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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.
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
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
It’s the end of the year and as we all start to think about our New Year’s resolutions, it’s also a good time to start thinking about correcting any sales tax missteps your business may be facing. Maybe you’ve just figured out that you have nexus and were non-compliant without realizing it, or maybe you’ve been rolling the dice and crossing your fingers you won’t get audited but your liability is growing and you’re ready to make a change – no matter your situation, if you have established nexus,
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
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.
In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take advantage of a few opportunities. Time deductions and income If your business operates on a cash basis, you can significantly affect your amount of taxable income by accelerating your deductions into 2023 and deferring income into 2024 (assuming you expect to be taxed at the same or a lower rate next year).
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.
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.
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.
The Treasury Department and the Internal Revenue Service expect to issue proposed regulations to address the application of the foreign tax credit and related rules and the dual consolidated loss rules to certain types of taxes described in the GloBE Model Rules.
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.
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.
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
If you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses, there’s an important date coming up. You may have to use the money in the account by year-end or you’ll lose it (unless your employer has a grace period). As the end of 2023 gets closer, here are some rules and reminders to keep in mind.
The IRS recently provided new interim guidance around expense categories, contract research, and foreign R&D activities. The post R&D Tax Credit and Section 174 Update for Startups appeared first on Burkland.
In sales tax calculation, you deal with the “hard” and the “less-hard.” Figuring out sales tax obligations for goods (aka, tangible personal property, or TPP) is the less-hard part; you merely have to bear in mind that every state that taxes TPP does it a little differently. Services, on the other hand, are the hard calculation. Not every state taxes services not every state taxes the same ones, and those that do tax services do so in a galaxy of ways.
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.
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.
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.
During this holiday seasons, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good time to review the tax rules associated with these expenses. Are they tax deductible by your business and is the value taxable to the recipients? Employee gifts Many businesses want to show their employees appreciation during the holiday time.
Thank you to all the experts throughout the startup ecosystem who joined our Startup Success podcast in 2023 to share knowledge and insights. The post Listeners’ Favorites: Our Top Podcast Episodes of 2023 appeared first on Burkland.
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?
Clubs and dues have been around for decades, but the rise of certain memberships – and the ability to sell them over the internet – have also raised the question of whether memberships incur sales tax. Ecommerce can involve many different types of memberships, often offering access to discounts or other benefits perceived as exclusive. Gym and fitness chains and warehouse retailers, for example, use the internet to sell memberships to their franchised businesses all over the country.
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.
Employment taxes can be a complex area for businesses, especially when it comes to Form 941, the Employer’s Quarterly Federal Tax Return. This form is used to report income taxes, social security tax, or Medicare tax withheld from employee’s paychecks, and to pay the employer’s portion of social security or Medicare tax. However, mistakes can happen, and when they do, they can lead to significant tax problems.
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!
Every year, U.S. companies lose millions of dollars to vendor fraud. These schemes can be complex and usually involve collusion of multiple suppliers or suppliers and employees of the defrauded business. Small businesses that don’t use sophisticated vendor software or don’t have other anti-fraud resources are particularly vulnerable. But knowledge is power.
2023 was another interesting and challenging year for startups and investors. Our readers found these blog articles to be especially helpful. The post Readers’ Favorites: Our Top Blog Posts of 2023 appeared first on Burkland.
Business truism has it that limited liability corporations and similar entities shield the personal property and assets of their owners and major shareholders from company bills and missteps. That’s true for many of the fiscal messes that can befall a company. But not for sales tax liability, where most states still maintain strong responsible party laws.
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.
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.
Businesses need data backups for all sorts of crucial information, including popular tools like Xero’s accounting software. Without the ability to back up data, your business is more vulnerable to natural disasters, human error, cyberattacks and other unplanned events. Xero backups are one way organizations can protect critical information, ensure data accuracy and preserve business continuity.
You may have heard of the “nanny tax.” But if you don’t employ a nanny, you may think it doesn’t apply to you. Check again. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a household worker, you aren’t required to withhold federal income taxes from pay.
Startups are saturated with information on how to best budget and forecast for the year ahead. Founders are asking questions, but they’re not asking all the questions. Negative supposition about Read More The post 2024 Predictions for Startups to Plan and Prepare for Now appeared first on Burkland.
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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