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Latest….
FORVIS Marks 1-Year Anniversary
Debt Limit Bill Passed in House, Expected to Clear Senate, Reducing Threat of Default
Jobs Report Shows Pay Increased by 6.5% Over Last Year
Accounting Thought Leaders to Meet During AICPA ENGAGE Conference
Webinars….
CPE Webinar June 13, 2023: Invoice Automation to Accelerate Digital Transformation
Webinar: Tax Workflow Automation: Make Your Tech Investment Count
Events….

Accounting & Audit
Illinois CPA Society Summit 2023
Aug. 22-23, 2023. Rosemont, IL.

Sales Tax & Compliance
Avalara to Host its CRUSH Events in Eight Cities in 2023
These complimentary events are designed to help businesses of all sizes navigate compliance and help ensure it doesn’t stand in the way of opportunity.
Contributors….

Randy Johnston

Jim Boomer

Roman Kepczyk
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Jeannie Ruesch

Unlocking Your CAS Potential: Strategies for Facing Challenges Head-On
As practitioners, we must continuously adapt, evolve, and learn to ensure our practices remain successful and serve our clients effectively.

Nomination Period Opens for 2023 Innovation Awards
Now in their 20th year, the Innovation Awards highlight technologies that are shaping the profession and small businesses through increased collaboration and productivity.

Chicago Accounting Firms Porte Brown and RVG Partners to Merge
The newly-combined firm will operate under the Porte Brown brand, and staff from RVG will continue to serve clients from their Oak Brook location.

FORVIS Marks 1-Year Anniversary
The top 10 accounting and advisory firm formed on June 1, 2022, via the merger of equals of legacy firms BKD and DHG—the largest such move in the accounting industry in more than two decades.

Debt Limit Bill Passed in House, Expected to Clear Senate, Reducing Threat of Default
The hard choices on how to adjust government services are mostly left to Congress to negotiate in separate spending packages due before the Oct. 1 start of the next federal fiscal year.

Jobs Report Shows Pay Increased by 6.5% Over Last Year
Gains in private employment were fragmented last month, with leisure and hospitality, natural resources, and construction taking the lead.

Accounting Thought Leaders to Meet During AICPA ENGAGE Conference
The event will be the first time the 40 Under 40 honorees and participants of the annual Thought Leader Symposium will come together, engaging on issues critical to the profession.

Gen Z is Missing Out on These Two Money-Making Opportunities
Cash usage among Gen Z is on the rise. But their love of cash means they are forgoing other ways to boost their wealth.

Gen Xers Just Aren’t Stashing Enough Money for Retirement
A new report from investment bank Natixis reveals what Gen Xers think they need to save for a comfortable retirement.

6 Top Investment Options to Generate Passive Income
Passive income investing allows you to work less and earn more. These passive income streams are some of the best to get started.

Bipartisan Bill in Ohio Would Legalize Recreational Marijuana
The Regulate Marijuana Like Alcohol coalition is gathering signatures across the state in hopes of qualifying for the November ballot. Ohio already has a medical marijuana program.

California Construction Company Owner Guilty of Employment Tax Crimes
He was found guilty of not timely filing employment tax returns and did not pay withholdings to the IRS for 2014 and the last three quarters of 2015.

Unlocking Your CAS Potential: Strategies for Facing Challenges Head-On
As practitioners, we must continuously adapt, evolve, and learn to ensure our practices remain successful and serve our clients effectively.

The Technology Lab Podcast – The Truthiness of AI – June 2023
Technologists Randy Johnston and Brian Tankersley, CPA, discuss the content quality in various AI generative content systems.

How to Market Advisory Services in 2023
Promoting advisory services isn’t as complicated as you think. Here’s how to get started.

CPAs from Several States Visited Washington D.C. to Promote Accounting and Tax Issues
The CPAs asked members of Congress to support the Freedom to Invest in Tomorrow’s Workforce Act, a bill that would expand eligible uses of 529 savings plans/

IRS Alerts Business Owners About ERC Scam
The agency says marketing fraudsters are misrepresenting and exaggerating who can qualify for the employee retention credit.

Number of CPA Exam Takers Continues to Dwindle
The number of candidates who took the Uniform CPA Examination in 2022 was about 67,000, down from 72,000 in 2021.

Illinois CPA Society Announces 2023 Young Professionals Leadership Award Recipient
This award recognizes a certified public accountant (CPA), under age 35, who has demonstrated outstanding leadership skills in their career, in public or community service, and through involvement in professional organizations.

Debt Limit Deal Includes Cut in IRS Funding, Other Measures
Biden and McCarthy announced a deal to increase the government’s debt limit, enabling the nation to avoid a debt default and economic turmoil.

New AICPA Chair Looks to Foster Innovation and Support Next Generation of Accounting Professionals
Okorie L. Ramsey, CPA, CGMA, PMP, NACD, will also serve as chair of the Association of International Certified Professional Accountants.

Biden and McCarthy Reach Tentative Debt Limit Deal
The deal struck Saturday night offers a lot for the two parties not to like, from expanded work requirements for food stamps opposed by Democrats to higher spending levels than conservatives demanded.

