Fri.Sep 01, 2023

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BookSmarts Tax & Accounting Services: Maximizing Efficiency and Quality

Canopy Accounting

"The real value of Canopy is how it comes together — I think Canopy understands what's going on in a firm." Profile BookSmarts Tax & Accounting Services is a year-round small business accounting firm with more than 20 years of experience. Their small team enables small businesses to concentrate on running their business by leveraging state-of-the-art technology and competitive pricing in their services.

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Facing Tax Problems: Your Path to Financial Freedom with Mike Habib, EA

MyIRSRelief

Life has a way of throwing us unexpected challenges, and for many individuals and businesses, tax problems are among the most daunting. The mere mention of “Tax Audits,” “Unpaid Back Taxes,” “Unfiled Tax Returns,” “941 Payroll Problems,” “Tax Levies,” and “Tax Liens” can send shivers down your spine.

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IRS Gives Tax Filing Delay to Hurricane Idalia Victims

CPA Practice

The Internal Revenue Service today announced tax relief for individuals and businesses affected by Idalia in parts of Florida. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA).

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AICPA proposes changes in standards for quality management

Accounting Today

The institute's Auditing Standards Board issued an exposure draft for some proposed changes in the attestation standards for quality management and is asking for comments.

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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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IRS Issues Guidance on State Tax Payments

CPA Practice

The IRS has provided guidance on the federal tax status of refunds of state or local taxes and certain other payments made by state or local governments to individuals. The IRS previously provided guidance on state payments made in 2022: IRS issues guidance on state tax payments to help taxpayers. The guidance is being issued as part of the IRS’s efforts to provide additional certainty to states and their residents regarding the federal income tax consequences of state payments made to taxpayers

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Friday Footnotes: PwC Partners Get Played; Bad Accounting on the Rise; Getting to the Bottom of the Shortage | 9.1.23

Going Concern

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. P.S. We’re off for Labor Day, hope you are too. The Monday Morning News Brief will be published Tuesday.

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Forensic accounting for restaurants can uncover fraud

Accounting Today

Employees perpetrate the most common fraud schemes at restaurants, including various cash and inventory misappropriation schemes.

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147 Cloud Accounting Software Apps: The Big List

Ryan Lazanis

If you want to see the best cloud accounting software apps all in one place, then you’ll LOVE this ultimate list. In it, I’ll be sharing 147 of the best cloud accounting software apps on the market. Each item in the list will contain a brief description and will focus on how you can level up your accounting automation. While the list of accounting software is in no particular order, it has been grouped according to categories based on their accounting features so you can find the best accounting

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Employers added 187K jobs in August, including 2.7K in accounting

Accounting Today

The labor market showed some signs of cooling, with the unemployment rate rising three-tenths of a percentage point to 3.8%.

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IRS Provides Idalia Tax Relief

Withum

On August 30, 2023, the IRS announced relief from certain tax filing and payment deadlines for individuals and businesses in parts of Florida that were affected by Hurricane Idalia. The relief, provided in IR-2023-159 and FL-2023-06 , extends to any county designated as a major disaster area by FEMA, and to counties added in the future. 46 of Florida’s 67 counties were mentioned in the News Release, but others have been added since then.

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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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Navigating ESG Reporting Pitfalls: A Guide to Mitigating Potential Failures

CPA Practice

By Joe Fitzgerald. More than 90% of companies in 90 countries are prioritizing Environmental, Social and Governance (ESG) goals. While it is exciting that organizations are stepping up to pursue responsible practices en masse , the reality is that the onus to comply with related reporting requirements is on accounting and finance professionals. In an effort to ensure that businesses manage, track and report on comparable and meaningful data, The International Sustainability Standards Board (ISSB

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The PCAOB Was Not Pleased With This Audit Firm’s Alliance to the Alliance of Which the Firm Is a Member

Going Concern

The PCAOB has scored its first-ever sanctions related to a firm’s membership in an accounting alliance and as one would expect, there is a press release. The press release doesn’t quite explain what happened though, for that we will have to go to the settled disciplinary order. First things first: The PCAOB found that Warren Averett violated independence requirements during its 2019 and 2020 audits of an issuer, because the firm audited valuations performed for the issuer by another accoun

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IRS erroneously sent late-filing notices for Form 8955-SSA

Accounting Today

The Internal Revenue Service mistakenly sent out late notices to retirement plan sponsors due to a programming glitch.

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Construction Company Contract Traps And The Advantages Of Legal Help

Randal DeHart

Mistakes can be expensive in the construction business, and as an entrepreneur, although you'll know many of the regulations that apply to your business, there are so many that you can't possibly remember all of them. Depending on the type of contracting business you run, you could face laws regarding taxation, employment, product liability, premises liability, discrimination, health and safety, and various other regulations.

