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Featured….
U.S. Job Openings Rose to 7.7 Million in October as Labor Demand Steadies
Biden Seeks to End Subminimum Wage for Workers With Disabilities
Trump’s Election Win Powers U.S. Business Sentiment to Highest Levels in Years
UHY Receives Private Equity Funding From Summit Partners
Contributors….
Randy Johnston
Brian Tankersley
Darren Root, CPA, CITP, CGMA
Becky Livingston
Ken Berry, JD
Webinars and CPE….
CPE Webcast Dec. 5 – Struggling with Workflow Chaos? Discover How Identifying Your Offerings Changes Everything!
CPE Webinar: Top 10 Payroll Tasks to Prepare for Year-End
Events….
Accounting
Intuit Connect 2024 – Oct. 28-30
Get inspired by influential speakers and expert-led sessions on topics such as QuickBooks tools and services, Mailchimp, firm growth, client advisory, and more.
SYNERGY 2024 Conference – Nov. 6-9, 2024
From AI-driven solutions to cutting-edge advancements in digital transformation, find out what’s next from Thomson Reuters at SYNERGY 2024
Ensuring Success 2024 – CPAs Can Earn Up to 14 Hours of Free CPE in December
The end of the year is almost here, and that means you need to check if you have all of your CPE completed. A lot of us have just gotten out of extension season, then the election, but if you need more CPE, Ensuring Success is an easy way to earn up to 14 hours of CPE credits in 2 days, from your own office or laptop. And it’s free.
Taxes
IRS Will Phase in $600 1099-K Reporting Threshold in 2026
The agency on Nov. 26 set the reporting threshold at $5,000 for 2024, $2,500 in 2025, and $600 for 2026 and thereafter.
Accounting
CPE Sessions Announced for Ensuring Success
On Dec. 18-19, professionals can earn up to 14 hours of free CPE credit, with 7 sessions each day. Pick the ones you want or stay for all of them.
Payroll
U.S. Job Openings Rose to 7.7 Million in October as Labor Demand Steadies
The advance in job openings was led nearly entirely by professional and business services, and accommodation and food services.
Payroll
Biden Seeks to End Subminimum Wage for Workers With Disabilities
The Labor Department said on Dec. 3 it’s proposing to abolish below-minimum-wage pay for people with disabilities.
Accounting
Trump’s Election Win Powers U.S. Business Sentiment to Highest Levels in Years
From factory floors to construction sites to farmlands, optimism in Fed regional surveys represents another chapter in the “Trump bump.”
Firm Management
UHY Receives Private Equity Funding From Summit Partners
The top 30 accounting firm said the deal with Summit is a significant milestone in its growth and strategic development.
Accounting Standards
FASB Targets Credit Losses for Accounts Receivable, Contract Assets in Proposed ASU
The proposal addresses challenges with applying CECL to current AR and contract assets arising from revenue transactions.
Taxes
IRS Extends Deadline for Third-Party Payers to Resolve Incorrect ERC Claims
The IRS has extended the deadline for payroll companies and third-party payers to file a supplemental claim for their clients until Dec. 31.
Sales Tax
Thinking Twice About Sales Tax Holidays
State politicians love to proclaim temporary tax respites, but they rarely achieve their stated objective of boosting economic activity.
Taxes
Will the New GOP-Controlled Congress Give Parents a Bigger Tax Break?
Republicans and Democrats alike are eager to boost the child tax credit, but they’ve had trouble agreeing on the details.
Taxes
IRS Tool Can Help You Estimate If Your Tax Withholdings Are Enough
The IRS Tax Withholding Estimator can help taxpayers make sure the correct amount of tax is withheld from their paychecks.
Small Business
Sage Intacct Adds AI Enhancements and Features
The generative AI tool will support customers with actionable insights and intuitive support to help drive productivity and growth.
Firm Management
SolomonEdwards Acquires Tax Advisory Provider Steele Consulting
Steele Consulting has established a strong track record of helping Fortune 1000 companies navigate complex tax regulations, strategically address the tax consequences of business transactions and maintain compliance with relevant statutory frameworks.
