Thu.Jun 22, 2023

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Happy fifth birthday, Wayfair, as your rules keep changing

TaxConnex

It’s been five years since the U.S. Supreme Court’s Wayfair decision gave tax jurisdictions the power to require out-of-state companies collect and remit sales tax. Those governments jumped on the chance of such revenue and continue to do so. Some facets related to economic nexus are changing in certain states – sometimes for the better for remote sellers, sometimes for the worse.

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People Shouldn’t Be in a Constant State of Stress and Exhaustion Due to Their Jobs, Deloitte Report Unironically Says

Going Concern

Yesterday, Deloitte released a new report in collaboration with independent research firm Workplace Intelligence that tackles the important issue of employee well-being. Like the employees, employee well-being isn’t doing so great. To arrive at these conclusions, they conducted a survey in March 2023 among 3,100 employees, managers and C-level executives across the U.S., U.K., Canada and Australia.

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Ex-NFL Linebacker Bill Romanowski Owes $15 Million in Unpaid Taxes, Court Filing Says

CPA Practice

By Jakob Rodgers, Bay Area News Group (TNS) Former NFL star Bill Romanowski and his wife dodged more than $15 million in overdue tax payments by siphoning money from their nutrition supplement company and using it to pay for plastic surgery, spa appointments and other personal living expenses, according to a civil complaint filed this week in federal court.

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How to Protect Sensitive Client Data When Your Pathetic Staff is Bringing Shady Ladies Home to Bang

Going Concern

This guy showed up when I searched for “dork” on the stock photo site, not the actual guy in the story. The description is “Peeping tom, Staring man, Creepy man image.” Good enough. H. Dennis Beaver, Esq. (great name btw), I don’t know who you are but I do know I’m glad you wrote this article for Kiplinger. Somewhere out there there’s a firm managing partner asking himself what he should do if he finds out a treasured but lonely manager is tangled up wit

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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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Withum’s Viva Minute – A Video Series Helping Organizations Leverage Microsoft 365’s Integrated Employee Experience Platform

Withum

Introducing the newest offering from our Digital and Technology Transformation Services Team – Withum’s Viva Minute! Microsoft’s Viva is an accessible, functional and integrated employee experience platform built within Microsoft 365 and Microsoft Teams that gives your organization support, connections, insights, education and more using your existing infrastructure.

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How Solid HR Practices Can Help Combat the Quiet Quit

CPA Practice

By Kiara Taylor. There’s a new workplace trend businesses are worried about: the quiet quit. While the term can mean different things, quiet quitting generally refers to a pattern of employee behavior in which they stop trying their best at work. Apathy, lack of participation, and doing the bare minimum just to get by are all signs of quiet quitting.

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H&R Block Partners with Microsoft for Tax Prep AI

CPA Practice

H&R Block announces it is partnering with Microsoft to leverage its Azure OpenAI services and leading generative AI technology to build faster and more consultative tax experiences, unleashing higher levels of innovation to inspire even more confidence in Block customers at tax time. “Every year, millions of Americans turn to H&R Block for the unique expertise, help, and financial confidence that only we provide,” said Alan Lowden, H&R Block Chief Information Officer.

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Business Valuation: Knowing Your Skagit County SMB’s Worth

SkagitCountyTaxServices

Although it’s a relatively new federal holiday, Juneteenth carries with it a weighty significance. In the official declaration via the Emancipation Proclamation, Abraham Lincoln wrote: “I do order and declare that all persons held as slaves within said designated States, and parts of States, are, and henceforward shall be free …” This holiday which we celebrated nationwide this week marks the crucial moment when our nation took a big step toward valuing ALL people as equal and free.

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Building Your Internal Advisory Team

CPA Practice

Many firms we work with these days are well on the way to building out their advisory and consulting service lines. They’re upskilling their team members to become advisors and consultants to clients. That’s excellent for client-facing roles, but what about your internal team members? Your admin and operations team? Are you building internal thinkers and strategists and helping them move up the continuum of value?

