Mon.Oct 02, 2023

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New Sole Proprietors, LLCs, and Corporations Need Accounting and Tax Services

MyIRSRelief

Starting a new business in Los Angeles area is an exciting time, but it can also be overwhelming. There are so many things to think about, from developing a business plan to marketing your products or services. One of the most important things to consider is accounting and bookkeeping. If you’re new to business, you may be wondering why accounting and bookkeeping are so important.

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AI Stats and Trends for Small Business Marketing

CPA Practice

By Dave Charest. Small businesses (SMBs) are a busy bunch. On any given day, they might be fulfilling orders, engaging with customers in-person, managing staff, doing their books — plus dozens of other tasks. Most would relish an opportunity to gain back an extra hour, or save some extra money. Luckily, those goals (and others) are attainable thanks to artificial intelligence (AI) and marketing automation.

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Obvious Figure of the Day: 95% of Hiring Managers Are Having Trouble Finding Finance and Accounting Talent

Going Concern

Fun number of the day: 95%. That’s the percentage of hiring managers in finance and accounting having trouble finding skilled talent according to recent Robert Half research. The figures come from a survey of hiring managers and employees from small (20-249 employees), midsize (250-499 employees) and large (500-plus employees) private, publicly listed and public sector organizations.

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Many Finance and Accounting Workers Are Optimistic About the Job Market — Here’s How CPA Firms Can Respond

CPA Practice

The number of job openings and quits in the United States has been on a downward trend for several months, according to data from the Bureau of Labor Statistics. This is good news for employers overall. However, it doesn’t mean CPA firms are finding it any easier to staff available positions — or hold on to the valued employees they already have in place.

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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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Child poverty soars, forcing states to offer tax credits

Accounting Today

Eleven states have created or expanded a fully refundable child tax credit following the expiration at the end of 2021 of the federal measure, which enabled families to get as much as $3,600 per child.

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Oct. 16, 2023, is Deadline for Millions Who Filed Tax Extensions; But Many Get More Time Due to Disasters

CPA Practice

October 16 is this year’s deadline for taxpayers who requested additional time to file their taxes. Automatic extensions are available to virtually anyone who request it. This is often necessary for taxpayers who are still waiting on some documents before they can file their returns. However, taxes expected to be owed were required to be owed by the original April 18, 2023, deadline.

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IRS Adds Features to Tax Pro Account for Managing Client Authorizations

CPA Practice

As part of a larger effort to improve technology, the Internal Revenue Service has added new features to its Tax Pro Account system that allow tax professionals access to new services to help their clients. New additions to Tax Pro Account, available through IRS.gov, will help practitioners manage their active client authorizations on file with the Centralized Authorization File (CAF) database.

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IRS employee union relieved after gov't shutdown averted

Accounting Today

The National Treasury Employees Union expressed a sense of relief after lawmakers in Congress unexpectedly managed to pass a stopgap spending bill.

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Retail Theft Totaled $112 Billion in 2022, Says NRF

CPA Practice

As incidents of retail crime continue to escalate throughout the country, retailers have seen a dramatic jump in financial losses associated with theft. When taken as a percentage of total retail sales in 2022, “retail shrink” accounted for $112.1 billion in losses, up from $93.9 billion* in 2021, according to the 2023 National Retail Security Survey released today by the National Retail Federation. ( *The 2021 figures have been updated to reflect the April 2023 U.S.

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Renovating your back office

Accounting Today

For accounting firms to scale, they need to build a stronger infrastructure of professional HR, marketing, IT and other support systems, explains Rachel Anevski.

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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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Marcum Didn’t Let a Little License to Practice Stand in the Way of Providing Professional Services in Ontario

Going Concern

We didn’t get around to writing up this September 25 news release from CPA Ontario last week, better late than never. Here’s what happened: Ontario public accounting licensing body CPA Ontario reached an out-of-court settlement with Marcum LLP resolving allegations of multiple instances of US Marcum partners performing work in Ontario — including issuer audits — without said partners being licensed to practice in the province.

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Anders Tax Partner Dan Schindler Named a Best Accountant by St. Louis Small Business Monthly 

Anders CPA

Daniel K. Schindler, CPA has been named to St. Louis Small Business Monthly’s Best Accountants list. Each month, Small Business Monthly polls readers to help identify the best in the area in a particular industry. The 2023 Small Business Monthly Best Accountants list features 27 local accountants voted the best in St. Louis. About Dan Schindler Dan’s unwavering dedication to his clients has followed him from his first year at the firm as a tax intern through his journey to partner.

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Student Loan Payments Resume for Millions of Americans

CPA Practice

As of Sept. 1, 2023, interest on federal student loans is accruing again after being waived, along with loan repayments, since the March 2020 onset of the COVID-19 pandemic. Now, individuals with federal student loans must begin planning to start repaying these debts for the first time in more than three years. With this in mind, and with October being National Financial Planning Month, it’s the perfect time to study up on some smart money management tips.

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Tax relief for seawater victims in Louisiana

Accounting Today

Affected individuals and businesses now have until Feb. 15 next year to file various federal tax returns and make tax payments.

