Going Concern

SEPTEMBER 21, 2023

Email: The word itself sounds innocent, doesn’t it? Kind of like “snail mail,” but faster, sleeker, and without the slimy trail. But don’t be fooled—email is secretly a sinister beast, hiding in the shadows as it plots to destroy businesses—including your accounting firm. If your accounting firm still relies heavily on email for client communication and document management, you’re not in the fast lane—you’re on the road to ruin.

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CPA Practice

SEPTEMBER 18, 2023

By Laura Schultz, J.D., IAR, Kiplinger Consumer News Service (TNS) After months of sluggish activity, the market recently turned the tide. Whether the market is up or down, it’s always a good time to keep your taxes in mind and, more specifically, how you can put yourself in an advantageous position by keeping more of your own money in your pockets.

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Summit CPA

SEPTEMBER 21, 2023

Just ten years ago, remote work was practically science fiction. (Actually, when I first brought up the idea to my team, they thought it was the “joke of the week.”) Today, it’s a part of the business landscape. There are lots of reasons why companies, employees and clients love remote work: flexibility, an expanded workforce, and a larger client-base, to name a few.

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CPA accountant accounted Account 52

Going Concern

SEPTEMBER 20, 2023

Ed. note: This post brought to you by the Big Government Auditing lobby. Just kidding, it’s a guest post from Parker Skaats, CPA, an experienced government worker who’s here to pitch the joys of government work to the unwashed overworked masses. Okay, let’s be real for a second. When you hear “government auditing,” do you picture dull offices with fluorescent lighting, stacks of paper taller than you, and people who still think fax machines are the pinnacle of technology

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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.

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Insightful Accountant

SEPTEMBER 19, 2023

RLJ Financial Services' Caleb Jenkins explains the power of real-time AI insights to preempt issues, spot trends and provide invaluable, forward-looking counsel. Make sure you sign up today.

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CPA Practice

SEPTEMBER 19, 2023

By John M. Goralka, Kiplinger Consumer News Service (TNS) This cautionary tale is based upon the recent tax case of Estate of Hoensheid v Commissioner , TC Memo 2023-34. When owners of a company plan to sell their business, there is very often a desire to minimize the resultant income tax. This tax is effectively taxing the increase in the value of the business often earned over many years and decades into a single year.

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Canopy Accounting

SEPTEMBER 22, 2023

In the ever-changing financial landscape, regulations established by governing bodies are crucial for maintaining stability and integrity. They serve as the foundation of the financial system, ensuring fair practices, transparency, and accountability. These regulations set standards and guidelines for financial institutions and market participants, protecting consumers, preventing fraud, and promoting a level playing field.

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accountant Account accounted Government 59

Accounting Today

SEPTEMBER 19, 2023

The Public Company Accounting Oversight Board issued a proposal to amend its rule for an individual auditor's or audit firm's contributory liability for knowingly or recklessly contributing to violations.

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Accounting Today

SEPTEMBER 20, 2023

Sid Kess is remembered by colleagues as both a highly proficient technical expert and a kind, caring human being who took an active interest in others' wellbeing.

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RogerRossmeisl

SEPTEMBER 18, 2023

Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. The requirements Each person who, in the course of operating a trade or business, receives more than $10,000 in cash in one transaction (or two or more related transactions), must file Form 8300.

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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.

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TaxConnex

SEPTEMBER 19, 2023

Telecommunications companies face tougher problems than most other businesses when trying to comply with federal, state and local tax and regulatory obligations. Most of the taxes that telecom companies contend with are administered by the individual states’ Departments of Revenue (DOR) and local jurisdictions. These taxes go by various names: sales tax, communications services tax, utility users’ tax, local license tax and so on.

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BurklandAssociates

SEPTEMBER 19, 2023

Fintech is a diverse sector with KPIs that vary between companies, but these five metrics should matter to wide swaths of the industry. The post Metrics Matter: Five KPIs for Fintech Startups appeared first on Burkland.

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Accounting Today

SEPTEMBER 18, 2023

The service said Monday it plans to lower its audit rate of low-income taxpayers, even as some criticize its ability to protect taxpayer information.

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RogerRossmeisl

SEPTEMBER 18, 2023

The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies. This will be done through what the law calls “pension-linked emergency savings accounts.” Effective for plan years beginning January 1, 2024, SECURE 2.0 permits a plan sponsor to amend its 401(k), 403(b) or government 457(b) plan to offer emergency savings accounts that a

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CPA Tax Government accountant 211

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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.

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Cherry Bekaert

SEPTEMBER 20, 2023

On September 14, 2023, the Internal Revenue Service (IRS) announced an immediate moratorium on the processing of new Employee Retention Credit (ERC) claims until at least 2024. This pause in processing claims should not deter any employer from determining if it qualifies as an employer eligible to claim the ERC, documenting its eligibility, calculating the credit or filing an amended Form 940X to claim the appropriate credit.

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Going Concern

SEPTEMBER 19, 2023

EY put out a press release on the results of its 2023 Gen Z Segmentation study yesterday and it’s not good. Less than a third (31%) of those born between 1997 and 2007 surveyed feel financially secure, more than half (52%) said they are very or extremely worried about not having enough money. Mind you EY surveyed only 1500 of the 2.56 billion people who make up Gen Z for this particular project.

