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Tax professionals are preparing for upcoming changes in tax laws as the Trump administration returns to the White House and Republicans take control of Congress. While the current tax laws are expected to remain stable for the upcoming tax season, significant portions of the Tax Cuts and Jobs Act are set to expire at the end of 2025. Tax professionals are advised to focus on proactive planning to maximize tax savings. Additionally, advancements in technology, stricter reporting requirements, and potential bipartisan disaster relief may impact the upcoming tax season. Automation and AI-powered technology are being increasingly utilized to keep pace with legislative changes and improve efficiencies in tax preparation processes. [Extracted from the article]

The article discusses the rise of Client Accounting and Advisory Services (CAS) within the accounting profession, emphasizing the importance of offering advisory services to remain competitive. It highlights the need for firms to develop a strategic plan, consider client and staff needs, and determine the right mix of services. The article also addresses pricing strategies, the importance of leveraging technology, and fostering collaboration within the firm to successfully deliver broader advisory services. [Extracted from the article]

The article discusses the importance of integrating payroll services into accounting firms to provide strategic guidance to clients. It highlights the challenges faced by businesses due to outdated payroll practices and labor shortages. The text emphasizes the value of leveraging payroll data for financial health insights and strategic decision-making. Various experts suggest that integrating payroll with other services can lead to better collaboration with clients and improved advisory services. The article also mentions the evolving technology landscape in payroll services, emphasizing the need for the right tools and resources to maximize the benefits of payroll data. [Extracted from the article]

Accounting firms are recognizing the growing demand for advisory services and are dedicating more time to them. However, compliance work remains crucial as it provides the foundation for informed advisory services. Balancing both compliance and advisory work is a challenge that requires the right tools, resources, and skills. Effective communication of the value of outsourced accounting services is important, as clients may be more focused on advisory services. Technology plays a significant role in bridging the gap between compliance and advisory, with automation and data providing strategic insights. Emerging technologies like artificial intelligence and machine learning have the potential to further enhance accounting services. [Extracted from the article]

The field of auditing is undergoing significant changes due to advancements in technology and evolving market demands. Auditors are being encouraged to adopt a more technology-driven approach to address client risks and improve risk assessment. Artificial intelligence (AI) is seen as a crucial tool in making audits more efficient and thorough, with areas like risk identification, data analysis, and fraud detection being prioritized for AI use. New tools and platforms are being developed to streamline audit processes and enhance efficiency. Additionally, the rise of environmental, social, and governance (ESG) reporting is transforming the audit landscape, as auditors incorporate ESG factors into their assurance processes. However, challenges exist, such as the lack of standardized reporting frameworks and subjective nature of ESG metrics. Auditors are using advanced technologies like AI to analyze and verify ESG data, but also need to strengthen their skill sets in data analytics, technology, and soft skills to meet client demands for strategic insights and guidance. [Extracted from the article]

The article discusses the increasing trend of outsourcing in the accounting industry, with firms exploring domestic and overseas options to expand their capabilities and better serve clients. Different outsourcing models such as onshoring, nearshoring, and offshoring are explained, each with its own advantages and considerations. The importance of defining objectives, improving internal processes, and maintaining communication and training for outsourced teams is highlighted as key to successful outsourcing. Transparency with clients about outsourcing practices is emphasized, with the need to prioritize the human aspect of working with outsourced teams. [Extracted from the article]

This article discusses the potential expiration of various provisions of the Tax Cuts and Jobs Act (TCJA) and the importance of tax planning for 2025. The outcome of the 2024 U.S. presidential election is expected to have a significant impact on tax policy. Some provisions that may expire include individual tax rates, deductions, exemptions, and credits. Taxpayers are advised to engage in multiyear planning and stay informed about possible changes in tax laws. Strategies such as Roth conversions, income acceleration, and estate planning adjustments are recommended. Recent developments in tax law and the use of technology are also important for effective tax planning. [Extracted from the article]

Accounting firms are increasingly using automation to improve their workflows and meet client expectations. Automation offers benefits such as increased accuracy, reduced risk of errors, and improved efficiency. Firms are advised to identify their specific pain points and goals before implementing automation, focusing on areas such as data entry and gathering client data. Automation tools, including AI, are evolving to provide more efficient and accurate solutions for accounting firms. The article highlights specific automation tools that firms are using to streamline processes and save time, emphasizing the importance of finding the right solutions for each firm's needs. It also mentions areas of automation that firms often overlook, such as client communication and collaboration. The article concludes by stating that automation should empower accountants rather than replace them. [Extracted from the article]