Most AI-Threatened Jobs are Held by Women, Says Study
From screenwriters to financial advisors, the technology will disproportionately replace jobs typically held by women, according to human resources analytics firm Revelio Labs.

Accountants Shy Away From Talking to Their Bosses About Mental Health
Accounting ranked eighth out of nine industries with 23% of employees willing to discuss their mental health, a survey revealed.

The Technology Lab Podcast – Generative AI: Dall-E, and MS-Designer
Technologists Randy Johnston and Brian Tankersley, CPA, CITP, CGMA discuss artificial intelligence generators Dall-E and MS-Designer.

How to Be Prepared for an ERC Audit
The IRS is actively auditing and conducting criminal investigations related to these false claims. People need to think twice before claiming this.

Grant Thornton is the Latest Large Firm to Get Rid of Staff
Grant Thornton let 300 employees in its advisory and tax services practices know on Thursday that they were losing their jobs.

Florida Adds New Sales Tax Holidays, But with a Bug
The Florida Legislature erred in including items eligible in two of the sales tax holidays, but that have different tax treatments.

The Tax Blotter – May 29, 2023
The Tax Blotter is a round-up of recent tax news.

AICPA Supports Strategy to Increase New Accounting Professionals
The governing body of the American Institute of CPAs has endorsed the creation of a national strategy to boost the number of accounting graduates who enter the profession, as well as those who go on to obtain a CPA license.
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NetSuite for Government Helps State and Local Agencies Move to the Cloud for Better Efficiency
NetSuite for Government runs on a modern cloud infrastructure that offers robust security, consolidates and connects data on a common platform for fast analysis, and easily integrates with many existing government systems.

How to Achieve a Zero-Accounts Receivable Business
By following three steps, accountants, bookkeepers, and tax professionals can have peace of mind they will be paid on time.

52% of Adults Say Money Has Negative Impact on Mental Health
Among those who say money has a negative impact on their mental health, 56% say this happens at least once a week (up from 52% last year), which includes 29% who say this happens daily.

Democrat and Republican Representatives Introduce Bill to Simplify Tax Extensions
The bill would allow taxpayers to automatically qualify for an extension without fear of penalty by paying a simple, easily-calculated amount of 125 percent of their prior year’s tax liability.

CPA Pathways Discussion: Addressing the Objections
The Minnesota Society of CPAs (MNCPA) introduced legislation this session at the Minnesota Legislature to broaden the pathways to CPA licensure, leading to many conversations with multiple stakeholders.

Nearly 2 in 5 Have a Side Hustle; 44% Think They Will Always Need One
Side hustlers earn $810 per month, on average, with 27% earning more than $500 per month and 15% earning more than $1,000.

AuditClub Announces New Quality Management Subscription
AuditClub Compass is a customized three-phase subscription journey built on a risk-based and scalable approach to quality.

Accounting Professors Receive Honors from Illinois CPA Society
The Illinois CPA Society (ICPAS) has presented its Outstanding Educator Award to two Illinois accounting faculty as part of its 2023 awards program.

After Debt Ceiling Deal is Reached, House GOP Likely to Roll Out Tax Package
A House Republican tax proposal could include changes involving R&D credits and 1099-K relief for casual online sellers.

Certum Solutions Awards $5,000 Grant for Environmental Sustainability to Cape Fear Botanical Garden
The grant was awarded based on an essay contest for Earth Day and continuous attention to the environment throughout the year.

Massachusetts Society of CPAs Announces New Board of Directors
MassCPAs Board of Directors is a group of elected members that sets policies, manages programs and oversees activities that benefit the 11,500-member organization and accounting profession in Massachusetts.

Money.com Rates Patriot Software As Most Affordable
Money’s list of the best payroll software for 2023 aims to help entrepreneurs select the best option for their business.

More Americans Struggle with Personal Finances
Some 73% of adults were “doing at least OK financially” as of October, down five percentage points from a year earlier and among the lowest levels since 2016.

Colorado Department of Revenue Seizes Headquarters of Boston Market Over Unpaid Sales and Payroll Taxes
McDonald’s purchased Boston Market in May 2000, eventually selling it to Sun Capital Partners, a private equity firm in 2007, which in turn sold the company to the Rohan Group during the pandemic.

Existing-Home Sales Faded 3.4% in April
Year-over-year, sales slumped 23.2% (down from 5.57 million in April 2022).

CEO Pay Increased by 2.7 Percent in 2022
Additionally, the percentage of CEOs who received a reduction in total pay doubled from 21% in 2021 to 42% in 2022.

TurboTax Settlement Checks from Intuit are Starting to Hit Mailboxes
The $141 million settlement stems from allegations that Intuit charged people for services that should have been free.

AICPA Endorses Legislation to Simplify Tax Filing Extension Process
The American Institute of CPAs (AICPA) has endorsed bipartisan legislation introduced by Representatives Judy Chu (D-CA) and Mike Carey (R-OH) to simplify the tax filing extension process.