Thu.Apr 25, 2024

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Sales tax isn't simple: Is outsourcing the answer?

TaxConnex

There’s nothing like just walking down the hall of your office or clicking into a virtual team meeting to get an answer on something as complex and important as your company’s sales tax obligations. To handle sales tax in-house, you need someone on staff who understands evolving rules and regulations; can track a galaxy of filing deadlines and notices; and understands how your company growth changes tax obligations.

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A holistic solution to accounting's retention problem

Accounting Today

Firms must transform their business models to afford the cost of multilayered retention strategies, a new report by the Pennsylvania Institute of CPAs says.

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KPMG Was Too Cheap to Pay Foreign Graduates More So They Yanked All Their Job Offers

Going Concern

As of April 11 of this year, if a foreigner wants a Skilled Worker visa to work in the UK they must earn a minimum of £38,700 (about $48k USD), up from the prior minimum of £26,200, unless the work falls under a small category of jobs on the shortage occupation list like health and care workers, graphic designers (take that, Canva), and veterinarians.

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Three in Four Family Businesses Expect to Grow This Year

CPA Practice

By Sarah Lynch, Inc. (TNS) Family businesses are gearing up for growth. Seventy-four percent of U.S. family businesses are anticipating at least 10 percent growth this year, according to newly released data from Family Enterprise USA, a nonprofit and advocacy group that promotes family businesses. While the organization’s full report—the Annual Family Business Survey—has not yet been released, the organization shared that these growth expectations mark a “significant jump from the prior year.

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The Human Side of Finance: The Intersectionality of People, Culture, Adaptability, and Resilience

Speaker: Melissa Hurrington

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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Contributing Analysts Wanted for App Reviews

Insightful Accountant

Insightful Accountant is looking for a few Good ProAdvisors who want to contribute an analysis of apps we intend to compare. Do you like to review apps, more importantly, do you regularly work with a few great apps, you might be our Pros.

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IRS Offers Final Guidance on Transfers of Credits Under Inflation Reduction Act

CPA Practice

The Department of Treasury and Internal Revenue Service have issued final regulations describing rules and definitions for the transfer of eligible credits in a taxable year, including specific rules for partnerships and S corporations. The Inflation Reduction Act and the Creating Helpful Incentives to Produce Semiconductors act (CHIPs) enable taxpayers to take advantage of certain manufacturing investment, clean energy investment and production tax credits through elective pay or transfer provi

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Making the Switch to Outsourced Client Accounting Services

AccountingDepartment

When you have a small or mid-size business, one of the issues you can run into is not having all the departments a larger company would have. In other words, you might not have dedicated employees for HR, accounting, and other areas.

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Senators introduce bill to simplify IRS notices

Accounting Today

Sens. Cassidy and Warren teamed up to introduce legislation aimed at making math error notices from the IRS easier to understand.

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Accountant Charged With Embezzling $800,000 From Paving Firm in California

CPA Practice

By Jason Green, Silicon Valley, San Jose, Calif. (TNS) A former accountant for a Richmond, CA-based paving company is facing allegations she embezzled more than $800,000 from the firm, according to prosecutors. Angela Fae Brown, 53, of Olivehurst, CA, is charged with embezzlement, money laundering, identity theft, and tax evasion, the Contra Costa County District Attorney’s Office said in a news release.

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Which generative AI model did best on the CPA exam?

Accounting Today

A recent experiment tested different generative AI models against each other on the CPA Exam and found they each have their own strengths and weaknesses.

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Maximizing Profit and Productivity: The New Era of AI-Powered Accounting

Speaker: Yohan Lobo

In the accounting world, staying ahead means embracing the tools that allow you to work smarter, not harder. Outdated processes and disconnected systems can hold your organization back, but the right technologies can help you streamline operations, boost productivity, and improve client delivery. Dive into the strategies and innovations transforming accounting practices.

