Latest news with #accounting
Yahoo
19 minutes ago
- Business
- Yahoo
Karbon introduces client portal for accounting practices
Karbon, an accounting practice management software provider, has globally launched Karbon for Clients, a client portal aimed at eliminating bottlenecks in company-client work. The new offering is designed to streamline collaboration, accelerate response times and reduce administrative burdens for accounting professionals. Karbon for Clients provides an end-to-end solution managing the entire client life cycle including onboarding, delivery and long-term relationship management. The portal integrates with Karbon's intelligent practice management solution, aligning with the company's vision of connecting people, data, technology and workflows with AI and automation. Clients can access the portal 24/7 via web or mobile app to complete tasks, send documents and communicate. All client activities, from comments to eSignatures, are linked to workflows, offering teams full visibility without tool switching or effort duplication. The launch follows Karbon's introduction of end-to-end tax workflows, AI-powered summarisation and advanced analytics, reflecting the company's ongoing investment in smarter, more connected accounting operations. Karbon CEO Mary Delaney said: 'Our mission has always been to empower accounting professionals to deliver exceptional service. With Karbon for Clients, we are making it effortless for firms to elevate their service delivery through a secure and fully connected client experience that strengthens relationships and drives firm growth.' Over 300 companies took part in the early access programme for Karbon for Clients. Lawrence Watmore, co-founder of Watmore & Co. Accounting, one of the adopters of the platform, said: 'Karbon for Clients is a brilliant feature that has significantly increased our communication with clients while reducing the admin load on our staff.' In May, Xero partnered with Karbon to launch an integrated solution enhancing productivity for accounting practices. The collaboration aims to integrate Xero's financial tools with Karbon's workstream-driven platform to save time, simplify workflows and enable companies to focus on high-value client services. It addresses industry complexities, the demand for client advisory services and the need for automation to improve efficiency. "Karbon introduces client portal for accounting practices" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Bloomberg
18 hours ago
- Business
- Bloomberg
SEC Clears CSX After Investigating Old Accounting Errors
The US Securities and Exchange Commission dropped its probe of CSX Corp. 's previously reported accounting errors and certain non-financial metrics, the company disclosed on Wednesday. 'The company received correspondence from the SEC on July 10, 2025, indicating that the agency had concluded its investigation and does not intend to recommend an enforcement action,' the railroad company said in a regulatory filing.
Yahoo
a day ago
- Business
- Yahoo
Aprio furthers $300m AI strategy with TimeCredit AI acquisition
Business advisory and accounting practice Aprio has acquired TimeCredit AI, a start-up from the 2024 AICPA and Startup Accelerator, to transform accounting services. The acquisition is part of Aprio's five-year investment of $300m in AI and automation aimed at enhancing the delivery of services across various practices. The addition of TimeCredit to Aprio's portfolio bolsters the company's intelligent automation capabilities, especially in areas such as audit, tax, reporting and advisory services. TimeCredit's AI-powered platform is designed to improve the accuracy and efficiency of accounting workflows, which aligns with Aprio's goal of delivering smarter and faster services. Aprio's AI strategy also aims to deploy advanced AI tools, ranging from assisting with document drafting and legal content analysis to automating research, summarising complex data and optimising workflows. Aprio chief digital officer Brent McDaniel said: 'By integrating intelligent automation into our workflows, we are building a more agile, responsive organisation that delivers faster insights for clients and a more fulfilling experience for our team members. 'We believe our AI ecosystem can truly scale with our goals, helping us stay ahead of client needs while empowering our people to do their best, most impactful work.' Three key TimeCredit executives, including CEO and co-founder Ndonga Sagnia, have transitioned to Aprio following the acquisition. Sagnia, now serving as senior director of AI transformation at Aprio, will be instrumental in driving the company's AI initiatives and fostering innovation throughout the organisation. Sagnia said: 'At TimeCredit, we have always believed that technology will be the key driver for growth in the accounting profession. 'With Aprio, we are combining truly advanced technology with strong domain expertise to create smarter solutions for clients and professionals alike. I am excited to join a firm that is on the leading edge of the profession.' Aprio's AI Council, a cross-functional leadership team, will oversee the company's AI transformation, ensuring that technological advancements align with business strategies and client requirements. Aprio CEO Richard Kopelman said: 'This investment is about more than just adopting new tools. It's about fundamentally reimagining how we work. 'By adding new platforms to our growing AI ecosystem, we are doubling down on our belief that technology, when paired with the best people, can reshape the future of professional services." "Aprio furthers $300m AI strategy with TimeCredit AI acquisition" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
a day ago
- Business
- Yahoo
PCAOB permanently revokes Hong Kong company's registration over audit violations
