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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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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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.

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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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.