Wed.Jan 03, 2024

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States cut taxes in 2024

Accounting Today

Fifteen states are reducing either individual or corporate income taxes this year, with some states trimming both individual and corporate taxes, among 34 states starting the year with significant tax changes.

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2024 Game Plan: A bold approach to break the mold and redefine success!

Insightful Accountant

Your golden ticket to transformation. It's not flipping the calendar, but writing the story of 2024. Get ready for innovation, growth, and endless opportunities in the evolving landscape.

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Minimum wage going up in 22 states

Accounting Today

Nearly half the states are increasing their minimum wages this year, boosting the pay of an estimated 9.9 million workers, according to the Economic Policy Institute.

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U.S. Small Businesses Saw Job Growth for All of 2023

CPA Practice

U.S. small businesses experienced job growth for all of 2023 and extended a cycle of consistent job growth for 33-straight months, according to December data from the Paychex Small Business Employment Watch. The Small Business Jobs Index closed the year at 101.21 (1.2% growth), while hourly earnings growth for U.S. workers in December (3.48%) was down from 4.93% in December of 2022.

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Less Stress, More Success: Accounting Best Practices & Processes for 2025

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.

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What other advice do tech vendors have for 2024?

Accounting Today

It's not all about AI. Solutions providers also stressed the need to keep up with regulations, evaluate tech stacks, and embrace innovation, among other things.

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Accountants Aren’t the Scarediest About How AI Will Affect Them

Going Concern

We got a pitch from “GenAI customer support experts DevRev” via email today that says accountants are third most worried about advancements in AI according to an analysis of search data for terms like “how will AI affect __” and “will AI replace _.” Meaning accountants are asking these questions quite a bit, just not as much as lawyers (#1) and artists (#2).

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Sorry, Private Equity, RSM Doesn’t Want Your Money

Going Concern

FT published an interview today with Brian Becker , RSM US CEO and managing partner since 2022, in which he states RSM will not be jumping on the private equity train that some firms have embraced this decade. Who says the old partnership model is dead? The $3.7bn-in-revenue firm had no need to bring in private capital to fund expansion or to allow partners to cash out early, he said, and he expressed scepticism about the business models being pursued by US rivals.

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January's QB Talks is a 2024 ProAdvisor Meetup

Insightful Accountant

Murph will host a 'open mic' ProAdvisor Meetup for the first Insightful Accountant QB Talks of 2024. ProAdvisors are invited to this discussion of issues surrounding the ProAdvisor Awards, the ProAdvisor Program and QuickBooks Desktop.

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Finance and accounting teams navigate the impact of inflation in 2024

Accounting Today

There is no question that inflation can materially impact a business, and F&A teams have the responsibility to monitor and analyze core costs that may be trending upward.

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More about the QBO Advanced Fixed Asset Feature

Insightful Accountant

We introduced you to the Fixed Asset Feature in QBO Advanced last August, now we want to show you some more details.

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Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors

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.

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Tax credits to Intuit better spent to fund a free alternative to TurboTax, Warren says

Accounting Today

In the fiscal year ending in July 2023, Intuit received $106 million in federal research and experimentation credits, which amounted to about 4% of its total R&D expenses.

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2024 State-by-State List of Sales Tax Holidays

CPA Practice

Sales tax holidays are all the rage right now. There were about 45 sales tax holidays in 24 states in 2023 and could be even more than that in 2024. If you’re in retail, hang on to your hats and read our sales tax holiday FAQ to learn: What is a sales tax holiday? Do all states have a tax holiday? What products are included in tax-free weekends? Do tax-free weekends have price restrictions?

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Watchdog investigates accountant over bankrupt UK council

Accounting Today

The U.K.'s audit and accountancy regulator has opened an investigation into an accountant following solar farm investments made by a now bankrupt local authority.

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Green Energy Incentives

Summit CPA

Dave Danic, Director of Tax at Summit Virtual CFO by Anders, has an update about green energy incentives.

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Back to Basics with Reconciliations

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.

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The Crucial Role of Building a Portfolio Management Process in Every Business?

Withum

Portfolio management is a growth-oriented function that drives continuous improvement in a business by leveraging project managerial frameworks, processes, and controls. Within a company’s portfolio of projects, portfolio management is the process that optimizes and measures Return on Investment (ROI) through strategic project selection and helps develop a roadmap that supports the goals of a strategic vision.

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The Pros and Cons of Outsourced Accounting Services: Making an Informed Choice

Basis 365

In today's dynamic business landscape, optimizing efficiency and streamlining costs are crucial for success. One area where many companies are finding significant advantages is by outsourcing their accounting and bookkeeping services. But, is handing over the reins of your finances the right move for your business? This comprehensive guide delves into the pros and cons of outsourced accounting, empowering you to make an informed decision about your financial future. 1.

