Fri.Jan 12, 2024

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IRS expands enforcement efforts and tech improvements

Accounting Today

The Internal Revenue Service reported progress Friday on its efforts to increase its audits of large corporations, complex partnerships and high-income individuals, collecting over half a billion dollars from millionaires who didn't pay their taxes.

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The Journey From a Rigid Firm to Work-Life Harmony | Beyond the Books Podcast by AccountingDepartment.com

Accounting Department

We are thrilled to announce that Episode 10 of our podcast, Beyond the Books , is now live and ready for your listening pleasure.

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Hunter Biden pleads not guilty to tax charges in California

Accounting Today

Hunter Biden may face trial this summer in the middle of his father's election campaign after pleading not guilty to charges that he failed to pay taxes on millions of dollars in income from foreign businesses.

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Financial Planning Tips for Business Owners

Enterprise Recovery

While much of your budget planning was likely done in the fourth quarter, it's never too late to set your business up for success in the new year. Financial planning is valuable at any time - whether you're evaluating your business investments or measuring why your cash flow is slow. Read further to discover essential financial planning tips for business owners to ensure long-term success and growth.

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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Better service ahead — and a better tax season, promises IRS

Accounting Today

In parallel with stricter enforcement, the tax authority is improving service for taxpayers and tax pros, and working on its technology.

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The negative impact of busy season Saturdays

Blake Oliver

Research shows mandatory overtime backfires.

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How Much Tax Preparers Charge

Cloud Accounting Podcast

Blake throws his hat into the ring for President and CEO of NASBA! Hear how he intends to shake things up should he be chosen! Next, Blake and David unpack a survey on the surprisingly low tax-preparer fees across the country, discuss the headaches still posed by interstate CPA licensing, and consider some solutions like modeling CPA reciprocity rules!

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Grifols set for biggest weekly drop ever on short seller accounting claims

Accounting Today

Gotham City Research criticized the Spanish blood-plasma company's accounting and corporate governance.

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Harness the Power of AI: Practical Uses for Accountants

Earmark Accounting Podcast

On this bonus episode Blake explores how artificial intelligence will transform the accounting profession. You'll learn how leading AI tools and chatbots can help automate routine tasks, freeing you up to focus on more strategic, higher-value services. He'll also walk through real-world examples of using AI for document analysis, tax research, correspondence, transcript review, drafting/editing, and more.

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Tech news: Wolters Kluwer releases new Corporate Transparency Act solution

Accounting Today

Plus, Intuit adds TurboTax to Credit Karma and QuickBooks; FreshBooks introduces payroll capacities; and other accounting tech news.

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Predictions You Can Rely On: How Data Drives Successful Financial Forecasting

Speaker: Robbie Bhathal, Founder & CEO, and Matthew Acalin, Head of Credit Intelligence

In today's volatile financial environment, how confident are you in your company’s financial forecasting? To get the most accurate cash predictions that will lead to long-term financial survival, real-time data is critical. Innovative cash management strategies can lead to better credit opportunities, more sustainable growth, and long-term financial prosperity.

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5 AWS Glue Cost Optimization Strategies + ETL Setup Tutorial

Economize

AWS Glue In a data-driven world, clean and organized data serves as the driving force in decision making. This requires integrating and processing data from difference sources. This process is made easier with AWS Glue. AWS Glue is a serverless, data integration service that provides visual and code-based interfaces for data integration.

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On the move: Withum kicks off 50th anniversary at State of the Firm

Accounting Today

Wilkin & Guttenplan appoints next managing shareholder; Hartman Wanzor rebrands; and more news from across the profession.

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8 Tips to Avoiding Financial Woes This Tax Season

Outsourced Bookeeping

Financial responsibilities may be confusing and important for both people and organizations to navigate as tax season draws near. Tax rules can be complicated, which might raise questions regarding prospective obligations, financial stability, and compliance. Adopting sound financial strategies is essential to avoiding tax-related errors and ensuring a seamless, stress-free approach.

