Wed.Jan 10, 2024

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The Power of Collaborating with Client Accounting Services for Business Growth

AccountingDepartment

Business growth is a key objective of any entrepreneur, but it is not always easy to achieve. There are many components, including having the appropriate financial infrastructure in place. This is where outsourced client accounting services come in.

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Why Are Most High-Growth Startups C-Corps?

BurklandAssociates

In the realm of high-growth, venture-funded startups, the C-Corp reigns supreme. This article explains five reasons why. The post Why Are Most High-Growth Startups C-Corps? appeared first on Burkland.

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IRS move narrowing access to tax data sparks lender outrage

Accounting Today

The agency plans to restrict access to a system that provides borrower tax returns to mortgage lenders beginning June 30. Left out of the loop, small-business lenders say getting credit to borrowers will become more difficult as a result.

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Stat of the Day: 42% of Firms Are Turning Down Work Because There’s No One to Do It

Going Concern

That’s according to preliminary results from the CPA Trendlines Outlook 2024 Emerging Issues, Opportunities and Trends survey which you can take here. While this may seem like a scary statistic on its face, perhaps it’s a good thing. CPA Trendlines says it’s a “big ouch” for firms putting in work (and marketing costs) into bringing clients in only to have to turn them away.

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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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Global firms face radical tax changes if minimum levy bites

Accounting Today

The global 15% minimum tax will deliver a significant boost to government revenues and reshape the landscape for multinationals that shift profits around the world.

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BDO USA Adds 60 New Principals for 2024

CPA Practice

Lost in the holiday hubbub was an announcement from BDO USA that it had promoted 60 professionals to principal, the first such milestone since the top six accounting firm ditched the traditional accounting firm partnership model to become a professional services corporation last July. “Congratulations to each of the new principals on this significant milestone,” BDO USA CEO Wayne Berson said in a statement.

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New Year, New Outlook: 4 Ways to Grow Your Firm

Insightful Accountant

After a break with too many desserts and not enough gifts, it's time to get back to work. Instead of focusing on losing weight or setting a budget, let's concentrate on helping teams and clients prosper. Take action with these four growth strategies.

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Green tax promoter gets 25 years in $1.4B fraud case

Accounting Today

Jack Fisher, 71, pioneered an industry that gave inflated tax deductions to syndicates of investors who promised not to develop land.

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IRS Continues to Issue Guidance for Implementing Clean Energy Tax Credits

Cherry Bekaert

The Internal Revenue Service (IRS) issued proposed regulations for two Inflation Reduction Act (IRA) provisions at the end of 2023. Additionally, the IRS opened access to the pre-filing registration tool for taxpayers and tax-exempt entities looking to monetize IRA and Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act related eligible tax credits.

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“Old School” Methods to Reach Innovative Achievements in Business

Summit CPA

As a business owner looking to scale your company, it's easy to assume that today's technological advances will ensure your enterprise's longevity. With the volume of new, ever-evolving software regularly thrust in our faces, it's hard not to be tempted to try the latest applications that promise results. However, you don't have to turn to the newest digital platform to take your company to the next level.

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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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10 Outsourcing Predictions for 2024

GrowthForceBlog

6 min read Nearly 60% of businesses look to outsourcing as a strategy for lowering costs. Outsourcing is also a solution for accessing industry or departmental expertise while also mitigating staffing and employee retention problems.

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AICPA & CIMA to recognize accounting educators

Accounting Today

The AICPA & CIMA have begun accepting nominations for their EDGE in Teaching Awards and Distinguished Achievement in Accounting Education Awards.

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Email Inbox Management for Skagit County Business Owners

SkagitCountyTaxServices

Now that we’re a week into the new year, all of last year’s broken things in your Skagit County biz have likely smacked you in the face a few times. Sadly, they didn’t magically get fixed while you were cleaning up wrapping paper and sneaking another sugar cookie. But it’s a new year, so why not make plans now to fix a few of those pain points? I’ve seen some pretty good — and really bad — new year’s resolutions from business owners over the years.

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Liberty Tax to pay $750K over 'cash in a flash' promises

Accounting Today

The Washington, D.C., Attorney General's office accused the tax prep chain of illegally overcharged thousands of residents and misleading consumers.

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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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Long IRS Delays in Assisting Identity Theft Victims Are ‘Unconscionable,’ National Taxpayer Advocate Says

CPA Practice

At the end of fiscal year 2023, nearly half a million taxpayers with cases pending in the IRS’s Identity Theft Victims Assistance (IDTVA) unit were waiting an average of almost 19 months for the agency to process their tax returns and send them their refunds, according to National Taxpayer Advocate Erin Collins. Erin Collins “I’ll restate that for emphasis: Victims of identity theft have to wait more than a year and a half for the IRS to resolve their cases and receive the monies they are owed,”

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Cybersecurity for CPAs: Don't stop adapting

Accounting Today

In this month's cybersecurity for CPAs, we look at a small firm whose cybersecurity was not keeping up with the times.

