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Latest….
Biden and McCarthy Reach Tentative Debt Limit Deal
The Technology Lab Podcast – Generative AI: Dall-E, and MS-Designer
Grant Thornton is the Latest Large Firm to Get Rid of Staff
Florida Adds New Sales Tax Holidays, But with a Bug
Webinars….
CPE Webinar June 13, 2023: Invoice Automation to Accelerate Digital Transformation
Webinar: Tax Workflow Automation: Make Your Tech Investment Count
Events….

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

Sales Tax & Compliance
Avalara to Host its CRUSH Events in Eight Cities in 2023
These complimentary events are designed to help businesses of all sizes navigate compliance and help ensure it doesn’t stand in the way of opportunity.
Contributors….

Randy Johnston

Jim Boomer

Roman Kepczyk
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Jeannie Ruesch

Nomination Period Opens for 2023 Innovation Awards
Now in their 20th year, the Innovation Awards highlight technologies that are shaping the profession and small businesses through increased collaboration and productivity.

Biden and McCarthy Reach Tentative Debt Limit Deal
The deal struck Saturday night offers a lot for the two parties not to like, from expanded work requirements for food stamps opposed by Democrats to higher spending levels than conservatives demanded.

Special Report: 2023 Reader’s Choice Awards
Now in their 19th year, CPA Practice Advisor Readers’ Choice Awards give our readers a way to spotlight the technologies they’ve found to be most useful in running their practices or helping them provide services to clients.

Debt Limit Deal Includes Cut in IRS Funding, Other Measures
Biden and McCarthy announced a deal to increase the government’s debt limit, enabling the nation to avoid a debt default and economic turmoil.

The Technology Lab Podcast – Generative AI: Dall-E, and MS-Designer
Technologists Randy Johnston and Brian Tankersley, CPA, CITP, CGMA discuss artificial intelligence generators Dall-E and MS-Designer.

Grant Thornton is the Latest Large Firm to Get Rid of Staff
Grant Thornton let 300 employees in its advisory and tax services practices know on Thursday that they were losing their jobs.

Florida Adds New Sales Tax Holidays, But with a Bug
The Florida Legislature erred in including items eligible in two of the sales tax holidays, but that have different tax treatments.

Most AI-Threatened Jobs are Held by Women, Says Study
from screenwriters to financial advisors, the technology will disproportionately replace jobs typically held by women, according to human resources analytics firm Revelio Labs.

The Tax Blotter – May 29, 2023
The Tax Blotter is a round-up of recent tax news.

AICPA Supports Strategy to Increase New Accounting Professionals
The governing body of the American Institute of CPAs has endorsed the creation of a national strategy to boost the number of accounting graduates who enter the profession, as well as those who go on to obtain a CPA license.
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NetSuite for Government Helps State and Local Agencies Move to the Cloud for Better Efficiency
NetSuite for Government runs on a modern cloud infrastructure that offers robust security, consolidates and connects data on a common platform for fast analysis, and easily integrates with many existing government systems.

52% of Adults Say Money Has Negative Impact on Mental Health
Among those who say money has a negative impact on their mental health, 56% say this happens at least once a week (up from 52% last year), which includes 29% who say this happens daily.

How to Be Prepared for an ERC Audit
The IRS is actively auditing and conducting criminal investigations related to these false claims. People need to think twice before claiming this.

Democrat and Republican Representatives Introduce Bill to Simplify Tax Extensions
The bill would allow taxpayers to automatically qualify for an extension without fear of penalty by paying a simple, easily-calculated amount of 125 percent of their prior year’s tax liability.

CPA Pathways Discussion: Addressing the Objections
The Minnesota Society of CPAs (MNCPA) introduced legislation this session at the Minnesota Legislature to broaden the pathways to CPA licensure, leading to many conversations with multiple stakeholders.

Nearly 2 in 5 Have a Side Hustle; 44% Think They Will Always Need One
Side hustlers earn $810 per month, on average, with 27% earning more than $500 per month and 15% earning more than $1,000.

AuditClub Announces New Quality Management Subscription
AuditClub Compass is a customized three-phase subscription journey built on a risk-based and scalable approach to quality.

Accounting Professors Receive Honors from Illinois CPA Society
The Illinois CPA Society (ICPAS) has presented its Outstanding Educator Award to two Illinois accounting faculty as part of its 2023 awards program.

After Debt Ceiling Deal is Reached, House GOP Likely to Roll Out Tax Package
A House Republican tax proposal could include changes involving R&D credits and 1099-K relief for casual online sellers.

Certum Solutions Awards $5,000 Grant for Environmental Sustainability to Cape Fear Botanical Garden
The grant was awarded based on an essay contest for Earth Day and continuous attention to the environment throughout the year.

Massachusetts Society of CPAs Announces New Board of Directors
MassCPAs Board of Directors is a group of elected members that sets policies, manages programs and oversees activities that benefit the 11,500-member organization and accounting profession in Massachusetts.

Money.com Rates Patriot Software As Most Affordable
Money’s list of the best payroll software for 2023 aims to help entrepreneurs select the best option for their business.

