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Latest….
Financial Accounting Standards Advisory Council Meeting Recap
New Law Revamps Retirement Saver’s Credit
New Tax Relief for Emergency Expenses
The Technology Lab Podcast – Review of FloQast – April 2023
Webinars….
CPE Webinar May 23, 2023: Tax Workflow Automation: Make Your Tech Investment Count
Webinar: Challenges for the Small Firm
Events….

Events
Rootworks Empower 2023
Empower is a national event that brings together accounting professionals, their staff and the ecosystem that surrounds them. This event aims to provide opportunities to learn, be inspired and build a modern firm.

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

Randy Johnston

Jim Boomer

Roman Kepczyk
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Jeannie Ruesch

Your Firm and Your Environment
Across all the consulting professionals and active practitioners present, it was clear that opportunities were still abounding. Client demand is high, and the clients’ expectations are also high.

Last Chance! Voting closes 3/31 for 2023 CPA Practice Advisor Readers’ Choice Awards
The Readers’ Choice Awards are an opportunity to spotlight the technologies professionals rely on and trust to manage their firms, provide client service, and help those clients run their businesses.

AICPA Expresses Support for Bipartisan Supply Chain Disruptions Relief Act
In a letter to members of the U.S. Senate and the U.S. House of Representatives, the American Institute of CPAs (AICPA) expressed its strong support for the Supply Chain Disruptions Relief Act.

Financial Accounting Standards Advisory Council Meeting Recap
The FASB chair provided highlights on FASB activities, and the SEC and PCAOB staff members commented on current issues and activities.

New Law Revamps Retirement Saver’s Credit
Expect some guidance from the IRS before the change takes effect. In the meantime, continue to take the old rules in account for retirement planning and tax purposes.

New Tax Relief for Emergency Expenses
Beginning in 2024, employers may allow plan participants to use a special emergency savings account. This “sidecar account” is capped at $2,500.

The Technology Lab Podcast – Review of FloQast – April 2023
Technologists Randy Johnston and Brian Tankersley, CPA, CITP, CGMA review FloQast, an accounting workflow automation solution, designed by accountants for accountants.

86% of Accountants Expect Technology to Drive their Firms’ Growth in 2023
In 2023, accountants expect to spend an average of $15,800 on technology improvements and upgrades. Nearly half expect to invest in and adopt automation tools…

West Virginia’s Largest Locally Owned CPA Firm Celebrates 50 Years
Suttle & Stalnaker, PLLC will commemorate their “golden anniversary” in 2023 with a special logo, sponsorships, and open houses at each of their three offices.
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UWorld Offers Scholarships for CPA Exam Review Course
The recipients will be selected based on merit, extracurricular achievement, and financial need. The Spring 2023 scholarship application deadline is April 28, 2023.

Top Reasons to Switch to Advisory Services and the Tools to Get You There
Many firms that offer advisory services see a positive impact on relationships with clients, financial growth, and more.

Accounting Top 100 Social Media Leaderboard – March 29, 2023
The Accounting Top 100 social media leaderboard scores and ranks users based on five separate metrics, each of which is weighted according to its perceived value.

Misclassification of Expenses at Heart of Trump Indictment
Former President Donald Trump was indicted Thursday by a Manhattan grand jury.

AICPA Proposes Operational Plan for Resources Included in Inflation Reduction Act
The AICPA issues its position on the Internal Revenue Service’s (IRS) upcoming operational plan for the $80 billion appropriation provided to the IRS through the Inflation Reduction Act.

Can a Billionaire Die Without Anyone Noticing? $7B Estate Tax
On Feb. 28, 2023, the U.S. Treasury received a payment of $7 billion in the category of “estate and gift” taxes. It was the highest collection of that kind of tax since at least 2005.

Half of U.S. Workers Earn Money from a Side Gig
Those earning $100,000 annually are more likely to have a growing supplemental income, the survey found.

30-Year Fixed Mortgages Drop to 6-Week Low of 6.45%
U.S. mortgage rates edged down to a six-week low of 6.45%, helping drive a fourth-straight advance in applications to buy a home.

What Thoreau Had to Say About Meaningless Work
Thoreau repeatedly warned that no amount of money was worth misspending your life. But what is meaningful work?

AICPA Requests IRS Broaden Relief and Lookback Period for All Disasters
The National Taxpayer Advocate identified this issue as part of its Annual Report to Congress, or Purple Book, highlighting the need for particular attention.

Billtrust Surpasses $100 Billion in Payments Volume in 2022
Billtrust’s client base grew to exceed 2,400 customers globally, as Billtrust enabled them to present over 423 million bills to 13 million buyers.

The Technology Lab Podcast – Review of FloQast – April 2023
Technologists Randy Johnston and Brian Tankersley, CPA, CITP, CGMA review FloQast, an accounting workflow automation solution, designed by accountants for accountants.