The US Public Company Accounting Oversight Board (PCAOB) has permanently revoked the registration of Hong Kong-based Centurion ZD CPA & Co and barred its owner, Chan Kam Fuk, for violating audit rules. The action is related to their audit work for companies operating in China, including Luckin Coffee. Centurion ZD CPA & Co and Chan have been sanctioned with a $75,000 civil penalty for failing to perform adequate risk assessments and obtain sufficient audit evidence in audits for three companies. According to the PCAOB, these failures were evident in the 2021 audit of Luckin Coffee, following a 2020 investigation revealing fabricated transactions by Luckin. Despite Luckin Coffee's previous settlement of accounting fraud charges with the US Securities and Exchange Commission, Centurion ZD CPA & Co did not adequately address fraud risks in subsequent audits, the organisation said. The PCAOB's sanctions include a permanent revocation of the company's registration and a permanent bar against Chan. The company and Chan's violations extended to audits of a second Chinese company and audit procedures for subsidiaries of a Malaysian company. It said that they failed to obtain sufficient audit evidence and did not make required communications to audit committees, violating PCAOB standards. The PCAOB found further violations in how the company reported audits of two Chinese public companies, failing to comply with PCAOB rules in filing necessary forms. Chan was held directly responsible for these audit reporting violations. The company's numerous violations indicate a lack of quality control, and failing to ensure personnel had the required technical proficiency and that professional standards were met. Without admitting or denying the findings, Chan and the company consented to the PCAOB's order. Recently, the PCAOB imposed sanctions on PWR CPA over violations of its rules during the 2022 audit of Ainos. Additionally, the company faced repercussions for consistently failing to meet reporting requirements in audits of four other issuers. "PCAOB permanently revokes Hong Kong company's registration over audit violations " was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Forbes
a day ago
- Business
- Forbes
How To Maximize The Business Gift Deduction
Vlad Rusz is a CPA at Centaur Digital Corp, helping busy business owners efficiently manage their accounting systems. Businesses giving gifts is a common practice in many industries. Employees often appreciate receiving a holiday gift, and referral partners are more enticed to refer if they receive a gift for it. However, the tax implications can be complex for small-business owners. Generally, gift deductions are limited to $25 per person per year—or $50 per married couple—which doesn't generate much in tax savings. Depending on the nature of the gift and who you give it to, there are other tax implications—both favorable and unfavorable—to consider. Small-business owners must be familiar with these rules to take full advantage of the tax deductibility of gifts. Follow this simple guide to maximize your business gift deduction. Gifts To Employees While gifts to employees are deductible for the business, generally, they are taxable to the employee. They are usually treated as any other compensation received by the employee. The correct way to account for these gifts is to add the value of the gift to the employee's W-2. Understandably, business owners might want the gift to be tax-free for the employee, but in order to achieve this, the business should also provide an appropriate amount of cash compensation to offset the tax for the employee. Alternatively, a business can explore other benefits that might be tax-free to offer employees instead, like fringe benefits. Gifts To Vendors Similar to employees, gifts to vendors are treated like any other payment to that vendor. While the gift is deductible for the business, it would be taxable to the vendor. If a 1099 is issued at the end of the year, the value of the gift must be added to the 1099. This only applies if the gift is given to the vendor directly, not to an employee of the vendor, in which case the $25 limit applies. Gifts To Clients Most gifts to current clients are subject to the $25 limit. If your client is a business, keep in mind that this applies to the individual, not the business, so your total deduction can be more than $25. Larger gifts to clients can potentially be treated as a refund, which would result in a full tax deduction for the business. Gifts To Charity Gifts to a qualified charity are deductible either as a charitable donation or as a business expense. Gifts given to a charity for promotional value, such as displaying an advertisement at a charity event or being featured as a sponsor, count as advertising expenses. If your business receives some benefit for the gift to a charity, it is not considered a charitable expense. Gifts For Promotion Generally, if the gift prominently features your logo and advertisements, it is considered an advertisement expense, not a gift. For example, promotional pens handed out during a networking event are considered a marketing expense. However, this only applies to smaller promotional items; putting your logo on your car doesn't make it an advertising expense. Gifts For Entertainment Depending on the nature of the gift, it might not be considered a gift for tax purposes at all. For example, concert or sporting event tickets are considered entertainment expenses, which are currently not tax-deductible. Similarly, gifts of meals where no one from your company is present would not be deductible as a meals expense and would be subject to the $25 limit. Generally, a gift is something you give without expecting anything in return. This applies to personal and business gifts. If something is provided, like advertisement or referrals, the gift is no longer a gift but a business transaction. To maximize your business gift deduction, keep the above tips in mind so you can creatively give gifts and get the full tax benefit. The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
