The Internal Revenue Service (IRS) is working to address the large number of Employee Retention Credit (ERC) claims it received during and after the COVID-19 pandemic. Many of these claims were potentially improper, fueled by misleading marketing and promoters encouraging businesses to claim the credit even when they weren't eligible. The IRS is reviewing claims, issuing disallowance letters to potentially ineligible businesses, and initiating audits and criminal investigations. However, the agency is also processing legitimate claims, with plans to pay out 50,000 low-risk claims in the coming weeks. The IRS is committed to both protecting taxpayers from improper claims and ensuring that eligible businesses receive their payments.

ERC Insights - Analyzing the IRS Report

In this episode of the FinanceTier Podcast, Emily and Greg discuss the upcoming October 15th tax-filing deadline for those who filed for an extension. They highlight key exceptions for individuals in combat zones, disaster areas, and those affected by the situation in Israel, who may have additional time to file. The hosts also emphasize resources like IRS Free File and MilTax, and encourage listeners to visit FinanceTier.com to connect with accountants or bookkeepers for expert financial help.

Tax-Filing Extension Deadline Reminder

In the recent episode of the FinanceTier Podcast, host Peter discusses the ongoing issue of the accountant shortage, its impact on businesses, and the potential changes suggested to tackle it. He scrutinizes the traditional 150-hour rule—which requires accounting students to complete additional college credit hours (often resulting in significant debt)—as a possible discouragement for those pursuing accounting careers. Proposals by national accounting organizations have suggested replacements for the additional schooling with work experience, which could make CPA certification more affordable and feasible. With the opportunity for public feedback until December and potential implementation as early as February, this transformation could prove a significant game-changer for prospective accountants. For businesses in need of finance professionals, FinanceTier.com provides access to competent accountants and bookkeepers.

Episode 3: New CPA Pathways – A Solution to the Accountant Shortage

In the FinanceTier Podcast episode hosted by Piotr, the significant impact of Artificial Intelligence (AI) on the accounting and bookkeeping industry was discussed. The show highlighted how AI is automating repetitive tasks such as data entry, invoice matching, and tax preparation, significantly reducing processing times and human errors. It explained the role of AI in providing real-time financial insights, predictive analytics for future trends, and in fraud detection. The episode noted that despite the technological advancements, the human element in the field remains irreplaceable. The advantages of AI were presented in the context of being tools that aid accountants and bookkeepers rather than replacing them.

Episode 4: How AI is Revolutionizing Accounting and Bookkeeping

In this episode of the FinanceTier Podcast, Peter explores how AI and automation are reshaping the accounting industry. He highlights four key tools that are driving this transformation: Zapier, Dext, Jetpack Workflow, and Ramp. Peter explains how Zapier streamlines workflows by connecting different apps, while Dext takes the hassle out of managing receipts and invoices. Jetpack Workflow helps accounting firms stay organized and efficient, and Ramp offers real-time expense tracking and insights to save costs. Throughout the episode, Peter stresses the growing need for financial professionals to adopt these technologies. Tune in to discover how you can leverage these tools, and visit FinanceTier.com for more tips on enhancing your financial practices.

Episode 5: Unlocking the Future: The Hidden Tools Transforming Accounting Forever

At FinanceTier, we believe finding a trusted financial professional should be easy, fast, and reliable. We bring together the top financial experts from your area, ensuring you have access to the skills and expertise you need to manage and grow your business. Whether you need help with taxes, bookkeeping, financial planning, or payroll services, we’ve got you covered.

Episode 3: New CPA Pathways – A Solution to the Accountant Shortage

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