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Featured….
More Americans Leaving Big Cities for Smaller Ones
Most Tax Pros, Corporate and Public, Believe AI Should Be in Their Toolbox
New Hire Screening Survey Helps Optimize WOTC Credits
New IFRS Accounting Standard Eases Financial Reporting for Subsidiaries
Contributors….
Randy Johnston
Darren Root, CPA, CITP, CGMA
Becky Livingston
Garrett Wagner
Richard D. Alaniz, JD
Webinars and CPE….
Webcast May 9: Lease Accounting’s Role in Executing Financial Strategy
Webast: Valuation Considerations in Emerging Markets – July 11, 2024
Events….
Accounting
Xerocon 2024 Nashville: Aug. 14-15, 2024
The event will be hosted at the Music City Center, allowing Xero’s community of accountants and bookkeepers from across the U.S., Canada and beyond the chance to connect, as well as options for earning CPE credit.
Accounting
RightNOW Conference 2024
Top influencer keynotes, transformative tech insights and AI innovators converge to elevate the accounting profession at RightNOW 2024. May 14-16, 2024 | Austin, TX.
Digital Workflow in Intuit ProConnect Tax
During the Intuit Accountants “Better Together” event in New York City, the Intuit ProTax Group brought together tax professionals and industry thought leaders.
How to Use Microsoft Copilot for CPA Firm Marketing
If you need help with marketing, consider incorporating Copilot into your marketing arsenal for increased efficiency and creativity.
Firm Management
How to Use Microsoft Copilot for CPA Firm Marketing
If you need help with marketing, consider incorporating Copilot into your marketing arsenal for increased efficiency and creativity.
Small Business
More Americans Leaving Big Cities for Smaller Ones
The remote work boom that prompted Americans to flee urban areas for mountain hamlets and seaside towns during the pandemic continued at least through last year.
Taxes
Most Tax Pros, Corporate and Public, Believe AI Should Be in Their Toolbox
77% of tax professionals believe AI technology can be applied to their work, and 56) of in-house corporate tax teams think their external tax advisers’ firms should be using AI.
Payroll
New Hire Screening Survey Helps Optimize WOTC Credits
Arvo claims that businesses can recoup $2,400 to $9,600 per eligible new hire with WOTC, because it helps employers screen applicants and confirm eligibility.
Accounting Standards
New IFRS Accounting Standard Eases Financial Reporting for Subsidiaries
IFRS 19, “Subsidiaries without Public Accountability: Disclosures,” permits eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures.
Sponsored Content
Bridging the Audit Talent Gap: Audit Outsourcing Solutions
Collaboration with a specialized audit outsourcing firm is increasingly recognized as a strategic response to mitigate talent shortages and
manage workload effectively.
Payroll
2024 Grads Actually Want to Work in the Office, Gusto Finds
Recent graduates are far less likely to be fully remote than workers in their 30s—and that’s partly their preference, a new analysis reveals.
Taxes
Shohei Ohtani’s Former Interpreter Agrees to Plead Guilty to Stealing $17 Million
Ippei Mizuhara reached a plea deal for one count each of bank fraud and subscribing to a federal tax return, the Justice Department said.
Accounting
C-Suite is Optimistic About GenAI Use Within Finance and Accounting, Deloitte Says
Despite low adoption rates, 43% of executives say they’re either discussing use cases or have future plans to adopt the technology.
Small Business
95% of Small Biz Owners Happy with Company They Started
Price hikes and cash flow are small business owner respondents’ top concerns, which is consistent with Amex Trendex findings over the past year.
Payroll
Many Great Resignation Job Switchers are Now Regretting the Move
A new survey of U.S. workers reveals those who changed jobs since the pandemic are significantly less satisfied with their jobs than their colleagues who stayed.
Accounting
Doing More With Less While Improving Data Quality and Implementing Real-Time Analytics for Finance Teams
Finance teams must focus on doing more with less while improving data quality, and implementing real-time analytics.
