Mon.Feb 12, 2024

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Best Practices for Law Firm Billing

Anders CPA

Streamlining your billing process is essential to your firm’s long-term health and reputation. Most legal professionals believe that they have good billing practices, but struggle with firm-wide enforcement, tracking billable hours, client follow-up and which legal billing software to choose. Good billing hygiene is essential for the financial health of your law firm, not to mention client satisfaction: the last thing you want is to strain a client relationship because of unclear expectations.

Legal 52
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Startups Can Make Money Doing Nothing (and Minimize the Impact of Financial Meltdowns)

BurklandAssociates

A few proactive, off-the-radar strategies can provide even more protection and actually make a startup money on its spare cash. The post Startups Can Make Money Doing Nothing (and Minimize the Impact of Financial Meltdowns) appeared first on Burkland.

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Tax extenders bill stalled

Accounting Today

The tax extenders legislation is still tied up in the Senate after being passed in the House as senators are still seeking changes in some of the provisions, such as the expanded Child Tax Credit.

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Anders Technology Makes CRN’s MSP 500 List for 2024

Anders CPA

Anders Technology, a service line of Anders CPAs + Advisors, is proud to be recognized on CRN’s Managed Service Provider (MSP) 500 list in the Pioneer 250 category for 2024. The annual MSP 500 list acknowledges the leading solution providers in North America whose innovative approaches to providing managed services are changing the landscape of the IT channel with groundbreaking solutions while helping end users improve operational efficiencies and maximize their return on investment.

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Building a Business Case for Finance Automation

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 automation to drive productivity and cost savings. Join Wayne Richards and Danny Gassaway from AvidXchange for a practical guide on bringing accounts payable (AP) automation to your organization.

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IRS didn't remove contractors' access to sensitive information

Accounting Today

Hundreds of Internal Revenue Service employees and contractors continued to have access to at least one sensitive IRS computer system even after they stopped working there.

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Why Businesses with High Capex Should Delay Filing Their Tax Returns This Year

CPA Practice

By Ali Donaldson, Inc. (TNS) This tax season, some entrepreneurs may want to hold off on filing their returns. Thank Congress for that. The bipartisan tax agreement , which was first unveiled last month, is now making its way through Capitol Hill. In a rare moment of legislative success for the House, the $79 billion package passed by an overwhelming vote of 357 to 70.

More Trending

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IRS Updates FAQs For Premium Tax Credit

CPA Practice

The IRS released a fact sheet on Feb. 9 that includes updated frequently asked questions (FAQs) about the Premium Tax Credit. The Affordable Care Act’s refundable Premium Tax Credit was created to help lower- and middle-income Americans pay for health insurance purchased through the healthcare marketplace ( HealthCare.gov ). Health insurance can also be purchased through some state exchanges.

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Project Everest Burned a Bigger Hole in EY’s Pocket Than We Thought

Going Concern

The big story making the rounds on this fine Monday morning is this one published yesterday on Financial Times : EY took on $700mn in debt for doomed ‘Project Everest’ spin-off plan : EY piled more than $700mn of extra debt on to its global operating business to deal with the costs of the failed plan to spin off its consulting arm, according to newly filed accounts.

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ASU 2023-09: FASB’s New Income Tax Disclosures for Private Entities

Cherry Bekaert

On December 14, 2023, the Financial Accounting Standards Board (FASB) issued final guidance concerning income tax disclosures, labeled Accounting Standards Update No. 2023-09 (ASU 2023-09). This directive, applicable to all entities subject to income taxes, aims to enrich the clarity and utility of income tax disclosures, serving the interests of investors by furnishing them with more comprehensive insights crucial for capital allocation decisions.

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A Guide to Human-Supervised, AI-Powered Online Fraud Prevention for CPAs & Tax Professionals

CPA Practice

By Crystal Blythe, IDology. Once upon a time, tax preparation was a document-heavy practice, requiring people to send their sensitive documents to their CPAs. Those days are long gone. Today, things are distinctly more digital. The digitalization of the financial sector generally, and tax services in particular, has expanded access to high-quality tax services while making filing taxes more streamlined and convenient.

