Thu.Feb 29, 2024

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Tax Return Checklist for Clients | Canopy

Canopy Accounting

With tax season officially started, you’re likely too busy to personally check in with every client to make sure they are prepared for their tax appointment. That’s why we’ve put together a tax return checklist for clients. Share this list via bulk email or through a client portal for a quick way to remind your clients how to prepare for tax season.

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LEAP into Compliance in 2024

TaxConnex

Happy Leap Day! While not at all related to sales tax, we thought that as we spend a day to align our seasons and the Earth’s orbit of the sun, we should also discuss how to ensure your processes align with maintaining sales tax compliance in 2024! LEAP into compliance with us as we discuss 4 specifics that need to be considered in order to maintain your compliance in 2024, and beyond.

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Acterys Selected as a Challenger in the 2024 Hackett Digital World Class Matrix

Acterys

Power BI Integration and Enhancements Have Brought a New Perspective Into the Market (Chicago, Il., February 27, 2024) — Acterys, a leading provider of enterprise performance management (EPM) solutions, is proud to be selected as a challenger in the 2024 Hackett Digital World Class Matrix. This inclusion represents another significant step forward in Acterys’ journey to simplify the EPM landscape and provide customers with unparalleled efficiency, accuracy, and flexibility.

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The IRS Is Ready to Strike the Fear of God Into Anyone Who Took ERC

Going Concern

For posterity’s sake, here’s what the IRS says about its open Employee Retention Credit (ERC) investigations as of January 25: That’s nine open investigations, 123 under review, and anyone who comes forward to say they took ERC money they weren’t entitled to before the Voluntary Disclosure Program closes on March 22 will have to give up the name of the promoter that encouraged them to take the credits.

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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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Alexander Smit Named 2024 Leader in Finance

Withum

Withum is excited to share that local business publication NJBI Z has named Alexander Smit , Associate Investment Advisor, on the 2024 Leaders in Finance list. The NJBI Z Leaders in Finance Awards celebrate local finance professionals with outstanding reputations in the industry and in their communities. Lex is part of the Withum Wealth Management Team, specializing in Financial Planning.

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Why Did the PCAOB Redact KPMG’s Audit Failure Rate?

Going Concern

What the f**k is this?? 2022 PCAOB Inspection of KPMG LLP [ PDF ] WSJ doesn’t know why it was redacted either. NO ONE DOES. We’ve got some more inspection reports to dig into shortly, lots of them. EY, PwC, Deloitte, GT, BDO, RSM, Moss Adams…does anyone want to know all that? We were warned last year that this batch of PCAOB inspection reports would be “completely unacceptable” but no one said they would be completely unknowable.

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Tax Savings for Accountants with Gambling Clients

CTP

American gaming has boomed since sports betting and online gambling were legalized. Complex tax laws for filing and deducting gambling winnings and losses provide new hurdles for taxpayers. Internal Revenue Service (IRS) reporting rules from W-2Gs to 1099-Ks are very confusing for taxpayers to understand. So, as an accountant of a gambling client, you need to have detailed knowledge about gambling winnings and losses, as well as all the rules and regulations related to tax on gambling income.

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Sage unveils host of new products, features and partnerships

Accounting Today

Sage, the company behind Sage Intaact and other products, announced a host of new products, features and partnerships at its Las Vegas conference.

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Going, Going…Gone: Will Medicare Tax Liability Strike Out Shohei Ohtani’s Annual Salary?

Withum

Sports fans across the world turned their heads when Shohei Ohtani’s record breaking $700 million contract with the Dodgers was announced. Many people, myself included, were enamored with the figure alone. Ohtani is a generational talent, and it was thought that he would be receiving a contract in the $500-$600 million range. The $700 million contract was even higher than the top baseball analysts had expected.

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IRS Gives Tax Relief Extension to Spokane, Washington, Area Taxpayers Affected by Fires

CPA Practice

The Internal Revenue Service has given tax relief for individuals and businesses in parts of Washington state affected by wildfires that began on Aug. 18, 2023. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments. Following the disaster declaration issued by the Federal Emergency Management Agency (FEMA) , individuals and households that reside or have a business in Spokane County qualify for tax relief.

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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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Guide: How to Leverage AI for Your Business

Withum

AI is in the zeitgeist, and most of us interact with it frequently for both business and personal reasons. From, “Hey Alexa, re-order toothpaste” to automating resume scraping for job acquisitions, AI has changed our day-to-day relationship with how technology can help humans. However, knowing the power of AI and using it effectively are two very different things.

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Preparing for Tableau Pulse and Migrating to the Cloud

Cherry Bekaert

Tableau, from Salesforce, has recently made headlines with its new solution – Tableau Pulse. Cherry Bekaert is front and center of this solution that focuses on AI-powered insights to scale data-driven decision-making for organizations. As a leading provider of this solution, Cherry Bekaert sheds light on the features of Tableau Pulse and the necessary steps for utilizing it, which includes migrating Tableau to the cloud.

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Shohei Ohtani’s Deferred Compensation Comes With Shocking Tax Obligations

Withum

Sports fans across the world turned their heads when Shohei Ohtani’s record breaking $700 million contract with the Dodgers was announced. Many people, myself included, were enamored with the figure alone. Ohtani is a generational talent, and it was thought that he would be receiving a contract in the $500-$600 million range. The $700 million contract was even higher than the top baseball analysts had expected.

