Going Concern
JULY 17, 2024
INSIDE Public Accounting is due to release their Top 500 list soon and in the meantime, they’ve asked a very important question: Will 2024 show another big boost in compensation? Here they’ve compared compensation for equity and non-equity partners, managing partners, and professional staff at non-Big 4 IPA 100 firms for 2023 against 2019.
CPA Practice
JULY 16, 2024
By Davis Bell. In business, as in life, change is the only true constant. From mitigating unprecedented business disruptors to adapting to new operational paradigms, professionals in all industries find themselves dealing with major changes — many of them driven by emerging technologies. [Go to Part II of this two-part series.] Accounting is no exception.
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Accounting Today
JULY 16, 2024
Accounting firms and vendors alike have stressed the importance of having a "human in the loop" to oversee AI. Just who are these humans and what do they do?
Going Concern
JULY 15, 2024
Thomson Reuters has another survey to share with the world and that’s the 2024 Audit Survey Report from the TR Institute. Like the State of Tax Professionals and Future of Professionals reports, it gives us a birds eye view of the issues these segments are facing and what they’re doing to address them. It’s 2024 so of course generative AI comes up a lot.
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.
BurklandAssociates
JULY 16, 2024
Investing in employee retention makes financial sense and builds a foundation for sustained success and growth. The post Employee Retention Strategies for Startups: Keeping Your Best Talent Engaged appeared first on Burkland.
RogerRossmeisl
JULY 15, 2024
For many businesses, such as retailers, manufacturers and contractors, strict inventory control is central to operations. If you don’t track inventory accurately, you can’t effectively produce goods, meet customer demand and realize profits. Let’s say you’re performing a year-end inventory count and you come up short. Have you miscounted or have the items been misplaced?
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Accounting Today
JULY 16, 2024
The role of the internal auditor is expected to change drastically in the decade to come, according to a new report by the Institute of Internal Auditors.
CPA Practice
JULY 15, 2024
Advice making the rounds on social media touting a “self-employment tax credit” as a way for self-employed and gig workers to receive big payments for the COVID-19 pandemic period is a new problem the IRS is dealing with because no such tax credit exists. In a consumer alert issued on Monday, the IRS said bad advice circulating on social media about the non-existent “self-employment tax credit” is misleading taxpayers into filing false claims.
RogerRossmeisl
JULY 15, 2024
With school out, you might be hiring your child to work at your company. In addition to giving your son or daughter some business knowledge, you and your child could reap some tax advantages. Benefits for your child There are special tax breaks for hiring your offspring if you operate your business as one of the following: A sole proprietorship, A partnership owned by both spouses, A single-member LLC that’s treated as a sole proprietorship for tax purposes, or An LLC that’s treated as a partner
TaxConnex
JULY 18, 2024
Maintaining compliance documentation is crucial for businesses to ensure smooth and successful audits. Proper documentation allows auditors to interpret and verify your financial transactions accurately. Unfortunately, many businesses find themselves unprepared when faced with an audit, lacking the necessary documentation. This can lead to auditors assuming transactions are taxable, or making historical projections or arbitrary assessments of taxable sales.
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.
Acterys
JULY 17, 2024
We are beyond thrilled to announce the release of Acterys’ latest version, 24.1. The launch of Acterys 24.1 heralds a transformative era in business intelligence and planning, blending the power of AI with the robust functionality of Power BI. This release marks a significant milestone, embodying our commitment to revolutionizing enterprise planning through cutting-edge technology, all underpinned by our strategic partnership with Microsoft.
CPA Practice
JULY 16, 2024
Chicago-based RSM US brought in $4 billion in revenue during the firm’s most recent fiscal year, with consulting driving business growth, according to its FY 2024 Impact Report. The firm reached the $4 billion mark after a nearly 8% increase in revenue in FY 2024, up from $3.7 billion in FY 2023. “We have made significant progress during the last year in our journey to become an even more compelling, digital and global organization committed to leading the middle market into the future,” Brian B
RogerRossmeisl
JULY 17, 2024
July 15 Employers should deposit Social Security, Medicare and withheld income taxes for June if the monthly deposit rule applies. They should also deposit non-payroll withheld income tax for June if the monthly deposit rule applies. July 31 Report income tax withholding and FICA taxes for second quarter 2024 (Form 941) and pay any tax due. (See the exception below, under “August 12.
TaxConnex
JULY 16, 2024
Knowing when and where you have sales tax obligations is a key part of compliance. And understanding your taxability – especially if you don’t sell just tangible personal property (TPP) – is key to getting the right sales tax rates on transactions. Tax mapping helps you determine how items are taxed in a jurisdiction. Anything not tagged to a tax code in mapping is taxed as TTP, which may not be the best or correct sales tax rate.
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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.
Accounting Today
JULY 18, 2024
The RSM network made five strategic acquisitions in Europe, including specialist audit and consulting firms in Austria, Denmark and France, plus a prestigious law firm in Spain.
