Fri.Aug 23, 2024

article thumbnail

Outsourced, Cloud-Based Accounting to Accommodate Manna Food Center’s Rapid Growth

Cherry Bekaert

During the COVID-19 pandemic, Manna Food Center, a food distribution and advocacy organization, experienced an influx of community need. Located in Montgomery County, Maryland, Manna’s management team needed to develop new solutions and processes to meet this increased demand, and to manage accounting and budgeting tasks more efficiently. Manna partnered with Cherry Bekaert to streamline its operations and improve financial reporting, so staff could focus on carrying out the organization’s miss

article thumbnail

Options for Taxpayers Who Owe Money to the IRS: Payment Plans, Offers in Compromise, and Other Relief Options

MyIRSRelief

Owing money to the IRS can be a daunting experience, but it’s important to know that you have options. The IRS offers several programs to help taxpayers manage their tax debt, including payment plans, offers in compromise, and other relief options. In this article, we will explore these options in detail and discuss how our representation tax firm can assist you in navigating these complex processes.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

One Third of U.S. Workers Want to Phase Into Retirement

CPA Practice

While millions of older working Americans are delaying plans to retire amid mounting financial concerns, another group of employees are taking a different path: phasing into retirement. That’s according to new survey research from WTW, a global advisory, broking and solutions company. The 2024 Global Benefits Attitudes Survey found one in three (34%) workers age 50 and older either have already started phasing into retirement (15%) by reducing their work hours or job responsibilities as they nea

115
115
article thumbnail

The IRS Is Trying to Get ERC Employers to Tell on Themselves Again

Going Concern

Burdened by heaps of paperwork and knowing many of the Employee Retention Credit claims they still needed to sort through were sketchy at best and outright fraudulent at worst, the Internal Revenue Service opened up a voluntary disclosure program last year that would allow employers to take back their erroneous ERC claims without eating big penalties.

Nebraska 110
article thumbnail

Forecasting Failures Are Costly: Here's How To Fix Them

Speaker: Dave Sackett

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.

article thumbnail

Mortgage Rates Drop to 2024 Low Point as Fed Signals Interest Rate Cut

CPA Practice

Paulina Cachero Bloomberg News (TNS) Mortgage rates in the U.S. resumed their downward path, dropping to a new low for the year. The average for a 30-year, fixed loan was 6.46%, down from 6.49% last week, Freddie Mac said in a statement Thursday. Borrowing costs are down significantly after topping 7% earlier this year, giving house hunters more purchasing power and coaxing some would-be buyers off the fence.

Sales 111
article thumbnail

Two years in: IRS highlights improvements under Inflation Reduction Act

Accounting Today

The Internal Revenue Service noted that taxpayers can now conduct all interactions with the IRS digitally and that the service is better equipped to address tax evasion and scams.

Tax 97

More Trending

article thumbnail

Updates to the Financial Data Transparency Act

Accounting Today

The Gov Fin 2024 conference put a spotlight on the implications of the Financial Data Transparency Act.

article thumbnail

New FAFSA Delay Presents an Opportunity for Some Families To Reduce College Costs

CPA Practice

Despite previous assurances that the 2025-26 Free Application for Federal Student Aid, better known as FAFSA, would be released on Oct. 1, the U.S. Department of Education announced in August that most families will not be able to submit their FAFSA until December. While many families may be wringing their hands about the announcement, the delay will actually give some families an opportunity to reduce their college costs by thousands of dollars a year.

article thumbnail

Silent Success: How Active Listening Can Speak Volumes In Construction

Randal DeHart

Communication is crucial in the construction industry, and active listening plays a significant role in fostering successful communication. In the bustling environment of a construction business, the ability to actively listen can make a substantial difference in understanding client needs, ensuring project requirements are met, and ultimately delivering top-quality results.

article thumbnail

On the move: BeachFleischman names innovation principal

Accounting Today

Boomer Consulting recognizes 10 companies with Boomer Visionary Awards; Marcum Foundation raises over $1M for St. Jude Children's Research Hospital; and more news from across the profession.

article thumbnail

Are Robots Replacing You? Keeping Humans in the Loop in Automated Environments

Speaker: Erroll Amacker

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

article thumbnail

My Father Collected Stamps

Withum

Last week, I went to a stamp show and I won a silver medal. I previously posted about what I would exhibit. I also mentioned to quite a few people that I was a stamp collector and going to a stamp show, and they replied, “My father used to collect stamps!” Well, I still do! I really enjoy collecting and get a lot of pleasure, relaxation and mind-clearing satisfaction from it.