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Application Deadline Approaching for the New Hampshire Research and Development Tax Credit

Withum

Are you a New Hampshire business that incurred Research & Development (R&D) expenses during 2022? Did you know that the application deadline for the NH R&D Tax Credit is fast approaching? Read below for the highlights of the R&D Tax Credit program and application due date. Businesses that have “Qualified Manufacturing Research and Development” expenditures in New Hampshire are eligible to apply for the NH Research and Development (R&D) Tax Credit.

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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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How A Legacy Business Can 'Thryv' In The Digital Age

GrowthForceBlog

8 min read Whether you run a legacy company or are operating a startup, thriving in the Digital Age poses significant challenges to business owners who must keep pace with the technology that's advancing at unprecedented rates in order to stay relevant, in demand, and profitable. Key Takeaways The Digital Age: The Digital Age began in the mid-20th century, and we are still living in this period today.

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New Intuit Survey Highlights SMB Tech Investment Priorities

Insightful Accountant

A new Intuit QuickBooks survey highlights top investment areas that can help businesses combat economic volatility and catapult growth. Seventy-three percent are prioritizing tech over next twelve months.

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Proposed Forfeiture Regulations Affecting Your Tax-Qualified Retirement Plan

Withum

The IRS has recently proposed changes to the rules of forfeitures in both defined contribution plans and defined benefit plans and will be applied to plan years beginning on or after January 1, 2024. Forfeitures occur when an employee terminates prior to completing the plan’s service requirement for vesting. Any employer contributions that have been allocated to a participant’s account would then be forfeited back to the plan based on the vesting schedule in the plan document.

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Research Shows Professionals Cautious About Adopting AI

Insightful Accountant

While Generative AI has the capacity to disrupt and redefine the professional landscape, Thomson Reuters research shows risk perception to be a stumbling block in adoption of generative AI by professionals.

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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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Why You Must Get a Will and How To Get Started

Withum

You need a will. I posted a “letter” to a friend that did not have a current will and followed this up with a checklist on how to get started. This was exactly one year ago. I spoke to this friend and his wife a few days ago, and they still haven’t done anything. Both blogs are combined here with some editing, and I am reposting it with the hope that they will do something.

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Survey: Employees’ Well-Being is Getting Worse, Not Better

CPA Practice

By Christopher Zara, Fast Company (TNS) The Great Resignation may not yet be over. More people say stress at work is hurting their mental, physical, social, or financial well-being—so much so that they’re ready to quit their jobs, according to a survey released June 21 by consulting firm Deloitte and HR research and advisory firm Workplace Intelligence.

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EOFY is coming up. Know the lodgment dates for the financial year ahead

Reckon

Here we go again, it’s coming up to tax time. As you’re likely aware, each financial year runs between 1 July – 30 June. So, whether you’re a sole trader, SME, or a larger company, be sure to lodge all necessary documents on time. Easy reminders Firstly, there are two very useful ways to get organised and stay on top of compliance and lodgment due dates.

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What is Cloud Accounting and How Does it Simplify Outsourced Accounting?

Basis 365

In today's digital era, businesses increasingly use cloud-based solutions to streamline operations and improve efficiency. One area where this trend is particularly evident is in accounting. Cloud accounting has revolutionized how companies manage their financial processes, offering numerous benefits over traditional methods. One favorite aspect of cloud accounting is outsourced accounting, where businesses entrust their accounting tasks to external providers.

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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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Most Americans Uncomfortable with Emergency Savings

CPA Practice

The majority of Americans (57%) are uncomfortable with their level of emergency savings (including one-third who are very uncomfortable), according to a new Bankrate report. Additionally, fewer than half of Americans (48%) have enough emergency savings to cover at least three months’ worth of expenses, while more than 1 in 5 Americans (22%) have no emergency savings at all, marking the second lowest level in 13 years of polling.

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On-Demand Webinar: Important Congressional Update on Potential Tax Legislation For You and Your Business

Withum

Many taxpayers have been closely monitoring Congress to see if tax extenders could provide much-needed federal income tax relief regarding the 2021 and 2022 Tax Cuts and Jobs Act sunset provisions, including R&E capitalization and the tightening of the interest expense limitation rules. On Friday, June 9th, the House of Representatives introduced three bills in the House Ways and Means Committee that could alleviate burdens placed on privately owned businesses.

