Tue.Dec 12, 2023

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Beneficial Ownership Information Reporting Requirements of the Corporate Transparency Act

Anders CPA

As part of the Corporate Transparency Act (CTA), beneficial owners of qualifying companies will be required to begin submitting Beneficial Ownership Information (BOI) Reporting. To ensure your business is prepared to meet these requirements once they take effect on January 1, 2024, begin preparing for BOI reporting as part of your year-end planning strategy.

Legal 64
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Sales tax ‘responsible party’ laws still going strong

TaxConnex

Business truism has it that limited liability corporations and similar entities shield the personal property and assets of their owners and major shareholders from company bills and missteps. That’s true for many of the fiscal messes that can befall a company. But not for sales tax liability, where most states still maintain strong responsible party laws.

Sales 193
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This Is Not a Drill: EY Is Laying Off Partners Now

Going Concern

Mere hours ago, Wall Street Journal reported that EY is laying off “dozens of partners across all U.S. business” and not only in lower-demand service lines. As with most of the cuts we’ve seen this year, consulting is most affected with their partner ranks being trimmed by ten percent, four percent in strategy and transactions. Says WSJ , there will be cuts in audit and tax as well though they didn’t share numbers.

audit 132
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IRS tax demands would take money from victims of FTX bankruptcy

Accounting Today

U.S. officials will take money away from victims of the fraud-tainted crypto firm unless a judge rejects the government's demand for $24 billion in unpaid taxes, the bankrupt company said in a court filing.

Tax 111
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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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Intuit ProConnect Tax + QuickBooks Online = Timesaving Cloud Solution

CPA Practice

Accountants using QuickBooks Online know they are getting a solid cloud-based solution to keep their clients’ books. However, when they combine QuickBooks with Intuit ProConnect Tax , they’ll get a more powerful way to manage their clients’ information. Known as “Books to Tax,” QuickBooks flows directly into ProConnect Tax to auto-populate a client’s tax return, streamlining the process and avoiding manual data entry.

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How to record the lease liability and corresponding asset

ThomsonReuters

Jump to: What is needed to record lease liability? How do you calculate the lease liability? What is needed to calculate the right-of-use asset? How do you calculate the right-of-use asset? Putting it all together to record lease liability and right-of-use asset Lease liability reminders Under the ASC 842 lease standard, almost all leases are recorded on the balance sheet.

Legal 98

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QuickBooks Enhanced Reporting Changes Underway

Insightful Accountant

Intuit will initiate major reporting enhancements for QuickBooks Online and QuickBooks Online Advanced users starting December 15, 2023.

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How tech can help accounting bridge the talent gap

Accounting Today

Accounting teams have tended to be a latecomer to task automation, a technology increasingly adopted in other departments and most industries.

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Simple Software to Manage Employee Leave and Paid Time Off

Insightful Accountant

Today's marketplace offers several automated time and attendance software tools with a range of features that can help make managing employee leave and paid time off easier and more efficient.

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EY says it's cutting US jobs, delaying start dates for new hires

Accounting Today

The job cuts will affect "a limited number of people" in the firm, according to a statement from EY's U.S. unit.

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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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Medical Practice Accounting 101: Understanding Your Financial Statements 

Withum

You’ve done it. You successfully graduated medical school, finished your residency, passed your board exams – and now have your own practice. So, what now? Part of running your own practice includes some managerial roles such as managing staff, hiring the correct consultants and building a team of trusted advisors. Reviewing your practice’s financial information is not something you may have come across during medical school, and it’s not something that can easily be self-taught.

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Study finds 'new source of tax efficiency for ETFs'

Accounting Today

Tax-loss harvesting through "highly correlated" products is driving a significant share of trading volume, according to a working academic paper.

Tax 89
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BDO USA to Merge in Flintech Holdings and Dynamics Beyond

CPA Practice

Chicago-based BDO USA, the sixth largest accounting firm in the U.S. by revenue, is combining with Flintech Holdings and Dynamics Beyond, strengthening BDO’s strategic partnership with Microsoft while advancing its Microsoft Dynamic 365 and managed service capabilities. Twenty-two Flintech and Dynamics Beyond full-time professionals will join BDO Digital, a subsidiary of BDO USA.

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Effective onboarding in the age of remote work

Accounting Today

The rise of remote work has companies grappling with integrating locations, navigating time zones, and sometimes even bridging language gaps.

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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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EY Cutting U.S. Jobs, Delaying Start Dates for New Hires

CPA Practice

By Irina Anghel, Bloomberg News (TNS) Ernst & Young LLP is cutting jobs and delaying start dates for some new hires across the U.S., the latest moves by a consulting giant to deal with an industrywide slowdown in demand for its services. The job cuts will affect “a limited number of people” in the firm, according to a statement from EY’s U.S. unit.

audit 69
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Hunter Biden says gun, tax cases invalid after failed deal

Accounting Today

Biden's lawyers argue that all the charges should be dropped because their client has immunity under a deal he struck in July that called for him to plead guilty to two misdemeanor tax charges and enter a diversion program related to the firearm offenses.

