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Featured….
IRS Shares Five New Warning Signs of Incorrect ERC Claims
‘Unpredictable’ Election Clouds Tax and Economic Policy View
Sanders May Bring His Populist Brand to Powerful Senate Finance Committee
Accountant Gets Jail Time For Charging $3 Million on New Jersey Employer’s Credit Card
Contributors….
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Randy Johnston
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Darren Root, CPA, CITP, CGMA
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Becky Livingston
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Garrett Wagner
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Richard D. Alaniz, JD
Webinars and CPE….
Webinar: Signs Your Payroll Provider is Holding Your Firm Back and What You Can Do About It
Webinar: The Power of Simplifying your Firm
Events….
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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.
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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.
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How the CloudStrike Glitch Shut Down the Airlines and Crippled Global Commerce for a Day
Here’s a quick explanation for how things went wrong so quickly for so many Windows users around the world, including airlines, hospitals, banks and government agencies.
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The Accountant as a Strategic Business Partner
From an accountant’s perspective, advisory services also offer a higher level of fulfillment. Your work will directly impact your clients’ success, and if you provide services you truly enjoy offering, it adds a higher level of fulfillment to your daily grind.
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Accounting
Nominations Open for Tax & Accounting Technology Innovation Awards
Now in their 21st year, the Innovation Awards highlight technologies that are shaping the profession and small businesses through increased collaboration and productivity.
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Taxes
IRS Shares Five New Warning Signs of Incorrect ERC Claims
These red flags come from common issues that IRS compliance teams have seen while analyzing and processing ERC claims.
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Taxes
‘Unpredictable’ Election Clouds Tax and Economic Policy View
The immediate unknown is whether Vice President Kamala Harris would recalibrate Democrats’ economic agenda.
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Taxes
Sanders May Bring His Populist Brand to Powerful Senate Finance Committee
Sen. Bernie Sanders said he has “some interest” in the Finance panel opening, due to the resignation of Sen. Bob Menendez next month.
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Accounting
Accountant Gets Jail Time For Charging $3 Million on New Jersey Employer’s Credit Card
Jennifer Vandever was sentenced to more than three years in prison after pleading guilty to wire fraud and tax evasion.
![](https://www.cpapracticeadvisor.com/wp-content/uploads/sites/2/IRS-Direct-File-768x399.png)
Taxes
New Jersey Joins IRS Direct File For 2025 Filing Season
Direct File will now be a permanent option for taxpayers in states that choose to participate, and New Jersey said it’s in.
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Taxes
IRS Boasts New and Improved Online Tools and Digital Services For Taxpayers
The agency provided an update July 25 on its Strategic Operating Plan, which sets out several priorities for the IRS to accomplish.
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IRS
IRS Chief Not Too Worried About Fallout From Loper Bright Ruling
Danny Werfel said he’s “fairly optimistic” the Supreme Court ruling won’t deter future efforts to provide better taxpayer services.
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Firm Management
Review of Canopy Tax – The Accounting Technology Lab Podcast – July 2024
Hosts Randy Johnston and Brian Tankersley, CPA, take a look at Canopy, a firm-wide operating system that let’s you do the same amount of work you have today, with the talent you have, but in less time, with less stress, and while creating better client experiences.
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Small Business
Local Governments are Addicted to Sales Tax Revenues
The 2024 Mid-Year Sales Tax Rates and Rules report, commissioned by Vertex Inc., outlines the evolving landscape of local tax implementation, proliferation of fees, and increasing complexity of tax compliance for businesses across the U.S.
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Accounting
Uncertainty and Global Risks Outpace Risk Management Processes
Only a third (37%) say their organizations have complete enterprise risk management (ERM) processes in place, and just over a quarter (30%) rate their organizations overall risk management oversight as “mature” or “robust.”
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Accounting
Acumatica Launches Alliance Program to Expand Partner Ecosystem
Organizations eligible to become Alliance Members are those focused on helping companies grow and succeed in an evolving business landscape.
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Accounting
How Cosourcing Can Be an Innovative Delivery Model for Business Life Cycle Accounting and Financial Reporting Challenges
Within accounting and financial reporting, innovation is often associated with new technology. Cosourcing’s collaborative teaming approach and delivery model can cast innovation for accounting and financial reporting in a new light.
