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Featured….
Some Solutions for State and Local Tax Deductibility
IRS Extends Some Tax Filings For New York, Connecticut Flood Victims
The Tax Blotter – Sept 10, 2024
SEC Green Lights New PCAOB Quality Control Standard
Contributors….
Randy Johnston
Darren Root, CPA, CITP, CGMA
Becky Livingston
Garrett Wagner
Richard D. Alaniz, JD
Webinars and CPE….
Webcast Sept. 18: Unlocking Success: Building Your Small Firm’s Ideal Tech Stack
Webinar: IT Guide for Accounting Firms: Security, Compliance, and Outsourcing
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.
CAS Transformation is Only One Piece of Business Transformation
According to the AICPA’s CAS Benchmark Survey, CAS practices have experienced double-digit growth each year since 2018, and there is still room to grow.
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.
Nominations Open for 2024 “40 Under 40” and “20 Under 40” Awards
You have until Oct. 11, 2024, to nominate a professional for CPA Practice Advisor’s 2024 40 Under 40 or 20 Under 40 awards.
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.
Taxes
IRS Extends Some Tax Filings For New York, Connecticut Flood Victims
Impacted residents and business owners have until Feb. 3, 2025, to submit a variety of tax filings and payments.
Taxes
The Tax Blotter – Sept 10, 2024
The Tax Blotter is a collection of briefs of recent tax legislation and tax court decisions.
Auditing
SEC Green Lights New PCAOB Quality Control Standard
Nearly three weeks after approving a batch of new PCAOB standards, the SEC Sept. 9 OK’d another new rule, this time on quality control.
Firm Management
Landmark CPAs Adds Garland & Greenwood CPAs in Arkansas
After the merger closes on Jan. 1, 2025, Landmark CPA’s headcount will expand to 200 professionals across Arkansas and Arizona.
Payroll
U.S. Household Income Rose 4 Percent in 2023, Median Level at $80,610
The U.S. Census Bureau has announced that real median household income increased by 4.0% between 2022 and 2023. At the same time, the official poverty rate fell 0.4 percentage points, to 11.1%, in 2023.
Small Business
September Retail Imports Forecast to Remain High Ahead of Possible Port Strike
The nation’s major container ports are expected to see another busy month in September ahead of a potential labor strike at East Coast and Gulf Coast ports
Accounting
Rising Cyber Threats Drive CFOs to Prioritize Data Security and Privacy, Increasing Focus on FP&A and Gen AI
The survey also found that generative AI is now being employed by one in three finance organizations, with process automation and financial forecasting representing the most common uses of the technology.
Firm Management
Eide Bailly’s Wealth Management Practice Joins Sequoia Financial Group
Eide Bailly, a national certified public accounting and business advisory firm has announced that Eide Bailly Advisors, LLC’s wealth management team will join Sequoia Financial Group.
Small Business
Small Business Hiring Rebounded in August, CBIZ Index Shows
For the first time since May, small businesses increased hiring in August, rebounding slightly as the summer comes to a close.
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Stampli Introduces Stampli Cognitive AI, Debuts Human-Level PO Matching
By combining LLMs with meticulously mapped business logic, it understands the nuanced context of financial operations and replicates human decision-making processes.
Auditing
Investors Rely Heavily on CAMs in Decision Making, Survey Finds
93% of investors say critical audit matters play a big role in their analysis of a potential investment, according to the CAQ.
Small Business
Sales Tax Holidays Are Not Profitable for Most Small Retailers, Says Report
While these holidays are designed to boost consumer spending and businesses’ sales, the complexities involved have actually left nearly 60% of retailers struggling to make a profit.
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.
Taxes
Lawmakers Face Another Government Shutdown
Election years usually mean a light fall schedule for Congress, but yet another a deadline to fund the federal government creates one of the few must-do items on the agenda.
Taxes
Third Estimated Tax Payment Due Sept. 16, IRS Says
Individuals and businesses affected by disasters in 17 states, Puerto Rico, and the Virgin Islands may qualify for an extension.
IRS
IRS-CI Urges Sports Bettors to Play By the Rules This Football Season
Between FY 2020 and June 2024, IRS-CI initiated 151 investigations into illegal gambling activity totaling more than $178.8 million.
Sales Tax
Zamp Introduces Z-Tax Solution For Accountants
Z-Tax enables accountants to seamlessly integrate a sales tax compliance solution into their own offerings, Zamp says.
Technology
interVal Rolls Out New Advisor Landing Page
The Latest Update Dashboard provides accountants and advisors with quick and easy access to important tools and resources.
Sales Tax
Avalara Names Kevin Sellers as Chief Marketing Officer
Sellers brings more than 25 years of broad-based global marketing expertise to Avalara with a proven track record of driving growth and relevance for world-class brands and moving buyers to action.
Accounting
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.
Firm Management
Forvis Mazars Adds Technology Consulting Practice to Serve Construction Clients
The practice is designed to help construction companies move forward with digital-first strategies to streamline financial reporting and project operations, enhance communication and
Taxes
Massachusetts State Rep Tells Patriots to ‘Stop Complaining’ About Millionaires Tax
Democratic State Rep. Michael Connolly took to X to say players should quit complaining about paying their fair share in taxes.
Payroll
Job Growth Improved in Summer, But the Trend Is Slowing
But the latest job numbers and remarks from Fed officials reinforcing their pivot from inflation busting to protecting jobs weren’t enough to calm nerves on Wall Street.
Firm Management
How CPAs Can Help Clients with Real Estate and Residential Changes
Most financial advisors will have little issue with managing questions involving the dollars and sense of buying, selling or leasing a typical home. It’s when the conversation turns to the complexities of late-in-life relocations that CPAs may find themselves in uncharted territory.
Accounting
Economy Worries Linger Among CPA Business Executives, AICPA Says
CPA business leaders’ optimism about the economy has dropped for the second straight quarter, according to the AICPA & CIMA.
Taxes
IRS Asks For Feedback on the SECURE 2.0 Act’s Saver’s Match
The agency requests comments by Nov. 4 on all aspects of Saver’s Match contributions and asks questions on a variety of topics.
Small Business
Short Term Rentals Gain Traction as Vacation Preference
Half of respondents have stayed in an STR and 41% of respondents think STRs provide the best accommodations for those traveling with a family or large group.
Accounting
Review of Thomson Reuters Checkpoint Edge – The Accounting Technology Lab Podcast – Sept 2024
Hosts Randy Johnston and Brian Tankersley, CPA, review Thomson Reuters Checkpoint Edge with CoCounsel. Designed for tax professionals and firms, Checkpoint Edge with CoCounsel is a research platform that includes new AI-assisted research capabilities to help tax professionals get trusted answers to complex tax research questions by using everyday language.
Technology
Webcast Sept. 18: Unlocking Success: Building Your Small Firm’s Ideal Tech Stack
Whether you’re a solo practitioner or part of a small team, your tech stack plays a crucial role in achieving your firm’s goals. But firm size doesn’t dictate technology you use. There’s no reason to be struggling with the capacity restrictions and other challenges that outdated, ineffective, or unintegrated technology often brings.
Small Business
Retail Group Says Recession Unlikely
Lower rates will also make it more affordable to borrow through mortgages, home improvement loans, car loans and credit cards, encouraging spending and increasing demand for goods and services.