New AICPA Chair Looks to Foster Innovation and Support Next Generation of Accounting Professionals
Okorie L. Ramsey, CPA, CGMA, PMP, NACD, will also serve as chair of the Association of International Certified Professional Accountants.

Accountants Shy Away From Talking to Their Bosses About Mental Health
Accounting ranked eighth out of nine industries with 23% of employees willing to discuss their mental health, a survey revealed.

More Americans Struggle with Personal Finances
Some 73% of adults were “doing at least OK financially” as of October, down five percentage points from a year earlier and among the lowest levels since 2016.

Colorado Department of Revenue Seizes Headquarters of Boston Market Over Unpaid Sales and Payroll Taxes
McDonald’s purchased Boston Market in May 2000, eventually selling it to Sun Capital Partners, a private equity firm in 2007, which in turn sold the company to the Rohan Group during the pandemic.

Existing-Home Sales Faded 3.4% in April
Year-over-year, sales slumped 23.2% (down from 5.57 million in April 2022).

CEO Pay Increased by 2.7 Percent in 2022
Additionally, the percentage of CEOs who received a reduction in total pay doubled from 21% in 2021 to 42% in 2022.

TurboTax Settlement Checks from Intuit are Starting to Hit Mailboxes
The $141 million settlement stems from allegations that Intuit charged people for services that should have been free.

AICPA Endorses Legislation to Simplify Tax Filing Extension Process
The American Institute of CPAs (AICPA) has endorsed bipartisan legislation introduced by Representatives Judy Chu (D-CA) and Mike Carey (R-OH) to simplify the tax filing extension process.

Online Labor Demand Increased in April
The Conference Board-Lightcast Help Wanted OnLine Index measures the change in advertised online job vacancies over time, reflecting monthly trends in employment opportunities across the U.S.

Special Report: 2023 Reader’s Choice Awards
Now in their 19th year, CPA Practice Advisor Readers’ Choice Awards give our readers a way to spotlight the technologies they’ve found to be most useful in running their practices or helping them provide services to clients.

IRS Has Done a Better Job Nipping Tax ID Theft in the Bud This Filing Season
As of March 2, the IRS flagged 1.1 million tax returns with $6.3 billion in refunds for potential identity fraud, said TIGTA in a new report.

How to Avoid Mutual Fund Tax Traps
Owing unexpected capital gains taxes after your mutual fund’s assets lose value is frustrating. Here’s a way to avoid this problem.

No Change in IRS Interest Rates for Q3 2023
Beginning on July 1, the rate for overpayments and underpayments for individuals will be 7% per year, compounded daily.

What She-cession? More U.S. Women Are Working Than Ever
Companies have more women on their payrolls than ever before, as a large share of 25- to 54-year-olds are employed or looking for work.

Minnesota CPAs Introduce Legislation to Protect Profession
The demographics impacting the profession are temporary and will change, leading to too many CPAs.

The Technology Lab Podcast – Generative AI: Dall-E, and MS-Designer
Technologists Randy Johnston and Brian Tankersley, CPA, CITP, CGMA discuss artificial intelligence generators Dall-E and MS-Designer.

New Jersey Considers Tax Cuts for Seniors and Businesses
New Jersey is home to the nation’s highest property taxes, with the average bill hitting a record $9,490 in 2022.

Hard Times for Colorado Weed Industry
Colorado’s cannabis entrepreneurs face a perfect storm of problems: too much supply, not enough demand, plunging prices, heightened competition in other states and …

Nomination Period Opens for 2023 Innovation Awards
Now in their 20th year, the Innovation Awards highlight technologies that are shaping the profession and small businesses through increased collaboration and productivity.

AICPA Submits Suggestions for the 2023-2024 Guidance Priority List
As the IRS plans to prioritize providing additional guidance as stated in the IRS Strategic Operating Plan, the AICPA encourages the IRS to issue guidance on recommended areas.

Conducting Your Firm’s Security Briefing
All firms should have comprehensive computer and Internet usage policies in place to set guardrails on what is acceptable and secure usage of the firm’s technology infrastructure.

PCAOB Has a Batch of New Projects in the Works
The audit regulator revised its standard-setting agenda to include four new projects—two considered short-term and two mid-term.

Supreme Court Says the IRS Can Secretly Obtain Your Bank Records
Under an existing statute, the IRS can secretly probe your bank records and potentially those of your relatives without notice.

Audit Partners Pessimistic on U.S. Economic Outlook
The survey found that organizations are prioritizing cost management and financial performance over other areas like talent and labor.

LeaseCrunch Experts to Speak at Upcoming Accounting Conferences
At AICPA ENGAGE, the company will have an exhibition booth, providing attendees with valuable insights and solutions in lease accounting.

Ramp Launches Broad Set of AI-Powered Capabilities for Business Financial Management
Ramp is now applying AI’s power of historical pattern analysis to over $10 billion in aggregated spend data.

Facebook Parent Company Fined $1.3 Billion by E.U.
The ban on data transfers was widely expected and once prompted the U.S. firm to threaten a total withdrawal from the EU.