Thu.Nov 23, 2023

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Here Are Some Things to Read If You’re Hiding Out From Your Family Today

Going Concern

Happy Thanksgiving! To our non-American readers, we’re on a lazy schedule this week so our content standards are even lower than usual. To our American readers, traffic patterns over the years consistently show that many of you come to the site on Thanksgiving and Christmas (fun fact: Christmas week is also when the newsletter gets some of the highest open rates of the year, yikes) which we’ve extrapolated means that you’re so miserable with your families you’d rather rea

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Add some "Style" to Your QBO Inventory with Item Variability

Insightful Accountant

As Intuit incorporates more of the QuickBooks Commerce inventory related functionality into various QuickBooks Online SKUs, they are adding some "Style" to QBO Advanced Inventory.

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Happy Thanksgiving From AccountingDepartment.com!

AccountingDepartment

This year we're especially thankful for our clients and our team - it is their collective energy, positivity, and dedication to success that has made this such a great year.

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Crypto traders vary little from general investing public

Accounting Today

A recent study from the National Bureau of Economic Research says there is no longer a typical crypto investor, as there are few characteristics that differ greatly from the general population.

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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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An Autumn Statement for the Hospitality and Leisure customer, not the business owner

Menzies

Menzies LLP - A leading chartered accountancy firm. Chris Maloney, Business Advisory Partner and Head of the Hospitality & Leisure team at Menzies LLP At a time when hospitality sector business insolvencies are rising at a rate of 66% year on year, there were high expectations for today’s Autumn Statement. However, while there were some positive signs, the overall impression that was much more could have been announced to support our sector and that it failed to address some key concerns.

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Jeremy Hunt Gives Accountants a Big To-Do List for Christmas

Accounting Insight

Don’t book your annual leave yet – Jeremy Hunt has just handed accountants quite a job to do before Christmas. The Autumn Statement on Wednesday delivered a huge number of changes that will influence the work of accountants and payroll teams. Much of it will be welcomed by businesses and workers, set to see more rates relief and a cut to National Insurance rates respectively.

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Autumn Statement: What’s the impact on the financial services sector?

Menzies

Menzies LLP - A leading chartered accountancy firm. Overview: Investment in changes to retail payments with own legislation to prevent fraud Simplification and digitalisation of ISAs Legislation of open banking Download our full Autumn Statement report 2023 How will the government commit to growing the retail payments sector? The government is also committed to growing the UK’s world-leading retail payments sector.

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Simplified sales accounting with Dext Commerce

Inform Accounting

Designed with bookkeepers, accountants, and businesses in mind, Dext Commerce's accounting automation software is a game-changer, providing the necessary data, insights, and tools for companies to thrive in the digital sales arena.

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Tax Planning for Partnerships: What Are the Requirements for Using Special Tax Allocations?

CTP

If you are working with business partnerships or entrepreneurs trying to decide on an entity type, be sure to introduce them to the tax benefits of establishing a partnership. As a pass-through entity, any income, losses, credits, and deductions from the partnership “pass through” to its partners who are taxed at personal income tax rates. This setup allows for the use of special tax allocations, which allow the partnership to distribute profits and losses to individual partners in the most adva

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Spread a little cheer this christmas with tax-free gifts for staff

Inform Accounting

'Tis the season for spreading cheer, and what better way for employers to do so than by gifting their hardworking staff with tax-free delights? In this blog, we unwrap the intricacies of the 'trivial benefit' exemption, and the all important staff christmas party. From the cost considerations to the types of gifts that qualify, we'll delve into the details that make this a win-win for both employers and employees.

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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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Making the Most of Business Partnerships: How to Qualify for Special Tax Allocations

CTP

One of the hidden benefits of setting up your business as a partnership is the ability to use special tax allocations. Because a partnership is a pass-through entity, income, losses, credits, and deductions “pass through” to the business owners who are taxed at personal income tax rates. Special tax allocations allow the partnership to distribute these profits and losses to the partners in the most advantageous way, regardless of the percentage of the business each person owns.

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Buying food and drink – when is it subsistence, entertainment or just not allowable?

Inform Accounting

Puzzling over whether that quick lunch or client dinner can be claimed on your tax return? If so, you´re not alone. This is something that a lot of business owners struggle with. Why? Because the rules around food and drink expenses are anything but straightforward.

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Mint App to End January 1, 2024

Insightful Accountant

Intuit will merge some Mint functionality into Credit Karma and focus on improving it as a personal financial tool using Intuit Assist.

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A tribute to Brian Dore

Wellers Accounting

Stuart Crook provides a tribute to our former managing partner, Brian Dore, who has sadly passed away.

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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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How to optimize supply chain costs through foreign-trade zone-to-zone rules

ThomsonReuters

Global supply chains are getting more difficult to manage by the day, making it all the more important for businesses to use every advantage they can get. That’s why businesses would be wise to explore strategies that help them defer costs incurred from customs duties, taxes, and other expenses, and minimize encounters with bureaucratic regulations. “As global supply chains become increasingly more complex, companies must find ways to optimize costs while still maintaining efficiency

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Autumn Statement 2023: How R&D Relief changes will impact you

Menzies

Menzies LLP - A leading chartered accountancy firm. In this week’s autumn statement, the government has a chance to provide much-needed clarity around R&D relief. Find out what changes have been made to R&D Tax incentives, and how they could impact your business. Download our full Autumn Statement report 2023 Single Scheme R&D regime The single scheme R&D regime is bad news for tech clients, particularly loss making companies, as it means a further reduction in R&D tax relief