Thu.Jan 02, 2025

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Your Guide to the 2025 Tax Filing Season: What’s New For 2025?

Shay CPA

As the year races past us, its nearly time to start preparing to close your books on 2024. And once you do, youll need to hand them over to the IRS fairly shortly. While April 2025 might feel like its a long way off right now, it can approach quickly. Thats particularly true if your company has a busy season that coincides with the holidays or the new year.

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Future sales tax trends

TaxConnex

Every new year brings a ton of developments in all varieties of tax. Sales tax driven by burgeoning eCommerce, dynamic kinds of nexus and a steam of new tech and products that jurisdictions see as lush sources of revenue again has more than its share of trends on tap for 2025. Heres a look at a few. More tax in more states. New sales taxes scored some wins but hardly ran the table on last election day: Voters in plenty of communities said no to new or increased sales taxes in 2025.

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The most-read stories of 2024 in accounting

Accounting Today

The worsening talent shortage and new policies from the Internal Revenue Service top the list of the stories our readers flocked to.

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BOI Reporting in Flux Following Fifth Circuit Rulings

Insightful Accountant

The enforcement status of the CTA continues to shift following recent Fifth Circuit decisions. After initially granting the emergency motion to stay a nationwide injunction on December 23, the Fifth Circuit's merits panel reversed course.

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The Human Side of Finance: The Intersectionality of People, Culture, Adaptability, and Resilience

Speaker: Melissa Hurrington

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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SEC approves PCAOB rule change on deregistering firms

Accounting Today

The PCAOB will be able to address situations in which a registered firm has ceased to exist, is nonoperational, or no longer wishes to remain registered.

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Year-End Donor Follow-Up: How to Engage Your Supporters at the Start of the New Year

GrowthForceBlog

8 min read December 31st, 2024 Every nonprofit leader knows that year-end giving is often the biggest fundraising event of the year. Throughout the holiday season, the spirit of giving is strong, and businesses are also looking for last-minute opportunities to increase their tax write-offs for the year. Key Takeaways Demonstrate Impact: In addition to thanking your donors and including the compliance-required information in your year-end donor acknowledgment, you should also demonstrate the impa

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Average Audit Fees Rose 6.4% in 2023, Report Finds

CPA Practice

Average audit fees increased by 6.4% in 2023from $2.83 million in 2022 to $3.01 million the following yearaccording to the 15th Annual Audit Fee Survey and Insights Report from the Financial Education & Research Foundation.

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Tax Fraud Blotter: Job woes

Accounting Today

Heavy metal; with a side of alimony; Landing in jail; and other highlights of recent tax cases.

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Thomson Reuters Acquires SafeSend in $600 Million Deal

CPA Practice

"Becoming a part of Thomson Reuters will enable us to accelerate product development efforts and realize our shared vision of an end-to-end tax workflow solution," said Steve Dusablon, who founded SafeSend with Andrew Hatfield in 2008.

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DOJ takes BOI fight to Supreme Court

Accounting Today

The Justice Department filed an emergency request with the U.S. Supreme Court, asking it to lift the injunction on the beneficial ownership information reporting requirement under the Corporate Transparency Act after a federal appeals court reversed itself on the injunction last week.

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Maximizing Profit and Productivity: The New Era of AI-Powered Accounting

Speaker: Yohan Lobo

In the accounting world, staying ahead means embracing the tools that allow you to work smarter, not harder. Outdated processes and disconnected systems can hold your organization back, but the right technologies can help you streamline operations, boost productivity, and improve client delivery. Dive into the strategies and innovations transforming accounting practices.

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New Automated 1099 Preparation available in QuickBooks Online

SchoolofBookkeeping

In a recent edition of Intuit's 'In The Know' webinar series, they recapped the latest demonstration on the 1099 enhancements available in QuickBooks Online Payroll. These updates have been designed to significantly streamline the preparation and filing of 1099s, enabling users to complete the process faster and more efficiently. Tiffany Dolan, who authored the recent product update, rejoined the show to walk us through the new enhancements.

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How to NetSuite - Supply Chain Planning

Insightful Accountant

Murph summarizes the advantages of sound supply chain planning and procurement management if your business involves production/manufacturing or wholesale/retail sales. He overviews these capabilities within Oracle NetSuite.

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Accountant and His Wife Finish 50 Marathons in 50 States in Their 50s

CPA Practice

Accountant Kelly Hayley and his wife, Shannah, of Plano, TX, lead a run club and started working toward their 50-state goal around five years ago. They finished their accomplishment in Baltimore on Oct. 19, 2024.

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2024 Year in Review

Summit CPA

Jody, Brett, Tom, Hannah, and Jamie share favorite moments from the show, podcasting resolutions and holiday gift wishes.

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Smarter Card Solutions: Meeting the Challenges of Mid-Market Travel & Expense

Our 2025 Center Travel Survey is clear: as corporate travel increases, so does corporate credit cards distribution, and a rise in off-platform travel booking. This 61% rise causes various challenges: compliance, spend control, reporting problems, and a lack of visibility across organizations. To evolve with the ever-changing needs of travelers, decision-makers need a better solution.

