Tech news: CPACharge rolls out Next Day Payments

Accounting-specialized payment solutions provider CPACharge announced the availability of a new Next Day Payments feature. The company said accounting firms often face the challenge of a 30-60 day delay between completing tasks and receiving payments. With the new feature, firms can now have access to their money on the following business day from when the payment was sent. As with normal funding, the same batching rules apply. For the typical customer, payments processed up until 11 p.m. CT will be funded the following afternoon. Payments processed after 11 p.m. will be included with the following day's batch of payments. Only licensed CPAs are eligible for this next-business-day funding feature. Tax preparers or other forms of accountants will not be eligible. Accounting firms in Puerto Rico or Canada are also not eligible for Next Day Payments. Furthermore, Next Day Payments is subject to eligibility based on a variety of factors, including but not limited to: transaction history, business type, risk profile, etc. Next Day Payments may also not be available through all banking institutions. Next Day Payments works with the most popular payment types including debit, credit and eCheck payments. For 2024, the Next Day Payments feature is available at no extra cost. 

Top 10 firm Baker Tilly  announced the launch of an end-to-end compliance solution to help clean energy projects earn enhanced credits under the Inflation Reduction Act by meeting prevailing wage and apprenticeship requirements. The new compliance portal leverages cloud-based prevailing wage management system LCPtracker to electronically capture and track payroll information. After a series of validation and mathematical checks to review the data, the system certifies the payroll. Baker Tilly then uses its proprietary application to conduct all compliance testing, recordkeeping, reviews and communications through an analytic interface. The platform includes project-specific dashboards, summarizing weekly contractor prevailing wage and apprenticeship performance, which update tax credit seekers on project compliance and projected penalties. Monthly reports on prevailing wage and apprenticeship compliance are generated for each project and retained for reporting and filing purposes. Additionally, documentation is created when contractors cure noncompliance events, which serves as substantiation of the credit filing.

Financial advisory solutions provider Harness introduced its Harness Wealth platform for individuals with complex tax needs. CEO David Snider said more than two-thirds of the prospective clients that come to Harness do not currently have a tax advisor, but see the need for personalized guidance to reach their financial goals. The platform aims to facilitate collaboration between tax advisors and their clients by connecting individuals facing financial complexities —such as equity-based income, crypto investments and state-to-state moves — with personalized expert tax and financial advice. The new platform has three components: an end-to-end tax experience for tax advisors and their clients with a full vertical SaaS offering; a marketplace for discovery of advisors and services; and personal balance sheet and DIY financial tools. The company also announced  $17 million in funding, bringing its total capital raised to $37 million.