Mon.Jul 29, 2024

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Unlocking Tax Efficiency: A Strategic Approach to Maximize Savings and Compliance

Cherry Bekaert

In this video, discover how your organization can optimize your tax strategy, minimize liabilities and maximize savings through strategic tax analysis and planning. Learn how a holistic approach in assessing your company’s tax landscape and identifying opportunities for optimization. Whether you are navigating complex international tax structures, exploring new markets or seeking compliance and asset management solutions, this webinar is tailored to provide actionable insights and strategi

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IRS Updates Clean Vehicle Tax Credit FAQs

CPA Practice

The IRS on July 26 updated frequently asked questions (FAQs) on the New, Previously Owned, and Qualified Commercial Clean Vehicle Credits, including guidance related to eligibility rules, income limitations, transfer rules, and dealer registration. The FAQs in Fact Sheet 2024-26 supersede earlier FAQs that were posted in Fact Sheet 2024-14 by the IRS on April 16, 2024.

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Monday Morning Accounting News Brief: The Age of the Non-CPA; PwC Explains the Chevron Thing | 7.29.24

Going Concern

Good morning! I have a sneaking suspicion the news will be pretty dry today but as always, hoping for the best. Fingers crossed. India Today explains why US firms love hiring accountants in India : Consequently, American firms are increasingly turning to other countries to fill the gap, particularly eyeing India for its highly skilled accounting professionals.

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Building Cultures That Actually Work in Accounting Firms

Insightful Accountant

In the high-pressure world of tax and accounting, where long hours and strict deadlines are the norm, building a strong organizational culture is crucial for addressing burnout and reducing turnover.

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A Quick Historical Bookkeeping Cleanup

Historical bookkeeping clean-up is like an archaeological dig for financial documents. It is a vigorous, systematic process that ensures thorough scrutiny of every document. From verifying inconsistencies to reconciling payments, each layer of exhaustive evaluation brings greater clarity into your company's financial past. In this article, we will walk through all that historical bookkeeping clean-up entails.

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Founder Files: Breaking the Big Four mold

Accounting Today

When he started his firm, Stephen Buller took what made sense from his time in the Big Four — and ditched the rest.

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Accounting Today names 2024 Best Firms to Work For

Accounting Today

The annual list recognizes the 100 top workplaces in the profession.

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Armanino Integrates Generative AI Updates to Audit Ally

CPA Practice

Top 20 accounting firm Armanino has integrated generative AI capabilities into its SOC 2 assessment tool, Audit Ally , streamlining client communication and task completion. Audit Ally’s AI enhancements have already reduced evidence submission and approval processes by approximately 50%, saving clients and Armanino professionals significant time, the firm said in a media release.

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Study questions impact of tax cuts for multinationals on workers

Accounting Today

Policies that lower the foreign taxes of U.S.-based multinational corporations are unlikely to benefit domestic workers, according to a recent academic study.

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Wolters Kluwer Acquires European Tech Portfolio, Including CodaBox, ClearFacts, Clearnox, Zoomit, and Flowin

CPA Practice

Wolters Kluwer Tax & Accounting has signed an agreement with Belgian fintech company Isabel Group to acquire its accountancy portfolio of cloud-based financial workflow and data exchange solutions for €325 million in cash.CodaBox, ClearFacts, Clearnox, Zoomit, and Flowin facilitate the seamless and secure transfer of bank statements, invoices, and other relevant data to optimize client collaboration and address the e-invoicing compliance needs of accounting firms and their clients across Eur

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How Unify Turned Month-End Mayhem Into a Growth Party With Automation!

By ditching paper and manual checklists, UNIFY embraced ART’s cloud-based solution for seamless automation. The robust dashboards, exception reports, and completion date reports allowed the team to easily track progress and resolve bottlenecks. ART’s flexible access for auditors ensured tight deadlines were met effortlessly. With competitive pricing and a rapid setup, ART cut costs and minimized disruptions, enabling UNIFY’s team to concentrate on high-impact tasks.

