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Featured….
Judge Skeptical of Hunter Biden’s Effort to Dismiss Tax Case as Politically Charged
IRS Again Extends Income Tax Deadline For Hawaii Wildfire Victims
U.S. Economy Sees Strong Growth
Sam Bankman-Fried Gets 25-Year Prison Sentence
Contributors….
Becky Livingston
Garrett Wagner
Richard D. Alaniz
Randy Johnston
Webinars and CPE….
CPE Webcast Apr. 2, 2024: The Future of Media & Entertainment: Leveraging Data and Finance
CPE Webcast Mar. 29, 2024: Using Tax Advisory Services to Create Capacity
Events….
Accounting
Xerocon 2024 Nashville: Aug. 14-15, 2024
The event will be hosted at the Music City Center, allowing Xero’s community of accountants and bookkeepers from across the U.S., Canada and beyond the chance to connect, as well as options for earning CPE credit.
Accounting
RightNOW Conference 2024
Top influencer keynotes, transformative tech insights and AI innovators converge to elevate the accounting profession at RightNOW 2024. May 14-16, 2024 | Austin, TX.
IRS’s ERC Crackdown Has Stopped $1 Billion in Fraudulent Claims
According to the IRS, its Criminal Investigation division is reviewing an additional $3 billion in ERC claims.
Voting Opens for 2024 Readers’ Choice Awards
The CPA Practice Advisor Readers’ Choice Awards give readers the opportunity to spotlight the technologies they most rely on and trust to manage their firms.
Accounting
Don Scholl, a Well-Liked and Respected Consultant to the CPA Profession, Has Died
Scholl, who retired about 15 years ago after serving as president of his own consulting firm for four decades, passed away March 27.
Taxes
Judge Skeptical of Hunter Biden’s Effort to Dismiss Tax Case as Politically Charged
Lawyers for President Biden’s son asked a federal judge in Los Angeles on March 27 to throw out nine tax-related charges.
Taxes
IRS Again Extends Income Tax Deadline For Hawaii Wildfire Victims
The agency further postponed until Aug. 7 various filing and payment deadlines for those affected by the Aug. 8, 2023, wildfires.
U.S. Economy Sees Strong Growth
The government’s two main measures of U.S. economic activity posted strong advances at the end of last year, pointing to an economy that’s still expanding at a healthy clip.
Accounting
Sam Bankman-Fried Gets 25-Year Prison Sentence
The 32-year-old from Palo Alto, Calif., was found guilty of wire fraud, money laundering conspiracy, and related counts in November following a month-long trial.
Accounting
Sweet 16 Matches Begin in Accountant Bracket Challenge
Only two of the four No. 1 seeds remain in the ABC Tournament as voting for the eight matches in the third round starts on March 28.
Firm Management
EisnerAmper to Combine With Tidwell Group This Spring
The deal between top 20 firm EisnerAmper and top 200 firm Tidwell Group is expected to close in May.
Taxes
Dividing a 401(k) in Divorce
Note that a QDRO may be used for qualified plans, like 401(k) or pension plans, but this option isn’t available for IRAs. IRAs are subject to other rules.
Small Business
Business Execs Say They Are Adopting Generative AI, Despite Risks
Seventy-one percent of business executives said they were at least moderately concerned about potential privacy, ethical or accuracy risks associated with the use of Generative AI tools.
Accounting
The Accounting Technology Lab Podcast – The 2024 CPAPA Thought Leader Symposium – Apr. 2024
Hosts Randy Johnston and Brian Tankersley, CPA, discuss the 2024 CPA Practice Advisor Thought Leader Symposium, which was held in Dallas in February..
Artificial Intelligence
U.S. Agency Calls for Audits of AI Systems to Hold Companies Accountable
The National Telecommunications and Information Administration said March 27 it wants improved transparency into AI systems.
Firm Management
Wright Ford Young Wades Into Wealth Management With Help From RIA Firm
Irvine, CA-based CPA firm WFY and RIA firm Integrated Partners recently teamed up to launch WFY Wealth Management.
