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Featured….
Modern Tipping Has Changed: How Much Does the Worker Actually Receive?
Amazon to Require Workers to Return to Office 5 Days a Week
Small Businesses Bracing For Challenging Holiday Season, Study Shows
Improving Advisory Firm Services for Hispanic and Latin-American Entrepreneurs Drives U.S. Economic Growth
Contributors….
Randy Johnston
Darren Root, CPA, CITP, CGMA
Becky Livingston
Garrett Wagner
Richard D. Alaniz, JD
Webinars and CPE….
[CPE] What to Expect in the Upcoming Tax Season
Charting the Future of Accounting – Sept. 12 Webcast
Events….
Technology
K2 Artificial Intelligence Conference – June 20 – 8 Hours CPE Available
K2 Enterprises will host the Accountant’s Artificial Intelligence Conference, a new virtual event that is set to make an indelible mark on your professional skill set.
Taxes
Tax In Motion 2024 Federal Tax Forum – June 25-26, 2024
Join RSM’s highly anticipated two-day federal tax forum for comprehensive sessions covering crucial updates in federal tax regulations and practices.
Survey Results Are In: Charting the Future of Accounting
Explore the evolving landscape of the accounting profession with this comprehensive report from Canopy and CPA Practice Advisor.
Focus & Flow: The ADHD Accountant’s Survival Guide
There’s a growing number of accountants admitting they have ADHD and their struggles with the neurological condition. This Reddit thread asking if there were ADHD accountants has over 140 comments, with people sharing their experiences of living with ADHD in accounting.
2024InnovationAwards
The 2024 Tax and Accounting Technology Innovation Awards Announced
CPA Practice Advisor has announced the 2024 Tax and Technology Innovation Award winners and finalists. Now in their 21st year, the awards highlight technologies that advance the profession.
Firm Management
ATA Lands Private Equity Investment From Copley Equity Partners
The top 200 accounting firm will maintain majority control and its executive and leadership teams will stay intact.
Payroll
Modern Tipping Has Changed: How Much Does the Worker Actually Receive?
Tipping will look very different in the next 10 years as wages change and restaurant owners exert more control over their income with service charges.
Payroll
Amazon to Require Workers to Return to Office 5 Days a Week
It’s a shift from the current three-day-a-week return to office mandate, which Amazon has had in place since May 2023.
Small Business
Small Businesses Bracing For Challenging Holiday Season, Study Shows
Small businesses stated that the biggest holiday mistake they made in 2023 was trying to do too many things at once with their marketing.
Small Business
Improving Advisory Firm Services for Hispanic and Latin-American Entrepreneurs Drives U.S. Economic Growth
Nearly 5 million Hispanic-owned companies generate about $2.8 trillion in economic output and $800 billion in annual revenue, outpacing the overall growth of U.S. businesses.
Federal Reserve Cuts Interest Rates by Half a Point
The rate is the amount it charges banks to borrow funds, which in turn affects the rates consumers and businesses see for loans, mortgages, credit cards and other …
Firm Management
Prosperity Partners Acquires Cendrowski Corporate Advisors
This is the Chicago-based tax and accounting firm’s first acquisition since rebranding from NDH Advisors earlier this month.
Firm Management
KNAV Advisory Gets Minority Investment From NKSquared
NKSquared is the U.S. investment vehicle of Indian billionaire entrepreneur and investor Nikhil Kamath.
Taxes
Court Rules Against Coca-Cola Israel in Tax Dispute
The Tel Aviv District Court has dismissed appeals filed by the company against the tax assessment issued by the Tax Authority on the Central Bottling Company’s tax liability for royalties it paid for using the intellectual property rights of Coca-Cola worldwide.
Instagram Adds New Restrictive Privacy Settings for Teen Users
Instagram is changing the default privacy settings for many U.S. teenagers, part of an effort to keep them safer and give parents more control over how their kids interact online.
Accounting Standards
Executives Expect More Deepfake Attacks on Accounting and Financial Data
More than half of C-suite and other executives (51.6%) expect an increase in the number and size of deepfake attacks targeting their organizations’ financial and accounting data
Taxes
Trump Takes U-Turn on ‘SALT’ Deduction Cap
Trump promised to “get SALT back, lower your Taxes, and so much more,” in a post on his social media platform Truth Social on Sept. 17.