Firm Management
Citrin Cooperman Adds Maier Markey & Justic
The deal expands the top 25 firm’s presence in the New York City metro area, as well as its Business Process Outsourcing practice.
Advisory
How CPAs Are Evolving Into Strategic Advisors
For a CPA, becoming a strategic advisor is a journey, not a destination. Here are some tips for CPAs looking to take that step.
Firm Management
Eide Bailly Adds 24 New Partners for 2024
The class of 2024 has “a diverse range of skills, backgrounds, and expertise that will bring value to the clients we serve,” the firm said.
Technology
Ledgible Program Assesses a Company’s Readiness for 1099-DA Reporting
The new program follows the release of the draft Form 1099-DA for digital asset transaction reporting by the IRS last month.
Payroll
Patriot Software Launches 1099 Contractor Portal Feature
The contractor portal is a free feature for both accounting software and payroll software customers who pay 1099 independent contractors.
Auditing
AuditBoard Adds InfoSec Solution Enhancements for Cyber Risks
new capabilities, including enhanced AI automation, customizable automated workflows, and real-time analytics,
Wipro and Kognitos Collaborate to Deploy GenAI-Based Business Automation Solutions
In addition to this, Wipro Ventures, Wipro’s corporate investment arm, invested in Kognitos as part of the firm’s Series A funding round.
Accounting
Expensify to Launch New Travel Expense Platform
Expensify has partnered with Spotnana to create a new robust travel offering in Expensify, built on top of Spotnana’s cloud-based Travel-as-a-Service platform.
Technology
Former Treasury Secretary Mnuchin Considering Acquiring TikTok
A federal law passed in the U.S. last month requires TikTok’s Chinese parent company, ByteDance Ltd., to sell its stake in the popular video app within a year.
Taxes
U.S. Corporate Taxes Likely to Rise to Tame Deficit, Buffett Says
Higher taxes are “quite likely,” the Berkshire Hathaway chairman and CEO said, as Washington prepares for major tax discussions next year.
IRS
IRS Chief: $400 Million in ERC Claims Have Been Withdrawn
During a House Appropriations subcommittee hearing May 7, Danny Werfel gave lawmakers an update on the tax credit’s status.
Staffing
AI Spurs Rise in Cybersecurity Among U.S. Workers
Fear of exposing their organization to a cyber attack is particularly high among younger generations, with Gen Z and Millennial employees less likely to feel equipped to identify and respond.
Firm Management
Hancock Askew Merges in Willeford Group in Georgia
Willeford Group owner Kate Willeford will join as partner, while the firm’s staff will become the dental division of Hancock Askew.
Payroll
Texas and Florida Cities Among Top Locations Americans are Moving To
Houston maintained its position as the top moving destination, closely followed by San Antonio, which moved up from its ranking of 9th last year.
Small Business
Farmer Economic Confidence Drops
This downturn reflects farmers’ growing concerns about the upcoming year’s financial outlook, with fewer respondents expecting better or equal performance than last year.
Income Tax
The Next Tax Deadline is May 15 for Tax-Exempt Orgs
While the April 15 tax deadline for most Americans to file their individual annual tax returns has passed, there are several deadlines each year, some for individuals, businesses, nonprofits and even organizations that are tax-exempt.
Small Business
Does Generative AI Level Playing Field for Small Business?
Survey found that 44% of microbusinesses, which have 10 or fewer employees, a domain and an active website, agree that GenAI helps them compete with big businesses.
Auditing
Semple, Marchal & Cooper is Trump Media’s New Auditor
Trump Media & Technology Group has reportedly dumped BF Borgers as its external auditor for Phoenix-based Semple, Marchal & Cooper.
Accounting
Webcast May 9: Lease Accounting’s Role in Executing Financial Strategy
With changes in lease accounting and emissions standards, organizations need to look beyond compliance to automating, optimizing and consolidating strategic financial systems.
IRS
IRS Issues FAQs on Disaster Relief For Retirement Plans and IRAs
The FAQs are intended to assist individuals, employers, and retirement plan and IRA service providers, the IRS said.