Insightful Accountant
AUGUST 14, 2023
Join a panel of accounting professionals who will discuss the benefits of outsourcing some of your practice tasks. Find out how to sign up for the Aug. 17 webinar.
Accounting Today
AUGUST 15, 2023
This handful of tax and accounting tactics can help retailers better manage this major challenge.
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Insightful Accountant
AUGUST 14, 2023
The Internal Revenue Service says its new Paperless Processing Initiative will cut processing times in half and expedite refunds by several weeks.
MyIRSRelief
AUGUST 14, 2023
Dealing with tax-related issues can be overwhelming, and one such issue is an IRS wage garnishment. An IRS wage garnishment, also known as a wage levy or wage attachment, is a legal action taken by the Internal Revenue Service (IRS) to collect unpaid taxes. This FAQ article aims to provide you with a comprehensive understanding of IRS wage garnishments, including the reasons for their issuance and the steps you can take to release them.
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.
CPA Practice
AUGUST 14, 2023
By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) The IRS incorrectly locked thousands of taxpayer accounts because the agency thought the taxpayers had died. A recent report from the Treasury Inspector General for Tax Administration (TIGTA) found that over 90,000 accounts were “deceased locked” last year despite the taxpayers being alive. Typically, the IRS locks accounts of taxpayers who have passed away to prevent fraudulent use of the deceased person’s information.
Accounting Today
AUGUST 14, 2023
Most of your clients need added services. Your ability to capture those revenues will depend on your ability to show the client the value they will receive.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Cherry Bekaert
AUGUST 15, 2023
Often, after much negotiation, debt may be reduced on various projects to realign debtor and equity holders’ interests in properties. Property owners restructuring debt should be wary of tax consequences that could occur. Debt cancellation, foreclosures and short sales can often increase tax liability for cancellation of debt income. On this episode of the Tax Beat Podcast, Brooks Nelson , Partner and Strategic Tax Leader, and Sarah McGregor , Tax Director, discuss the tax cost and poten
Going Concern
AUGUST 15, 2023
Puerto Rico’s largest bank filed a data breach notification with the Maine Attorney General on August 14 related to the MOVEit ransomware attack that has so far snagged Deloitte, EY, and PwC. For once KPMG is thrilled to be excluded from the Big 4. EY client Bank of America sent a similar notice to its customers last week , that notice did not go into detail as to the why an accounting firm would have had access to this customer information like Popular’s does. 82,217 Banco Popular c
CPA Practice
AUGUST 14, 2023
By Brian Greehan. As we approach the end of Q3, economic uncertainty continues to dominate the news. The lingering (although receding) risk of a recession, stubborn inflation trends, economic policy debates, and geopolitical instability all create challenges for businesses and their finance teams. These circumstances require finance professionals to be agile and proactive about optimizing operations and informing the business with accurate and timely financial data.
TaxConnex
AUGUST 17, 2023
When it comes to sales tax, “manufacturing” is often defined as a physical application of materials and labor to change the characteristics of tangible personal property (TPP). Seems clear, but what about your tax obligations and exemptions? Every state has nuances on how sales tax applies to the manufacturing process, equipment and materials. These gray areas can create big exposure for your business.
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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.
BurklandAssociates
AUGUST 17, 2023
AI is reshaping the workforce and leading to a paradigm shift in recruiting and hiring practices and in-demand skillsets. The post How AI is Creating a More Human Approach to Recruiting and Hiring appeared first on Burkland.
MyIRSRelief
AUGUST 14, 2023
Dealing with tax-related issues can be overwhelming, and one such issue is an IRS wage garnishment. An IRS wage garnishment, also known as a wage levy or wage attachment, is a legal action taken by the Internal Revenue Service (IRS) to collect unpaid taxes. This FAQ article aims to provide you with a comprehensive understanding of IRS wage garnishments, including the reasons for their issuance and the helpful steps you can take to release them.
Going Concern
AUGUST 18, 2023
According to a tip we received yesterday from a very frustrated auditor at RSM, the firm’s recent switch to Workday isn’t working. The tip: Effective 8/1/23, RSM’s scheduling, time management, billing and CRM system all merged to one system called Workday. Before the implementation all those modules were handled by a different software.
TaxConnex
AUGUST 15, 2023
There’s always something changing in the world of tax, especially sales tax. Here’s a review of some of the recent changes and updates. Midyear sales tax. The Tax Foundation released its “State and Local Sales Tax Rates, Midyear 2023” report of the 45 states (and the District of Columbia) that collect statewide sales taxes and the 38 states where local sales taxes are collected.
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.
Accounting Today
AUGUST 18, 2023
It also imposed $150,000 in fines, for failures of independence and professional skepticism, and for not cooperating with a board investigation.
CPA Practice
AUGUST 17, 2023
By Cameron White. With the rise of generative artificial intelligence (AI), including ChatGPT, the accounting industry, like many others, is abuzz with talk about how the technology will redefine the future of the profession. As more firms embrace AI technologies and begin to automate their workflows, there’s excitement around the benefits to be had—from time and money savings to newfound competitive advantages.
