Thu.Jun 20, 2024

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IRS will resume paying ERC claims slowly to safeguard against fraud

Accounting Today

The Internal Revenue Service plans to begin slowly paying some of its older claims for the fraud-plagued Employee Retention Credit this summer but is not lifting its moratorium.

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Mortgage Rates Drop Below 7%

CPA Practice

Vince Golle Bloomberg News (TNS) U.S. mortgage rates declined below 7% last week for the first time since March, spurring back-to-back increases in financing applications for home purchases. The contract rate on a 30-year fixed mortgage decreased 8 basis points to 6.94% in the week ended June 14, according to Mortgage Bankers Association data released Wednesday.

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Burnout epidemic, a wake-up call for the accounting profession

Accounting Today

We've been talking about the burnout crisis for decades, but the talk needs to turn into action.

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Let’s Wish These 69 High School Students Good Luck as They Start a Summer Internship at a Top Ten Firm

Going Concern

CliftonLarsonAllen announced today that for the second year in a row, a group of high school students aged 16-18 will be joining the usual college interns at the firm this summer. And yes, they’re getting paid. CLA’s high school intern class of 69 people will be working across 14 offices: Baltimore, Charlotte, Chicago, Des Moines, Indianapolis, Philadelphia, Milwaukee, Minneapolis, Nashville, Phoenix, Boston, Seattle, Tampa, and Toledo.

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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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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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Tax Fraud Blotter: All the trimmings

Accounting Today

Card shark; the roof falls in; a dynamic duo; and other highlights of recent tax cases.

Tax 126
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2025 ProAdvisor Awards - Advantages of Self-nomination

Insightful Accountant

Some ProAdvisors feel odd about nominating themselves, you really shouldn't. more than 70% of those achieving award status in our 2024 process were self-nominees. Murph tells you the advantages of self-nomination in today's feature.

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Kevin D. Holmes Named Business of Entertainment Visionary by L.A. Times

Withum

Withum is proud to share that the L.A. Times B2B Publishing has named Kevin D. Holmes on their list of Business of Entertainment Visionaries for 2024. Kevin D Holmes, a partner in Withum’s Los Angeles office, specializes in audit, business advisory and internal controls consulting. He has three decades of experience serving private and public companies and not-for-profit entities in various industries.

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The Accounting Technology Lab Podcast – Overview of the 2024 AICPA Engage Conference – June 2024

CPA Practice

Hosts Randy Johnston and Brian Tankersley, CPA, discuss the 2024 AICPA Engage conference, held in June in Las Vegas. The conference is the largest annual gathering of firm professionals, providing education, technology updates, and networking opportunities. Use the video player below to watch, or the podcast player below to listen to the podcast. Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.

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Supreme Court upholds US tax on foreign business income

Accounting Today

The U.S. Supreme Court upheld a 2017 tax on American-owned businesses' foreign profits, rejecting an appeal that could have saved companies hundreds of billions of dollars.

Tax 94
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Your Employees Want an AI Strategy, Why Waiting to Implement One Poses Risks

Cherry Bekaert

Employees want to utilize artificial intelligence (AI) in the workplace, and they won’t always wait for leadership to implement guidelines or software to do so, which introduces risks. Seventy-eight percent of AI users are bringing their own AI tools to work, a recent report by Microsoft and LinkedIn found. The percentage of people bringing their own AI to work (BYOAI) increases to 80% for small and mid-sized companies.

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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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CLA Global CEO plans further expansion

Accounting Today

Paul English plans to further extend the accounting and advisory firm network to more countries.

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Long Awaited Ruling on Key International Tax Rules Handed Down Today!

Withum

After several months of waiting with bated breath, the Supreme Court has finally handed down a decision on the highly publicized Moore vs. United States. In a 7-2 decision, the Court upheld the 2017 Tax Cuts and Jobs Act Mandatory Repatriation Tax provision.In other words, the Court agreed that Congress had the authority to tax shareholders on the undistributed earnings of a corporation.

