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 accountant Account accounted 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 CPA accounting firms 120

Xero

JUNE 20, 2024

As a business owner, would you be happy or sad if you got a hundred new clients tomorrow? Getting more business sounds exciting, but can be daunting if bookkeeping and accountancy practices aren’t set up to scale effectively. There is a slow but steady shift towards value-based pricing, rather than traditional hourly billing. If you want to adopt a pricing model based on the value you offer and the outcomes you deliver, where do you start?

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bookkeeping services bookkeeping accountant Account 71

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.

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Idaho Tax Legal 115

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.

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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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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.

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public accounting accounting firms accountant Account 98

Accounting Today

JUNE 20, 2024

We've been talking about the burnout crisis for decades, but the talk needs to turn into action.

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accountant Account accounted 132

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.

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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.

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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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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.

Account

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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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.

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Tax 132

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.

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financial statements Transportation payroll Legal 122

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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.

financial statements

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.

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CPA accountant Account accounted 116

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

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 accountant Account accounted 135

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

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

Sales

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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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 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

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 accountant Account accounted 114

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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.

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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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 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

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

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.

Withum

JUNE 18, 2024

Withum is proud to share that Karol Y Haugan , Tax Manager, was nominated for the Florida Institute of Public Accountants (FICPA) 2024 Woman to Watch Awards in the Emerging Leader category. The FICPA’s Women to Watch Awards is an annual program that recognizes outstanding women in the accounting profession, celebrating two categories of emerging and experienced leaders.

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Florida accounting degree Education CPA 105

Going Concern

JUNE 17, 2024

As we know, it’s been a rough year and a half or so for consulting. Things are so bad in the UK firms have been shedding staff left and right while Australia has been suffering with the one-two punch of slowed client demand and the continued fallout of the PwC tax scandal leading to lost clients, reputational damage, and continued tongue-lashings from parliament.

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Management Consulting Legal audit Tax 105

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.

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Tax income tax 133

CPA Practice

JUNE 18, 2024

By Ira Rosenbloom. Mergers and acquisitions (M&A) activity in the accounting industry has been robust and competitive—and all signs point to a continuation of that trend, especially in certain markets and for certain firms. If you are thinking of becoming either a buyer or a seller this year, there are critical steps to pursue that can improve your odds of success.

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accounting and finance Finance accountant Account 109

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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.