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The Cherished Advisor Report

CPA Practice

Amy Vetter, CPA and Founder of the B3 Method Institute has released “The Cherished Advisor Report,” sponsored by Botkeeper. This new report is a compilation of surveys conducted over the past five years, with thousands of accountants and CPAs participating in the Client Advisory Services Practice Roadmap: The Cherished Advisor Step-by-Step Program and hearing presentations by Amy Vetter.

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Insights from ShayCPA’s QBO ProAdvisor Certifications

Shay CPA

Super proud of our team for completing their QBO ProAdvisor and Advanced ProAdvisor Certifications this week. Here are some takeaways from our training that can help our finance leaders in the technology space. Deferred Revenue: Deferred Revenue is finally available in QuickBooks Online Advanced. Many SAAS companies, particularly those with Enterprise or upfront payment terms struggle to use spreadsheets to keep track of deferred revenue and this is a major area where we see multi-year adjustme

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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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5 Trends in Today’s Multigenerational Workforce

CPA Practice

Today’s workforce is made up of four distinct generations. Understanding what motivates each of them can help companies more effectively recruit, manage and retain strong teams. Examining the Multigenerational Workforce , a new report from talent solutions and business consulting firm Robert Half, reveals what to know about today’s multigenerational workforce.

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Canopy's 2023 Practice Management Report

Canopy Accounting

From tracking time to hiring staff, Canopy surveyed the top difficulties accounting firms are facing for 2023 and are sharing the results! Gaynor Meilke will join Canopy CEO, Davis Bell, as they discuss what the survey results mean for this year and beyond. Covering topics such as running a firm and growth to work/life balance (and more), this is a conversation you won't want to miss!

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But Who’s Counting? Season 2 Episode 7: Marketing with Authenticity and the Choice to Stay Small with Katie Schenck of Ballyhoo Workshop

Anders CPA

Flexibility has quickly become a buzzword in today’s post-pandemic society, and most companies can “talk the talk”, but do you “walk the walk”? Even before it was cool or mainstream, Ballyhoo Workshop empowered their small (but mighty) team with the flexibility needed to take care of business, both at home and at the office. Katie Schenck, founder and “Chief of Everything” at Ballyhoo Workshop joined host Dave Hartley on this week’s episode of But Who’s Counting to discuss the reasons she purpos

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CLA Kicks Off High School Summer Intern Program in Select Cities

CPA Practice

Top 10 accounting firm CLA (CliftonLarsonAllen) launched its first-ever high school internship program this week by welcoming 60 students to 15 of its offices across the country. This first-of-its-kind program is designed to not only provide the students with a glimpse into the world of accounting and professional services but guide CLA in ways to recruit the next generation of business leaders.

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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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Staying Competitive in the Age of AI

Insightful Accountant

Fyle's Rahul Radhakrishnan takes a deep dive into on how AI can enable businesses to find the right balance between modern technology and brainpower.

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CLA Kicks Off High School Summer Intern Program

CPA Practice

This week CLA (CliftonLarsonAllen LLP), the eighth largest accounting firm in the United States, launched its innovative and ground-breaking high school internship program by welcoming 60 students to 15 of its offices across the country. This first-of-its-kind program is designed to not only provide the students with a glimpse into the world of accounting and professional services but guide CLA in ways to recruit the next generation of business leaders.

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Elevating Today's Accounting Practice

Insightful Accountant

In this white paper from ADP, you can learn what it takes to stay ahead of the curve and position yourself as a trusted advisor to your clients.

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Vic.ai Launches Intelligent PO Matching, a Step Forward in Autonomous Finance

CPA Practice

Vic.ai , an AI autonomous finance platform, has launched Autonomous Purchase Order (PO) Matching, an advanced AI solution that manages POs on behalf of accounts payable (AP) teams. This release is the latest in Vic.ai’s end-to-end invoice processing solution, which uses AI to automate manually intensive AP tasks and elevate finance and accounting teams.

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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.