Steve Ferraro, CPA, CVA, MAFF, CBEC

Don't miss our upcoming free webinars for NJCPA members. Register at https://lnkd.in/gJBez4fR. ISSUESWATCH LIVE: PROFESSIONAL ISSUES UPDATE Get up to date on a variety of topics impacting accounting professionals, including state and national legislation, a proposed new pathway for CPA licensure, New Jersey Division of Taxation update and more.  > Wed., Oct. 16, 12-1:15 p.m. > Thu. Oct. 24, 2-3:15 p.m. DIGITAL FRAUD AND SCAMS - PRE AND POST GENAI Digital fraud costs U.S. companies hundreds of billions of dollars, and generative artificial intelligence (GenAI) is going to double or triple this cost in the next 10 years. Understand the types of digital fraud and how GenAI plays a role in the scams. > Mon. Nov. 4, 12-1 p.m. > Tues., Nov. 12, 10-11 a.m.

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Introducing the May 2024 edition of Practice Plus. Highlighted this month: - Withdrawal of Miscellaneous Technical Statement - M14 (Revised) To assist members in compiling and reporting on Financial Statements of entities not subject to audit, CPA previously issued Miscellaneous Technical Statement - M14 (Revised). The most recent version of this was in May 2019. This statement is now hereby withdrawn. - MyWorkpapers and CPA Ireland – find out more - free webinar and demo CPA Ireland and MyWorkpapers have joined forces, bringing together CPA Ireland’s trusted audit and audit exempt working paper content with the capabilities of MyWorkPaper’s digital cloud-based platform, enabling firms to work in a new innovative way. - CCAB-I publishes pre-budget 2025 submission The Consultative Committee of Accountancy Bodies-Ireland (CCAB-I) has published its pre-budget submission 2025. - AML Thematic Review In Quarter 1 2024, a sample of designated persons for Anti-money laundering (AML) purposes was selected by CPA Ireland's QA team, for an AML review in order to assess their compliance with the relevant legislation, which included but was not limited to the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended. - Revenue provides further update on the Debt Warehousing Scheme On the 9 May 2024, Revenue confirmed that almost 90% of the €1.65 billion debt that remained in the warehouse at the start of April 2024 was now either paid in full, secured under phased payment arrangements or included within a proposed phased payment arrangement which is in the process of being finalised. Further information on the highlighted above, and more, at the link below: https://lnkd.in/eGhDerbg #PracticePlus #May #CPA #Accounting #Finance

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The IRS recently issued guidance on certain specified required minimum distributions (RMDs) for 2024. It adds that the final regulations it plans to issue related to RMDs will apply for purposes of determining RMDs for calendar years beginning on or after Jan. 1, 2025. Read More: https://ow.ly/h0jr50RiBlP #IRS #RMDs #retirementplanning #financialplanning #IRSguidance

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Has your firm been following the #SEC charges against #audit firm BF Borgers CPA PC? Our new #JGAAdvisor examines the CF release, which includes helpful info for #auditors who are considering or have recently accepted an audit engagement with an affected entity. https://ow.ly/76Ol50RHS75

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𝐍𝐚𝐯𝐢𝐠𝐚𝐭𝐢𝐧𝐠 𝐌𝐚𝐫𝐲𝐥𝐚𝐧𝐝 𝐓𝐚𝐱 𝐋𝐢𝐞𝐧 𝐀𝐮𝐜𝐭𝐢𝐨𝐧𝐬 Are you ready to invest in Maryland tax liens? This blog provides essential guidance to help you succeed, offering a step-by-step approach to navigating the auction process and managing your investments. 🔹 Tax Lien Process: Gain a thorough understanding of Maryland's tax lien system. Learn about the legal framework, redemption periods, and interest rates, and understand how these factors influence your investment strategy. 🔹 Property Research: Master the techniques for researching properties to identify the best investments. Effective research involves assessing property values, checking for existing liens or encumbrances, and understanding the local real estate market. 🔹 Auction Tips: Learn how to prepare for auctions with effective budgeting and bidding strategies. This includes setting a maximum bid based on thorough research, understanding the competitive landscape, and employing strategic bidding techniques to secure profitable liens without overpaying. 🔹 Investment Management: Get tips on managing your tax lien investments after the auction to maximize returns. Post-auction strategies include monitoring redemption statuses, managing foreclosures if necessary, and planning for potential property improvements or resale. Find the full blog in the comments. Want to learn more? Visit Tax Sale Resources: https://lnkd.in/g5UpWwRJ This blog is a valuable resource for both new and experienced investors. Share your insights and questions in the comments, and join the conversation on best practices for tax lien investing in Maryland. #TaxLienInvesting #MarylandRealEstate #InvestmentAdvice #AuctionPreparation #PropertyResearch #LinkedInLearning

