Wed.Jan 15, 2025

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Preparing Your Client for a Tax Audit: A Tax Planner’s Secret Weapon is Good Documentation

CTP

When that IRS audit notice shows up in the mail, many taxpayers’ first reaction is to panic. For well-trained tax planners, however, this can be our moment to shineand to demonstrate to our clients the immense value that we bring to the table. Many taxpayers dont realize that a number of tax returns are chosen randomly for an audit, which means that anyone could win the audit lottery in any given year.

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Lessons from the Bench Shutdown: How to Safeguard Your Business’s Financial Data

AccountingDepartment

When an accounting service provider unexpectedly closes, businesses may find themselves in a rush to retrieve their financial data and maintain operations. The recent closure of a major accounting platform highlights the essential need for businesses to protect their financial information proactively.

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Layoff Rumor: RSM US Cuts in Risk Management, Staff Think the Jobs Are Going to India

Going Concern

Can you imagine why people at RSM US would think jobs are going to India when they see their colleagues laid off ? It’s a mystery. Anyway, tip we received this PM: RSM US cut a bunch of teams within their risk management function. Impacted teams were conflicts, independence, and enterprise risk management. Chief Risk Officer gave a 5 minute call with no question or answer period.

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Budget Addresses Key Changes to Agricultural Property Relief

Menzies

Menzies LLP - A leading chartered accountancy firm. Budget Reforms Fuel Farming Controversy Following the new Labour Governments first budget, Business Property Relief (BPR) and Agricultural Property Relief (APR)reforms to Agricultural Property Relief (APR) and Business Property Relief (BPR) has sparked controversy within the Welsh farming community, fuelling further uncertainty for businesses already navigating uncertain economic conditions.

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What Your Financial Statements Are Telling You—And How to Listen!

Speaker: David Worrell, CFO, Author & Speaker

Your financial statements hold powerful insights—but are you truly paying attention? Many finance professionals focus on the income statement while overlooking key signals hidden in the balance sheet and cash flow statement. Understanding these numbers can unlock smarter decision-making, uncover risks, and drive long-term success. Join David Worrell, accomplished CFO, finance expert, and author, for an engaging, nontraditional take on reading financial statements.

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BDO USA Announces Big Brothers Big Sisters of America as First Cause Partner

CPA Practice

BDOs commitment marks the firms first national strategic nonprofit collaboration and begins a three-year relationship with BBBSA to invest in future generations and enhance youth well-being.

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Retention of Title Claims: What Are They, and Could They Be Helpful in an Insolvency Scenario?

Menzies

Menzies LLP - A leading chartered accountancy firm. Retention of Title (ROT) iswhere the seller of physical goods attempts to protect itself against non-payment by retaining ownership of those goods until payment is received, even after the goods have been delivered. There are two types of ROT clause: Simple clause The goods supplied under a specific invoice remain the property of the seller until all such goods on the invoice have been paid for.

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Is it time to start your own firm?

Accounting Today

Whether you should hang out your shingle as an accountant depends on the answers to a number of questions.

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Deadline for Forms W-2, W-3 and 1099-NEC Due on Jan. 31, Says IRS

CPA Practice

Employees should also be provided with their copies by this date, so they can make preparations for filing taxes by April 15.

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SEC chief accountant to retire

Accounting Today

The Securities and Exchange Commission's chief accountant, Paul Munter, plans to retire from federal service this month.

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IRS Proposes Regs, Draft Form for Corporate Separations and Reorganizations

CPA Practice

The Treasury Department and the IRS on Monday released proposed regulations for corporate separations and reorganizations, as well asreporting requirementsfor multiyear corporate separations and a draft version of new Form 7216.

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Forecasting Failures Are Costly: Here's How To Fix Them

Speaker: Dave Sackett

Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.

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IRS proposes regs for corporate splits, reorgs

Accounting Today

The IRS and the Treasury Department issued proposed regs and reporting requirements for multi-year corporate separations and a draft form.

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Treasury, IRS List Qualifying Technologies for Clean Electricity Tax Credits

CPA Practice

The Treasury Department and the IRS on Jan. 15 published the firstAnnual Tablethat provides greenhouse gas emissions rates for certain types or categories of facilities that are eligible for the Clean Electricity Production Tax Credit and the Clean Electricity Investment Tax Credit.

