Fri.Oct 11, 2024

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Stop Fraud Before It Starts

FraudFiles

My idea of a good time: Digging through boxes of documents for hours on end, looking for that smoking gun that proves an employee was stealing from a business. An attorney’s idea of a good time: Going to court with the expert witness who proved the employee was stealing, and burying the guilty party with [.

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Acterys Recognized as a Champion in SoftwareReviews’ 2024 EPM Quadrant Award

Acterys

Acterys has been named a Champion in the 2024 Enterprise Performance Management (EPM) Quadrant by SoftwareReviews. For the second consecutive year, Acterys has been voted into the top spot by its customers. Each year, SoftwareReviews presents the Data Quadrant Awards to top-performing software products based solely on authentic user reviews, without any paid placements or analyst opinions.

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Enrolled Agent Near Me: Comprehensive Tax Services for Individuals and Businesses

MyIRSRelief

Enrolled Agent: Comprehensive Tax Services for Individuals and Businesses When it comes to managing your taxes, finding a qualified and reliable tax professional is crucial. An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and is empowered by the U.S. Department of the Treasury to represent taxpayers before the Internal Revenue Service (IRS) for tax issues including audits, collections, and appeals.

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Are you ready? Prepare for tax season with these essential resources for accountants

ThomsonReuters

Jump to ↓ Why tax season resources matter How to make the most of these resources Tax season success starts here Tax season is here, and with it comes the familiar rush of deadlines, complex returns, and endless questions from clients. You know the drill all too well. But what if you had a comprehensive place with tools, guides, and expertise to help you navigate the chaos and stay ahead of the curve?

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The Silent Crisis: Why Finance Lags in Digital Transformation and How to Accelerate AI Adoption

Speaker: Anna Tiomina, MBA

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?

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The Missing Piece of Your M&A Plan: Merging Process & Technology

CPA Practice

Mergers and acquisitions (M&A) activity in the accounting profession has been vigorous in the past year and all signs point to that trend continuing—especially if the Federal Reserve lowers interest rates over the next few months. Whether you are on the buyer or seller end and whether the transaction is driven by a desire to grow your market share, develop your team, or offer more specialized expertise, you want both sides to operate seamlessly from day one.

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Friday Footnotes: AICPA Gets Around to Addressing Outsourcing; Prison-Bound CEO Updates His LinkedIn Hilariously; Big 4 Split | 10.11.24

Going Concern

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

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Numeric Raises $28 Million in Series A Funding

CPA Practice

AI accounting automation platform Numeric has raised a $28 million Series A led by Menlo Ventures, with participation from new investors IVP and Socii Capital. Existing backers Founders Fund, 8VC, Long Journey, Access Industries, and Friends & Family Capital, among others, also invested in this round. Numeric said the investment will accelerate engineering hiring and product development, supporting the San Francisco-based company’s aim to enable real-time decision-making from financial d

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RSM US and UK plan to combine

Accounting Today

Allowing for regulatory approvals and other hurdles, the two firms hope to become a single firm by the end of 2025.

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Validis Launches Upload Functionality to Streamline Data Collection

CPA Practice

Validis, a maker of technologies for accounting data extraction and standardization, has announced a breakthrough in financial data sharing that promises to transform the audit industry. The launch of its innovative Upload functionality empowers auditors to access standardized financial data from any accounting system, dramatically reducing data collection time while enhancing the customer experience.

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The new drudgery

Accounting Today

Once AI handles all the boring and unpleasant tasks for accountants, what boring and unpleasant tasks will replace them?

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New Software & You: Elevating Your Tech Stack

Speaker: Joe Wroblewski, Senior Sales Engineer

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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RSM to Merge With RSM

Going Concern

Well this is surprising news to say the least. RSM US and RSM UK announced the two entities “intend to establish a partner-owned multinational organization dedicated to delivering quality, globally integrated services for the middle market.” In other words, they’re merging. And of that they said: This merger would significantly expand the multinational platform created by the U.S. and Canada with the launch of RSM Canada in 2017 to meet the growing needs of global middle market

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Tech news: Center rolls out "Insights for Travel"

Accounting Today

Plus, Paystand enhances support for Microsoft Dynamics; and other accounting tech updates.

