Mon.Apr 08, 2024

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Smaller payroll firms risk being left behind by automation

Accounting Insight

New research from people management and payroll platform Employment Hero shows smaller payroll providers in the UK risk being left behind thanks to a distrust of AI and automation. The survey of 495 payroll providers – including accountants, bookkeepers, and outsourced payroll firms – found just one in five (19%) thought automation of their work would “significantly increase” in the next year.

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IRS changes how tax pros receive transcripts

Accounting Today

The Internal Revenue Service is making some changes in the way it sends tax transcripts for clients to tax professionals to beef up security.

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CPA Pilot Launches AI Assistant for Tax Professionals

CPA Practice

With the increasing complexity of tax laws and regulations, tax professionals are constantly facing challenges in keeping up with the ever-changing landscape. CPA Pilot ‘s AI tax assistant leverages advanced algorithms to analyze data and offer precise insights quickly. This enables tax professionals to prioritize strategic tasks. CPA Pilot allows tax experts to focus on strategic and value add tasks for their clients and reduce the intensity of tax season.

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Art of Accounting: Tax season staff appreciation gifts

Accounting Today

Here are some tips for showing your appreciation to your staff in the closing days of tax season.

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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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AI-Driven Solutions, Tableau Cloud and Pulse Set the Stage for Tableau Conference 2024

Cherry Bekaert

Today’s technologies are continuously evolving, and Tableau’s software from Salesforce is transforming how organizations optimize their data using cloud capabilities and the power of artificial intelligence (AI). Advancements to Tableau will be on full display at the Tableau Conference 2024, and Cherry Bekaert is thrilled to announce its sponsorship of this highly anticipated event on April 29 – May 1 at the San Diego Convention Center.

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Reminders for Filing a 2023 Tax Return

Insightful Accountant

The IRS has some important reminders for taxpayers who haven’t filed yet.

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Murph's first look at 2024 ProAdvisor App Preferences

Insightful Accountant

The formal applications submitted by Top 100 ProAdvisors contain a wealth of information. Part of that information reflects how these 'Pros' interact with apps and software. Here's my first look at the 2024 Domestic data.

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SEC pauses climate disclosure rule

Accounting Today

The Securities and Exchange Commission has temporarily stayed its climate-related disclosure rule amid a rash of lawsuits.

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Looking for fresh ideas in your business? Why not try a hackathon?

Xero

As nearly a thousand of our employees around the globe down tools this week for one of our twice-yearly hackathons, I’ve been reflecting on the purpose and benefits of this practice. Hackathons have been a fixture in the tech world for decades. But today the concept is widely utilised in fields as diverse as businesses, healthcare, education and social impact to solve some of the world’s most pressing issues.

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Some Taxpayer Centers to stay open this Saturday

Accounting Today

More than 70 of the Internal Revenue Service's assistance centers will be open for walk-ins from 9 a.m. to 4 p.m.

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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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KROST is Attending the Restaurant Leadership Conference 2024

KROST

KROST’s Restaurant Practice Leader, Jean Hagan, is attending the Restaurant Leadership Conference on April 14th – 17th. The conference will be held at the JW Marriott Pheonix Desert Ridge Resort & Spa in Phoenix, Arizona. The exclusive four-day event is packed with learning sessions, networking, innovative forums, exhibitor booths, educational speaker sessions, and much more.

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IRS sees steady growth in Direct File free tax program

Accounting Today

The Treasury Department reported increasing usage of the Internal Revenue Service's free Direct File tax-filing system that they've been pilot testing in a dozen states this tax season.

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Survey Says: Which Group of Auditors Are Most Satisfied With Their Salaries?

Going Concern

The Association of Chartered Certified Accountants (ACCA) recently published some results from a survey of more than 6,500 finance professionals , the bulk of them auditors, from 150 countries and while the entire thing is packed with fascinating (if predictable) results, two areas in particular are crying out to be highlighted. Under the “Remuneration” section , the two sections below cover salary satisfaction.

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Boston mulls commercial tax hike to counter office market slump

Accounting Today

Boston Mayor Michelle Wu is seeking to raise commercial property tax rates to help protect homeowners from the brunt of the historic slump in office property values.

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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 Keep Clients Protected from Scammers During and After Tax Season

CPA Practice

By Tyler Moffitt. Tax season – an already stressful time for Certified Public Accountants (CPAs) – has been made even more stressful by tax scams. While digital services have improved the tax return experience and streamlined more mundane accounting tasks so CPAs can have more time to serve their clients, cybercriminals and groups have taken advantage of the technology shift to exploit tax returns and other digital tax documents.

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The Future of Accounting: Emerging Trends and Technologies

Accounting Insight

New trends and technologies are revolutionising the field of accounting. Gone are the days of financial experts crouched over dusty ledgers or spreadsheets, crunching numbers. Today’s accountants wholeheartedly adopt innovative tools like accounting software, automation, and blockchain technology. Let’s take a closer look at the latest trends redefining the accounting industry.

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FASB Selects 11 Professionals to Sit on Emerging Issues Task Force

CPA Practice

The Financial Accounting Standards Board (FASB) on April 3 named 11 members to its newly reconstituted Emerging Issues Task Force (EITF). The task force, formed in 1984 , assists the FASB in improving financial reporting by identifying and developing proposed solutions to address narrowly scoped financial accounting issues within the framework of the FASB Accounting Standards Codification.

