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Featured….
IRS Chief: $400 Million in ERC Claims Have Been Withdrawn
AI Spurs Rise in Cybersecurity Among U.S. Workers
Many Great Resignation Job Switchers are Now Regretting the Move
Hancock Askew Merges in Willeford Group in Georgia
Contributors….
Randy Johnston
Darren Root, CPA, CITP, CGMA
Becky Livingston
Garrett Wagner
Richard D. Alaniz, JD
Webinars and CPE….
Webcast May 9: Lease Accounting’s Role in Executing Financial Strategy
Webast: Valuation Considerations in Emerging Markets – July 11, 2024
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 Offers Resources and Advice During National Small Business Week
The Internal Revenue Service is offering tax-related information to entrepreneurs in anticipation of the upcoming kick-off of National Small Business Week.
Digital Workflow in Intuit ProConnect Tax
During the Intuit Accountants “Better Together” event in New York City, the Intuit ProTax Group brought together tax professionals and industry thought leaders.
Taxes
U.S. Corporate Taxes Likely to Rise to Tame Deficit, Buffett Says
Higher taxes are “quite likely,” the Berkshire Hathaway chairman and CEO said, as Washington prepares for major tax discussions next year.
IRS
IRS Chief: $400 Million in ERC Claims Have Been Withdrawn
During a House Appropriations subcommittee hearing May 7, Danny Werfel gave lawmakers an update on the tax credit’s status.
Staffing
AI Spurs Rise in Cybersecurity Among U.S. Workers
Fear of exposing their organization to a cyber attack is particularly high among younger generations, with Gen Z and Millennial employees less likely to feel equipped to identify and respond.
Payroll
Many Great Resignation Job Switchers are Now Regretting the Move
A new survey of U.S. workers reveals those who changed jobs since the pandemic are significantly less satisfied with their jobs than their colleagues who stayed.
Firm Management
Hancock Askew Merges in Willeford Group in Georgia
Willeford Group owner Kate Willeford will join as partner, while the firm’s staff will become the dental division of Hancock Askew.
Payroll
Texas and Florida Cities Among Top Locations Americans are Moving To
Houston maintained its position as the top moving destination, closely followed by San Antonio, which moved up from its ranking of 9th last year.
Small Business
Farmer Economic Confidence Drops
This downturn reflects farmers’ growing concerns about the upcoming year’s financial outlook, with fewer respondents expecting better or equal performance than last year.
Income Tax
The Next Tax Deadline is May 15 for Tax-Exempt Orgs
While the April 15 tax deadline for most Americans to file their individual annual tax returns has passed, there are several deadlines each year, some for individuals, businesses, nonprofits and even organizations that are tax-exempt.
Small Business
Does Generative AI Level Playing Field for Small Business?
Survey found that 44% of microbusinesses, which have 10 or fewer employees, a domain and an active website, agree that GenAI helps them compete with big businesses.
Auditing
Semple, Marchal & Cooper is Trump Media’s New Auditor
Trump Media & Technology Group has reportedly dumped BF Borgers as its external auditor for Phoenix-based Semple, Marchal & Cooper.
Accounting
Webcast May 9: Lease Accounting’s Role in Executing Financial Strategy
With changes in lease accounting and emissions standards, organizations need to look beyond compliance to automating, optimizing and consolidating strategic financial systems.
IRS
IRS Issues FAQs on Disaster Relief For Retirement Plans and IRAs
The FAQs are intended to assist individuals, employers, and retirement plan and IRA service providers, the IRS said.
Firm Management
LMC Adds Vogel & Co.
The strategic partnership will expand the range of services and solutions offered to high-net-worth families and individuals.
Firm Management
Eide Bailly and Apple Growth Partners to Join Forces Next Month
The deal, which is expected to become effective on June 24, expands Eide Bailly’s footprint across the Great Lakes region.
Firm Management
Marcum Acquires Michigan Accounting Firm Croskey Lanni PC
The accounting and advisory firm Marcum LLP has acquired Croskey Lanni, PC, a notable Detroit, Michigan area-based firm with an office in Boca Raton, Florida.
Firm Management
Crete Secures Funding to Bring Aboard New Partner Firms, Grow Tech Capabilities
Crete Professionals Alliance will use the undisclosed amount of funding to add firms to its platform, as well as leverage technology, such as AI.
Accounting
51 Accounting Scholarships Awarded by MassCPAs
These scholarships, presented through the MassCPAs Educational Foundation Scholarship Program, recognize academic performance and commitment to the accounting profession.
Digital Currency
Study: More Than 90 Percent of Stablecoin Transactions Aren’t From Real Users
Out of about $2.2 trillion in total transactions in April, just $149 billion originated from “organic payments activity,” Visa says.
Auditing
SEC Charges Trump Media’s Audit Firm BF Borgers With ‘Massive Fraud,’ Saying it Faked Audits
The audit firm will pay a $12 million civil penalty to settle the charges, and owner Benjamin F. Borgers will pay a separate $2 million fine.
Taxes
More Rich Americans Will Soon Be Hit With an IRS Audit, Werfel Pledges
But the IRS chief emphasized once again that audit rates won’t increase for small businesses and taxpayers making under $400,000.
Taxes
EV Makers Win Two-Year Extension to Qualify for Tax Credits
The Biden administration on May 3 gave carmakers a partial reprieve in finalizing electric vehicle tax credit rules.
Small Business
2024 Guide to State Sales Tax Holidays
There were about 45 sales tax holidays in 24 states in 2023 and could be even more than that in 2024.
Small Business
Hawaii to Offer Tax Amnesty to Switch Short Term Rentals to Long Term
Could tax incentives geared toward turning Hawaii short-term rentals (STRs) into long-term housing increase housing stock and decrease rents for Hawaiians? Governor Josh Green thinks so.
Accounting
Wolters Kluwer to Add New AI Features to Tax and Accounting Systems
The upcoming AI enhancements are a continuation of more than a decade of investing in and deploying multiple forms of artificial intelligence into its global portfolio of solutions.
Technology
Midmarket Businesses Face Challenges Implementing AI
Most middle market organizations are adopting AI (78%) and generative AI (77%). However, 54% of those using generative AI find its deployment more challenging than anticipated.
Accounting
The Accounting Technology Lab Podcast – Review Of Datamatics – May 2024
Hosts Randy Johnston and Brian Tankersley, CPA, look at Datamatics, a digital technologies, operations, and experiences company.
Firm Management
Wipfli Buys Michigan-Based Consulting Firm Harbour Results
The top 20 firm’s deal with Harbour Results, a management consulting firm for the manufacturing industry, became effective May 1.
Payroll
Hourly Wages Grow at Small Businesses
“Hourly earnings growth increased to 3.34% in April, ending a decline that began in mid-2022.”
Firm Management
CLA Adds Atlanta-Based Ronald Blue & Co. CPAs
With approximately 80 employees and eight partners, Ronald Blue was expected to join top 10 accounting firm CLA on May 1.
Firm Management
EY Adds New York-Based Technology Consulting Firm Nuvalence
The transaction expands EY’s digital engineering and generative AI services to organizations across industries and sectors.
Firm Management
EisnerAmper Acquires Boston-Based Edelstein
Edelstein offers accounting, tax and advisory services for the food and beverage, healthcare, financial services, nonprofit, real estate, professional services, and other sectors.
Firm Management
Maryland Accounting Firm SKMB Joins Marcum
The combination brings SKMB’s talented team to Marcum, including two senior advisors and their associates with extensive experience in accounting, assurance, tax services, and business valuations.