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Featured….
IRS Asks For Feedback on the SECURE 2.0 Act’s Saver’s Match
Short Term Rentals Gain Traction as Vacation Preference
Sales Tax Holidays Are Not Profitable for Most Small Business Retailers, Says Report
Review of Thomson Reuters Checkpoint Edge – The Accounting Technology Lab Podcast – Sept 2024
Contributors….
Randy Johnston
Darren Root, CPA, CITP, CGMA
Becky Livingston
Garrett Wagner
Richard D. Alaniz, JD
Webinars and CPE….
Webinar: IT Guide for Accounting Firms: Security, Compliance, and Outsourcing
Webinar: Tax Firm Innovation: Assessing and Enhancing Your Current Processes
Events….
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.
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.
CAS Transformation is Only One Piece of Business Transformation
According to the AICPA’s CAS Benchmark Survey, CAS practices have experienced double-digit growth each year since 2018, and there is still room to grow.
Setting Up for Success: The Importance of Grounding in Client Meetings
If we go into a meeting with a client or team member distracted by everything that has already stressed us out that day and worrying about the things that are coming up to stress us out later, we are setting ourselves up for failure.
2024InnovationAwards
The 2024 Tax and Accounting Technology Innovation Awards Announced
CPA Practice Advisor has announced the 2024 Tax and Technology Innovation Award winners and finalists. Now in their 21st year, the awards highlight technologies that advance the profession.
Nominations Open for 2024 “40 Under 40” and “20 Under 40” Awards
You have until Oct. 11, 2024, to nominate a professional for CPA Practice Advisor’s 2024 40 Under 40 or 20 Under 40 awards.
Taxes
IRS Asks For Feedback on the SECURE 2.0 Act’s Saver’s Match
The agency requests comments by Nov. 4 on all aspects of Saver’s Match contributions and asks questions on a variety of topics.
Small Business
Short Term Rentals Gain Traction as Vacation Preference
Half of respondents have stayed in an STR and 41% of respondents think STRs provide the best accommodations for those traveling with a family or large group.
Small Business
Sales Tax Holidays Are Not Profitable for Most Small Business Retailers, Says Report
While these holidays are designed to boost consumer spending and businesses’ sales, the complexities involved have actually left nearly 60% of retailers struggling to make a profit.
Accounting
Review of Thomson Reuters Checkpoint Edge – The Accounting Technology Lab Podcast – Sept 2024
Hosts Randy Johnston and Brian Tankersley, CPA, review Thomson Reuters Checkpoint Edge with CoCounsel. Designed for tax professionals and firms, Checkpoint Edge with CoCounsel is a research platform that includes new AI-assisted research capabilities to help tax professionals get trusted answers to complex tax research questions by using everyday language.
Small Business
Retail Group Says Recession Unlikely
Lower rates will also make it more affordable to borrow through mortgages, home improvement loans, car loans and credit cards, encouraging spending and increasing demand for goods and services.
Taxes
IRS Has Recouped $1.3 Billion in Unpaid Taxes From Wealthy Americans
Nearly 80% of 1,600 millionaires who had delinquent tax debt have now made a payment, the IRS and Treasury Department said Sept. 6.
Small Business
Trump Pushes Back on Harris Small Business Plan
Hours before his address to the Economic Club of New York, Trump said Harris’s plan would “destroy our small business economy.”
Accounting
Economy Worries Linger Among CPA Business Executives, AICPA Says
CPA business leaders’ optimism about the economy has dropped for the second straight quarter, according to the AICPA & CIMA.
Advisory
CAS Transformation is Only One Piece of Business Transformation
According to the AICPA’s CAS Benchmark Survey, CAS practices have experienced double-digit growth each year since 2018, and there is still room to grow.
Taxes
Harris Calls For Lower Capital Gains Tax Rate Than the 39.6% Biden Proposed
The Democratic presidential nominee proposed a 28% capital gains tax rate on people earning $1 million or more.
Taxes
Trump Tax Cuts Could Cost $10.5 Trillion
The price tag is based on rough, initial estimates from tax and budget specialists because the Trump campaign hasn’t released detailed policy plans for its tax promises.
