CPA Practice

JUNE 17, 2024

By Arianna Campbell. With another busy season in the rearview mirror, many firms are looking ahead to next year. What went well this busy season? What could use some improvement? Now is the time to make changes to your technology and processes that will set you up for success in 2025 and beyond. To help you identify these opportunities, we’ve identified five trends for process improvement that leaders in the accounting profession should be aware of to ensure their firms remain at the forefront.

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Technology accounted Account accountant 129

Going Concern

JUNE 18, 2024

320%. That’s how much the number of non-equity partners at INSIDE Public Accounting Top 100 firms — excluding Big 4 — has grown over the past 15 years. Equity partners at these firms, however, have grown only 85% in that same time period. The IPA Top 100 minus Big 4 starts at RSM with $3.7 billion in revenue and ends with a Wayne, PA firm called Global Tax Management with $48.8 million.

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public accounting Pennsylvania accounting firms CPA 119

CPA Practice

JUNE 17, 2024

By Melissa Angell, Inc. (TNS) Small businesses still vying for pandemic-era employee retention credits they haven’t received could have another course of action to nab their money sooner. A provision in the tax code allows taxpayers who have filed refund claims to sue the Internal Revenue Service if they have not heard from the agency within six months, or their claim was denied and they believe it to be legitimate.

Idaho 115

Idaho Tax Legal 115

Accounting Today

JUNE 17, 2024

The Internal Revenue Service is targeting the use of basis shifting between related parties as a way for partnerships to avoid paying taxes, setting up a new unit within the Office of Chief Counsel to develop guidance aimed at closing tax loopholes.

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Tax audit 128

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

Canopy Accounting

JUNE 18, 2024

Accounting is facing a major issue: a shortage of 340,000 accountants. It’s not just public accounting firms experiencing the talent crunch, even Fortune 500 companies are, as errors in earnings reports have shaken investor confidence. Electric truck maker Rivian mistakenly reported a 147% increase in deliveries in Q4, when this figure actually pertained to the annual increase, not just the quarter.

public accounting 98

public accounting accounting firms Account accountant 98

Going Concern

JUNE 16, 2024

There’s something in the air and it isn’t ripe armpits in the audit room. The natives are restless pic.twitter.com/F21X8uzzI3 — Going Concern (@going_concern) June 12, 2024 Lifted from Reddit here. This isn’t about one particular firm — though individual firms are doing a great job shattering trust among their own people in recent weeks (see: PwC , GT ) — rather, it’s about how all of this looks to students, people in the first few years of their career,

public accounting 105

public accounting Account accounted accountant 105

CPA Practice

JUNE 20, 2024

Vince Golle Bloomberg News (TNS) U.S. mortgage rates declined below 7% last week for the first time since March, spurring back-to-back increases in financing applications for home purchases. The contract rate on a 30-year fixed mortgage decreased 8 basis points to 6.94% in the week ended June 14, according to Mortgage Bankers Association data released Wednesday.

Finance 116

Finance Government Retail 116

Insightful Accountant

JUNE 19, 2024

The IRS is turning to AI to help select tax returns for audits, aiming to narrow the tax gap. A recent GAO report emphasizes the need for consistent and transparent use of this technology.

tax return 105

tax return audit Tax 105

TaxConnex

JUNE 18, 2024

Six years ago this Friday, the U.S. Supreme Court decided, narrowly, to complicate life for online sellers. In the landmark 2018 case South Dakota v. Wayfair, Inc. et al, the Court determined that an out-of-state seller could establish “nexus” through just economic activity. (Nexus is an economic presence that triggers the obligation to collect and remit tax or at least communicate with appropriate states.

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South Dakota North Dakota Alabama Sales 214

Accounting Today

JUNE 19, 2024

Residents with low income in these 20 states pay a smaller percentage of their income in tax.

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Tax income tax 136

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Technology

Acterys

JUNE 21, 2024

Businesses need to be equipped to handle whatever uncertainties the future may bring, from market shifts to technological changes and regulatory updates. That’s where a scenario planning template comes in handy. These templates are invaluable for businesses looking to map out potential future scenarios and develop strategies to handle them effectively.

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Hospitality Agriculture Government accounting and finance 130

BurklandAssociates

JUNE 18, 2024

From valuation to term sheet to exit strategy alignment, a startup’s Series A round involves careful consideration of several critical factors. The post The Startup Founder’s Guide to Evaluating a Series A Round appeared first on Burkland.

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Patriot Software

JUNE 19, 2024

Canton, OH Patriot Software’s founder and former CEO, Mike Kappel has introduced that Kyle Dreger is the new CEO of Patriot Software, effective immediately.

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Accounting Today

JUNE 19, 2024

The unpredictable nature of digital assets stands out as both a defining characteristic and a significant challenge for investors and accounting professionals alike.