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Find the right clients through inter-firm collaboration

Accounting Today

You may have plenty of work, but is it the right kind of work?

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Your New & Improved Month-End Close Process Is Not So Far Out of Reach!

All accounting teams know what it is like to dread the inevitable month-end scaries. If there was a way to feel less burdened and maybe even a little enthusiastic to work on your month-end close and reconciliation process, would you do it? No, don't answer that, of course you would! Automate your month-end close process by up to 40% with SkyStem's ART and see how much more alive you feel!

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Insurance Automation: Benefits, Use cases, and more

Nanonets

Every day, millions of people sign up for different insurance policies for their and their families' security. However, with the rapid growth in the insurance sector, the industry has reached a point where growth can only be achieved through insurance automation. At the moment, while applying for a policy or making a claim, customers have to deal with long and tedious processes most of which are carried out manually by insurance companies.

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QuickBooks Hosting Provider: Your Essential Strategic Partner for Business Growth

Ace Cloud Hosting

In today’s fast-paced business landscape, efficiency and reliability are your most valuable assets. That’s where QuickBooks hosting providers come in, taking your accounting software to the cloud and unlocking a.

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How to Copy Text From PDF?

Nanonets

If you've ever found yourself wrestling with PDFs, desperately trying to extract crucial information, you're in the right place. In this post, we're diving into the practical side of things – no frills, just five straightforward ways to copy text from PDFs. Whether you're a tech enthusiast, a student, or a professional navigating the digital landscape, these methods will make text extraction a breeze.

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Is It Bad to Have a Business Tax Extension?

CSI Accounting & Payroll

In the context of taxes, business owners treat the word “extension” like poison. Extensions are things that everybody thinks they want to avoid at all costs, but they don’t know much about them. Are extensions really all that bad? At CSI Accounting & Payroll, we’ve worked with small business taxes for over 50 years. In all that time, we’ve heard a variety of questions about extensions, such as: Are extensions bad?

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The Definitive Guide to Spend Management

The status quo for AP in small and mid-market companies is broken. It consists of messy tech stacks of siloed solutions that give rise to manual work, a lack of control, wasted spend, and unnecessary risks. The benefits of shifting to spend management are tangible, measurable, and are felt across the whole organization. Spend management is a different way of thinking and an innovation whose time has come.

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Understanding Singapore’s Auto-Inclusion Scheme (AIS) and Its Importance for Business Owners

Counto

Understanding Singapore’s Auto-Inclusion Scheme (AIS) and Its Significance for Business Owners The Auto-Inclusion Scheme (AIS) has become an integral part of Singapore’s tax system, especially for employers. Since the Year of Assessment (YA) 2021, it is mandatory for employers with five or more employees or those who have received the “Notice to File Employment Income Of Employees Electronically under the AIS.” Failure to comply can result in fines of up to $1,000 under S

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Non-participating shares definition

Accounting Tools

What are Non-Participating Shares? Non-participating shares do not provide their holders with a share of the earnings of the issuing entity. Instead, these shares typically provide a fixed rate of return in the form of a dividend , and so are designated as preferred shares. Advantages of Non-Participating Shares Non-participating shares are less risky than common stock , since holders will still earn a return even when the issuing business does not earn a profit.

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Matterport

Tipalti

With Tipalti, invoices are now automatically imported and immediately turned into bills, with amounts already pre-approved by Matterport’s sales operation team.

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Accretion definition

Accounting Tools

What is Accretion? Accretion is the ongoing increase in the earnings and assets of a business. This increase in value is due to many factors, including organic growth and the acquisition of other entities. Accretion in Accounting Accretion is also an accounting term, referring to the gain generated by an investor after a bond has been purchased at a discount.

