Thu.Aug 17, 2023

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Sales tax industry of the month: Manufacturers

TaxConnex

When it comes to sales tax, “manufacturing” is often defined as a physical application of materials and labor to change the characteristics of tangible personal property (TPP). Seems clear, but what about your tax obligations and exemptions? Every state has nuances on how sales tax applies to the manufacturing process, equipment and materials. These gray areas can create big exposure for your business.

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How AI is Creating a More Human Approach to Recruiting and Hiring

BurklandAssociates

AI is reshaping the workforce and leading to a paradigm shift in recruiting and hiring practices and in-demand skillsets. The post How AI is Creating a More Human Approach to Recruiting and Hiring appeared first on Burkland.

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How to Balance Artificial and Human Intelligence in Accounting

CPA Practice

By Cameron White. With the rise of generative artificial intelligence (AI), including ChatGPT, the accounting industry, like many others, is abuzz with talk about how the technology will redefine the future of the profession. As more firms embrace AI technologies and begin to automate their workflows, there’s excitement around the benefits to be had—from time and money savings to newfound competitive advantages.

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The SEC Did Not Appreciate Crowe UK Putting Total Noobs on the Audit of a Shady Company

Going Concern

A couple days ago the SEC charged Crowe U.K. LLP, its CEO Nigel Bostock, and senior auditor Matthew Stallabrass for the firm’s deficient audit of music streaming company Akazoo Limited. All three agreed to settle the charges. The client, Greece-based Akazoo S.A, settled with the SEC for $38.8 million back in 2021 “for allegedly defrauding investors out of tens of millions of dollars in connection with a 2019 special purpose acquisition company (SPAC) business combination.” In that ne

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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New Jersey Business Owner Failed to Pay $10 Million in Payroll Taxes

CPA Practice

By Jeff Goldman. nj.com (via (TNS). A New Jersey business owner faces a federal prison sentence after failing to pay more than $10 million in payroll taxes. Josef Neuman, 37, of Lakewood, pleaded guilty to willful failure to pay over payroll taxes, the U.S. Attorney’s Office for New Jersey said in a statement Wednesday. Neuman’s company provided administrative services to operators of nursing homes and other health care facilities, federal prosecutors said.

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Finding and fixing the most common financial reporting mistakes

Accounting Today

Garbage in, garbage out — and sometimes garbage in between: Figuring out where these errors come from is critical for you and your clients.

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More Trending

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Padgett & Padgett, PLLC CPA’s 4 Straightforward Questions to Uncover Your Business Why

SkagitCountyTaxServices

I suppose there’s never been an easy time to be in business. It’s tempting to look at the current economic situation and cite all the things working against business owners right now. And Google helps with that… My internet search this morning lent me the following statistics: Inflation is the top concern for 32% of business owners. 41% of small business owners are struggling with job vacancies.

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Future-Proofing Your Business: Strategic FP&A for Long-term Success

AccountingDepartment

In today's rapidly evolving business landscape, it is crucial for organizations to future-proof their operations to ensure long-term success. One of the key pillars of achieving this is strategic financial planning and analysis. By effectively managing your financial resources and leveraging data-driven insights, you can position your business to navigate uncertainties and capitalize on emerging opportunities.

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TIGTA says IRS callback system needs work

Accounting Today

The inspector general says the CCB is benefiting taxpayers, but needs clearer goals and performance measurement.

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Payroll Vault Partners with Oakscale to Grow Franchise Network

CPA Practice

Payroll Vault , a payroll franchise providing small businesses with comprehensive localized payroll services and workforce management solutions, has partnered with Oakscale , a developer helping emerging franchise brands reach their full potential, to oversee franchise development throughout the United States. Founded in 2008 and franchising since 2012, Payroll Vault has nearly 60 locations nationwide, providing a suite of services to support small business owners in handling payroll, HR, time

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

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Accounting are more into AI than most

Accounting Today

The profession is enthusiastic about AI, making four times the investments that other professions like law are.

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Overstocked Inventory? Re-balance your cash flow with better systems

Menzies

Menzies LLP - A leading chartered accountancy firm. For manufacturing businesses, inadequate cash flow can be a huge problem that jeopardises their ability to expand and sometimes even to maintain their operations. Technology is often used to help manufacturing businesses improve stock control and cash flow as a result. Having sales and inventory information available at the click of a button enables businesses to make faster decisions and be more dynamic in its operations.

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The top two challenges for tax pros in 2023

Accounting Today

Practitioners' biggest worries for the rest of the year are tried and true: Talent and technology.

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Withum’s Solution to the War on Talent Is to Throw Students Onto the Battlefield

Going Concern

Adamant that there is no way the burden of 150 units for CPA licensure will ever be rolled back to 120, the AICPA and NASBA have scored a second school-firm collaboration for their CPA Pathway Apprenticeship initiative: Seton Hall University and Withum. The program trades work in the field for credits toward 150. From Withum’s news release : Students will be full-time apprentice-level team members at Withum, with an opportunity to work in all service lines and industries while earning cred

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Planning Your Restaurant's Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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Tax pros hike fees by more than 20%: NATP

Accounting Today

The association's biannual fee study also points to an industry shortage of professionals.

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CAPITAL GAINS TAX ON RESIDENTIAL PROPERTY: 30 DAY REPORTING

Menzies

Menzies LLP - A leading chartered accountancy firm. UK residents disposing of residential property where a chargeable gain arises need to report and pay any Capital Gains Tax (CGT) due within 60 days of completion of the sale. Previously for disposal between 6 April 2020 and 26 October 2021 taxpayers just had 30 days to report their gains however this increased to 60 days following the 2021 Autumn Budget.

