February, 2025

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Filing trends to watch during the 2025 tax season

Accounting Today

As the new year's tax season begins, a look back at lessons from the 2024 filing season.

Tax 141
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Payroll Taxes for Startups: What Do I Have to Pay?

BurklandAssociates

Avoid payroll pitfallslearn the essential taxes every startup must pay and how to stay compliant with IRS and state regulations. The post Payroll Taxes for Startups: What Do I Have to Pay? appeared first on Burkland.

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Undergraduate Accounting Enrollment Rose 12% in Fall 2024

CPA Practice

New data from theNational Student Clearinghouse Research Centershows a12% increase in fall 2024 accounting enrollment compared to fall 2023. The increase amounted to an additional 28,672 students.

Account 120
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5 Ways to Prepare Future Accountants for a Tech-Driven Profession

CPA Practice

Through my experience speaking with accounting students and reflecting on my own journey, Ive identified five key areas where we can bridge the gap between education and practice.

Account 124
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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.

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5 Steps to Protect Your Business from Unexpected Accounting Disruptions

AccountingDepartment

Accounting disruptions can strike without warning. Whether its a provider suddenly shutting down, platform glitches, or other unforeseen issues, these disruptions can leave your business scrambling. With cases like the sudden closure of Bench, which left businesses without their books, its more apparent than ever that entrepreneurs and business owners need a plan to safeguard their financial processes.

Account 64
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Accounts Receivable Automation: The Complete Guide

Ryan Lazanis

Save time and effort with accounts receivable automation - the powerful solution to automate a manual accounting process. Learn more here! The post Accounts Receivable Automation: The Complete Guide appeared first on Future Firm.

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How large tax and accounting firms can use AI

ThomsonReuters

Jump to Key areas where AI enhances tax services in large firms Barriers to AI adoption in large firms and overcoming them Embrace AI in your large firm for a competitive edge The tax and accounting industry is on the brink of a significant transformation, driven by the integration of artificial intelligence (AI) and generative AI (GenAI). The 2024 Tax Firm Technology Report highlights that 93% of large tax and accounting firms are either actively using, exploring, or considering AI technologie

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What Is Cash-basis Accounting?

Patriot Software

One of your first choices as a business owner is your accounting method. Before making a decision, take some time to compare the cash-basis vs. accrual basis methods of accounting. Having to switch from cash-basis to accrual-basis after the fact can be difficult.

Account 52
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Closing the Books: Key Steps in Year-End Accounting For SMEs

GrowthForceBlog

8 min read February 21st, 2024 For many small and medium-sized enterprises (SMEs), the end of the fiscal year coincides with the end of the calendar year. This means it is time for financial leaders to begin closing the financial books. Key Takeaways Reconcile Transactions and Accounts: This step in the process can be tedious because you have to look through minute details while paying exceptional attention to detail.

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Operating as a C Corporation: Weigh the Benefits and Drawbacks

RogerRossmeisl

When deciding on the best structure for your business, one option to consider is a Ccorporation. This entity offers several advantages and disadvantages that may significantly affect your business operations and financial health. Heres a detailed look at the pros and cons of operating as a C corporation. Tax implications A C corporation allows the business to be treated and taxed separately from you as the principal owner.

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Maximizing Profit and Productivity: The New Era of AI-Powered Accounting

Speaker: Yohan Lobo

In the accounting world, staying ahead means embracing the tools that allow you to work smarter, not harder. Outdated processes and disconnected systems can hold your organization back, but the right technologies can help you streamline operations, boost productivity, and improve client delivery. Dive into the strategies and innovations transforming accounting practices.

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Sales tax and the Navajo Nation

TaxConnex

Online businesses looking to do business on Native American tribal lands in the U.S. should know that sales tax obligations for these sovereign nations and territories resemble those obligations in other areas of the U.S. but can differ in important ways. Areas such as the Navajo Nation have tribal sovereignty; for tax purposes, this means their sales tax laws are separate from the states within which they reside.

Sales 213
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A Founder’s Guide to Building a Biotech Dream Team

BurklandAssociates

Strategies and best practices to help your biotech startup attract top talent, build a strong team, and drive innovation for long-term success. The post A Founders Guide to Building a Biotech Dream Team appeared first on Burkland.

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Musk's influence and new IRS bills could reshape tax season

Accounting Today

Time will tell how a federal hiring freeze, Elon Musk's push for efficiency and new tax-focused legislation will shape the path of the Internal Revenue Service.

Tax 136
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1099-K Tax Rules: What You Need to Know if You Get Paid Via Venmo, Cash App, or PayPal

CPA Practice

If you get paid through Venmo, PayPal, Cash App or another payment app, you may receive an IRS Form 1099-K this year. Here's what you need to know.

Tax 130
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Smarter Card Solutions: Meeting the Challenges of Mid-Market Travel & Expense

Our 2025 Center Travel Survey is clear: as corporate travel increases, so does corporate credit cards distribution, and a rise in off-platform travel booking. This 61% rise causes various challenges: compliance, spend control, reporting problems, and a lack of visibility across organizations. To evolve with the ever-changing needs of travelers, decision-makers need a better solution.

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How Mike Habib, EA Can Help Los Angeles Business Taxpayers Resolve EDD Employment Payroll Tax Controversies

MyIRSRelief

Running a business in Los Angeles comes with its fair share of challenges, and one of the most daunting can be navigating the complexities of Californias Employment Development Department (EDD) payroll tax requirements. For business taxpayers facing EDD employment payroll tax controversies, the stakes are high. Unpaid back taxes, EDD audits, penalties, and unresolved tax issues can lead to financial strain, legal complications, and even the risk of business closure.

