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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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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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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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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More Trending

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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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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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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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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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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.

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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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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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The Growth Architect: How Financial Leaders are Unlocking Potential

Speaker: Ashley Harlan, MBA

What if your role as a fractional CFO went beyond operational support to actively shaping the future of your clients’ businesses? 💼 ✨ In this session, discover how fractional finance professionals can position themselves as architects of growth, guiding their clients toward sustainable success and preparing them for full-time financial leadership.

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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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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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2025 Payroll Calendar Templates (Biweekly, Semi-Monthly, and Monthly)

Use these handy calendar templates to stay on top of payroll in 2025! Download them today to share with your HR team or post for employees. Whether your company has biweekly, semi-monthly, or monthly pay periods, Paycor has you covered. Get your templates today!

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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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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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Less Stress, More Success: Accounting Best Practices & Processes for 2025

Speaker: Duke Heninger, Partner and Fractional CFO at Ampleo & Creator of CFO System

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Duke Heninger, a seasoned fractional CFO and CPA passionate about transforming back-office operations for finance teams. This session will cover critical best practices and process improvements tailored specifically for accounting professionals.

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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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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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Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors

Speaker: Abdi Ali, Sr. Lease Accounting Consultant

Join this insightful webinar with industry expert Abdi Ali, who will discuss the challenges that can arise from managing lease accounting with spreadsheets! He will share real-world examples of errors, compliance issues, and risks that may be present within your spreadsheets. Learn how these tools, while useful, can sometimes lead to inefficiencies that affect your time, resources, and peace of mind.

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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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Will the Limits on SALT Deductions Finally be Ended in 2025? Trump Says Yes

CPA Practice

Finally, the long-sought lifting of the cap on state and local tax deductions seems to have the support it needs in Congress. Perhaps most important, President-elect Donald Trump backs the idea.

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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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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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Usage-Based Monetization Musts: A Roadmap for Sustainable Revenue Growth

Speaker: David Warren and Kevin O'Neill Stoll

Transitioning to a usage-based business model offers powerful growth opportunities but comes with unique challenges. How do you validate strategies, reduce risks, and ensure alignment with customer value? Join us for a deep dive into designing effective pilots that test the waters and drive success in usage-based revenue. Discover how to develop a pilot that captures real customer feedback, aligns internal teams with usage metrics, and rethinks sales incentives to prioritize lasting customer eng