Mon.May 20, 2024

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A Grassroots Movement for The Regenerative Accountant

CPA Practice

By Mathew Heggem. The world is witnessing a shift towards regenerative practices in various sectors – from agriculture to fashion, from construction to consumer goods. But there’s one industry that is often overlooked, yet holds the power to catalyze profound change: the accounting industry. I believe it’s time for this sector to embrace the regenerative movement; and with a growing number of other leaders in the industry, we’re nurturing this shift from the ground up.

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Art of Accounting: Data focus plan

Accounting Today

Strategic planning meetings and retreats for the firm should be free of distractions to be successful.

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An Introduction to NIL and Its Impact on College Athletics

Cherry Bekaert

Contributor: Anthony Kocheran While in school, University of Iowa basketball player Caitlin Clark netted more than $3 million from name, image and likeness (NIL) deals. She’s far from the only college athlete taking advantage of NIL, a legal concept revolutionizing the way student-athletes can earn money while attending a college or university. Essentially, NIL allows college athletes to monetize their personal brand by profiting from their name, image and likeness through various opportunities,

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Monday Morning Accounting News Brief: Big 4 Firms Hate Going Concern (Warnings, That Is); Being a Whistleblower Blows | 5.20.24

Going Concern

Rise and shine, a new week is upon us. Here’s some stuff going on. PwC Australia is in court arguing that it isn’t responsible for sexual assault that happens off campus after hours and especially not so because the alleged assaulter completed two sexual harassment learning modules. Employers can be found vicariously liable for alleged sexual assault that occurred between employees outside working hours but only where it was connected with their employment, according to a leading emp

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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.

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Regulatory Compliance Digest | April 2024

Cherry Bekaert

View Full Report The Regulatory Compliance Digest’s April issue provides a summary of the latest updates from FFIEC, FinCEN, CFPB, FDIC and federal bank regulatory agencies. This issue also includes hot topics and the latest developments in the regulatory compliance space. The Regulatory Compliance Digest is intended to keep you informed of regulatory changes in advance of their effective date, so your institution can evaluate changes or updates to necessary policies, procedures and processes in

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The Fundamentals: Practice management systems

Accounting Today

In this first installment of The Fundamentals, we asked firm leaders and tech experts the basics of selecting a practice management system.

More Trending

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5 tax strategies that pay off in real estate and homeownership

Accounting Today

Changes in residency, qualified personal residence trusts and other methods cited by experts carry big savings — with some caveats.

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Failure-To-File Form 5471 Penalties Against Farhy Valid, DC Court of Appeals Rules

Withum

On May 3, 2024, the DC Court of Appeals ruled that the IRS had the authority to automatically assess the $10,000 penalty for failure-to-file Form 5471 – overturning an April 2023 Tax Court decision to the contrary. The decision reinstates the nearly $500,000 in penalties assessed by the IRS against Alon Farhy, and is a set-back for taxpayers that may have filed a protective refund claim pursuant to the Tax Court’s 2023 decision.

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M&A roundup: KSM, Eide Bailly, Forvis and Avantax expand

Accounting Today

Katz, Sapper & Miller is adding Cassady Schiller; Eide Bailly merged in Edward White & Co.; Forvis plans to acquire ConTech360; and Avantax acquired GA Investment Management.

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Layoff Watch ’24: Crowe Cut Some People on Friday, Here’s What We Know

Going Concern

According to a tipster and chatter on Reddit that’s been brewing for a couple weeks now , Crowe made a three percent reduction of force on Friday. We’re told a large number of these people were internal-facing and consulting though layoffs weren’t limited to just them. Affected staff found out on Friday and the news was confirmed to survivors in a firmwide call today.

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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.

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Cetrom Launches Complete Managed Security Services Offering for Accounting Firms

CPA Practice

Cetrom , a managed security services provider (MSSP) and cloud solutions provider for accounting firms, has announced its Complete Managed Security Services solution offering. Over the past five years, Cetrom clients have benefited from MDR and EDR at the server level. Cetrom has partnered with one of the leading security solution providers to deliver MDR and EDR outside the Cetrom-hosted environment to the client’s local device level, providing a Complete Managed Security Solution for CPAs.