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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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Social Media Impulse Buying Reaches $71 Billion in Last Year

CPA Practice

Social media appears to be having a significant influence on consumer spending, as a new Bankrate report reveals that Americans spent $71 billion on impulse purchases of products they saw on a social media platform in the past year, with the average impulse buyer spending $754. [link] Overall, almost half (48%) of social media users say they have made an impulse purchase of a product they saw on a social media platform at some point, and 68% of those who have done so regretted at least one of th

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Hidden Gems of the Tax World: Employer-Provided Retirement Plan and Childcare Tax Credits

CTP

Most taxpayers would say they want to take every legally permissible step to lower their tax bill. Yet each year taxpayers fail to claim tax credits they are fully eligible to receive. These credits are often attached to behavior or practices that taxpayers are already engaged in. The missing piece is simply an understanding of what benefits are currently available and how to take advantage of them.

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Three Complex Tax Issues Businesses are Facing Now

CPA Practice

There are a myriad of challenges and changes in the tax codes affecting their business clients each tax season. With an economy still trying to gain more certain footing, businesses facing new market conditions, and a constantly evolving IRS, the business and tax advisors at KBKG have identified three of the most significant changes the IRS has implemented, each of which can have strong impacts on businesses.

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Art of Accounting: Managing a practice for non-MPs

Accounting Today

While each firm has one managing partner, each partner plays a role in managing part of that practice.

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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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Massachusetts CPA Firm Venning Set to Become Largest Minority Owned Firm in U.S.

CPA Practice

Venning & Jacques, Inc., one of the most respected accounting and tax firms in Central Massachusetts, recently announced an ownership change and rebranding of the firm as Venning. This strategic move marks a significant milestone in the firm’s growth and evolution, positioning it for even greater success in the future. The firm merged with Agawam, Massachusetts-based accounting firm, Corbin & Tapases on September 27.

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Corporate tax departments find themselves with too few resources

Accounting Today

Nearly half the leaders of corporate tax departments believe they're severely under-resourced when it comes to technology and hiring, according to a recent survey.

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Top 100 2024 Clues: Earn Points at Upcoming Event

Insightful Accountant

You can earn valuable 2024 Top 100 Categorical training points by participating in the upcoming Intuit Virtual Event for ProAdvisors supporting the mid-market with QuickBooks Online-Advanced.

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Public Accounting Salaries Expected to Rise 4.9% in 2024

CPA Practice

Base pay for 11 positions in public accounting is projected to rise 4.9% next year, according to a CPA Practice Advisor analysis of salary data provided by LHH Recruitment Solutions. The global talent solutions provider recently released its 2024 Salary Guide , which includes pay expectations for numerous positions in accounting and finance. According to LHH, there is more optimism heading into 2024 than there was this time last year as 2023 approached.

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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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Xero UK Roadshow 2023: Bringing practice efficiency to you

Xero

We’re excited to be coming to a city near you with the Xero UK Roadshow, bringing you the latest updates in Xero. From fresh features to the latest industry trends, there’s so much on offer to help you run your practice more efficiently so you can do more of the things that really matter. We’ll be visiting six cities between 31 October and 22 November 2023: London: Tuesday 31 October Bristol: Thursday 2 November Birmingham: Tuesday 7 November Belfast: Thursday 9 November Edinburgh:

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Insights and workflow automation dominate AI solutions

Accounting Today

Over 40 technology leaders discussed their recent accomplishments and plans for the future, and nearly all of them involved AI in some form, mostly for insights and workflow automation.

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The Strategic Power of Payroll: Beyond the Numbers

Accounting Insight

Every business, big or small, has its core: the pulse that keeps everything running. That pulse? It’s payroll. Many accountants view payroll as a burdensome necessity. But this perspective is outdated. Payroll isn’t just a financial responsibility – it’s a golden strategy. Payroll: More than Just Paying Salaries Think about an organisation’s team – the people who breathe life into business ideas and turn strategies into successes.

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M&A roundup: A flood of different deals

Accounting Today

Top 100 Firms, wealth managers, PE-backed platform firms and others announced a number of acquisitions and mergers.

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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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QB Desktop 2024 Version of QBTalks is Tomorrow

Insightful Accountant

Intuit has finally released QuickBooks Desktop 2024 by Sept. 20, so now Murph can give you the low-down. His annual Desktop version of QBTalks is tomorrow, Wednesday Oct. 4, 2 pm (EST). Don't miss it.

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Canopy: A Leader in Accounting Practice Management

Canopy Accounting

Canopy is proud to announce that it continues to be a leader in practice management software. We understand that, like the accounting industry, we must strive to evolve and continuously develop top-tier tools for accounting firms, facilitating success across the board. Through a cohesive combination of industry validation, customer feedback, and a team of top-tier employees, we continue to push ourselves to improve and impress.

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Sikich Acquires Technology Firm Four Leaf LLC

CPA Practice

Sikich will acquire the assets of Four Leaf LLC , a technology services firm leveraging scalable software solutions to rapidly deliver user-friendly applications to state and local government entities and their constituents. “County and local government sectors, particularly emergency services managers and crews working to save lives, need faster progress in their digital transformation journey and we now are solidifying our position in this vital area,” said Partner-in-Charge of Sikich’s techn

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Tax Credits 102: Exploring Employer-Provided Retirement Plan and Childcare Credits

CTP

What would you do for a lower tax bill? The good news is that you may not have to do much. One of the most underutilized tax strategies is to identify and claim tax credits. Many taxpayers may find that they qualify for a tax reduction based on behavior or practices they are already engaged in. The government creates tax credits to incentivize specific behavior, especially among corporations.

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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.