CPA Practice

AUGUST 29, 2023

By Shane Westra. Artificial Intelligence, or AI as it is regularly referred to…is undoubtedly the business buzzword of the year. This is for good reason because this technology continues to make many common business functions far more efficient than ever before, including new solutions that can help accounting firms advance their productivity and unlock more freedom for firm owners and employees.

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Accounting Today

AUGUST 29, 2023

Accounting firms are less important than the partner leading the team in terms of the impact on the business's effective tax rate and the probability it will face an audit.

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Going Concern

AUGUST 29, 2023

So a guy named Brian Kelleher who works for the hilariously named FML CPAs has written an opinion piece for the Hartford Courant entitled “Opinion: Accounting is a fantastic career — despite common misconceptions.” Let me preface everything that is about to be said here with this: Accounting is a fantastic career and I sincerely believe that or I wouldn’t have spent the last 15 years painstakingly and often obnoxiously pointing out things that are wrong with it.

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CPA Practice

AUGUST 29, 2023

By Ken Berry, J.D. If you’re planning to take a trip out of the country, make sure that your tax obligations have been paid up. Otherwise, as shown in a new case, Belton, TC Memo 2023-13, 1/24/23 , the IRS might try to revoke your passport. Background : Under a little-noticed spending measure enacted in 2015, the Fixing America’s Surface Transportation (FAST) Act, the IRS can deny, revoke or limit a passport if you have a seriously delinquent tax debt exceeding $50,000, barring a special excepti

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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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AccountingDepartment

AUGUST 29, 2023

For any business to thrive, it is essential to have accurate and up-to-date information about its operations. Real-time data plays a crucial role in a business's success regardless of its industry or size. However, businesses that use outdated technology and traditional data management techniques, such as manually inputting data into spreadsheets or relying on quarterly reports, miss out on valuable insights regarding their business operations.

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TaxConnex

AUGUST 29, 2023

Online selling of products and services has always been in the vanguard of sales tax obligations. The situation has only gotten more complicated in the five years since the Supreme Court unleashed economic nexus with the Wayfair decision. Since, every state with a statewide sales tax (and countless localities, especially in places like California and Alaska ) has enacted economic nexus laws, meaning e-commerce vendors of products and, increasingly, services must collect and remit sales tax and f

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Going Concern

AUGUST 30, 2023

Another state has pushed to allow prospective CPAs to sit for the exam with just a bachelor’s degree worth of units and that’s good ol’ Texas. Effective September 1, future CPAs can sit for the exam with 120 units of education. Before anyone gets too excited, note candidates still need 150 units for licensure. Rules state the 120 units to sit must consist of no fewer than 24 semester hours of accounting, 21 of which must be upper-level accounting courses including two semester

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CPA Practice

AUGUST 28, 2023

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) Recently, there’s been concern over planned changes to rules governing catch-up contributions for 401(k) plans. The changes, which initially weren’t going to be effective until 2024, will require catch-up contributions for higher-income earners to be made on a Roth basis. (Making catch-up contributions on an after-tax Roth basis means paying taxes on your retirement savings during the years when you usually earn more.

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Accounting Today

AUGUST 28, 2023

Dozens of firms have signed onto an initiative to stop underselling the worth of accountants and collect payments on time from clients.

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BurklandAssociates

AUGUST 29, 2023

Tracking your monthly burn rate helps ensure you don’t run out of cash runway while investing in your startup’s growth. The post How to Calculate Burn Rate at Your Startup appeared first on Burkland.

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Advertiser: Paycor

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TaxConnex

AUGUST 31, 2023

Online selling of products and services triggers sales tax obligations today like never before – and has ever since the Supreme Court’s 2018 Wayfair decision unleashed economic nexus on e-commerce merchants nationwide. Since, every state with a statewide sales tax (and countless localities, especially in places like California and Alaska ) has enacted economic nexus laws, meaning e-commerce vendors of products and, increasingly, services must collect and remit sales tax and file sales tax return

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Airbase

AUGUST 30, 2023

SuiteWorld has massive potential for new connections, growth, and learning. But, it’s also just HUGE. With some research, you don’t have to waste time trying to figure it all out once you arrive. A conference pass isn’t cheap, so you don’t want a lack of planning to keep you from getting the best experience possible. In a digital age, you can’t beat these opportunities to physically connect with relevant vendors and other professionals in your field.

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Accounting Today

AUGUST 30, 2023

The Internal Revenue Service is telling companies they will need to start electronically filing their forms reporting cash payments over $10,000, starting Jan. 1, 2024.

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MyIRSRelief

SEPTEMBER 1, 2023

Life has a way of throwing us unexpected challenges, and for many individuals and businesses, tax problems are among the most daunting. The mere mention of “Tax Audits,” “Unpaid Back Taxes,” “Unfiled Tax Returns,” “941 Payroll Problems,” “Tax Levies,” and “Tax Liens” can send shivers down your spine.

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Tax tax return payroll audit 100

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.

