CPA Practice

DECEMBER 28, 2023

By Christopher Stark, Founder & CEO, Cetrom. ChatGPT ushered in a new era of automation in accounting (link goes to YouTube), for better or worse. While technology has made many content-based tasks much easier, questions remain about its accuracy and security. This machine learning-powered chatbot with the GPT-3 engine at its core has captivated people’s attention with its rapidly evolving ability to interpret questions and commands to produce generally coherent natural-language responses.

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accounting firms accountant Account accounted 119

Going Concern

DECEMBER 27, 2023

Today is December 27, assuming there is no accounting firm in the entire country shitty enough to lay people off just days before the end of the year (a generous assumption), we should be able to tally up how many people were shown the door in 2023. These are U.S. numbers for Big 4 and mid-tier firms only, if we missed some get in touch. Also, these layoff numbers include only layoffs that were A) confirmed and B) counted by the firm as layoffs, meaning this year’s aggressive PIP usage and

accounting firms 116

accounting firms accountant Account accounted 116

Withum

DECEMBER 8, 2023

The Internal Revenue Service (IRS) is continuing its crack down on dubious claims for the employee retention credit (ERC), a refundable tax credit for certain businesses that paid employees during the COVID-19 pandemic. On December 6, 2023, the IRS issued a press release announcing that it would be sending more than 20,000 letters to taxpayers notifying them of disallowed ERC claims, either because their entities did not exist during the ERC eligibility period or because they did not have employ

tax preparation 126

tax preparation audit Tax 126

CPA Practice

DECEMBER 19, 2023

In an era where AI, particularly generative AI, is reshaping industries, small accounting firms stand at a crossroads. As we approach 2024, the integration of AI into accounting practices is not just an opportunity for an advantage, but a necessity. This guide aims to demystify AI for small accounting firms, providing actionable insights into adopting this transformative technology to enhance efficiency, accuracy and value in your services.

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accounting firms accountant Account accounted 124

Speaker: Amanda Adams, Fractional CFO, CPA

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Amanda Adams, 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.

Account

CPA Practice

DECEMBER 14, 2023

A new study by top 15 accounting firm Moss Adams revealed that 69% of accountants believe artificial intelligence will enhance rather than eliminate jobs and has a positive impact on the accounting profession as a whole, driving productivity and business growth. “AI is here, and accountants are actively embracing the technology,” Bill Armstrong, chief innovation officer at Moss Adams, said in a statement.

accountant 119

accountant Account accounted corporation tax 119

TaxConnex

DECEMBER 28, 2023

The new year will no doubt be another active one in sales tax. Let’s look at a few of the likeliest developments. Weaker state revenue The kind of year it’s going to be for state coffers could greatly influence such future sales tax trends as new levies, tougher nexus thresholds and intensifying audits. If so, watch out for 2024. “With more fiscal data coming in, the long-term health of state budgets looks murky,” writes analyst Lucy Dadayan on the site of the Tax Policy Center.

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South Dakota Sales Tax Louisiana 252

CPA Practice

DECEMBER 19, 2023

Accounting and finance professionals are always on the lookout for tools that can help them become more efficient, productive and accurate in their work. And for well over a third (38%) of workers in the profession recently surveyed by Robert Half, generative AI is one technology that they expect will make a positive impact on their careers. That includes creating more demand for their skills.

accounting and finance 121

accounting and finance Finance accountant Account 121

Acterys

DECEMBER 21, 2023

From startups to multinationals, Microsoft Excel is at the core of countless organization’s reporting and financial planning and analysis (FP&A). IDC reveals that 64% of businesses still lean on spreadsheets for their financial operations. Excel’s appeal lies in its simplicity and cost-effectiveness, but it’s not without limitations.

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Government accounting and finance Start-ups Maine 246

Going Concern

DECEMBER 12, 2023

Mere hours ago, Wall Street Journal reported that EY is laying off “dozens of partners across all U.S. business” and not only in lower-demand service lines. As with most of the cuts we’ve seen this year, consulting is most affected with their partner ranks being trimmed by ten percent, four percent in strategy and transactions. Says WSJ , there will be cuts in audit and tax as well though they didn’t share numbers.

audit 133

audit accounting firms Tax accountant 133

Withum

DECEMBER 22, 2023

On December 21, 2023, the IRS released details about its second settlement initiative relating to the employee retention credit (ERC). See IR-2023-247 , Announcement 2024-3 , general information , and FAQs. The IRS previously released a withdrawal option on October 19, 2023, for taxpayers who either did not receive their ERC checks or did not cash them.