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NetSuite 2024.2 Release: Key Enhancements and New Features

Withum

NetSuite’ s 2024.2 release, scheduled for rollout between August 16 and October 26, 2024, brings significant improvements across various areas of the platform. This latest release introduces a comprehensive set of new features to give organizations visibility into workforce costs, boosting bill capture accuracy and increasing bank connectivity. Key Enhancements Enhanced workforce cost analysis capabilities, allowing better visibility into labor expenses across departments.

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Wolters Kluwer makes major tech buy in Europe

Accounting Today

Wolters Kluwer has acquired a host of cloud-based financial workflow and data exchange solutions from Belgian fintech Isabel Group.

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Not for Profit Structures

Menzies

Menzies LLP - A leading chartered accountancy firm. Choosing a suitable structure for your Not for Profit entity is a confusing task with lots of bewildering acronyms (CICs, CIOs , CASCs etc) and similar names, (Community Interest Companies, Community Amateur Sports Clubs, Community Benefit Societies). This makes it difficult to know which is the most appropriate structure to use.

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Art of Accounting: It's never the 'right time' to do something new

Accounting Today

You should never be too busy to find out what is new, and then to implement what will work for you.

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Digital Transformation in Accounting: Why It’s Essential for Modern Firms

Accounting firms must embrace digital transformation to stay competitive. From improving efficiency and client experience to ensuring data security, digital tools offer the edge needed in a digital-first world. Discover how Fincent can streamline your transition. The accounting industry faces a digital revolution. As technology reshapes business, firms must adapt or risk obsolescence.

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How to choose the best social media platforms for your small business

Reckon

No matter the industry you operate in or the size of your business, you need to be on social media to reach your target audience. The best part is that it’s a marketing tool that doesn’t have to break the bank. But choosing the right social platforms for your business can be overwhelming — especially if you aren’t sure which ones align with your business goals.

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Ex-EY Executive to Take Over as Global CEO for Law Firm Dentons

CPA Practice

Kate Barton, a longtime EY executive who retired from the Big Four firm in June, was elected by the global board of directors and global advisory committee of the law firm Dentons to succeed Elliott Portnoy as global CEO. Portnoy, whose term ends on Nov. 9, 2024, has served as global CEO of Dentons since the firm launched in 2013. Barton will join the law firm in September and will begin her term as global CEO on Nov. 10.

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Los Angeles Business Journal Honors Two Withum Leaders As Influential Women

Withum

Withum is proud to share that the Los Angeles Business Journal (LABJ) has named Kerra Diener , Partner, and Lilit Nersisyan , Principal, on their Leaders of Influence: Women in Accounting list for 2024. Kerra Diener, CPA, is a Partner assisting multi-national and multi-state business entities with a wide range of federal and state tax topics. Her clients operate in various industries, including manufacturing, distribution and logistics , professional services , real estate , theatre and entertai

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IRS Chief Receives NATP’s Inaugural Vanguard Award

CPA Practice

The National Association of Tax Professionals (NATP) gave IRS Commissioner Danny Werfel its first-ever Vanguard award at Taxposium 2024, which was held July 22-24 in Orlando. The NATP Vanguard Award will be given each year to an individual within the tax industry who makes a significant contribution to advancing the federal tax industry, promoting fairness, efficiency, and compliance.

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2024 Annual Trends Survey: Expense Management Insights

Uncover the latest trends in expense management for small and medium-sized businesses. Our 5th Annual Trends Survey reveals that corporate card use is skyrocketing, but expense software isn't keeping up. This mismatch is creating real challenges for finance teams, who now take an average of 14 days to close their books. Travel policies are shifting to accommodate hybrid work, but many companies are struggling with off-tool bookings.

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Tax Treatment of Common Real Estate Exit Strategies

Withum

Every real estate investor’s goal is to earn income from the cash flow and the appreciation of their investment. While it’s preferable for an investment to show no taxable income while having positive cash flow during the period of ownership, the sale or disposition of such an investment creates a challenge from an income tax perspective when cashing in on the sale of appreciated property.