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Accounting MOVE Project Mini Summit Promises Compelling Speakers and Timely Topics

CPA Practice

To kick off the 2024 Project and address the pressing challenges of recruiting, retaining, and promoting women in the accounting profession, the Accounting MOVE Project is thrilled to announce its upcoming MOVE Mini Summit. Sessions will be delivered via the CPA Academy at 10 a.m. EDT daily on May 6, 7, 9 and 10. The innovative virtual event aims to empower accounting firm leaders with strategies to support the advancement of women and people of color in their organizations.

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Tax reporting transparency reaches a tipping point

Accounting Today

Regulators, investors and the public are demanding ever greater tax transparency, and companies must navigate evolving, complex reporting requirements around the globe.

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Tax Season Retrospective for Clients

Withum

Many clients tell me that a problem they have with tax season is getting everything together and they wish they were better organized. Here are some easy ways to become better organized and also become more aware of your tax and financial situation. Collect Tax Data Tax information comes up all year long, not just during the filing season when you receive the 1099s, K-1s, W-2s and all the other data you need.

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Tax Fraud Blotter: Go for broke

Accounting Today

Speedy sentencing; WWTF; no longer Confident; and other highlights of recent tax cases.

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Smarter Card Solutions: Meeting the Challenges of Mid-Market Travel & Expense

Our 2025 Center Travel Survey is clear: as corporate travel increases, so does corporate credit cards distribution, and a rise in off-platform travel booking. This 61% rise causes various challenges: compliance, spend control, reporting problems, and a lack of visibility across organizations. To evolve with the ever-changing needs of travelers, decision-makers need a better solution.

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How Remote Work Allows Workers with Disabilities to Flourish

Summit CPA

The pandemic was a challenging time for businesses, as companies were forced to adapt to a turbulent market, an unstable supply chain, and a remote work environment that was new to many. It also ushered in some positive changes in the workforce, including a steady rise in employment for people with disabilities. This shift is primarily due to the increase in remote work.

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IRS, Treasury finalize rules on energy tax credit transfers

Accounting Today

The Internal Revenue Service and the Treasury Department released final regulations on the transfer of clean energy manufacturing, investment and production tax credits, with specific rules for partnerships and S corporations.

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Finance disruptor launches mobile app for student expenses

Accounting Insight

One of the fastest growing UK companies of 2024, cloud accounting software developer iplicit , announces its collaboration with Konnekt365 , a leading mobile app developer, to introduce a new student expenses solution for expense claims – ‘Student Expenses’. The ‘Student Expenses’ app is designed to seamlessly integrate with finance disruptor iplicit’s award-winning cloud accounting software, offering a simplified solution for expense claims made within some 600 student unions in the UK.

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Bring in more CAS clients with SEO

Accounting Today

Optimizing your presence online can maximize the reach of your client advisory services practice — and all your other practices, as well.

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Say ‘Goodbye’ to Clunky Spreadsheets and Say ‘Hello’ to Month-End Automation

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, emails, and shared drives no longer need to slow you down. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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More Companies are Enhancing Strategies to Retain Key Staff During M&As

CPA Practice

A majority of companies (72%) either track or set aside fixed retention payments to encourage employees to remain at the company during or after an acquisition is completed, according to a survey by advisory, broking and solutions company WTW. C-suite executives and their direct reports are more likely to be offered retention agreements than other salaried employees.

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Ultra-rich should pay taxes to save Social Security, poll shows

Accounting Today

An overwhelming 77% of registered voters in the seven states that will decide the 2024 presidential election like the idea of a billionaires tax to bolster Social Security shortfalls.

