Wed.May 01, 2024

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Why Hiring a Tax Pro Boosts Your Small Business (and Saves You Money)

MyIRSRelief

Running a small business is an exhilarating rollercoaster. You’re passionate about your product or service, constantly innovating, and striving for growth. Yet, amidst the excitement lurks a dark alley – the realm of taxes. Navigating complex tax codes, understanding specific forms like 1120, 1120S, and 1065, and ensuring compliance can feel like deciphering ancient scrolls.

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Financial Accounting Foundation Seeks Nominations for the Financial Accounting Standards Advisory Council

CPA Practice

The Board of Trustees of the Financial Accounting Foundation ( FAF ) is seeking nominations for new members to join the Financial Accounting Standards Advisory Council ( FASAC ) for an initial one-year term beginning January 1, 2025. The FASAC is the primary advisory body to the Financial Accounting Standards Board ( FASB ). The FASAC consists of approximately 35 members who represent a broad cross section of the FASB’s constituency.

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Biden poised to finalize new electric vehicle tax credit rules

Accounting Today

The U.S. Treasury Department will unveil the final version of new rules limiting a popular tax credit for electric car buyers as soon as Friday as the Biden administration races to complete regulations ahead of the November election.

Tax 106
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Workers at U.S. Unions Saw Record Pay Increases Over Past 12 Months

CPA Practice

Alex Tanzi Bloomberg News ( via TNS) Unionized workers in the U.S. saw record raises, while nonunion workers’ pay barely beat inflation over the past 12 months, the latest government data show. Wages of private sector union workers rose 6.3% in the year ended in March, the largest increase in data back to 2001, according to Bureau of Labor Statistics employment cost figures released Tuesday.

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New DOL Final Overtime Rules: Quickstart Guide for Employers

There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.

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Consistent Financial Reporting for Small Businesses

inDinero Accounting

You’ve put effort into managing your small business, but are you truly aware of your company’s financial pulse? Consistent financial reporting can be the difference between merely surviving and thriving in the competitive business landscape. These reports offer a window into your business’s financial health, guiding you to make well-informed decisions that could shape your company’s future.

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IRS Provides Safe Harbors For the Clean Aviation Fuel Credit

CPA Practice

The big takeaway from the new guidance issued by the Treasury Department and the IRS on Tuesday regarding the Sustainable Aviation Fuel (SAF) credit is the role farmers will play in the production of clean jet fuels and reducing emissions from the aviation sector. “[This] is an important steppingstone as it acknowledges the important role farmers can play in lowering greenhouse gas emissions and begins to reward them through that contribution in the production of new fuels,” U.S.

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AI and accounting: What's next?

Accounting Today

After the recent transformative changes in artificial intelligence, tax and accounting has been frequently cited as one of the most immediate areas for disruption.

Account 109
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Tax Technology Outlook for 2024

Insightful Accountant

In 2024, tax tech is evolving rapidly with AI, data analytics, and blockchain. Tax pros need to adapt to these innovations for effective use.

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The Importance of Adaptability in Successful Leadership

GrowthForceBlog

8 min read April 30th, 2024 As a business leader, your job is not only to make decisions on behalf of your company. Your job also entails leading the people in your company. Key Takeaways What Is the Adaptive Leadership Style: In adaptive leadership, problems or challenges are separated into two different categories, technical problems and adaptive problems.

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QuickBooks and Mailchimp Recognize Small Business Success Month

Insightful Accountant

Intuit will feature a series of activities to recognize small businesses and entrepreneurs' success as part of Small Business Success Month.

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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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M&A roundup: EY, CLA, Wipfli and Avantax expand

Accounting Today

Ernst & Young acquired Nuvalence; CliftonLarsonAllen bought Ronald Blue; Wipfli added Harbour Results; and Avantax acquires wealth management business from Integrated Tax & Wealth Strategies.

Tax 81
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Lawsuit Counterclaim By an Ex-Partner Accuses BDO of Shady Behavior Around the ESOP, PE Deal, and Corporation Conversion

Going Concern

Warning: long. Hopefully this helps: BDO has sued yet another defector (see earlier: BDO Lawsuit Alleges a Defector Took the Team With Him When He Jumped Ship to Another Firm ) and this time the defector, one Caleb Crandell, is fighting back. The full counterclaim is embedded at the bottom, let’s start with the basics. Also, here’s a copy of the original complaint on Scribd and a Justia link for BDO USA P.C. v.

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Biden paves way for corn to profit from green jet fuel

Accounting Today

The Treasury Department released guidance on the tax credit available for producers of sustainable aviation fuel, a measure established as part of Biden's landmark climate law.

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Let’s Meet NASBA’s Next President and CEO

Going Concern

Longtime National Association of State Boards of Accountancy (NASBA) President and CEO — and author of amazing President’s memos — Ken Bishop announced at NASBA’s annual meeting in late fall of 2023 that he’d be retiring and thus July 31 of this year is his last day. In seeking someone qualified to replace him, NASBA was looking for “a visionary, one who possesses strong financial and business acumen, executive decision-making abilities, dynamic public speakin

CPA 64
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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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Nominations open for Women Who Count Awards

Accounting Today

The deadline for nominations is Aug. 1, and winners will be announced at the Accounting & Financial Women's Alliance's annual Women Who Count conference.

