Mon.Aug 21, 2023

article thumbnail

Tokenization: Transforming Finance and Elevating the Role of Accounting and Audits

Withum

In today’s rapidly evolving financial landscape, technology continues to reshape how we conduct transactions and manage assets. One of the groundbreaking innovations poised to revolutionize finance is tokenization. Tokenization involves converting real-world assets, such as stocks, bonds, real estate, and even intellectual property, into digital tokens on a blockchain.

article thumbnail

National Land Realty Launches “Land 1031” Exchange Service

CPA Practice

National Land Realty (NLR), a real estate land brokerage company specializing in farm, ranch, country estates, timber, recreational, and commercial development properties, has launched “Land 1031,” its new 1031 exchange service. 1031 exchanges enable property owners who normally pay anywhere from 30% to 40% in capital gains taxes (some even pay up to 62 percent in some instances) to exchange their existing real estate for properties of similar value while deferring 100% of the taxable capital ga

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Art of Accounting: What happens to your practice when you die

Accounting Today

If partners do not have a buy-sell agreement and one of them dies or is suddenly disabled, there will be problems between the survivors and the family of the affected partner.

Account 98
article thumbnail

Housing Transitions May be Stressful for Senior Clients and Their Families

CPA Practice

By Betsy Philips, CSHP. A time will come in our lives when decisions need to be made about where and how we will spend our senior years. Sometimes a house becomes too much to maintain, the stairs too hard to climb, or the taxes just too high. Often more hands-on care is required due to a growing medical concern or perhaps social isolation may be an issue.

article thumbnail

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.

article thumbnail

Tax trading scam made my life a 'shambles,' Duet Group founder Gabay says

Accounting Today

Henry Gabay, founder of a now defunct London-based asset manager, told a German court that he's innocent and that the "devastating" Cum-Ex charges against him are built on lies by his former business associates.

Tax 98
article thumbnail

Study: Americans Are Blowing Through Pandemic Savings

CPA Practice

By Kathryn Pomroy, Kiplinger Consumer News Service (TNS) Americans are likely to soon start depleting the excess savings they began to accumulate during the COVID-19 pandemic when the national fiscal response was strong and consumers spent less, according to a recent Federal Reserve Bank of San Francisco blog. That savings drawdown is likely to start as early as this quarter, according to the blog by Fed researchers Hamza Abdelrahman and Luiz E.

More Trending

article thumbnail

Is Tax Relief on the Horizon for Marijuana Businesses?

CPA Practice

By Joy Taylor, Kiplinger Consumer News Service (TNS) Businesses that sell marijuana have a heavy federal income tax burden. They are taxed on their income but can’t write off most of their business expenses. Section 280E of the federal tax code bars marijuana firms from claiming business expenses on their federal tax return other than for their cost of goods sold.

article thumbnail

The Leadership Files: Kyle Bryant

Accounting Today

The managing partner of Market Street Partners — now heading into a major merger with Smith + Howard — says accounting firms are ripe for a fresh approach.

article thumbnail

Financial Planning for Special Needs Clients Takes Special Professionals

CPA Practice

By Mary Anne Ehlert, CFP®. Advisors tell me quite often they started their careers in the financial industry to make a difference in people lives. It is a career that enables us to use our talents and make a real difference on the planet. But a very small percentage of those advisors have depth in the working with families who have a family member with disabilities.

article thumbnail

Generative AI plays a role in everyday finance

Accounting Today

Ultimately, ChatGPT can help teams improve, not replace them, and that's a critical distinction that too often gets buried in the hype.

Finance 98
article thumbnail

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.

article thumbnail

15 Accounting Firms Are Now Members of the ‘Billion-Dollar Club’ in the U.S.

CPA Practice

Fifteen public accounting firms in the U.S. made $1 billion or more in revenue during their most recent fiscal year, according to the newly released top 500 firms ranking for 2023 from INSIDE Public Accounting. There are three new additions to the “billion-dollar club” for 2023. At No. 13 is New York-based Marcum, which pulled in $1.21 billion, up from $799 million in IPA’s 2022 ranking.

article thumbnail

Meet the Tax Crime Junkies

Accounting Today

The hosts of the "Tax Crime Junkies" podcast share some of their favorite tax crimes and how they created their podcast.

Tax 98
article thumbnail

How a Patient Advocate Can Work for Your Clients

CPA Practice

By Teri Dreher, RN, CMM. “Everyone today needs a patient advocate.” That’s what the American Heart Association said. Indeed, with our increasingly complicated healthcare system, more and more of your clients are finding that what the American Heart Association said is true, and they are increasingly turning to patient advocates to manage their care or the care of their loved ones.

article thumbnail

US Roadshow Accelerate: Xero brings the product announcements (and the noise)

Xero

This year’s US Roadshows were nothing short of inspiring, with accounting, bookkeeping and app partners showing up from all over the country to attend our events in Austin, Atlanta and Los Angeles. Joining us were leaders from Gusto, Poe Group Advisors, and futurist Elatia Abate to highlight how you can tap into the voice of the customer, capitalize on growing technologies, and capture the moment you’re in now.

article thumbnail

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.

article thumbnail

The CPA’s Guide to Business Continuity and Disaster Recovery Planning

CPA Practice

In the fast-paced and complex world of accounting, unexpected disruptions can pose severe threats to the continuity of operations. As stewards of financial integrity, CPAs bear the responsibility of preparing businesses for unforeseen challenges. But how does one combat the unpredictable? The answer lies in robust business continuity and disaster recovery planning. 1.

cpas 94
article thumbnail

A year on, what do clients think about the IRA?

