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(As appearing in IR 2024-186) IRS reminds car dealers and sellers to be aware of phishing scams The Internal Revenue Service would like to remind car dealers and sellers to be aware of evolving phishing and smishing scams that could impact day-to-day operations of the business. In light of the recent ransomware attack against CDK, the IRS is warning individuals and businesses to remain vigilant against these attacks.
Traditional accounting roles are evolving, now more than ever, as client needs change. Ask ten of your friends, and most will assume that an accountant is a number cruncher and focuses on compliance issues. And, to some degree, these people are correct. Certified public accountants know a lot about numbers, they analyze them, forecast them, and “crunch them,” but over 50% of firms now offer client advisory services and have become strategic partners with clients.
Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things: Transform your business ownership interest into a more liquid asset, Prevent unwanted ownership changes, and Avoid hassles with the IRS.
Your financial statements hold powerful insights—but are you truly paying attention? Many finance professionals focus on the income statement while overlooking key signals hidden in the balance sheet and cash flow statement. Understanding these numbers can unlock smarter decision-making, uncover risks, and drive long-term success. Join David Worrell, accomplished CFO, finance expert, and author, for an engaging, nontraditional take on reading financial statements.
New research by international telecommunications provider TollFreeForwarding.com reveals that accounting and tax is the second-happiest industry to work in. The Los Angeles-based company analyzed Glassdoor review data for 200 companies across 10 industries and ranked them based on the following six criteria: Culture and values Diversity and inclusion Work-life balance Compensation Career opportunities Senior management satisfaction Each industry was scored on a scale of 1 to 100 for each categor
I dug through my screenshot folder earlier today when I saw this article on Journal of Accountancy because I could have sworn I had dozens of well-written Reddit comments from years ago suggesting this is where the profession was headed (including responses calling them paranoid) but alas, I came up empty handed. Anyway, this became effective on July 1: The AICPA and the National Association of State Boards of Accountancy (NASBA) announced an expansion of international testing availability of th
I dug through my screenshot folder earlier today when I saw this article on Journal of Accountancy because I could have sworn I had dozens of well-written Reddit comments from years ago suggesting this is where the profession was headed (including responses calling them paranoid) but alas, I came up empty handed. Anyway, this became effective on July 1: The AICPA and the National Association of State Boards of Accountancy (NASBA) announced an expansion of international testing availability of th
By Bruce Crumley, Inc. (TNS) The Supreme Court has issued a number of controversial decisions in its most recent term. But one that was barely noticed when it was delivered in June ends the strategy of closely held companies using life insurance-based methods to reallocate ownership stakes—tax-free—when a major shareholder dies. The generally overlooked high court decision in Connelly v.
Daniel Dustin has named Kent Absec, Brenner Allen, William Emmer and Sedrik Newbern to key leadership roles at the National Association of State Boards of Accountancy, effective Aug. 1.
By Sarah Lynch, Inc. (TNS) Health insurance matters greatly to employees. And now, in smaller companies, millions more workers have coverage than they did a decade ago. According to the Center on Budget and Policy Priorities, a research organization and policy institute, the Affordable Care Act has been the difference maker. In 2013, about a quarter of employees at small businesses—those with fewer than 100 employees—were uninsured.
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.
Avalara, Inc. and KPMG LLP have announced a strategic alliance to deliver greater value to enterprise businesses, the companies have announced. Avalara is a provider of tax compliance automation software for businesses of all sizes, and KPMG is one of the world’s largest audit, tax, and advisory firms. The new alliance allows organizations to leverage the combined power of Avalara’s compliance automation technology – including indirect tax calculation, returns, exemption certificate management,
The annual accounting trends survey, conducted by Caseware over the last three years, has become a valuable source of data, helping us to gain insight into what’s on the road ahead for the profession. By tracking the same questions over the years, we are able to gain a valuable comparative study and a clearer understanding of the current trends and developments playing out.
Jeff Ostrowski Bankrate.com (TNS) Mortgage rates broke below the 7% barrier this week, according to Bankrate’s latest lender survey. It was the first time since February that the average 30-year rate was in the sub-7 range. The reason: optimism that the Federal Reserve might cut rates in the near future. The 30-year mortgage rate fell to 6.92%. The 15-year rate fell to 6.92% and the 30-year jumbo to 6.92%.
