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Parms + Company Blog
The Parms blog shares our insights about trending and time-tested topics that are important to our clients and the profession.
The Impact of AI on Accounting
AI could make the accounting profession more appealing via technology and innovation. Some accountants worry that AI will replace them, but the real opportunity is that accountants who know how to leverage AI software may someday replace those who don’t, observes Jeff Dernavich, VP of product at LeaseQuery. Unless you’re truly living off the grid, you can’t make it through the day without seeing a headline about artificial intelligence (AI). Whether via ChatGPT, Bard, or one of the many applications leveraging its capabilities, AI is helping people with writing, shopping, personal assistant tasks, and more. As with any new development in technology, there are both opportunities and challenges ahead. As AI continues to evolve rapidly, leaders across industries will need to navigate the complexities of these tools and learn how to leverage them for the success of their companies. Artificial Intelligence in Accounting There is a wide range of uses for AI in almost every industry. While there are countless ways for this new technology to change lives for the better, there [...]
Accounting Firms are Facing a Significant Staffing Shortage.
No one wants to be an accountant anymore, but a program aimed at high schoolers looks to fix the shortage Accounting firms are facing a significant staffing shortage. Between the long hours, stressful deadlines, and unflattering stereotypes, more people are quitting the profession then going into it. Instead, students straight out of college are choosing to pursue careers in related fields like investment banking, consulting, or data analysis. The additional credit hours required to earn a Certified Public Accountant (CPA) license don’t help either. To tap the next generation of number crunchers, The Deloitte Foundation, a national nonprofit that supports teaching, research, and curriculum innovation in accounting and business, is trying a new strategy to address the talent pipeline problem — by appealing directly to teenagers. Read More...
Taxpayers Beware of Scammers
Taxpayers should hang up if tax season scammers come calling IRS Tax Tip 2023-02, January 9, 2023 The tax filing season is a popular time for scammers to call and try to dupe unsuspecting taxpayers. These thieves often make threatening or alarming calls posing as the IRS to try to steal taxpayer money or personal information. However, it's easy for people to recognize this scam by knowing how the IRS contacts taxpayers. The IRS will never: Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail a bill to any taxpayer who owes taxes. Threaten to immediately bring in local police or other law enforcement groups to have the taxpayer arrested for not paying. Demand that taxes be paid without giving taxpayers the opportunity to question or appeal the amount owed. Call unexpectedly about a tax refund. Taxpayers who receive these phone calls should: Record the number and then hang up the phone immediately. Report [...]
IRS Completes Automatic Corrections of Tax Year 2020 Accounts Related to Unemployment Compensation
IR-2023-02, January 6, 2023 WASHINGTON — The Internal Revenue Service recently completed the final corrections of tax year 2020 accounts for taxpayers who overpaid their taxes on unemployment compensation they received in 2020. The American Rescue Plan Act of 2021, which became law in March 2021, excluded up to $10,200 in 2020 unemployment compensation from taxable income calculations (up to $10,200 for each spouse if married filing joint). The exclusion applied to individuals and married couples whose modified adjusted gross income was less than $150,000. To ease the burden on taxpayers, the IRS took steps to review the Forms 1040 and 1040-SR that were filed prior to the law's enactment to identify taxpayers who had already reported unemployment compensation as income and were eligible for the correction. The IRS determined the correct taxable amount of unemployment compensation and tax. Some taxpayers received refunds, while others had the overpayment applied to taxes due or other debts. In some cases, the exclusion only resulted in a reduction in their adjusted gross income. The IRS [...]
Ohio’s COVID-19 Tax Relief
Ohio’s Filing and Payment Extensions While certain deadlines were extended for tax returns and payments due in 2020, currently only the tax year 2020 Ohio individual income tax and school district income tax due dates have changed for returns (IT1040 and SD 100) and payments due in 2021. Please see our due dates table for more information. Continue to check this page or sign up for Tax Alerts for any future updates.
Student loan payments will resume soon. Here’s what you should do now
Come this fall, borrowers will again have to make room in their lives and budgets for monthly student loan payments. It’s been a good run. The U.S. Department of Education first gave borrowers the option of pausing their bills without interest accruing in March 2020. (Most federal student loan borrowers accepted that offer.) Many borrowers have grown accustomed to life without a hefty monthly student loan bill, and are likely not looking forward to the break ending in October. “Student loan payments have been out of sight, and out of mind,” said Elaine Griffin Rubin, senior contributor and communications specialist at Edvisors. To ease some of your anxiety (and my own!), I spoke to experts about what you need to know about the change and how to best prepare for it. When will bills be due again? In October. Your exact due date will vary depending on the time of the month you began paying your student loans. There’s still a chance borrowers could get more time: Recently, Education Secretary Miguel Cardona said [...]
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