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Leveraging IRS Online Tools

Insightful Accountant

The Internal Revenue Service (IRS) has been steadily expanding its suite of online tools and services for tax practitioners, aiming to streamline processes and improve efficiency.

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Wolf & Company Adds Treehouse Technology Group

CPA Practice

Top 100 accounting firm Wolf & Company has acquired Boston-based Treehouse Technology Group and its prized data analytics tool InsightOut. Financial terms of the deal weren’t disclosed. Founded in 2014, Treehouse Technology Group is a technology strategy and custom solutions development firm that provides both product and strategy consulting, as well as the technical implementation and project execution to carry out these strategies.

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How to stand out as a fintech start-up

Menzies

Menzies LLP - A leading chartered accountancy firm. Originally published in FinTech Finance on 26 February 2019 Although the sector as a whole does not struggle in securing investments, if fintech start-ups want to attract the attention of bigger financial services brands, they will have to work harder than ever to stand out within a fintech market that continues to produce some excellent businesses.

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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.

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Expensify Offers Unlimited Virtual Cards for Business Spend Management

CPA Practice

Expensify, Inc., a maker of financial management apps and corporate spending cards, has launched unlimited virtual cards with the Expensify Visa Commercial Card. With this addition to the platform, Expensify empowers businesses to take control of their spending with unparalleled flexibility and precision. Expensify members can now issue an unlimited number of virtual cards, providing unmatched flexibility in managing expenses across employees and merchants.

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Penalty can’t be imposed on the employee as they are not registered or taxable person

VJM Global

Held by Hon’ble High Court of Bombay In the matter of Shantanu Sanjay Hundekari Vs. Union of India(WRIT PETITION (L) NO. 30198 OF 2023) The Petitioner is an employee of a Company M/s MLIPL, which is appointed as steamer agent of M/s Maersk. The petitioner was assisting M/s MLIPL against GST Compliance and was holding power of attorney to represent before tax authority on behalf of M/s Maersk.

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WEBINAR | Steer Clear of These Common Errors in Adverse Action and Loan Servicing

Anders CPA

Wednesday, June 26 at 10:00 am CT Avoid regulatory risks from adverse action notices and resolve loan servicing errors before they negatively impact your organization. Errors in your adverse action or loan servicing procedures can negatively impact your financial institution’s relationship and reputation with borrowers. These errors can also lead to increased regulatory risks, hefty fines and even lawsuits.

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Sage 50 – the Misunderstood Sage Accounting Solution

Insightful Accountant

Sage 50 Desktop Accounting Solution is also Sage 50 Cloud Accounting Solution.

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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.

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Penalty can’t be imposed on the employee as they are not registered or taxable person

VJM Global

Held by Hon’ble High Court of Bombay In the matter of Shantanu Sanjay Hundekari Vs. Union of India(WRIT PETITION (L) NO. 30198 OF 2023) The Petitioner is an employee of a Company M/s MLIPL, which is appointed as steamer agent of M/s Maersk. The petitioner was assisting M/s MLIPL against GST Compliance and was holding power of attorney to represent before tax authority on behalf of M/s Maersk.

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Day 2 of Future Forward is Tomorrow, May 22, 2024

Insightful Accountant

The second day of this spring's Future Forward is tomorrow, May 22, 2024. Another power packed day of education with 'Free' CPE.

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10 “Dos and don’ts” in accounting automation for your business

Reckon

Guest Post by Pohan Lin. Accounting tasks have long earned notoriety for their slow, manual nature. All that is now set to change, as accounting is one of the areas where automation can bring the biggest benefits. Admittedly, changing the way things have always been done is nerve-wracking. But there are some basic dos and don’ts you can follow to make sure your automation initiative runs as smoothly as possible.

