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As a small business owner, few phrases strike fear quite like “IRS audit.” While the chances of getting audited by the IRS are relatively low, understanding audit risk factors and implementing preventive measures can provide peace of mind and financial security. This comprehensive guide will explore how an IRS audit works, key tax audit risk factors, and strategies to mitigate audit risks for small business owners.
By Mark Luscombe, CPA, JD, LLM. U.S. Olympians have won 40 gold medals, 44 silver medals, and 42 bronze medals at the 2024 Olympic Games in Paris, for a total of 126 medals. And that is only half of it. With many events involving teams, relays and other multiple participants, the number of medals presented to U.S. athletes is over twice that number, with around 125 gold medals, 98 silver medals, and 93 bronze medals distributed to individual winning participants.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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 IRS is strongly urging qualifying businesses, tax-exempt organizations, and state, local, and Indian tribal governments to complete the pre-filing registration process now for projects placed in service in 2023 if they plan to claim elective pay. The Inflation Reduction Act and the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act of 2022 allow taxpayers to take advantage of certain manufacturing investment, clean energy investment, and production tax credits through electi
The IRS on Monday issued interim guidance on employer matching contributions made to retirement plans—including 401(k), 403(b), and similar plans—for student loan payments made by their workers. The guidance in Notice 2024-63 implements Section 110 of the SECURE 2.0 Act of 2022, which allows employees to receive a 401(k) match from their employer, but only if they’re making qualified student loan payments.
The IRS on Monday issued interim guidance on employer matching contributions made to retirement plans—including 401(k), 403(b), and similar plans—for student loan payments made by their workers. The guidance in Notice 2024-63 implements Section 110 of the SECURE 2.0 Act of 2022, which allows employees to receive a 401(k) match from their employer, but only if they’re making qualified student loan payments.
Withum is proud to share that Inside The Valley has named Steve Martini and Chris Passmore on their Top 200 List for 2024. Steve Martini is a Tax Partner at Withum with over 30 years of experience focusing on business consulting and management advisory services. He is a dedicated philanthropist, having served on the Los Angeles Police Department Executive Strategic Planning Group for the L.A.P.D.
This webinar will be held on Monday, September 23, 2024 at 1:00pm ET Sponsor: Cetrom Duration: 1 Hour Register now It’s no secret that the accounting industry has seen a staggering 300% increase in cyberattacks since 2020, which has led to significant risks to accounting firms and their clients and more aggressive data safeguards, regulations, and penalties enforced by the FTC and the IRS.
Tucked 22 pages deep into the Financial Reporting Council’s 2024 Annual Review of Audit Quality report , this no doy declaration. Several PIE and non-PIE audit firms in the UK have entered into private equity (PE) deals, and larger firms have also been approached periodically for discussions. We are closely monitoring this situation through our PIE Auditor Registration team and our supervisory engagement discussions with firms.
Taxpayers who operate large trucks and buses have until Sept. 3 to file Form 2290 , Heavy Highway Vehicle Use Tax Return , for vehicles used in July 2024, the IRS said last Thursday. The usual Aug. 31 deadline is delayed until the next business day because it falls on a Saturday this year. The tax applies to highway vehicles with a gross weight of 55,000 pounds or more that are registered or are required to be registered under law.
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
Don’t let your #1 candidate pick or top-tier employee be the one who got away. Whether it’s an employer’s or employee’s market, the job market for top talent is competitive. You need a robust employee benefits package to attract and retain talent. Offering a small business benefits package starts with building one out.
A new coalition comprised of the IRS, state tax agencies, and representatives from the tax profession was introduced on Aug. 16, tasked with combating the ever-growing scams that continue to threaten taxpayers, practitioners, and tax systems. Scams and schemes intensified during the most recent tax-filing season that exploited vulnerable taxpayers while enriching fraudsters and promoters, the IRS said in a media release.
Since its establishment in 2015, Rewind has been dedicated to empowering businesses to safeguard their valuable SaaS and cloud data. With an impressive customer base of over 100,000 across 100 countries, Rewind's highly acclaimed apps and unwavering support have become the go-to solution for ensuring the uninterrupted operation of software-as-a-service applications.
Forvis Mazars, LLP, ranked among the largest public accounting and consulting firms in the United States, today announces a new strategic collaboration with Financial Executives International (FEI), the association of choice for finance leaders. FEI adds Forvis Mazars to their esteemed Strategic Partner program. The Strategic Partner program allows FEI members to form relationships and gain access to deeper insights from Forvis Mazars.
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.
CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, has announced its government contracting industry practice has released its 8th annual GAUGE Report. Published in conjunction with solutions provider Unanet, and widely recognized as the most comprehensive survey of its kind, the 2024 GAUGE Report provides contractors in many industries with competitive insights, best practices, and benchmarking metrics.
“I kept seeing a lot of useful material getting thrown out to the landfill, construction waste mainly, things like metal, wood, plasterboard and concrete which are all reusable with a little work,” says Dan Butterfield, owner of Kiwi Skips , a New Zealand-based on-demand skip hire company committed to sustainable waste management. “Watching it all go to waste felt wrong – but it was pretty easy to fix.
Ten companies took home Boomer Visionary Awards after being honored on August 19 by Boomer Consulting, Inc., during the 2024 Boomer Circles Summit in Kansas City, Missouri. These awards honor member firms and sponsor partners in the accounting profession that demonstrate exemplary performance and innovation. Leadership Visionary Award: TaxOps [link] The leaders at TaxOps are transforming tax specialty services by prioritizing clients, people, and communities.
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?
The Treasury Department and the Internal Revenue Service announced that North Carolina will be the latest state to join the IRS Direct File free tax program in filing season 2025.
By Matthew Enuco nj.com (TNS) A Drexel University accounting professor was convicted on all eight counts of tax evasion and filing false tax returns Thursday, U.S. District Attorney Philip R. Sellinger announced Friday. Gordian A. Ndubizo, 69, of Princeton Junction, was convicted by federal jury in Trenton Thursday of four counts each of tax evasion and filing false tax returns between 2014 and 2017, officials said.
Hey. I’m a little disappointed we’re already back at Monday but what can you do? You can read some news! Partner profits at KPMG Australia are down but use of bots to replace human work is up, reports Australian Financial Review : Lower demand for “legacy” consulting services has pushed revenue at KPMG down 3.6 per cent, sending partner profits lower by an average of 9 per cent.
This webinar will be held on Thursday, September 19, 2024 at 1:00pm ET Sponsor: SafeSend Duration/CPE: 1 Hour Register Now In this session, we’ll be discussing how in-office and remote staff can boost their efficiency, what AI advances are doing for tax technology and examples of what they might look like, how integrations can elevate firm workloads, and digging down into tech stacks.
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.
If you’re interested in building an accountancy practice, buying an established practice or scaling up your existing accounting or bookkeeping firm, then join us in Manchester to meet with key members of the TaxAssist Accountants Support Centre and hear how we can help you achieve the success that you aspire to. James Mattam, TaxAssist Group Business Development Director, said: “Accountex is always a fantastic event, packed full of informative presentations, exhibitors and networking opportuniti
By Carl Smith Governing (TNS) In the two years since the Inflation Reduction Act (IRA) was signed into law, IRA tax credits for private-sector clean energy projects have been widely celebrated and estimates of the investment they have sparked range from $125 billion to $265 billion. Credits that repay energy investments by public agencies and other tax-exempt organizations have received much less attention, but a new online tool aims to redress the imbalance.
Many cutting-edge fintech companies, such as now-bankrupt Synapse, lack essential infrastructure to effectively reconcile transactions, track funds, and maintain visibility into ledgers.
By Mike Whitmire. Here’s the truth: yes, AI is transformative. However, most conversations surrounding AI’s transformation potential have been about what AI can do for you, and while that’s definitely an important part of this technology, it’s only scratching the surface. Let’s reframe, though, and instead, talk about what AI can do with you. It’s not about plugging AI in and letting it rip on its own; it’s about making AI a coworker that you work alongside.
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!
Murph looks at a couple of the 'sub-categories' used by Insightful Accountant for both the 'Niche' and 'CAAS' Award categories. This week's sub-category is Payroll and Human Resources.
The Government Accounting Standards Board (GASB) recently issued Statement Number 102, Certain Risk Disclosures (“GASB 102”). GASB 102 requires state and local governments to disclose material concentrations and constraints in the notes of the financial statements. GASB 102 is effective for years beginning after June 15, 2024, and earlier application is permitted.
In the ever-evolving landscape of tax law and regulations, the ability to learn continuously is not just an advantage—it's a necessity. As tax practice leaders, fostering a learning organization can be the key to maintaining a competitive edge.
By Daniel F. Rahill, CPA, PFS, JD, LLM, CGMA. Since their inception, Roth IRAs have allowed taxpayers to establish accounts either through direct contributions or by converting a traditional IRA into a Roth IRA, a process referred to as a Roth conversion. Initially, these options were unavailable to higher-income individuals, as eligibility for direct contributions and conversions was limited by a taxpayer’s modified adjusted gross income (MAGI).
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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