CPA Practice

SEPTEMBER 1, 2023

The Internal Revenue Service today announced tax relief for individuals and businesses affected by Idalia in parts of Florida. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA).

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Insightful Accountant

AUGUST 31, 2023

Murph wants to help you keep abreast of things happening around you—from news to vendor releases, conference tips and IRS updates. If he thinks you need to know, he's telling you.

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Accounting Today

AUGUST 30, 2023

The Internal Revenue Service issued guidance Wednesday on how taxpayers should report the special tax payments, refunds and rebates they received from states in recent years as a form of relief during the pandemic.

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Going Concern

AUGUST 31, 2023

Journal of Accountancy has written about the results of the Business and Industry Economic Outlook Survey from AICPA & CIMA , a quarterly effort that takes the temperature of CPA decision-makers — mostly CFOs, CEOs, and controllers — to find out what they think about business and economic challenges inside and out of their organization. The headline: Inflation no longer the top challenge for CPA decision-makers, survey shows Whew, finally. 45 percent of respondents are optimistic about their

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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

Technology

CPA Practice

SEPTEMBER 1, 2023

The IRS has provided guidance on the federal tax status of refunds of state or local taxes and certain other payments made by state or local governments to individuals. The IRS previously provided guidance on state payments made in 2022: IRS issues guidance on state tax payments to help taxpayers. The guidance is being issued as part of the IRS’s efforts to provide additional certainty to states and their residents regarding the federal income tax consequences of state payments made to taxpayers

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income tax Tax tax return Government 118

Anders CPA

AUGUST 31, 2023

Anders is ranked first in the medium-sized employer category for the 2023 Healthiest Employers of St. Louis by Healthiest Employers in partnership with Springbuck. Healthiest Employers is a trusted awards program that recognizes people-first organizations taking a more proactive approach to employee health. This is the first year Anders has been included on the list.

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Accounting Today

AUGUST 30, 2023

The International Federation of Accountants issued a call to action to the G20 finance leaders urging them to focus more on sustainability as a way to achieve the United Nations' Sustainable Development Goals.

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Going Concern

AUGUST 31, 2023

Are you struggling to hire remote accountants, auditors, or tax professionals right for your firm or internal team? Accountingfly is ready to partner with you! Gain full access to a pool of highly skilled and experienced remote accountants ready to join your team with Always-On Recruiting. We are sharing a sneak peek of a few top candidates available this week with Accountingfly.

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CPA Practice

SEPTEMBER 1, 2023

By Jane Willis. There is no time like the present for accounting firms that want to start providing client advisory services (CAS) offerings to clients: data from Association of International Certified Professional Accountants (AICPA) and CPA.com’s 2022 CAS Benchmarking Survey shows that interest in CAS remains high, with a continued double-digit growth trend since the survey began in 2018.

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Ryan Lazanis

SEPTEMBER 1, 2023

If you want to see the best cloud accounting software apps all in one place, then you’ll LOVE this ultimate list. In it, I’ll be sharing 147 of the best cloud accounting software apps on the market. Each item in the list will contain a brief description and will focus on how you can level up your accounting automation. While the list of accounting software is in no particular order, it has been grouped according to categories based on their accounting features so you can find the best accounting

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Accounting Today

AUGUST 30, 2023

Whitman Transition Advisors, an advisory organization for accounting firms, made a strategic investment of an undisclosed amount in Tax Titans, a veteran-owned company that operates an online marketplace connecting small businesses and qualified tax professionals.

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Going Concern

SEPTEMBER 1, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. P.S. We’re off for Labor Day, hope you are too. The Monday Morning News Brief will be published Tuesday.

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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.

CPA Practice

AUGUST 29, 2023

The Treasury Department and the IRS issued detailed—but more flexible—regulations on Tuesday regarding the new prevailing wage and registered apprenticeship requirements, which are linked to companies claiming clean energy tax credits under the Inflation Reduction Act. In addition, the IRS released frequently asked questions and Publication 5855 , which is an overview of the prevailing wage and apprenticeship requirements and the applicable credits.

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Withum

SEPTEMBER 1, 2023

On August 30, 2023, the IRS announced relief from certain tax filing and payment deadlines for individuals and businesses in parts of Florida that were affected by Hurricane Idalia. The relief, provided in IR-2023-159 and FL-2023-06 , extends to any county designated as a major disaster area by FEMA, and to counties added in the future. 46 of Florida’s 67 counties were mentioned in the News Release, but others have been added since then.

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Accounting Today

AUGUST 30, 2023

The Financial Accounting Standards Board voted to require companies to tell the public more about the taxes they pay, starting as early as 2025.

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Ryan Lazanis

AUGUST 30, 2023

Many small accounting firm owners often obsess over automation to operate their business. In this episode, I discussed the key to reducing workload and enhancing firm success. Listen Below. 0:51 – While I was running my own accounting firm, I experienced the allure of technology and automation, and the tempting notion that the right tech solutions could solve all our issues. 1:21 – Numerous firm owners excessively focus on identifying the perfect tech stack, thinking it’s the k

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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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