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As reported in IR-2024-46 Using Inflation Reduction Act funding and as part of ongoing efforts to improve tax compliance in high-income categories, the Internal Revenue Service announced on 2/21/24 plans to begin dozens of audits on business aircraft involving personal use. The audits will be focused on aircraft usage by large corporations, large partnerships and high-income taxpayers and whether for tax purposes the use of jets is being properly allocated between business and personal reasons.
The newly formed Alternative Dispute Resolution Program Management Office, an arm of the IRS Independent Office of Appeals, will work with the agency’s business operating divisions—Wage & Investment, Large Business & International, Small Business/Self-Employed, and Tax Exempt and Government Entities—to help taxpayers resolve tax disputes earlier and more efficiently, the IRS said on April 24.
The IRS has long offered alternative dispute resolution, but says use has declined in recent years, and it hopes to make it more attractive and accessible.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
The U.S. Department of Transportation has issued a final rule that requires airlines to promptly provide passengers with automatic cash refunds when owed. The new rule makes it easy for passengers to obtain refunds when airlines cancel or significantly change their flights, significantly delay their checked bags, or fail to provide the extra services they purchased.
Tax technology is changing, and tax professionals are looking for reliable resources when it comes to the future of AI within tax tech. Today, Thomson Reuters is announcing their upcoming tax launch.
Intuit announced they are halting new subscriptions for several QuickBooks Desktop (QBD) products after July 31, 2024. It’s crucial to stay informed about these changes, which may impact your business in the short and long term. In our FAQ guide, we aim to clarify various aspects surrounding the sunsetting of QBD to ensure a smooth transition.
Intuit announced they are halting new subscriptions for several QuickBooks Desktop (QBD) products after July 31, 2024. It’s crucial to stay informed about these changes, which may impact your business in the short and long term. In our FAQ guide, we aim to clarify various aspects surrounding the sunsetting of QBD to ensure a smooth transition.
A new bill recently introduced by lawmakers in both the House of Representatives and the Senate would improve the IRS’s math error procedures—a power used by the agency to quickly adjust a taxpayer’s federal income tax return if it contains a simple mistake or clerical error. Sens. Elizabeth Warren (D-MA) and Bill Cassidy (R-LA) introduced the Internal Revenue Service Math and Taxpayer Health (IRS MATH) Act on April 18, with Reps.
Thomson Reuters announced the release of CoCounsel, a generative solution within Checkpoint Edge meant to help tax professionals with complex research.
52.2 is currently the average age of a public accounting firm partner, down from 52.6 last year, as firms are promoting younger professionals to replace retiring partners, according to new data released by INSIDE Public Accounting. In an April 24 blog post , the publication wrote: In nearly 8% of firms, the average age of the partner group is 60 and above, and 26% have an average partner age of 55 or older. 28% of firms have an average partner age under 50, an increase from 23% last year.
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
A lot of ProAdvisors and Accountants voiced their opinions at the April 24th QuickBooks Live Strategy (briefing) webinar. a lot of those opinions were negative, but this might not be as bad as your thinking.
While rare, tax preparers must disclose reportable transactions on most returns. Understanding which transactions require disclosure is crucial for all preparers to ensure compliance.
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.
LOS ANGELES, CA – For the fourth year in a row, Accounting Today has named KROST a Top 100 Firm. The firm ranked 82nd on the list by continuing to expand its services. In addition, KROST has once again earned the title of Regional Leader for the second year in a row, marking its third Read the full article. The post Press Release: KROST Named Top 100 Firm and Regional Leader 2024 by Accounting Today appeared first on KROST.
AICPA & CIMA , which together form the Association of International Certified Professional Accountants, have today announced the launch of the Registered Apprenticeship for Finance Business Partners in the State of Florida. The program partners with the Florida Institute of CPAs and accounting and finance leaders to enhance the Florida talent pipeline by providing instruction leading to a profession-recognized credential, on the job training and mentorship.
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?
With tax season behind us , clients now have a whole year to work on finding a new tax preparer if theirs dipped out on them in the past year or two. You see, firms finally got the “charge what you’re worth” memo and have been shedding bad clients to free up scarce resources for the good ones. And that’s a good thing. God I hate when trash websites use “and that’s a good thing.” Sorry.
Thinking of Optimizing Your ERP? Is your tech company ready to supercharge its ERP system? Watch this on-demand webinar where Withum’s Tech Advisory expert delves into the world of ERP Optimization. Whether you’re using Oracle NetSuite, Sage Intacct, or Microsoft Business Central, this recording is tailored to help you extract maximum value from your enterprise software.
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.
Many firm owners work too much without a break. In this episode, I'll share a system to boost your profits while cutting your work hours. The post 150 – The Firm Freedom System [6 Steps] appeared first on Future Firm.
Investment from Periphas Capital and Lavelle Capital will support FinQuery’s mission to make lives easier by simplifying complex workflows with technology.
Sovos has aligned with the Digital Business Networks Alliance (DBNAlliance) as an early member, marking a significant milestone in the initiative’s development. Processing more than 11 billion transactions each year, Sovos’ membership is a substantial show of support for the DBNAlliance’s mission to rapidly deploy a framework of standards and supporting services for seamless electronic data exchange in the U.S., across the Atlantic and globally.
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!
It's time to recertify for most QuickBooks Online ProAdvisors ('Core' or 'Advanced'). The recertification window opens May 1 with a June 30, 2024 deadline for exam completion.
Jump to: What is GenAI and how can tax professionals use it? Let client needs lead the way Find a trusted AI technology provider as a partner Focus on building trust Clarify the complex with AI-powered technology solutions By automating routine tasks, tax professionals can use AI to redirect efforts toward more client-focused work that’s typically more fulfilling and profitable.
AuditBoard, a cloud-based platform transforming audit, risk, compliance, and ESG management, says its powerful artificial intelligence capabilities are now generally available. As part of the company’s innovative and award-winning connected risk platform, AuditBoard AI incorporates generative AI, and other private AI models to help audit, risk, infosec, and ESG teams work smarter while meeting the security and privacy needs of the enterprise.
While working in the corporate world provides some serious upside — from the chance to learn from a wide range of people to cushy compensation packages — it can also be a grind. And as the recent wave of tech layoffs continues crashing upon people, you might be formulating an exit strategy. Fortunately, as a tech professional, you have an exciting opportunity.
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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