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Spotlighting Women in Advisory Practice: Answering the call to accounting with Brittany Lanphier, CPA

ThomsonReuters

Following high school and an internship at a small business where her role included accounting work, Brittany Lanphier determined that she would definitely not study accounting in college. After being accepted at Texas A&M University Mays Business School — ranked one the most competitive business schools in the region — she progressed through her introductory business classes and then her first accounting class.

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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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Tax Fraud Blotter: Losing bets

Accounting Today

Shamrock shake-up; now for the slow life; Superiority complex; and other highlights of recent tax cases.

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What Is Certified Payroll? What to Know If You Land a Federal Contract 

Patriot Software

Step 1: Land the contract for a federal government-funded job. Step 2: Comply with your certified payroll reporting requirements. What is certified payroll? Contractors and subcontractors working on federally funded construction projects have an additional payroll responsibility known as certified payroll.

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Tax policy wonks rejoice, wealthy households cringe at IRS audit push

Accounting Today

A new GAO study adds more fuel to the research suggesting the agency should be probing more rich households. Tax pros say those efforts will have big implications.

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IRS Makes Enhancements to ‘Where’s My Refund’ Tool, So Taxpayers Can Track Refund Date and Status

CPA Practice

With millions of tax refunds going out each week, the Internal Revenue Service is reminding taxpayers that recent improvements to Where’s My Refund? on IRS.gov provide more information and remains the best way to check the status of a refund. The Where’s My Refund? tool provides taxpayers with three key pieces of information: IRS confirmation of receiving a federal tax return, approval of the tax refund and issuing date of the approved tax refund.

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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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Overcome accounting complexities before an oil and gas acquisition

Accounting Today

Complex transactions in this industry can trigger accounting and reporting issues that may result in SEC letters, restatements and challenging conversations with investors.

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Xero Adds Generative AI to Business Accounting System

CPA Practice

At its inaugural Investor Day on February 28, 2024, global small business platform Xero unveiled its AI vision which the business says has the potential to reimagine accounting and improve the lives of small businesses. This included previewing ‘Just Ask Xero’ (JAX), the company’s new GenAI-powered smart business companion for small businesses and their advisors — that will help them complete accounting-related tasks and provide deep insights to enable them to run their business better.

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FAF reevaluates role of PCC

Accounting Today

The Financial Accounting Council is reviewing the effectiveness of the Private Company Council, the group that advises the Financial Accounting Standards Board about the perspective of privately held companies.

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My Opinions About 2023’s Stock Market Performance

Withum

2023 was a good year for the stock market with all major indexes up. When the market is up, most everyone is happy, but not everyone. There are many people who try to beat the market, and what they buy drops, or they sell stock short or sell or buy put-and-call options or do other things that add risk while chasing higher returns, hoping to outsmart the other investors.

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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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British trader pleads guilty to tax scandal charges in Denmark

Accounting Today

A British hedge fund trader pleaded guilty to allegations he helped swindle Denmark out of about 8.4 billion kroner ($1.2 billion) in a massive Cum-Ex scandal that rocked the Nordic country.

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How to Make Rental Loss Deductible: Active Participation vs. Material Participation

KROST

It is helpful for taxpayers with rental properties to know the rules and regulations about deductible rental losses. Understanding the difference between active participation and material participation is crucial as these two terms play a big role in determining the deductibility of rental losses. In general, rental activity is considered a passive activity that creates Read the full article.

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Xero announces gen AI solution as part of wider AI push

Accounting Today

Business management solutions provider Xero announced a new generative AI solution as part of a wider push to incorporate more AI into its products.

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Vic.ai Adds Early Payment Discounts and Zero U.S. Transaction Fees

CPA Practice

Vic.ai , an autonomous finance platform, has added AI-powered early payment discount detection and zero fees on all U.S. transactions made through Vic.ai Payments. Proactive discount alerts, free U.S. transactions, local currency options, and more will unlock unprecedented savings potential for Vic.ai customers. Payments are a persistent challenge for accounts payable (AP) teams.

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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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Quality, Consistency, Patience: SEO is a Long-term Play

Summit CPA

A Conversation with SEO Optimizer’s Brandon Leibowitz Can you imagine ranking at the top of a search results page within a week of launching a new business? That’s what happened in the early 2000s when we started offering virtual CFO services. The catch? Back then, very few people were searching for those keywords because we essentially invented the concept and decided on a name.

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Microsoft testing Copilot for Finance

Accounting Today

Microsoft is making its Copilot for Finance generative AI solution available for public testing.

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Reinventing Innovation: Using AI to take R&D from Art to Science

Cherry Bekaert

Contributor: Rashaad Balbale Faced with increasingly inconsistent innovation pipelines and mixed results in market, a leading consumer products company knew it needed to develop a radically different approach to innovation. The company partnered with T&Co by Cherry Bekaert to upend decade-long practices by leading with artificial intelligence (AI) to design an entirely new model for research & development (R&D).

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SEC sues ex-CEO of AI startup for fraud

Accounting Today

Paul Pereira denied making false and misleading statements about his company's performance to boost its stock.

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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.