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Graduation Speech 2024

Withum

This is yet another year that I haven’t been invited to give a graduation address. Perhaps I should be grateful for this, but I still wish I had that opportunity. Anyway, I prepared the following presentation I would have provided had I been asked. My responsibility is to inspire you and send you off charged up and raring to go. You are graduating and going out into the world to make your mark.

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'Bitcoin Jesus' charged with evading almost $50M in taxes

Accounting Today

Roger Ver, an early crypto investor who was sometimes referred to as Bitcoin Jesus, has been charged with mail fraud, tax evasion and filing false returns.

Tax 73
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Understanding AI and automation in accounting

Accounting Insight

It’s safe to say that artificial intelligence (AI) and automation have penetrated every industry out there. And accounting software is no exception. Before delving into the potential impact of AI in accounting, it’s essential to understand the role AI plays in modern accounting practices. In modern accounting, AI is being used to automate several tasks, including data entry, invoice processing and financial statement analysis.

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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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Mental Health Awareness With The Wake Up Project

Withum

Explore Other Episodes #CivicWarriors #WithumImpact The post Mental Health Awareness With The Wake Up Project appeared first on Withum.

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IRS: Applications For TCE and VITA Grants Can Be Submitted Through End of May

CPA Practice

The IRS is now accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs, the agency said. Grants for the two programs will be accepted beginning today through May 31. The programs allow eligible organizations to apply for annual funding to provide free federal tax return preparation assistance to elderly and low-income taxpayers for up to three years.

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Best in bookkeeping: How you can be at the forefront of an evolving role

Accounting Insight

The responsibilities of a bookkeeper have been undergoing a significant transformation in recent years, marking an exciting evolution. While traditionally centred on transactional tasks, today’s bookkeepers are embracing a more strategic and advisory role with enthusiasm. The same core tasks remain, but understanding financial analysis, budgeting and forecasting has grown in importance, particularly with access to larger swathes of data.

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Grants open for tax help for the poor and underserved

Accounting Today

The IRS is taking applications for funds for its Tax Counseling for the Elderly and VITA programs.

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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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Small Business Success Month Survey Findings

Insightful Accountant

Intuit QuickBooks has issued their findings from a recent Small Business Success Month Survey. Accountants, Bookkeepers and ProAdvisors can be proud of how much emphasis SB owners place on their relationship with you.

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Perfection Doesn’t Scale

Ryan Lazanis

Perfectionism is a common pitfall for accountants, but it stunts business growth. In this episode, I'll share practical tips to overcome it. The post Perfection Doesn’t Scale appeared first on Future Firm.

Account 52
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The CannaBiz Success Show: Pricing, Profitability and Branding Insights from MJ Unpacked’s George Jage

Anders CPA

In this not-to-be missed episode, Guillermo connects with George Jage, Cofounder and CEO of MJ Unpacked —one of the industry’s most well-known and best-attended conferences. George discusses complexities of the cannabis industry, including pricing, profitability, and branding. The conversation details the evolution of cannabis consumption, the emergence of fast-acting products, and the significance of social settings in product development.

CPA 52
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CohnReznick and Prevedere Forge Strategic Alliance

CPA Practice

CohnReznick LLP, an advisory, assurance, and tax firm, and Prevedere, a provider of external planning analytics software, have announced a strategic alliance designed to help organizations drive growth through comparative analytic insights and guidance. This collaboration will leverage Prevedere’s AI-powered platform to empower CohnReznick’s clients with global data, analytic models, and econometric context to revolutionize their business planning.

Tax 52
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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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IRS Update on ERC Claims

Dent Moses

IRS Commissioner Danny Werfel reported to the Senate Finance Committee that even with the moratorium since September 2023 on processing previous and new claims for the ERC, the IRS averages 20,000 new applications weekly. The IRS recently announced ERC that claims processing could resume by late spring depending on whether Congress extends the statute of limitations for ERC claims.

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‘Bitcoin Jesus’ Charged With Evading Nearly $50 Million in Taxes

CPA Practice

By Olga Kharif, Bloomberg News (TNS) Roger Ver, an early crypto investor who was sometimes referred to as “Bitcoin Jesus,” has been charged with mail fraud, tax evasion and filing false returns in order to avoid paying at least $48 million in U.S. taxes. Ver, who acquired the moniker after proselytizing about Bitcoin everywhere he went in the cryptocurrency’s early days, was arrested this weekend in Spain on U.S. criminal charges, according to the U.S.

Tax 52
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QuickBooks Online Recertification 2024 is open

Insightful Accountant

Innovation is rapid. QuickBooks has introduced many enhancements, like QuickBooks Ledger. Stay sharp with recertification to guide clients effectively and be a trusted advisor in the fast-changing tech landscape.

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Avantax Acquires Integrated Tax & Wealth Strategies’ $760 Million Wealth Management Business

CPA Practice

Avantax Inc., a provider of tax-focused financial planning and wealth management, has acquired the wealth management business of Integrated Tax & Wealth Strategies, an independent wealth management firm that is one of the largest businesses within the Avantax Community, with $760 million in total client assets, as of Dec. 31, 2023. Integrated Tax & Wealth Strategies’ founder – highly successful independent financial advisor Brian Stephens – will continue with the tax practice.

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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.