Tax 75
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PwC U.K. is Doing Quiet Layoffs—and It’s a Brilliant Example of What Not to Do

CPA Practice

By Suzanne Lucas, Inc. (TNS) What if you laid someone off but forbade them from telling anyone? The Financial Times is reporting that accounting powerhouse PwC is conducting “silent lay-offs” in the U.K.—they’re asking people who take a voluntary severance package to keep the reason for their departure hush-hush. PwC is asking laid-off employees to keep explanations of their departure limited to the following information: “You can notify your coworkers of your departure” “You may not mention

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Automatic Form 5471 Penalty Still in Question, as Farhy Files Petition for Rehearing

Withum

On June 4, 2024, Alon Farhy filed a petition for a panel rehearing with the circuit court in response to the May 3, 2024, DC Court of Appeals ruling upholding the IRS’s power to assess Form 5471 penalties. The petition, 15 pages is length, argues that the three-judge panel erred in a handful of respects, and incorrectly concluded that Congress authorized the IRS to assess and ultimately collect the $10,000 penalty for failure-to-file Form 5471 through administrative means.

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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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Understanding GASB Statement No. 103, Financial Reporting Model Improvements

Cherry Bekaert

More than 20 years after issuing Statement No. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments , which launched a new financial reporting model that changed the landscape of governmental accounting and financial reporting in the early 2000s, the Governmental Accounting Standards Board (GASB) has undertaken efforts to improve key components in the financial reporting model, resulting in a new standard, GASB Statement No. 103, Financial Repor

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What to Look for in an ERP Implementation Consultant

Withum

ERP (Enterprise Resource Planning) systems are the backbone of many businesses, providing a platform to streamline processes and improve efficiency. Implementing an ERP system is a substantial investment in both time and resources, and the outcome largely depends on the ability and commitment of the implementation team. However, many ERP implementations require a specialized skill set that can be acquired through the involvement of a consulting firm.

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LeaseCrunch Adds New CEO, CFO and CPO

CPA Practice

LeaseCrunch LLC , a leading lease accounting software company, has appointed Mark Weidick, Jessica Hamilton and Miguel Perez to its executive leadership team. Weidick joins LeaseCrunch as the chief executive officer bringing with him more than 20 years of experience in the technology industry as a business operator and entrepreneur. Most recently, Weidick served as president of the Commercial Division at Onit, a leader in AI-enabled legal and business workflow solutions, where he quadrupled the

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IRS Progresses in Employee Retention Credit Review, Flags Majority as Improper

Insightful Accountant

IRS denies high-risk claims and processes low-risk ones. Scrutiny continues as compliance work hits $2B—consultation with Congress on moratorium.

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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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Corpay Opens Office in New Zealand

CPA Practice

Corpay, Inc., a global provider of corporate payments, has announced the latest expansion of its Cross-Border business with the establishment of a new office in Auckland, New Zealand. This expansion reinforces the company’s leading position in the payment industry and strengthens its presence in the Asia-Pacific region. “Our decision to establish a presence in New Zealand underscores our commitment to prioritizing our current and future clients’ evolving needs” says David Britten, Managing Direc

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Guide: Oracle NetSuite Pricing

Withum

Factors, Options and Tips to Understand and Optimize Your NetSuite Investment This Oracle NetSuite Pricing Guide provides information on understanding and optimizing NetSuite ERP Licensing pricing for business solutions. It explains the different options and factors that affect the cost of NetSuite licenses, such as Edition, Service Tier, Modules, Users, eCommerce, Implementation, Customization, Integration, Training and Support.

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Patriot Software Names Kyle Dreger as New CEO

CPA Practice

Patriot Software’s founder and former CEO, Mike Kappel has introduced that Kyle Dreger is the new CEO of Patriot Software, effective immediately. Kappel, known as the feisty and gritty founder that started the first Patriot Software company in the basement of a factory without heat or air conditioning, has once again taken the unconventional path. “Some entrepreneurs who have the title CEO wait too long to install their replacement.