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IRS Provides Tax Relief to All of Florida After Hurricane Milton

CPA Practice

Because of hurricanes Debby, Helene, and, most recently, Milton, all taxpayers in Florida now have until May 2025 to file individual and business tax returns and make tax payments, the IRS announced on Friday. As a result of Hurricane Milton—which hit the western coast of the Sunshine State during the late evening of Oct. 9 and crossed through Florida during the morning of Oct. 10—individuals and businesses in 51 counties will receive disaster tax relief.

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On the move: Centri hosts Community Collaboration Day

Accounting Today

Baker Tilly names chief growth officer; Marcum and KPMG release surveys; and more news from across the profession.

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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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CohnReznick is Allegedly Exploring a Private Equity Deal

Going Concern

PE Hub is reporting that according to three sources, CohnReznick is in talks with William Blair — the Patty Stanger of private equity investments — to “gauge new capital sources of investment” in the next few months. CohnReznick has $150 million of EBITDA, they said. The firm is currently sitting at #16 on the INSIDE Public Accounting Top 100 with $1,052,365,413 in revenue.

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Key Questions To Help Evaluate And Operate Your Construction Business

Randal DeHart

External factors, such as economic changes or technological advances, can significantly impact whether a business will thrive or fail. The rise of sharing and gig economy apps is an excellent example. These apps gave consumers more affordable options for daily tasks and errands and provided individuals with a new way to earn money on their schedules.

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Fatema Raza Named on NJBIZ 2024 Leading Women in Business List

Withum

Withum is proud to share that Fatema Raza , Partner, has been named on NJBIZ’ s 2024 Leading Women in Business List in the Traditional category. Previously known as the NJBIZ Best Fifty Women in Business, this program recognizes women who have made a significant impact on business in New Jersey. In addition to being an active member of Withum’s Financial Services Team , Fatema is a central contributor to several firm-wide initiatives and events.

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GASB Asks For Input on Infrastructure Assets Proposals

CPA Practice

Several Governmental Accounting Standards Board (GASB) proposals regarding the accounting and financial reporting for infrastructure assets are on the table for stakeholders to review and provide feedback. The GASB issued a preliminary views document Oct. 10 on the infrastructure assets project, which the standard-setting board said is in its “relatively early stage.

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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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What Procedures Are Performed in an ERISA 103(a)(3)(c) Audit?

Withum

Effective July 2019, the AICPA Auditing Standards Board issued the Statement on Auditing Standards (SAS) No. 136, Forming an Opinion on Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. The SAS works on enhancing the reporting requirements for the audit and changes the form and content of the auditor’s report, therefore upgrading the name of a limited scope vs. full scope audit to the newly named ERISA 103(a)(3)(c) audit and ERISA non 103(a)(3)(C) audit.

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Tax Gap For 2022 Estimated At $696 Billion, IRS Says

CPA Practice

The projected gross tax gap—the difference between the total taxes owed to the federal government and how much is collected on time—for tax year 2022 is $696 billion , down $12 billion from a revised 2021 tax gap of $708 billion, the IRS said on Oct. 10. A projected $90 billion of the gross tax gap eventually will be paid, resulting in a net tax gap of $606 billion, according to the IRS.

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Section 1071: Understanding Data Collection Requirements Under the Dodd-Frank Act

Anders CPA

As the effective start dates for Section 1071 data collection draw near, banks need to review the requirements outlined in the Dodd-Frank Act and guidance provided by the CFPB. To stay in compliance with new data collection requirements, your institutions must understand which data points to collect, and how to build processes and procedures around them.

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RSM US and RSM UK Plan Merger of Transatlantic Units

CPA Practice

RSM US LLP and RSM UK Holdings Limited, both among the largest providers of assurance, tax and consulting services for middle market leaders globally, are in advanced discussions to merge, subject to definitive agreements and customary legal, regulatory and other approvals. The transatlantic merger would establish a partner-owned multinational organization spanning locations across the U.S., the UK, Canada, Ireland, India and El Salvador, supported by 23,000 professionals, with combined annual

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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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AI and Privacy Regulations – The Accounting Technology Lab Podcast – Oct. 2024

CPA Practice

Hosts Brian Tankersley, CPA, and Randy Johnston discuss how the privacy implications of artificial intelligence and new regulations attempting to address these issues. Watch the video: Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.) Brian F. Tankersley, CPA.CITP, CGMA 00:00 Randy, welcome to the accounting Technology Lab sponsored by CPA Practice Advisor, with your host, Randy Johnston and Brian Tankersley, Randy Johnston