Auditing
Prager Metis to Pay $1.95 Million to Settle SEC Charges Over FTX Audits, Other Violations
The firm also agreed to settle auditor independence charges, as well as for aiding and abetting clients’ violations of securities laws.
Accounting
[CPE] What to Expect in the Upcoming Tax Season
Explore key topics like recent tax law changes, the impact of evolving technology, and adjustments to reporting requirements.
Taxes
A Tax-Friendly Way for Businesses to Help Teachers with Supplies
Gifts-in-kind organizations are not-for-profits that secure corporate donations of new merchandise and redistribute the items to not-for-profits members, which may include schools and individual teachers.
State and Local Taxes
Some Solutions for State and Local Tax Deductibility
With elections approaching, it’s time for governors and mayors to offer some viable new policy options—and ways to pay for them.
Auditing
PCAOB: 5 Good Practices For Auditor Independence
Instances of auditor independence noncompliance at firms “increased significantly” during the PCAOB’s 2023 audit inspection cycle.
Small Business
Intuit Launches AI-Enabled Intuit Enterprise Suite
Intuit has launched Intuit Enterprise Suite, a configurable suite of integrated financial products designed to seamlessly scale and enhance productivity and profitability for businesses as they grow.
Artificial Intelligence
AI Forecast to Contribute Nearly $20 Trillion to Global Economy in Next 6 Years
AI will affect jobs across every region of the world, impacting industries like contact center operations, translation, accounting, and machinery inspection.
Taxes
Tax Court Halts Deduction for Start-Up Costs in Some Cases
A taxpayer can’t deduct start-up expenses if he or she abandons the business before it ever gets off the ground.
Payroll
Many Retirees Plan to Return to Workforce in 2025
Key reasons behind this decision include the increasing cost of living (69 percent), boredom (42 percent), rising housing costs (39 percent), and the need to pay off non-medical debt (34 percent).
Firm Management
The Q4 Budget Crunch: Marketing Advisory Services to Clients Planning for the New Year
The Q4 budget crunch presents a golden opportunity for you to market your expertise in guiding businesses through year-end reviews and setting them up for success in the new year.
Payroll
Survey Says 43% of Workers with Side Jobs Make More in Fewer Hours
Younger generations are even more likely to report this surprising outcome, with 50% of Gen Z and 48% of millennial respondents saying they work side hustles for fewer hours while making more money, compared to 34% of Gen X and Boomers.
Auditing
Trullion Releases AI-Powered Audit Suite Platform
The cloud-based solution is designed for auditors to leverage AI to enhance accuracy and reduce human error in audits.
Firm Management
Professionals on the Move – Sept. 2024
Professionals on the move is a twice-monthly roundup recent staffing and leadership announcements from around the profession.
Xero to Acquire Analytics and Reporting Company Syft
Xero Limited is acquiring Syft Analytics, a global cloud-based reporting, insights and analytics platform for accountants, bookkeepers and small businesses.
Advisory
Riveron Partners with Effectus Group, Expanding West Coast Presence
Both firms are adept at supporting client organizations through transformation and growth—across the venture capital and private equity arenas, IPO readiness, and beyond.
Firm Management
People Weigh In on PwC U.K.’s Plan to Track Employees’ Work Location
The firm’s plan to monitor where its 26,000 U.K. employees do their work from, which starts in January, is getting mixed reviews.
Accounting
Review of Supervizor – The Accounting Technology Lab Podcast – Sept 2024
Hosts Randy Johnston and Brian Tankersley, CPA, review Supervizor, a continuous quality assurance system that helps accounting firm’s error-proof their client’s bookkeeping and curb fraud.
Federal Reserve Could Cut Interest Rates This Week
The Open Market Committee meets about eight times a year to consider changes to the Federal Funds Rate, which is the rate charged to huge banks for overnight loans.
Small Business
Gusto Introduces ‘Gus’ AI Assistant For Small Businesses
Gus is aimed at helping small business owners save time, get personalized insights, and make smarter business decisions.
Financial Reporting
Report Shows How Finance Teams are Handling AI, Skill Gaps, Data Integration and ESG
The report analyzes data integration challenges, the rise of artificial intelligence (AI), essential shifts in cloud computing, and the ongoing impact of staffing and skills challenges across the finance and accounting sectors.