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As forensic accountants, our primary concern is to ensure that our deliverables are efficient and accurate in the wake of a catastrophic event, so that our clients can resolve claims. Here's how we do it. Learn more at https://lnkd.in/ezduafSg #CAT #Catastrophe #Claims #ForensicAccounting #BusinessInterruption #Technology #Data

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In the aftermath of a catastrophe, the ripple effects on both individuals and businesses can be overwhelming. While we may not be able to control the disaster itself, we can control our response. Lowers Forensics International plays a critical role in helping insurers assess claim values with precision and efficiency, ensuring timely and accurate payouts during these challenging times. Learn more at https://lnkd.in/ezduafSg #ForensicAccounting #CatastropheResponse #Insurance #Claims

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The IRS has offered guidance regarding the tax treatment of energy efficiency rebates introduced by the Inflation Reduction Act. https://loom.ly/nePdyjI #IRSguidance #energyrebates #inflationreductionact

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Avoid cost Civil Money Penalties (CMPs) with benefit set up reviews and claims audits. In the 2023 Part C and Part D Program Audit and Enforcement Report released by CMS on July 22, 2024 noted increasing CMPs on 1/3 financial audits with issues related to inappropriate cost share allocation for C and D. Find issues before CMS finds them with rigorous yearend testing and claims audits. Contact BluePeak today to learn more about all the ways we help organizations find and fix issues and avoid penalties. [email protected].

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IRS Can Assess Penalties for Failure to File Form 5471 per DC Circuit This week we look at: -IRS releases Fact Sheet on disaster provisions for retirement accounts added by SECURE 2.0 Act -DC Circuit reverses Tax Court ruling that IRS does not have assessment authority for failure to file a report under IRC §6038(b) (Form 5471) -Electric vehicle final regulations issued -Department of Justice begins process to move marijuana from Schedule I to Schedule III which would cause §280E to no longer limit deductions for cannabis businesses -Lack of any written records on time President/COO spent on activities or even estimate time spent on qualified research activities doomed attempt to claim a credit under IRC §41(a)

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Did you miss the April deadline for your 2023 tax return? You can still file, and we are here to help – for free! CWF professional tax preparation services ensure your return is filed accurately. Avoid further delays and penalties – act now! Call 215 454 6483 or visit cwfphilly.org for more info! #cwfphilly #freetaxprep #taxrefund #taxservices #taxfiling #financialwellness

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Yesterday, Treasury and the IRS released Notice 2024-41 modifying Notice 2023-38 which provides for material updates in how taxpayers could qualify for Domestic Content Bonus Credit amounts.    One significant issue in the prior guidance that taxpayers faced when deciding whether to seek the Domestic Content Bonus Credit adder was obtaining each manufacturer’s direct costs in producing key components of a project. This led to handwringing in the industry over the use of third-party “auditors” who would confidentially obtain manufacturer’s direct costs and provide reports to taxpayers (and tax equity investors) as evidence and comfort that a given project satisfied the Domestic Content requirements. In Notice 2024-41, Treasury and the IRS directly addressed this challenge, stating they “are aware that obtaining a manufacturer’s direct costs of manufacturing may require the taxpayer to gather cost data from multiple suppliers and manufacturers, including foreign manufacturers, and may present challenges for substantiation and verification”.   The guidance provided yesterday tackles this issue by creating a “New Elective Safe Harbor,” which is described in more detail below. Notice 2024-41 also adds further guidance for Hydropower Facilities or Pumped Hydropower Storage Facilities, clarifies the applicability of its guidance to “Ground-mount and rooftop photovoltaic systems”, and updates a key table from the prior guidance with respect to Manufactured Product Components. The full article can be found at https://lnkd.in/g6-n5iaq. Please reach out to Gary Lee Stapleton, Jr. or Zach Crowley with any questions.

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Stay on top of key revisions affecting U.S. GAAP: Register now for Annual U.S. GAAP Update–2024, a live virtual seminar to be held June 11-12 (8 hours over 2 days). It covers recent developments and upcoming pronouncements. Estimated CPE: 8. Register: https://ow.ly/TGlN50RGX0O

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