Mon.Apr 15, 2024

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How Artificial Intelligence is Revolutionizing the CPA Practice

CPA Practice

Dr. Sangeeta Chhabra CPAs and finance professionals today understand the importance of transparency and collaboration; however, lack of uniformity acts as an obstacle to seamless coherence in data management processes. While navigating these challenges, generative AI is emerging as a promising prospect. Generative AI, as a growing ecosystem of technologies, extends beyond GPT-4 and Gemini with added capabilities to process diverse data types, such as text, images, audio, video, 3D modeling, and

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IRS wraps up tax season

Accounting Today

The Internal Revenue Service reported stronger performance on Monday, April 15, as it concluded this year's tax filing season, saying it had answered 1 million more phone calls from taxpayers and helped 170,000 people in person compared to last year.

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PwC Is the Best, Prestige-iest Accounting Firm on the Vault Accounting 25

Going Concern

This morning, Vault released its mildly anticipated 2025 Best Accounting Firms to Work For list and it should be no surprise that PwC has swept the category of Best Accounting Firm for the gazillionth year in a row. This year they also wrestled the title of Most Prestigious back from last year’s #1 firm Deloitte. The methodology is as follows: The Vault Accounting 25 is compiled using a weighted formula that reflects the issues accounting professionals care most about, combining quality of

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Insightful Accountant Announces Dates for Awards

Insightful Accountant

In an attempt to give our readers some degree of advance notice, Insightful Accountant is announcing the specific dates for which the 2024 ProAdvisor Awards will be announced.

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2025 Payroll Calendar Templates (Biweekly, Semi-Monthly, and Monthly)

Use these handy calendar templates to stay on top of payroll in 2025! Download them today to share with your HR team or post for employees. Whether your company has biweekly, semi-monthly, or monthly pay periods, Paycor has you covered. Get your templates today!

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IRS Touts Strong, More Efficient 2024 Tax Season

CPA Practice

It’s Tax Day, so there’s no better time for the IRS to pat itself on the back for a job well done as filing season for most Americans comes to a close. Compared to last year, the IRS answered more than 1 million additional taxpayer phone calls during the 2024 tax season, helped over 170,000 more people in-person, and saw 75 million more visits to IRS.gov, mainly due to the agency’s new and expanded Where’s My Refund?

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The Fate of a Finished Filing Season Still in Limbo

Insightful Accountant

The 2024 tax season is ending with fewer hiccups and changes compared to previous years. Pending legislation and court decisions may bring uncertainty for preparers in the future.

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IRS offers tax relief to corporations

Accounting Today

The Internal Revenue Service is waiving penalties to companies that fail to pay their estimated taxes for the first quarter for the corporate alternative minimum tax.

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Payroll Forecasting: Strategies for Predicting Employee Expenses

Patriot Software

Payroll is arguably a business’s biggest expense. Between taxes and benefits, an employee costs up to 32% more than their wages. To accurately budget for your payroll-related expenses, try payroll forecasting. Payroll forecasting is an essential part of financial planning that requires you to analyze and understand your company’s payroll data.

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Florida Creates New Status for Retired CPAs in the State

CPA Practice

On April 15, Florida Governor Ron DeSantis signed CS/HB 813 – Certified Public Accountants by Rep. Mike Caruso (CS/CS/SB 954), a bill that creates a new retired license status in statute for certified public accountants in Florida. “We want to thank Gov. DeSantis for signing this great bill, CPA Lawmakers Rep. Caruso and Sen. Joe Gruters for sponsoring it, and the entire Legislature for supporting the profession.

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Accountants' top concerns this election year

Accounting Today

The economy, the national debt and tax reform are accountants' top concerns this election season, according to a new Arizent survey.

