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does your firm suffer cultural deficiencies?
six key insights that could apply to any accounting firm.
by 卡塔尔世界杯常规比赛时间 research
an organization’s culture should be one of its most valuable assets. it could also be a make-or-break liability.
and that goes double for audit firms, where integrity and professionalism are all-important.
so it’s troubling when the public company accounting oversight board reports steadily worsening part i.a. deficiency rates among global network firms.
more: audit fees continue to climb | cfos see ai as top risk and opportunity | does accounting belong in stem? | accounting arc | opportunity awaits incoming aicpa ceo | artificial intelligence may already be plateauing | regulation, geopolitical instability spark concern | ten ways to manage price increases | survey says 57% of firms are raising prices next year | how will private equity impact accounting careers? | eleven questions about kids, wealth and the family business | twelve years and out: seasoned accountants join the exodus
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how much worse? the deficiency rate for global network firms in the u.s. has basically doubled since 2020. and non-affiliate firms are twice as bad.
part i.a. deficiencies are cited when a firm does not obtain enough audit evidence to support its opinion on a public company’s financial statements or internal controls.
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audit fees continue to climb
the financial industry tops the list (no surprise).
by 卡塔尔世界杯常规比赛时间 research
audits aren’t getting any easier, that’s for sure.
but that’s a good thing.
more: cfos see ai as top risk and opportunity | does accounting belong in stem? | accounting arc | opportunity awaits incoming aicpa ceo | artificial intelligence may already be plateauing | regulation, geopolitical instability spark concern | ten ways to manage price increases | survey says 57% of firms are raising prices next year | how will private equity impact accounting careers? | eleven questions about kids, wealth and the family business | twelve years and out: seasoned accountants join the exodus | how accounting firms are handling the staff shortage | gen ai in accounting: epic transformation, or overheated hype? | survey shows big opportunities in small business
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thanks to the headaches continually passed down from the boards and commissions that set the rules and standards for audits of public companies, audits have grown more complex and time-consuming.
add to that the increasing complexity of global business.
and the complications of mergers and acquisitions.
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ten popular benefits that keep staff happy | listicle
four steps could close the tax gap
the difference between what’s owed and what’s paid is $625 billion.
by 卡塔尔世界杯常规比赛时间 research
what’s more aggravating than paying all the taxes you owe while other people cheat?
maybe this: that the biggest tax cheats are the wealthy while it’s the lower-income taxpayers who get audited more.
more: art werner: how to turn tax prep into tax advisory | quick tax tip | art werner: navigating business structure decisions amid tax law changes | quick tax tip | tax season memo from staff to managing partner | is the irs adequately tracking corporate tax evasion? | irs still unsure how to measure audit rate | art werner: estate planning strategies | quick tax tip | art werner: post-mortem estate planning | quick tax tip | pause to praise the tax pro volunteers | irs vs. fraudsters | imagine! the national tax advocate does | art werner: maximizing fringe benefits
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the financial consequences of noncompliance are staggering. according to the annual public report issued by the internal revenue service advisory council, an estimated $688 billion in taxes went unpaid in 2021.
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ten tips for holiday marketing | listicle
by 卡塔尔世界杯常规比赛时间 research
the holiday season tends to be a little slow, the calm before the storm of the upcoming tax season.
staff gets into a party mood, so maybe this is a good time to put some of the accounting aside and switch over to some creative, holiday-themed marketing.
here are 10 ideas for engaging clients, enhancing brand awareness and boosting business:
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we’re honored. thank you
“卡塔尔世界杯常规比赛时间 is a key source of insights, data and actionable intelligence for hundreds of thousands of accountants around the world… a major platform for thought leaders to share bold insights, innovative ideas and, not infrequently, audacious challenges to the status quo in the profession.” – accounting today
by 卡塔尔世界杯常规比赛时间 research
the much-watched accounting today ranking of the “top 100 most influential people” lists 49 members of the 卡塔尔世界杯常规比赛时间 community – authors, contributors, advisors, and commenters – among the elite 100, including founder and ceo rick telberg.