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FASB Adds Members to Not-for-Profit Committee

CPA Practice

The Financial Accounting Standards Board ( FASB ) has announced the appointment of six new members to its Not-for-Profit Advisory Committee ( NAC ), effective January 1, 2024. The NAC serves as a standing resource for the FASB. Its role is to obtain input from the not-for-profit sector on existing financial reporting guidance, current and proposed technical agenda projects, and longer term or pervasive financial reporting matters affecting those organizations.

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Illinois CPA Society hosts 41 internship prep scholars

Accounting Today

The Illinois CPA Society and its affiliated CPA Endowment Fund of Illinois recognized the 12th and largest group of young people to date to complete its Mary T. Washington Wylie Internship Preparation Program.

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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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Las Vegas Restaurateur Bamboozled His Accountant Into Filing Phony Tax Returns

Going Concern

Today in clients behaving badly, the DoJ announced Friday that Las Vegas restaurateur Raul Gil, who owns and operates three Casa Don Juan restaurants in the city, is headed to prison for 37 months for evading his federal income taxes. According to court documents and statements made in court, Gil instructed his manager and internal bookkeeper to create false sales numbers for his restaurants that underreported cash sales by approximately $5.1 million.

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The best accounting software for small biz, and other tech stories you may have missed

Accounting Today

Plus, more 'best of' lists, talking to ChatGPT, and other things that happened in technology this past month.

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Farmasi Income Statement Disclosures

FraudFiles

Farmasi was founded in 1950 and currently sells internationally. The company focuses on skin care and makeup products, but also has hair care, nutrition, and home care products. Farmasi Income Statement Disclosure 2020 Farmasi Income Statement Disclosure 2021 Farmasi Income Statement Disclosure 2022 If you have any income disclosure statements to add to the above, [.

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Hochul rejects New York tax hikes, touts NYC housing breaks

Accounting Today

Governor Kathy Hochul called for a new tax break to promote affordable housing and increase support for fighting crime in New York City.

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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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Your Words Matter

Ryan Lazanis

How others perceive you and your firm can be impacted by your choice of words. Discover which words you should and shouldn't use. The post Your Words Matter appeared first on Future Firm.

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PKF O’Connor Davies Picks Up Robert Philipson & Co.

CPA Practice

Top 30 accounting firm PKF O’Connor Davies has acquired Silver Springs, MD-based Robert Philipson & Co., an accounting, tax, and management advisory firm that specializes in serving private clients through sophisticated tax services. Financial terms of the deal, which became official on Jan. 1., weren’t disclosed. Managing Partner Richard Philipson, partners Samuel Philipson and Diane Porter, and the firm’s employees joined the staff of PKF O’Connor Davies last week and remain in their curre

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Crypto 101 for Accountants and Bookkeepers | Webinar Archive

Insightful Accountant

Cryptocurrency is continually evolving, that's why you need an expert who can not only understand the landscape but anticipate where it’s heading. Check out the archive of January 2023's Crypto 101 for Accountants and Bookkeepers webinar to find out!

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SEC OKs Bitcoin-Spot ETFs in Milestone for Digital Assets

CPA Practice

By Vildana Hajric and Katie Greifeld, Bloomberg News (TNS) U.S. regulators for the first time approved exchange-traded funds that invest directly in Bitcoin, a move heralded as a landmark event for the roughly $1.7 trillion digital-asset sector that will broaden access to the largest cryptocurrency on Wall Street and beyond. The Securities and Exchange Commission, whose three-part mandate includes investor protection, authorized 11 funds to begin trading Thursday.

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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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Multicurrency In QuickBooks Desktop | Webinar Archives

Insightful Accountant

Esther is the "go to" person for Multicurrency in QuickBooks and has "written the book", literally, on Multicurrency in QuickBooks Desktop. Check out the archive of January 2023's Multicurrency In QuickBooks Desktop webinar to find out more!

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All about SECURE Act 2.0 Tax Credits for Small Businesses

Shay CPA

Paid non-client of Betterment. Views may not be representative, see more reviews at G2. Learn more about Shay CPA’s relationship with Betterment. Betterment is not a tax advisor, nor should any information herein be considered tax advice. Please consult a qualified tax professional. As a CPA for tech firms, you know that small businesses are the backbone of the economy.

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QB Talks January - QuickBooks Enterprise 23.0 | Webinar Archives

Insightful Accountant

Insightful Accountant loves delivering informative and educational content to help professionals stay up-to-date with the latest advancements in QuickBooks. Check out the archive of January 2023's QB Talks: QuickBooks Enterprise to find out more!

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LeaseCrunch Announces Significant Investment by Aquiline Capital Partners

CPA Practice

LeaseCrunch LLC , a lease accounting and lease management software provider, has announced a major growth investment from Aquiline Capital Partners LP, a private investment specialist with $10 billion in assets under management that invests across financial services and related technologies. LeaseCrunch optimizes lease accounting processes for CPA firms by automating calculations and the required deliverables.

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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.