Accounting Today

JANUARY 16, 2024

The chairs of Congress's two main tax committees announced a deal to extend a number of expired tax credits and tax breaks, including the expanded Child Tax Credit.

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TaxConnex

JANUARY 16, 2024

Do you sell software-as-a-service (SaaS)? Then you already have one of the most complicated situations in sales tax. Your tax obligation and liability begin with where you have nexus , the connection between your company and a taxing authority or jurisdiction. Sales tax nexus was once defined only as a substantial physical presence, but for nearly six years – ever since the Supreme Court’s Wayfair ruling in 2018 – sales tax nexus can also be defined as an economic presence by just selling enough

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Accounting Today

JANUARY 16, 2024

The Internal Revenue Service and the Treasury Department told businesses they won't have to report on the digital assets they receive until regulations are issued.

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Going Concern

JANUARY 16, 2024

Yo. It’s another week. Yay. In case you’re wondering why this is a Tuesday news brief and not a Monday one, it’s because we don’t work on MLK Day. Hope the same is true for you. Anyway, some news. Supposedly accounting is the hottest in-demand remote job : The most sought-after remote job companies are hiring for isn’t in tech, as you might expect.

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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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Withum

JANUARY 16, 2024

We are excited to announce that Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR) released a bipartisan tax framework that promotes Main Street businesses, while also providing more financial security to families in need. The agreement is between the two Chairs, but respective ranking members and leadership support is still needed to pass the bill.

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Going Concern

JANUARY 16, 2024

It’s possible this is just clickbait and thinly veiled advertising for remote recruiters (*sweats nervously*) but according to CNBC Make It , “accountant” is “the number one in-demand remote job companies are hiring for.” Adds their headline, “it can pay over $100,000 a year.” Insert sitcom laugh track here.

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CPA Practice

JANUARY 16, 2024

The Treasury Department and Internal Revenue Service have issued an announcement informing businesses that they do not have to report the receipt of digital assets the same way as they must report the receipt of cash until Treasury and IRS issue regulations. The Infrastructure Investment and Jobs Act revised the rules that require taxpayers that are engaged in a trade or business to report receiving cash of more than $10,000 by considering digital assets to be cash.

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CTP

JANUARY 16, 2024

In the rush to finish last year strong, small business owners may now find themselves caught off guard by the legal requirements awaiting them in 2024. This is where you can provide additional value to your tax clients, just by familiarizing them with the new beneficial ownership information requirement. This comes as part of the Corporate Transparency Act, which seeks to crack down on illicit business activities using small businesses as a screen.

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CPA Practice

JANUARY 16, 2024

By Roger Vincent, Los Angeles Times (via TNS). In the uneasy tug of war between bosses and workers about how much time should be spent in the office, new evidence reveals that many employees think they should come in more often than they do. Office workers recently surveyed by an international architecture firm reported that they typically come into the office about half the time, but said they ideally needed to be there two-thirds of a typical workweek for their best productivity.

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Accounting Today

JANUARY 16, 2024

The Korean company is seeking to keep its cars competitive with automakers qualifying for tax credits under the Inflation Reduction Act.

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Advertiser: Paycor

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CPA Practice

JANUARY 16, 2024

By Claire Withycombe, The Seattle Times (TNS) The U.S. Supreme Court said Tuesday it would not review Quinn v. Washington , the lawsuit challenging Washington’s capital gains tax. The Legislature passed the tax in 2021 and payments first came due in April 2023. It’s a 7% tax on profits gained from the sale or exchange of stocks, bonds and other investments or tangible assets above $250,000.

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CTP

JANUARY 16, 2024

As 2024 kicks off, so do new legal requirements for small businesses. The Corporate Transparency Act took effect on January 1st, which means that many businesses will need to submit a Beneficial Ownership Information Report to the Financial Crimes Enforcement Network (FinCEN). These new regulations are intended to help the U.S. government identify small businesses that are actually a front for illicit business operations, such as money laundering.

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CPA Practice

JANUARY 16, 2024

[ State CPA Societies in Action is a series of articles spotlighting the varied educational, advocacy, networking and professional activities of the state CPA societies across the U.S.] The Alabama Society of CPAs was formed in 1919 and adopted its recent bylaws on June 25, 1975, with the last revision completed on March 1, 2018. The purpose of the organization as stated in the bylaws, is “To unite the profession of accountancy in the State of Alabama; to promote and maintain high professional,

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Accounting Today

JANUARY 16, 2024

Businesses eager for a tax deal announced by two powerful U.S. lawmakers can't yet bank on the corporate breaks.

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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.