Consumers More Optimistic on U.S. Economy and Jobs Outlook
U.S. consumer confidence unexpectedly improved in March as Americans grew more optimistic about the outlook for business conditions and the labor market.

Sam Bankman-Fried Charged for Bribing Chinese Officials
Sam Bankman-Fried was charged with bribing Chinese officials, adding a new dimension to the U.S. government’s case against the FTX co-founder.

AICPA Comments on Interim Guidance Regarding Corporate AMT
The American Institute of CPAs (AICPA) submitted comments and recommendations which identify and provide additional information regarding CAMT guidance.

Don’t Take Tax Advice from Social Media
The IRS warns that trusting tax advice found on social media can lure otherwise honest taxpayers and tax professionals into compromising tax situations.

Your Firm and Your Environment
Across all the consulting professionals and active practitioners present, it was clear that opportunities were still abounding. Client demand is high, and the clients’ expectations are also high.

New England Firm Joins 10th Largest Global Accounting Network
Baker Newman Noyes has joined HLB International, of independent advisory and accounting firms with 40,831 professionals across 156 countries.

Former IRS Worker Guilty of Fraud and Identity Theft
The individual, who was a tax preparer and, at times, an IRS employee, was convicted of several counts of fraud and identity theft.

Internal Revenue Service Employee Charged with Theft of Government Vehicle
If convicted, the person could receive a maximum term of 10 years in prison and a fine not to exceed $10,000.

How to Know it’s the Right Time to Move Clients to QuickBooks Online Advanced
You want your clients to have a seamless experience you can manage and the client can use with ease, while also using the data to help the client grow their business.

Is Massachusetts Losing High Income Residents?
The report points to the state’s tax policies that make Massachusetts an outlier.

AICPA Leadership Academy Accepting 2023 Applications
The AICPA Leadership Academy is designed to strengthen and expand the leadership skills of promising young professionals.

How Seniors Can Get Started in Networking
Networking is an excellent way for seniors to connect with others and stay involved in the community. It can help them stay active, and learn new things.

Businesses are Investing for Growth Despite Tough Economic Climate
New research shows that businesses have more confidence in their own growth than in the health of the broader economy.

Fyle Adds Mastercard Integration for Real-Time Reporting
The real-time feeds eliminate the dependency on bank statements, offers greater insights for budgeting and planning, and allows teams to monitor for fraudulent transactions.

Automatic Enrollment 401(k)s Become Automatic
If an employer includes an automatic enrollment feature in its 401(k) plan, it may encourage greater participation among the rank-and-file, especially younger workers.

Four Reasons to Optimize AP Operations Now
AP is the top digitization priority in the back office for finance teams in 2023 because it addresses four of the biggest challenges they face.

Here Are the Five Countries with the Highest Income Tax
Côte d’Ivoire citizens pay the highest income taxes in the world according to a survey by World Population Review.

How Client Conversations Can Turn Tax Season Into Opportunity Season
This offers ideal opportunities to strengthen client relationships and even potentially put better processes and procedures in place ahead of next year’s tax season.

A SIMPLE Way to Retirement Savings
The required minimum distribution (RMD) rules apply to SIMPLEs. Beginning in 2023, the new law increases the age threshold to 73, up from 72 under the initial SECURE Act.

IRS Gives Some New York Taxpayers and Businesses Until May 15 to File and Pay Taxes
Taxpayers and businesses in Erie, Genesee, Niagara, St. Lawrence and Suffolk counties qualify for tax relief.

FASB Issues Long-Awaited Exposure Draft on Crypto Asset Accounting
Board said fair value accounting was the right method for crypto assets, not the current cost-less-impairment model.

Is IRS Customer Service Improving? Janet Yellen Says Yes
The Treasury secretary told lawmakers the IRS is meeting its goal of answering 85% of taxpayer calls this tax season.

State CPA Societies in Action: New York State Society of CPAs
The NYSSCPA offers networking opportunities for CPAs, along with CPE courses and conferences, over 50 committees that cover various specializations, and also publishes the CPA Journal.

The Technology Lab Podcast – Review of Acumatica – March 2023
Randy and Brian review Acumatica, an easy-to-use and customizable cloud ERP system that helps improve profitability, efficiency, and more.

IRS Sets Initial Guidance on NFTs
The IRS and the Treasury Department are leaning toward treating NFTs as a collectible for tax purposes.

New Home Sales Saw Unexpected Increase in February
Sales of new U.S. homes unexpectedly rose in February after a downward revision to the prior month, suggesting the housing market is beginning to stabilize after a tumultuous year.

South Carolina’s Top Accountant to Step Down After $3.5 Billion Error
Richard Eckstrom, CPA, who will resign effective April 30, has served as the state’s comptroller general since 2002.