“thank you to accounting today for the recognition. we’re honored,” telberg says. “but, most of all, thank you to the 卡塔尔世界杯常规比赛时间 community, who make it all possible and to whom we gratefully dedicate this distinction.”
cfos see ai as top risk and opportunity
are you working on a policy yet? half your peers are.
by 卡塔尔世界杯常规比赛时间 research
if you’re in business – anywhere from accounting to manufacturing to retailing – you’d better buckle up because next year isn’t going to be like this year, let alone the year before.
more: does accounting belong in stem? | accounting arc | artificial intelligence may already be plateauing | regulation, geopolitical instability spark concern | ten ways to manage price increases | survey says 57% of firms are raising prices next year | how will private equity impact accounting careers? | eleven questions about kids, wealth and the family business | twelve years and out: seasoned accountants join the exodus | how accounting firms are handling the staff shortage | gen ai in accounting: epic transformation, or overheated hype? | survey shows big opportunities in small business | salary guides for accountants vary widely: whom do you believe? | are you earning what you deserve?
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the bdo 2024 cfo outlook survey uncovered a startling change that occurred this year. early in 2023, 71 percent of middle-market cfos said supply chain disruption was their primary risk, economic volatility running a close second and geopolitical disruption a close third.
but artificial intelligence never made the top five. in fact, it isn’t even mentioned in that survey. not once.
but 2023 was long, long ago.
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ten tips for boosting morale | listicle
by 卡塔尔世界杯常规比赛时间 research
good morale at the office keeps people happy and glad they work there. they work better, and they are more willing to put in extra effort when needed. that morale is born of a positive, supportive work environment that accommodates the special demand of a cpa office.
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here are 10 ideas to boost morale:
twenty health care deduction tips for clients | listicle
by 卡塔尔世界杯常规比赛时间 research
navigating health care deductions can significantly impact your tax return, especially if you have substantial medical expenses throughout the year. here are 20 tips to help you maximize your health care deductions:
- know the threshold: unless this has changed recently, you can deduct unreimbursed medical expenses that exceed 7.5 percent of your adjusted gross income (agi).
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- understand what’s deductible: deductible medical expenses include payments for doctors, dentists, surgeons and other medical practitioners; hospital stays; prescription medications; and medical aids like glasses, contacts or hearing aids.
- include your dependents: you can deduct medical expenses you paid for yourself, your spouse and your dependents.
- consider timing: if possible, consolidate medical treatments and procedures in one year to surpass the agi threshold, allowing for larger deductions.
- keep impeccable records: save all receipts and documents for medical expenses, including transportation costs related to medical care.
- remember non-prescription items: some non-prescription items are deductible if medically necessary, such as crutches, bandages or diagnostic devices.
- deduct premiums: health insurance premiums you pay out of pocket, including medicare part b and part d, can be deductible.
- long-term care insurance: premiums for qualified long-term care insurance are deductible, subject to age-based limits.
- travel expenses for medical care: costs for traveling to and from medical treatments (e.g., gas, parking, tolls, public transit) are deductible.
- weight loss programs: if prescribed by a doctor for a specific disease, such as obesity, hypertension or heart disease, you can deduct the cost of weight loss programs.
- smoking cessation: costs for programs prescribed by a doctor to stop smoking are deductible.
- alcohol and drug treatment: expenses for programs related to alcohol and drug addiction recovery are deductible.
- home improvements for medical care: costs for home improvements for medical care (e.g., wheelchair ramps, widening doorways) can be partially deductible, depending on the increase in home value.
- special education: if a doctor recommends special education for a child with learning disabilities, these expenses can be deductible.
- dental and vision: don’t forget to include dental treatments and vision care expenses in your deductions.
