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Featured….
PwC Admits 158 to Partnership
State CPA Society News & Updates – May 2024
FASB Announces Winner of 2024 Emerging Scholar Award
Sovos Introduces Indirect Tax Suite to Meet Complexities of Global Compliance
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.
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.
The Accounting Technology Lab Podcast – Review of Digilence Cloud – May 2024
Hosts Randy Johnston and Brian Tankersley, CPA, look at the Digilence Experience Cloud, a cloud-based digital intelligence solution for accounting firms.
Professionals on the Move – May 2024
Professionals on the Move is a round-up of recent promotions, management changes, and other staffing announcements from across the profession.
Firm Management
PwC Admits 158 to Partnership
The class of 2024, which includes 88 partners and 70 principals, is significantly smaller than last year’s class of 258.
Accounting
State CPA Society News & Updates – May 2024
State CPA Society News & Updates is a selection of recent announcements and initiatives by CPA associations in the United States and its territories.
Accounting
FASB Announces Winner of 2024 Emerging Scholar Award
The award recognizes a proposed doctoral thesis topic with the potential to make a rigorous contribution to an issue of interest to accounting standard setting.
Sales Tax
Sovos Introduces Indirect Tax Suite to Meet Complexities of Global Compliance
The Indirect Tax Suite empowers enterprises to manage all of their indirect tax obligations with governments, buyers, suppliers and consumers.
Small Business
Amazon Adds New Fees for Online Sellers
Amazon said the new fees are intended to reflect its own cost of distributing inventory around the U.S. so more items can be delivered in just one day.
Taxes
TurboTax Promises Refunds to Oregon Filers Whose Returns It Bungled
TurboTax recommended some Oregon filers take the standard state tax deduction even though they’d save more money itemizing.
Accounting
AICPA News – May 2024
AICPA News is a recap of recent announcements from the American Institute of CPAs.
Accounting
FICPA & Nova Southeastern University Introduce Cost-Free, Fifth-Year “Bridge to CPA” Program
The pilot program participants already been selected by their firms; 66% of the inaugural class is female, 66% are from minority backgrounds and 33% are first-generation college students.
FloQast Adds New Features Supporting Diverse Compliance Frameworks
The feature enhancements bring even greater ROI to chief financial officers and accounting and finance teams through a lower total cost of ownership.
Taxes
IRS: No Change in Tax Interest Rates for Q3 2024
Starting on July 1, the rate for overpayments and underpayments for individuals will be 8% per year, compounded daily.
Firm Management
CLA Acquires U.K. Tech Company Engine B
The acquisition of Engine B, a provider of generative AI solutions to the professional services industry, is CLA’s first global deal.
Accounting
The Accounting Technology Lab Podcast – Review of Digilence Cloud – May 2024
Hosts Randy Johnston and Brian Tankersley, CPA, look at the Digilence Experience Cloud, a cloud-based digital intelligence solution for accounting firms.
Firm Management
Sikich Secures $250 Million in PE Funding From Bain Capital
The minority investment from Bain allows top 30 firm Sikich to keep majority control of the company and its existing leadership team.
IRS Increases HSA Contribution Limits for 2025
Beginning in January, you’ll be able to contribute more to your health savings account, based on the IRS’s latest inflation adjustments.
Taxes
New Trump Tax Cuts Could Cost $4.6 Trillion, Bipartisan Watchdog Agency Says
That puts a massive price tag on what is likely to be a top issue in Washington next year as lawmakers grapple with the future of Trump’s tax cuts, which are slated to expire at the end of 2025.
Artificial Intelligence
Numeric Raises $10 Million to Transform Accounting with AI
Hundreds of private and public companies leverage Numeric to perform technical accounting research, proactively flag data discrepancies, draft variance explanations, and automate recurring month-end close processes.
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 signing a false 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.