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New data from the Chartered Institute of Payroll Professionals (CIPP) and its annual Payslips Statistics Report reveals that employees are keen to have more financial wellbeing support from payroll. This year, the report features two questions from the Money and Pensions Service (MaPS), including the key question on employee financial wellbeing. Financial wellbeing has received increased attention in recent years, compounded by the cost-of-living crisis and inflation pressures.
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Well, at least it’s not Employee Retention Credits or PPP fraud. Courtesy Chicago’s WGN , the food service director for Harvey School District 152 in the southern burbs pleaded guilty last Friday to stealing $1.5 million of food — mostly chicken wings — under the cover of providing meals to students learning remotely at the height of COVID.
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For a limited time, businesses that incorrectly claimed the pandemic-era Employee Retention Credit (ERC) can voluntarily return the refunds they received without having to pay any penalties or interest—or worry about being audited. The IRS announced on Aug. 15 that it’s reopening the voluntary disclosure program through Nov. 22, and those businesses that apply for and are accepted into the program have to repay 85% of the tax credit back to the agency.
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Accounting is the backbone of any successful business. However, many business owners, in an attempt to save costs, opt for cheaper accounting services. While it might seem like a smart move initially, it can often result in significant expenses down the line. This blog post will help you identify the warning signs that your bargain accounting service might be costing you more than you think.
Adieu, Summer Olympics 2024. Paris 2024 didn’t disappoint. Were you like most of the world in watching? It seems like Americans were glued to all 13 days of nonstop competition both on live TV and through the ever-entertaining athlete social media streams. And speaking of social media, thanks, Olympic committee, for relaxing rules around social media posting which brought us this.
Menzies LLP - A leading chartered accountancy firm. Overview HMRC have advised they are currently targeting dog and cat breeders who may have undisclosed income from the breeding and sale of animals. But it’s not just breeding that might cause a tax problem, as pet sitters will also fall onto HMRC’s radar with the introduction of the online platform reporting rules.
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
8 min read August 15th, 2024 Over the past few years, there has been a major shakeup in the C-suite, as businesses have increasingly replaced their in-house chief financial officers (CFOs) with outsourced CFO services (also called fractional CFO, interim CFO, virtual CFO, or vCFO services). Between 2021 and 2022 Google searches for "fractional CFO" grew by 535%.
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The 2024 ACFE Report to the Nations represents the 13th edition of the most extensive global study on occupational fraud. Drawing from 1,921 real cases of occupational fraud across 138 countries and territories, this comprehensive report delves into the intricate web of costs, schemes, victims, and perpetrators associated with fraud. Let’s explore how the pandemic influenced fraud trends and what organizations must consider moving forward.
Diya Jolly, chief product and technology officer with Xero, touted its proprietary gen AI assistant JAX, which she said controls hallucinations for enhanced accuracy.
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Contributors: Artan Ivezaj and John Ford Purchasing (subcontracting) systems are an essential aspect of government contracting that contractors need to pay attention to. With the increasing number of solicitations and requests for proposals (RFPs), including business system requirements or providing additional points for an offeror with an approved purchasing system, it is crucial for companies to develop a system that complies with the regulations and adequately documents procurements on govern
Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of top remote accounting candidates without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires. ACCOUNTING CANDIDATES FTE Accounting | Candidate ID #22164769 Certifications: EA in process Education: BS BA, MBA, MS Accountancy Experience (years): 5+ ye
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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?
There are now 16 public accounting firms in the U.S. that surpassed the billion-dollar mark in revenue during their most recent fiscal year, according to the newly released top 500 firms ranking for 2024 from INSIDE Public Accounting. New York City-based CohnReznick joined the “billion-dollar club” with revenue of $1.05 billion. There were 15 firms that surpassed $1 billion of revenue last year.
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.
By Charles E. Ramirez The Detroit News (TNS) A Detroit woman convicted of being an unlicensed accountant and unlicensed real estate agent has been sentenced to two years of probation, officials said. Krystal Davis, 37, was sentenced Tuesday in Wayne County Circuit Court for accounting violations—being an unlicensed certified public accountant and two counts of violating the state occupational code-being an unlicensed real estate agent, the Michigan Attorney General’s Office said.
London-based accounting and payroll solutions company IRIS Software Group has teamed up with fellow London company AccountsIQ, a provider of fully cloud-based accounting software, on an integrated suite of cloud-based payroll, human resources, and finance solutions that enable businesses to streamline operations, facilitate cross-departmental collaboration, and help make data-driven decisions.
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As a business owner, you must continuously monitor your business’s financial health. As part of your ongoing profitmaking endeavors, you will work closely with banks and lending institutions who will need to see your financial statements occasionally. A robust, ongoing relationship with your banker will be beneficial when you seek a loan or an independent.
Introducing Karen Eckstein (LLB, CTA, Cert IRM), a specialist in risk for tax and accountancy professionals and is the founder of Karen Eckstein Ltd. With over 30 years’ experience of defending claims against the profession, Karen works with firms to prevent claims arising and helps them have happy healthy relationships with their clients and to be more profitable.
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Living and working overseas presents many opportunities and challenges, including navigating the complexities of U.S. tax laws. The IRS Form 2555 is a critical tool that allows U.S. citizens or resident aliens (“green card” holders) living and earning income abroad to manage their tax obligations effectively. This form enables eligible taxpayers to claim the Foreign Read the full article.
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