The biggest decisions young accountants have to make
Accounting Today
MARCH 28, 2024
Experts share what young accountants should look for in a firm and how to approach their careers.
Thu.Mar 28, 2024
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Surprise, There Was a Lot of COVID Relief Fraud
Going Concern
MARCH 28, 2024
The IRS has announced via press release that Criminal Investigation (CI) has been busy investigating what could end up being almost $9 billion of fraud related to various COVID measures introduced four years ago. The announcement comes days after the IRS ended the Voluntary Disclosure Program that allowed ineligible businesses to repay claimed Employee Retention Credit (ERC) without penalty as long as the business reveals who pushed them to claim ERC in the first place.
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Tax Fraud Blotter: More EFIN messes
Accounting Today
MARCH 28, 2024
Farming it out; short circuited; California dreamin'; and other highlights of recent tax cases.
Dividing a 401(k) in Divorce
CPA Practice
MARCH 28, 2024
Suppose you’re in the midst of divorce proceedings and trying to divvy up assets in a reasonable manner. Some are easily divided, but others can cause more complications. For instance, how does one spouse gain access to the vested benefits in the other spouse’s 401(k) plan? In this case, a qualified domestic relations order, QDRO for short, may do the trick.
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.
SEC cyber rules mean new steps for CFOs
Accounting Today
MARCH 28, 2024
New SEC cybersecurity disclosure rules are now in effect. Here's what CFOs should be doing to comply with the new requirements.
Streamlining Financial Processes: The Impact of Client Accounting Services on Efficiency
AccountingDepartment
MARCH 28, 2024
Efficient financial processes are essential for the success and growth of any business. However, managing tasks like invoicing, payroll management, and financial reporting can be time-consuming and complex, diverting valuable resources from core operations. This is where client accounting services come into play. In this blog post, we will explore how client accounting services (CAS) streamline financial processes for businesses, highlighting the benefits of outsourcing accounting functions to i
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Business Execs Say They Are Adopting Generative AI, Despite Risks
CPA Practice
MARCH 28, 2024
U.S. business executives worry about potential risks from the widening use of generative artificial intelligence programs such as ChatGPT and Microsoft Copilot, but more than a quarter of them say that hasn’t stopped their organizations from experimenting with the game-changing technology in many core business functions, a recent survey by AICPA & CIMA found.
NetSuite expands Text Enhance feature
Accounting Today
MARCH 28, 2024
NetSuite, during its SuiteConnect event in New York City today, announced that it is expanding its generative AI-driven Text Enhance feature with over 200 new places it can be applied.
Don Scholl, a Well-Liked and Respected Consultant to the CPA Profession, Has Died
CPA Practice
MARCH 28, 2024
Donald Scholl, who provided management consulting and training services to hundreds of public accounting firms during the course of his more than 40-year career and created many development programs for CPAs, including the popular Management for Results, has passed away. He was 88 years old. Scholl’s son, Jonathan, posted the news on Facebook (below) this morning, saying his dad died the morning of March 27 in his sleep at home.
PCAOB fines PwC US and Australia for violations
Accounting Today
MARCH 28, 2024
The Public Company Accounting Oversight Board sanctioned PricewaterhouseCoopers' member firms in the U.S. and Australia over auditing quality control violations, imposing a $2.75 million and $600,000 penalty.
Fall In Love With the Month-End Close
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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.
Time Sensitive Opportunities Regarding IRAs: 2023 IRA and HSA Contribution Deadlines
LSLCPAs
MARCH 28, 2024
It’s that time of year when we remind you to make any final contributions to your prior year IRA, Roth, or HSA accounts. These contributions are due by the first due date of personal tax returns, so April 15th for most of the country. IRA and Roth Contributions The allowable 2023 contribution amount is $6500. The post Time Sensitive Opportunities Regarding IRAs: 2023 IRA and HSA Contribution Deadlines appeared first on LSL CPAs.
CEO comes back from brain injury to build accounting firm
Accounting Today
MARCH 28, 2024
BookSmarts Accounting CEO Jenny Groberg managed to survive a traumatic brain injury and build a firm that empowers women accountants.