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Energy-related 'rebates' not taxable income: IRS

Accounting Today

The Internal Revenue Service clarified the treatment of money paid for energy-efficient property and improvements in Announcement 2024-19.

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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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CPA Societies Concerned by Push to Implement BOI Reporting

CPA Practice

In a recent letter to the Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), the American Institute of CPAs (AICPA), together with 54 state CPA societies, expressed serious concerns with the rollout and push to implement FinCEN’s Beneficial Ownership Information reporting requirement without regard for the impact to the small business community.

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Taxpayer-Friendly Bill Stalled in Senate: Next Steps

LSLCPAs

Back in February we were happy to tell you about the House passing a bill with several taxpayer friendly provisions. That blog post is here. Unfortunately, the prospects of Senate passage are dimming. We’ll give you our reasoning and advice shortly, but first here’s a quick recap of what the bill included: An increase in. The post Taxpayer-Friendly Bill Stalled in Senate: Next Steps appeared first on LSL CPAs.

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Final Four Matches Underway in 2024 ABC Tournament

CPA Practice

Voting for the two matches that will determine who moves on to the championship game of the 2024 Accountant Bracket Challenge, presented by Accounting High, has begun and lasts through April 9. In the Education Category , 1 seed Jason Staats/Jason Daily Podcast is taking on 6 seed Bookkeeping Side Hustle. And in the Applications Category , 3 seed RightTool is up against 4 seed Gusto.

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GST Check-list you need to tick as stepping in new Financial Year

VJM Global

As we are stepping into the new Financial year, there are various compliance requirements which a taxpayer is required to do with the changing year. Any non-compliance on part of the taxpayer can lead to major disallowances or withdrawal of benefits from the taxpayer. This article list down check-list which a taxpayer is required to tick as they enter into new financial year: 1.

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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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CIPP – here to support you!

Accounting Insight

CIPP’s CEO, Jason Davenport, believes that now’s the time to invest in your payroll departments! ‘With legislation changing every year, it is essential to ensure your payroll team is qualified and their skills are up to date’ he said in March’s Manufacturing Today magazine. He goes onto to say ‘There are a lot of businesses out there that may not be compliant, not deliberately so, just by virtue of not understanding how and when to apply the rules.

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Streamlining filing of appeal by Department before ITAT, High Court and Supreme Court| Circular No. 5/2024 dated 15th March, 2024

VJM Global

Appeal against order of any authority can be filed by the party aggrieved by the order, i.e., the Assessee or the Department. Filing of appeal involves lots of cost and effort and also takes up the time of the judicial authority. Assessee files appeal after considering various factors such as amount of pre-deposit required, amount involved in dispute, time factor etc.

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The Hidden Costs of Payroll Advance Apps

CPA Practice

A new report shows that consumers who take out small loans using cash advance apps may pay triple-digit annual interest rates, experience high levels of repeat reborrowing, and incur more bank overdraft fees after starting to use the products. The report, titled “Not Free: The Large Hidden Costs of Small-Dollar Loans Made Through Cash Advance Apps,” from the Center for Responsible Lending (CRL), analyzes the transactions associated with five companies – Brigit, Cleo, Dave, EarnIn, and FloatMe –

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Use AI to stay abreast of changing tax regulations and legislation

ThomsonReuters

Jump to: The impact of AI on business protection Navigating the shifted focus on consulting Automating the traditional method It is a transformational time for businesses as artificial intelligence (AI) increasingly impacts how companies of all industries operate and serve their customers. The accounting profession is no exception. In fact, a growing number of accounting firms and corporations are taking a closer look at AI and how it can help them keep pace with tax law changes and ensure ta

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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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Bloomberg Tax & Accounting Unveils Next Generation Suite of Integrated Solutions, Revolutionizing the Corporate Tax Process

CPA Practice

Bloomberg Tax & Accounting has launched its next generation suite of integrated solutions that modernize the corporate tax process, from data collection to tax calculations that power key deliverables. These connected applications solve tax professionals’ day-to-day workflow issues, transforming disjointed, manual processes into a seamless workflow and providing intelligence exactly where users need it.

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The Chartered Institute of Payroll Professionals (CIPP) will be attending Accountex this year on stand 110!

Accounting Insight

Come and say hello to our team and see how the CIPP can support you and your team. Plus, we have an unmissable offer for Accountex delegates over the two-day event. Sign up for a CIPP membership on our stand and we will waiver the sign-up fee of £50 plus you will receive a free gift that supports your day-to-day! Membership with the CIPP also offers you great benefits such as our monthly magazine, discounts on training courses, free events throughout the year and of course, calls to our knowledg

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Solving ESG Reporting and Compliance Challenges: The Power of Outsourced Solutions

Withum

Download our white paper today and discover how alternative approaches like outsourcing could be the missing piece in your ESG puzzle. Download Guide Regulatory changes and stakeholder pressures are driving organizations to take action on ESG reporting and compliance, but navigating this complex landscape can be overwhelming. Whether it’s understanding new compliance standards or gathering accurate data for reporting, our new white paper provides valuable insights into overcoming these cha

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How to master the tax provision process

ThomsonReuters

The mounting stress experienced by tax professionals related to the tax provision process is a double-edged sword. It can cause anxiety, but may also present tremendous opportunities, according to panelists for the Thomson Reuters webinar: “ From Compliance Necessity to Strategic Advantage: How can you master the tax provision process?” “The tax profession, overall, is facing some significant changes,” says Kelley Lear , Vice President, Partnerships & Alliances, Thomson Reuters, pointing to

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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.