RogerRossmeisl

JULY 22, 2024

(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.

CPA 220

CPA cpa firm business tax Tax 220

CPA Practice

JULY 22, 2024

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.

accountant 130

accountant Account accounted Technology 130

RogerRossmeisl

JULY 22, 2024

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.

CPA 192

CPA business tax Tax 192

CPA Practice

JULY 22, 2024

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

Construction 124

Construction accountant Account accounted 124

Speaker: Amanda Adams, Fractional CFO, CPA

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Amanda Adams, a seasoned fractional CFO and CPA passionate about transforming back-office operations for finance teams. This session will cover critical best practices and process improvements tailored specifically for accounting professionals.

Account

Going Concern

JULY 22, 2024

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

CPA 122

CPA cpas Education accountant 122

Accounting Today

JULY 22, 2024

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.

accountant 119

accountant Account accounted cpas 119

Accounting Insight

JULY 22, 2024

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.

accountant 104

accountant Account accounted audit 104

CPA Practice

JULY 22, 2024

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.

Maine 119

Maine Tax 119

Accounting Today

JULY 22, 2024

Test your accounting knowledge on chief AI officers, Operation Hidden Treasure, and more. No. 2 pencil not required!

accountant 130

accountant Account accounted 130

CPA Practice

JULY 22, 2024

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,

Technology 116

Technology Tax tax consultant audit 116

Speaker: Abdi Ali, Sr. Lease Accounting Consultant

Join this insightful webinar with industry expert Abdi Ali, who will discuss the challenges that can arise from managing lease accounting with spreadsheets! He will share real-world examples of errors, compliance issues, and risks that may be present within your spreadsheets. Learn how these tools, while useful, can sometimes lead to inefficiencies that affect your time, resources, and peace of mind.

Account

Accounting Today

JULY 22, 2024

There is a tendency to keep the clients we have, whether they are overgrown or not, or whether or not they still fit.

accountant 126

accountant Account accounted 126

CPA Practice

JULY 22, 2024

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%.

Oklahoma 115

Oklahoma 115

Accounting Today

JULY 22, 2024

It's all too easy to become consumed by our screens, losing touch with the human connections that are vital to our work.

119

119

CPA Practice

JULY 22, 2024

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

accounting software 111

accounting software accountant Account accounted 111

Advertisement

Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.

financial statements

Insightful Accountant

JULY 22, 2024

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.

98

98

CPA Practice

JULY 22, 2024

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.

Missouri 110

Missouri Georgia Pennsylvania Texas 110

Insightful Accountant

JULY 22, 2024

We made a slight change in the minimum qualifications for the 2025 ProAdvisor Awards, but it could significantly impact qualified applicants.

105

105

CPA Practice

JULY 22, 2024

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.

109

109

Speaker: David Warren and Kevin O’Neill Stoll

Transitioning to a usage-based business model offers powerful growth opportunities but comes with unique challenges. How do you validate strategies, reduce risks, and ensure alignment with customer value? Join us for a deep dive into designing effective pilots that test the waters and drive success in usage-based revenue. Discover how to develop a pilot that captures real customer feedback, aligns internal teams with usage metrics, and rethinks sales incentives to prioritize lasting customer eng

Sales

Accounting Today

JULY 22, 2024

Social engineering raises some serious questions about data protection and compliance of accounting firms.

accounting firms 93

accounting firms accountant Account accounted 93

CPA Practice

JULY 22, 2024

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.

Texas 91

Texas Hospitality Transportation California 91

Accounting Insight

JULY 22, 2024

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.

accounting and finance 59

accounting and finance audit management accounting management accounts 59

CPA Practice

JULY 22, 2024

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.

Tax 59

Tax tax return cpas 59

Advertisement

The first Market Momentum Index: AI and Unstructured Data Management, conducted by Deep Analysis with support from AIIM and M-Files, surveyed 500 enterprises across various industries to assess their readiness to employ AI. The results reveal that AI is already far more embedded into organizations' operations than previously realized. These findings and more insights have been brought to you in the "Market Momentum Index: AI and Unstructured Data Management.

Insightful Accountant

JULY 22, 2024

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.

Tax 52

Tax tax preparation cpas 52

CPA Practice

JULY 22, 2024

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.

top accounting firms 59

top accounting firms accounting firms public accounting accountant 59

LSLCPAs

JULY 22, 2024

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.

Tax 52

Tax cpas tax planning 52

CPA Practice

JULY 22, 2024

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.

North Carolina 52

North Carolina Idaho Kentucky CPA 52

Speaker: Mark Stovel

When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.

FraudFiles

JULY 22, 2024

Defenders of multi-level marketing (MLM) are often heard saying that it’s a legitimate business method! Even government regulators say MLM is legitimate. And it is true that state and federal governments in the United States generally allow multi-level marketing companies to operate with little oversight. This is despite the fact that structurally and operationally, MLMs [.

Government 52

Government 52

CPA Practice

JULY 22, 2024

The content and technology company Thomson Reuters has announced the launch of Checkpoint Edge with CoCounsel, which is now generally available in the United States. The enhanced solution features a new AI-Assisted Research skill, and is designed to help today’s tax professionals get trusted answers to complex tax research questions using CoCounsel, the professional-grade GenAI assistant from Thomson Reuters.

Nevada 52

Nevada Texas Tax CPA 52

Accounting Today

JULY 22, 2024

Thomson Reuters announced the general release of Checkpoint Edge with CoCouncil, now sporting an AI-Assisted Research feature for tax research as well.

Sports 78

Sports Tax 78

Accounting for Good

JULY 22, 2024

Expsoure directly influences the financial health of NFPs. In challenging financial climates, NFPs must look to enterprising decision-making.

52

52

Advertisement

With automation, you’ll reduce errors and save valuable time, allowing you to focus on what really matters: strategic analysis and insightful decision-making. Picture accurate financial reports ready at your fingertips, giving you the confidence to tackle business challenges head-on. Embracing automation not only boosts productivity but also elevates your role from number cruncher to closing rockstar.