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Featured….
U.S. Labor Dept. Expands Overtime Rules to 4 Million More Salaried Workers
Small Business Optimism Hits an 11-Year Low as Inflation Worries Persist
75% of Mid-Market Companies Say They Will Invest in AI Over Next 5 Years
Minnesota Accounting Firm Joins CLA Global
Contributors….
Becky Livingston
Garrett Wagner
Richard D. Alaniz
Randy Johnston
Webinars and CPE….
Webast: Valuation Considerations in Emerging Markets – July 11, 2024
Webinar: Effortless Tax Prep and Workflow: Say Goodbye to Client Frustrations
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.
FTC Rule Bans Non-Compete Agreements
In response, the global tax firm Ryan filed a lawsuit in a Texas federal court the same day, challenging the rule on the basis that it, “… imposes an extraordinary burden on businesses seeking to protect their intellectual property (IP) and retain top talent …
How CPAs Can Compete in the AI Race
Here are a few principles every CPA firm can leverage to successfully compete with all firms in this dawning AI technology wave.
Firm Management
FTC Rule Bans Non-Compete Agreements
In response, the global tax firm Ryan filed a lawsuit in a Texas federal court the same day, challenging the rule on the basis that it, “… imposes an extraordinary burden on businesses seeking to protect their intellectual property (IP) and retain top talent …
Payroll
U.S. Labor Dept. Expands Overtime Rules to 4 Million More Salaried Workers
The salary threshold will increase from its current $35,500 per year to $43,888 on July 1, 2024, then to $58,656 on Jan. 1, 2025.
Small Business
Small Business Optimism Hits an 11-Year Low as Inflation Worries Persist
Business owners are still navigating economic headwinds after COVID-19, the National Federation of Independent Business said.
Small Business
75% of Mid-Market Companies Say They Will Invest in AI Over Next 5 Years
The majority of mid-market businesses are planning to invest in machine intelligence to improve efficiency.
Firm Management
Minnesota Accounting Firm Joins CLA Global
Christianson PLLP joined has joined CLA Global Limited (CLA Global), an organization comprised of independent accounting and advisory firms.
Payroll
Another Option for When Employee Bonuses Don’t Work
“Cash bonuses are extrinsic motivators that fail to alter attitudes that underlie our core behaviors and beliefs. At best, bonuses only temporarily change behavior.”
Accounting
Rider University Starts First-of-its-Kind Apprenticeship for Accounting Grads
The new program allows recent accounting graduates to earn the required credits to obtain their CPA licensure at a reduced cost.
Accounting
ADM Says Former CFO to Resign After Accounting Probe
Vikram Luthar, who was placed on leave earlier this year amid an accounting investigation, has agreed to resign effective Sept. 30.
Payroll
Job Confidence Dips Among U.S. Workers
New LinkedIn data shows that Americans are feeling less secure in their jobs than in January, and the unemployed feel very pessimistic.
Small Business
Three in Four Family Businesses Expect to Grow This Year
Family businesses are growing—and many expect that to continue this year, despite financial concerns, Family Enterprise USA says.
Benefits
Walmart to Open More In-Store Medical Clinics
Walmart is slowly building a network of in-store clinics, believing it has a place in America’s health care system.
Payroll
Home Sales Decline in March
Sales of previously-owned homes in the U.S. fell in March from a one-year high, underscoring the lingering impact of high mortgage rates and elevated prices.
Small Business
Grocery Chains Try Small Store Approach in NYC
Trader Joe’s opened a relatively small store in March dubbed Pronto on 14th Street near Union Square in Manhattan.
Payroll
36% of Amercians Expect Debt when Planning Vacations
Of those who plan to travel this summer, more than 1 in 3 are willing to go into debt to pay for it, according to Bankrate.
Firm Management
How CPAs Can Compete in the AI Race
Here are a few principles every CPA firm can leverage to successfully compete with all firms in this dawning AI technology wave.
Auditing
EY Is the Busiest Among the Public Company Audit Firms
The Big Four firm audited 971 of the 6,607 public companies registered with the SEC in 2024, the most of any audit firm.
Financial Reporting
Survey Shows Divide Among Finance Pros When it Comes to the Future of Finance
60% of accounting and finance professionals surveyed say they identify as finance business partners, and 84% of those are extremely optimistic about the future of the profession.
IRS
If You Missed It, Here’s the IRS ‘Dirty Dozen’ Tax Scams List For 2024
The list serves as a reminder to remain vigilant about tax scams not only during tax season, but all year long, the IRS said.
Payroll
2.6% Social Security COLA Estimated for 2025
If that estimate from The Senior Citizens League holds, the 2025 COLA number would be lower than the two previous years.
Sales Tax
U.S. Sales Tax Rate Changes Reach 10-Year High
It’s clear that tax departments will need to be nimble once again in 2024, adjusting to the situations outlined above along with other developments including legislative and regulatory changes.
Payroll
Here’s the Salary a Person Needs to Actually Take Home $100,000 in Every State
The analysis accounts for federal income taxes and withholdings for Social Security and benefits, as well as state and local taxes.
Payroll
Payroll Tax News Updates: April 2024
Under the trust fund recovery penalty (TFRP), a “responsible person” may be held personally liable for the full amount of an employer’s unpaid employment taxes.
Accounting
Illinois CPA Society Announces 2024 Outstanding Leadership Award Recipients
ICPAS will formally present awards to the honorees at the Leadership Recognition & Awards Dinner in Chicago on June 13, 2024.
Advisory
Summer Marketing Initiatives for Small to Mid-Sized Accounting Firms
The slower pace of summer offers a prime opportunity to engage with current clients in more relaxed settings and attract new clients who are preparing for the end-of-year financial rush.
Accounting Standards
Webast: Valuation Considerations in Emerging Markets – July 11, 2024
This webinar will provide attendees with an inside view on performing valuations in emerging markets and how it can vary from developed market valuations in a number of key areas
Financial Reporting
Uncat Launches Uncat Receipts for Expense Management
Clients can submit receipts via web, email, or text message, providing flexibility and convenience.
IRS
IRS Provides Sneak Peek of Form 1099-DA for Digital Assets
The IRS Friday posted on its website the highly anticipated draft Form 1099-DA, which brokers will use to report digital asset transactions.
Small Business
Avalara Gives Update on Online Marketplace and Tax Changes in 2024
Online marketplace sales are expected to exceed $603 billion in the United States in 2027, or nearly 35% of all U.S. ecommerce.
Advisory
More CAS Firms Adding 1099 and W-9 Services
There’s a high demand for 1099 services, according to the 2022 CPA.com and AICPA PCPS Client Advisory Services (CAS) Benchmark Survey.
Accounting
Forbes Unveils Its Top 200 CPAs in the U.S.
The 200 finalists were selected through a review of over 1,000 CPAs from a variety of backgrounds, locations, and specializations.
Taxes
Georgians Claimed Over $109 Million in Tax Deductions For ‘Unborn Dependents’
Georgia’s 2019 abortion law allows expectant parents to claim an embryo or fetus as a dependent on their taxes.
Accounting
Virginia Accountant Admits to Stealing Over $1 Million From Client
Maria Reich, former president of On Call Accountants, pleaded guilty to eight counts of wire fraud as part of a plea agreement.