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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.

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ASU 2023-09: New FASB Rule Enhances Income Tax Disclosures for Public Companies

Cherry Bekaert

The Financial Accounting Standards Board (FASB) released final guidance regarding income tax disclosures on December 14, 2023. Accounting Standards Update No. 2023-09 (ASU 2023-09) applies to all entities subject to income taxes and is intended to enhance the transparency and usefulness of income tax disclosures. The FASB intends for ASU 2023-09 to benefit investors by providing more detailed income tax disclosures that are helpful in making capital allocation decisions.

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6 states with corporate income tax changes for 2024

Accounting Today

Corporations will be the beneficiaries of a reduction in the top marginal rate in all six states.

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CFO Confidence Rises

CPA Practice

Chief financial officers have dramatically higher expectations compared to the most recent quarters, according to a new survey from Grant Thornton LLP, one of America’s largest providers of audit and assurance, tax and advisory services. The majority of CFOs are confident in their ability to meet business goals related to growth, cost control, supply chain and labor needs.

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EY borrowed about $700M more on failed spinoff costs

Accounting Today

Current loans at EYGS LLP — the entity that provides services to the network's member firms — more than tripled from a year earlier to $983 million as of June 30, 2023.

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Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape

Speaker: Jennifer Hill

Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.

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4 Ways Outsourced Accounting Helps Non-Profits Deal with Multi-level Government Regulations

LSLCPAs

Your Mission As a non-profit, your primary goal is to provide services that contribute to the betterment of society through a variety of different ways, such as charitable and philanthropic work, or advocacy and awareness. Your entity might be a charitable organization, a public charity, or a private foundation. Whether you are a 501(C)(3),(4), (6), or something.

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Majority of companies admit to material mistakes on indirect tax

Accounting Today

Tax software provider Vertex found a strong majority of companies have made material mistakes on indirect tax compliance, as few identify as risk averse.

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Technology: Spring Budget 2024 Predictions & Wishlist

Menzies

Menzies LLP - A leading chartered accountancy firm. Significant announcements are usually reserved for the autumn budget, but with a general election coming up in 2024 will we see any big announcements from Chancellor Jeremy Hunt this March? Tax rates With income tax thresholds still frozen there have been rumours of a 2% cut to the income tax rate, however the Chancellor has downplayed these rumours so we are not expecting to see any dramatic changes to income tax this time around.

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PE firms expand accounting firm investments

Accounting Today

Ascend, backed by Alpine Investors, added HD Davis and PP&Co; while its affiliate ATKG Advisors made deals with Michalak CPAs & Advisors and Kowalsky, Rose & Co. Springline Advisory, backed by Trinity Hunt Partners, invested in BGBC Partners.

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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.

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Tax Relief for American Families and Workers Act of 2024

Summit CPA

Dave Danic, Director of Tax at Summit Virtual CFO by Anders, has an update about tax relief implemented by the American Families and Workers Act of 2024.

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Art of Accounting: Being known

Accounting Today

Being active in the community and CPA societies pays high dividends with new business referrals, in addition to friendships and collaboration opportunities that arise.

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Overcoming challenges in the hospitality sector with ESG

Menzies

Menzies LLP - A leading chartered accountancy firm. In 2023, the hospitality sector grappled with a myriad of challenges, from staff shortages and rising costs to economic uncertainty and changing customer expectations. This turbulent landscape has necessitated innovative approaches to ensure the industry’s resilience and sustained success. One avenue gaining prominence is the adoption of Environmental, Social, and Governance (ESG) principles.