Accounting
IRIS Software Group Acquires Dext
Together, both companies will cover the entire end-to-end accountancy workflow, from data entry and processing to compliance, reporting and advisory services.
Taxes
Georgia Tax Preparer Guilty of Filing $3 Million in Fraudulent Returns
Jessica Crawford of Athens, GA, is facing up to 30 years in prison after pleading guilty to fraudulently filing tax returns on behalf of clients.
Staffing
Year-End Hiring Strategies for 2024: Navigating the Senior Talent Gap in Accounting
The severity of the shortfall in talent has not gone unnoticed and has led to the refocusing of minds within the accounting industry about the need to solve these talent issues once and for all.
Small Business
In-Kind Donations Can Help Retail Clients Solve Unwanted Returns and Inventory
The resulting tax break may be quite handsome, and it may even be more financially beneficial than reselling the merchandise at a cut-rate price. It’s known as product philanthropy or also as making an in-kind donation.
Taxes
Opinion: A Better Way to Pay for Extending the Trump Tax Cuts
A potential solution exists that should be acceptable to Republicans because they floated it not too long ago.
SEC
Trump Team Eyes Ex-SEC Commissioner to Succeed Gary Gensler as Chair
Paul Atkins, who is a strong proponent of digital assets and fintech companies, is a leading contender to head the SEC.
Payroll
Research Shows Top Hiring Challenges for SMBs in 2025
When asked to rank their greatest hiring challenges between now and the end of 2025, nearly half of SMB hiring managers cited meeting candidates’ salary expectations.
Taxes
IRS Warns of Holiday Scams, Kicks Off Security Awareness Week
The special week is part of the Security Summit initiative, a joint effort between the IRS, states, the tax industry and tax professionals that works to protect taxpayers and the tax system against identity theft.
Technology
Aprio Releases 2025 Technology Outlook
The report highlights the recent impact of private equity and venture capital funding within the tech sector and key trends that will continue to make an impact in 2025.
Technology
Lucanet Enhances CFO Platform with GenAI Capabilities
This release will add advanced Copilot features for Lucanet’s Consolidation and Financial Planning and Disclosure Management solution, in addition to the Copilot for the XBRL Tagger made available in October.
IRS
Opinion: IRS Shows What Government Efficiency Really Looks Like
The way to make the government more effective is no mystery—just fund it adequately so it can effectively do its job.
Taxes
What Trump’s Endowment Taxes Could Mean for Yale, Other Universities
Colleges are already bracing themselves for potential large-scale changes during the president-elect’s second term in office.
Taxes
Donald Trump’s EV Tax Credit Takeback Could Undermine Panasonic’s Kansas Plant
Panasonic’s new plant in DeSoto, KS, faces uncertainty as the president-elect considers ending tax credits for electric vehicles.
Taxes
‘Harry Potter’ Star Rupert Grint Loses Tax Battle, Ordered to Pay $2.3M
After a five-year battle with the 36-year-old English actor, a judge ruled in favor of the HMRC, the U.K. equivalent of the IRS.
Taxes
Aluminum Wars: U.S. Factory Owners Seek ‘Political’ Route to Higher Import Taxes Under Trump
Manufacturers hope the Trump administration will reverse the International Trade Commission’s recent refusal to boost tariffs.
Accounting
AICPA News – December 2024
AICPA News is a round-up of recent announcements from the American Institute of Certified Public Accountants.
Taxes
Elevating Customer Experience with Effective Tax Solutions
Here are some strategies organizations can use to implement CX in the rapidly evolving age of digital transformation, where customer demand and expectations are at an all-time high.
Firm Management
Understanding Employees’ Preferences: The Key to CPA Firms Attracting Top Talent in 2025
For CPA firm leaders, the pressure is on to rethink talent management strategies so their firm can stand out as an employer of choice not only to new hires, but also to valued talent already on their team.
Taxes
2025 Tax Refund Date Estimator – And Last Minute Tax Tips for 2024
If you’re wondering when you can file your income taxes in 2025 and when you might get your tax refund, this chart can give an estimated date. Where’s My refund?