Thu.Jan 23, 2025

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5 Signs Your Accounting Service is Putting Your Business at Risk

AccountingDepartment

For entrepreneurs and SMB owners, accounting is the backbone of a healthy business. Without accurate and reliable accounting practices, even the most successful companies can find themselves in turmoil.

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Sales tax and real property improvement services (part 1)

TaxConnex

A new construction project, a renovation or expansion of a property, ongoing management of a property: All these and more can come with a ton of sales tax nuances. Particularly for those construction companies with projects beyond the borders of their home state, where they may have done well with sales tax compliance for many years. For sales tax purposes, a contractor is generally an entity or person engaged in the construction, alteration or improvement of real property.

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ESOP Accounting Firm CEO Talks Some S**t About PE-Backed Firms

Going Concern

Last year the Institute of Chartered Accountants in England and Wales (ICAEW) put together a report on the state of mid-tier firms across the pond based on a survey of managing partners that we covered in two parts: Heres How Mid-Tier Accounting Firms Are Feeling About Private Equity and M&A Heres How Mid-Tier Accounting Firms Are Feeling About the Talent Crisis and Remote Work The excerpt below is from the first one that covered private equity and mergers/acquisitions : [M]any firms in the

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How to leverage AI for a successful tax season

ThomsonReuters

Jump to 5 ways AI can reduce stress this tax season Understanding the long-term value of AI Implementing AI amidst the hustle and bustle of tax season Tax season is a notoriously stressful period for tax and accounting professionals. The surge in workload, tight deadlines, and client demands create a challenging environment, to say the least. However, the integration of AI-powered tax technology can change all that, offering immediate and transformational benefits that can positively impact you

Tax 52
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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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What Do You Use for Workflow Automation?

Insightful Accountant

Short surveys, like this one on "workflow automation" apps give us valuable input on how you enhance your practice, or interests you may have in webinars, app comparisons, in-depth reviews, and "how to" features.

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Where Do I Belong? Fostering Connection in an Ever-Changing World

CPA Practice

Dont let another year go by feeling like youre on the outside. Take the first step toward belongingand watch how it transforms everything.

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Tax Fraud Blotter: Shipping and mishandling

Accounting Today

Noted once more; a lot of shingles; refund's in the mail; and other highlights of recent tax cases.

Tax 52
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NMI Teams with Biller Genie to Launch Bill Connect

CPA Practice

Bill Connect provides integrated automated invoicing, payment acceptance, and reconciliation in popular accounting software SMBs use, such as QuickBooks Online, QuickBooks Desktop, and Xero.

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SEC withdraws accounting guidance on safeguarding crypto assets

Accounting Today

The Securities and Exchange Commission has rescinded a Staff Accounting Bulletin on safeguarding cryptocurrency assets that had been criticized by the industry and even by some of its own commissioners.

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Next-Gen Tax and Business Management Firm GCP Advisory LLP Opens Its Doors in Century City, CA

CPA Practice

The professional accounting firm prides itself on being independent and caters to high-net-worth individuals and families, entrepreneurs, real estate and entertainment industry professionals.

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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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IRS can't verify LITC grant recipient eligibility

Accounting Today

The IRS doesn't have the authority to independently verify that recipients of Low Income Taxpayer Clinic grants are eligible to receive them.

Tax 52
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What Real Estate Investors Must Know About Closing Statements

Withum

Did you buy or sell a piece of real estate? After all the fine details have been worked out, you will receive a real estate closing statement. A closing statement is more than just a piece of paper – it lists the transactions associated with the purchase or sale of a property, including the fees, agent commissions, and sales price. It is an essential document that outlines your basis for depreciating the property, the potential taxability of the sale, and the amounts that will be deposited

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PCAOB Fines Baker Tilly $500,000 for Quality Control Missteps

CPA Practice

The top 10 accounting firm will pay a $500,000 fine as part of a Jan. 14 settlement with the Public Company Accounting Oversight Board for violating U.S. auditing rules and quality control standards.

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CPA Success Index: Ranking the nation's top collegiate accounting programs

Accounting Today

These institutions serve as examples of how academic structure, focused preparation and student support can help graduates successfully navigate the CPA exam.

CPA 52
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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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RSM US Forms Audit Quality Board

CPA Practice

The three-member board will be tasked with evaluating the effectiveness of quality control and system of quality management matters within RSM US's assurance practice, among other things.

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AICPA wants bigger safe harbor for corporate AMT

Accounting Today

The Institute is asking the Treasury and the IRS to increase the safe harbor for companies seeking to avoid determining whether the CAMT would apply to them.