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Payroll
U.S. Military Households More Likely in Better Financial Situation Than Non-Military Households
Also, military households with higher incomes are more likely to be confident about retirement prospects than non-military households.
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Firm Management
What Is the Greatest Flaw of Accounting Firm Leaders?
Koltin Consulting Group CEO Allan Koltin talked about this flaw during his keynote speech on leadership at Bridging the Gap 2024.
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Taxes
IRS Releases Initial Guidance on Carbon Sequestration Tax Credit
Notice 2024-60, issued by the IRS on July 24, details how taxpayers can claim the credit for the sequestration of carbon oxide.
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Taxes
Texans Get Tax Relief From the IRS After Hurricane Beryl
Individual and business taxpayers in 67 counties now have until Feb. 3, 2025, to file their returns and make tax payments.
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Accounting
FASB Aims to Improve Derivative Accounting
Investors, accounting firms, and other stakeholders have until Oct. 21 to provide comments to the FASB on the proposed ASU.
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Auditing
How Auditors Are Currently Using Generative AI
The integration of GenAI in audits and financial reporting is in its early stages but rapidly evolving, the PCAOB said in a new report.
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Auditing
PwC and Withum Share Lead For Most IPO Audit Clients in Q2
Of the 54 companies that went public, PwC and Withum audited 16 of them—eight each—according to Ideagen Audit Analytics.
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Taxes
Pennsylvania High Court to Consider Case on Pittsburgh’s ‘Jock Tax’
The case will go before the state’s Supreme Court after a lower court ruled earlier this year that the tax is unconstitutional.
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Payroll
Job Market For Gen Z College Graduates Actually Isn’t Too Bad
When you compare the labor markets faced by Zoomers with previous generations, recent college grads are better off.
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Taxes
Opinion: Some of Trump’s Tax Cuts Worked, But at What Cost?
Donald Trump’s 2017 Tax Cuts and Jobs Act was the biggest corporate tax cut in U.S. history. But how has it affected the economy?
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Accounting
Incoming NASBA CEO Appoints Four to Leadership Team
The new leadership team members will start Aug. 1, the same day Daniel Dustin takes over as NASBA CEO and president.
![](https://www.cpapracticeadvisor.com/wp-content/uploads/sites/2/2023/01/AICPA-sign-1-768x576.jpg)
Taxes
AICPA Endorses Provisions of Tax Administration Simplification Act
The AICPA expressed its endorsement of provisions of H.R. 8864, the Tax Administration Simplification Act, which would apply the mailbox rule to electronically submitted tax returns and payments.
![](https://www.cpapracticeadvisor.com/wp-content/uploads/sites/2/business-team-happy-smiling-faces-768x512.jpg)
Accounting
Accountants Among the Happiest Workers in the U.S., New Study Finds
Accounting and tax had an overall score of 71.92 out of 100, just behind manufacturing which has the most satisfied workers.
![](https://www.cpapracticeadvisor.com/wp-content/uploads/sites/2/making-it-rain-money-768x481.jpg)
Accounting
Number of the Day: $839,687
Equity partner compensation has dramatically risen from 2019 to 2023, according to data from INSIDE Public Accounting.
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Technology
NATP and Blue J Team Up to Enhance Tax Research Capabilities
The NATP said it will integrate Blue J’s flagship generative artificial intelligence product, Ask Blue J, into its tax resource service.
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Payroll
Business Travel is Almost All the Way Back, Says Deloitte Survey
In its most recent corporate travel report, the Big Four firm said business travel could soon surpass pre-pandemic levels.
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Taxes
Supreme Court Rules Against Popular Tax Exempt Business Transfers
The decision in Connelly v. United States last month impacts certain types of smaller businesses, in particular closely held companies.
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Sales Tax
KPMG and Avalara Form Alliance for Tax Compliance Automation
The new alliance allows organizations to leverage the combined power of Avalara’s compliance automation technology – including indirect tax calculation, returns, exemption certificate management, cross-border compliance, e-invoicing, and registrations.
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Technology
Forwardly Unveils New Integration With FreshBooks
The integration offers FreshBooks clients features like instant payments, same-day ACH, and automatic reconciliation.