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Featured….
Florida Man Pleads Guilty to $1.7 Million Tax Evasion
Generational Change … I’m Getting Old
PCAOB Chair Sworn in For Second Term
Cohen & Co. Gets Private Equity Backing
Contributors….
Randy Johnston
Brian Tankersley
Darren Root, CPA, CITP, CGMA
Becky Livingston
Ken Berry, JD
Webinars and CPE….
CPE Webcast Nov. 14. – Selecting the Right Payroll Partner for Your Business Growth
CPE Webcast Oct. 24. – Stop Resisting Change & Start Controlling It
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
IRS Updates Tax Brackets, Standard Deductions For 2025
While the actual percentages will remain the same, the income levels of each bracket change annually to adjust to inflation.
Nomination Period Closes Soon for 2024 “40 Under 40” and “20 Under 40” Awards
The 40 Under 40 Awards spotlight the top practicing public accountants, educators and thought leaders who are leading their profession by visibly and incrementally changing the accounting profession.
Firm Management
Grant Thornton US Strikes a Deal With … Grant Thornton in Ireland
Grant Thornton’s tax and advisory business, Grant Thornton Advisors, is merging with its counterparts at Grant Thornton Ireland.
Taxes
Florida Man Pleads Guilty to $1.7 Million Tax Evasion
A Florida man has pleaded guilty to evading the payment of more than $1.7 million he owed for tax years 2004 through 2014.
Accounting
Generational Change … I’m Getting Old
Change is inevitable. Every generation is different because the world they grow up in is different. But instead of viewing this as a strength, we tend to treat it as a problem.
PCAOB
PCAOB Chair Sworn in For Second Term
Erica Williams’ new five-year term as chair of the PCAOB officially began on Oct. 25 and lasts through Oct. 24, 2029.
Firm Management
Cohen & Co. Gets Private Equity Backing
The top 50 accounting firm said on Oct. 25 that it has received a strategic growth investment from Lovell Minnick Partners.
Technology
Review of Liscio – The Accounting Technology Lab Podcast – Oct. 2024
Hosts Brian Tankersley, CPA, and Randy Johnston review Liscio, a client experience platform that centralizes communication, document collection, and task management for accounting firms.
Accounting
Forensic Accountants to Meet During Period of Increased Demand for Their Services
Forensic and valuation services (FVS) professionals will meet this year in Dallas from October 28-30 at the annual AICPA & CIMA Forensic & Valuation Services Conference.
Small Business
SMBs Face Staffing Challenges Due to Unstable Economy, CBIZ Says
The majority of SMBs are evaluating staff levels, with many unable to fully utilize their workforce amid the looming presidential election.
Firm Management
CFPB Warns Firms Over Tracking Their Employees
The watchdog issued its warning on Oct. 24 in response to employers increasingly deploying new tools to track workers.
Auditing
PCAOB Provides Three Resources For Auditors On the New Quality Control Rules
The resources include a practice aid, comparison document, and a webinar related to the implementation of QC 1000.
Financial Reporting
Finance Execs Turn to AI to Improve Corporate Reporting
96% of respondents say they worry about the integrity and reliability of this data, and many have reported problems with data formats (39%) and inconsistencies (35%).
Accounting
Accountants Are Feeling More Glum About the Global Economy, Survey Says
Confidence improved in North America over the last quarter, but uncertainty is extremely elevated amid the upcoming U.S. election.
Small Business
Bill360 Adds Enhancements to AR Automation Platform
The new capabilities align with Bill360’s mission of helping accountants and their B2B clients optimize both the efficiency of the invoicing process and the ease of payment.
Accounting
Indiana Accountant Sentenced to 41 Months in Federal Prison
Nathaniel Wills, 34, of Anderson, IN, pleaded guilty to wire fraud for stealing almost $1 million from his employer.
Payroll
62% of Americans Feel Behind on Emergency Savings
Older generations are more likely to feel behind on their emergency savings compared to younger generations.
Payroll
6 Factors Drive Employee Attraction and Retention
48% of employees cite pay as one of the main drivers for attraction and retention — the most commonly cited factor for both, and more than half of employees (56%) would consider another job offer for better pay.
Taxes
IRS Issues Guidance for Energy Efficient Home Improvement Credit
The revenue procedure provides procedures and requirements that a manufacturer of specified property must follow to be treated as a qualified manufacturer (QM).
Payroll
Sales of Existing Homes Dropped 1 Percent in September
Three out of four major U.S. regions registered sales declines while the West experienced a sales bounce. Year-over-year, sales fell in three regions but grew in the West.
Accounting
Top 30 Accounting Firm Has the Best Internship Program in All the Land, Vault Says
For the second year in a row, PKF O’Connor Davies has the top overall internship program in the U.S. and the No. 1 program in accounting.
Accounting
Visual Lease to Be Acquired By CoStar Group
Visual Lease will become part of the CoStar Real Estate Manager platform, providing additional lease-related offerings to clients.
Taxes
Tax Lobbying Ramps Up in Q3 Ahead of Elections
Lobbyists this year have stressed the need for companies to engage early on next year’s expiring tax provisions.
Payroll
Should I Use a 401K Disbursement or Loan to Pay Off Mortgage?
I’m 55-ish in the Midwest and my mortgage end is in sight. I’m comfortable with my 401(k) balance. Does it make sense for me to cash-out just enough to pay off the house? ($40,000, out of a 401(k) balance of 400k.)
Payroll
Job Growth Moderates Slightly for U.S. Small Businesses in September
Hourly earnings growth for workers showed 3.01% in September, while the three-month annualized hourly earnings growth has remained below three percent for the past five months.
Taxes
IRS Says Tax-Exempt Orgs Don’t Need to File New Corporate AMT Form 4626
Tax-exempt organizations should maintain Form 4626 in their books and records for purposes of documenting whether they are an applicable corporation for purposes of the alternative minimum tax and, if so, for determining any corporate alternative minimum tax liability.
Taxes
IRS Suggests All Taxpayers Get IP PIN for More Security When Filing Taxes
This simple yet crucial step can provide an added layer of security, helping protect against tax-related identity theft.
Accounting
AuditBoard Expands AI Capabilities, Empowering Customers to Define the Future of Audit, Risk, and Compliance
AuditBoard and Ascend2 Research recently conducted a survey finding 89 percent of organizations plan to use AI but face challenges like data privacy concerns and high costs.
Accounting
Intuit Unveils New ProAdvisor Academy, Names Ted Callahan as New QuickBooks ProAdvisor Program Leader
Launched this week, the new ProAdvisor Academy is an education platform that gives accounting firms access to professional development for employees at any stage of their careers.
Accounting
Andersen Launches the Andersen Institute for Finance and Economics
The Andersen Institute plans to host key client events in major U.S. cities in the first half of 2025 and build visibility through partnerships and collaborations, media appearances, and a robust digital presence.
Accounting
Eliminate Manual Work and Accelerate Accounts Receivable
Is your firm bogged down by manual client tasks like engagement letters, invoicing delivery, and payment collection? These tasks will always be important – but you shouldn’t have to spend 20+ hours a week completing them out.
Firm Management
EY Got Rid of Staff Who Took Multiple CPE Courses at the Same Time
The Big Four firm said taking the online training courses concurrently was an ethical breach, resulting in the firings of dozens of U.S. staff.
Technology
Crowe and Blue J Partner to Enhance GenAI-Enabled Tax Services
Crowe teams will tap Blue J’s GenAI product, Ask Blue J, to discover the best tax law and insights to apply to their clients’ individual situations.
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.