October, 2023

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Accountants on Why They’re Leaving: ‘The Hours Are Long and Unreasonable, Compensation Is Low’

Going Concern

“The number-one trend is that the candidate is in complete control…because the unemployment rate is lower in accounting and finance than it’s ever been.” That’s a quote from a Robert Half recruiter in the Talent Retention in the U.S. Accounting and Finance Profession study released a few days ago, a collab between IMA and Robert Half (and about two dozen research partners, mostly state societies).

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IRS to offer free direct file online tax system in 13 states

Accounting Today

The Internal Revenue Service plans to run a limited pilot test of its free online tax system in 13 states next tax season, but it will only support certain tax credits.

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IRS Opens PTIN Renewal Season for 2024

CPA Practice

On your mark, get set, go! The 2024 preparer tax identification number (PTIN) renewal period for the nation’s nearly 800,000 active federal tax return preparers is now underway. All current PTINs expire on Dec. 31, 2023. Anyone paid to prepare or help prepare any federal return or claim for refund must have a valid PTIN from the IRS, which they must use as the identifying number on any returns prepared.

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4 Internal Communication Tools to Boost Your Productivity

Insightful Accountant

Breadnbeyond's Andre Oentoro's breaks down the internal communication tools that can help you and your accounting team stay on top of things without burning yourself out.

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Building a Business Case for Finance Automation

Speaker: Danny Gassaway and Wayne Richards

Finance leaders are prioritizing efficiency and digital transformation, yet many hesitate to automate due to uncertainty. Without a clear understanding of its impact, organizations risk falling behind competitors who are leveraging automation to drive productivity and cost savings. Join Wayne Richards and Danny Gassaway from AvidXchange for a practical guide on bringing accounts payable (AP) automation to your organization.

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Younger accountants more likely to leave employers

Accounting Today

Young accounting and finance professionals have been seeing the highest turnover over the past two years and are most likely to leave their current jobs over the next year, according to a new report.

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Carbon Accountants: What They Do and Why They Matter

CPA Practice

By Allison Arieff, MIT Technology Review (TNS) His official title is vice president of regulated reporting solutions. But really, Billy Scherba, CPA, is a carbon accountant. At Persefoni, a platform for climate management, Scherba works with companies to measure, manage, and disclose their contributions to climate change. Billy Scherba Carbon accountants help companies understand what data matters to their carbon footprint, how to collect that data in a consistent manner, and how to use it to ca

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More Trending

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Letter to the Editor: Life in Public Accounting Doesn’t Add Up For Young Professionals

Going Concern

Ed. note: A reader sent in this thought-provoking essay on their experience as a CPA. In it the author covers their introduction to accounting, the impact the pandemic had on their goals, and the all too familiar feeling of watching your peers make buckets of money in other careers while you grind away in public. If you take nothing else from it, read this quote: “I hope that individuals can work to widen the pipeline to the point that anyone who has ever even THOUGHT about pursuing the CP

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The Secrets to Lasting Business Growth for Non-Marketers

Insightful Accountant

Everything comes down to marketing. Balanced Awakenings' Dr. Hannah Yang provides some insights practice owners can use to help leverage their market strategies and build momentum.

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Public Accounting Starting Salaries Expected to Increase Nearly 4% in 2024

CPA Practice

Starting salaries for roles in tax services are projected to increase an average of 3.6% in 2024, while audit and assurance services will see starting salaries likely go up an average of 3.8% next year, according to a CPA Practice Advisor analysis of public accounting pay data provided by specialized staffing firm Robert Half. Robert Half’s salary guide for 2024 was released on Monday, featuring starting salary projections for a plethora of roles in accounting and finance.

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Valuing Intangible Assets

RogerRossmeisl

Intangible assets — such as patents, copyrights, trademarks and customer lists — can have substantial value. But, unless they’re purchased from a third-party, you might not know what they’re currently worth. For example, if a business cultivates a well-known brand over several years using internal resources, it won’t appear on its balance sheet. Owners of intangibles need to know the value of these assets in various situations.

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Fall In Love With the Month-End Close

It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.

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Annual Financial Planning for Startups: Part-Two, Projections & Plans

BurklandAssociates

Part two of a three-part series focused on helping growing startups budget and plan for success in the new year. The post Annual Financial Planning for Startups: Part-Two, Projections & Plans appeared first on Burkland.

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Sales Tax Horror Stories: Adding new products without checking taxability

TaxConnex

Adding a new product is great, new revenue streams are wonderful. Just don’t let sales tax turn the situation into a nightmare. Think “nightmare” is too strong? Consider: Your new product is not taxed but should have been. In the first year, your sales total is $100,000 (the economic nexus threshold in many states) and grows 20% annually over the next three years, for a total of $364,000 in sales.

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IRS introduces business tax accounts as it targets big corporations for audits

Accounting Today

The Internal Revenue Service is making improvements to its online tax professional accounts and hiring more accountants as it ramps up enforcement.

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2024 Public Accounting Starting Salary Numbers Are In

Going Concern

Staffing authority Robert Half has released its much-anticipated 2024 Salary Guide and just like years past, the guide is packed with intel not only on finance and accounting but the greater job market that we really don’t care about. We’ll be deconstructing various aspects of the guide over the next few weeks, for now we’re taking a look at basic public accounting salaries and service lines.

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Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape

Speaker: Jennifer Hill

Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.