The future of tax professionals is rapidly changing, driven by technology and evolving client expectations. Firms are shifting from traditional compliance work to providing higher-value advisory and tax planning services. To succeed in this new landscape, tax professionals need to develop not only technical and business expertise but also soft skills, such as communication and leadership. Technology plays a crucial role in enabling firms to expand their services and deliver actionable insights to clients. AI and robotic process automation are emerging as important tools for tax professionals, along with client management solutions and strong communication and collaboration tools. [Extracted from the article]

This article discusses the growing trend of accounting firms offering Client Accounting Services (CAS) to meet client expectations and differentiate themselves from compliance-based work. It highlights that 50% of accounting firms now offer CAS, with an additional 23% considering it. The article emphasizes the importance of formalizing processes, leveraging technology, and providing strategic advisory services to enhance CAS practices. It suggests that firms should reevaluate their pricing models, have a dedicated CAS team with the right skills, adapt to technological advancements, and focus on selling outcomes rather than just outputs. [Extracted from the article]

The article highlights the importance of embracing emerging technologies in the accounting and finance industry to remain competitive. Firms are planning to invest in training staff on generative AI tools and AI and machine learning tools. When adopting new technologies, firms should consider their goals, integration capabilities, and prioritize efficiency and automation. The article also mentions a specific technology that can help users organize information, streamline processes, and enhance security and compliance, without providing specific details about the technology itself. Overall, the article emphasizes the need for firms to prepare for a future where technology plays a significant role in their work. [Extracted from the article]

This article explores the difficulties organizations face in maintaining their financial statement reporting after complying with new lease accounting standards. Many organizations have found that their initial compliance efforts did not fully utilize the capabilities of their lease accounting solutions. As a result, they continue to rely on manual processes and spreadsheets for lease management. To establish a sustainable process, organizations should embrace automation and integration, optimize their lease accounting software, and prioritize efficiency and accuracy. The article also discusses the complexities of lease accounting, the significance of accurate calculations and financial disclosures, and the impact of employee turnover. It highlights the benefits of automation and outsourcing, as well as the emerging area of emissions reporting and the importance of asset-level control for net-zero planning. Ultimately, the article emphasizes the need for a proactive and long-term lease accounting strategy. [Extracted from the article]

The regulatory environment for accounting is becoming stricter, with increased enforcement actions by regulators such as the PCAOB, SEC, and IRS. Reports from 2023 showed a significant rise in enforcement actions and record-setting penalties by both the PCAOB and the SEC. The PCAOB has announced a more aggressive approach to enforcement and has proposed amending its rules to hold auditors more accountable. The IRS is also expanding its enforcement efforts, particularly targeting "unscrupulous" tax preparers. However, there are concerns about the potential implications of these stricter enforcement measures, with some industry professionals expressing worries about the impact on audit quality and the market for audit services. The IRS is increasing its efforts to pursue high-income individuals who have not filed taxes or paid tax debt, using artificial intelligence to audit large partnerships and targeting multimillion-dollar partnership balance sheet discrepancies. The PCAOB has significantly increased its enforcement activity, imposing record-setting penalties in 2022 and 2023. The PCAOB plans to continue its strong enforcement in 2024 by reviewing more audit engagements, expanding inspection procedures, and releasing inspection reports faster. Firms are advised to take proactive steps to reduce risk, such as implementing strong quality control measures, staying informed of industry developments, leveraging technology, and upskilling staff. [Extracted from the article]

The retail landscape can be extremely challenging to navigate, and perhaps no one knows that better than a smaller, niche brand battling against the big players for precious shelf space, [...]

Tax pros don't expect big changes for the coming filing season — but they're already worrying about the one after that [ABSTRACT FROM AUTHOR]

Success in the mass market can be an uphill battle for some niche brands as retailers trim selection, bolster private-label offerings and pass on smaller brands they perceive as higher [...]

