcing the accounting and bookkeeping tasks to a third-party service provider, allowing businesses to focus on their core operations. The role of outsourced client accounting services goes beyond basic bookkeeping; it includes managing accounts payable and receivable, payroll processing, financial reporting, and more.

bookkeeping 94

bookkeeping accounts payable accountant Account 94

Accounting Today

MAY 16, 2024

This beauty's a steal; what a Lady; medical miscreants; and other highlights of recent tax cases.

Tax 119

Tax tax preparation Healthcare 119

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

Sales

KROST

MAY 16, 2024

As featured by the California Restaurant Association as an Industry Insight. Below is a summary of the record-retention requirements for sales and use tax, federal and state income tax, federal and state employment tax, and federal and state requirements for various other employment-related records. This article was written in partnership with Zaller Law Group.

income tax 75

income tax California Tax Sales 75

Accounting Today

MAY 16, 2024

Proposals to crack down on private placement insurance contracts aren't close to becoming law. Here's how advisors and their clients can use them for the time being.

Tax 97

Tax 97

CPA Practice

MAY 16, 2024

The AICPA Auditing Standards Board has voted to approve revisions to the standards pertaining to attestation engagements. The changes are intended to align them with the AICPA standards pertaining to quality management, and related financial statement audit and non-audit standards. The most significant change introduced by SSAE No. 23 is the deletion of the defined term “other practitioner” and replacing it with two new terms, “participating practitioner” and “referred-to practitioner.

audit 69

audit financial statements 69

Accounting Today

MAY 16, 2024

A KPMG survey found 72% of companies are using AI in their financial reporting process to some extent, and executives expect auditors will start examining controls around the technology.

auditor 91

auditor audit 91

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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.

Going Concern

MAY 16, 2024

Only a few months after announcing a large “strategic investment” deal with not one but two private equity firms , Baker Tilly has gobbled up its first medium-sized fish. Announced today, they’re buying Seiler (IPA Top 500 #69, $86.9 million in revenue) effective July 1. The press release reveals a clue to Baker Tilly’s big plan: get in on that sweet Bay Area tech money.

Non-Profits 65

Non-Profits Tax accountant Account 65

Accounting Today

MAY 16, 2024

There is still a dispute between the defense and government as to whether Bryan Waugh knowingly engaged in insider trading using information Joe Lewis provided.

Tax 89

Tax Government 89

CPA Practice

MAY 16, 2024

Augusta Saraiva Bloomberg News (TNS) A measure of underlying U.S. inflation cooled in April for the first time in six months, a small step in the right direction for Federal Reserve officials looking to start cutting interest rates this year. The so-called core consumer price index — which excludes food and energy costs — climbed 0.3% from March, snapping a streak of three above-forecast readings which spurred concern that inflation was becoming entrenched.

Retail 64

Retail Sales accountant Account 64

Going Concern

MAY 16, 2024

Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of skilled remote accountants without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires. FTE Senior Accounting and Tax | Candidate ID #5311425 Certifications: CPA, QB ProAdvisor Education: BA Accounting, MS Accountancy Experience (years): 10+ years public acc

Real Estate 59

Real Estate accountant Account accounted 59

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.

Withum

MAY 16, 2024

Jack Nicklaus said in an interview published in the April 2024 issue of AARP Bulletin that he doesn’t golf anymore. That had me recall a conversation with my brother when I was in college. As a college student I was able to get discounted Sunday matinee tickets to the NY Philharmonic Orchestra and went as much as I could. This was soon after it opened in Lincoln Center.

Sports 59

Sports CPA Tax 59

Menzies

MAY 16, 2024

Menzies LLP - A leading chartered accountancy firm. Menzies is a proud member of the HLB network which represents firms in 157 countries and every year they carry out a survey of business leaders. They included results for specific sectors including Financial Services (FS) and there are some positive messages coming in. The HLB Survey of Business Leaders 2024 reveals a surge in optimism and confidence among financial sector leaders, despite persisting challenges.

chartered accountant 59

chartered accountant accounting firms accountant Account 59

ThomsonReuters

MAY 16, 2024

In the ever-evolving landscape of auditing and accounting, the Public Company Accounting Oversight Board (PCAOB) has taken a significant step forward with the adoption of a new quality control standard, QC 1000. This new standard marks a pivotal shift from the outdated frameworks that have governed the auditing realm for decades. Here, we delve into the intricacies of QC 1000, exploring its implications for registered public accounting firms and the broader auditing environment.

audit 52

audit public accounting accountant Account 52

CPA Practice

MAY 16, 2024

TaxDome , the leading practice management solution for tax professionals, bookkeepers and accountants, announces the launch of its Client-Facing Status feature. This addition to the TaxDome platform is designed to enhance transparency, foster trust, and streamline communication between tax firms and their clients. The Client-Facing Status feature provides clients with real-time updates on their projects.

bookkeeping 52

bookkeeping Tax accountant Account 52

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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.