2023

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IRS: Collection Notices Are Coming Back in 2024

CPA Practice

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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Younger accountants more likely to leave employers

Accounting Today

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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Trending Sources

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Accountants on Why They’re Leaving: ‘The Hours Are Long and Unreasonable, Compensation Is Low’

Going Concern

“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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What can ChatGPT do for accountants?

Accounting Insight

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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Less Stress, More Success: Accounting Best Practices & Processes for 2025

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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How firms can prioritize accountants’ mental health in the workplace

ThomsonReuters

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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What Private Equity Means for Accounting Firms: Thought Leaders Explore Pros and Cons

CPA Practice

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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96% of Accountants Think Automation is Essential for Profession

CPA Practice

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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What We’re ERC’ing With the Employee Retention Credit

Withum

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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Layoff Watch ’23: The KPMG Workforce is Shrinking By About 5% (UPDATED)

Going Concern

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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Deloitte Risk Advisory Associate Director Who Praised Hitler on LinkedIn No Longer Works at Deloitte

Going Concern

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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Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors

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.

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WTF Happened at SVB and Should KPMG Auditors Have Seen It Coming?

Going Concern

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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Single Women More Likely to Buy a Home than Single Men

CPA Practice

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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The Accountant Shortage is a Material Weakness Now

Going Concern

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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IRS expands features in Tax Pro Accounts

Accounting Today

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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Back to Basics with Reconciliations

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.

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IRS to offer free direct file online tax system in 13 states

Accounting Today

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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IRS requires business to start e-filing Form 8300 in 2024

Accounting Today

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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The CPA Shortage Compels Accounting Firms to Embrace Digital Transformation

CPA Practice

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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IRS plans foreign tax credit rules

Accounting Today

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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Usage-Based Monetization Musts: A Roadmap for Sustainable Revenue Growth

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

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The Impact of AI on the Accounting Profession

CPA Practice

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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How to Be Prepared for an ERC Audit

CPA Practice

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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Here Are the Five Countries with the Highest Income Tax

CPA Practice

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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IRS offers process for withdrawing bogus ERC claims

Accounting Today

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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Harness the Potential of Your Enterprise Knowledge

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.

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EAs call on IRS to restart balance due notices

Accounting Today

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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New York Considers New Taxes on Guns and Ammunition

CPA Practice

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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This Is Not a Drill: EY Is Laying Off Partners Now

Going Concern

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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Don’t Take Tax Advice from Social Media

CPA Practice

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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Solve Your Firm's Automation Complexities Once and For All

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.

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Auditors more worried about cybersecurity than AI risks

Accounting Today

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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2024 Public Accounting Starting Salary Numbers Are In

Going Concern

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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Preparing for Tomorrow: Trends Accountants Need to Embrace Today

CPA Practice

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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Changes in 2024 CPA Exam Put Technology Front and Center

CPA Practice

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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It Takes Two to Tango

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.