Accounting firms are increasingly embracing artificial intelligence (AI) and generative AI to improve efficiency and gain a competitive edge. Many firms are exploring the various applications of AI, such as internal virtual agents, client communication and automation, data analysis and anomaly detection, and tax and client services. While there is a growing acceptance of AI within the profession, some accountants still have concerns about work quality, data accuracy, fiscal costs, undetected bias, and ethical issues. It is important for firms to have proper AI guidelines and policies in place to address these concerns and ensure privacy, transparency, and fairness. [Extracted from the article]

The article discusses various tax developments that will shape the upcoming tax season. It emphasizes the importance of tax professionals being prepared, strategic, and proactive in navigating regulatory and legislative changes, new technologies, and staffing constraints. One major area of focus this tax season is energy tax credits, particularly for clean energy investments such as solar panels and electric vehicles. The article also highlights changes to the R&D tax credit and developments in cryptocurrency reporting and beneficial ownership information reporting. Additionally, it mentions the use of innovative technologies like artificial intelligence and generative AI in the tax profession. [Extracted from the article]

For niche brands, getting a foot in the door of mass market retail is no easy feat, and the stakes remain high as retailers have, in recent years, trimmed SKU [...]

We're talking about innovation with a purpose--a purpose that defines why we exist as an organization; the fact that we see ourselves as a pharmacy innovation company.' That's the way [...]

For years, the U.S. retail sector reaped the benefit of a positive business environment; however, the picture wasn't so rosy entering 2009, as volatile energy prices, a sinking housing marketing, [...]

In today's challenging marketplace, new product launches are key to bolstering the bottom line and offering differentiation for both the manufacturer and retailer. However, confusion over the expectations, financial obligations [...]

SAN DIEGO -- The National Association of Chain Drug Stores held its annual Marketplace Conference here last month at the San Diego Convention Center. An exhibit and appointment-based show for [...]

When you think about it, the chain drug store industry is a lot like Hollywood. You have your rising stars, largely unknown and struggling for the big break that will [...]

Three years ago, Ron Otto, president of National Sales Solutions, signed on a client who had no pharmacy chain distribution and made most of its sales selling product online. After [...]

Americans' increasing interest in health and wellness--especially among baby boomers--combined with innovative technology from manufacturers that provides convenient alternatives to professional services, was at the root of many of the [...]

Slapping on new store signage, laying down fresh carpeting and spraying on fresh paint isn't all that is needed to bring customers back to former Eckerd locations. In order to [...]

What do football teams and drug stores have in common? Both face intense competition in the big game, and if they fall short, the fans--or in the latter case, the [...]

Today, drug chains are increasingly adding exclusive, higher-end products to help keep them in the minds of consumers. Such moves are not only setting these retailers apart from the competition, [...]

There's a male and female shopper in your store who are both single, highly creative, recent college graduates, very digital and, perhaps, very underserved. This consumer group, while not as [...]

The article focuses on Emerald Heights, a senior-living community in Redmond, earning an "A-" Fitch Ratings grade for the 13th consecutive year.

The article evaluates a new mobile app named Vital: A Companion App for People Living with Cancer, designed to support cancer survivors.

The article focuses on a nonprofit Homage Senior Services' Thanksgiving meal delivery for homebound residents. Topics include the nonprofit's 20-year tradition of providing meals to seniors and adults with disabilities, the involvement of volunteers in spreading holiday cheer, and the fundraising efforts to cover meal delivery costs.

The article focuses on the grand opening of a Senior-living provider Koelsch Communities' Belle Harbor project in Bellevue.

And with the right tools and resources in place, firms are ideally poised to help clients navigate ESG-related complexities and avoid inadequate ESG reporting. That mandate is going to be impacting 50,000 companies overall, with 10,000 companies outside of the EU [and] about a third of those will be U.S. companies that are multinationals. Said BDO's Baum, "Accounting and audit firms play a crucial role in helping their clients develop, implement, evaluate and refine ESG strategies. It is important to keep in mind that the impacts of ESG-related regulations will not only impact larger companies, but will also trickle downstream to smaller companies in light of looming supply chain requirements. [Extracted from the article]

"I think clients have a lot of diff erent options at their disposal, from working with diff erent firms or working with diff erent boutique firms, so I think it is really important that you take a fresh look and a fresh perspective when you are considering off ering advisory services. "More firms are switching to an emphasis on advisory services, which tend to both off er more value to clients and be more profitable for firms", the report stated. CAS 2.0 emerged in response to the need and desire for firms to progress their services from "transactional CAS", also known as client accounting services, to "advisory CAS", or client advisory services. Advisory is the fastest growing area for firms, which means many are moving into this space; why should a client pick your firm and services over others?. [Extracted from the article]

SPECIAL REPORT Changing the art of the audit Ready for a renaissance The art of the audit is getting a major technological boost The convergence of innovative technologies and increased client and staff expectations is spurring notable changes within the audit profession. The AI scans each document, identifies its relationship to the client engagement, and accurately files it, allowing your staff the time to focus on the more complex aspects of the audit and the client relationship. Also noting the importance of AI, Chang of Fieldguide said, "We're seeing firms really start to embrace the notion of AI-enabled audits. While AI adoption within the audit profession remains in the early stages, the impacts on audit are already evident. [Extracted from the article]

CVS Caremark is reinventing pharmacy and, by leveraging its vast PBM, retail and clinic network, is taking an innovative approach to drive down healthcare costs, enhance access to care and [...]

