Home
Featured….
Year-End Hiring Strategies for 2024: Navigating the Senior Talent Gap in Accounting
In-Kind Donations Can Help Retail Clients Solve Unwanted Returns and Inventory
Opinion: A Better Way to Pay for Extending the Trump Tax Cuts
Trump Team Eyes Ex-SEC Commissioner to Succeed Gary Gensler as Chair
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.
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?
Accounting
Review of HubSync – The Accounting Technology Lab Podcast – Nov. 2024
Brian Tankersley, CPA, and Randy Johnston review HubSync, an all-in-one, modern client platform which automates the tax return and other key processes and provides a single gateway to drive “Best-in-Class” collaboration between professionals and their clients.
Accounting Standards
FASB Issues Standard on Induced Conversions of Convertible Debt Instruments
The amendments in the ASU clarify requirements for determining whether certain settlements of convertible debt instruments, including convertible debt instruments with …
IRS
IRS Announces National Tax Security Awareness Week Starts on Dec. 2
The ninth annual special awareness week takes place this year from Dec. 2 to Dec. 6 with a weeklong series of educational efforts.
Payroll
Deloitte Predicts Record-High Black Friday and Cyber Monday Spending
Even as consumers plan to spend more, getting more bang for their buck appears to be their top shopping strategy, Deloitte says.
Taxes
Filing the Final Income Tax Return for a Decedent
If the deceased person was unmarried, the return is filed on their behalf as a single filer. In some cases, a deceased taxpayer may qualify for favorable “head of household” filing status.
Payroll
The Holidays Are Full of Potentially Awkward Money Talks
There are plenty of conversational landmines to avoid around the holiday dinner table, but money leads the way, according to a survey.
Payroll
Survey: 72% Worried They Won’t See Social Security Benefits Upon Retirement Age
More than half of workers expect to rely on Social Security benefits when they retire, yet 72% are concerned they won’t get them.
Payroll
Holiday Scams to Watch for in 2024
Whether you’re ordering gifts, recovering from weather events or getting end-of-year communications from your bank, you may be vulnerable to online scams.
Legislation
Trump Vows 25% Tariffs on Canada and Mexico, and 10% More on China on ‘Day One’
Trump said he would impose additional 10% tariffs on goods from China and 25% tariffs on all products from Mexico and Canada in posts to his Truth Social network on Monday that sent the dollar higher and equities lower.
IRS
IRS to Host Virtual Focus Groups on the Business Tax Account Online Tool
The virtual focus groups, which will be held next month, are a way for the agency to gather feedback on the online self-service tool.
Accounting Standards
GASB Proposes Guidance on Subsequent Events
The proposal defines subsequent events and provides note disclosure requirements in order to reduce diversity in practice.
Accounting Standards
FASB Issues Post-Implementation Review Report for Its Revenue Recognition Standard
The report discusses how the FASB staff conducted the Revenue PIR process, which included outreach with more than 2,200 stakeholders from diverse backgrounds, key implementation support
Taxes
Newsom: California Will Offer EV Rebates if Trump Cuts Federal Tax Credit
Experts expect the Trump administration to reform, rather than eliminate, the $7,500 tax credit under the Inflation Reduction Act.