Fri.Jan 26, 2024

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IRS and tax pros gird for filing season amid congressional uncertainty

Accounting Today

The Internal Revenue Service and tax professionals are preparing for the start of tax season Monday, hoping for a smooth filing season like last year, although last-minute tax law changes are possible thanks to a deal working its way through Congress to revive tax breaks like a more generous Child Tax Credit.

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Finding Top Talent To Best Serve Your Clients | Beyond the Books Podcast by AccountingDepartment.com

Accounting Department

We are thrilled to announce that Episode 11 of our podcast, Beyond the Books , is now live and ready for your listening pleasure.

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PCAOB levies $590K in fines over Haynie audits

Accounting Today

The Public Company Accounting Oversight Board also permanently barred a sole practitioner in New York.

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How to Have a Conversation About Finances with Your Partner

Intuit

A recent study by Intuit Credit Karma found that Gen Z and millennials are breaking up with their partners over money. At the same time, more than a third of Gen Z and millennials think it’s okay to leave talking about finances until they’ve reached a major milestone in their relationship (like moving in together or getting engaged). The Link Between Finances and Relationships When it comes to relationships, money matters.

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Breaking Ground on Better Payment Processes: Strategies for Construction Pros

Speaker: Timothy Allsopp

Payment challenges often lead to delayed projects, financial bottlenecks, and strained relationships. With construction projects becoming more complex, outdated processes are no longer sustainable. By refining financial workflow, companies can improve cash flow, reduce error, and foster trust between stakeholders. Discover practical strategies for redesigning payment systems to overcome workflow challenges while creating a smoother, more reliable process for contractors and subcontractors alike.

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Tech news: Drake Software releases DrakePay for accounting pros

Accounting Today

Plus, Prismatic launches multi-entity business solution with blockchain-like technology; and other accounting technology updates.

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How to Have a Conversation About Finances with Your Partner

Intuit

A recent study by Intuit Credit Karma found that Gen Z and millennials are breaking up with their partners over money. At the same time, more than a third of Gen Z and millennials think it’s okay to leave talking about finances until they’ve reached a major milestone in their relationship (like moving in together or getting engaged). The Link Between Finances and Relationships When it comes to relationships, money matters.

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More Trending

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Matching principle definition

Accounting Tools

What is the Matching Principle? The matching principle requires that revenues and any related expenses be recognized together in the same reporting period. Thus, if there is a cause-and-effect relationship between revenue and certain expenses, then record them at the same time. In some cases, it will be necessary to conduct a systematic allocation of a cost across multiple reporting periods, such as when the purchase cost of a fixed asset is depreciated over several years.

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Bill would require IRS returns to have scannable bar code

Accounting Today

A recently introduced bill would, if passed, require the IRS to add scannable bar codes to electronically prepared paper returns, to encourage process efficiency.

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From Public Accounting to Tech Unicorn IPOs With Brandt Kucharski

Earmark Accounting Podcast

Blake chats with Brandt Kucharski, former chief accounting officer at GrubHub and current CAO at Ethos Life, about his career journey from public accounting to leading startups through IPOs. They discuss Brandt's pivotal role in taking GrubHub public as one of the first "unicorn" startups, the process of scaling accounting teams and controls, nonprofit work with the Holiday Heroes Foundation, and thoughts on increasing accounting talent amid growing complexity.

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Nonprofit accounting resolutions for a more efficient 2024

Accounting Today

As nonprofits work to combat the accounting and staff shortage, finding ways to increase efficiency is a top focus.

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The Growth Architect: How Financial Leaders are Unlocking Potential

Speaker: Ashley Harlan, MBA

What if your role as a fractional CFO went beyond operational support to actively shaping the future of your clients’ businesses? 💼 ✨ In this session, discover how fractional finance professionals can position themselves as architects of growth, guiding their clients toward sustainable success and preparing them for full-time financial leadership.

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How Does T&E Fit in With Procure-to-Pay Software?

NextProcess

When discussing how to manage spend in the procure-to-pay process, we often think of spend management as involving budgeting, procurement, accounts payable, and payment. But there’s another key department involved in spend management: travel and expense (T&E). Much like procurement, T&E involves employees making business purchases that the company is going to pay for.

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Reconciled Continues to Lead Innovation in Advisory Services

Insightful Accountant

Beyond bookkeeping, Reconciled's success story is a testament to its transformative journey into comprehensive advisory services, driven by the strategic integration of Clockwork AI.

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12 ways to have fun completing your tax return

Accounting Fun

Do it while wearing your favourite fancy dress. Every time you claim a deduction, do a victory dance. Add happy or sad emojis wherever you can on the tax returns Invent a new tax category for "unavoidable chocolate expenses." Write a tax-themed haiku for each page you fill out. Do it naked In "For Office Use Only" area write "Approved. Send refund immediately.

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HubSync Revolutionizes the R&D Tax Credit Process for CPA Firms

Insightful Accountant

HubSync Launches New Research and Development Tax Credit Product

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2025 Payroll Calendar Templates (Biweekly, Semi-Monthly, and Monthly)

Use these handy calendar templates to stay on top of payroll in 2025! Download them today to share with your HR team or post for employees. Whether your company has biweekly, semi-monthly, or monthly pay periods, Paycor has you covered. Get your templates today!