Personalization. In a single word, it is what is at the heart of every strategic initiative and important retail program occurring at CVS Caremark today. 'The overarching thing that we're [...]

From transactional to advisory To remain competitive and meet the rise in client demand, more and more firms are looking to progress their services from "transactional CAS" or client accounting services, to "advisory CAS" or client advisory services. Clients and staffing When building a CAS practice, it is important for firms to keep in mind that not every client or potential client will be an ideal fit. One firm that has been fine-tuning its CAS practice and service mix to better meet the needs of its clients is San Diego, California-based accounting and tax firm Dark Horse, which was founded about eight years ago. The firm is far from alone in its journey: It is one of a growing number of firms developing a CAS practice to better meet the needs of today's clients. [Extracted from the article]

Jetpack Workflow is a workflow management tool that helps accounting firms manage deadlines without tasks falling through the cracks, allowing firms to increase profitability and scalability. And then we have to start a process to educate our clients on why we need to move in this direction, because if you don't train and push your clients to understand what you are doing as a firm, it is going to be extremely difficult to accomplish automation because clients want everything to be customized." Also noting the importance of automation in light of the talent shortage and rise in client demands was David Cristello, founder and CEO of the cloud-based workflow management tool Jetpack Workflow, who said that automation used to be "a nice to have" for firms and has now become a "must-have." SPECIAL REPORT Special Report Tools for 21st Century Firms The Automated Firm: Tools for 21st Century Practices The automated firm With too much work and too few people, the accounting profession is turned more and more to automation Has a tidal wave of bandwidth constraints, rising client demands, and ever-changing regulations left your firm treading water?. [Extracted from the article]

According to the findings, 72.5% of respondents identified themselves as being part of hybrid or progressive advisory firms, and only 25.3% of firms considered themselves traditional in the sense that they mainly offer tax and compliance services. According to the most recent Wolters Kluwer Tax & Accounting Annual Accounting Industry Survey of nearly 2,000 tax and accounting firms, 85% of firms reported that their clients want strategic tax planning and advisory services. "If you think about it, if your company has an ESG policy, tax needs to help them understand the tax implications of sustainability changes. The BDO survey also revealed some of the leading tax transparency reporting challenges that companies face, and found that "nearly two-thirds of respondents (62%) said data collection and analysis is problematic, pointing to an underlying issue of tax data governance and fragmented systems.". [Extracted from the article]

It's like stepping into a time machine and jumping ahead a decade or more. Housed in a historic 1930s property that once was the tallest building in the world. Duane [...]

Byline: Antoinette Alexander The nonprofit sector isn't what it used to be - and that's a good thing, according to many industry sources. Thanks in part to advancements in software, [...]

Accounting firms are facing increasing threats to the security of their clients' data, making it crucial for them to implement strong security measures. Hackers are targeting accounting firms due to the valuable financial and tax information they possess. The leading security threats facing firms include phishing and spoofing attacks, as well as ransomware and malware attacks. To enhance security, firms should enforce password policies, use multifactor authentication tools, and minimize access to necessary levels. Conducting a risk assessment and adopting a "zero trust" approach are also recommended. Additionally, firms should be cautious about the emerging threat of generative AI and its potential impact on data privacy and confidentiality. [Extracted from the article]

As the industry juggles the impact of a weak economy, ongoing consolidation and SKU rationalization, there's no doubt that the role of the broker, or sales and marketing consultant, is [...]

NEW YORK -- New healthcare legislation--coupled with the aging U.S. population and a shortage of primary care physicians--will benefit the convenient care industry, and several clinic operators are gearing up [...]

CONSHOHOCKEN, Pa. -- In today's consumer-driven healthcare environment, simply satisfying a patient is not enough; patients want to feel a personal connection. They want to be engaged. This fact has [...]

NEW YORK -- Within the span of just one week, leading pharmacy retailers CVS Caremark and Walgreens celebrated the opening of their 7,000th stores. By the time this issue of [...]

For smaller, new manufacturers, getting a foot in the door with mass market retailers is no easy feat, and the stakes are only getting higher as retailers trim SKU counts [...]