Going Concern
SEPTEMBER 14, 2023
This morning, Thomson Reuters released new research that reveals both corporate tax and global trade departments state they are under-resourced for technology and talent. This, naturally, is increasing risk in the form of penalties and audits. The latest research piggybacks a bit on what was revealed in their Future of Professions report released last month.
RogerRossmeisl
SEPTEMBER 14, 2023
As appearing in IRS IR-2023-169 To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Tax Credit (ERTC) processing amid surge of questionable claims Concerns from tax pros, aggressive marketing to ineligible applicants highlights unacceptable risk to businesses and the tax system Moratorium on processing of new claims through year’s end will allow IRS to add more safeguards to prevent future abuse, protect businesses from predatory tactics; IRS working with Justice
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TaxConnex
SEPTEMBER 14, 2023
Are subscriptions taxable? Depends on what they’re for and where they’re delivered. Over the past few years, subscription box services, for instance, have exploded in popularity as buyers have signed up for regular delivery of everything from food, makeup, music, books, pet supplies, flowers, clothes and more. This industry has ridden the wave of eCommerce to join long-established subscription markets for publications and memberships.
Withum
SEPTEMBER 14, 2023
The IRS continues to pound the table with its most recent press release on employee retention credit (ERC) claims. On September 14, 2023, the IRS announced a moratorium on processing new ERC claims until at least 2024. It wants to “protect against fraud but also to protect the businesses from facing penalties or interest payments stemming from bad claims pushed by promoters.
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.
Going Concern
SEPTEMBER 14, 2023
The IRS announced today that it has issued an immediate moratorium on processing new employee retention credit claims at least through the end of the year. The agency cited “rising concerns about a flood of improper Employee Retention Credit claims,” driven by “aggressive promoters,” as the reason for closing the door on ERC claims.
CPA Practice
SEPTEMBER 14, 2023
A rash of bogus employee retention credit (ERC) claims in recent months has prompted the IRS to put the program on hold through at least Dec. 31. IRS Commissioner Danny Werfel ordered the immediate moratorium today and said the agency “could no longer tolerate growing evidence of questionable claims pouring in.” “The IRS is increasingly alarmed about honest small business owners being scammed by unscrupulous actors,” he said in a press release.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
CPA Practice
SEPTEMBER 14, 2023
Bloomberg Tax & Accounting released its 2024 Projected U.S. Tax Rates, which indicates inflation adjusted amounts in the tax code will increase 5.4% from 2023. While this is a slight decrease from the 7.1% increase in 2023, it is nearly double the 2022 increase of 3%. The full report is available at: [link]. [See projected tax bracket tables below.
Accounting Today
SEPTEMBER 14, 2023
From Alabama dinosaurs to pickleball, accountants have studied some unusual things to fulfill their education requirement.
CPA Practice
SEPTEMBER 14, 2023
By Davis Bell. I love talking to people who work in different industries than the one in which I work – tech – because they see the world differently, which enables me to learn new things from them that I can apply to my work. One example of this from the accounting profession: Matthew May, one of the co-founders of Acuity, a national accounting firm, recently stated during a panel discussion at an accounting conference that his firm had learned a lot of the processes for lead generation and p
SchoolofBookkeeping
SEPTEMBER 14, 2023
New QuickBooks Bill Pay Service QuickBooks Payments , which is an Intuit QuickBooks Service for receiving credit card and bank payments is now poised to offer a bill payment service of their own. As such this means that the deeply integrated service powered by Melio or BILL will no longer be available. Here is an article with features and pricing for the QuickBooks Bill Pay Service Advantages of the QuickBooks Bill Pay Service There are several distinct Advantages that This service will offer ov
Advertiser: Paycor
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CPA Practice
SEPTEMBER 14, 2023
By Shalene Gupta, Fast Company (TNS) In the wake of lockdowns, employers have had to reimagine work. Yet few have hit upon a winning formula—and it shows. Ernst & Young (EY) released its Work Reimagined Survey, which draws upon data from 17,050 employees across 25 different industries and 20 countries. It found a growing gap between what employees want and what employers are offering.
Accounting Today
SEPTEMBER 14, 2023
Some worry the proposed regulations could make it more difficult for small and midsized businesses to obtain coverage in case of disaster.
AccountingDepartment
SEPTEMBER 14, 2023
As a small to medium-sized business owner, you know that cash flow is the lifeblood of your company. It's crucial to stay on top of your accounts receivable and make it as convenient as possible for your customers to make payments, without any added expenses for you.
Accounting Today
SEPTEMBER 14, 2023
Crypto investors, whether seasoned or new, need to understand the tax implications of their investments.
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.