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IRS OKs E-Signatures to Be Used on a Slew of Forms Indefinitely

CPA Practice

The IRS said on Monday that it will allow electronic signatures to be used on certain tax forms “indefinitely until more robust technical solutions are deployed.” In addition, the agency extended until Oct. 31, 2025, the ability to use encrypted email when working directly with IRS employees to clear up tax-related issues or concerns. During the COVID-19 pandemic the IRS provided temporary relief allowing taxpayers to use digital or e-signatures on specified paper forms and filings that would or

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Disabled Family Members May Be Able to Benefit from ABLE Accounts

RogerRossmeisl

If you have family members with disabilities, there may be a tax-advantaged way to save for their needs — without having them lose eligibility for the government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related expenses.

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Measuring Your Startup’s CAC Payback Period

BurklandAssociates

VCs and growth-oriented startups are focusing on CAC payback period as one of the best measures of growth efficiency and potential profitability. The post Measuring Your Startup’s CAC Payback Period appeared first on Burkland.

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Sales Tax Horror Stories: Automation

TaxConnex

Sales tax is a major obligation for your business. As with most such obligations, you probably ask, “Can automation help me?” In some ways, yes. Sales tax rates and taxability rules differ by state and even locality. Software that has the rates and taxability rules built-in helps make sure you charge the right sales tax with each purchase. Most sales tax calculation software today is SaaS-based (Software-as-a-Service), which often integrates with a company’s invoicing system.

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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.

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Number of accounting grads plummets further

Accounting Today

The number of students earning accounting degrees keeps falling, according to the latest figures released by the American Institute of CPAs.

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1041 Trust Tax Preparation and the Need for Professional Tax Help

MyIRSRelief

Form 1041, U.S. Income Tax Return for Estates and Trusts, is a complex tax form that is used to report the income and expenses of estates and trusts. The fiduciary of an estate or trust is responsible for filing Form 1041, which is due on April 15th each year (unless an extension is filed). Trust tax preparation can be a challenging task, even for experienced tax preparers.

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AI Stats and Trends for Small Business Marketing

CPA Practice

By Dave Charest. Small businesses (SMBs) are a busy bunch. On any given day, they might be fulfilling orders, engaging with customers in-person, managing staff, doing their books — plus dozens of other tasks. Most would relish an opportunity to gain back an extra hour, or save some extra money. Luckily, those goals (and others) are attainable thanks to artificial intelligence (AI) and marketing automation.

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Tax Consequences of Employer-Provided Life Insurance

RogerRossmeisl

If your employer provides life insurance, you probably find it to be a desirable fringe benefit. However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications. You’re taxed on income you didn’t receive The first $50,000 of group term life insurance coverage that your employer provides is excluded from taxable income and doesn’t add anything to your income tax bill.

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Cash Flow Secrets Every Upskilled CPA Should Know

Speaker: Debra L. Robinson

CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.

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Setting Up Your Startup’s Chart of Accounts

BurklandAssociates

A straightforward approach to organizing your startup's Chart of Accounts with industry-specific example templates. The post Setting Up Your Startup’s Chart of Accounts appeared first on Burkland.

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Sales Tax Horror Stories: Audits

TaxConnex

“Scary” has five letters. Know what word in sales tax also has five letters? “Audit.” Few issues in the area of tax are more terrifying than this kind of exam from a tax authority. Our third annual survey of financial professionals showed that although most companies (67%) reported that state sales tax audits have remained at the same level over the past two years, almost one in four respondents (23%) said they expect such audits to increase in coming months.

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Tax Strategy: Year-end 2023 tax planning

Accounting Today

In spite of the lack of new tax legislation so far this year, taxpayers and tax preparers have plenty to focus on in preparing 2023 returns.

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Leading analyst IDC recognizes innovation in procurement solutions.

Airbase

If any finance process is overdue for innovation, it’s procurement. For decades, the many steps and stakeholders in large enterprise purchasing meant procurement teams had to rely on heavyweight, expensive solutions, while mid-market companies either had to adopt one of those overly cumbersome solutions or throw some ad-hoc procedures together to try to control spend.

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Profit in the Details: Rethinking Spend for Monumental Impact

Speaker: Aaron Berson

Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g

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How to Do Power BI Write-Back and Planning

Acterys

Organizations rely on robust performance management processes to drive informed decision-making. While Microsoft Power BI’s native data entry option is useful for simple tasks, it falls short with complex data models and planning requirements. This limitation creates challenges for businesses in the Power BI ecosystem, but fortunately, they can leverage additional Power BI write-back and planning capabilities.

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Tax Implications of Guaranteeing a Loan to Your Corporation

RogerRossmeisl

Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax implications. If your corporation defaults on the loan and you’re required to pay principal or interest under the guarantee agreement, you don’t want to be caught unaware.

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Annual Financial Planning for Startups: Part-One, Preparation

BurklandAssociates

Welcome to the first article of a three-part series focused on helping growing startups budget and plan for success in the new year. The post Annual Financial Planning for Startups: Part-One, Preparation appeared first on Burkland.

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Sales Tax Horror Stories: Notices

TaxConnex

Often as things change in sales tax – and they change often – one constant keeps lurching along. Tax jurisdictions love to send notices, and usually it’s to say “Boo!” and not just “Hi.” True, notices can simply be a way for tax jurisdictions to get in touch with you and require no fast action on your part. The scary-looking official piece of paper (if it even arrives on paper – many notices are electronic now) might only be informing you of something as routine as use of a new form or a reminde

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Navigating Bleisure Travel: A Guide for Mid-Sized Companies

Bleisure travel — where employees combine work and leisure — has been around since the advent of corporate travel and is here to stay. Successful bleisure policies strike a balance between employee preferences and company goals — workers report a 64% improvement in work-life balance, while companies benefit from reduced travel costs and increased workforce innovation.