Advisory
Setting Up for Success: The Importance of Grounding in Client Meetings
If we go into a meeting with a client or team member distracted by everything that has already stressed us out that day and worrying about the things that are coming up to stress us out later, we are setting ourselves up for failure.
Taxes
AICPA Comments on Interaction between Section 266 and Section 163(j)
The Tax Cuts and Jobs Act (TCJA) rewrote section 163(j) to enact significant new limitations on the deduction of “business interest expense.”
Taxes
Hunter Biden Intends to Change Plea to Guilty in Federal Tax Case
The son of President Joe Biden has been accused of nine misdemeanor and felony offenses. He previously pled not guilty.
Financial Reporting
Two-Thirds of U.S. Financial Services Execs Lack the Right Data Environment to Use AI Effectively
Among heads of operations within the U.S. financial services sector, roughly 50% are unable to access real-time data, and two-thirds have legacy data environments that aren’t suited to AI.
Payroll
Paylocity to Acquire Airbase in $325 Million Deal
Once the deal closes in early 2025, Airbase’s spend management solution will be integrated with Paylocity’s HCM platform.
Accounting
Prosperity Now Announces ‘Prosperity Next’: A Tech Partnership with Change Machine and Credytu to Revolutionize Financial Inclusion
With “Prosperity Next,” Prosperity Now is not only enhancing its role as a market leader, but also spearheading efforts to create a more inclusive financial system.
Firm Management
EisnerAmper Joins Forces With Tighe, Kress & Orr in Illinois
The top 20 accounting firm is expanding its presence in the Chicago area by merging in Elgin, IL-based Tighe, Kress & Orr.
Small Business
Kamala Harris Stops in New Hampshire to Unveil ‘Ambitious’ Small Business Plan
Her proposal would open entrepreneurship to those currently excluded by the high cost of starting a new business.
Taxes
Maryland Joins IRS Direct File Program For 2025
About 700,000 filers in Maryland are expected to be able to use the free tax filing service from the IRS, state officials said.
Small Business
Watch Out for These Sales Tax Audit Triggers
Keeping up with sales tax changes can be difficult and, even if you’re careful, your business can be selected for a state audit.
Firm Management
CohnReznick to Move Its Dallas Office Location
The 12,000+ square foot space will be within The Star District which includes many shops and restaurants as well as the Cowboys Ring of Honor Walk. The location is directly across the street from the Cowboys headquarters and practice facility.
Taxes
IRS Unsure If Audit Rates for Taxpayers With Incomes Below $400K Comply With Treasury Directive
After the Inflation Reduction Act was enacted, the IRS was ordered to not increase audits on those earning below $400,000 a year.
Taxes
IRS Issues Regs on Changing Accounting Method For Research Expenses
The regs pertain to the automatic consent to change accounting methods for expenditures paid or incurred after Dec. 31, 2021.
Firm Management
NDH Advisors is Now Prosperity Partners
The firm says the new name aligns with its core values, commitment to client service, and its mission to be a leading destination for talent.
Small Business
Goldman Sachs Says Harris, Democrats Better For Economy Than Trump
The firm’s report could surprise some voters, who generally give the GOP and Trump an edge on issues like the economy and inflation.
Advisory
Rule of 30: Strategic Growth and Profit Balance with Fractional CFO Expertise
The Rule of 30 is particularly relevant for mature businesses in traditional industries that are focused on sustaining long-term growth while maintaining robust profit margins.
Firm Management
How to Future-Proof Your CPA Firm with Process Automation
The question is no longer whether to automate, but how quickly and effectively you can implement these game-changing technologies.
Taxes
New England Patriots Defensive Linemen Sack Massachusetts Millionaires Tax
Davon Godchaux and Keion White spoke about financial freedom and literacy recently on Godchaux’s “ChauxTalk” podcast.
Sponsored Content
How to Become a Financial Hero to Your SMB Clients
With AI, automation, and other technology trends influencing the market, many SMB business leaders are struggling with cash flow and unsure where to turn for financial advice.
Payroll
Minimum Wage on the Ballot in Several States this November
According to the National Conference of State Legislatures, 34 states, territories and districts have minimum wages above the federal minimum wage of $7.25 per hour.