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Tax Fraud Blotter: Enough to give you a headache

Accounting Today

A different kind of term; hard labor; Niagara fall; and other highlights of recent tax cases.

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CEOs Can View Operational Resilience as an Advantage

CPA Practice

Intensified geopolitical turmoil, natural disasters, cybersecurity breaches, supply chain disruptions, and other challenges are testing the resiliency of companies like never before. A new report finds that CEOs are far less confident in their organizations’ ability to prepare for, respond to, and recover from crises, as compared to executives who have direct responsibility for crisis management and business continuity.

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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

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Qualifying for the Employee Retention Credit: Three Tests to Earn the ERC

CTP

As we mentioned in our last blog, small business owners can see major benefits from the Employee Retention Credit with a little expert guidance. Unfortunately, many taxpayers have seen endless promotions from “ERC mills” proclaiming promises like “ Get $26,000 per employee through the Employee Retention Credit! ” Unfortunately, these mills provide very few details on how to ensure you actually qualify for the tax credit—but this is where reputable tax professionals can step in and offer real val

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PCAOB Sees Glut of Faulty Broker-Dealer Audits

CPA Practice

More than half of the audits of brokers and dealers inspected by the Public Company Accounting Oversight Board (PCAOB) last year had mistakes, as audit firms took a big step backwards from improvements they made in 2021. In response to abuses that came to light during the 2008-09 financial crisis, the PCAOB was authorized by the Dodd-Frank Act of 2010 to establish an inspection program for auditors of brokers and dealers registered with the Securities and Exchange Commission.

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Being Married to a Stock

Withum

Some people lose sight of the reason for and purpose of investing. The clients I consult with have as their primary purpose of investing to ensure their long-term financial security. However, some of them become overly attached to certain stocks they own, creating an added or unnecessary risk to their portfolio. In effect, they become “married” to a Company’s stock.

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Wealth and Asset Management Firms Are Still Hesitant On U.S. Economy

CPA Practice

Two new industry surveys from the wealth management and asset management sectors to gain insights into their current economic challenges and how they’re positioning themselves for long-term market stability. The surveys were commissioned by Wipfli LLP (Wipfli), a top 20 advisory and accounting firm. Ongoing rate hikes, uncertain market performance, geopolitical tensions, and increased competition all contribute to overall cautious economic predictions in both the new State of Wealth Management a

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Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.

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Unpacking the Tax Credit Hype: Passing the Tests for the Employee Retention Credit

CTP

Step one on the journey to claiming the Employee Retention Credit is to steer clear of the “ERC mills” blasting their messaging across social media, radio ads, and roadside billboards. Their grand promises state things like: “ Get $26,000 per employee through the Employee Retention Credit! ” Unfortunately, these mills provide very few details on how to ensure you actually qualify for the tax credit.

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Top 200 Firm Smith + Howard Merges with Tennessee’s Market Street Partners

CPA Practice

Atlanta-based top 200 accounting firm Smith + Howard said today that it has merged in Chattanooga, TN, accounting firm Market Street Partners as of Aug. 15. “The addition of Market Street Partners to our family of companies is a perfect fit, as we share similar values, visions, and the same dedication to providing high-quality, personalized service to our clients,” Smith + Howard CEO Sean Taylor said in a press release.

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An Introduction to ESG Standards and Frameworks 

Withum

Reporting on Environmental, Social, and Corporate Governance (ESG) can often seem overwhelming due to the multitude of acronyms, surveys, standards, and ratings, coupled with changing ESG criteria. The area of ESG reporting is rapidly developing, and many standards and regulations are yet to be established. There is, however, a global collaboration taking place to help solidify the standards that will be adopted in the future.

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EY UK to Everyone Who Works at EY UK: ‘Go F*ck Yourselves’

Going Concern

When the TPG Capital story “leaked” on Monday , it seemed awfully suspicious that a letter of that caliber would even make its way out into the world unless, you know, someone at a professional services firm with a bruised ego wanted to stir up some interest for a consulting business spin-off. Not saying there’s a conspiracy, just saying.

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

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But Who’s Counting? Season 2 Episode 9: Hunting Down Startup Funding and Creating Your Own Success Story with GoWild Co-Founder Brad Luttrell

Anders CPA

Competition is nothing new for startups, but following the end of the pandemic, competition for funding has become even more intense. To stand out, particularly to venture capital firms looking to invest, early stage startups have to bring metrics that will entice VCs to fund them over the more mature companies they’re competing with. Brad Luttrell, Co-Founder and CEO of both Holler Commerce and GoWild, a social media community for outdoor enthusiasts, sits down with But Who’s Counting ?

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Pillars of Business Success: Insights from Pinnacle Business Guide

Summit CPA

The Virtual CPA Success Show: Episode 93 Have you ever wondered how a business coach could help your business? Pinnacle Business Guide Peter Van Nest joins Joey and Jody to share his expertise on the five pillars of Pinnacle’s philosophy for achieving business success. Peter stresses the importance of building relationships and working together to solve problems.

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Evaluating Business Income

FraudFiles

It’s not unusual to want to confirm the income of a business in litigation. Whether it’s a divorce, a business breakup, a wage claim, or other matter that involves accurately reporting business income, it may be necessary to attempt to verify that income.

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AICPA, NASBA Team to Help Ease Path to CPA Licensure

Insightful Accountant

The organizations are joining forces with the Tulane School of Professional Advancement for a program to support the completion of the 150-hour academic credit requirement.

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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.