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Accounting Today

SEPTEMBER 18, 2023

The new positions, which will be open in more than 250 locations, will help ramp up the IRS compliance efforts against high-income earners, partnerships, large corporations, and promoters.

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RogerRossmeisl

SEPTEMBER 18, 2023

The federal student loan “pause” came to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you can deduct the interest you pay on your tax return. The answer may be yes, subject to certain limits. The deduction is phased out if your adjusted gross income exceeds certain levels — and they aren’t as high as the income levels for many other deductions.

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tax return Tax Education CPA 210

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

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CPA Practice

SEPTEMBER 20, 2023

A new work group within the Large Business and International (LB&I) division will be tasked with holding large partnerships and other pass-through businesses accountable to pay the full amount of taxes they owe, the IRS said on Wednesday. The new pass-through unit will include many of the 3,700 agents the IRS is planning to hire in an effort to ramp up tax compliance efforts against high-income earners, complex partnerships, large corporations, and promoters.

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IgniteSpot

SEPTEMBER 20, 2023

In a world brimming with uncertainty, businesses are more vulnerable than ever to unforeseen financial risks. These risks can spell disaster if not effectively managed, leading to revenue losses, reputational damage, or even bankruptcy. But with the advent of virtual CFO services, businesses now have a formidable ally in their corner. These services act as a safety net, offering expertise and strategies to safeguard businesses from the volatile tides of financial risks.

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Accounting Today

SEPTEMBER 22, 2023

The proposed regulations define a digital asset as any digital representation of value that is recorded on a cryptographically secure distributed ledger or any similar technology.

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RogerRossmeisl

SEPTEMBER 18, 2023

Most people equate business bankruptcy with liquidating a company’s assets and using the proceeds to repay creditors. That’s a Chapter 7 filing under the U.S. Bankruptcy Code, but closing shop isn’t a foregone conclusion in bankruptcy. Many companies instead file for Chapter 11 (reorganization) bankruptcy. This option allows a company to continue to operate, with the hope of turning things around.

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CPA 170

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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

SEPTEMBER 22, 2023

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) IRS audits raise anxiety for many taxpayers. What can be even more frustrating is when those examinations seem unevenly targeted to taxpayers with lower incomes. That’s been the case with the earned income tax credit (EITC), which has been the subject of recent controversy. (A study released earlier this year found that the IRS audits Black taxpayers at about three to five times higher rates than the agency audits other taxpayers.

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Going Concern

SEPTEMBER 18, 2023

by Sharon Lassar, PhD, CPA (Florida) John J. Gilbert Professor and Director of the School of Accountancy, University of Denver The AICPA announced the formation of a National Pipeline Advisory Group , published an article about its focus on the accounting talent shortage, and scheduled a webinar titled “Special Pipeline Series: Path to 150.” All of this happened after the Center for Audit Quality (CAQ) released its study titled “ Increasing Diversity in the Accounting Profession Pipeline.

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Accounting Today

SEPTEMBER 21, 2023

A KPMG poll found more than half of businesses say digital transformation initiatives have exceeded expectations for ROI but this may not necessarily translate into more profits.

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Technology 122

Withum

SEPTEMBER 20, 2023

Ed Mendlowitz , Emeritus Partner at Withum, is a local and industry legend, having lent his voice and his talents to the accounting world for over 60 years. He is a thought leader, mentor, teacher, professor, writer and philanthropist. Furthering his worldwide impact on the industry, Ed has now established the Mendlowitz Family Scholarship at Baruch College.

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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

SEPTEMBER 19, 2023

A proposal issued by the Public Company Accounting Oversight Board (PCAOB) on Tuesday would hold auditors and others more accountable when they negligently, directly, and substantially cause their firm to violate auditing standards. The audit regulator is proposing changes to PCAOB Rule 3502, Responsibility Not to Knowingly or Recklessly Contribute to Violations.

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Going Concern

SEPTEMBER 22, 2023

Here we are again talking about the accountant shortage. Don’t blame me, blame WSJ. Mark Maurer at Wall Street Journal wrote today about a young man named Omer Khokhar who realized after six years in accounting that he was done. The article title: “Job Security Isn’t Enough to Keep Many Accountants From Quitting.” Ruh-oh. The New York resident found accounting work monotonous, with little room for creativity or growth, and maximum salaries weren’t as high as he would have liked

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Accounting Today

SEPTEMBER 20, 2023

Accounting firms are seeing their revenues, partner income and profits increase this past year, even as more firms resort to outsourcing to fill their talent shortages.

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Withum

SEPTEMBER 20, 2023

The F word: Fraud. It is infamous in the accounting world and important that it is an “intentional” act. But why does it happen? How does it happen? The fraud triangle is a famous model in the fraud investigation world and states that fraud can occur when the following 3 elements are present: Pressure, opportunity, and rationalization. The Association of Certified Fraud Examiners releases a report annually entitled “A Report to the Nations”, which can be accessed on their website: ACFE Report.Th

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