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Less Stress, More Success: Accounting Best Practices & Processes for 2025

Speaker: Duke Heninger, Partner and Fractional CFO at Ampleo & Creator of CFO System

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Duke Heninger, 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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CFO Optimism Hits 3-Year High

CPA Practice

A new survey from Grant Thornton LLP shows that chief financial officers are more optimistic about the U.S. economy than they’ve been in nearly three years. Grant Thornton’s Q1 2024 CFO survey , which polled 273 senior finance leaders, reported that more than one-third (34%) of CFOs are “very optimistic” about the U.S. economy. This marks an 11-quarter high for the survey.

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IESBA sets ethics standards for corporate tax planning

Accounting Today

The International Ethics Standards Board for Accountants has unveiled a set of ethical standards for business tax planning in response to complaints over tax avoidance by multinational companies.

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SharePoint, SharePoint Advanced Management and SharePoint Premium (Oh my!) Offerings Breakdown

Withum

Recently, Microsoft has been making a lot of updates to the world of SharePoint offerings, with two major changes being Microsoft Syntex (now called Microsoft Premium) as well as the recently released April 2023 launch of SharePoint Advanced Management, a Microsoft 365 (M365) add-on. Let’s look at the various SharePoint, SharePoint Premium and SharePoint Advance Management offerings so you and your organization can determine the best fit for your needs.

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AI evolves for CFOs and accountants

Accounting Today

Generative AI delivers genuine business value to the CFO organization after all the hype has been subtracted.

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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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Florida Lawyer Gets 8 Years in Prison for Fraudulent Charity Tax Claims

CPA Practice

A Florida attorney was sentenced today to eight years in prison for conspiring to defraud the United States and tax evasion arising out of his promotion of an illegal tax shelter scheme involving false charitable deductions. According to court documents and statements made in court, from at least 2013 through 2021, Michael L. Meyer, of Davie, Florida, used his skills as an attorney and certified public accountant to promote his fraudulent tax shelter called “The Ultimate Tax Plan.

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CBIC issued guidelines to be followed  by CGST field officers while investigating to maintain ease of business

VJM Global

Investigations, summon, letters from GST Authority has become common in business from last sometime and there are many practical issues which comes alongwith these communication. GST investigations are at many times hampering regular business activities as well. Further, there are many practical issues being faced by the GST Authorities as well as taxpayer such as prior approval, simultaanoues investigation by more than one GST authority, uncessary information asked etc.

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PwC Locks Down Top Spot in Vault’s Best Accounting Firms Ranking for 2025

CPA Practice

April 15 isn’t just Tax Day. It’s also the day career website Vault.com typically releases its latest ranking of the 25 best accounting firms to work for. Vault’s ranking for 2025 came out Monday morning, and for the 12th straight year, PwC was named the top accounting firm in the U.S. “Accountants at peer firms tell us that PwC is ‘the gold standard of audit and puts the other audit firms to shame,’” Vault said in a media release.

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Instructions regarding rectification of assessment orders under GST| Department of Trade and Taxes, Delhi

VJM Global

GST Assessments, u/s 73, are already closed for FY 2017-18 and the due date of issuance of order for FY 2018-19 is 30th April, 2024. In many of the Assessment orders, the taxpayers have faced genuine hardship such as as the Assessment orders passed are not the speaking one or assessment orders contain clerical mistakes causing unnecessary increase in demand amount.

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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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Our Journey on a Greener Path: DMCL’s Earth Day Reflections and Actions

DMCL

As Earth Day rolls around once again, we at DMCL are taking the opportunity to be mindful of our planet and reflect on our journey towards sustainability. Building off last year’s commitments, we’ve made strides in our quest to become net-zero, focusing on practical, impactful actions that reduce our carbon footprint. This year, we’re proud to report a decrease in our carbon emissions (CO 2 e) and share the steps we’ve taken over the past year to forge a greener future.

