Thu.Jan 18, 2024

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Effective Marketing in Minutes: Essential Tips for the Time-Strapped CPA

CPA Practice

In today’s fast-paced world, you are constantly juggling between client needs, regulatory demands, and staying abreast of ever-changing tax laws. Amidst this, finding time for marketing can be a challenge. However, effective marketing doesn’t always require hours of effort. 10 Quick Tips Here are 10 quick tips to market your services efficiently, even when time is a luxury you don’t have.

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Hot Topics: Economic Nexus Thresholds and Reporting Requirements | TaxConnex

TaxConnex

What’s the latest brewing today in sales tax? A lot, spanning many hot topics – and if you can believe it, not all the news is bad. Take economic nexus thresholds. It’s pushing six years since the U.S. Supreme Court’s Wayfair decision largely opened sesame for states to begin economic enforcing nexus thresholds. Physical nexus standards – such as having offices, staff or inventory in a state – had long mandated that retailers had to collect and remit a state’s sales tax.

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Accountants more confident about economy, at least in North America

Accounting Today

Economic confidence among accountants in North America rebounded dramatically in the fourth quarter of 2023, but that boost in confidence didn't happen in most other parts of the world.

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Quantum Computing Could Spark Cybersecurity Armageddon, Says IBM

CPA Practice

By Isabella Ward and Brad Stone. Bloomberg News (via TNS) Governments and businesses are not prepared for the havoc quantum computers will sow in cybersecurity by the end of the decade, according to an International Business Machines Corp. executive. “Is quantum going to really create a cybersecurity Armageddon?” Ana Paula Assis, IBM’s general manager of Europe, Middle East and Africa, said on a panel at the World Economic Forum in Davos on Wednesday.

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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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Here’s What’s on the Big 4 Agenda at Davos This Year

Going Concern

In case your invitation got lost in the mail, we want to make sure you’re aware the 54th Annual Meeting of The World Economic Forum at Davos is underway as of Monday and set to wrap up tomorrow, the 19th of January. Considered the hottest event of the year for conspiracy theorists’ favorite shape-shifting lizards, it’s an opportunity for the people who shape the world to get together and figure out ways to f**k over the plebs talk shop.

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IRS System Upgrades Delay E-Filing for Some Tax-Exempt Organizations

CPA Practice

A small group of tax-exempt organizations will have to wait a little longer to electronically file two tax forms to the IRS while the agency performs system upgrades. The IRS said on Thursday that tax-exempt groups won’t be able to e-file Form 990-T , Exempt Organization Business Income Tax Return , or Form 1120-POL , U.S. Income Tax Return for Certain Political Organizations , until March 17, 2024.

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Updated Guidance on R&D Expenditures: Notice 2024-12 and Rev. Proc. 2024-9

Cherry Bekaert

On December 22, 2023, the Department of the Treasury and the Internal Revenue Service (IRS) released Notice 2024-12 and Rev. Proc. 2024-9 providing taxpayers with timely information concerning accounting method changes and the treatment of specified research and experimental (SRE) expenditures under Section 174 and Section 460. Notice 2024-12 clarifies the scope of contract research costs subject to Section 174 and some of the language initially included in Notice 2023-63.

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Tax Fraud Blotter: Painful lessons

Accounting Today

Shocking behavior; mother's day; Ferrari mad; and other highlights of recent tax cases.

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5 Customer Loyalty Strategies for Skagit County Small Businesses

SkagitCountyTaxServices

“Save more” is a new year goal a lot of people put on their list, but it’s proven to be a difficult one to reach the last few years. In your Skagit County business, it’s likely some of your employees fall in this category — especially for those in lower income brackets. Thanks to the Secure Act 2.0, there are ways you can help support your employees in building an emergency savings of their own.

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The future of accounting: Elevating soft skills in the age of AI

Accounting Today

The accounting profession is undergoing significant changes due to the rise of artificial intelligence and automation.

Account 109
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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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Rolling Forecasts To Help Business Owners Stay In The Know

AccountingDepartment

It has been said that human capital is an organization's most valuable asset in today's climate. However, managing your financial assets is the ultimate responsibility of the company leadership. Without sound financial planning and asset management, a business can't thrive. And, ultimately, your human assets will suffer. Forecasting is an essential part of the equation.

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Some tax-exempt groups won't be able to e-file until March

Accounting Today

A limited number of tax-exempt organizations won't be able to electronically file their income tax returns until the middle of March due to technology upgrades.

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Citrin Cooperman Adds NYC Business Software Consulting Firm

CPA Practice

Top 25 accounting firm Citrin Cooperman has acquired Mibar, a business software consulting firm based in New York City. Financial terms of the deal weren’t disclosed. Mibar joins New York City-based Citrin Cooperman with 30 employees and more than $12 million in revenue. The acquisition of Mibar broadens Citrin Cooperman’s advisory service offerings and enhances its position in the market, the firm said.

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What they'll owe: Income tax brackets for 2024

Accounting Today

The IRS reviews all income tax brackets annually, making adjustments as necessary to balance for inflation.

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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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Third Group of 2023 Stock Market Performance and Inflation Charts

Withum

Following are my third group of 2023 market performance and related charts. These six bring my total charts to 16. Next week, I’ll present my views about them, what happened in 2023, and what it could mean to the average or typical investor. I believe these charts are tremendous resources and suggest you print them out for future reference. 10 other charts were shown in my blogs on January 2 and January 11.