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Daybook definition

Accounting Tools

What is a Daybook in Accounting? A daybook is a book of original entry in which an accountant records transactions by date, as they occur. These transactions are recorded in chronological order, where each one is recorded in the order in which it occurred. This results in a set of records that start at the beginning of a reporting period, and progress to the end of the reporting period.

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Free IRS webinar on Jan. 30: Navigating Automated Collection Notices and Penalty Relief Restart

Insightful Accountant

The Internal Revenue Service will hold a free webinar, designed primarily for tax professionals whose clients were affected by the delayed notices during the COVID pandemic.

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Debt restructuring definition

Accounting Tools

What is a Debt Restructuring? A debt restructuring is a process by which a firm unable to pay its debts in a timely manner makes alternative payment arrangements with its creditors. This process may allow the company to continue in operation, rather than entering bankruptcy proceedings and liquidating. A debt restructuring may involve any of the following: Delaying debt payments Forgiving some portion of the debt Swapping some or all of the debt for shares of the firm’s common stock or preferred

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Unveiling the Secrets to a Calm Tax Season

Insightful Accountant

Accountants often face stress and burnout, impacting their well-being. Recognize the toll it takes on your health. A comprehensive guide offers 5 simple steps tailored for professionals like you to bring calm and balance back into your life.

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From Start to Scale: Driving Growth Through Seamless Payments Implementation

Speaker: Michael Veatch, Senior Director, Implementations & Ella Aguirre, Director of Solution Consulting

Embedding payments can be a transformative step for software companies looking to enhance their platform capabilities, boost customer satisfaction, and drive long-term growth. However, the success of payments hinges on a single thing: implementation. Drawing on real-world insights and experiences, payments implementation experts Michael Veatch and Ella Aguirre will explore actionable strategies that can lead to a transparent, friction-free launch and mitigate potential challenges like technical

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Debt service fund definition

Accounting Tools

What is a Debt Service Fund? A debt service fund is a cash reserve that is used to pay for the interest and principal payments on certain types of debt. Advantages of a Debt Service Fund The existence of a debt service fund is intended to reduce the risk of a debt security for investors, since it ensures that funds are being set aside to meet the borrower’s debt obligations.

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Charles McKissick on Strategic Outsourcing for Business Growth and Exit Planning

Insightful Accountant

Gary and Charles discuss how outsourcing can help firms grow, and scale up during busy times and how it can be an effective part of an exit strategy for firm owners.

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Defalcation definition

Accounting Tools

What is Defalcation? Defalcation is the theft or misuse of funds or other assets by someone who has responsibility to protect those assets. It is usually committed by a professional who is presumed to have a sufficient level of expertise to be able to handle funds or assets in a safe manner. Examples of Defalcation An example of defalcation is when a trustee invests funds improperly, resulting in their loss.

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Proactive Strategies to Reduce Late Payments

NACM

?️ On today's episode of NACM's Extra Credit podcast. Credit managers must use proactive strategies to encourage timely payments from habitual and sporadic late payers.⭐ Hear from Martine Dyer; Nelida Lervaag; and Marcela Rolon!

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Less Stress, More Success: Accounting Best Practices & Processes for 2025

Speaker: Duke Heninger, Partner and Fractional CFO at Ampleo & Creator of CFO System

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Duke Heninger, a seasoned fractional CFO and CPA passionate about transforming back-office operations for finance teams. This session will cover critical best practices and process improvements tailored specifically for accounting professionals.

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Downside risk definition

Accounting Tools

What is Downside Risk? Downside risk is the amount of loss that will be sustained in a worst-case scenario. This analysis may be conducted just for an investment in securities , or in regard to any fixed asset project. The extent of the risk depends on the type of investment. For example, an investment in an asset has a maximum downside risk of losing the entire amount of the investment.

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Yellen: Biden would extend some Trump tax cuts

Accounting Today

Parts of Trump's 2017 tax-cut package will expire in 2025, and Biden would only extend tax breaks for individuals earning less than $400,000 a year.

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Deferred liability definition

Accounting Tools

What is a Deferred Liability? A deferred liability is an obligation for which settlement is not required until a later period. This usually means that the business has been paid by a customer for the delivery of goods that have not yet been delivered, or for the performance of services that have not yet been performed. Accounting for a Deferred Liability When a business receives cash in exchange for a future obligation, it records a debit to the cash account and a credit to the deferred liabilit

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House Speaker must choose business or politics in $78B bill

Accounting Today

A growing divide is emerging between Republicans and the business interests the GOP once unflinchingly championed.

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Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors

Speaker: Abdi Ali, Sr. Lease Accounting Consultant

Join this insightful webinar with industry expert Abdi Ali, who will discuss the challenges that can arise from managing lease accounting with spreadsheets! He will share real-world examples of errors, compliance issues, and risks that may be present within your spreadsheets. Learn how these tools, while useful, can sometimes lead to inefficiencies that affect your time, resources, and peace of mind.