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Xero wins IDC 2024 SaaS CSAT Award for Finance

Xero

We’re thrilled to share some exciting news! Xero has just been awarded the IDC 2024 SaaS CSAT Award for Finance. Xero placed in the highest scoring group for vendors serving the financial application market. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets.

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L.A. Fires: Rental Housing Costs Spike and Claims of Price Gouging in Southern California

CPA Practice

In the Beverly Grove neighborhood of Los Angeles, the asking rent for a two-bedroom condo jumped from $5,000 to $8,000 in the wake ofthe fires.

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Are Robots Replacing You? Keeping Humans in the Loop in Automated Environments

Speaker: Erroll Amacker

As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R

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KLR merges in Sullivan Bille

Accounting Today

KLR, a Top 100 Firm based in Boston, has added Sullivan Bille P.C., based in Andover, Massachusetts.

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Atlas Salt spices up Project Management with Oracle Solutions

Insightful Accountant

North American mineral development company "Atlas Salt" has taken their project, information management and financial efficiency to the next level with Oracle Primavera Cloud, Aconex, and NetSuite.

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Tax automation tools top firms' wishlists

Accounting Today

A survey from Wolters Kluwer found that accounting firms are planning major tech investments in 2025.

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Input Needed: ProAdvisor 'Inventory/Manufacturing' App Survey

Insightful Accountant

Insightful Accountant needs your help updating ProAdvisor preferences for Inventory/Manufacturing Apps working with QuickBooks. Please answer this short survey.

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Book of Secrets on the Month-End Close

Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.

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AI implementation at firms grows 34% in a year

Accounting Today

A recent survey from Wolters Kluwer found that implementation of AI search and productivity tools at firms went from 1% in 2023 to 35% in 2024.

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How to Intuit Enterprise Suite: Dimensionalization

Insightful Accountant

Murph takes you through the steps to 'Dimensionalize' your accounting using Intuit Enterprise Suite.

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QB on Amazon, and other tech stories you may have missed

Accounting Today

1-800Accountant and LegalZoom teamed up, accounts payable's AI-empowered glow-up, and other tech developments from the past month.

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Key Changes Coming to Circular 230: What Tax Preparers Need to Know

Insightful Accountant

The Treasury Department and IRS are proposing significant amendments to Circular 230, marking the most substantial changes since 2014. Here's what you need to know.

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How To Break Digital Transformation Barriers And 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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5 Steps to Delegate More at Your Firm

Ryan Lazanis

Learn how to delegate the right way so you can hand off tasks you dont enjoy, free up your time, and focus on what matters most. The post 5 Steps to Delegate More at Your Firm appeared first on Future Firm.

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Workwize Raises $13 Million in Series A Funding to Disrupt IT Asset Management for Globally Distributed Teams

CPA Practice

Workwize, a platform for global IT hardware asset management, has closed $13 million in Series A funding led by Klass Capital, with continued support from early-stage investors Peak and Graduate Entrepreneur Fund.

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IESBA plans standards for firm culture, governance

Accounting Today

The International Ethics Standards Board for Accountants plans a standard-setting project on accounting firm culture and governance in response to a new report.

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insightsoftware Acquires JustPerform to Deliver Unified, No-Code, Cloud-Native Enterprise Performance Management

CPA Practice

The demand for EPM platforms is surging as organizations seek integrated, cloud-native solutions to address budgeting, forecasting, and consolidation challenges with real-time accuracy.

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Demo SkyStem’s Award Winning Month-End Close Solution & Earn $100

Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.

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Project Management for Accountants: The Complete Guide

Ryan Lazanis

Discover the top project management tools for accountants and what makes each one stand out. We also included project management pro tips. The post Project Management for Accountants: The Complete Guide appeared first on Future Firm.

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AICPA updates digital assets practice aid

Accounting Today

The American Institute of CPAs updated its aid on accounting for and auditing digital assets in response to changes in accounting standards.

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IRS, Treasury Lay Out Guidance on Clean Fuels Production Credit

CPA Practice

Section 45Z of the tax code provides a tax credit for the production of transportation fuels with lifecycle greenhouse gas emissions below certain levels. The credit is in effect in 2025 and is for sustainable aviation fuel and non-SAF transportation fuels.

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IRS Advisory Council names 18 new members

Accounting Today

The newly appointed council members will serve three-year terms.

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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!