Going Concern
AUGUST 17, 2023
A couple days ago the SEC charged Crowe U.K. LLP, its CEO Nigel Bostock, and senior auditor Matthew Stallabrass for the firm’s deficient audit of music streaming company Akazoo Limited. All three agreed to settle the charges. The client, Greece-based Akazoo S.A, settled with the SEC for $38.8 million back in 2021 “for allegedly defrauding investors out of tens of millions of dollars in connection with a 2019 special purpose acquisition company (SPAC) business combination.” In that ne
Withum
AUGUST 16, 2023
Seton Hall University and Withum announced a pilot program today aimed to ease the burden of fulfilling the 150 credit hours requirement for accounting students. The CPA Pathway Apprenticeship supports the AICPA and NABA’s initiative to help alleviate barriers for students considering a career in public accounting. This program gives students the opportunity to earn the extra credits needed to hold their Certified Public Accounting license upon passing the exam, gain first-hand public accounting
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.
Accounting Today
AUGUST 18, 2023
Boomer Consulting presents Bridging the Gap awards; Grant Thornton appoints slew of market managing partners; and more news from across the profession.
CPA Practice
AUGUST 16, 2023
By Tim Grant, Pittsburgh Post-Gazette (TNS) Only a handful of Connolly Steel & Co. clients were dabbling in cryptocurrencies five years ago. But the number of clients buying and selling cryptocurrencies—digital money that can be used in online transactions and theoretically cannot be governed by any centralized authority, such as a government—has grown to a point where the Avalon, PA-based accounting firm had to invest in software that keeps track of cryptocurrency trades for tax purposes.
Going Concern
AUGUST 16, 2023
*pic not of the actual office, those are at the bottom Deloitte UK has officially announced its new ‘future of work’ office in Edinburgh , Scotland, ‘future of work’ in scare quotes being their choice not ours. The new digs are 16,383 sq ft of space at 9 Haymarket Square, a new, mixed-use development that includes “ Grade A offices, a 349 bed 4-star hotel and a mix of eateries all arranged around a public square.” And 433 people in green T-shirts soon, too.
Withum
AUGUST 16, 2023
In the recently decided case of Farhy v. Commissioner , the U.S. Tax Court determined the IRS’s efforts to collect assessments for failure to file Form 5471 were unlawful. On July 12, 2023, the IRS filed notice of its intention to appeal the Tax Court’s ruling. The article addresses questions taxpayers might have about Farhy as the case heads into appeals.
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.
Accounting Today
AUGUST 18, 2023
A recent survey found workpapers are vital in supporting the overall tax cycle, but professionals struggle with lack of modern solutions.
CPA Practice
AUGUST 17, 2023
By Jeff Goldman. nj.com (via (TNS). A New Jersey business owner faces a federal prison sentence after failing to pay more than $10 million in payroll taxes. Josef Neuman, 37, of Lakewood, pleaded guilty to willful failure to pay over payroll taxes, the U.S. Attorney’s Office for New Jersey said in a statement Wednesday. Neuman’s company provided administrative services to operators of nursing homes and other health care facilities, federal prosecutors said.
Going Concern
AUGUST 18, 2023
Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. See ya. Law & Order ‘Avatar: The Way of Water’ financier accuses Disney of self-dealing in new lawsuit [ Los Angeles Times ] Walt Disney Co. is facing labor agitation on two fronts.
Insightful Accountant
AUGUST 13, 2023
Murph predicts that the day is coming when both QBO and QuickBooks Desktop users will exchange orders, sales, funds, marketing and reporting data via a network of connectivity Intuit is building in the cloud.
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
Accounting Today
AUGUST 18, 2023
Billionaire Steve Cohen is fighting the Internal Revenue Service's goal of having hundreds of money managers pay self-employment taxes.
CPA Practice
AUGUST 16, 2023
A new survey sheds light on accountants’ ideal on-the-job state, the role of technology in their future, and recommendations for their employers. Commissioned by FloQast, the Controller’s Guidebook – When Accountants Dare to Dream research found that most accountants recognize that their employers need financial transformation to drive strategic business performance, and in many cases, a lack of on-the-job fulfillment gets in the way of that reality.
Going Concern
AUGUST 14, 2023
BDO released a press release on ESOP at 10 am this morning , here it is in its entirety. Friendly reminder, BDO partners (current and former) and staff are encouraged to contact us at 202-505-8885 should you have any cares, concerns, or tales of phones being tracked you want to share with the class. Tipsters are anonymous, always. BDO USA Stewards Transformative Next Chapter With ESOP Purpose-driven strategy gives participating U.S. employees shared stake in firm’s success.
Cherry Bekaert
AUGUST 18, 2023
Author: Gabriela Payne , Senior Manager Accounting Advisory For the last decade Environmental, Social, Governance (ESG) has echoed across board rooms, conferences, investor calls and podcasts for good reasons. An effectively managed and maintained sustainability strategy can lead to long-term value for investors, whether small proprietorships, private equity firms, or stockholders of large national or international publicly traded companies.
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