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Latest….
Millennials Are Ditching Their Parents’ Homes to Start Their Own Households
Accounting Top 100 Social Media Leaderboard – Feb. 1, 2023
CPA Society News & Updates – Feb 7, 2023
IRS Working on 1099 Guidance for Middle Class Tax Refund in California
Webinars….
Webinar: Challenges for the Small Firm
Webinar: Wrangling and Taming Property Tax Compliance Returns and Filing
Events….

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

Accounting & Audit
2023 NJCPA Convention & Expo
Borgata Hotel & Casino, Atlantic City, June 13-16, 2023.
Thought Leaders….

Randy Johnston

Jim Boomer

Roman Kepczyk
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Jeannie Ruesch

Tax Season Got Off to a Rough Start in Oregon
The Oregon Department of Revenue sent personal tax refund info for 5,000 taxpayers to the wrong address.

R&D Tax Credit Misconceptions and Guidelines
Navigating different tax credits can be a complicated and difficult process for organizations. But developing a better understanding of tax credits like the federal …

Google Opens Up ChatGPT Rival AI ‘Bard’ to Early Testers
Google said it is readying the new conversational AI service for the public “in the coming weeks.”

Millennials Are Ditching Their Parents’ Homes to Start Their Own Households
Millennials began forming new households at a rapid clip starting about seven years ago.

Accounting Top 100 Social Media Leaderboard – Feb. 1, 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.

CPA Society News & Updates – Feb 7, 2023
State CPA Society News & Updates is a round-up of recent announcements and initiatives by CPA associations in the United States and its territories.

IRS Working on 1099 Guidance for Middle Class Tax Refund in California
The agency previously said it was working on guidance for 19 states that provided refunds of some form in 2022.

Suspicious White Powder Found at a Georgia IRS Office
A package containing the powder, which was found in the mailroom, was determined to be harmless.

Small Business Owners Call on Congress to Fix Federal Program Deficiencies
Most small business owners polled urge lawmakers to modernize and improve the Small Business Administration.

Retailer Association Sees Growth in 2023, Says Recession Unlikely
The labor market is cooling as some major companies, particularly in technology, announce layoffs, but small businesses are continuing to hire and the December unemployment rate was at a 50-year low of 3.5%.

GASB Proposes New Guidance for Subscription-Based IT Services
If cleared as final implementation guidance, the question and answer in this supplemental Exposure Draft will be added to previously exposed questions and …

Recreational Marijuana Sales Start in Missouri
On Friday, [Feb. 5, 2023] the Missouri Department of Health and Senior Services issued licenses to 207 dispensaries across the state to legally sell cannabis to anyone over the age of 21.

IRS Looks to Start Tip Reporting Program for Service Industry
IRS seeks public comment on proposed Service Industry Tip Compliance Agreement (SITCA) program.

Treasury Shifts SUV Definition for EV Tax Credits After Carmakers Gripe
The change made Friday is likely to be the difference between thousands of dollars in consumer discounts.

U.S. Adds 517,000 New Jobs in January, Unemployment Rate Lowest Since 1969
Hiring topped all estimates in a Bloomberg survey of economists, which called for a 188,000 gain in payrolls and for the unemployment rate to rise to 3.6%.

Changes to Tax Credits and Deductions Could Mean Smaller Refunds or Higher Taxes in 2023
Certain tax credits for children and dependents have been reduced, and the charitable deduction some taxpayers took advantage of during the pandemic years is no longer so easy to claim.

Miami Woman Accused of Buying Bentley with PPP Funds
According to the indictment, Rendon submitted fabricated loan applications to lenders in New Jersey and Idaho by falsifying her company’s revenue, payroll, employees …

R&D Tax Credit Misconceptions and Guidelines
Navigating different tax credits can be a complicated and difficult process for organizations. But developing a better understanding of tax credits like the federal …

The Technology Lab Podcast – Review of Hubdoc – Feb. 2023
Technologists Randy Johnston and Brian Tankersley, CPA, CITP, CGMA review Hubdoc, an online tool that helps businesses and firms digitize and automate the management of financial documents, receipts and invoices, and import them into accounting systems.

Mortgage Rates Drop For Fourth Week in a Row
The average for a 30-year, fixed loan was 6.09%, down from 6.13% last week, Freddie Mac said Thursday.

Georgia Tax Preparer Pleads Guilty to Federal Tax Fraud Charges
Nadine Word submitted false claims for tax credits for her clients and also failed to pay her own personal taxes.

How to take advantage of ’10-Year Averaging’ in New Retirement Tax Rules
A taxpayer may qualify for “ten-year averaging” when they receive a lump-sum distribution (LSD) from a qualified plan.

FASB Votes to Move Ahead with Proposed Crypto Asset Accounting Standard
Companies would be required to measure crypto assets, like Bitcoin and Ethereum, using fair value accounting.

