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Accounting

[CPE] Balancing Automation and Personal Connection in this Digital Era

Striking the right balance between automation and personal connection is key to delivering great client service.

Accounting

2024 Innovation Awards Roundup – The Accounting Technology Lab Podcast – Sept. 2024

Hosts Brian Tankersley, CPA, and Randy Johnston discuss the technologies that won this year’s 2024 Tax and Accounting Technology Innovation Awards, a program by CPA Practice Advisor that honors products making a difference for professionals.

Brian Tankersley, Randy Johnston

Small Business

NetSuite Announces New Enhancements to Help Businesses with Efficiency and Growth

The innovations build on the comprehensive AI capabilities, including generative AI, embedded in NetSuite by adding powerful new AI updates, a new procurement solution, new partner integrations, updated project management capabilities and …

Isaac M. O’Bannon

Taxes

Best Practices for Tax Professionals Filing Returns During the 2025 Filing Season (For 2024 Taxes)

Tax law is always changing, and keeping up is what tax professionals are about, or they can end up with costly errors if new credits and deductions apply or changes in filing requirements take place.

IRS Proposes Regs on Tax Credit for EV Charging Stations

The guidance lays out criteria to claim the alternative fuel vehicle refueling property credit under the Inflation Reduction Act.

Jason Bramwell

Taxes

IRS Warns of Scams Involving Offers in Compromise: “OIC Mills”

The Internal Revenue Service is alerting taxpayers to beware of promoters claiming their services are necessary to resolve unpaid taxes owed to the IRS while charging excessive fees, often with no results.

Isaac M. O’Bannon

Accounting

LeaseCrunch to Hold Webinar on GASB 87 and GASB 96

The webinar will take place on September 26 at 1:00 p.m. CDT.

Isaac M. O’Bannon

Small Business

Postal Mail Still Plays Critical Role in How America Communicates

From personal letters to essential business documents, consumers and companies alike are still mailing, driven by a desire for personal connection and reliable communication.

Isaac M. O’Bannon

Taxes

Sen. Mike Crapo Floats Alternative Cost Estimate For 2025 Tax Package

Assumption that extending Donald Trump’s 2017 tax law wouldn’t add to deficits could substantially shrink the price tag.

Payroll

73% of Employees Want More Education on Company Benefits

HR managers say they spend 12 hours on average, or more than one-fourth of their week, on payroll and benefit-related administrative tasks–with 27% of them spending 20 hours or more.

Isaac M. O’Bannon

Firm Management

ATA Lands Private Equity Investment From Copley Equity Partners

The top 200 accounting firm will maintain majority control and its executive and leadership teams will stay intact.

Jason Bramwell

Payroll

Modern Tipping Has Changed: How Much Does the Worker Actually Receive?

Tipping will look very different in the next 10 years as wages change and restaurant owners exert more control over their income with service charges.

Payroll

Amazon to Require Workers to Return to Office 5 Days a Week

It’s a shift from the current three-day-a-week return to office mandate, which Amazon has had in place since May 2023.

Small Business

Small Businesses Bracing For Challenging Holiday Season, Study Shows

Small businesses stated that the biggest holiday mistake they made in 2023 was trying to do too many things at once with their marketing.

Isaac M. O’Bannon

Small Business

Improving Advisory Firm Services for Hispanic and Latin-American Entrepreneurs Drives U.S. Economic Growth

Nearly 5 million Hispanic-owned companies generate about $2.8 trillion in economic output and $800 billion in annual revenue, outpacing the overall growth of U.S. businesses.

Federal Reserve Cuts Interest Rates by Half a Point

The rate is the amount it charges banks to borrow funds, which in turn affects the rates consumers and businesses see for loans, mortgages, credit cards and other …

Isaac M. O’Bannon

Firm Management

Prosperity Partners Acquires Cendrowski Corporate Advisors

This is the Chicago-based tax and accounting firm’s first acquisition since rebranding from NDH Advisors earlier this month.

Jason Bramwell

Firm Management

KNAV Advisory Gets Minority Investment From NKSquared

NKSquared is the U.S. investment vehicle of Indian billionaire entrepreneur and investor Nikhil Kamath.

Jason Bramwell

Taxes

Court Rules Against Coca-Cola Israel in Tax Dispute

The Tel Aviv District Court has dismissed appeals filed by the company against the tax assessment issued by the Tax Authority on the Central Bottling Company’s tax liability for royalties it paid for using the intellectual property rights of Coca-Cola worldwide.

Instagram Adds New Restrictive Privacy Settings for Teen Users

Instagram is changing the default privacy settings for many U.S. teenagers, part of an effort to keep them safer and give parents more control over how their kids interact online.

Accounting Standards

Executives Expect More Deepfake Attacks on Accounting and Financial Data

More than half of C-suite and other executives (51.6%) expect an increase in the number and size of deepfake attacks targeting their organizations’ financial and accounting data.

Isaac M. O’Bannon

Taxes

Trump Takes U-Turn on ‘SALT’ Deduction Cap

Trump promised to “get SALT back, lower your Taxes, and so much more,” in a post on his social media platform Truth Social on Sept. 17.

Auditing

Prager Metis to Pay $1.95 Million to Settle SEC Charges Over FTX Audits, Other Violations

The firm also agreed to settle auditor independence charges, as well as for aiding and abetting clients’ violations of securities laws.

Jason Bramwell

Accounting

[CPE] What to Expect in the Upcoming Tax Season

Explore key topics like recent tax law changes, the impact of evolving technology, and adjustments to reporting requirements.

Taxes

A Tax-Friendly Way for Businesses to Help Teachers with Supplies

Gifts-in-kind organizations are not-for-profits that secure corporate donations of new merchandise and redistribute the items to not-for-profits members, which may include schools and individual teachers.

State and Local Taxes

Some Solutions for State and Local Tax Deductibility

With elections approaching, it’s time for governors and mayors to offer some viable new policy options—and ways to pay for them.

Auditing

PCAOB: 5 Good Practices For Auditor Independence

Instances of auditor independence noncompliance at firms “increased significantly” during the PCAOB’s 2023 audit inspection cycle.

Jason Bramwell

Small Business

Intuit Launches AI-Enabled Intuit Enterprise Suite

Intuit has launched Intuit Enterprise Suite, a configurable suite of integrated financial products designed to seamlessly scale and enhance productivity and profitability for businesses as they grow.

Isaac M. O’Bannon

Artificial Intelligence

AI Forecast to Contribute Nearly $20 Trillion to Global Economy in Next 6 Years

AI will affect jobs across every region of the world, impacting industries like contact center operations, translation, accounting, and machinery inspection.

Isaac M. O’Bannon

Taxes

Tax Court Halts Deduction for Start-Up Costs in Some Cases

A taxpayer can’t deduct start-up expenses if he or she abandons the business before it ever gets off the ground.

Ken Berry, JD

Payroll

Many Retirees Plan to Return to Workforce in 2025

Key reasons behind this decision include the increasing cost of living (69 percent), boredom (42 percent), rising housing costs (39 percent), and the need to pay off non-medical debt (34 percent).

Isaac M. O’Bannon