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Testifying in Court as an Expert Witness

FraudFiles

While waiting in the hallway outside the courtroom to testify as an expert witness, I thought of all the ways my testimony could go wrong. I had hours to contemplate opposing counsels questions for me. It was my first time testifying, and I didnt want to blow it. But I relaxed as I eased into [.

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100% of Business Owners Exit – Here’s How to Best Prepare for Yours

Canopy Accounting

Learn how to prepare your CPA firm for a successful exit. Discover strategies like value pricing, building the right team, and implementing SOPs to scale and maximize your firm's value.

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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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Balancing innovation and oversight: Practical steps for AI integration in tax and accounting firms

ThomsonReuters

Jump to The benefits of GenAI Barriers to the integration of GenAI in tax and accounting Addressing barriers with AI-powered solutions Secure your firms future with AI integration In the rapidly evolving world of tax and accounting, generative AI (GenAI) is emerging as a powerful tool that can revolutionize the way professionals work. By mimicking human-like intelligence, AI can significantly enhance efficiency and accuracy, streamlining processes and providing deeper insights.

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Delivery drivers, have you received an HMRC nudge letter?

Menzies

Menzies LLP - A leading chartered accountancy firm. HMRC launched a new one-to-many campaign on 15 January 2025 specifically targeting delivery drivers who HMRC believe have failed to deliver a tax return disclosing their income. If you have received a nudge letter from HMRC, do not ignore the letter. Read on to find out how to address your past and present UK tax obligations.

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Lightyear launches ISAs to shake up competition in the UK, where 70% of consumers use traditional banks or brokers

Accounting Insight

Today, investment company Lightyear enters the UKs ISA market with the launch of a 4.75% Cash Individual Savings Account (ISA) and a Stocks & Shares ISA. Lightyears launch is to help British savers and investors grow more of their money. Lightyear’s highly anticipated entrance to the ISA market won’t disappoint the UK customers on the waiting list.

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Companies House reform timeline under the Economic Crime Act 2023

Menzies

Menzies LLP - A leading chartered accountancy firm. Overview Companies House has released the intended timetable for reforms under the Economic Crime and Corporate Transparency Act (2023). These timelines depend on Parliamentary progress and may be subject to change. Key Reform Dates From 27 January 2025 Companies House should be able to: receive and assess applications fromindividuals seeking tohave residential addressessuppressed from publicdisclosure where theyve been used as a registered off

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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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Supreme Court lifts injunction on Corporate Transparency Act

Accounting Today

The Supreme Court lifted an injunction on the Corporate Transparency Act and its beneficial ownership information reporting requirement that had been imposed by a federal appeals court.

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Tax Court Tunes Out Deduction for Gift to Orchestra

CPA Practice

If youre a frequent or sizable donor to a charitable organization, you may be recognized with membership in a special group or level. However, simply attaining that status and being acknowledged for it does not, on its own, warrant any charitable deduction.

Tax 40
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New 'investor-friendly' ETFs unlock tax deferral on appreciated assets

Accounting Today

Funds that use Section 351 conversions are rolling out in 2025, led by the launch of one with the ticker TAX. Here's what financial advisors and investors should know.

Tax 45
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Caseware Acquires Extractly.ai

CPA Practice

Caseware said Tuesday it has acquired Australia-based Extractly.ai, a provider of document processing solutions that streamline the audit process for accounting and finance teams.

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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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What expenses can you deduct if you are self-employed?

Inform Accounting

If you are self-employed, you will pay tax on your taxable profit. In working out your taxable profit, you can deduct certain expenses that you have incurred in running your business. The basic rule is that expenses can be deducted if they are incurred wholly and exclusively for the purposes of the trade.

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The Latest Personal Tech at CES 2025- The Accounting Technology Lab Podcast – Jan. 2025

CPA Practice

Randy Johnston and Brian Tankersley, CPA, explored CES 2025 in Las Vegas in January. In this third CES 2025 podcast, they highlight some of the most interesting personal technologies they saw at the conference.

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Top Remote Accountants of the Week | January 23, 2025

Going Concern

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs. Sign up now to view the complete candidate list and connect with potential hires.

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AICPA Comments on Proposed Corporate AMT Regulations

CPA Practice

The AICPAs comments focus on various aspects of the proposed regulations, including general concepts and methods and periods, international tax, passthrough, and mergers and acquisitions issues.

Tax 40
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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.