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income tax Tax audit tax preparation 123

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.

Account

Basis 365

DECEMBER 18, 2023

In the bustling world of business, financial statement profits may grab the headlines, but it's cash flow that keeps the lights on. It's the lifeblood of a company, ensuring you have the resources to pay bills, invest in growth, and ultimately, stay afloat. Accrual accounting is important for many reasons when analyzing the performance of your business but your income statement profit is not the same as your cash flow.

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accounts payable Non-Profits accounting and finance accrual accounting 111

Accounting Today

DECEMBER 13, 2023

The Internal Revenue Service has reorganized its leadership structure at the top, with a single deputy IRS commissioner instead of two, and four chief executives to lead taxpayer service, compliance, information technology and operations.

Technology 131

Technology income tax Tax 131

CPA Practice

DECEMBER 19, 2023

The IRS has hit the restart button on sending out automated collection notices, ending a two-year hiatus because of the COVID-19 pandemic, the agency said on Tuesday. Because automated collection notices were paused during that two-year span, the IRS also said today it will be providing about $1 billion in penalty relief to approximately 4.7 million individuals, businesses, and tax-exempt organizations that weren’t sent collection reminders about their overdue taxes during the pandemic.

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tax return Tax income tax Start-ups 135

Insightful Accountant

DECEMBER 20, 2023

Preparing, filing, and correcting 1099s is now easier than ever in QuickBooks Online. New workflow, reporting, free e-file of corrections and E-file payment flexibility and will be available for the 2023 filing period.

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quickbooks 111

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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.

financial statements

Going Concern

DECEMBER 20, 2023

You may have seen headlines over the past week about Deloitte “looking to AI to help avoid mass layoffs in the future” as first reported by Bloomberg and picked up by multiple outlets (including us putting a link to it in Monday morning’s news brief). It said: The giants of the consulting world face an unusual quandary this year: many of them are in the process of dismissing hundreds of staffers even after they hired thousands of college graduates to deal with new demand.

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Start-ups Technology audit 127

Withum

DECEMBER 7, 2023

On November 28, 2023, the Tax Court ruled that the exception from self-employment tax for limited partners does not apply to limited partners who actively participate in the partnership’s business operations. The court engaged in a “functional inquiry into the roles and activities” of the limited partners. It concluded that their level of participation was inconsistent with an exception from self-employment tax.

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Tax Delaware tax services audit 121

ThomsonReuters

DECEMBER 19, 2023

Jump to: How do renewable energy tax credits work? What renewable energy tax incentives does the IRS offer for individuals vs. businesses? Overview of clean energy credits by energy type Helping clients with renewable energy credits In recent years, the U.S. and other countries around the world have placed a growing emphasis on sustainability and green energy.

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Tax accounting and finance Manufacturing income tax 110

Accounting Today

DECEMBER 4, 2023

The Internal Revenue Service needs to do a better job of keeping track of employees who are arrested by law enforcement and notifying their colleagues, according to a new report.

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Tax 128

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

Sales

CPA Practice

DECEMBER 19, 2023

By Gail Cole. Firearms and ammunition are already subject to New York sales tax. If New York State Senate Bill 7733 is enacted, it will place an additional excise tax on the sale of firearms and ammunition in the Empire State. The rate would be 11% to match the federal firearms and ammunition excise tax as well as the new California tax on guns and ammo dealers.

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New York Tax Manufacturing tax return 133

Insightful Accountant

DECEMBER 26, 2023

What better time of the year to find out what you are thinking.ProAdvisors are invited to January's "open microphone' edition of QB Talks to tell us what you think about the ProAdvisor Awards, the ProAdvisor Program and recent QB-Desktop news.

