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: 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.
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.
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.
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.
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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.
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.
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
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
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: 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
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.
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.
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.
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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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.
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.
Accounting Today
AUGUST 18, 2023
OpenEnvoy guarantees 100% accuracy in data extraction; Boast AI unveils universal data ingestion feature; and other news and updates from the accounting technology arena.
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.
Withum
AUGUST 18, 2023
Stay Ahead of the Cybercriminals We are amid a national crisis as cyberattacks continue to target all sectors, including organizations in the financial services sector. At Withum, we believe that together we can level the playing field with cybercriminals – and one way to ensure that your defenses are one step ahead of your attacker is to utilize threat intelligence to build your defenses.
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.
CPA Practice
AUGUST 17, 2023
By Joy Taylor. Kiplinger Consumer News Service (via TNS). Savers love tax-deferred retirement accounts like 401(K)s and traditional IRAs. Contributions to the plans generally reduce their taxable income, saving them money on their tax bills in the current year. Their savings, dividends and investment gains within the accounts continue to grow on a tax-deferred basis.
Canopy Accounting
AUGUST 16, 2023
In the ever-changing realm of accounting, adaptability, and innovation have become the foundations of success. Elizabeth Manso, CPA and owner of Brigade , was able to sit down with us for an interview and elaborate on how her firm embraces change and thrives in doing so. With a team of 13, Elizabeth's accounting firm takes a comprehensive approach, catering to small businesses bookkeeping, accounting, and advisory needs.
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.
Reckon
AUGUST 13, 2023
Image credit: Daniel Oberhaus, Creative Commons, Wikipedia. Elon Musk, at the helm of Tesla, SpaceX, and now Twitter (or simply “X”), is looking for a new project. Apparently, he’s got enough spare time. Rather fittingly for an entrepreneur obsessed with cutting-edge technology, the next big Elon business venture will be to join the new AI gold rush and possibly change the way we approach AI.
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With automation, you’ll reduce errors and save valuable time, allowing you to focus on what really matters: strategic analysis and insightful decision-making. Picture accurate financial reports ready at your fingertips, giving you the confidence to tackle business challenges head-on. Embracing automation not only boosts productivity but also elevates your role from number cruncher to closing rockstar.
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