- health savings account (hsa) contributions: contributions to an hsa are deductible, and withdrawals for qualified medical expenses are tax-free.
- flexible spending arrangements (fsas): use pre-tax dollars in fsas for medical expenses, reducing your taxable income.
- keep track of mileage: if you use your car for medical transportation, keep a log of the miles driven for medical purposes to deduct at the standard mileage rate.
- assisted living expenses: portions of assisted living facility costs necessary for medical care can be deductible.
- consult a professional: tax laws and health care regulations can be complex and change frequently. consult with a tax professional to ensure you’re maximizing your deductions while remaining compliant with current laws.
leveraging these tips can help you effectively manage your health care deductions, potentially lowering your taxable income and saving money on your tax bill. always ensure you’re following the latest irs guidelines and regulations.
how 529 college savings plans benefit business owner clients
ensure both business and personal finances are optimized.
by jackie meyer, cpa
jackie meyer, cpa is president and founder of meyer tax consulting llc, taxplaniq, and concierge accountant coaching programs in southlake, texas, with over 20 years of experience, she founded and successfully sold her own cpa firm for seven figures, leveraging her trademarked roi method of value pricing tax advisory services. she specializes in tax planning for executives with a high investment return. meyer is a serial entrepreneur, speaker, and consultant dedicated to revolutionizing the fintech, accounting, and entrepreneurial landscapes. as a cpa and certified tax coach, she offers concierge tax and accounting services to assist clients with anything from income-shifting strategies to managing a family business in qbo.
most business owners are adept at navigating the complexities of running a company. however, when it comes to personal financial planning, particularly concerning education expenses specialized attention is often required.
related: sy goldberg’s guide to the new retirement distribution rules | ten ways to manage price increases | survey says 57% of firms are raising prices next year | art werner: preparing for the tax cuts and jobs act to expire | quick tax tip
it’s been widely touted that a 529 college savings plan is a powerful tool that not only aids in funding education but also offers significant tax benefits. understanding how to leverage a 529 account can enhance financial strategy for your business clients, ensuring both business and personal finances are optimized.
regulation, geopolitical instability spark concern
audit partners seeing modest optimism across companies.
by 卡塔尔世界杯常规比赛时间 research
auditors have a special sense of what’s happening in american business. they see the numbers that others don’t. they prepare their firms and clients for what’s to come.
this year, audit partners are sensing a guarded confidence in the economy, albeit with considerable nervousness about the geopolitical situation, according to the center for audit quality’s 2024 audit partner pulse survey.
more: ten ways to manage price increases | survey says 57% of firms are raising prices next year | twelve years and out: seasoned accountants join the exodus | survey shows big opportunities in small business | the slow, painful death of the 150-hour rule | partners: your middle managers are getting squeezed | in-person conferences still essential | accounting arc
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geopolitical instability
for the first time, geopolitical instability ranks in the top five economic risks facing companies over the next 12 months.
in fact, it ranks third, a fear substantially more serious than that of cybersecurity and rising interest rates.
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ten ways to manage price increases
communicate your value, not your rising costs.
by 卡塔尔世界杯常规比赛时间 research
the ignition 2024 accounting and tax pricing benchmark survey indicates that most accounting firms are planning modest price increases in 2025 – in too many cases somewhat less than what they need to provide decent salaries and top-notch services.
more: survey says 57% of firms are raising prices next year | how will private equity impact accounting careers? | eleven questions about kids, wealth and the family business | twelve years and out: seasoned accountants join the exodus | how accounting firms are handling the staff shortage | gen ai in accounting: epic transformation, or overheated hype? | survey shows big opportunities in small business | salary guides for accountants vary widely: whom do you believe? | are you earning what you deserve? | the slow, painful death of the 150-hour rule | partner comp earnings gap: what’s the right spread? | main street accountants see turbulence ahead for small business
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the survey offers 10 tips for managing price increases without losing clients (unless you want to). here they are, with a bit of commentary.
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