Canopy Accounting
JANUARY 12, 2024
Some people say that comfort is the enemy of growth — and we tend to agree. As accounting plays a more central role in daily business operations, complacency and relying on old skills won’t serve accounting professionals well. Even the most seasoned accountants should still seek out opportunities to expand their knowledge and challenge assumptions.
MyIRSRelief
JANUARY 12, 2024
An Offer in Compromise (OIC) is a lifeline for taxpayers who are unable to pay their tax debt in full. It’s an agreement between a taxpayer and the Internal Revenue Service (IRS) that settles the taxpayer’s tax liabilities for less than the full amount owed. However, getting an OIC accepted by the IRS is not a walk in the park. The IRS accepts only a fraction of the OIC applications it receives each year.
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Accounting Today
JANUARY 12, 2024
The Internal Revenue Service reported progress Friday on its efforts to increase its audits of large corporations, complex partnerships and high-income individuals, collecting over half a billion dollars from millionaires who didn't pay their taxes.
CPA Practice
JANUARY 12, 2024
Intuit Inc. , the technology company that makes Intuit TurboTax , Credit Karma , QuickBooks , and Mailchimp , has integrated TurboTax into Credit Karma and QuickBooks Online, allowing customers to prepare and file their 2023 taxes within those programs’ interfaces. Intuit says that TurboTax delivers a suite of full service , assisted , and DIY tax preparation offerings for individuals, families, and small businesses to serve customers however they want to file and where they are most comfortable
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.
Accounting Today
JANUARY 12, 2024
Hunter Biden may face trial this summer in the middle of his father's election campaign after pleading not guilty to charges that he failed to pay taxes on millions of dollars in income from foreign businesses.
CPA Practice
JANUARY 12, 2024
As millions of Americans prepare to start filing their taxes, and thousands of tax professionals prepare for one of their busiest seasons of the year, the U.S. Congress still lacks an annual appropriations bill to fund the government. If legislators fail to reach a funding agreement by Feb. 2, or at least agree on a short-term funding measure, the federal government could shut down.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Going Concern
JANUARY 12, 2024
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. And take our 2024 Predictions for the Accounting Profession survey ! Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.
Randal DeHart
JANUARY 12, 2024
Tax season can be a bit overwhelming for construction business owners, especially with many things to keep track of in our industry. But don't worry; we're here to help! We know that construction businesses have unique tax considerations that can be tricky to navigate, such as complex accounting and bookkeeping challenges and issues related to payroll and sales taxes.
Going Concern
JANUARY 12, 2024
Obligatory /s Reuters , just moments ago: A U.S. federal government shutdown in coming weeks would likely disrupt the soon-to-start tax filing season for 2023 income, the head of the Internal Revenue Service said on Friday, even as the agency takes some steps to ensure that tax collections continue. “We have experienced shutdowns before. We have not experienced shutdowns in the middle of filing season.
Accounting Today
JANUARY 12, 2024
In a change that may affect financial advisors and tax professionals' clients, the agency reversed course on a position it took seven years earlier.
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.
GrowthForceBlog
JANUARY 12, 2024
5 min read Most business leaders are accustomed to outsourcing non-core aspects of their businesses to third-party providers. For example, hiring a marketing agency, law firm, or bookkeeper to assist with these non-central aspects of running a successful business is commonplace.
Withum
JANUARY 12, 2024
What is a PPA? A Purchase Price Allocation (“PPA”) is a financial accounting process that takes place after a business acquisition or merger. It involves the allocation of the purchase price to the acquired company’s tangible and intangible assets. The purpose of a PPA is to determine the fair value of the acquired assets and liabilities, which is essential for accurate financial reporting.
Accounting Today
JANUARY 12, 2024
Research shows mandatory overtime backfires.
AccountingDepartment
JANUARY 12, 2024
We are thrilled to announce that Episode 10 of our podcast, Beyond the Books , is now live and ready for your listening pleasure.
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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.
Withum
JANUARY 12, 2024
DOL CAP Audit Series Having learned the possible reasons for your Union’s selection for a CAP audit , you are ready to proceed to the next section, which outlines the steps involved in the audit process. CAP audits generally begin with a phone call from the investigator to a union official to discuss arrangements for the audit. This is usually followed up by a letter outlining the following: The arrangements discussed for the onsite audit and interviews Information to be provided at the opening
Menzies
JANUARY 12, 2024
Menzies LLP - A leading chartered accountancy firm. Since new rules came into force which concern the expansion of information provided to HMRC by online platforms, the question of whether someone is ‘trading’ or not has come into focus once again. Given income arising from a trade is taxable in the UK, and tax legislation inadequately defines what constitutes a trade, it is important for taxpayers to understand whether they might be considered as trading or not.
