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How AI transformed the tax and accounting profession in 2023

ThomsonReuters

This enables tax professionals to proactively address potential risks and mitigate them effectively, safeguarding their clients’ financial interests. White Paper Expertise matters in AI-powered tax and accounting solutions Not all AI is created equal – what data is your solution learning from?

Tax 101
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How Mike Habib, EA Collaborates with CPAs and Lawyers for Tax Representation Referrals

MyIRSRelief

Focus on Core Work: CPAs can concentrate on financial statements, financial assurance, tax preparation and planning, while lawyers can focus on legal strategies, knowing their clients tax issues are in capable hands. By referring clients to Mike, CPAs and lawyers ensure the best possible outcomes.

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Spotlighting Women in Advisory Practice: “Create a culture where everyone is happy,” says Alicia Shaul, CPA firm entrepreneur

ThomsonReuters

Clients were now offered bundled service packages which included quarterly or monthly financial statements and applicable payroll services. Alicia Shaul Shaul created bundled service packages with a quarterly schedule of meetings that highlighted various client touchpoints. Clients loved this approach, Shaul says.

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Mastering the art and science of exceptional client service

ThomsonReuters

Rather than simply completing tax returns or financial statements, accountants are proactively engaging with clients throughout the year, offering strategic guidance on tax planning, financial management, and business growth strategies. Improved compliance and risk management.

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Keeping staff happy: 4 ways firms can attract and retain accounting talent

ThomsonReuters

Not so long ago, accountants would get to the office early in the morning and spend most of their day entering trial balance data into engagement software or formatting financial statements. And during the long hours of tax season, they would rarely see the light of day. But all that’s changed.

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How do you audit crypto? It starts with understanding how to report on it.  

ThomsonReuters

This update provides guidance for financial statement reporting, effective for fiscal years beginning after December 15, 2024, requiring crypto assets to be measured at fair value, with changes recognized in net income each reporting period. Testing completeness of crypto transaction records by reconciling on-chain and off-chain data.

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Partnering with the right AI-powered technology

ThomsonReuters

They can automatically generate financial reports, invoices, or other accounting documents, as well as assist in summarizing lengthy financial statements or reports for quick insights. Document generation and summarization is another area where Generative AI models have the potential to help.