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But Who’s Counting Season 3, Episode 4: The Business of Baseball – How America’s Pastime Drives Innovation with Bill DeWitt of the St. Louis Cardinals

Anders CPA

The speed of innovation and technological advances over the past decade has been transformative for all businesses, 100-year-old companies and growing startups alike. Baseball’s storied history in America has played a huge role in its popularity, but like any other business, it’s had to evolve to keep up with technology and customer expectations. St.

Gaming 52
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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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Decisions 2024 – Conferences, Upgrades, and Meetings…Oh My!

CPA Practice

A Top Technology Initiative Article. Now that the spring conference season has been completed, I can report on observations from the CPA Practice Advisor Mashup event, AICPA Engage, and Scaling New Heights. The insights from speakers, meetings, and announced innovations from publishers have made this spring’s travel season worthwhile. Although I am not trying to provide my travel itinerary or impress you, I thought having a list of events where I spoke or had meetings this spring would be helpfu

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Curate Your LinkedIn for Personal Branding

Summit CPA

Many people have two conceptions about what LinkedIn is. You probably think that LinkedIn is either a.) a place to update your virtual resume or b.) a place to network in a rigid, professional way. That second purpose isn’t exactly wrong. LinkedIn can grow your network. But it also doesn’t capture the personality and personal brand that you can infuse into your LinkedIn strategy.

CPA 52
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PAAST Combines With Fellow Florida CPA Firm SKJ&T

CPA Practice

Top 500 accounting firm PAAST, based in Coral Gables, FL, merged with SKJ&T (Sanson, Kline, Jacomino & Tandoc), a CPA firm in Miami, effective May 1. Under the terms of the merger agreement, SKJ&T now operates under the PAAST banner. The combined firm continues to work out of their existing offices in Coral Gables and Miami. The combined entity will continue to provide accounting, tax, and advisory services to clients.

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What is Automation? FAQs Executives Need to Understand to Revolutionize Business Processes

Anders CPA

Automation technology has revolutionized the way businesses operate, streamlining processes and increasing productivity. But what is automation and how can it benefit your organization? Understanding the different types of automation technology and its various uses in the workplace is crucial for driving growth and success. Whether you are looking to improve workflow efficiency, reduce errors in business processes or enhance customer experiences, automation can play a key role in helping you ach

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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!

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SmartVault Acquires SmartPath Intelligent Pricing Platform 

CPA Practice

SmartVault, a document management and client portal platform purpose-built for accounting professionals, has acquired SmartPath, a pricing intelligence and revenue optimization platform for the accounting profession. The acquisition, completed on April 4, 2024, accelerates SmartVault’s offering in Client Advisory Services (CAS), an important and growing category of service offerings for accounting firms – from micro-businesses to larger high-growth firms.

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But Who’s Counting Season 3, Episode 4: The Business of Baseball – How America’s Pastime Drives Innovation with Bill DeWitt of the St. Louis Cardinals

Anders CPA

The speed of innovation and technological advances over the past decade has been transformative for all businesses, 100-year-old companies and growing startups alike. Baseball’s storied history in America has played a huge role in its popularity, but like any other business, it’s had to evolve to keep up with technology and customer expectations. St.

Gaming 52
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Using Expenditures to Calculate Income in Divorce

FraudFiles

It is sometimes difficult to determine the income of individuals who will be paying child support or spousal support. This can often be the case when dealing with self-employed individuals. If the reports of income made by the spouse or parent don’t seem to make sense, it may be necessary to look at his or [.

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IRS Sees Red Flags for ‘Vast Majority’ of ERC Claims

CPA Practice

By Erin Slowey, Bloomberg News (TNS) The IRS will deny tens of thousands more pandemic-era employee credit claims it deems potentially fraudulent in the coming weeks, as it remains in a holding pattern for processing new claims, the agency said Thursday. The update follows months of fraud surveillance at the agency on the employee retention tax credit, created to help struggling businesses keep their doors open and employees on the payroll during the Covid-19 pandemic.

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The Human Side of Finance: The Intersectionality of People, Culture, Adaptability, and Resilience

Speaker: Melissa Hurrington

Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.