CPA Practice

DECEMBER 19, 2023

The IRS has hit the restart button on sending out automated collection notices, ending a two-year hiatus because of the COVID-19 pandemic, the agency said on Tuesday. Because automated collection notices were paused during that two-year span, the IRS also said today it will be providing about $1 billion in penalty relief to approximately 4.7 million individuals, businesses, and tax-exempt organizations that weren’t sent collection reminders about their overdue taxes during the pandemic.

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tax return Tax income tax Start-ups 135

Accounting Today

DECEMBER 18, 2023

Key to discussion on what AI means for accountants is understanding what AI can and cannot do.

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Account accountant accounted Technology 126

CPA Practice

DECEMBER 18, 2023

Time and again, retaining talent is ranked as a top challenge among leaders in the accounting and finance profession. To better understand what drives the profession’s perpetually high turnover, the Illinois CPA Society (ICPAS)—one of the largest state societies serving the certified public accountant (CPA) community—has gathered new survey data that sheds light on this trending topic.

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Illinois CPA Account accounted 119

Accounting Today

DECEMBER 18, 2023

Individual partners and individual shareholders of S corps can now get a business tax account.

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tax accountant business tax Tax Account 130

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.

Finance

Accounting Today

DECEMBER 20, 2023

The relief will go to roughly 4.7 million taxpayers who weren't sent collection reminder notices during the pandemic.

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Tax 131

TaxConnex

DECEMBER 21, 2023

It’s the end of the year and as we all start to think about our New Year’s resolutions, it’s also a good time to start thinking about correcting any sales tax missteps your business may be facing. Maybe you’ve just figured out that you have nexus and were non-compliant without realizing it, or maybe you’ve been rolling the dice and crossing your fingers you won’t get audited but your liability is growing and you’re ready to make a change – no matter your situation, if you have established nexus,

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Sales Tax audit tax accountant 264

AccountingDepartment

DECEMBER 19, 2023

Reports play a crucial role in managing a business effectively, and QuickBooks provides a wide range of reports that can help small and medium-sized businesses track their financial performance and make informed decisions. These reports provide valuable insights into various aspects of the business, such as income, expenses, sales, inventory, and payroll.

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quickbooks payroll Sales Technology 95

CPA Practice

DECEMBER 20, 2023

The National Association of State Boards of Accountancy and the American Institute of CPAs have approved revisions to the Statement on Standards for Continuing Professional Education Programs, as well as the NASBA Fields of Study document. The Standards changes, which include additional options for virtual learning, are effective Jan. 1, 2024. Published jointly by NASBA and the AICPA, the CPE Standards provide the framework for the development, presentation, measurement and reporting of CPE prog

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cpas Education Technology accountant 115

Acterys

DECEMBER 21, 2023

From startups to multinationals, Microsoft Excel is at the core of countless organization’s reporting and financial planning and analysis (FP&A). IDC reveals that 64% of businesses still lean on spreadsheets for their financial operations. Excel’s appeal lies in its simplicity and cost-effectiveness, but it’s not without limitations.

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Government accounting and finance Start-ups Maine 246

BurklandAssociates

DECEMBER 19, 2023

2023 was another interesting and challenging year for startups and investors. Our readers found these blog articles to be especially helpful. The post Readers’ Favorites: Our Top Blog Posts of 2023 appeared first on Burkland.

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accountant accounted Account 147

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Technology

TaxConnex

DECEMBER 19, 2023

This blog is an excerpt from our eBook with The CommLaw Group. As a communications company, you face some of the most complex tax and regulatory rules of any industry. Whether you run an established business or you’re thinking about entering the VoIP, UCaaS, or other telecom market, it is important to understand your compliance obligations. Just as important … you need to comply while keeping your price competitive.

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Tax audit Government accountant 147

Accounting Today

DECEMBER 20, 2023

Accounting's influencers offer their advice for solving the profession's most critical issue.

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accounted Account accountant 135

CPA Practice

DECEMBER 19, 2023

By Gail Cole. Firearms and ammunition are already subject to New York sales tax. If New York State Senate Bill 7733 is enacted, it will place an additional excise tax on the sale of firearms and ammunition in the Empire State. The rate would be 11% to match the federal firearms and ammunition excise tax as well as the new California tax on guns and ammo dealers.

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New York Tax Manufacturing tax return 133

Acterys

DECEMBER 22, 2023

Businesses need data backups for all sorts of crucial information, including popular tools like Xero’s accounting software. Without the ability to back up data, your business is more vulnerable to natural disasters, human error, cyberattacks and other unplanned events. Xero backups are one way organizations can protect critical information, ensure data accuracy and preserve business continuity.

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accounting software Legal Gambling Start-ups 130

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.

payroll

Going Concern

DECEMBER 20, 2023

You may have seen headlines over the past week about Deloitte “looking to AI to help avoid mass layoffs in the future” as first reported by Bloomberg and picked up by multiple outlets (including us putting a link to it in Monday morning’s news brief). It said: The giants of the consulting world face an unusual quandary this year: many of them are in the process of dismissing hundreds of staffers even after they hired thousands of college graduates to deal with new demand.