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BGM Acquires Minneapolis-Based M&A Firm SealedBid

CPA Practice

Top 200 accounting firm BGM (Boeckermann Grafstrom & Mayer) has added SealedBid, a specialized lower mid-market mergers and acquisitions (M&A) firm based in Minneapolis. Bloomington, MN-based BGM and SealedBid have referred clients to each other and had a collaborative relationship over the last 30 years. With SealedBid joining, BGM’s team now boasts 170 professionals.

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Contractor Business Systems Series: Part 2 – Cost Estimating System Requirements

Cherry Bekaert

Contributor: Jacquelin LaClair Contractor Business Systems are an important aspect of government contracting, and the estimating system is one of the key systems that contractors need to focus on. The Defense Federal Acquisition Regulation Supplement (DFARS) 252.215-7002 cost estimating system criteria benchmark the level of detail required for an acceptable estimating system.

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U.S. ProAdvisor Awards: You're likely a QuickBooks Educator!

Insightful Accountant

Murph discusses the QuickBooks 'Educator/Author' ProAdvisor Awards category and how it is more than 'Trainer/Writer' focused.

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Unlock The Power Of The CFO Toolkit

Speaker: Duke Heninger

With the rise of fractional finance roles, many CFOs, FP&A professionals, controllers, and accountants are stepping into independent consulting. The expansion of fractional services presents new opportunities for finance professionals, but many face challenges in navigating this transition, finding it daunting. Whether you’re new to fractional work or refining your approach, this webinar will equip you with a repeatable system for success.

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The Rundown: Second Quarter 2024 Guide

Cherry Bekaert

The Financial Accounting Standards Board (FASB) did not issue any new Accounting Standard Updates (ASUs) in the second quarter of 2024, while the Government Accounting Standards Board (GASB) issued one new GASB Statement. The latest issue of the Rundown features a summary of this new standard. For summaries of standards issued in previous periods, view our previous rundowns here.

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3 Training Tracks in August - CPE & Q&A Sessions Included

Insightful Accountant

Join Insightful Accountant's Be Insightful Premium Content and training program before the rate goes up.

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Beware of video communication pitfalls

Accounting Today

Beware of video communication pitfalls

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Law Firm Operations: Record Processes to Boost Profit

Anders CPA

Anything you do, whether it’s baking a cake, building a model, practicing law – drafting a petition, creating an estate plan – involves process. But many times, attorneys do not treat practicing law as having steps because it feels like second nature. Let’s take a single example. In drafting a deed, one must describe the parties, describe the property, assure you have the right document for your jurisdiction and ensure the deed is properly executed and recorded.

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Pricing for Profit: How to Set, Negotiate, and Succeed

Speaker: Igli Laci, Strategic Finance Leader

In today’s competitive market, pricing is more than just a number — it’s the cornerstone of profitability. The right pricing strategy ensures that you capture the true value of your offering, paving the way for sustainable growth and long-term success. Join Igli Laci, Strategic Finance Leader, in this exclusive session where he will explore how a well-crafted pricing approach balances customer perception with business objectives, creating a powerful tool for securing both competitive advantage a

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Embracing the future with Cloud Audit Suite methodology

ThomsonReuters

Today’s audit professionals face a variety of headwinds. Rapid regulatory change and tight competition for talent is demanding more and more accounting and audit firms adopt advanced technology to gain a competitive edge. From a workflow perspective, many auditors feel as though they are over- or under-auditing. And without the ability to roll data forward or efficiently build an audit program and tailor checklists, many firms are missing out on valuable time savings.

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Trump Pledges to Fire SEC Chief Gensler and Hire People Who Love Crypto

CPA Practice

By Teresa Xie, Stephanie Lai and Alicia Diaz, Bloomberg News (TNS) Donald Trump said he would fire the Securities and Exchange Commission chair and pick crypto-friendly regulators if he returns to the White House in a bid to court virtual currency enthusiasts and harness the industry’s growing influence in the political arena. “This afternoon, I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the bitcoin superpower of the world and we’ll get it

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