Sat.Mar 30, 2024 - Fri.Apr 05, 2024

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The AI Revolution: Navigating the Future of Tax Practices

Insightful Accountant

AI is transforming the tax industry, yet professionals are wary of embracing it fully due to data security, ethics, and client relationships. Practice owners must navigate this shift for success.

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The Power of AI for Accountants

Accounting Insight

Artificial Intelligence (AI) has certainly made its mark across a number of industries and the accountancy & finance sector is no stranger to the rapid advancements taking place. If used responsibly, AI serves as a powerful tool to aid Accountants, streamline their workload, improve accuracy and help them work smarter. Accountancy and finance recruitment specialists, Spencer Clarke Group , have witnessed firsthand how Artificial Intelligence is helping accountancy professionals refine their

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Elevating Your Business Through Security Training

CPA Practice

By Dr. Sangeeta Chhabra Here’s a sobering stat for accountants and business owners alike: 74% of data breaches occur due to human errors, encompassing mistakes, privilege misuse, stolen credentials, or social engineering. But there is hope—through proper training, your firm and ultimately your clients can significantly reduce the risk of a breach. Do staff follow data security policies?

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If You Want to 'Work Less, Earn More,' Ask Yourself These Questions

Summit CPA

Agency owners often get to a point where they become stuck. Maybe they've been growing for a while and they've hit a plateau. Maybe they're still growing, but their day-to-day is out of control. Or as one of my clients said: “It's hard to think about what you'll cook for dinner when you've got a knife stuck in your leg.

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Building a Business Case for Finance Automation

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.

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Elevating Your Accounting Firm: Expert Insights with Upstream Academy's Jeremy Clopton

Insightful Accountant

In this episode of Accounting Insiders, Gary DeHart and Jeremy Clopton from Upstream Academy discuss consulting for accounting firms, emphasizing leadership and vision strategy.

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AI and the firm of the future

Accounting Today

Wipfli's Kelly Fisher offers a practical look at artificial intelligence and how accounting firms should be thinking about it.

More Trending

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Small Business Guide to Government Grant Accounting and Compliance

SMBAccountant

It's crucial to assess your eligibility for federal grants before applying, as pursuing grants for which you are not legally eligible can waste time and resources. For small businesses, understanding various factors is essential. This includes budgeting, expense tracking, and reporting to ensure funds are used appropriately and in compliance with grant terms.

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Weekend Discussion: Accounting Doesn’t Need to Be Sexy

Going Concern

If you didn’t catch it, The Economist published this the other day: Sigh. They weren’t taking liberties with the word “sexy” either. The intro paragraph reads: In tiktok parlance, “accountant” is code for a sex worker. Now proper beancounters want to reclaim the title and make it appealing to prospective recruits, on the popular short-video app and elsewhere.

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Art of Accounting: An April Fool's Day story that's true

Accounting Today

This outrageous story about an accountant's client and his wife might not seem like it's real, but it is.

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Transaction Thresholds: Vanishing Acts?

TaxConnex

Economic nexus thresholds in many states depend on two numbers. Now, almost six years after the landmark Wayfair case ignited sales tax obligations for more remote sellers, one of those numbers might be falling out of favor. Since the Supreme Court’s decision in 2018, almost all states with economic nexus opted to have dollar volume of sales as one trigger for sales tax obligations.

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Fall In Love With the Month-End Close

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.

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Is a Fractional CXO the Right Move for Your Growing Business?

BurklandAssociates

Explore the considerations and benefits of hiring a Fractional CXO for your company in various functions like finance and procurement. The post Is a Fractional CXO the Right Move for Your Growing Business? appeared first on Burkland.

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How the 50 States Rank By Lifetime Taxes

CPA Practice

Earlier this week WalletHub released a study that shows which states’ residents have the highest and lowest tax burden , measured as the proportion of total personal income that residents pay toward state and local taxes. Another study released this week , from credit-building platform Self Financial, analyzed the lifetime cost of tax in the U.S. The study looks at how much tax the average person is estimated to pay in each state throughout their lifetime.

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IRS investigating almost $9B in pandemic fraud

Accounting Today

The agency has indicted almost 800 people for COVID fraud, and has a 98.5% conviction rate.

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BBD Joins Its Practice With Withum

Withum

Withum is excited to announce that on March 31, 2024, BBD LLP (BBD); a public accounting, tax and advisory firm dedicated to serving nonprofit and government organizations headquartered in Philadelphia, will join its practice with Withum. BBD’s five partners and 40 team members will be added to the Withum roster, remaining at their current Philadelphia office location at 1835 Market Street, Suite 300.

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Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape

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.

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When AI Stands For ‘Actually Indians’

Going Concern

The story I’m about to share with you is not directly related to the accounting profession however it’s just as relevant in this sector as any because of the principle at work: ‘AI’ isn’t always AI. In fact, it quite often isn’t. As we race toward a glorious future in which AI handles all the most boring accounting tasks and frees up professionals to do more critical thinking, let’s remember we’re living in Oz and have yet to meet the Wizard face-t

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AICPA Offers ERC Resources as IRS Voluntary Disclosure Program Ends

CPA Practice

Since 2021, the American Institute of CPAs (AICPA) has spoken out against unscrupulous third-party vendors promoting improper Employee Retention Credit (ERC) claims. The Internal Revenue Service has heeded the concerns of CPAs from across the country and taken steps to curb fraudulent ERC claims. As previously scheduled by the IRS, the voluntary disclosure program has come to an end.

