Purdy Powers & Company

The incredible shrinking tenure of the #CFO. The job has stress attached to it and, perhaps, that stress is taking its toll based on the time on the job as recently reported by Datarails. "The modern CFO role has become corporate America's ultimate high-wire act — shorter tenures but bigger paydays," said Datarails CEO and co-founder Didi Gurfinkel in a statement Tuesday." #csuite #attrition #jobs #jobsreport #cfolife #cfocareers #accounting #accountingjobs #coproratenews

Since today is the official last Monday before the the big days that lie ahead, we thought we'd start it by looking at some of our favorite things: #NUMBERS. These numbers can be used to impress your family and friends with interesting "hey, did you know that in 2023 people spent X on Y for the holidays?" You'll either be the big hit of the the #gathering with your impressive #knowledge or be asked to leave. It could go either way. #Enjoy

On this Friday the 13th we share the #bad #luck that befell these not-so-smart humans who tried to pull a fast one on the #IRS. "Dutch treat; for the record; last Resort; and other highlights of recent tax cases." #taxcrimes #taxfraud #dumbmoves PS: And in case you were wondering fear of the number 13 is called triskaidekaphobia.

"Do what you love, love what you do, and the money will follow." That saying is right up there with the question: "if you love what you do, how can you call it work?" For anyone who truly loves what they do work is part of who they (as in you) are because it challenges, changes, and keeps one interested and energized. Sure, being an #accountant has its detractors but for those of us who get it #iykyk. So why not share the enthusiasm by reaching out to area high schools, colleges and universities and offer to share your perspective at some Intro to Accounting classes? Your presentation may just inspire a new generation of accountants. Think about it. "According to a recent AICPA professional insights article, appointing captivating and relevant instructors in the introductory courses is an excellent way to increase enrollment. This direct application of theory to practice aids in demystifying complex accounting principles, transforming abstract concepts into tangible and understandable elements." #shareyourknowledge #professionaldevelopment #accountingjobs #cpas #practicemanagment #goodadvice

IMPORTANT NEWS from the Internal Revenue Service please read and #share. "The Internal Revenue Service and its Security Summit partners have created a written information security plan that walks tax professionals through how to get started on a plan, which they are legally required to have to protect clients' data." #securitydata #compliance #clientsafety #accountingupdate #cpanews #cpadata #dataprotection #datasecurity #cybersecurity #taxes #tax #incometaxes #taxpreparation

Understanding needs, wants, and desires then making necessary adjustments to fulfill them will go a very long way in #attracting and #retaining top #accounting #talent. "Historically, becoming a CPA and achieving partner status was seen as the ultimate career milestone. However, in recent years, many younger CPAs have questioned whether the traditional path to partnership aligns with their career goals, values, and lifestyle preferences. Several factors contribute to why younger CPAs are avoiding the pursuit of the partnership track." #accountingprofession #cparecruitment #accountingjobs

Each Friday we post about the #tax #fails of questionable characters who try to get away with #false filings and #frauds. Many perpetrators get caught nd end up paying very high prices for their indiscretions (ok, their crimes). While the idiocy of many give us, and we hope you, a chuckle those crimes can't and shouldn't be laughed at because they do get #prosecuted and the only #payout for these crimes goes to the #IRS and the numbers are staggering. "IRS-CI sentenced 615 subjects to an average of 27 months in federal prison for violating tax laws, and initiated over 2,667 criminal investigations, obtained 1,571 convictions and achieved a 90% conviction rate. It identified over $9.1 billion in total fraud, obtained court orders totaling $1.7 billion in restitution to the IRS and seized approximately $1.2 billion in criminal assets." #taxfraud #taxcrime #cpafails #cpanews

As they say on one of our favorite news updates David Brancaccio's show "Marketplace Morning Report," let's do the numbers.... • Holiday sales in 2024 are expected to be between 2.5% and 3.5% higher than 2023, with total sales ranging from $979.5 billion to $989 billion. • S&P Global Ratings: Expects growth to slow to 3% from 4.7% in 2023, below the 10-year average of 5.3% •National Retail Federation (NRF): Predicts growth of 2.5% to 3.5% year on year • Statista: Estimates total retail sales will reach $973 billion, a 4.8% increase from 2023 #holidayshopping #consumertrends

Changes are afoot for 401(K) and IRA plans for 2025 that if you don't know about you should. "The Internal Revenue Service introduced changes for 401(k) and IRA plans for 2025. These changes include an increase in annual contribution limits for 401(k), 403(b), governmental 457 plans, and the federal government's Thrift Savings Plan to $23,500, up from $23,000." #retirement #ira #financialplanning #taxnews #cpaalert #financialplanner #share

As a follow-up on yesterday's post about the looming #taxseason and the #workload that can, and often does, lead to #burnout, we also need to consider #yearend workloads. It's time to change our mindsets and consider new ways to expand offerings that push beyond the typical task and lean more into our value as #businessadvisors to our clients. How many times during a week do you get asked a fairly simple question that brings up more questions for you and results in hours of time looking for and finding the right answer? Can you bill for all your time? You should because it has value but often times we neglect to account for those "soft" tasks and don't bill for time which could be spent on other things. These actions on our part only add to the long list of to-do's that seem to keep us chained to our desks for hours on end until deadlines are hit and taxes filed. "Rising stakeholder expectations and a growing talent crisis due to seasonal burnout underscores the need for a shift in year-end audit preparations. By embracing forward-thinking practices, CFOs and accounting leaders can alleviate the pressure on their teams and turn busy season into an opportunity for innovation and value creation." #audit #servicevalue #faircompensation #accounting #accountingpracticemanagement #audit