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iwoca SME Expert Index: Recession concerns drop by a third in a year, as small businesses demand larger loans

Accounting Insight

SME anxieties regarding a potential recession have eased by a third (32%) since Q4 2022, though inflation concerns remain, according to iwoca’s Q4 2023 SME Expert Index. Under half (49%) of SME finance brokers surveyed report their SME clients having any recession fears––a significant drop compared to 73% in Q4 2022. Nonetheless, economic fears persist: inflation remains disquieting to SMEs going into 2024, with nearly half (45%) of brokers suggesting it is SMEs’ main concern, compared to just

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Cash Flow Secrets Every Upskilled CPA Should Know

Speaker: Debra L. Robinson

CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.

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Ben Richmond on Exploring Xero's Latest Updates & Top Features

Insightful Accountant

Welcome to our latest episode! Join Gary and Ben as they dive into the world of accounting and technology. In this engaging discussion, they cover everything from the most recent product updates to the importance of people in the industry.

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Beware of Fake GST Notices and Summons, Caution by Ministry of Finance

VJM Global

Central Board of Indirect Taxes ( CBIC ) has come across certain cases where taxpayers are getting fake GST summons and GST Notices. Some persons are involved in these kind of activities with fraudulent intent. Notices are sent to taxpayers who may or may not be covered under the DGGI. Taxpayers are unable to differentiate the fraud summons from the genuine as it contains all details similar to original summons including Document Identification Number (DIN).

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EY Borrowed About $700 Million More on Failed Spinoff Costs

CPA Practice

By Irina Anghel and Christine Burke, Bloomberg News (TNS) EY took on about $700 million in extra borrowing to deal with costs related to its failed plan to spin off its consulting unit. Current loans at EYGS LLP—the entity that provides services to the network’s member firms—more than tripled from a year earlier to $983 million as of June 30, 2023, according to accounts filed with the UK’s Companies House.

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Messing With the Money in Divorce

FraudFiles

When a divorce is pending, it is not uncommon for one of the parties to manipulate the finances. Tracy discusses some common items that can be manipulated such as salary, selling assets to related parties, and more.

Finance 52
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Profit in the Details: Rethinking Spend for Monumental Impact

Speaker: Aaron Berson

Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g

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Developing Future Firm Partners

CPA Practice

Many firm leaders we work with face a common challenge: senior partners are retiring, and they don’t have a deep bench of up-and-coming leaders trained and ready to take their place. Creating this succession plan doesn’t happen by accident. It requires identifying and developing future firm partners to be technically skilled, adept at communication, and capable of solving problems, developing business and leading teams.

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How to Market a Marketing Agency

Summit CPA

Every creative agency will experience a point in time when their pipeline is low. It’s an inevitable occurrence. Naturally, leadership will be focusing on how to fill that pipeline again, and marketing strategy is a big piece of that equation. As a digital agency, you know that marketing is the lead generating engine of any business.

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CPA Firm BGBC Joins Forces with Springline Advisory

CPA Practice

Dallas-based business advisory platform Springline Advisory, which officially launched last month with backing from Dallas private equity firm Trinity Hunt Partners, has added BGBC, an accounting and advisory firm in Indianapolis. Financial terms of the deal weren’t disclosed. “We are thrilled to welcome BGBC to the Springline platform. Their entrepreneurial spirit and strong leadership complement our shared vision for growth,” Springline Advisory CEO Tim Brackney said in a statement.

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The need for KPI’s in the recruitment sector

Menzies

Menzies LLP - A leading chartered accountancy firm. Tim Dunn – Partner and Recruitment sector specialist 2024 brings an increasing level of business uncertainty, and a potential change in government during the later part of the year, along with many business owners predicting that they will see a slowing of activity, all adds uncertainty and impacts business confidence.

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Navigating Bleisure Travel: A Guide for Mid-Sized Companies

Bleisure travel — where employees combine work and leisure — has been around since the advent of corporate travel and is here to stay. Successful bleisure policies strike a balance between employee preferences and company goals — workers report a 64% improvement in work-life balance, while companies benefit from reduced travel costs and increased workforce innovation.