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New Tech and Innovation at CES 2024

CPA Practice

This year marks the 100 th Anniversary of the Consumer Technology Association, the host of the International Consumer Electronics Show (CES) since 1969, which has bounced back from the COVID hiatus with over 135,000 attendees during its annual meeting in Las Vegas in early January. [ See Roman’s companion article on “Crazy Tech” from CES 2024.] While the primary focus in attending and perusing the show floors is to identify techs and trends targeted towards the accounting profession, we also com

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Guide to accountant responsibilities

ThomsonReuters

Jump to: What are the roles and responsibilities for accountants? Accountant vs. CPA vs. tax preparer: What are the differences? GAAP and AICPA What issues should accountants be aware of in the profession? How can accountants be more efficient? Accountant responsibilities extend far beyond number crunching. Accounting professionals are the financial backbone of a company and, in today’s complex environment, they are increasingly providing clients with strategic and forward-looking guid

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Bitcoin ETFs Bring in Nearly $2 Billion From Investors in First Days of Trading

CPA Practice

Via Fast Company (TNS) (Reuters) — A new batch of U.S. bitcoin exchange-traded funds (ETFs) has attracted strong investor interest, though it is unclear if they will be able to maintain the pace of inflows in coming weeks. Investors have poured $1.9 billion into nine new exchange-traded funds tracking the spot price of bitcoin in their first three days of trading, data from issuers and analysts showed, with fund giants BlackRock and Fidelity pulling in the lion’s share of the flows.

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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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Timing is Everything: Elevate Your Retail Business with Smart Year-End Planning Strategies for Optimal Profits

Menzies

Menzies LLP - A leading chartered accountancy firm. In this article, we unlock some secrets to strategic financial planning for your retail business. We explain why choosing the right year end is more than a calendar decision; it’s a strategic move that can significantly impact your bottom line. Read on to discover the strategic advantages of aligning the year end with peak profit periods to gain a cash flow advantage and to enable informed decision-making.

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Six Cloud Computing Trends to Watch

Accounting Insight

Cloud computing has transformed the way businesses operate, from storage and networking to applications and services. As fresh innovations are constantly emerging, finance and accounting professionals must embrace cloud computing to remain competitive. Gartner predicts that spending on cloud computing services will reach £489.32 billion in 2023. What is cloud computing?

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Andersen merges in Reibman

Accounting Today

The fast-growing international network formed by former partners from Arthur Andersen has expanded to San Diego.

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How to Issue 1099s and W-2s from Gusto Payroll (for 2023)

Nancy McClelland, LLC

It seems that for 2023, Gusto has slightly changed the details for how they handle distribution of 1099 and W-2 forms — and so that no one ends up without a copy of their important documents, I am sharing the step-by-step process that we went through for our own firm, in hopes that it helps you manage it in your own small business. First off, as the company/ employer, I received an email from Gusto (though it incorrectly stated that these are client tasks, rather than firm tasks) stating t

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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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From Starbucks to cash cards, small perks can boost 401(k) enrollment

Accounting Today

Retirement plan sponsors and advisers receive guidance from the IRS on how to legally incentivize plan participation.

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On-Demand Webinar: Cybersecurity Risks and Opportunities for Real Estate

Withum

When it comes to cyberattacks, the general consensus is no longer about whether they will occur, but rather when a business will fall victim to one. Cybersecurity should be a top priority for any real estate organization or property manager because of the widespread use of online rent payments, wire transfers, and ACH transactions on virtual private networks (VPNs).

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Lawsuits Over Workplace Prayer Breaks and Religious PTO Issues May Increase

CPA Practice

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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How to Investigate a Cash Business

FraudFiles

Closely-held businesses often create problems in divorces, as they need to be valued for the property division and the income needs to be evaluated for support purposes. It can be difficult to examine the income of a business that transacts with its customers primarily in cash. However, there are ways to verify whether the income [.

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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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New Markets Tax Credits and Innovate Fund Award

Cherry Bekaert

The New Markets Tax Credit (NMTC) program has been issuing tax credits for more than two decades as a driving force for investors to aid low-income communities across the United States. In September 2023, Cherry Bekaert’s The Innovate Fund , a Community Development Entity (CDE), received a $50 million allocation in NMTC. With this money, The Innovate Fund will continue to support and enhance community development projects in North Carolina, South Carolina, Tennessee and Georgia low-income commu

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Recap and Takeaways from the SoDA Event in Mexico City

Summit CPA

Virtual CPA Success Show Podcast Episode 108 As partners of SoDA (Society of Digital Agencies), Summit directors Jody, Jamie, and Christy recap a recent event in Mexico City and share their experiences and key takeaways—both for Summit and their digital agency clients. They highlight the importance of networking and learning from others' experiences in the digital agency industry.

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Relief for post-cessation expenses

Inform Accounting

The end of a business will not necessarily mean that no further expenses are incurred. Where expenses are incurred after the business has ceased, tax relief may be available.

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Fishing fee case may lead Supreme Court to limit US agency powers

Accounting Today

The justices heard two appeals that could constrain environmental, consumer-protection and financial regulators.

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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.