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Mortgage Rates Climb to 7.17%

CPA Practice

By Prashant Gopal Bloomberg News (via TNS) Mortgage rates in the U.S. increased for a fourth straight week. The average for a 30-year, fixed loan was 7.17%, up from 7.1% last week, Freddie Mac said in a statement Thursday. House hunters looking to land a deal during the typically busy spring season are having to dig deeper to afford a purchase. Borrowing costs have climbed fairly steadily since the beginning of the year, and a shortage of listings is pushing up prices in most areas of the countr

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Hedge fund founder claims controversial tax trades were 'completely legal'

Accounting Today

Cum-Ex was a tax-driven trading strategy in which a global network of bankers, lawyers and agents exploited loopholes on dividend payout laws across Europe to reap duplicate tax refunds.

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Outsourcing Vs. In-House: The Ultimate Battle For Better Collections

Speaker: Susan Richards

Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.

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Feds Accuse Kansas CPA of Embezzling Money From Client to Build New Home

CPA Practice

By Eduardo Castillo, The Wichita Eagle (TNS) A Kansas accountant has been accused of defrauding a business client and using the client’s money to build himself a home, federal prosecutors said. Quintin Flanagin, 43, of Colby, is a certified public accountant and is part owner of Williams Consulting, a Colby accounting firm. Flanagin was charged with seven counts of wire fraud, four counts of bank fraud, two counts of false statements and six counts of money laundering, a news release from U.S.

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What disclosures do the Fortune 500 put in their annual reports?

Accounting Today

Companies are increasingly prioritizing cybersecurity, executive compensation clawbacks and more.

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Thomson Reuters Launches Checkpoint Edge with CoCounsel

CPA Practice

Content and technology company Thomson Reuters is expanding access to the power of generative AI (GenAI) with the launch of Checkpoint Edge with CoCounsel to help redefine how professionals perform tax research. The enhanced solution is built on Amazon Web Services (AWS) and delivers a GenAI assistant to tax professionals, enabling them to quickly get answers to complex research questions, saving them time and increasing their efficiency.

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Taxes on retirement income: Help for accountants advising clients

ThomsonReuters

As an accountant, advising your clients on retirement income taxes and related strategies can help them to optimize their financial planning in their golden years. That’s why it’s important to have a thorough understanding of the tax implications, contribution limits, and distribution rules associated with various retirement accounts, including 401(k)s, IRAs (Traditional and Roth), and pension plans.

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AP Automation: The Competitive Advantage Your Business Needs

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 technology to drive productivity and cost savings. So, how do you make the case for automation within your organization?

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Thomson Reuters Plans AI Functions for All Professional Users

CPA Practice

Thomson Reuters, a global content and technology company, has launched an expanded vision for CoCounsel, its professional-grade GenAI assistant. CoCounsel will unify the entire customer experience and give customers a new way to access Thomson Reuters product capabilities through a single GenAI assistant with applications across Legal, Tax, Risk & Fraud, and Media.

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IRA tax considerations for contributions and withdrawals

ThomsonReuters

As an accountant, your clients look to you for retirement advice, including tax considerations for IRA plans, the tax benefits of different IRA types, taxes on IRA contributions and withdrawals, and inheritance-related topics. Below are some commonly asked questions on IRA tax considerations so you can optimize retirement strategies and provide personalized advice to your clients.

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Vertex Joins Oracle ISV Accelerator Program

CPA Practice

Vertex, Inc. has been selected to join the Oracle Independent Software Vendor (ISV) Accelerator for SaaS Initiative. With expertise in Oracle Cloud Fusion Cloud Applications integrations, Vertex continues to leverage the power of contract and tax data to optimize customer operations and outcomes. “Building on our longstanding relationship with Oracle, we are thrilled to join the Oracle ISV Accelerator,” said Bradd Wildstein, Vice President, Indirect Sales at Vertex, Inc.

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401(k) tax FAQ: Tax considerations for contributions and withdrawals

ThomsonReuters

When it comes to navigating the tax landscape of 401(k) contributions and withdrawals, it’s important for accountants to stay informed and help clients make tax-efficient decisions during their retirement years. Let’s take a look at some commonly asked questions and answers on 401(k) tax considerations for contributions and withdrawals. Jump to: Is a 401(k) pre-tax?

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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.