Legal 59
article thumbnail

HBK splits accounting, wealth management leadership

Accounting Today

The Top 50 firm voted to split leadership of its entities, HBK CPAs & Consultants and HBKS Wealth Advisors, giving each its own top executive.

cpas 78
article thumbnail

Controller vs CFO: Which Does Your Client Need

CPA Practice

By Bob Wang. Do your clients need a controller, a CFO, or both? Every business, at some point, reaches a stage where financial management becomes too complex and just getting the bookkeeping done is no longer enough. Whether your clients are navigating growth, preparing for an acquisition, or just trying to stay afloat during challenging times, having the right financial leadership is key.

article thumbnail

Weather victims in Puerto Rico, South Dakota get tax relief

Accounting Today

The IRS is pushing back filing and payment deadlines for those affected by Ernesto and other storms.

article thumbnail

Book of Secrets on the Month-End Close

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.

article thumbnail

Another Bold Move from Patriot Software: Free HR Center for Payroll and HR

Patriot Software

Patriot Software continues its hot streak of new value-added features by releasing a new HR Center for payroll and HR software customers. Powered by Miratech Mineral, a leader in HR compliance, the HR Center includes proactive federal, state, and local compliance monitoring and robust HR tools, resources, and templates.

payroll 59
article thumbnail

Boomer grants 10 Visionary Awards

Accounting Today

Ten companies were recipients of the Boomer Visionary Awards, honoring member firms and sponsor partners in the accounting profession demonstrating exemplary performance and innovation.

article thumbnail

Intuit Reports Strong Fourth Quarter and Full Year Results

Insightful Accountant

Intuit's full-year revenue grew 13 percent, Small Business and Self-Employed Group revenue grew 19 percent

52
article thumbnail

Tech news: Schellman forms new advisory board

Accounting Today

Schellman forms new advisory board; New partnership lets Xero users send data to Caseware; Fortanix announces full disc encryption; and other accounting technology stories.

article thumbnail

How To Break Digital Transformation Barriers And Accelerate AI Adoption

Speaker: Anna Tiomina, MBA

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?

article thumbnail

Paychex Launches Digital Employee Benefits Marketplace

CPA Practice

Paychex, Inc. , a provider of integrated human capital management software solutions for human resources, employee benefits, insurance services, and payroll, has introduced Paychex Flex Perks, a digital marketplace of employee benefits curated to address the needs of today’s diverse, five-generational workforce. Launching with 17 unique products, Paychex Flex Perks includes early access to earned wages, financial wellness solutions, and voluntary lifestyle benefits for the employees of Paychex c

Kansas 52
article thumbnail

Business banking startups are criminally underutilizing accountants

Accounting Today

In their quest to "fix" business banking, some startups have overlooked a critical group of users: accountants.

article thumbnail

Divorce Issues: Income Available for Support

FraudFiles

The issue of “income available for support” in divorces can be huge, particularly if only one spouse works. The issue gets complex if the earnings of one or both spouses are non-traditional. Regular wages are usually easy to evaluate in a divorce case, while income from businesses, real estate, and other investments become more complicated. [.

article thumbnail

An introduction to new and improved invoicing in Xero

Inform Accounting

Invoicing is a critical part of running any business, but it’s also one of the most tedious. The good news? Xero's new invoicing features are designed to make this task faster, easier, and more accurate.

52
article thumbnail

Demo SkyStem’s Award Winning Month-End Close Solution & Earn $100

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.

article thumbnail

Influencers and Non-Cash Payments

Menzies

Menzies LLP - A leading chartered accountancy firm. You may have heard of influencer ‘unboxings’, where an online creator films themselves opening a luxury handbag, or top of the line gaming equipment, to share with their followers. At what point do these gifts constitute taxable income? When does an influencer need to declare these gifts in their business accounts?

article thumbnail

Tipped workers aren't holding their breath

Accounting Today

The proposal from Trump and Harris to not tax tips is popular, but tipped workers in Nevada are clear-eyed out its electoral chances.

Nevada 53
article thumbnail

Friday Footnotes: EY Shrinks Its Audit Practice; Andersen Going Public; Someone’s Losing a CPA License | 8.23.24

Going Concern

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

audit 106
article thumbnail

Trump says growth will pay for tax cuts said to cost trillions

Accounting Today

The Republican nominee for president wants to renew the provisions of the Tax Cuts and Jobs Act.

Tax 111
article thumbnail

New Software & You: Elevating Your Tech Stack

Speaker: Joe Wroblewski, Senior Sales Engineer

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!

article thumbnail

Consumer Sentiment Rose for First Time in Five Months

CPA Practice

By Augusta Saraiva Bloomberg News (TNS) U.S. consumer sentiment rose in early August for the first time in five months on more optimistic expectations about their finances as inflation steadied. The sentiment index climbed to 67.8 from 66.4 in July, according to the preliminary August reading from the University of Michigan. The median estimate in a Bloomberg survey of economists called for 66.9.

article thumbnail

U.S. Jobs Report Revised Down by 818,000 as Recession Worries Grow

CPA Practice

By Linda Stein Delaware Valley Journal, West Chester, Pa. (TNS) Aug. 22—The Bureau of Labor Statistics revised its annual jobs report by a whopping 818,000 jobs. That’s close to 1 million jobs “created” during the Biden-Harris administration that never existed. And it’s the largest downward jobs report revision in 15 years—that was in 2009, when the country was in the midst of the Great Recession.

Delaware 115