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Thomson Reuters acquires SafeSend

Accounting Today

Thomson Reuters acquired cPaperless, doing business as SafeSend, for $600 million in cash to expand its tax and accounting offerings.

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Top Remote Accountants of the Week | January 2, 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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Yeo & Yeo buys Amy Cell Talent

Accounting Today

The Regional Leader firm has acquired a human resources service provider in Michigan and rebranded it as Yeo & Yeo HR Advisory Solutions.

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Tech Stack Series: Discovery and Onboarding, Re-engagement and Dis-engagement Tech

Insightful Accountant

In this Tech Stack series with Kellie Parks CPB, we will cover the essential technology for building a harmonious onboarding experience that sets the stage for respectful, professional client relationships with your firm.

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Say ‘Goodbye’ to Clunky Spreadsheets and Say ‘Hello’ to Month-End Automation

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, emails, and shared drives no longer need to slow you down. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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2024 Top 100 People extra: Careers to remember

Accounting Today

As part of this year's Top 100 Most Influential People survey, Accounting Today asked, "What would you like your professional legacy to be?

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The Future of Accounting: Zoho Practice

Insightful Accountant

Accounting firms face numerous challenges, from inefficiency to miscommunication and time-consuming manual tasks. Zoho Practice is a comprehensive platform designed to streamline your operations.

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How the accounting profession can fend off a talent crisis

Accounting Today

A generation of CPAs is at or near retirement age, and the number of new accounting professionals entering the field won't be enough to keep up with future needs.

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Allowing Management to Override Internal Controls

FraudFiles

Its clear that there is a time and place for management to occasionally override a control. Everything in business is not routine, and there are times when special situations require special treatment. It would be silly to prohibit management from ever overriding the policies and procedures that are in place. There has to be guidance [.

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Outsourcing Vs. In-House: The Ultimate Battle For Better Collections

Speaker: Susan Richards

Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.

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AICPA Requests Guidance Related to Partial Exclusion for Gain from Certain Small Business Stock

CPA Practice

Section 1202 was enacted as part of the Omnibus Budget Reconciliation Act of 1993 as an incentive for taxpayers to start and/or invest in certain small businesses.

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Deloitte Confirms That the New Orleans Terror Attack Suspect Was an Employee of the Firm

Going Concern

Well this might be the worst “accountants behaving badly” item we’ve ever written about in the 16 years this website has existed. And believe you me, there have been some bad accountants over all those years. At a little past 3 am on New Year’s Day, a truck barreled into the crowds cruising Bourbon St. in New Orleans and killed 14 people and injured at least 35; the driver died in a shootout with police.

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Review of Apxium – The Accounting Technology Lab Podcast – Jan. 2025

CPA Practice

Brian Tankersley, CPA, and Randy Johnston review Apxium, a system that automates the accounts receivable process and compliance work for accounting firms.

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Mastering Action Items for Successful Project Management

Withum

To achieve a successful project delivery, your project team can use various tools and methodologies. Action items, for instance, play a significant role in defining tasks, ensuring accountability and driving progress toward the projects objectives. Whether implementing a new Enterprise Resource Planning (ERP) system or embarking on a high-rise construction project, mastering action item management is essential for achieving favorable outcomes.

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AP Automation: The Competitive Advantage Your Business Needs

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 technology to drive productivity and cost savings. So, how do you make the case for automation within your organization?

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Nine States Cut Individual Income Taxes on Jan. 1

CPA Practice

Seven of the states that are lowering their individual income taxes in 2025 have legislatures that are controlled by Republicans, as well as Republican governors.

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Leveraging Financial Analytics: Turning Data into Actionable Business Strategies

AccountingDepartment

In today's fast-paced business environment, numbers alone won't cut it. It's about transforming those numbers into meaningful insights that can guide strategic decisions and drive growth. Financial analytics offers medium-sized businesses a powerful tool to convert raw data into actionable strategies, giving them a competitive edge. Let's explore how leveraging financial analytics can revolutionize business operations , improve decision-making, and enhance overall efficiency.

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Begin the New Year With Your Holiday Smile

Withum

During the extended Christmas holiday season, which also included Hanukkah and Kwanzaa, I noticed that most people freely wish a Happy Holiday to almost everyone they interact with. It is truly a season of good cheer with continual smiles and cheerfulness. Yet, when the new year starts it is along with a drop in temperature and the smiles usually disappear and we revert back to gloominess and grouchiness.

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Navigating tax complexity in a digital age: A cheat sheet for Chief Transformation Officers

ThomsonReuters

Blog home As Chief Transformation Officer (CTO), you are tasked with steering your organization through digital transformation. A critical piece of this is modernizing your enterprises tax operations. To understand the challenges faced by your tax department and how it can contribute to the overall success of your transformation project, we will examine evolving global tax systems.

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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.