Accounting Today

Energy credits and a more responsive IRS seem to be the main talking points practitioners are hearing about.

Maine 98
article thumbnail

PwC Admits 258 New Partners and Principals

CPA Practice

PwC unveiled its newest class of rainmakers on July 1, a group that includes 142 principals and 116 partners. The 258 members of the class of 2023 is smaller than the 283 PwCers who were promoted last year but larger than the 210 in the class of 2021. A majority (174) of the new partners and principals work in the Big Four firm’s consulting practice, while 77 of the promotees work in Trust Solutions, the PwC practice that includes audit and tax services.

article thumbnail

Hawaii wildfire victims get federal tax relief

Accounting Today

The IRS announced that filing and payment deadlines will be moved back to February for those affected.

Hawaii 98
article thumbnail

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

article thumbnail

What Illinois Secure Choice Retirement Means for Your Small Business or Non-Profit

Nancy McClelland, LLC

Click the image to watch an excellent 20-minute overview video of the IL Secure Choice Program. There have been rumblings in the news for quite some time now about small businesses being required to provide retirement plans for their employees — but most owners seem to be turning a deaf ear, presuming that their small size exempts them from the requirement.

article thumbnail

Different Ways to Bill Your Time as an Architect

Insightful Accountant

Architects or architecture firms find that effectively managing their time and accurately billing clients can be a challenging task without the right tools and resources. Hour Timesheet and Clockwise co-founder Debbie Sabin explains.

52
article thumbnail

What Illinois Secure Choice Retirement Means for Your Small Business or Non-Profit

Nancy McClelland, LLC

Click the image to watch an excellent 20-minute overview video of the IL Secure Choice Program. There have been rumblings in the news for quite some time now about small businesses being required to provide retirement plans for their employees — but most owners seem to be turning a deaf ear, presuming that their small size exempts them from the requirement.

article thumbnail

Monday Afternoon Accounting News Brief: Stop Calling It an Audit; Deloitters Clean Up Some Trash | 8.21.23

Going Concern

Good morning afternoon and happy Monday to you. This week I’ll be covering the Illinois CPA Society SUMMIT23 so if you want to keep up with all that from the comfort of your home or office go on Twitter. If you’re attending live come find me, I have stickers. Apologies that airport wifi held up today’s news brief, I know you all are devastated.

audit 52
article thumbnail

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.

article thumbnail

Illinois CPA Society holds summit to discuss latest accounting issues

Accounting Today

The Illinois CPA Society is hosting its annual conference this week featuring 44 educational sessions and four keynote presentations, including a session on the state of the CPA profession.

article thumbnail

Clarification on refund related issues| Circular No. 197/09/2023- GST 

VJM Global

CBIC received various issues related to GST refunds such refund should be granted in accordance with invoices appearing in GSTR-2A or GSTR-2B, whether exporter is entitled to claim refund of IGST paid under Rule 96A(1), manner of computation of adjusted total turnover etc. In order to clarify these issues and to bring uniformity, CBIC has provided followin gclarification on various matters vide Circular No. 197/09/2023- GST dated 17th July, 2023. a.

Tax 52
article thumbnail

How to Complain Effectively

CPA Practice

By Izzy Kharasch. Writing a scathing review on Google or Yelp after a terrible experience at a restaurant or business makes us feel all warm inside. We’re upset! We want everyone to know we’re upset! We want to warn others to stay away. But what if you like that particular business and want to return? If so, a social media complaint is not necessarily going to lead to improvement.

article thumbnail

Super-Deduction Replaced by Full-Expensing

Menzies

Menzies LLP - A leading chartered accountancy firm. After the cessation of the “Super-deduction” capital allowance earlier this year, companies will have access to a new First Year Allowance, referred to as Full Expensing, that allows them to claim a 100% deduction for tax purposes in the year of spend on specific capital investments. This relief is temporary and will end on 31 March 2026 but for companies that take advantage of it will enable up to £250 of each £1,000 of capital spe

article thumbnail

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.

article thumbnail

Improving Workpaper Tools and Processes Could Unlock Opportunities for Corporate Tax Professionals

CPA Practice

A new survey shows the most urgent workflow challenges faced by tax professionals at large U.S. corporations may be alleviated by the optimization of workpapers processes and tools. The survey was commissioned by Bloomberg Tax and Arizent. Workpapers serve as the foundation of the tax department’s workflow, playing a pivotal role in tax calculations supporting crucial tax deliverables such as provision, compliance, planning, and audits.

article thumbnail

Webinar Video: The 7-Minute Conversation With Cash Flow Mike (Financial Health)

Patriot Software

Want to be able to look at the financial health of any business in minutes? Industry expert Mike Milan, otherwise known as Cash Flow Mike, presents “The 7-Minute Conversation – How To Analyze Any Company’s Financial Statements in 7 Minutes or Less.

article thumbnail

Trial Testimony As an Expert Witness

FraudFiles

If a court case doesn’t settle, the trial is obviously the most important part of the case. As an expert witness, you want to think about the possibility of trial throughout your work.

52
article thumbnail

Top 100 2024 Certification Clues: QBO Payroll

Insightful Accountant

Murph explains how the QBO Payroll Certification for ProAdvisors can greatly enhance your point earnings toward next year's Top 100.

payroll 52
article thumbnail

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.