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Start-ups Technology audit 126

Accounting Today

DECEMBER 21, 2023

Those 73 and older need to make sure they're taking their required minimum distributions from IRA and other retirement accounts.

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Account accountant accounted Tax 131

CPA Practice

DECEMBER 17, 2023

By Anik Jain. Continued economic uncertainty, geopolitical tensions, stubborn inflationary trends and high interest rates are impacting everything from supply chains and vendor relationships to the labor force and the workplace. As a result, finance leaders find their departments squarely in the spotlight—keeping a closer eye on their balance sheets, taking fewer risks, and focusing more on efficiency and value over growth.

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AP Automation Finance AP Processes accounting and finance 132

Acterys

DECEMBER 20, 2023

Accounting firms provide financial management services to businesses, including advisory services, bookkeeping, tax preparation, and auditing. As demand increases for real-time financial data, many accounting firms are embracing finance digital transformation to gain a holistic view of the businesses they serve, automate manual processes, and deliver instant reporting and insights.

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accounting firms Finance Account accounted 130

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.

Finance

Withum

DECEMBER 22, 2023

On December 21, 2023, the IRS released details about its second settlement initiative relating to the employee retention credit (ERC). See IR-2023-247 , Announcement 2024-3 , general information , and FAQs. The IRS previously released a withdrawal option on October 19, 2023, for taxpayers who either did not receive their ERC checks or did not cash them.

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income tax Tax audit tax preparation 123

Accounting Today

DECEMBER 21, 2023

The IRS is rolling out a voluntary disclosure program to let businesses pay back Employee Retention Credits they claimed in error.

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Tax 130

CPA Practice

DECEMBER 18, 2023

The Internal Revenue Service has launched the second phase of a new online self-service tool for businesses that expands business tax account capabilities and eligible entity types. As a result, individual partners of partnerships and individual shareholders of S corporation businesses are now eligible for a business tax account in addition to sole proprietors.

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tax accountant business tax Tax Account 126

Going Concern

DECEMBER 21, 2023

Although hiring a former PCAOB staffer and using their insider knowledge to improve your inspection rate is highly frowned upon as KPMG learned in 2019 , the PCAOB does throw audit firms a bone and release things like the December 20th “Staff Priorities for 2024 Inspections and Interactions With Audit Committees” spotlight [ PDF ] to warn them what to look out for in future inspections.

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auditor audit financial statements 119

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.

CPA

Withum

DECEMBER 18, 2023

As the end of the year approaches, Withum is excited to share a round-up of the Firm’s giving efforts for 2023. From large, organized projects to hyper-localized volunteerism and individual philanthropy, it is safe to say that Withum team members from all over the world live the Withum Way every day and give back to their communities and causes close to their hearts at every opportunity.

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Account accounted accountant 116

Accounting Today

DECEMBER 22, 2023

A look at the credits, regulations and other tax developments that will shape the coming tax season.

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tax preparation Tax 128

CPA Practice

DECEMBER 19, 2023

In an era where AI, particularly generative AI, is reshaping industries, small accounting firms stand at a crossroads. As we approach 2024, the integration of AI into accounting practices is not just an opportunity for an advantage, but a necessity. This guide aims to demystify AI for small accounting firms, providing actionable insights into adopting this transformative technology to enhance efficiency, accuracy and value in your services.

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accounting firms Account accounted accountant 124

Going Concern

DECEMBER 19, 2023

Last week, CPA Ontario announced a settled disciplinary matter with PwC Canada , the matter being cheating and the settlement being $1.45 million CAD ($1.09 million USD) in fines for breaches of the CPA Ontario code of conduct. Here’s what happened. 445 professional staff — 93 percent auditors and seven percent tax and advisory — participated in answer sharing during mandatory, open-book internal training assessments between 2016 and 2020.

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auditor audit CPA Government 118

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

Spend Management

Basis 365

DECEMBER 18, 2023

In the bustling world of business, financial statement profits may grab the headlines, but it's cash flow that keeps the lights on. It's the lifeblood of a company, ensuring you have the resources to pay bills, invest in growth, and ultimately, stay afloat. Accrual accounting is important for many reasons when analyzing the performance of your business but your income statement profit is not the same as your cash flow.

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accounts payable Non-Profits accounting and finance accrual accounting 111

Accounting Today

DECEMBER 20, 2023

The Top 100 Firm is merging in San Antonio- and Austin-based Ridout Barrett & Co.

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Texas 128

CPA Practice

DECEMBER 18, 2023

By Adam Lean. In my role as CEO of The CFO Project , a community that helps accountants start and scale CFO/Advisory practices, I’ve noticed that many accounting and bookkeeping firm owners are stuck in what we call The Accountant’s Trap. Its where financial professionals are trapped working long hours for low fees, are forced to deal with high-demanding clients, all the while being burnt out on compliance and transactional work.

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bookkeeping bookkeeping services tax accountant cpas 122

Going Concern

DECEMBER 22, 2023

Programming note: we’ll be putting some things up next week (posts, not Christmas trees) so should you swing by you’ll have something new to read. Barring any huge incident like an accounting firm getting raided by the FBI on Christmas Day, there will not be any breaking news. Tips are still welcome , nay, encouraged , and we’ll be monitoring the tipline.

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auditor audit accounting firms accounting and finance 111

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