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

OCTOBER 17, 2023

Young accounting and finance professionals have been seeing the highest turnover over the past two years and are most likely to leave their current jobs over the next year, according to a new report.

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Going Concern

OCTOBER 19, 2023

“The number-one trend is that the candidate is in complete control…because the unemployment rate is lower in accounting and finance than it’s ever been.” That’s a quote from a Robert Half recruiter in the Talent Retention in the U.S. Accounting and Finance Profession study released a few days ago, a collab between IMA and Robert Half (and about two dozen research partners, mostly state societies).

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accountant Account accounted accounting and finance 130

Accounting Insight

MARCH 10, 2023

A lot has been written about OpenAI’s unveiling of ChatGPT. It’s garnered a very excited response. To summarise, it’s a chatbot. By responding to prompts, it can answer questions, create stories, and it remembers its previous responses. Its core function is to mimic a human conversation. What separates it from other chatbots is the absurd amount of data behind it – 300 billion words’ worth.

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accountant Account accounted Technology 136

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.

Account

ThomsonReuters

MAY 15, 2023

Working in the tax and accounting industry can be a stressful job. With long hours, tight deadlines, and pressure to deliver results, it can be hard to achieve a work-life balance. That’s why it’s important for both tax and accounting professionals and their firms to take steps to protect their mental health. With Mental Health Month upon us, this is a good time to think about strategies to ensure that your teams maintain a healthy work-life balance.

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accountant Account accounted Technology 137

CPA Practice

MARCH 15, 2023

In the past several decades, few topics have driven as much conversation among accounting professionals and firm leaders as has ongoing private equity investment in firms. This phenomenon has caused the profession to rethink the very model of firm ownership, success, partnership and hierarchy. It’s definitely not the model of firm management that your mother or father experienced or envisioned, if they were an accounting professional.

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accounting firms accountant Account accounted 132

CPA Practice

NOVEMBER 20, 2023

A new study on how accounting professionals feel about their profession, job satisfaction, and automation has found that, while they are overwhelmingly positive about the profession, there is a clear need for more automation. This is an opportunity for firms to provide better client and employee experiences and to gain a competitive advantage. These results were part of the study, “Automation: Putting Accountants on the Right Path,” which was commissioned by ShareFile , a business unit of Cloud

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Technology accountant Account accounted 128

Withum

JANUARY 4, 2023

As we begin 2023, we are still seeing many businesses that have not yet claimed the employee retention credit (“ERC”) , and the potential benefit of this credit has attracted many inexperienced service providers making exaggerated promises in exchange for outsize contingency fees. In fact, these service providers have become so prevalent that the IRS, in a relatively unprecedented move, released a warning to taxpayers to be wary of third parties advising them to claim the ERC when they do not qu

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audit payroll tax Tax Start-ups 136

Going Concern

JUNE 26, 2023

Stock photo of KPMG office in London. Look, the logo is the same ok. Rumors have been buzzing for a few weeks now that KPMG would be making some cuts, the most notable of these buzzes an extra buzzy post on Reddit suggesting an incoming RIF. This morning (Monday), all-hands calls started appearing in people’s calendars and, well, you know what happens after that.

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audit Healthcare Tax Start-ups 145

Going Concern

MAY 24, 2023

Ed. note: this article’s headline has been changed as we don’t actually know if he got fired or not. Neerabh Mehrotra, formerly Associate Director at Deloitte India, has been let go after he gushed over Adolf Hitler’s charisma, intelligence, and confidence on LinkedIn. The post: Text transcription, courtesy Google Lens: Friday Inspiration Recently I picked up a book on Adolf Hitler “The Dark Charisma of Adolf Hitler” by Laurence Rees.

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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

Going Concern

MARCH 15, 2023

While the general investing public is asking “where were the auditors?” in regards to the recent collapse of Silicon Valley Bank and Signature Bank, the banks’ auditors are insisting that, having exercised requisite due professional care, their unqualified opinions were based on the information available to them at the time and as such, the firm stands behind them.

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CPA Practice

MAY 16, 2023

By Michael E. Kanell – The Atlanta Journal-Constitution (via TNS). Mary Woods has a career with erratic schedules and unpredictable paychecks, but she saved money and kept her credit score high so she could buy a house on her own. The purchase was a priority, said Woods, 43, a production worker in the film industry who has been in her DeKalb County, Georgia, home for nearly two years, glad for friendly neighbors, the options for walking her dogs and the proximity to urban amenities.

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Real Estate Georgia Start-ups Tax 143

Going Concern

JULY 11, 2023

The Wall Street Journal wrote today about recent disclosures made by Advance Auto Parts, Joby Aviation, and Germany’s Evotec that specifically point to a lack of accounting staff as a contributor to or sole factor causing certain material weaknesses. It seems we are entering the “find out” phase of FAFO, the FA being shitty pay (and to a lesser extent, decades of ineffective recruiting strategies).

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accountant Account accounted financial statements 140

Accounting Today

SEPTEMBER 29, 2023

The Internal Revenue Service is allowing tax practitioners to see their client's tax information, including balance due amounts, as well as withdraw from their active authorizations online in real time.