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
Retirement savings plans, particularly a 401(k), are a major consideration for many workers. Financial professionals can play a key role in helping businesses establish these plans, but the process can often be complex and time-consuming.
By Jarrell Dillard, Bloomberg News (TNS) Initial applications for U.S. unemployment benefits rose last week by the most since early May and continuing claims jumped, adding to evidence of a softening labor market. Initial claims increased by 20,000 to 243,000 in the week ended July 13, matching the highest level since August 2023, according to Labor Department data released Thursday.
Forwardly, a modern payment solution for small businesses, announced on July 16 the launch of its integration with FreshBooks, offering FreshBooks clients in the U.S. faster payment options like instant payments and same-day ACH along with automatic reconciliation. With this integration, FreshBooks users will be able to receive funds instantly from their clients, pay vendor bills on time, and experience a seamless four-way sync feature, automatically syncing all their financial data—including in
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.
As we approach the end of 2025 (which will be here before we know it!), significant changes to the estate tax law are on the horizon, which could greatly affect your tax planning strategies. Currently, the estate tax exemption stands at approximately $14 million, but on January 1st, 2026, it is scheduled to be slashed. The post Estate Tax Law Sunsets December 2025: Build the Right Estate Planning Team Now to Protect Your Wealth appeared first on LSL CPAs.
By Ava Mandoli, Inc. (TNS) Rudeness, hostility, and negativity: probably not words you’d want a worker to associate your business with, even after they leave. Yet, a quarter of workers said their managers responded in one of those three ways when they chose to leave their company, according to new data from research firm Gallup. Another 10 percent of workers said they were met with indifference or a total lack of acknowledgement.
Thomson Reuters announced the general release of Checkpoint Edge with CoCouncil, now sporting an AI-Assisted Research feature for tax research as well.
Jon Healey Los Angeles Times (TNS) Talk about irony: The software that paralyzed Windows computers around the world late Thursday night and early Friday morning was planted by a company that protects Windows computers against malware. That company is CrowdStrike, a publicly traded cybersecurity firm based in Austin, Texas. It acknowledged the problem around 11 p.m.
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?
Pass rates have been announced by ACCA (the Association of Chartered Certified Accountants) for students who sat their exams in June 2024. 107,506 entered for the June sitting, which saw 124,727 exams completed. Alan Hatfield, executive director – content, quality and innovation, said: ‘As we reach the midpoint of the year, I’m delighted to see such a strong set of results and would like to congratulate the students who have achieved success in this session.
In a letter of support to Congressman Darin LaHood (R-IL), the American Institute of CPAs (AICPA) expressed its endorsement of provisions of H.R. 8864, the Tax Administration Simplification Act, which would apply the mailbox rule to electronically submitted tax returns and payments and would revise the estimated tax payments deadline to fall on a true quarterly interval.
Service line leaders stand at the point where a firm's overall strategy meets the delivery of its actual services, says Sarah Dobek of Inovautus Consulting.
Equity partner compensation at the top 100 accounting firms (excluding the Big Four) was $839,687 in 2023, up from $620,936 in 2019, according to data from INSIDE Public Accounting (IPA). Ahead of releasing its top 500 accounting firm rankings for 2024 and new analysis of the top 100 firms next month, IPA published stats showing how much staff and partner compensation has risen in the past four to five years.
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.
The recent case of Gagliardi v. Prager Metis CPAs LLC (No. 1:23-cv-07454, S.D.N.Y. 2024) has sent ripples through the tax preparation community, serving as a stark reminder of the potential consequences for practitioners to file on time.
The CEO and president elect of the National Association of State Boards of Accountancy (NASBA) has selected four people to join the leadership team once current NASBA President and CEO Ken Bishop retires later this month. Daniel Dustin, who was selected to succeed Bishop last April , chose Kent Absec, Brenner (Brie) Allen, William (Bill) Emmer, and Sedrik Newbern as new members of the leadership team, effective on Aug. 1.
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!
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