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Inside the Top 100 Firms for 2024

Accounting Today

A look at the numbers behind the biggest firms in accounting this year.

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BookSmiles: Spreading Joy and Literacy With Larry Abrams

Withum

Explore Other Episodes #CivicWarriors #WithumImpact The post BookSmiles: Spreading Joy and Literacy With Larry Abrams appeared first on Withum.

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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

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.

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Tax Preparer Finds Out in the Worst Way Possible That ERC Wasn’t a Free Money Glitch

Going Concern

A federal grand jury in Newark, New Jersey, returned an indictment Wednesday charging tax preparer Leon Haynes of Teaneck, New Jersey with fraudulently seeking more than $150 million from the IRS by filing more than 1,600 false tax returns for himself and his clients that claimed COVID-19-related employment tax credits. He’s looking at 55 counts of aiding and assisting in the preparation of false tax returns, five counts of mail fraud, one count of aggravated identity theft and two counts

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How the 50 States Rank By Tax Burden

CPA Practice

A new study by WalletHub revealed that residents of New York state are burdened by taxes the most among the 50 states, while Alaska residents have the lowest tax burden. Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub.

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Uncertainty surrounds CTA — for accountants and small biz

Accounting Today

Ongoing court cases and questions about whether accountants can actually work on BOI reporting make the Corporate Transparency Act a source of serious confusion.

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Importance of SOC Reporting and Its Impact on Crypto

Withum

In this episode of Cryptonomix, Mark Eckerle and Anurag Sharma, Partner and Systems & Process Assurance Group Leader at Withum, break down SOC 1, 2, and 3 Reports and the differences between them.

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Cash Flow Secrets Every Upskilled CPA Should Know

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.

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PwC Signed a 141,000 Sq Ft Lease For a New Office in San Jose

Going Concern

Real estate news site The Real Deal reports everyone at PwC’s San Jose office will be moving away from downtown and into new digs soon: Accounting firm PricewaterhouseCoopers has signed a long-term lease for 141,000 square feet in Federal Realty Investment Trust’s Santana Row development, according to a Federal Realty press release. PwC’s current 15-year lease in downtown San Jose expires in 2025 and the agreement allows the firm to move to One Santana West in 2026.

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Worth The Read - The Good, the Bad and the Ugly of It

Insightful Accountant

Who says 'progress' is always good? Sometimes it's a mess. Here's one case of QB Enterprise to QBO Advanced migration that was more of the later than the former. Maybe you can help???

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Crowe adds economic research firm

Accounting Today

The Top 100 Firm has merged in ITR Economics to boost its advisory capabilities.

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The Ohtani scandal: A look into the IRS investigation

ThomsonReuters

Jump to: The allegations The IRS investigation Ohtani’s response Implications for Ohtani and the Dodgers Broader impact on professional sports Uncovering the truth The Internal Revenue Service (IRS) launched an investigation into the financial scandal involving Shohei Ohtani, the star player for the Los Angeles Dodgers. The probe centers around Ohtani’s former interpreter, Ippei Mizuhara, who has been accused of illegal sports gambling and significant financial theft.

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Profit in the Details: Rethinking Spend for Monumental Impact

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

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Business Is So Slow McKinsey Is Paying Managers to Find a New Job

Going Concern

Over the weekend, The Times published a bit of a scary article about how the consulting business is so slow over there in the UK McKinsey is now trying to force out some of its engagement managers and associate partners. But they aren’t laying them off right away. McKinsey is offering to pay hundreds of its senior employees to leave the firm and look for work elsewhere, the latest attempt by the consulting giant to reduce staff amid a sector-wide downturn.

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Intuit Debuts Line of Credit for QuickBooks

CPA Practice

Intuit recently launched QuickBooks Line of Credit , giving small businesses a new way to access funding quickly—from $1,000 to $50,000—with loans issued by WebBank. With this new feature, small businesses can tap into funding when and how they need it, depending on their specific cash flow requirements, Intuit said in a news release. The line of credit is designed to provide small business owners with the ability to draw from their available credit limit to support business growth, pay expense

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Accounting class-actions rose last year

Accounting Today

Accounting-related class-action lawsuit filings and settlements both increased in 2023, according to a new report, even though the cases took longer to be filed.

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Migrating from Intuit to Intuit - the options

Insightful Accountant

Wondering what your options are about migrating from Desktop Pro and Premier to some other Intuit accounting solution? If so, then this article is for you.

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Navigating Bleisure Travel: A Guide for Mid-Sized Companies

Bleisure travel — where employees combine work and leisure — has been around since the advent of corporate travel and is here to stay. Successful bleisure policies strike a balance between employee preferences and company goals — workers report a 64% improvement in work-life balance, while companies benefit from reduced travel costs and increased workforce innovation.