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Going Concern

DECEMBER 28, 2023

I’m breaking my holiday vacation with this news: Attention all CPA Exam Candidates… pic.twitter.com/YwBD3uym2l — NASBA (@NASBA) December 27, 2023 Make sure you check out the comments. The funniest part is they posted this on Tuesday like everything was going to be normal: #CPAExam candidates! Waiting for your score(s)? They will be released tonight at 7 p.m.

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CPA 122

Withum

DECEMBER 18, 2023

As the end of the year approaches, Withum is excited to share a round-up of the Firm’s giving efforts for 2023. From large, organized projects to hyper-localized volunteerism and individual philanthropy, it is safe to say that Withum team members from all over the world live the Withum Way every day and give back to their communities and causes close to their hearts at every opportunity.

accountant 116

accountant Account accounted 116

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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.

ThomsonReuters

DECEMBER 8, 2023

As technology has evolved, so too has the accounting profession. From paper-based processes to cloud-based software, accountants are no strangers to change. No previous advancement, however, has had the potential to alter accounting (and many other industries) quite like generative artificial intelligence. But for those who embrace AI, there is a strategic opportunity to capitalize on its many benefits while protecting and even uplifting the irreplaceable human connection.

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accountant Account accounted Technology 108

Accounting Today

DECEMBER 13, 2023

The Financial Accounting Standards Board released its long-awaited accounting standards update to improve the accounting for and disclosure of certain cryptoassets.

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accounting standards financial accounting accountant Account 132

CPA Practice

DECEMBER 17, 2023

By Anik Jain. Continued economic uncertainty, geopolitical tensions, stubborn inflationary trends and high interest rates are impacting everything from supply chains and vendor relationships to the labor force and the workplace. As a result, finance leaders find their departments squarely in the spotlight—keeping a closer eye on their balance sheets, taking fewer risks, and focusing more on efficiency and value over growth.

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AP Automation Finance AP Processes Approval Workflows 132

Insightful Accountant

DECEMBER 19, 2023

Insightful Accountant will host a 'talkative' ProAdvisor Meetup for our first QB Talks of 2024. ProAdvisors are invited to this 'open mic' discussion of issues surrounding the ProAdvisor Awards, the ProAdvisor Program and QuickBooks Desktop 2024.

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quickbooks accountant Account accounted 105

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.

Going Concern

DECEMBER 14, 2023

Actually RIP the entire four-part CPA exam. Tomorrow, December 15, 2023, is the last day anyone will ever sit for BEC before it shuffles off into examination heaven and takes written communication with it. That’s right, no more written communication on the CPA exam. Wyoming and Idaho were the states with the latest application deadline for BEC — November 15 — while most others cut off re-exam NTSs on November 12 and first-time NTSs on October 1.

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Wyoming Idaho CPA 122

Withum

DECEMBER 14, 2023

On December 13, 2023, the Financial Accounting Standards Board (FASB) finalized Accounting Standards Update (ASU) 2023-08 “Accounting for and Disclosure of Crypto Assets”. The amendments in the expedited ASU aim to improve the reporting of crypto assets by requiring entities to present crypto assets at fair value instead of the previously used cost-less-impairment model.

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accounting standards accountant Account accounted 116

Canopy Accounting

DECEMBER 5, 2023

We’ve given you Halloween costume ideas and now you’ve come to us for another equally important fashion decision: an ugly Christmas sweater for any accountants in your life, including yourself. If your office is throwing a holiday work party (which, you totally should—it’s a great way to boost morale) then you’re going to need an outfit that will wow your colleagues and say “I’m an accountant, I’m festive, and I’m here to have fun!

accountant 105

accountant Account accounted 105

Accounting Today

DECEMBER 4, 2023

Kande has been the firm's global advisory leader since 2019 and also currently serves as co-leader of the U.S. Consulting Solutions side, where he has been involved in the firm's artificial intelligence efforts.

accounting firms 126

accounting firms accounted Account accountant 126

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Setting the stage for successful organizational change always begins with clear, thoughtful communication. When it comes to rolling out a new travel and expense (T&E) policy, establishing a well-structured communication plan is key to ensuring that all employees understand the changes and their impact. By following a step-by-step approach, you can guide your organization through the transition, fostering smooth adoption from the outset and improving compliance.