The ever-evolving landscape of financial reporting standards requires nonprofit organizations to stay abreast of changes that impact their accounting practices. One such crucial update is the implementation of ASC Topic 326, Financial Instruments – Credit Losses, which introduces the Current Expected Credit Loss (CECL) model. This article will delve into the critical aspects of ASC […]
Photo by Canva Audit is a crucial process for ensuring the accuracy and reliability of financial statements. The process entails evaluating and assessing financial records to provide an independent opinion on the fairness of the information presented. Despite having proven that traditional auditing techniques have been effective for many years, technological advancements are about to […]
Photo by Canva In a move aimed at streamlining federal grant management processes, the Office of Management and Budget (OMB) is set to revise sections of the OMB Guidance for Grants and Agreements. This proposed revision, shaped by feedback from Federal agencies and the public, reflects a commitment to reducing administrative burdens for both agencies […]
Photo by Canva Blockchain technology has been a hot topic in recent years, revolutionizing various industries with its decentralized and transparent nature. The accounting industry is no exception, as blockchain integration promises to transform traditional accounting practices. In this article, we will delve into the world of blockchain accounting, exploring its benefits, challenges, and […]
Photo by CANVA In today’s fast-paced, data-driven world, the integration of artificial intelligence (AI) is transforming the way individuals and businesses manage their tax compliance. AI’s ability to process vast amounts of financial data quickly, accurately, and efficiently is revolutionizing the tax compliance landscape. In this article, we’ll explore the significant benefits of leveraging AI […]
Photo by John Schnobrich on Unsplash The Federal Audit Clearinghouse (FAC) is on the brink of a significant transformation in its submission process, scheduled for implementation on October 1st, 2023. This pivotal shift involves not only a change in oversight, transitioning from the U.S. Census Bureau (Census) to the General Services Administration (GSA) but also […]
The IRS has officially released a process to allow taxpayers to withdraw Employee Retention Credit (ERC) claims. The plan is part of a larger initiative to protect taxpayers from ERC-related scams. Photo by Scott Graham on Unsplash What has transpired with the Employee Retention Credit (ERC), and how did we reach this point? Since the […]
Photo by Joshua Mayo from Unsplash Data governance and artificial intelligence (AI) are two crucial aspects of today’s digital landscape, especially for Certified Public Accountant (CPA) firms. As the volume of data continues to grow exponentially, it is imperative for CPA firms to effectively manage and govern their data to ensure accuracy, compliance, and security. […]
Photo by CANVA In the age of digital transformation, artificial intelligence (AI) is redefining client advisory services and reshaping the landscape of financial and accounting industries. The power and potential of AI are being harnessed to provide clients with unparalleled assistance and to revolutionize the way advisory services are delivered. This shift towards AI-driven solutions […]
Photo by Leeloo Thefirst In a bold move that has sent shockwaves through the financial world, the IRS has taken a drastic step to curb the influx of dubious Employee Retention Credit (ERC) claims. The tax agency, weary of the rising tide of questionable filings, has pulled the plug on new claims, effectively imposing a […]