Tax 73
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Safeguarding your practice: Rethinking client relationships as DIY tax returns become a reality

Mark Lee

Historically most clients stay with their accountant for many years. They generally move only when they feel their accountant doesn’t care enough about them, puts their fees up significantly or messes up. Of course there are also those clients who only ever wanted to go to the cheapest accountant around and move on whenever they think they can do better.

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The 2023 Top 100 People: The biggest issues in accounting

Accounting Today

Accounting's most influential share their primary concerns for the profession.

Account 101
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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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Ensuring Climate ESG Auditing Excellence: How Your Trusted Accounting Partner Makes the Difference

Withum

Momentum around ESG reporting has been building in recent years. Now, regulations, investors and other stakeholders want companies to prove their ESG and climate information is accurate and reliable through audits and assurance. Certified Public Accountants (CPAs) are the trusted providers of most companies for financial auditing and have been supporting the assurance of non-financial ESG and climate information for decades.

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WHITEPAPER: Selling your business – are you thinking far enough ahead?

Menzies

Menzies LLP - A leading chartered accountancy firm. Choosing the right time to sell a business can be a tricky decision. Knowing when and how to start planning for this eventuality is an important consideration and can make all the difference in executing a successful exit, but how early should you start planning? Once a decision has been taken to market a business for sale, the entire process, including identifying the optimal strategy, preparing a pack of business information, negotiating a de

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Small-biz groups urge SCOTUS to uphold unrealized gain provision

Accounting Today

SMB organizations are calling for the Supreme Court to uphold the Tax Cuts and Jobs Act's Mandatory Repatriation Tax.

Tax 70
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LeaseCrunch Offers “ASC 842 Lease Management: Navigating Beyond Compliance” Webinar

CPA Practice

LeaseCrunch LLC , a leading accounting software company, is excited to announce its upcoming webinar “ASC 842 Lease Management: Navigating Beyond Compliance.” The webinar will take place on December 19 at 1:00 p.m. CST and will provide participants with the knowledge and tools necessary to navigate the ongoing complexities of lease management successfully.

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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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2023 Top 100 People extra: Talent and relevancy

Accounting Today

As part of this year's Top 100 Most Influential People survey, Accounting Today asked, "What is the most important issue currently facing the accounting profession?

Account 64
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MISys Manufacturing @ QuickBooks Connect 2023

Insightful Accountant

MISys Manufacturing software integrates seamlessly with QuickBooks Desktop & Online, Sage 50 US Edition, Sage 50 Canadian Edition, Sage 300 and Sage Intacct accounting software to help you run your business.

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REDW Joins Forces with Grove, Mueller & Swank

CPA Practice

Top 200 accounting firm REDW Advisors and CPAs added Salem, OR-based tax and accounting firm Grove, Mueller & Swank P.C. on Dec. 1. Terms of the deal were not disclosed. As part of the merger, REDW gains its first office in the Pacific Northwest, adding to its existing locations in Phoenix, Oklahoma City, and Albuquerque, NM. Steve Cogan “As a nimble, growth-oriented firm, we are regularly looking for opportunities.

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Don't miss Today's QB Talks with Murph and Liz

Insightful Accountant

It's QB Talks Wednesday and Murph will host Liz Scott who will be focusing on QuickBooks Online at Year-end. Don't forget to join them Today, Wednesday December 13, 2023 at 2:00 PM Eastern.

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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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Eide Bailly Picks Up San Diego CPA Firm RBTK

CPA Practice

San Diego-based full-service CPA firm RBTK has joined top 20 accounting firm Eide Bailly, according to a Dec. 5 news release. The merger will expand Fargo, ND-based Eide Bailly’s footprint in California and enhance the firm’s service offerings in the construction industry. Eide Bailly currently has 12 offices in the Golden State. Jeremy Hauk “We are proud to welcome the RBTK team to our firm and look forward to the impact we can make together in the future,” Eide Bailly CEO and Managing Partner

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Legal expert urges businesses to follow paid military leave case law

ThomsonReuters

A partner at a global law firm recently urged businesses to follow the case law around paid military leave and the Uniformed Services Employment and Reemployment Rights Act (USERRA). Recent rulings and several other pending lawsuits claiming that employers must provide paid military leave if they provided paid leave for comparable non-military absences should be considered by businesses to ensure compliance with this broad reaching law.

Legal 52
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Sikich to Add Golden Trail Advisers

CPA Practice

Naperville, IL-based Sikich has signed an agreement to acquire the operating assets of Golden Trail Advisers, a wealth management consulting firm based in Burr Ridge, IL. The transaction, terms of which have not been disclosed, is scheduled to close on Dec. 31. “Our wealth management practice guides businesses, nonprofit organizations, improve financial health, and meet long-term wealth goals,” Andrew Paoni, partner-in-charge of Sikich’s wealth management practice, said in a statement.

Ohio 52
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Anders Hosts 5th Annual Sip, Savor and Shop Event

Anders CPA

Anders is hosting the 5 th annual Sip, Savor and Shop event. Originally launched in 2019 by the Anders Women’s Initiative, the event features a virtual boutique showcasing firm clients in the retail, entertainment and hospitality industries. In 2022, 32 vendors participated, helping them reach a larger audience during the holiday shopping season. Anders employees are gifted $100 each to encourage them to participate in the event, supporting local businesses and discovering new products from out-

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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.