Inflation Rate Drops for 6th Month; Housing Market Still High
There’s good news on the inflation front: December 2022 marked the sixth straight month that the U.S. rate of inflation has decreased.

U.S. Economy Expands at 2.9% Rate in Q4
The U.S. economy expanded at a healthy pace in the fourth quarter, though signs of slowing underlying demand mounted as the steepest interest-rate hikes in decades threaten growth this year.

ADP Says 107,000 Jobs Added in January; Salaries Up 7.3%
Private sector employment increased by 106,000 jobs in January and annual pay was up 7.3 percent year-over-year, according to the January ADP National Employment Report.

Biden Vows to Veto GOP Plan to Abolish the IRS
The president also would veto bill by House Republicans to replace current tax system with a flat consumer tax.

CRI Expands Into Oklahoma After Merger with Stanfield + O’Dell
Carr, Riggs & Ingram now has its first location in Oklahoma after combining with Tulsa-based Stanfield + O’Dell.
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CBIZ Acquires Top 100 Accounting Firm Somerset
Somerset has been providing accounting, tax, and financial advisory services to clients in a wide array of industries for more than 60 years.

Tax Season Got Off to a Rough Start in Oregon
The Oregon Department of Revenue sent personal tax refund info for 5,000 taxpayers to the wrong address.

Florida CEO Gets 32 Months in Prison for Tax Evasion
To conceal the fraud scheme from the second company and evade taxes on his income for those years, Cory invented fictitious owners, made false representations to his employer, and falsified emails and …

The Technology Lab Podcast – Review of Hubdoc – Feb. 2023
Technologists Randy Johnston and Brian Tankersley, CPA, CITP, CGMA review Hubdoc, an online tool that helps businesses and firms digitize and automate the management of financial documents, receipts and invoices, and import them into accounting systems.

82% of Texans in Favor of Legalizing Medical Marijuana
While 66% of those polled said they believe legalization would be good for state and local government revenue, there were concerns by many about whether it would encourage increased use.

Outsourcing is a Tool Being Used More by Corporate Tax Executives
83% of chief tax officers are planning to use outsourcing, cosourcing, or managed service alliances this year.

Companies With Job Openings Are Cutting Degree Mandates
64% of hiring managers say the bachelor’s degree requirement was eliminated to increase applicants.

U.S. Job Openings Pass 11 Million
Vacancies at U.S. employers unexpectedly increased at the end of 2022, illustrating a solid appetite for labor that the Federal Reserve sees as one of the last hurdles to bring down inflation.

Consumers Plan to Increase Valentine’s Day Spending to Nearly $26 Billion
Consumers are expected to spend $25.9 billion on Valentine’s Day this year, up from $23.9 billion in 2022 and one of the highest spending years on record.

Top 50 Firms Berdon and Citrin Cooperman Say They Are Uniting
Citrin acquired the nonattest business of Berdon; Berdon will continue to provide attestation services to clients.

Special Report: Focus on Remote Work
In this special report we address the concerns, intricacies, solutions, and benefits related to remote work, including out-of-state, workers.

6 Time Management Tips for Accountants
Mastering time management is crucial for every accountant. Learning how to prioritize tasks, leverage technology, plan for complex projects and streamline meetings can go a long way in …

From RMDs to Student Debt, SECURE 2.0 Offers a Lot
While the law contains nearly one-hundred new retirement provisions, following is a summary of some of the most notable changes …

SobelCo Team Members Join CLA, Establishing New Jersey Offices
The New Jersey accounting firm SobelCo has joined CLA (CliftonLarsonAllen LLP), the eighth largest accounting firm in the United States, effective February 1, 2023.

64% of Americans Live ‘Paycheck-to-Paycheck’
The share of Americans who say they live paycheck-to-paycheck climbed last year, and most of the new arrivals in that category were among the country’s higher earners, a new study shows.

U.S. Housing Market Down 2.5% Since June 2022
Last year’s run-up in mortgage rates cast a chill on the housing market, leading to the worst annual slide in sales of previously owned homes in more than a decade.

Avalara AvaTax, Returns, and Exemption Certificate Management Achieve SOC 2 Type 2 Compliance
The audit provides customers with assurance that Avalara is accountable, responsible, and transparent when it comes to the handling and security of their …

Survey: 40% of U.S. Companies Reported a Data Leak in the Past Year
A big cause of data leaks is improper implementation of zero trust and full trust approaches, SysKit says.

Ex-IRS Employee Found Guilty of Fraud and Identity Theft
As a preparer, Deena Vang Lee put false information on clients’ returns without their consent.

Professionals on the Move – January 2023
Professionals on the Move is a round-up of recent hiring and leadership announcements in and around the accounting profession.