Inform Accounting
DECEMBER 1, 2024
As the holiday season approaches, businesses are not just decking the halls - they’re also closing the books for the year. Here are 12 accounting tips wrapped up in a festive Christmas theme to help you keep your finances as merry and bright as your Christmas tree lights!
Withum
DECEMBER 2, 2024
When it comes to accounting methods, businesses primarily choose between two approaches: cash basis accounting and accrual basis accounting. Understanding the key differences between cash vs. accrual accounting is essential as this decision impacts financial reporting, cash flow management and long-term planning. What Is Cash Basis Accounting? Cash basis accounting is a straightforward method in which revenue and expenses are recorded only when cash is exchanged.
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Insightful Accountant
DECEMBER 1, 2024
Many corporations and limited liability companies must now file a Beneficial Ownership Information (BOI) Report with the U.S. Treasury Financial Crimes Enforcement Network. have you filed yours?
Withum
DECEMBER 4, 2024
The corporate tax rate is currently a flat 21% rate. There is also a 15% corporate alternative minimum tax (CAMT) based on book income for companies with average annual adjusted financial statement income exceeding $1 billion. Limits on Deduction of Business Interest Every business, regardless of its form, is generally subject to a disallowance of a deduction for net interest expense in excess of 30% of its adjusted taxable income (ATI).
Speaker: Dave Sackett
Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.
TaxConnex
DECEMBER 3, 2024
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. NOMAD news. Will “NOMAD” soon be just a NOD? The five-letter acronym stands for the states without a statewide sales tax – New Hampshire, Oregon, Montana, Alaska and Delaware – and two of those states might be leaving the group sooner than later.
CPA Practice
DECEMBER 2, 2024
The Internal Revenue Service and its Security Summit partners are warning taxpayers to approach their holiday shopping with extra caution because scammers are also shopping – for their next victim’s personal information. The consumer alert kicks off the ninth annual National Tax Security Awareness Week featuring tips for taxpayers and tax professionals to avoid scams and protect their sensitive data.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
CPA Practice
DECEMBER 2, 2024
By Amy Gallagher, Managing Director, UHY. As we move into 2025, accounting firms face a significant challenge: a growing talent gap caused by many experienced CPAs and professionals retiring. The accounting profession’s yawning talent gap has long been a thorn in the industry’s side. However, with an estimated 75 percent of CPAs having hit retirement age by the year 2020, and the number of accounting graduates continuing to trend downwards , the talent challenges the accounting industry is facin
Insightful Accountant
DECEMBER 2, 2024
In a significant development for tax practitioners and their small business clients, the IRS has established new transitional thresholds for Form 1099-K reporting through Notice 2024-85.
Accounting Today
DECEMBER 4, 2024
The most influential people in the field, as chosen by their peers.
inDinero Tax Tips
DECEMBER 4, 2024
Founders usually know how much runway they have, but may not be budgeting for their startup with an explicit system. While this can work for a time, investors want to see clear, data-backed strategies for how their money will be or is being used to deliver returns. This guide will walk you through the essential steps to develop a budget that supports growth and helps make a strong business case for prospective investors.
Speaker: Erroll Amacker
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
CPA Practice
DECEMBER 5, 2024
Following the November presidential election, CPA business leaders have a much more positive outlook about the U.S. economy and their own organizations for the next 12 months, according to the fourth-quarter AICPA & CIMA Economic Outlook Survey. The quarterly survey includes 273 qualified responses from CPAs and Chartered Global Management Accountants (CGMAs) who hold leadership positions, such as CFO or controller, in their companies.
Xero
DECEMBER 4, 2024
From January 2025, new climate reporting legislation will be introduced. It will require big businesses in Australia to track their carbon emissions and include the results in sustainability reports , which they’ll need to submit alongside their other annual reporting obligations. While this law directly targets businesses with more than 100 employees, the impact will inevitably trickle down to their suppliers, who may need to provide emissions data to them.
Mark Lee
DECEMBER 2, 2024
Ever feel torn between wanting to fire a difficult client and worrying about losing their fees? You’re not alone. The higher the fees, the harder it is to cut the cord. It’s a classic accountant’s dilemma—and one worth addressing before it drains your energy and confidence. It is a topic that often comes up in my conversations with mentoring clients and we’ve also discussed it in detail during a meeting of the Sole Practice Club.
inDinero Tax Tips
DECEMBER 2, 2024
This article is a primer for founders without finance backgrounds who want a sense of what should be on their minds when developing a financial plan for their SaaS startup. There are plenty of free spreadsheet templates online, but without an understanding of how or why to customize them, they aren’t particularly useful. It’s like the difference between copying someone else’s homework and doing it yourself.
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Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
CPA Practice
DECEMBER 3, 2024
UHY is getting an injection of private equity funding from Boston-based investment firm Summit Partners, calling it a significant milestone in its growth and strategic development, the top 30 accounting firm said on Dec. 3. Financial terms of the deal weren’t disclosed. With this deal, more than 35% of the top 30 accounting firms in the U.S. by revenue have sold stakes in their firms—many a controlling stake and some a minority stake —to private equity investors.
