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Featured….
EY Is the Busiest Among the Public Company Audit Firms
Survey Shows Divide Among Finance Pros When it Comes to the Future of Finance
If You Missed It, Here’s the IRS ‘Dirty Dozen’ Tax Scams List For 2024
2.6% Social Security COLA Estimated for 2025
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.
Cast Your Vote for 2024 Readers’ Choice Awards!
The CPA Practice Advisor Readers’ Choice Awards give readers the opportunity to spotlight the technologies they most rely on and trust to manage their firms.
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
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.
Firm Management
Minnesota Accounting Firm Joins CLA Global
Christianson PLLP provides audit, tax and outsourcing services across a range of industries including agriculture, renewable energy and natural resources, financial services, real estate and construction and technology.
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.
Accounting
Decisions 2024 – So, What’s Next?
Embracing adaptability and continuous learning will equip us to thrive in an environment of economic uncertainty and rising costs.
Technology
The Accounting Technology Lab Podcast – Review of Aiwyn – April 2024
Hosts Randy Johnston and Brian Tankersley, CPA, look at the practice management, billing and collections platform Aiwyn.
Payroll
What the DOL’s Proposed Overtime Rule Means For Small Businesses
The White House just approved a Labor Department proposal to raise the minimum salary exemption to $55,068 per year.
Benefits
Employers Start Offering Emergency Savings Fund Benefit Option
A growing number of companies are making it easier for workers to set aside funds that will help them weather a financial crisis.
Firm Management
RSM Appoints Ernest Nedder, CPA, as CEO
Over his career, Nedder has developed extensive experience in leading substantial business and digital transformation initiatives, aligning separate service lines, industry verticals and…
Accounting
AICPA Endorses Bipartisan Legislation to Provide Additional Tax Relief to Victims of Natural Disasters
Under current law, taxpayers affected by a major disaster often have less time to make a refund or credit claim than those who are not affected.
Taxes
Boston IRS Agent Charged With Tax Fraud
Ndeye Amy Thioub was indicted on three counts each of filing false tax returns and filing false tax returns as an employee of the U.S.
Taxes
IRS Raids Home of Rapper Tekashi 6ix9ine, Seizes Cars and Other Items
The rapper, whose legal name is Daniel Hernández, had his property seized for “nonpayment of internal revenue taxes.”
Nonprofit
Only 36% of Not-for-Profits Have Seen an Increase in Funding Following 2022-23 Financial Upheaval
This is a slight improvement over 2023 where only 24 percent of organizations saw an increase in funding while 35 percent saw a decrease.
PCAOB
The PCAOB is Hitting the Road This Year
Board members will host a series of five in-person forums for small audit firms in Chicago, Los Angeles, Denver, Miami, and Jersey City.
Taxes
When Rogue Brokers Switch People’s ACA Policies, Tax Surprises Can Follow
Some tax returns are being rejected because filers failed to provide information about ACA coverage they didn’t know they had.
With Stock Sliding, Tesla Asks Investors to Pay Musk $56 Million
Tesla will ask shareholders to vote on the same $56 billion compensation package for CEO Elon Musk that was voided by a Delaware court early this year.
Auditing
AuditBoard Expands Executive Team to Support Continued Rapid Growth
AuditBoard has brought on public SaaS company veteran Jeff Harper as Chief Human Resources Officer (CHRO) to help scale the organization and infrastructure