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AI Systems Take Center Stage in 2023 Innovation Awards

The Innovation Awards are presented to honor new or recently enhanced technologies that benefit tax and accounting professionals and their clients through improved workflow and efficiencies, increased accessibility, enhanced collaboration, greater accuracy, or other means.

Isaac M. O’Bannon

Sep. 06, 2023

Government Shutdown Likely Averted with Last-Minute Temporary Spending Deal in House

The latest House stopgap bill passed with the support of 126 Republicans, while 90 GOP lawmakers voted “no.” Only one Democrat, Rep. Mike Quigley, D-Ill., opposed it, over the omission of Ukraine aid.

Sep. 30, 2023

Pop Singer Shakira Charged with Tax Evasion for Second Time

Spanish prosecutors claim she failed to pay $7.1 million in taxes in 2018 and is using an offshore company to avoid paying taxes.

IRS Adds Features to Tax Pro Account for Managing Client Authorizations

New additions to Tax Pro Account, available through IRS.gov, will help practitioners manage their active client authorizations on file with the Centralized Authorization File (CAF) database.

Isaac M. O’Bannon

IRS’s Government Shutdown Plans Include Furloughs and Few Services

Contingency plan calls for the IRS to furlough two-thirds of its workforce and press pause on most core tax administration functions.

Jason Bramwell

The Technology Lab Podcast – Rapid Close Tools – Sept. 2023

Technologists Randy Johnston and Brian Tankersley, CPA, talk about the latest advances in rapid close / financial close software.

Brian Tankersley, Randy Johnston

Accounting Association CPAmerica adds Paro as Preferred Provider

This new partnership provides member firms access to Paro’s growth platform, bringing together a community of expert talent and businesses to navigate your immediate challenges and architect a plan for your long-term success.

Isaac M. O’Bannon

CohnReznick, BDO USA Among the Most Loved Workplaces in America

The third annual ranking from Newsweek recognizes 100 companies that have fostered employee-centric workplaces.

Jason Bramwell

Halloween Shopping Expected to Top $12.2 Billion; The Top Costumes for 2023

The top ways consumers are planning to celebrate are handing out candy (68%), decorating their home or yard (53%) or dressing in costume (50%).

Isaac M. O’Bannon

AICPA Asks IRS to Release Contingency Plan in Case of Government Shutdown

The letter goes on to express concern that an October shutdown of the government will likely impact the timely processing of extended 2022 tax returns due by Oct 16, 2023.

Isaac M. O’Bannon

Retail Theft Totaled $112 Billion in 2022, Says NRF

Retailers reported that organized retail crime remains a significant concern due to heightened levels of violence. More than two-thirds (67%) of respondents said they were seeing even more violence …

Isaac M. O’Bannon

From Solo to Squad: Building a Team-Based Firm for Success

Many accountants begin as solopreneurs but eventually want a reliable team. So, how can you make this transition smoothly without overwhelming yourself or your clients?

Blake Oliver

Ways and Means Votes to Release More of Hunter Biden’s Tax Documents

The House panel voted along party lines to disclose additional documents related to the probe into the president’s son’s taxes.

AICPA Launches Quality Management Practice Aid for Accounting and Auditing Practices

The practice aid is among numerous resources the AICPA provides to help firms successfully implement the QM standards.

Isaac M. O’Bannon

Social Media Impulse Buying Reaches $71 Billion in Last Year

Social media appears to be having a significant influence on consumer spending, as a new Bankrate report reveals that Americans spent $71 billion on impulse purchases of products they saw on a social media platform in the past year, with the average impulse buyer spending $754.

Isaac M. O’Bannon

Two Found Guilty in $1.3 Billion Conservation Easement Scheme

Jack Fisher and James Sinnott designed, marketed and sold to high-income clients abusive syndicated conservation easement tax shelters based on fraudulently inflated charitable contribution tax deductions, promising them deductions 4.5 times the amount the taxpayer clients paid.

Isaac M. O’Bannon

Judge Finds Trump Liable for Fraud in $250 Million New York Lawsuit

In an unexpected portion of his decision, the judge essentially stripped Trump of the ability to run his businesses in New York by canceling his certificates and any controlled by his adult sons.

Gen Z Employees Aren’t Checked Out at Work, They’re Hungry for Mentorship

A recent survey of young workers found that many are not getting the mentorship they crave and the training they need.

Small Business Owners’ Confidence in the Economy Nears Pre-Pandemic Highs

Business owners report increasing optimism about their businesses and the state of the economy, but inflation is still a concern.

Consumer Confidence Falls to a Four-Month Low in September

Dampened by a deteriorating outlook for the economy and labor market, consumer confidence dropped to its lowest since May.

AICPA Supports Legislation that Recognizes Accounting as a STEM Career Pathway

The bills highlight the clear and logical integration between accounting and technology, the AICPA says.

Isaac M. O’Bannon

How Accounting Firms Are Winning the Automation Game

Eighty-nine percent of accountants say automation makes their firm more profitable and efficient, according to a new BILL report.

Jason Bramwell

Hundreds of Illinois CPAs Participate in Annual Day of Service

Hundreds of certified public accountants across Illinois participated in the Illinois CPA Society’s 14th annual CPA Day of Service on Sept. 23, 2023, with others still planning activities later this fall.

Isaac M. O’Bannon

Five Amazing Accounting Apps and Features

While the definition of an “amazing” app varies by user, for the purpose of this article it is one that increases productivity, improves collaboration, assures compliance, can be quickly onboarded by the firm, and requires reasonable training for firm members (as well as for clients) to become proficient.

Roman Kepczyk

QuickBooks Money Offers Subscription-Free Payments and Banking for Small Businesses

Intuit recently announced the debut of QuickBooks Money, a new, all-in-one payments and banking solution with no monthly fees or minimum balance requirements that gives small businesses complete control of their money from anywhere.

Docyt AI Enables Real-Time Accounting with New Advanced Generative AI Capabilities

Docyt AI streamlines and accelerates accounting processes like never before, empowering accounting professionals to eliminate manual tasks in financial workflows and gain precise, real-time visibility into the financial health of their businesses.

Isaac M. O’Bannon

IRS Rolls Out New Chatbot Feature for Certain CP Notices

Chatbots will be used to help answer basic taxpayer questions about three notices in the CP series, the IRS said on Tuesday.

Jason Bramwell

AI Stats and Trends for Small Business Marketing

The small businesses who are currently using tools powered by AI overwhelmingly agree that it is making their businesses more successful. They are working more efficiently, saving money, improving customer experiences, and growing quicker.

BDO USA, Two Audit Partners Tagged with Fines for Breaking PCAOB Rules

BDO USA was fined $2 million and two of the firm’s partners were fined a total of $60,000 for failures in the 2017 audit of AAC Holdings.

Jason Bramwell

IRS Updates 2023-2024 Per Diem Rates for Business Travelers

Taxpayers can use the special per diem rates to substantiate the amount of expenses for lodging, meals, and incidental expenses.

Jason Bramwell

NJCPA Kicks Off Annual Food Drive

The Community FoodBank serves 15 counties in the state, distributing food to charities, soup kitchens, emergency shelters, food pantries and other places of need.

Isaac M. O’Bannon