Accounting Today
JANUARY 12, 2024
Gotham City Research criticized the Spanish blood-plasma company's accounting and corporate governance.
Withum
JANUARY 12, 2024
It is Withum’s longstanding belief that the Firm’s greatest asset is its people. To ensure a prosperous and longstanding career with the Firm, Withum intentionally implements programs that foster a culture rooted with an Employer of Choice focus. It is the Firm’s mission to be a place where underrepresented talent and emerging professionals can show up to work every day as their authentic selves.
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
LSLCPAs
JANUARY 12, 2024
(This rule impacts your 2024 business filing. It is not part of your tax return.) Why is this happening? As of January 1, 2024, newly formed entities will have to report beneficial ownership to FinCEN (Financial Crimes Enforcement Network). FinCEN is a bureau of the U.S. Department of the Treasury. “… the rule will enhance the ability of FinCEN. The post Are You Forming a New Company in 2024?
CPA Practice
JANUARY 12, 2024
Grant Thornton LLP, one of America’s largest audit, tax and advisory firms, has released its fifth annual Environmental, Social and Governance (ESG) Report , which highlights the firm’s progress toward achieving key milestones in its sustainability goals and diversity, equity and inclusion (DE&I) aspirations. The report describes how Grant Thornton submitted its updated greenhouse gas (GHG) emissions reduction targets to the Science Based Targets initiative for validation and developed a ro
Withum
JANUARY 12, 2024
DOL CAP Audit Series Having learned the possible reasons for your Union’s selection for a CAP audit , you are ready to proceed to the next section, which outlines the steps involved in the audit process. CAP audits generally begin with a phone call from the investigator to a union official to discuss arrangements for the audit. This is usually followed up by a letter outlining the following: The arrangements discussed for the onsite audit and interviews Information to be provided at the opening
Cherry Bekaert
JANUARY 12, 2024
2024 Outlook at a Glance Increased demands for adaptability, innovation/technology, unique customer experiences and security. Where We’ve Been and Where We’re Headed 2023 began with an intense period of uncertainty, led by the collapse of Silicon Valley Bank and the revelation of questionable financial decisions hiding in plain sight in some bank’s portfolios.
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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.
FraudFiles
JANUARY 12, 2024
When the Internal Revenue Services suspects that a taxpayer has unreported income, the agents can use one of several methods to uncover that income. These methods can also be used to help calculate hidden income in a divorce or child support case. One such method used to determine unreported income is the bank deposits method, [.
CPA Practice
JANUARY 12, 2024
Estate planning is vital for most people, but it is especially important for families with a disabled child. If you’re the parent, your primary objective is probably to ensure that the child’s needs will be met throughout their lifetime. However, you will also want to preserve a portion of your wealth for any other children you have. One technique that may be appropriate is to establish a “special needs trust” to supplement public assistance benefits.
Accounting Today
JANUARY 12, 2024
Plus, Intuit adds TurboTax to Credit Karma and QuickBooks; FreshBooks introduces payroll capacities; and other accounting tech news.
CPA Practice
JANUARY 12, 2024
Randy Johnston and Brian Tankersley, CPA, discuss technologies presented at the the 2023 Thomson Reuters Synergy user conference. Use the podcast player below to listen. Transcript (Note: There may be typos due to automated transcription errors.) SPEAKERS Randy Johnston, Brian F. Tankersley, CPA.CITP, CGMA. Intro: Welcome to the technology lab presented by CPA Practice Advisor with your hosts, Randy Johnston and Brian Tankersley.
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.
Accounting Today
JANUARY 12, 2024
Wilkin & Guttenplan appoints next managing shareholder; Hartman Wanzor rebrands; and more news from across the profession.
Ronika Khanna CPA,CA
JANUARY 12, 2024
There comes a time for many small businesses or self employed workers when they decide that their current accounting system is no longer working for them. This can be stressful as learning any new software is often tedious and more importantly you have to ensure proper continuity and a smooth transition. Small businesses might decide to transition to a new accounting software for a variety of reasons: You are currently using spreadsheets which have become difficult to manage Your spreadsheets do
Accounting Today
JANUARY 12, 2024
You may have plenty of work, but is it the right kind of work?
CPA Practice
JANUARY 12, 2024
By Caitlin Reilly, CQ-Roll Call (TNS) A bipartisan, bicameral $70 billion tax agreement taking shape on the Hill is drawing mixed reviews, pointing to potential challenges ahead for Senate Finance Chair Ron Wyden and Ways and Means Chairman Jason Smith. The tentative agreement would devote equal resources to reviving a trio of business tax breaks and increasing the child tax credit available to families with little taxable income.
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