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Instructions regarding rectification of assessment orders under GST| Department of Trade and Taxes, Delhi

VJM Global

GST Assessments, u/s 73, are already closed for FY 2017-18 and the due date of issuance of order for FY 2018-19 is 30th April, 2024. In many of the Assessment orders, the taxpayers have faced genuine hardship such as as the Assessment orders passed are not the speaking one or assessment orders contain clerical mistakes causing unnecessary increase in demand amount.

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TaxDome Completes SOC 2 Type I Audit Examination

CPA Practice

TaxDome , a provider of integrated software solutions for tax professionals and accountants, has completed a System and Organization Controls (SOC) 2 Type I attestation for Security. This achievement underscores their unwavering commitment to maintaining the highest levels of data security and safeguarding client information. Bookkeepers, CPAs and accountants utilize TaxDome’s platform for its streamlined, highly secure workflow management.

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CBIC issued guidelines to be followed  by CGST field officers while investigating to maintain ease of business

VJM Global

Investigations, summon, letters from GST Authority has become common in business from last sometime and there are many practical issues which comes alongwith these communication. GST investigations are at many times hampering regular business activities as well. Further, there are many practical issues being faced by the GST Authorities as well as taxpayer such as prior approval, simultaanoues investigation by more than one GST authority, uncessary information asked etc.

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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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Newsweek Talks Company Values With Pat Walsh

Withum

Pat Walsh , managing partner and CEO was happy to sit down with Newsweek on March 27 to discuss creating and cultivating a Most Loved Workplace. Hosted by Lou Carter , Newsweek’s The Leader Show highlights leaders from different sectors to learn what creates effective, successful, and motivating environments. The podcast inspires current and aspiring leaders by focusing on how to overcome challenges in the modern landscape, whether in the private or public sector.

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4 Key Crypto Tax Tips for Entrepreneurs and Digital Investors

CPA Practice

By Tor Constantino, Inc. (TNS) During the past few months, the IRS has been touting the fact that it’s upping its cryptocurrency expertise and crypto tax enforcement game. Coincidentally, the tax agency also issued a not-so-subtle reminder to digital asset holders that they must continue to report income from certain digital transactions this year.

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Digital Agency Events: Grow Your Agency by Building Community 

Anders CPA

When we talk growth with digital agency owners, we don’t just look at financial metrics. Instead, we focus on non-financial drivers, such as production and pipeline, which are ‘levers’ that owners can pull to make their agency as efficient as possible. But there’s another dimension of growth that happens beyond your agency’s walls. It doesn’t appear on any spreadsheet: community.

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How a life insurance strategy could save some wealthy estates millions

Accounting Today

Some financial advisors and tax professionals with high net worth clients could find big advantages before the expiration of provisions of the Tax Cuts and Jobs Act.

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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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Monday Morning Accounting News Brief: Capping Busy Season Hours FTW; Open the Books on Audit Firms? | 4.15.24

Going Concern

Hey and welcome to Monday, APRIL 15! You made it! Well, almost. We’re so proud of you. Now, some news. Jack Castonguay (who we miss terribly on Twitter) wrote a little something for Bloomberg Tax about the PCAOB’s latest proposal that would make traditionally secretive audit firms’ business much more public: The business model for public accounting firms is changing rapidly as they search for outside investors and private equity firms rush to the front of the line.

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Art of Accounting: How do you feel tax season went?

Accounting Today

if you do not feel good about tax season, ask yourself what upsets you.

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IRS Adds More Census Tracts For EV Charger Tax Credit

CPA Practice

The Treasury Department and the IRS on April 12 corrected Appendix A and Appendix B of Notice 2024-20 to add additional eligible census tracts for the qualified alternative fuel vehicle refueling property (i.e., electric vehicle charging stations and equipment) tax credit. These additional census tracts were determined to meet the description of eligible census tracts in Notice 2024-20, the IRS said.

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Wall Street sees fewer T-bills sold, thanks to tax season

Accounting Today

The annual rush to pay Uncle Sam means the Treasury doesn't need to issue as much short-term debt as in other months to fund the U.S. government.

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Solve Your Firms 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.