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Payroll professionals have a crucial role in identifying, tracking, and reporting unclaimed wages to prevent liability issues. As unclaimed property compliance evolves, with trends such as shorter dormancy periods and new property types like virtual currency and payroll cards, coordination across the organization is essential. This ensures that all relevant property types, beyond just payroll, are accurately reported to minimize potential audit concerns.
There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive quality care. In addition, you could also be eligible for tax breaks. Here’s a rundown of four of them: Medical expenses. If the individual qualifies as your “medical dependent” and you itemize deductions on your tax return, you can include any medical expenses you incur for the person along with your own when determining your
The Internal Revenue Service switched over from focusing its audits on taxpayers earning $10 million or more to those earning $400,000 or more after passage of the Inflation Reduction Act.
When valuing a business, experts often look beyond the company’s financial statements. Management interviews and document requests may provide additional objective insight into how much the owners believe the business is worth. This information shouldn’t be used as a substitute for a comprehensive valuation analysis, but it may identify discrepancies that need to be reconciled.
Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.
By Sandi Smith Leyva. I often hear myself saying, “I need a form for this” in my business. Forms, samples, and templates streamline just about any process you can think of. With generative AI tools, you can now streamline the forms creation process itself. What Forms Do I Need? I asked ChatGPT what forms it recommended for a CPA firm. Here is the answer I got (since ChatGPT is nondeterministic, you won’t get the exact same answer I got.): For a CPA (Certified Public Accountant) firm, creatin
The IRS recently released guidance providing the 2025 inflation-adjusted amounts for Health Savings Accounts (HSAs). These amounts are adjusted each year, based on inflation, and the adjustments are announced earlier in the year than other inflation-adjusted amounts, which allows employers to get ready for the next year. Fundamentals of HSAs An HSA is a trust created or organized exclusively for the purpose of paying the qualified medical expenses of an account beneficiary.
One of the types of occupational fraud schemes that became more costly for employers since the beginning of the COVID-19 pandemic in 2020 is expense reimbursement fraud. According to the Association of Certified Fraud Examiners’ (ACFE’s) latest report, this type of employee scheme now ranks fourth after corruption, billing schemes and noncash fraud.
You never want to turn down good work, or the opportunity to grow your client base and your business. But a recent industry survey found that 42% of accounting firms are doing exactly that. The reason? They can’t put anything more on their plate due to staffing shortages. Separate research from Robert Half for the 2024 Demand for Skilled Talent report confirms that most hiring managers for accounting and finance organizations (87%) are facing challenges recruiting talent right now.
Exciting things are happening at Withum! As of July 1, a new class of leaders will take their places across the Firm’s industry, regional, and internal teams. These individuals were chosen for their technical expertise, leadership acumen and their dedication to living the Withum Way. As long-term members of these teams, this new leadership class is equipped with all the tools needed to continue the successes of their predecessors and continue to innovate for the future, keeping Withum at the for
Seeing a ton of posts in r/CPA as well as the medical licensing subreddits (Steps 1, 2, and 3) that Prometric is sending out emails — sometimes with as little as two days’ notice — advising exam-takers not to show up to the NYC MegaCenter at 1250 Broadway. Rumor is it flooded two weeks ago, which is when the cancellations started rolling in, but we haven’t been able to confirm.
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
Sen. Bernie Sanders and Ed Markey are introducing legislation to impose a 95% windfall tax on the excess profits of large corporations that are overcharging for products.
Good morning! It’s Monday, June 24, 2024 and this is your news in and around the accounting profession. The IRS has dropped an Employee Retention Credit update. Update: Hella people were scammin’ Following a detailed review to protect taxpayers and small businesses, the Internal Revenue Service today announced plans to deny tens of thousands of improper high-risk Employee Retention Credit claims while starting a new round of processing lower-risk claims to help eligible taxpayers.
Many plan participants told the U.S. Government Accountability Office they didn't understand their four main options — or the potential tax consequences.
This profitable shift not only opens up new revenue streams but also allows your firm to build deeper, more meaningful relationships with clients. If you’re wondering where to start, here’s a step-by-step guide on how to start offering advisory services at your firm. Jump to: 1. Set time aside to make the shift 2. Approach clients with new advisory services 3.
Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
Seth Klamann The Denver Post (TNS) A federal judge this week blocked provisions of a new Colorado law that would’ve limited interest rates on certain short-term loans made by out-of-state banks. U.S. District Judge Daniel D. Domenico granted a request by a trio of financial trade organizations to block the implementation of HB23-1229 , which passed the legislature last year but was set to go into effect July 1.
Top 100 accounting, tax, and advisory firm SAX LLP has launched a new talent development initiative, leveraging the adaptive e-learning platform, Amplifire. This initiative addresses the need for continuous skill advancement amidst the rapid changes brought about by automation, globalization, and artificial intelligence (AI). Recognizing the diminishing shelf-life of traditional skills in the accounting profession, SAX’s platform aims to equip professionals with skills that address modern challe
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
Nowadays, almost everything is online. As technology advances, more and more for-profit and not-for-profit organizations are making the strategic decision to transition from on-premises (on-prem) accounting software to cloud-based accounting software. For some organizations who have already invested in an on-prem system, the idea of transitioning to a cloud accounting software, like Sage Intacct, may seem daunting – whether it’s due to a perceived lack of control and security using a cloud-based
Oracle NetSuite has launched a new solution to help healthcare organizations improve business efficiency and support Health Insurance Portability and Accountability Act (HIPAA) compliance. With NetSuite SuiteSuccess Healthcare Edition , healthcare organizations can quickly take advantage of the latest advancements in cloud computing and artificial intelligence (AI) to help streamline business processes, expand insights, improve decision-making, optimize resource allocation, and enhance patient
Financial planning is a serious undertaking and must be approached as such. It requires effort, concentration, understanding and knowledge of your choices. It is not something that can be done at the spur of the moment or without careful and deliberate care. Here is a glimpse of the process with some tips on how to proceed. I hosted a webinar on How to be Your Own Financial Planner for the East Brunswick Public Library.
Hundreds of thousands of year 11 pupils up and down the country are in the midst of their GCSE exams as they look to complete a major milestone in their education. However, new research released today has revealed that perhaps it is accounting software providers within the education sector that should be sent to the Headmaster’s office to review their grades!
Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.
Due date of issuance of Assessment order under Section 73 has lapsed for FY 2017-18 and FY 2018-19 on 31st December, 2023 and 30th April, 2024 respectively. In the cases where demand is raised through DRC-07, the taxpayer may either prefer an appeal with Commissioner (Appeals) or opt to pay tax determined through demand order. As per Section 78 of CGST Act, the taxpayer is given a time period of 3 months to make payment of an amount determined to be payable by any order under GST.
Due date of issuance of Assessment order under Section 73 has lapsed for FY 2017-18 and FY 2018-19 on 31st December, 2023 and 30th April, 2024 respectively. In the cases where demand is raised through DRC-07, the taxpayer may either prefer an appeal with Commissioner (Appeals) or opt to pay tax determined through demand order. As per Section 78 of CGST Act, the taxpayer is given a time period of 3 months to make payment of an amount determined to be payable by any order under GST.
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
Due date of issuance of Assessment order under Section 73 has lapsed for FY 2017-18 and FY 2018-19 on 31st December, 2023 and 30th April, 2024 respectively. In the cases where demand is raised through DRC-07, the taxpayer may either prefer an appeal with Commissioner (Appeals) or opt to pay tax determined through demand order. As per Section 78 of CGST Act, the taxpayer is given a time period of 3 months to make payment of an amount determined to be payable by any order under GST.
By Petr Marek. The old adage “the best place to find a helping hand is at the end of your own arm,” may as well have been written for small business owners. For as long as small and medium-sized businesses (SMBs) have formed the backbone of America’s economy , they have been defined by a fiercely independent and dogged spirit that has carried them through financial uncertainty, demographic shifts, and even the crushing closures during the COVID pandemic.
Tax planning isn’t just about formulating a tax strategy—it also comes down to knowing in advance how you will implement that plan. Tax planners will typically see the most success when they either handle the implementation themselves and incorporate that into their fee or enlist the help of specialists to take care of different elements. So what are the best practices for implementation planning?
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
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