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IRS Audits of High-Net-Worth Individuals – The Case of “Getting Around to It” and the Missing Tax Returns

Withum

Have you been too busy to file your tax return for multiple years and just couldn’t get around to it? Was your income during those years more than $400,000? Have you recently received a letter inviting you to file back tax returns? If you answered yes to those questions, you are among a select group of 125,000 taxpayers. The Internal Revenue Service (IRS) knows who you are, and you have their undivided attention!

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Cash Flow Secrets Every Upskilled CPA Should Know

Speaker: Debra L. Robinson

CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.

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Eide Bailly to Merge in Edward White & Co. Next Month

CPA Practice

Nearly two weeks after it announced a union with top 300 accounting firm Apple Growth Partners effective June 24, Eide Bailly said last Friday it was merging in Woodland Hills, CA-based CPA firm Edward White & Co. Financial terms of the deal, which is expected to become effective on June 1, weren’t disclosed. Jeremy Hauk “Edward White & Co. LLP has achieved great success and earned high respect,” Jeremy Hauk, managing partner and CEO of top 20 accounting firm Eide Bailly, said in a state

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Hemp Market Developments: Integration and Regulation

Anders CPA

All cannabinoids, whether derived from hemp, marijuana, or bio synthesis should be subject to the same regulatory measures according to their use. However currently the Delta-8 and Delta-9 product you can find at a liquor store has a very different regulatory pathway than the gummy one would take recreationally because of the Farm Bill, which created a loophole for hemp and hemp-derived products.

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KSM to Join Forces With Cincinnati Firm Cassady Schiller

CPA Practice

Top 60 accounting firm KSM (Katz, Sapper & Miller) is expanding into Ohio as it is set to add Cincinnati-based CPA firm Cassady Schiller on May 31. Financial terms of the deal weren’t disclosed. Cassady Schiller, which is ranked among Greater Cincinnati’s top 10 largest accounting firms, brings more than 70 employees and eight partners to KSM, including Managing Partner Mike Clark and Chief Operating Officer Heather Bucher, who will serve as co-managing partners of KSM’s new Cincinnati offic

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Anders Voted Top Winner in Business Accounting Partners and Top Three in Forensic Accounting by Missouri Lawyers Media Readers

Anders CPA

The 2024 Reader Rankings from Missouri Lawyers Media has selected Anders as a Business Accounting Partner top winner in the Financial category. Anders was also honored as a top three in Forensic Accounting under the Firm Management Services category. Missouri Lawyers Media readers nominated and selected winners in an annual ranking of businesses and firms in the legal profession.

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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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Deferred Revenue and its Impact on your Small Business

Ronika Khanna CPA,CA

Table of Contents What are Revenues and Why Accuracy is Essential Most small business owners are familiar with the concept of revenues, which is essentially the total sales of their product or service, to customers and clients, prior to deducting any costs. Revenues are a crucial component of business’ profit and loss statement and it is essential that they are accurate so that the business owners may effectively analyze the profitability of their businesses.

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WEBINAR | Steer Clear of These Common Errors in Adverse Action and Loan Servicing

Anders CPA

Wednesday, June 26 at 10:00 am CT Join advisors from the Startup and Entrepreneurial Services team to discuss findings from the inaugural Anders Startup Funding and Outlook Survey Report Errors in your adverse action or loan servicing procedures can negatively impact your financial institution’s relationship and reputation with borrowers. These errors can also lead to increased regulatory risks, hefty fines and even lawsuits.

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Caseware Launches Cloud-Based Financial Reporting Solution: Caseware Financials

Accounting Insight

Caseware International , a global leader in cloud-enabled audit, financial reporting and data analytics solutions, today announced the launch of Caseware Financials for the UK market. The new innovative cloud-based application marks a significant milestone in Caseware’s commitment to empowering accounting practitioners worldwide to work smarter and more efficiently.

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Using Tax Return Information in Divorce Cases

FraudFiles

Income tax returns and supporting information such as W-2s and pay stubs are the most common and basic documents which evidence income in family law cases. This article discusses the sources of income that are disclosed on a personal income tax return (Form 1040), and some ways the items can be evaluated to search for [.

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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.