News
New Federal Reporting Law Carries Hefty Penalties for Small Businesses
December 04, 2023
In January 2021, the United State Congress enacted the Corporate Transparency Act (CTA), with a goal of detecting and reducing money laundering, fraud, and other misconduct through shell companies. As part of the legislation, almost all entities are required to file a report with details about their owners and the individuals who register the entity to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.
Montana Department of Revenue Releases Updated Wage Withholding Tax Tables and Employee Withholding Form
November 20, 2023
The department has updated its wage withholding tax tables (Employer and Information Agent Guide) as well as the employee’s withholding and exemption certificate (Form MW-4) after major changes to Montana’s income tax system, including lower income tax rates.
Five Simple AI Strategies to Unlock More Freedom and Productivity in Your Practice
September 11, 2023
The very essence of AI is the removal of unnecessary busy work. The more of this you can do in your firm, the more you will be able to optimize productivity.
IRS offers extra time for Roth catch-up contributions
August 25, 2023
The Internal Revenue Service is giving people until 2026 to comply with a new requirement for Roth catch-up contributions.
BEC/New Exam Disciplines Application Chart
August 14, 2023
In advance of the updated CPA Exam launching in January 2024, the National Association of State Boards of Accountancy has provided the chart below showing the deadlines established by each U.S. jurisdiction for applying to take the current BEC section as well as the first day applications will be accepted for new CPA Exam disciplines (BAR, ISC, TCP).
The Impact of the SALT Cap on the Marriage Penalty, Business Entity, and Residency
August 01, 2023
For many years, Congress has passed income tax laws designed to mitigate the so-called “marriage penalty.” The marriage penalty occurs when a married couple with similar incomes incurs a higher tax liability by filing taxes jointly than if they would by filing as two single taxpayers. Examples of such provisions by Congress to attempt to alleviate this burden include lower income tax brackets, increased alternative minimum tax (AMT) exemption amounts, and most notably a higher standard deduction for married taxpayers filing jointly.
Mental health matters
July 26, 2023
Why and how leaders can promote and foster psychological capital in the workplace through hope, efficacy, resilience and optimism. Courtesy of the Virginia Society of CPAs
Tax Advantaged Strategies to Help Clients Plan for Long-Term Care
July 03, 2023
As health care costs and life expectancy rates rise, CPAs should ensure their clients are preparing for the potential need for long-term care.
When death and taxes meet
June 28, 2023
The death, illness or even just retirement of a practitioner can leave behind not just an untended practice but many unanswered questions and a great deal of uncertainty about consequences for clients.
Why accountants need technology to protect the next generation of talent
June 24, 2023
With fewer and fewer individuals entering the accounting profession, Dext VP of Product Strategy Paul Lodder offers up an op-ed on how and why existing accountants need to leverage today's technology to protect tomorrow.
Tax, Accounting and Legal Pros are Cautiously Optimistic about Generative AI
June 21, 2023
Twenty percent of respondents said their firm or company has warned employees against the unauthorized use of generative AI at work.
Attention, Soon-to-be-Accountants: Governments Need You
June 19, 2023
A lack of accountants and auditors has left several municipalities without credit ratings. Here are a few ways to tackle this problem.
Case studies in forensic accounting
June 16, 2023
Forensic accounting is a specialized field that uses accounting, auditing and investigative skills to investigate and examine financial statements and records to uncover irregularities or fraudulent activities and identify and analyze financial data patterns, providing valuable insights to legal professionals.
Showcasing Change Is the Way to Boost Accounting Talent Pipeline
June 16, 2023
Accountants can address the shortage of young talent in the field by embracing new technology, committing to diversity, and investing in mentorship
Accounting looks to recruit neurodiverse talent
June 15, 2023
Accounting and finance departments are hoping to diversify their workforce, especially with the ongoing shortages of young accountants joining the profession, but one segment of the population that's often left out of the discussion on diversity, equity and inclusion is "neurodiverse" or "neurodivergent" people.
There's more to accounting than meets the eye
June 15, 2023
Perhaps it would be helpful for students, families and businesspeople to refresh their understanding of the many unique benefits of accounting education, as well as related professional experience. A career in accounting is not for everybody; however, one should make an informed choice among careers, especially at the key early stage of one's growth after college.
7 Major Retirement Risks to Avoid
June 13, 2023
The way people plan for retirement has changed dramatically over the last several decades. Those nearing retirement should avoid underestimating their longevity as well as stock market volatility. Here are the seven biggest risks retirees should avoid at all costs, along with tips to address them.
How accountants can make a smooth career transition
June 12, 2023
Very often life transitions trigger in people a desire to seek more fulfillment in their lives. Such transitions can be the beginning of a new year or entering the second half of life. Starting a new career can represent an overwhelming task, one that is filled with uncertainty and requires a lot of time and effort. A constructive way to embrace that uncertainty is by planning ahead. By doing so, it puts you in the driver's seat, enabling you to make the right decisions. This article provides a framework that will enable you to increase your chances of success when switching careers.
The Sustainability & ESG Imperative for the Accounting and Finance Profession
May 30, 2023
The significant shift from shareholder returns to stakeholder capitalism has brought sustainability and ESG management into every public or large private company boardroom. The strong linkages between an entity's sustainability management and financial performance elevate sustainability and ESG as core practice areas for accountants.
Mitigating the Negative Impacts of Job-Related Stress
May 26, 2023
Although stress in public accounting is unavoidable, especially during the busy season, excessive amounts can be dysfunctional for both individual CPAs and their firms. Prolonged exposure to high levels of stress can lead to psychological symptoms of depression and anxiety. Stress-related illnesses can decrease performance, generate health problems for individuals, increase group health premiums for organizations, increase absenteeism, and increase turnover. CPA firms can proactively address these stress-related costs by recognizing the drivers of the stress and tailoring responses accordingly.