Mon.Feb 19, 2024

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Demystifying Government Contract Requirements: A Guide for New Businesses.

SMBAccountant

Understanding the basics of government contracts is essential when engaging in contractual agreements with government entities. When reviewing such contracts, key considerations include a thorough examination of the scope of work, payment terms, performance metrics, and compliance with regulations. Utilizing tools like Suppl-O contract briefs can significantly aid in the efficient review process by highlighting changes, facilitating quick reference, and ensuring transparency.

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How Work From Home Will Save More Small Business Owners on Taxes This Filing Season

CPA Practice

By Ali Donaldson, Inc. (TNS) This tax season, more entrepreneurs are looking to cash in on their work-from-home habit. Since the pandemic, many founders have embraced a hybrid schedule or decided to ditch their offices altogether. Now, after investing in at-home monitors, standing desks, and Zoom-background-worthy bookshelves, they are discovering there’s a tax break for that—and giving their accountants a call.

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Art of Accounting: Top growth areas for CPAs

Accounting Today

Many services can be marketed to new clients as well as to existing clients. Once you begin adding services to your clients, more develop.

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Small Businesses Optimistic for Growth in 2024

CPA Practice

Most small businesses are feeling optimistic about growth in 2024 and their ability to expand over the next 12 months. That’s according to a new report from OnDeck and Ocrolus that combines small business survey results with cash flow data from companies to provide deeper insights into the overall health and sentiment of small businesses across the United States.

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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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The Job Ghosting Is Getting Out of Hand

Going Concern

Remember when millennials were entering the workforce 15-20 years ago and the business rags were gassing up HR talking about how not loyal they all are? Millennials can breathe a sigh of relief at last because Gen Z is making their predecessors look like excellent employees by comparison. Fortune has written up an Indeed survey of 1,500 employers and 1,500 workers in the UK that found two-thirds of workers surveyed have “ghosted” a prospective employer in the last year.

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The Best States for Minority Entrepreneurs

CPA Practice

A new study from Lendio ranks the top 20 states for minority entrepreneurs. To produce the rankings, Lendio evaluated eight critical metrics including small business loan accessibility, entrepreneurship rates, job growth, and income equality. Click for larger images. The 20 best states for minority entrepreneurs. States with the highest percentage of minority-owned businesses.

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How to Report QCDs on Your Tax Return

CPA Practice

By Joy Taylor, Kiplinger Consumer News Service (TNS) If you made a qualified charitable distribution (QCD) from your IRA in 2023, reporting it on your 1040 or 1040-SR can be tricky. Individuals 70½ and older could transfer up to $100,000 in 2023 from a traditional IRA directly to charity. The cap for 2024 is $105,000 because the Secure Act 2.0 retirement law provides for annual inflation indexing of the $100,000 original cap, starting this year.

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Private equity 'revolution' brings risks to wealth and accounting

Accounting Today

Those fields are a bright spot in dealmaking amid a slump in other industries. Here's why non-bank loans that drive deals could bring problems in the future.

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ProAdvisor Awards Applications Close Tonight - Take Action Now

Insightful Accountant

The Formal Application Deadline for the 2024 Domestic ProAdvisor Awards process is at 12:59:59 Pacific Time Tonight. This your last opportunity time to complete your formal application before Midnight's deadline.

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Accounting Thought Leaders to Meet in Dallas

CPA Practice

More than a dozen of the accounting profession’s thought leaders will meet in Dallas this week for CPA Practice Advisor ‘s Thought Leaders Symposium. The group will discuss the key challenges and opportunities facing firms and professionals, and develop strategies for future firm success. This year’s annual event is sponsored by Sage, Avalara and Zoho, and will include interactive group and breakout sessions, as well as continuing discussions on technologies such as AI and automation that are sh

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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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LeaseQuery Rebrands as FinQuery

Insightful Accountant

LeaseQuery, with solutions to manage companies’ largest areas of spend, has announced its rebrand as FinQuery.

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The Tax Blotter – Feb. 2024

CPA Practice

The Tax Blotter is a round-up of recent tax issues and Tax Court rulings. Although audit rates have been historically low the last few years, the IRS is expected to begin targeting more individuals, especially high-income taxpayers. Start the clock. How long does the IRS have to audit your return? Generally, the “statute of limitations” for audits is the later of three years from the date your return is filed or the tax return due date.

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GASB 101: Compensated Absences Update

Cherry Bekaert

Contributor: Anthony Walsh The Governmental Accounting Standards Board (GASB) has issued Statement No. 101, Compensated Absences , to update the recognition, measurement and disclosure requirements for compensated absences in state and local governments. This new guidance supersedes GASB Statement No. 16, Accounting for Compensated Absences , which was issued in 1992, and aims to align the treatment of paid leave benefits for employees across different government entities.