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accounting principles Account accounted accountant 135

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

CPA Practice

JUNE 18, 2024

By Sandi Smith Leyva. AI tools like ChatGPT can be used to streamline financial statement analysis and other client accounting service tasks. Here’s an example of what it can do with an income statement. An important reminder is that your data needs to be anonymized before entering it into any generative AI application. This means stripping out the company name and any other identifying information.

financial statements 122

financial statements Transportation payroll Legal 122

Withum

JUNE 21, 2024

Many dealerships’ operations were brought to a halt due to the second cyberattack on CDK Global software and its impact is still being felt today. “Late in the evening of June 19, we experienced an additional cyber incident and proactively shut down most of our systems,” CDK said in a statement per CNN. CDK provides over 15,000 dealerships software to support dealer operations.

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Legal Sales financial statements Tax 116

Going Concern

JUNE 20, 2024

CliftonLarsonAllen announced today that for the second year in a row, a group of high school students aged 16-18 will be joining the usual college interns at the firm this summer. And yes, they’re getting paid. CLA’s high school intern class of 69 people will be working across 14 offices: Baltimore, Charlotte, Chicago, Des Moines, Indianapolis, Philadelphia, Milwaukee, Minneapolis, Nashville, Phoenix, Boston, Seattle, Tampa, and Toledo.

CPA 115

CPA accounted accountant Account 115

Accounting Today

JUNE 18, 2024

Residents with high earnings in these 20 states get a bigger break on their taxes, paying a smaller percentage of their income.

Tax 133

Tax income tax 133

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

CPA Practice

JUNE 19, 2024

By Jim Wesloh U.S. government contracts account for over $700 billion annually , a significant portion of which hinges on the ability for contractors to “establish and maintain an acceptable accounting system” which includes “timekeeping” and “labor distribution.” Failure to maintain an acceptable accounting system may result in the withholding of payments from the government to a contractor.

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Government general ledger audit accounting system 115

Insightful Accountant

JUNE 19, 2024

The final day of Scaling New Heights has always brought with it the announcement of the following year's event, and this year was no different.

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Cherry Bekaert

JUNE 18, 2024

Contributor: Nick Cousino, Senior Manager A new South Carolina tax credit that encourages private parties to expand the state’s ever-growing trail system went into effect May 13. South Carolina taxpayers who encumber their property with a perpetual recreational trail easement and right-of-way are allowed a one-time income tax credit equal to ten cents for each square foot of the property that is encumbered by the recreational trail easement.

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South Carolina Real Estate Tax income tax 111

Accounting Today

JUNE 20, 2024

The Internal Revenue Service plans to begin slowly paying some of its older claims for the fraud-plagued Employee Retention Credit this summer but is not lifting its moratorium.

Tax 132

Tax 132

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

CPA Practice

JUNE 21, 2024

In Notice 2024-55 (PDF) issued on June 20, 2024, the Internal Revenue Service is providing guidance on exceptions to the additional tax incurred when taxpayers with tax-deferred retirement accounts take an early permissible retirement plan distribution for emergency personal expenses, and for victims of domestic abuse. This was added by the SECURE 2.0 Act of 2022, and the provisions became effective on January 1, 2024.

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Tax accounted Account accountant 114

Insightful Accountant

JUNE 17, 2024

Today's Main Stage of Scaling New Heights featured Insightful Accountant's 2024 ProAdvisor recipients.

Account 111

Account accounted accountant Maine 111

Going Concern

JUNE 18, 2024

Deloitte has released their third Well-being at Work Survey and guess what? The workers aren’t so well. Here’s a fun figure from the survey of 3,150 C-suite executives, managers, and workers across four countries for you: Only 43% of workers say their organizations have left them better off than when they started. Well-being isn’t doing so well either.

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Accounting Today

JUNE 18, 2024

The Internal Revenue Service is easing the rules for claiming a tax refund tied to a claim for the research and development tax credit.

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Tax 130

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

CPA Practice

JUNE 21, 2024

The Internal Revenue Services says that, following a detailed review, it expects to deny tens of thousands of improper high-risk Employee Retention Credit claims while starting a new round of processing lower-risk claims to help eligible taxpayers. “The completion of this review provided the IRS with new insight into risky Employee Retention Credit activity and confirmed widespread concerns about a large number of improper claims,” said IRS Commissioner Danny Werfel.

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Tax audit tax return Government 110

Xero

JUNE 19, 2024

Earlier this year we communicated that we’ll be retiring the older version of our invoicing product – classic invoicing – on 2 September 2024. You may have questions about this change, so we thought we’d answer a few of the most common ones people have been asking. Does new invoicing support repeating invoices? Yes, new invoicing supports repeating invoices.

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Real Estate audit 107

Insightful Accountant

JUNE 20, 2024

Some ProAdvisors feel odd about nominating themselves, you really shouldn't. more than 70% of those achieving award status in our 2024 process were self-nominees. Murph tells you the advantages of self-nomination in today's feature.

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Accounting Today

JUNE 17, 2024

The National Pipeline Advisory Group's recommendations cover a wide range of ways to attract more people to the profession, and Jennifer Wilson walks us through what everyone can do to help.

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accountant accounted Account 128

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