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Navigating Financial Storms: Strategies for Building Resilient Balance Sheets

Speaker: Carolina Aponte - Owner and CEO, Caja Holdings LLC

In today's rapidly changing business environment, building a resilient balance sheet is crucial to the survival of any business. A resilient balance sheet allows a company to withstand financial shocks and adapt to changing market conditions. To achieve this, companies need to focus on key strategies such as maintaining adequate liquidity, managing debt levels, diversifying revenue streams, and prioritizing profitability over growth.

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Mastering Cultural Differences for Global Business Success

NACM

On today's episode of the Extra Credit podcast. All credit management responsibilities stem from one essential skill—the ability to form strong relationships. Business relationships have many layers, all of which credit managers must master. In global trade, credit professionals should try to understand the cultural differences of their cus.

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Cost accountant job description

Accounting Tools

What is a Cost Accountant? A cost accountant is someone who analyzes the cost structure of a business and extracts actionable information that can improve the profitability of a business. This person’s work includes the analysis of process constraints, target costing projects, margin analysis, and tracing costs back to underlying activities. The cost accountant must also construct and monitor the data accumulation systems needed to provide an appropriate level of costing information to managemen

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10 Best Practices that Impact Accounts Payable Automation

NextProcess

10 Best Practices that Impact Accounts Payable Automation All around the world, mistakes happen in accounts payable departments every day. We’re all human; we make mistakes and it’s not the end of the world. But sometimes, errors can be costly. Since the accounts payable department handles money leaving the company, mistakes that happen here mean companies are losing money.

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Non-participating preferred stock definition

Accounting Tools

What is Non-Participating Preferred Stock? Non-participating preferred stock is preferred stock that specifically limits the amount of dividends paid to its holders. This usually means that there is a specifically-mandated dividend percentage stated on the face of the stock certificate. If the board of directors decides to also pay out a dividend to the common stockholders, this dividend is not also paid to the holders of the non-participating preferred stock.

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Putting the ‘Tech’ in Spend Management Techniques

Speaker: Wayne Spivak, President and CFO of SBA * Consulting Ltd., Industry Writer, Public Speaker

If you’re lost in the world of spend management needs and your GAP analysis is lacking perspective on the future state of your business performance, listen up! With the advancement of technology, the implementation of spend management best practices and concrete GAP analyses is more streamlined and accessible than ever before. And while this may sound like great news for you and your clients, it won’t be worthwhile unless you have the latest techniques to back up your ambitions!

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Acronyms for different client types

Accounting Fun

DINKYs - Dual Income, No Kids Yet DONKEYs - Dual Overdraft, No Kids Yet MINKs - Multiple Income, No Kids OPALs - Older People, Active Lifestyle SWELL - Single Woman Earning Lots in London SEMI - Suburban Executive MIddle manager MACs - Married And Comfortable SITCOM - Single Income, Two Children, Outrageous Mortgage LOMBARD - Lots Of Money But A Right Dope SMARTIEs - Smart, Middle Aged, Risk Taking Individuals PIPPies - People who Inherited Parents' Properties WOOPies - Well Off Older People FIZ

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Accounting valuation definition

Accounting Tools

What is an Accounting Valuation? An accounting valuation is the inclusion of assets and liabilities in the accounting records of an organization in accordance with the valuation rules of the applicable accounting framework. There are a number of required valuation methods, including historical cost for fixed assets and market value for marketable securities.

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Trump's NY civil fraud trial finale erupts into dispute with judge

Accounting Today

The judge must decide if Trump intentionally inflated his annual financial statements by billions of dollars a year.

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New York Republicans want SALT debate in tax bill discussion

Accounting Today

Lawmakers are trying to drum up support to allow a debate on raising the state and local tax deduction cap as bipartisan tax package negotiations leave out those proposals.

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Book of Secrets for the Month-End Close

Developing a consistent month-end close doesn’t need to be a mystery. We’re sharing our top 10 secrets (plus one bonus!) for streamlining your close.