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Professionals on the Move: Feb. 2024

CPA Practice

Professionals on the Move is a round-up of recent promotions and staffing announcements from around the accounting and tax profession. Schneider Downs Boosts Tax Team Schneider Downs & Co., a Top 60 independent Certified Public Accounting (CPA) firm has expanded the leadership team in its Tax Advisory practice through the addition of several new hires.

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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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Monday Morning Accounting News Brief: Watch That Utilization; PwC CEO Doesn’t Know His Own Salary | 2.19.24

Going Concern

It’s a bit quiet on the news front today, no doubt partially due to President’s Day. Everyone’s out buying mattresses. Fun President’s Day fact: although the third Monday in February is meant to recognize the birthdays of both first president George Washington and original hipster Abraham Lincoln, only Washington’s birthday — February 22 — is officially recognized in federal law ( 5 U.S.

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CEO Sam Allert breaks down Reckon’s 2023 full year results

Reckon

Article by Sam Allert, Reckon CEO. Reckon is proud to announce its full year results for 2023, with the company displaying robust growth across the board and a consistent commitment to key areas of development. The Business Group continues to generate strong cashflow through products like Reckon One and Reckon Payroll, alongside strong performances from the Legal Group – largely focused on the US and UK legal firm markets. “2023 was another strong year for us, delivering to our plan of maintaini

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Outsourced Accounting Services for Marketing Agencies

Summit CPA

Digital marketing agencies can refer to different kinds of businesses, including design-dev agencies, SEO-PPC agencies, as well as product-only. Usually founded by people with creative and technical expertise, these marketing businesses often grow out of a partnership, with one business owner leading the development efforts and the other in charge of sales.

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Protecting Family Assets and Future Generations with Proactive Estate Planning

Cherry Bekaert

Company Background A family-owned, closely held real estate LLC valued at $50-70 million sought out Cherry Bekaert for estate planning guidance to ensure the business remained in the family. Despite only one child being actively involved the business, located in Greenville, South Carolina, they wanted both children to maintain equal ownership for the sake of future generations.

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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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Developments in Transfer Pricing – UK and USA

Menzies

Menzies LLP - A leading chartered accountancy firm. What UK changes can we expect? In January 2024, HMRC released a summary of consultation responses on the proposed reform of transfer pricing rules (along with permanent establishment/PE and Diverted Profits Tax/DPT rules). The Government is aiming to produce draft simplified legislation for consultation during 2024 with the aim of improving tax certainty and achieving better alignment with Double Tax Treaties.

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The accountant's economic outlook for 2024

Accounting Today

ADP's chief economist, Nela Richardson, shares her thoughts on what's in store economically for the year ahead.

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Developments in Transfer Pricing – UK and USA

Menzies

Menzies LLP - A leading chartered accountancy firm. What UK changes can we expect? In January 2024, HMRC released a summary of consultation responses on the proposed reform of transfer pricing rules (along with permanent establishment/PE and Diverted Profits Tax/DPT rules). The Government is aiming to produce draft simplified legislation for consultation during 2024 with the aim of improving tax certainty and achieving better alignment with Double Tax Treaties.

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Onboard with Accounting For Good

Accounting for Good

Getting onboard with Accounting For Good improves your day to day processes and ensures high-performance support.

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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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Financial Services: Spring Budget 2024 Predictions & Wish List

Menzies

Menzies LLP - A leading chartered accountancy firm. Read our Spring Budget 2024 Predictions & Wish list for the Financial Services Sector below. Open finance Open banking came into force on 13 th January 2018. Designed to give consumers more control over their data, we have seen fintech companies utilise this to improve loans and help us manage our money better, but there was always an intention to take this further.

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HMRC’s powers to write off employees’ underpaid tax

Menzies

Menzies LLP - A leading chartered accountancy firm. Did you know under Extra Statutory Concession A19 (ESC A19) HMRC have the power to write off income tax and capital gains tax you owe in respect of historic periods where the underpayment is due to an HMRC error or administrative failure? How can someone underpay income tax? The most common example is where an employee underpays income tax because they have been given the wrong tax code.

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Important upcoming changes to export declaration processes – 30 March 2024

Menzies

Menzies LLP - A leading chartered accountancy firm. As part of the ongoing transition from CHIEF, all export declarations must be made through the Customs Declaration Service (CDS) from 30 March 2024, when CHIEF will be switched off for export declarations. All information in order to make the export must be entered to CDS, including: Details of the goods being exported Where the goods are being exported from The reason the goods are being exported The reason the goods are eligible for export Wh