KROST
SEPTEMBER 14, 2023
The Restaurants Care Resilience Fund added a special hardship grant to assist the restaurant community affected by the recent Hollywood strikes. The hardship grant provides $10,000 to independent restaurants, food trucks, or caterers located in Los Angeles County. Grants will be awarded to those who meet the criteria and with the focus of investing in the Read the full article.
Accounting Today
SEPTEMBER 14, 2023
The immediate moratorium will be in effect until the end of the year.
Withum
SEPTEMBER 14, 2023
In today’s fast-paced business landscape, companies must be agile, efficient and adaptable to remain competitive. Enterprise Resource Planning (ERP) systems are the backbone of modern businesses , streamlining operations, enhancing productivity and enabling data-driven decision-making. However, some organizations hesitate to embark on ERP migration projects due to budget constraints or concerns about economic downturns.
Accounting Today
SEPTEMBER 14, 2023
IRS data and changes to collection operations over the past four years show 10 clear effects.
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
Insightful Accountant
SEPTEMBER 14, 2023
Our Day 2 kick off of the 'Future Forward 2023 webinar series features CPA4IT's Andrew Wall, who will show you how to navigate technology and transformation in accounting practices. Sign up today inside.
Accounting Today
SEPTEMBER 14, 2023
Cyber sleuths from the IRS and Chainalysis spent seven years trying to unmask the shadowy figure who ran Bitcoin Fog, a dark web service that authorities say helped criminals launder cryptocurrency for a decade.
CPA Practice
SEPTEMBER 14, 2023
The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) detailing additional steps being taken to address aggressive and unscrupulous Employee Retention Credit (ERC) mills. The following statement is attributable to AICPA president and CEO, Barry Melancon, CPA, CGMA: “This latest initiative by the IRS takes a multi-pronged approach to taper ERC fraud by further scrutinizing ERC claims already received, pausing the processing of
Insightful Accountant
SEPTEMBER 14, 2023
Canopy's Practice Management bring all your mission-critical practice functions into one cloud-based software suite that integrated with QuickBooks Online.
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.
Withum
SEPTEMBER 14, 2023
This weekend, there were a lot of sporting events that caught my attention. Xavier Gipson’s punt return touchdown giving the Jets a win was the most exciting for me. That got me comparing it to some of the other events I watched, trying to compare them for degrees of excitement. The Sunday walk-off hit by Isiah Kiner-Falefa (IKF) gave the Yankees a 4–3 win in a game where the Yankees were no-hit for ten innings and then got the win in extra innings was exciting, but it did not compare to the exc
Insightful Accountant
SEPTEMBER 14, 2023
FloQast's Mike Whitmire you’re probably overlooking the most strategic tool in your arsenal— and how you can leverage it better.
CPA Practice
SEPTEMBER 14, 2023
Technologists Randy Johnston and Brian Tankersley, CPA, talk about how they keep up with the latest accounting, business, and advanced technology. Use the podcast player below to listen. Transcript (Note: There may be typos due to automated transcription errors. Also, due to the intro to the podcast, add 10 seconds to the time stamps below.) SPEAKERS Randy Johnston, Brian F.
Accounting Insight
SEPTEMBER 14, 2023
Finance departments regularly handle a significant amount of sensitive data. From customer invoices to employee bank details, it is imperative that this information is handled with care. Organisations don’t risk just their reputation if this data gets into the wrong hands, but regulatory fines too, with GDPR enforcers continually cracking down on how personal data is used.
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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.
Summit CPA
SEPTEMBER 14, 2023
As a hybrid firm , not only do we serve our clients remotely, but our team members are often distributed as well. We understand the accounting, bookkeeping, cash flow management, and tax nuances of running a distributed company. We pride ourselves on our ability to provide the highest quality Virtual CFO services while being hybrid, and we couldn't do any of it without our amazing team.
Accounting Insight
SEPTEMBER 14, 2023
ACCA commends FRC’s proposed changes as the accountancy body supports major overhaul of code in light of exponential change and disruption facing companies High quality corporate governance drives performance and accountability. The changes proposed in the Financial Reporting Council’s (FRC) Corporate Governance Code Consultation , will support companies in facing today’s challenges and doing so in a way that is transparent to all of their stakeholders, according to the ACCA (the Association of
Accounting Today
SEPTEMBER 14, 2023
Band of brothers; heavy Metal; gone underground; and other highlights of recent tax cases.
CPA Practice
SEPTEMBER 14, 2023
Marking its 10th anniversary, the 2023 Georgia Accounting Food Fight has concluded with resounding success, further cementing its commitment to ending hunger across the state. This annual fundraising campaign, a collaborative effort between Feeding Georgia and the Georgia Society of Certified Public Accountants (CPAs), raised an impressive $347,537.38 – the equivalent of nearly 1.4 million meals.
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"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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