Final Direct Pay Regulations Issued for Energy Tax Credits
Cherry Bekaert
MARCH 28, 2024
How Did the IRA Change Elective and Direct Pay? The Inflation Reduction Act of 2022 (IRA) created the ability for certain tax-exempt and other governmental entities to receive a payment for investments into property that would otherwise qualify for a credit against federal tax liability. These tax credits are specifically available for qualified clean energy investments as specified under the IRA, which includes properties like solar panels, battery storage systems, electric vehicles and electri
EisnerAmper to merge in Tidwell
Accounting Today
MARCH 28, 2024
The Top 25 Firm is adding a tax, assurance, advisory and real estate consulting firm in Birmingham, Alabama.
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.
How to Get a PTIN So You Can Prepare Your Clients’ Tax Returns
Patriot Software
MARCH 28, 2024
Do you have a valid PTIN? Getting or renewing a Preparer Tax Identification Number (PTIN) is required for preparing or assisting in preparing a return or refund claim. This article provides a step-by-step guide on how to get a PTIN, including the application process, fees, and renewal requirements.
EisnerAmper to Combine With Tidwell Group This Spring
CPA Practice
MARCH 28, 2024
In a deal expected to close in May, top 20 accounting firm EisnerAmper is merging in top 200 firm Tidwell Group, based in Birmingham, AL. Founded in 1997, Tidwell is a tax, assurance and advisory, and real estate consulting firm with 40 partners and a staff of more than 200 professionals. The firm has six offices across Alabama, Georgia, Texas, and Ohio.
IRS Begins Process To Designate CRAT Transaction as a Listed Transaction
Cherry Bekaert
MARCH 28, 2024
The Internal Revenue Service (IRS) released a notice of proposed regulations, REG-108761-22 , to identify certain transactions involving charitable remainder annuity trusts (CRAT) and substantially similar transactions as listed transactions. The IRS highlighted these CRAT transactions on their 2023 Dirty Dozen list of potentially abusive arrangements.
Sweet 16 Matches Begin in Accountant Bracket Challenge
CPA Practice
MARCH 28, 2024
The field of 64 has shrunk to 16 in the quest to win the 2024 Accountant Bracket Challenge, presented by Accounting High, as voting for the third-round matchups starts on Thursday. You have through the Easter weekend to cast your votes on the third-round action to determine who advances to the Elite Eight, which begins on April 2. Only two of the four No. 1 seeds remain, as Relay was defeated in the second round by No. 8 seed Ignition in the Money Bracket and Bridging the Gap was bested by No. 8
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.
How Much Does a Virtual CFO Cost?
Summit CPA
MARCH 28, 2024
Once your business exceeds around $2 million in revenue, a Chief Financial Officer, or CFO, becomes increasingly necessary. Multiple factors come into play that make the financial side of your business more complicated: banking, taxes, revenue recognition, forecasting, and budgeting, to name a few. The joy of generating more revenue often morphs into frustration when basic bookkeeping and traditional CPA services aren’t enough to level up your business.
Sam Bankman-Fried Gets 25-Year Prison Sentence
CPA Practice
MARCH 28, 2024
By Molly Crane-Newman, New York Daily News (via TNS) Fallen FTX founder Sam Bankman-Fried was sentenced to 25 years in prison on Thursday for stealing more than $10 billion from customers of his global cryptocurrency exchange. Manhattan federal court Judge Lewis Kaplan handed down the steep prison term in a packed courtroom just before noon after hearing from one of more than 200 victims who contacted him ahead of sentencing.
U.S. Economy Sees Strong Growth
CPA Practice
MARCH 28, 2024
By Augusta Saraiva, Bloomberg News (via TNS) The government’s two main measures of U.S. economic activity posted strong advances at the end of last year, pointing to an economy that’s still expanding at a healthy clip. Gross domestic product rose at an upwardly revised 3.4% annualized pace in the fourth quarter on the back of stronger household demand and business investment, according to the third estimate of the figures from the Bureau of Economic Analysis out Thursday.
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