CTP
DECEMBER 2, 2024
Despite your best efforts as a tax planner, your client may still end up facing an audit. Since some audits are randomly chosen, this is an unavoidable reality for those of us in the tax field. The question is: what is our role when it comes to supporting our clients through an audit? Where do our responsibilities begin and end? And how can we best prepare for this possibility so we can guide our clients toward the best attainable outcome?
Randal DeHart
DECEMBER 6, 2024
Have you ever wondered how successful construction companies accurately price custom projects? The secret is in a method called Job Costing. For small business owners like you, understanding this process could be the key to increasing your profitability and ensuring that every job is priced right. Welcome to a world where every material, labor, and overhead cost is meticulously tracked to unveil the actual cost of doing business.
GrowthForceBlog
DECEMBER 4, 2024
8 min read December 4th, 2024 The role of technology in financial reporting is increasing exponentially. Thanks to new tools for streamlining and enhancing processes business functions like data collection, financial reporting, and analysis have changed drastically and are continuing to evolve along with the dawn of new tech like machine learning, artificial intelligence, and blockchain systems.
Speaker: Anna Tiomina, MBA
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
CPA Practice
DECEMBER 6, 2024
Brian Tankersley, CPA, and Randy Johnston provide a recap of the 2024 CCH Connections user conference. Watch the video, or listen to the audio podcast below (transcript below): Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.) Brian F. Tankersley, CPA.CITP, CGMA 00:00 Welcome to the accounting Technology Lab, sponsored by CPA practice advisor, with your hosts, Randy Johnston and Brian Tankersley.
Going Concern
DECEMBER 3, 2024
Multiple sources are reporting that the King’s EY is looking at axing about 150 people in consulting, 3% of that service line and 1% of the overall workforce. Bloomberg Law said the cuts are “another sign of a weak consulting market that lately has affected big accounting firms globally” but with how long this excuse has been going, it’s really starting to feel like firms are just bad at managing their headcounts and making money.
Withum
DECEMBER 2, 2024
In many physician practices, it has been common practice to contract an outside healthcare professional to provide services at a per-procedure rate. Did you know that those healthcare professionals may now be considered employees? On January 10, 2024, the U.S. Department of Labor published a final rule, effective March 11, 2024, revising the Department’s guidance on analyzing who is an employee or independent contractor under the Fair Labor Standards Act (FLSA).
ThomsonReuters
DECEMBER 4, 2024
Filing business tax returns is no doubt an intricate process, but with the right workflow, accounting firms can streamline the process, reduce errors, and ensure compliance. By implementing a digital tax workflow that automates repetitive tasks and integrates cloud-based collaboration tools, accounting firms and tax preparers can streamline the entire business tax return process from start to finish.
Speaker: Joe Wroblewski, Senior Sales Engineer
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
CPA Practice
DECEMBER 3, 2024
Staff reports The Albany Herald, Ga. (TNS) ATHENS, GA (Nov. 27)—A tax preparer who admitted to filing more than $3 million in fraudulent tax returns on behalf of her clients is facing up to 30 years in prison for her crime. Jessica Crawford, 33, of Athens, pleaded guilty to one count of wire fraud and one count of aiding and assisting in the preparation and presentation of false income tax returns before U.S.
Accounting Insight
DECEMBER 6, 2024
New data published today from award-winning accounting software provider, iplicit, has revealed that the time it takes to prepare month-end accounts is on the rise. Over half of UK finance decision-makers admit that it takes over a week to prepare and submit month-end accounts (55%). This has risen from 39% in 2023! Even more striking is that almost a third say it takes over two weeks (30%) and 1 in 10 confessed it can take over three weeks (13%).
Going Concern
DECEMBER 5, 2024
Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs. Sign up now to view the complete candidate list and connect with potential hires.
ThomsonReuters
DECEMBER 2, 2024
← Blog home At a high level, SAS 145 brings with it refinements to risk assessment standards in audits, reinforcing the need for vigilance and critical thinking. While it does not change the confirmation requirements, it prompts auditors to re-examine inherent risk factors closely, particularly for areas like cash and cash equivalents, where fraud can be more prevalent.
Speaker: Melissa Hurrington
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
CPA Practice
DECEMBER 3, 2024
Sage, a maker of accounting, financial, HR, and payroll technology for small and mid-sized businesses (SMBs), has announced that Sage Copilot is available to early adopters initially in the US and UK on Sage Intacct. As part of a raft of new enhancements and updates for Sage Intacct customers globally, the introduction of this cutting-edge generative AI tool will support customers with actionable insights and intuitive support to help drive productivity and growth.
Withum
DECEMBER 5, 2024
Today, most financial data and records exist in electronic form, and while this digital transformation offers benefits for businesses in terms of efficiency and productivity, it also creates another layer of evidence that must be properly examined when performing any type of forensic investigation. At Withum, our Digital Forensics/eDiscovery and Forensic and Valuation Services teams blend their talents to provide a unique service to clients.
Accounting Today
DECEMBER 2, 2024
States that do not assess the major taxes are more competitive than states with complex taxes with high rates.
ThomsonReuters
DECEMBER 5, 2024
As a tax and accounting professional, you understand tax research and staying current with new developments can be time-consuming, especially in todays ever-changing legislative and regulatory environment. In fact, state legislatures have found that keeping pace with the changes and complexity of tax laws continues to be a top concern for most CPA firms.
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