CPA Practice
JULY 18, 2024
The Department of the Treasury and the Internal Revenue Service has issued final regulations updating the required minimum distribution (RMD) rules. The final regulations reflect changes made by the SECURE Act and the SECURE 2.0 Act impacting retirement plan participants, IRA owners and their beneficiaries. At the same time, Treasury and IRS issued proposed regulations, addressing additional RMD issues under the SECURE 2.0 Act.
RogerRossmeisl
JULY 17, 2024
Whether your company acquires businesses that own real estate or you invest in real estate directly, fraud poses an ever-present threat. Buying and selling real estate is complicated, and it’s relatively easy for crooks to manipulate the process. To help mitigate real estate fraud threats, thorough due diligence is essential. Staying current on common schemes and red flags also may enable you to identify risky transactions before you put down any money. 5 schemes First, be aware of these five co
Going Concern
JULY 16, 2024
I’d like the record to reflect that this is not my idea. Comment left on “ What’s your hot take for the next 5 years in the field of Accounting? “ I wasn’t able to find any information on the average cost of those extra 30 units, probably because it varies so much so instead let me drop two relevant links. You all are welcome to tell us how much you paid for your 30 units in the comments (or by email ).
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
Accounting Today
JULY 15, 2024
The IRS warned about bad advice that's being peddled on social media promoting a bogus "Self Employment Tax Credit" and prompting unsuspecting taxpayers to file false claims for the credit.
CPA Practice
JULY 17, 2024
By Ali Donaldson, Inc. (TNS) Where have all the accountants gone? Between 1990 and 2021, the number of people sitting for the Certified Public Accountant exam plunged by almost 50 percent , according to the Association of International Certified Professional Accountants. With fewer young people entering the profession and an increasing number of baby boomers, who account for three-quarters of CPAs, heading for retirement, a Bloomberg analysis of data from the Bureau of Labor Statistics found th
RogerRossmeisl
JULY 17, 2024
Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections. Our current situation The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made sweeping changes. Many of its provisions are set to expire on December 31, 2025. With this date getting closer each day, you may wonder how your federal tax bill will be affected in 2026.
Going Concern
JULY 18, 2024
In an opinion piece published in Fortune on July 17 , former IRS commish Chuck Rettig recognizes that his former employer was wise to put a moratorium on processing fraud-plagued Employee Retention Credit (ERC) claims but says the IRS should process the less shady ones in the meantime. The work of identifying the risk level of individual claims has apparently already been done so at this point they know which bunch are most likely to be legit.
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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.
Accounting Today
JULY 18, 2024
The Treasury Department and the Internal Revenue Service issued final regulations Thursday to update the rules for required minimum distributions.
CPA Practice
JULY 16, 2024
The American Institute of CPAs and the National Association of State Boards of Accountancy have expanded international testing availability of the U.S. CPA Exam to the Republic of the Philippines. Passing the Uniform CPA Examination is a prerequisite to becoming a licensed Certified Public Accountant (CPA) in the United States. With the increasing globalization of business, many people who live abroad are interested in obtaining the U.S. professional designation.
RogerRossmeisl
JULY 15, 2024
Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people don’t fully understand the Social Security tax they pay. If you’re an employee If you’re an employee, your wages are hit with the 12.4% Social Security tax up to the annual wage ceiling. Half of the Social Security tax bill (6.2%) is withheld from your paychecks.
Canopy Accounting
JULY 17, 2024
Darren Root will be sitting down with Canopy CEO Davis Bell to discuss the future of accounting and most of all, answering your questions. You can submit questions for Darren as part of the registration process for the webinar.
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.
Accounting Today
JULY 15, 2024
CliftonLarsonAllen CEO Jen Leary has been focusing on expanding the firm's appeal, especially to young accountants, as CLA grows its international network.
CPA Practice
JULY 15, 2024
Results from the latest Vision report from the Institutie of Internal Audits and the Internal Audit Foundation, based on feedback from more than 7,000 practitioners and stakeholders around the world, lay bare the extent to which technological change will continue to impact the internal audit profession. The results of the “Internal Audit: Vision 2035 – Creating Our Future Together ” report underscore the need for internal audit practitioners to expand the scope of their services and embrace emer
RogerRossmeisl
JULY 15, 2024
Do you invest in mutual funds or are you interested in putting some money into them? If so, you’re part of a large group. According to the Investment Company Institute, 116 million individual U.S. investors owned mutual funds in 2023. But despite their widespread use, the tax rules involved in selling mutual fund shares can be complex. Review the basic rules Let’s say you sell appreciated mutual fund shares that you’ve owned for more than one year.
Accounting Seed
JULY 17, 2024
The nonprofit puts time back in their hands to focus on what really matters: combating homelessness. –––––– Homelessness is a devastating and complicated issue plaguing many areas within the United States. According to United States Interagency Council on Homelessness , 1.25 million people experienced homelessness in 2020 alone—with California accounting for 28% of the homeless population in 2023.
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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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