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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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Everything you always wanted to know about advisory, but were afraid to ask

Accounting Today

Like the path to enlightenment, the path to advisory services for accounting firms is not always clearly laid out.

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Excel for Small Business Owners

Ronika Khanna CPA,CA

As a confirmed excel nerd, there is something about large amounts of data that I am inextricably drawn towards. I suppose it has something to do with an affinity for organization combined with a love of numbers and the innate desire to solve problems. As an accountant and financial consultant , I am often presented with the task of organizing and analysing data into a format that allows for greater insight into my clients businesses.

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The first steps toward advisory

Accounting Today

Experts share their advice on the best ways to launch a shift in your practice.

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Two-Thirds of Organizations Have Not Implemented ESG Controls to Ensure Accuracy of Data

CPA Practice

AuditBoard , a cloud-based platform for audit, risk, ESG, and compliance management, has released its 2023 ESG Maturity Benchmarking Report: Accelerating ESG Transformation. The report found that two-thirds of organizations have not implemented ESG controls, and that 60% do not currently perform internal ESG audits. This lack of ESG program readiness raises the risk of reporting incomplete or incorrect data and leaves organizations unprepared to maintain compliance with future regulations, inclu

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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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SEC sued over private fund advisor rule

Accounting Today

The Securities and Exchange Commission is facing a lawsuit filed Friday by a group of financial industry trade associations over its recently approved rule, which would require more disclosures of fees and expenses and annual audited financial statements of private equity and hedge funds.

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Employment Hero makes payroll carbon negative for National Payroll Week

Accounting Insight

Employment Hero is celebrating National Payroll Week by helping their partners make payroll carbon-negative. In a partnership with tree-planting B Corp Carma, one tree will be planted for every Employment Hero partner in its network. Carma will pay veterans from the Green Task Force to plant the trees in the UK, supporting their employment and cleaning the air that these employees breathe.

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On the move: MassCPAs names VP of gov't affairs

Accounting Today

Herbein + Co. raises money with leadership dunk tank and cornhole tournament; ConvergenceCoaching graduates its Transformational Leadership class; and more news from across the profession.

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Special Report: Focus on Big Data

CPA Practice

“Big data.” You have heard these two words grouped together as one phrase for most, if not all, of your professional career. And it is a phrase that is not going away anytime soon. Why? Because as the accounting profession continues to evolve through the use of technology, such as artificial intelligence, machine learning, and blockchain, it is critical for firms that want a competitive advantage to analyze the data collected by these tools and others to make better business decisions and delive

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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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Tech news: Vic.ai expands into payments

Accounting Today

Plus, Expensify adds enhanced insights and custom reporting functionality; IMA launches new cybersecurity certificate program; and other accounting tech news.

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2023 Tax Season Readiness Guide

CPA Practice

Preparing for tax season can be daunting, not to mention a lot of work. To help alleviate stress, TaxAct Professional has put together a TY23 version of our Season Readiness Guide. Let us help make this tax season your best yet! What’s Inside: Key Changes for TY23 TY23 Checklists Important Calendar Dates A Resource Directory Tax Industry Contact List Stay informed.

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Can compliance survive?

Accounting Today

With so many saying that the future of accounting is in advisory services, experts weigh in on whether there will be room for more traditional services.

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Expensify Releases Enhanced Insights and Custom Reporting Functionality

CPA Practice

Expensify , Inc., a financial management app for expenses and corporate cards, has announced the release of enhanced insights and custom reporting functionality, built with expert input from top accounting leaders. The Insights feature allows any Expensify member to easily monitor all aspects of company spend across categories such as employees, projects, departments, and subsidiaries.

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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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IMA and EFWA award annual scholarships

Accounting Today

The Institute of Management Accountants and the Educational Foundation for Women in Accounting announced their annual scholarship recipients.

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What is tax deductible for influencers?

Wellers Accounting

Joe Lennon provides a comprehensive guide about what is tax deductible for influencers and online content creators in the UK.

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The Leadership Files: Seth Siegel

Accounting Today

The chief of Grant Thornton shares the importance of recognizing your own mistakes and keeping an open mind.

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The Value in Providing Specialized Accounting Services for Niche Markets

CPA Practice

By Adam Powell, CPA. As accounting continues to evolve from the traditional services to a model that favors value-added contributions, the number of companies offering targeted services for specific niche markets should continue to proliferate. Identified as one of the key industry trends of late, firms that offer specialized accounting services (SAS), combining analytics, business intelligence, and technology-based solutions, are primed for success.

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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.