Technology
The Accounting Technology Lab Podcast – Review of SOBI Analytics – Mar. 2024
Hosts Randy Johnston and Brian Tankersley, CPA, discuss and review SOBI Analytics, an AI-driven platform, built specifically with CAS (Client Advisory Services) accounting firms in mind.
Small Business
Visa and Mastercard Settle Retailer Swipe Fee Suit for $30 Billion
Effectively, it means that merchants have notched themselves a victory in the fight against swipe fees, which average around 2.2% of transaction prices.
Financial Reporting
First Invoice Sent and Received Over the U.S. Digital Business Networks Alliance Open Exchange Network
The transaction was executed from Avalara’s E-Invoicing and Live Reporting solution leveraging the DBNAlliance Exchange Framework for message transfer, process descriptions, and document content exchange.
Sales Tax
More Businesses Are Turning to Automation to Manage Tax on Purchases
More than half (53%) of respondents said one of their most significant challenges is that tax rules and rates are complex and subject to change.
IRS
The IRS Finally Has an Answer to TurboTax
Against all odds, the government has created an actually good piece of technology.
Payroll
More Companies Adopt 4-Day Work Week
As many employers continue to face a tight labor market and some try to get more workers to come to the office again, abridging the work week could be one way to woo talent.
Taxes
3 Tax-Smart Strategies for Real Estate Investing
These tactics can provide investors the opportunity to navigate tax implications while potentially maximizing financial gains.
Financial Reporting
Does Your Firm Have Trust Issues with its Data?
In the realm of financial reporting, data accuracy is crucial to regulatory compliance and complete visibility into business performance.
Taxes
IRS on Track to Give Fewest Tax Refunds in at Least 15 Years, Data Shows
As of the week ending March 15, the IRS had issued just over 49 million tax refunds, close to 9% lower than at that point last year.
Taxes
Tax Tips for the 2024 Filing Season from the AICPA
As taxpayers navigate the challenges of tax season, the AICPA wants individual filers to be aware of what’s new for this filing season.
Payroll
Women Have Average Lower Salaries but Higher Average Expenses
Women pay thousands of dollars more than men each year for necessary items, an expense known as the “pink tax.”
Human Resources
Anxiety is Top Issue for American Workers Seeking Mental Health Assistance
Anxiety now tops depression, stress, partner or relationship issues, family issues, addiction, and grief, among other subjects that people seek help coping with.
Payroll
Texas Now Has 27 Billionaires on Bloomberg List
It’s not just average, everyday citizens who are moving to Texas. More of the ultra rich and powerful are beginning to call Texas home.
Financial Reporting
FloQast Adds Advanced Reconciliation Management Automation Capabilities
Companies can now avoid the month-end rush and achieve greater reconciliation accuracy by minimizing manual matching and data gathering.
Payroll
Inflation Driving Labor Market in Nevada, Say Experts
In the Silver State, February’s seasonally adjusted unemployment rate was 5.2 percent, and, for months, has consistently ranked as the highest or among the highest compared to the rest of the country.
Payroll
How New Retirees Can Navigate Debt Challenges
A conservative approach to debt on behalf of family is likely to be healthier for all involved in the long run, too.
Accounting
Accountant Accused of Stealing From Clients Arrested For Third Time, Police Say
Carl Benjamin Anderson of New Milford, CT, was charged March 12 with third-degree larceny—his third arrest since December 2023.
IRS
IRS Launches Probe Into Fired Ohtani Interpreter’s Theft and Gambling Scandal
Ippei Mizuhara was implicated in a scandal involving illegal sports gambling and significant financial theft from the Dodgers superstar.
Firm Management
Should You Rehire a Boomerang Employee?
Some employees realize they left a good thing and may want to return to the job they left.
Taxes
IRS: Time is Running Out to Collect Over $1 Billion in Tax Refunds For 2020
Nearly 940,000 Americans have unclaimed tax returns from 2020 and face a May 17 deadline if they want to get it back.