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Savings Bonds and Taxes: What You Need to Know

RogerRossmeisl

When considering the advantages of U.S. Treasury savings bonds, you may appreciate their relative safety, simplicity and government backing. However, like all interest-bearing investments, savings bonds come with tax implications that are important to understand. Deferred interest Series EE Bonds dated May 2005 and after earn a fixed rate of interest.

Tax 201
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How to Use Acterys for Power BI Write-Back

Acterys

When it comes to managing and analyzing your data, staying agile and collaborative is essential. One key enabler for this agility is the ability to write back directly to your data models from within Power BI. Acterys takes this functionality to the next level by allowing users to seamlessly input, update, and manage data in real-time all while working directly in their Power BI dashboards.

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8 Series A Fundraising Mistakes to Avoid

BurklandAssociates

By avoiding these common Series A mistakes, youll improve your odds of securing funding and position your startup for long-term success. The post 8 Series A Fundraising Mistakes to Avoid appeared first on Burkland.

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Say ‘Goodbye’ to Clunky Spreadsheets and Say ‘Hello’ to Month-End Automation

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, emails, and shared drives no longer need to slow you down. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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State income tax rate changes for 2025

Accounting Today

Nine states are cutting their individual income tax rates in 2025.

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Tips for Filing Income Tax Returns in 2025

CPA Practice

To avoid mistakes and potential processing delays, taxpayers should refrain from filing until they have received all necessarytax documents. Taxpayers should always carefully review documents for inaccuracies or missing information.

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Understanding Crypto Forensics

Withum

In this episode of Cryptonomix, Mark Eckerle sits down with Chris Groshong, President at CoinStructive.

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Understanding the Work Opportunity Tax Credit

RogerRossmeisl

According to the U.S. Bureau of Labor Statistics, the unemployment rate continues to be historically low, ranging from 4.0% to 4.3% from May to November of 2024. With todays hiring challenges, business owners should be aware that the Work Opportunity Tax Credit (WOTC) is available to employers that hire workers from targeted groups who face significant barriers to employment.

Tax 166
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Outsourcing Vs. In-House: The Ultimate Battle For Better Collections

Speaker: Susan Richards

Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.

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Acterys: Setting the Record Straight on Smart Write-back & Planning Solutions

Acterys

At Acterys, we believe in fair competition, and we welcome comparisons that allow potential clients to make informed decisions. However, when competitors resort to spreading misinformation and misleading claims, its essential to address these inaccuracies head-on. Recently, we’ve encountered false narratives about our solution from some competitors.

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Creating a Scalable Chart of Accounts for an AI Startup

BurklandAssociates

Building a scalable Chart of Accounts for your AI startup means aligning standard accounting practices with the unique challenges of a fast-evolving sector. The post Creating a Scalable Chart of Accounts for an AI Startup appeared first on Burkland.

Account 130
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IRS lays off thousands of employees during tax season

Accounting Today

The threatened layoffs of Internal Revenue Service employees appeared to be underway Thursday, with estimates of between 6,000 and 7,000 employees being laid off at the agency in the middle of tax-filing season.

Tax 122
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FinCEN: New BOI Reporting Deadline is March 21

CPA Practice

The beneficial ownership reporting roller coaster that has been ongoing for the past two months because of various lawsuits is finally pulling into the station after a federal district court in Texas on Feb. 17 lifted the final nationwide injunctionthat had put the mandatory small business filings on hold since last December.

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AP Automation: The Competitive Advantage Your Business Needs

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 technology to drive productivity and cost savings. So, how do you make the case for automation within your organization?

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Your Critical Thinking Skills Might Suffer If You Use Gen AI at Work

Going Concern

Although we haven’t fully decided whether accountants are knowledge workers or manual laborers so long as accountants’ output is predominantly measured in billable hours, this recent paper as reported in 404 Media seems relevant to the sector nonetheless. Emanuel Maiberg writes : A new paper from researchers at Microsoft and Carnegie Mellon University finds that as humans increasingly rely on generative AI in their work, they use less critical thinking, which can result in the deteri

Education 104
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Maximize Your 401(k) in 2025: Smart Strategies for a Secure Retirement

RogerRossmeisl

Saving for retirement is a crucial financial goal and a 401(k) plan is one of the most effective tools for achieving it. If your employer offers a 401(k) or Roth 401(k), contributing as much as possible to the plan in 2025 is a smart way to build a considerable nest egg. If youre not already contributing the maximum allowed, consider increasing your contribution in 2025.

CPA 159
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Former IRS Criminal Investigation Senior Special Agent, Jonathan Schnatz, CPA, CFF, Joins Withum

Withum

Withum is excited to announce that Jonathan Schnatz , CPA, CFF, most recently a Senior Special Agent of the Internal Revenue Service (IRS) Criminal Investigation (CI) Division, has joined the firm as a Principal of Withums Forensics, Investigations, and White-Collar Criminal Defense Team. During his 25 years as a federal agent, Jonathan received multiple awards from the U.S.

CPA 105
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If the System Was Magic, What Would It Do?

Ryan Lazanis

There's always room to improve your client experience. In this episode, I share how this question by Jeff Bezos can help your firm. The post If the System Was Magic, What Would It Do? appeared first on Future Firm.

Account 96
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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.