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Tax accountant Account accounted 138

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financial statements

Accounting Today

OCTOBER 17, 2023

The Internal Revenue Service plans to run a limited pilot test of its free online tax system in 13 states next tax season, but it will only support certain tax credits.

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Tax 141

Accounting Today

AUGUST 30, 2023

The Internal Revenue Service is telling companies they will need to start electronically filing their forms reporting cash payments over $10,000, starting Jan. 1, 2024.

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Tax 141

CPA Practice

APRIL 7, 2023

By Cameron White. Despite high demand for CPAs, accounting firms struggle to hire accountants. In 2021, there was a 17 percent drop in employed accountants and auditors from a 2019 peak, according to a Bloomberg Tax analysis. Deloitte ranks the talent shortage among the top challenges that are expected to influence or disrupt businesses this year. With an onslaught of economic disruptions and complexities on their plate, a CPA shortage proves especially burdensome for middle market companies.

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accounting firms CPA Technology accountant 139

Accounting Today

DECEMBER 11, 2023

The Treasury Department and the Internal Revenue Service expect to issue proposed regulations to address the application of the foreign tax credit and related rules and the dual consolidated loss rules to certain types of taxes described in the GloBE Model Rules.

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Tax 135

Speaker: David Warren and Kevin O’Neill Stoll

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Sales

CPA Practice

FEBRUARY 13, 2023

In late 2022, a new AI tool, called ChatGPT , exploded into the marketplace. Since then, it’s been mentioned in hundreds of online articles, in chatrooms, and in the media. According to Reuters , “ChatGPT, the popular chatbot from OpenAI, is estimated to have reached 100 million monthly active users in January, just two months after launch, making it the fastest-growing consumer application in history.

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CPA Practice

MAY 26, 2023

The IRS has announced that it’s “open season” on false claims for the Employee Retention Credit (ERC). It is stepping up efforts to audit employers as aggressive promoters continue to make a pitch for fraudulent refunds (IR-203-40, 3/7/23). This type of scheme was recently included on the IRS’ list of the Dirty Dozen tax scams to watch out for in 2023.

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CPA Practice

MARCH 27, 2023

By Faustine Ngila, Quartz (TNS) Côte d’Ivoire citizens pay the highest income taxes in the world according to this year’s survey findings by World Population Review. While both its sales and corporate tax regimes may be considerably lower than those of other countries globally, at 60%, Côte d’Ivoire’s income tax rates are markedly higher compared to developed countries.

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income tax Tax corporation tax Sales 139

Accounting Today

OCTOBER 19, 2023

The Internal Revenue Service is giving employers a way to rescind inaccurate claims for the Employee Retention Credit if they've fallen victim to a scam at the hands of so-called "ERC mills.

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Tax 135

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Accounting Today

OCTOBER 16, 2023

The National Association of Enrolled Agents is asking the Internal Revenue Service to resume sending reminder notices immediately to non-filers and those with balances due of more than $10,000.

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Tax 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

Going Concern

DECEMBER 12, 2023

Mere hours ago, Wall Street Journal reported that EY is laying off “dozens of partners across all U.S. business” and not only in lower-demand service lines. As with most of the cuts we’ve seen this year, consulting is most affected with their partner ranks being trimmed by ten percent, four percent in strategy and transactions. Says WSJ , there will be cuts in audit and tax as well though they didn’t share numbers.

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audit accounting firms Tax accountant 133

CPA Practice

MARCH 29, 2023

The Internal Revenue Service warns that trusting tax advice found on social media can lure otherwise honest taxpayers and tax professionals into compromising tax situations. Social media can circulate inaccurate or misleading tax information, and the IRS has recently seen several examples. These can involve common tax documents like Form W-2 or more obscure ones, like Form 8944 that’s aimed at a very limited, specialized group.

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Tax tax return payroll Legal 137

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.

Accounting Today

OCTOBER 10, 2023

A majority of chief audit executives and information technology audit leaders consider cybersecurity to be a top risk over the next year, but they're less concerned about artificial intelligence.

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auditor audit Technology 134

Going Concern

OCTOBER 3, 2023

Staffing authority Robert Half has released its much-anticipated 2024 Salary Guide and just like years past, the guide is packed with intel not only on finance and accounting but the greater job market that we really don’t care about. We’ll be deconstructing various aspects of the guide over the next few weeks, for now we’re taking a look at basic public accounting salaries and service lines.

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public accounting accountant salary accountant Account 134

CPA Practice

SEPTEMBER 5, 2023

Joseph Graziano, CFP®. Accountants are part of an evolving industry where 82% of accountants agree that client expectations have widened. If you’re behind the trends, you risk becoming “obsolete.” Clients may still need your services, but they want an accountant to go the extra mile for them. Preparing for tomorrow can help you situate your firm to be: Streamlined Profitable today and in the future Sellable in the future (if that’s something you ever consider) You can begin prepping for the futu

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accountant Account accounted accounting and finance 135

CPA Practice

MARCH 7, 2023

By Gail Cole. The Uniform Certified Public Accountant Examination (CPA Exam) is regularly updated to reflect enhancements to accounting and auditing standards as well as tax laws and regulations — and to improve the efficiency of the exam. The next update goes into effect January 1, 2024 , and places new emphasis on the role of emerging technology in delivering accounting services.

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