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State CPA Society News & Updates: Jan. 2024

CPA Practice

State CPA Society News & Updates is a round-up of recent announcements and initiatives by CPA associations in the United States and its territories. The California Society of CPAs is hosting the Real Estate Virtual Conference on January 30, 2024. The conference is designed for CPAs, attorneys, and other professionals that advise individuals with real estate holdings in California.

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Small business wage growth moderated in December

Accounting Today

The average pace of job growth in 2023 remained above the growth rate leading up to the pandemic.

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Usage-Based Monetization Musts: A Roadmap for Sustainable Revenue Growth

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

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ATA CPAs + Advisors Merges in Memphis Firm Whitehorn Tankersley & Davis

CPA Practice

Top 200 accounting firm ATA CPAs + Advisors has expanded its presence in western Tennessee after combining with Memphis-based Whitehorn Tankersley & Davis PLLC on Jan. 1. Financial terms of the deal were not disclosed. The merger with WTD adds 18 professionals to the ATA team, including partners Lee Hood and Jeff Hunter, as well as principal Steve Davis.

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Your 5-Step Process for Process Improvement

Ryan Lazanis

Streamlining your operations can improve your firm's scalability. In this episode, I'll share my 5-step process to enhance your workflows. The post Your 5-Step Process for Process Improvement appeared first on Future Firm.

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IRS Increases Enforcement on Aggressive Employee Retention Credit Claims

Dent Moses

The IRS announced enforcement action against dubious Employee Retention Credit (ERC) claims by sending over 20,000 letters to taxpayers notifying the recipients of disallowed ERC claims. This compliance effort results from a review revealing many taxpayers didn’t meet the ERC criteria. Recipients not eligible for the credit will receive Letter 105 C, “Claim Disallowed.” The ERC is a refundable tax credit designed to aid businesses that continued paying employees during the COVI

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Moss Adams Admits 20 New Partners

CPA Practice

Top 15 accounting firm Moss Adams has added 20 new partners, five managing directors, and an executive director across its tax, assurance, and advisory practices and national office. “For over 100 years, we’ve supported organizations as businesses advisors and accountants,” Moss Adams Chairman and CEO Eric Miles said in a statement on Jan. 3. “The accounting profession continues to evolve as business needs change.

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Harness the Potential of Your Enterprise Knowledge

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.

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Guide: The Five Pillars of AI Success

Withum

A Comprehensive Guide for Business Leaders Download Guide Unlock the potential of AI for your organization with this comprehensive guide, “Building a Foundation for AI Success: A Leader’s Guide.” Gain valuable insights from Microsoft, Microsoft customers and partners and AI leaders, providing you with the knowledge to propel your business toward AI transformation.

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Form 6166, Tax Residency, and Why It Matters for Your Startup

Shay CPA

Expanding your operations abroad means that your business is doing well enough to scale in a big way. It’s a major milestone. But it can also come with a major tax burden if you’re not careful. Once you start operating internationally, your startup could be subject to the local tax laws of your foreign customers. That could mean a higher income tax rate or more value-added tax (VAT) than you expect.

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Business Lifestyle Analysis in Divorce

FraudFiles

Divorcing spouses who own one or more businesses need a detailed financial analysis in order to properly evaluate these interests. A Business Lifestyle Analysis may be performed to determine the true income of the company and find out where the money is really going. Tracy Coenen talks about how she analyzes the detailed accounting records [.

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Elizabeth Manso on Embracing Technology, Meaningful Relationships, and Remote Work

Canopy Accounting

Elizabeth Manso, President and Founder of Brigade shares how her firm bravely embraced technological transformation, relationship-building and client engagement. She discusses the strategies that allowed her team to successfully implement remote work practices, all while maintaining a robust team dynamic.

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Solve Your Firm's Automation Complexities Once and For All

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.

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fumopay launches its Accountant Partner Programme

Accounting Insight

fumopay is excited to announce the launch of its new Partner Programme for accountants and bookkeepers. Helping small businesses with cash management is at the core of fumopay’s mission. They do this by providing payment solutions to enable small businesses to collect payments from their customers instantly, online, and with just a couple of clicks using bank-to-bank technology.

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Financial Accounting Foundation looks for new trustees

Accounting Today

The FAF, which oversees FASB and GASB, is asking for nominations for at-large trustees.

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Brown Plus, Formerly Brown Schultz Sheridan & Fritz, Announces New Branding

CPA Practice

Brown Schultz Sheridan & Fritz is now Brown Plus. The regional accounting and advisory firm, which announced its new name in December 2023, has officially transitioned to Brown Plus and revealed the firm’s new branding and tagline: See What’s Possible. “Our new tagline and branding all came from feedback we received doing focus groups and surveys with our clients, team members and community partners,” said Ken Wolfe, president and managing principal at Brown Plus.

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Rene Benko's family villa targeted by Austrian tax authorities

Accounting Today

The tax lien is a new headache for the luxury retail and real estate tycoon as he tries to stem a flood of insolvencies that have swamped his sprawling empire.

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It Takes Two to Tango

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.