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Featured….
AI Systems Take Center Stage in 2023 Innovation Awards
Most Americans Haven’t Had a Pay Raise in 3 Years
72% of U.S. Workers Have an Unhealthy Relationship with Their Jobs, Survey Finds
Survey: Two-Thirds of Gen Zers Never Fully Read Job Contracts
Contributors….
Becky Livingston
Garrett Wagner
Richard D. Alaniz
Randy Johnston
Webinars….
CPE Webinar September 28, 2023: Source Doc Gathering, Delivery & E-Sign Issues
CPE Webinar September 27, 2023: Guide to Data Security, Compliance, & Outsourcing for Accounting Firms
Events….
Webcast: Sept. 27: Proactive Tips to Future-Proof Your Firm with Automation, AI, and CAS
“Future proofing” has been a ubiquitous post-pandemic buzzword. But how can you actually set your firm up for success? The answer is two-fold: automation/AI and client advisory services (CAS).
Accounting & Audit
Reimagining Accounting Workflow: WorkflowCon 2023 Coming in October
This two-day conference promises to equip industry professionals with the knowledge and tools necessary for unprecedented success.
IRS Establishing New Unit to Crack Down on Tax Dodging by Pass-Throughs
Group within LB&I will be tasked with holding large partnerships and other pass-throughs accountable on tax compliance.
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.
Most Americans Haven’t Had a Pay Raise in 3 Years
Even as inflationary pressures have risen, most people haven’t seen a wage increase since the start of the pandemic, study shows.
72% of U.S. Workers Have an Unhealthy Relationship with Their Jobs, Survey Finds
A study of employees in 12 countries revealed that many struggle with self-worth, mental health, and feelings of being a failure.
Survey: Two-Thirds of Gen Zers Never Fully Read Job Contracts
Not reading what you’re about to sign can become increasingly problematic as you enter your post-college years.
Marcum Adds 31 to the Partnership
The top 15 firm promoted 31 individuals to partner at the start of September, with women making up 39% of the class.
Microsoft is Rolling Out Generative AI in Windows and Office app
Microsoft’s Copilot-branded AI assistants will provide a unified experience across operating systems, applications and devices.
Eide Bailly to Merge in California CPA Firm Raimondo Pettit
The merger, which will bring six Raimondo Pettit partners and 55 staff into Eide Bailly, is expected to happen on Oct. 30.
Revived Andersen Accounting Firm Sees Revenue Up 19% This Year
The consultancy, created by former partners of Arthur Andersen, expects revenue to exceed $1.9 billion, CEO Mark Vorsatz said.
PwC Partner Pay Drops Below £1 Million as U.K. Profit Declines
PwC will pay its U.K. partners an average of £906,000 for the latest financial year, down from a record £1.02 million in 2022.
Partners at PwC in Australia Brace for Pay Cut as Tax Scandal Hits Profit
The Big Four firm will cut partner pay by 30% next year following the tax document leaking scandal that wiped out profit for 2023.
IRS Establishing New Unit to Crack Down on Tax Dodging by Pass-Throughs
Group within LB&I will be tasked with holding large partnerships and other pass-throughs accountable on tax compliance.
Total Audit Fees Paid by S&P 500 Clients Reached All-Time High in FY 2022
However, the nearly 4% increase in audit fees over FY 2021 was less than the year-over-year inflation rate in 2022 of 6.5% in the U.S.
Great Resignation Turns Into the Great Stagnation for the Big Four Firms in the U.K.
Britain’s accountants, auditors and advisers are clinging to their jobs, nervous that their negotiating power has sharply dropped.
Deloitte Set to Cut More Than 800 Jobs in the U.K.
The move by the Big Four firm is in response to a slowdown in demand and an easing in the pace of workers choosing to leave.
CLA Expands in New York Via Acquisition
The top 10 accounting firm now has its second location in New York after acquiring Long Island-based Richards, Witt & Charles.
IRS Promises Fewer Audits of EITC Claims
After years of auditing some taxpayers with lower incomes at higher rates, the commissioner of the IRS said that will change.
PCAOB Looks to Amend Rule on Auditors’ Liability for Audit Firm Violations
The proposal would hold auditors and others more accountable when they negligently cause their firm to violate auditing standards.
A Cautionary Tax Planning Tale: Timing and Formalities Are Critical
A business owner learned the hard way not to dawdle or cut corners when it comes to tax plans involving the sale of a business.
Uncertain Times Call for Creative Estate Planning Strategies
Flexibility is key so you can adjust your plans to address changes in your goals or accommodate shifts in tax legislation.
4 Tips on Managing a Multigenerational Workforce
It’s already tough hiring and retaining CPAs, and the risk of losing staff at all levels of experience is high. But you can improve your chances of holding onto valued talent by …
Sidney Kess, Tax Attorney and Author, Has Died at Age 97
Kess was called an “inspiration,” “a wonderful man,” and “one of the visionaries of the profession” by those who admired him.
Consider These Two Common Strategies to Optimize Your Taxes
Roth IRA conversions could reap significant savings, and tax-loss harvesting can offset capital gains taxes on winning investments.
IRS Looks to Hire 3,700 Agents to Pursue Wealthy Tax Dodgers
The agency is ramping up compliance efforts against high-income earners, partnerships, large corporations, and promoters.
Hunter Biden Sues IRS Over Tax Disclosures by Agency Employees
The son of President Joe Biden alleges that so-called IRS whistleblowers illegally disclosed information about his taxes.
IRS Proposes Tweaks to R&D Tax Credit Form
Stakeholders have until Oct. 31 to provide feedback on the proposed changes to Form 6765 the IRS unveiled on Friday.
Webcast: Sept. 27: Proactive Tips to Future-Proof Your Firm with Automation, AI, and CAS
“Future proofing” has been a ubiquitous post-pandemic buzzword. But how can you actually set your firm up for success? The answer is two-fold: automation/AI and client advisory services (CAS).
IRS Looks to Provide Businesses with More Tax Certainty and Issue Resolution Tools
The IRS included this initiative in its Strategic Operating Plan, which outlines how it will use funding from the Inflation Reduction Act.
EY Survey Reveals Why Gen Z and Millennial Employees Might Quit in 2024
A new survey from EY across 20 countries shows a significant gap between what employees want and what employers are offering.
Projected 2024 Income Tax Brackets
This year’s report projects that several key deductions for taxpayers will see notable year-over-year increases, with the foreign earned income exclusion …
Lessons From the Tech World that Apply to Accounting Firms
The more we can learn from each other and leverage different business strategies the stronger we’ll all be in the future.
AICPA Releases Statement on IRS Announcement Concerning ERC Mills
The AICPA has provided resources and information to its members to warn their clients of red flags that could indicate that a vendor is dishonest and discourage …
Marcum’s Ex-Quality Control Overseer Was Fined By the SEC for Bad Quality Control Oversight
Marcum audit partner Alfonse Gregory Giugliano was slapped with a $75,000 fine for failing to fix problems in the firm’s QC system.
Georgia Society of CPAs and Feeding Georgia’s Accounting Food Fight Raises Nearly 1.4 Million Meals for Georgia Food Banks
campaign, a collaborative effort between Feeding Georgia and the Georgia Society of Certified Public Accountants (CPAs), raised an impressive $347,537.38 – the equivalent of nearly 1.4 million meals.