CPA Practice

JANUARY 16, 2024

By Lizzy McLellan Ravitch, The Philadelphia Inquirer (via TNS). In a lawsuit filed last month, Crystal Kemp, a Jehovah’s Witness, alleged that her employer, SEPTA, the regional transit authority based in Philadelphia, refused to adjust her schedule so she could attend religious meetings on Sunday mornings and Tuesday evenings. She alleges she was ultimately terminated for refusing to work during those times.

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Accounting Today

JANUARY 16, 2024

Retirement plan sponsors and their financial advisors receive guidance from the IRS on how the Secure 2.0 Act opened the door for "de minimis financial incentives.

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Insightful Accountant

JANUARY 16, 2024

Recent filing instructions include a domestic filing exception, potentially exempting domestic passthrough entities if they meet the criteria.

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GrowthForceBlog

JANUARY 16, 2024

8 min read Running a business is a complex endeavor, and most business leaders are experts in their own fields - not in finance.

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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

Technology

Accounting Today

JANUARY 16, 2024

Hundreds of sub-postmasters in the U.K. were wrongfully prosecuted for theft and false accounting after computer glitches led to shortfalls in their accounts.

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Withum

JANUARY 16, 2024

Massachusetts Companies The Massachusetts Life Sciences Center Tax Incentive Program application window is now open and is offering lucrative tax savings to eligible companies. Companies that apply and are accepted into this program can benefit from various tax benefits, such as: Life Sciences Investment Tax Credit (pursuant to M.G.L c. 62, §6(m) and c. 63, §38U) Extension of Net Operating Losses (NOLs) from 5 to 15 years (pursuant to M.G.L. c. 63, §30(17)) Designation as R&D Company for Sal

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Accounting Today

JANUARY 16, 2024

The Connecticut-based financial advisory firm has added a CPA firm and a registered investment advisory firm.

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Insightful Accountant

JANUARY 16, 2024

Murph is inviting you to a ProAdvisor Meet-up for an "open microphone' edition of QB Talks. He wants your thoughts on Awards, ProAdvisor Program changes and QuickBooks Desktop Pro/Premier and Payroll changes.

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Advertiser: Paycor

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.

Accounting Today

JANUARY 16, 2024

Kevin Ellis is adamant that younger staff in particular should avoid the temptation of working from home.

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Nancy McClelland, LLC

JANUARY 16, 2024

Photo by Thomas Lefebvre “What is an IRS Account Transcript and Why Do I Need One?” During the pandemic, we began requiring all clients to submit a copy of their IRS Account Transcript along with their Tax Organizer and other annual tax prep documentation. Initially, this was to confirm the amounts of stimulus payments and child tax credit payments.

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Accounting Today

JANUARY 16, 2024

The New York-based Top 20 Firm has acquired a firm headquartered in Farmington, Connecticut.

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ThomsonReuters

JANUARY 16, 2024

Jump to: What is wellness? Why is overall accountant wellness important? Making occupational wellness a priority Tax and accounting professionals are known for working hard, especially during tax season. But this can take a toll on their well-being and lead to burnout. Many talented junior staff quit their jobs and shift careers because they can’t cope with the stress and the lack of work-life balance.

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Advertisement

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.

Finance

CPA Practice

JANUARY 16, 2024

By Sabah Meddings and Katherine Griffiths, Bloomberg News (TNS) Junior staff should spend more time in the office to get quicker promotions, the U.K. boss of accounting giant PricewaterhouseCoopers said, as AI is poised to take on routine tasks traditionally given to younger workers. Generative AI is removing “tasks that in the past our more junior staff trained and cut their teeth on,” Kevin Ellis, the chair of PwC UK, said during an interview at the World Economic Forum in Davos, Switzerland.

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CTP

JANUARY 16, 2024

As 2024 kicks off, so do new legal requirements for small businesses. The Corporate Transparency Act took effect on January 1st, which means that many businesses will need to submit a Beneficial Ownership Information Report to the Financial Crimes Enforcement Network (FinCEN). These new regulations are intended to help the U.S. government identify small businesses that are actually a front for illicit business operations, such as money laundering.

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Cherry Bekaert

JANUARY 16, 2024

In the latest episode of our Risk & Accounting Advisory podcast, the second of a two-part series, Nate Regimbal, Digital Advisory New Practices & Solutions Leader, joins Sam Halaby , Senior Manager in Risk Advisory, and Dan Gallagher , from the Firm’s Information Assurance & Cybersecurity practice, to discuss Anti-Money Laundering Model (AML) Testing & Monitoring best practices.

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CTP

JANUARY 16, 2024

As the new year begins, small business owners are likely focused on coming out of the gate strong, ready to tackle new revenue goals or even prepare for the 2024 tax season. Amid the hustle, the new reporting requirement from the Financial Crimes Enforcement Network (FinCEN) may come as a sudden surprise. The goal of the Beneficial Ownership Information Report is to foster more transparency, so the U.S. government can more easily trace financial sources.

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Advertisement

"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.

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