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Featured….
Shohei Ohtani’s Former Interpreter Agrees to Plead Guilty to Stealing $17 Million
C-Suite is Optimistic About GenAI Use Within Finance and Accounting, Deloitte Says
95% of Small Biz Owners Happy with Company They Started
Many Great Resignation Job Switchers are Now Regretting the Move
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.
IRS Offers Resources and Advice During National Small Business Week
The Internal Revenue Service is offering tax-related information to entrepreneurs in anticipation of the upcoming kick-off of National Small Business Week.
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.
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.
Firm Management
LMC Adds Vogel & Co.
The strategic partnership will expand the range of services and solutions offered to high-net-worth families and individuals.
Firm Management
Eide Bailly and Apple Growth Partners to Join Forces Next Month
The deal, which is expected to become effective on June 24, expands Eide Bailly’s footprint across the Great Lakes region.
Firm Management
Marcum Acquires Michigan Accounting Firm Croskey Lanni PC
The accounting and advisory firm Marcum LLP has acquired Croskey Lanni, PC, a notable Detroit, Michigan area-based firm with an office in Boca Raton, Florida.
Firm Management
Crete Secures Funding to Bring Aboard New Partner Firms, Grow Tech Capabilities
Crete Professionals Alliance will use the undisclosed amount of funding to add firms to its platform, as well as leverage technology, such as AI.
Accounting
51 Accounting Scholarships Awarded by MassCPAs
These scholarships, presented through the MassCPAs Educational Foundation Scholarship Program, recognize academic performance and commitment to the accounting profession.
Digital Currency
Study: More Than 90 Percent of Stablecoin Transactions Aren’t From Real Users
Out of about $2.2 trillion in total transactions in April, just $149 billion originated from “organic payments activity,” Visa says.