MyIRSRelief

JULY 3, 2023

ERC IRS Audit Representation: Your Comprehensive FAQ Guide The Employee Retention Credit (ERC) has been a lifeline for many businesses during challenging times, providing substantial relief. However, with the IRS actively scrutinizing ERC claims, it’s crucial for businesses to understand their rights and options when facing an audit. In this FAQ article, we dive into the intricacies of ERC IRS audit representation , answering common questions and shedding light on the audit process, rights

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CPA Practice

JULY 3, 2023

By Kiplinger Consumer News Service (via TNS). The IRS has made significant progress processing its backlog of most tax returns and has cut telephone hold times, according to the Taxpayer Advocate Service (TAS). But other IRS services are still lacking. A review of the 2023 filing season identified the shortfalls. “The taxpayer experience vastly improved during the 2023 filing season.

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tax return Tax Washington California 108

GrowthForceBlog

JULY 6, 2023

7 min read Business owners know that maintaining financial records is necessary for generating financial reports, budgeting, making payroll, and keeping up with the general requirements of operating a business. Key Takeaways How Long to Save Your Company's Financial Records: As a general rule of thumb, though, most businesses hold onto their financial records for seven years and their employee records for 10 years… Digitize Your Records: Office space is limited, secure storage is expensive, and

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bookkeeping accounting software payroll management accounting 76

Accounting Today

JULY 3, 2023

The Internal Revenue Service is cautioning taxpayers to beware of a new scam in which fraudsters are sending out cardboard envelopes from a delivery service asking for personal info.

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Tax 124

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.

Account

ThomsonReuters

JULY 6, 2023

If you are an accounting professional who has been contemplating a change in career path, you’re not alone. Accountants have the knowledge and experience necessary to work as trusted advisors to the public or within a company, so your certification qualifies you for a variety of career paths. From financial planner to investment banker to business analyst, there are many roles to consider if you find yourself looking for something new.

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TaxConnex

JULY 6, 2023

In part 1, we looked at the mounting financial costs of maintaining sales tax compliance with the thousands of tax jurisdictions nationwide. Now let’s look at how some companies have tried to game the system – and what to do so you don’t have to run that risk. Rolling the dice What have companies done to avoid complying with sales tax regs where they have economic or physical nexus?

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auditor audit Tax Sales 130

ThomsonReuters

JULY 6, 2023

If you’re a leader within an accounting firm, you’ve likely heard of advisory services and their lucrative impact. This trend is picking up pace as traditional accounting firms seek more strategic and meaningful work that goes beyond just tax returns. Offering your clients proactive advice through accounting advisory services is especially important as the regulatory and legislative landscape continues to become increasingly complex.

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CPA Practice

JULY 6, 2023

By Alexandra Francel, EA, MST. Whether it’s summer or any other time of the year when you feel as if you just have to get away, there’s a big question on the minds of employers and business owners. Can I mix my business travel and a vacation, and if so, am I allowed to deduct those expenses? Good news: Yes, it may be possible. With proper planning and recordkeeping, business expenses may be deducted, as long as certain requirements are met.

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Anders CPA

JULY 5, 2023

In 2024, the IRS will launch a pilot test of its free, direct e-file system for individual tax returns. This would be the first time the IRS offers direct electronic filing, rather than having the filing administrated through a third-party. This comes as more taxpayers than ever have turned to e-filing software. The pilot program has sparked interest in taxpayers as shown by a poll conducted by the IRS, but there is still much to learn about this new program.

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tax return CPA Tax Account 52

BurklandAssociates

JULY 6, 2023

Essential onboarding activities should be concentrated in the first month and quarter, and gradually taper off over the next twelve months. The post Employee Onboarding Roadmap for Startups appeared first on Burkland.

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Going Concern

JULY 7, 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. See ya. Talent Dear Recent Grads: Accounting is Cooler Than You Think [ LinkedIn ] A tipster sent in this recent LinkedIn post by CBIZ president Chris Spurio, calling it “tone deaf” and “dishonest.” Added

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CPA Practice

JULY 5, 2023

By Mia Gindis, Bloomberg News (TNS) A recent study of students attending four-year colleges and universities in 2022 found that two-thirds of the graduating male respondents received paid internships compared to less than half of women, despite women representing 70% of the 2,140 seniors surveyed. The research, conducted by the National Association of Colleges and Employers, is in line with other findings from previous years, suggesting that undergraduate work experiences might set the stage for

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Accounting Today

JULY 5, 2023

CPA firms have been recruiting more people without accounting degrees and backgrounds as a way to fill their open jobs while expanding diversity in their workforce.

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Insightful Accountant

JULY 2, 2023

Effective Aug. 1, 2023, the noted thought leader will take the reins of the North American independent membership association of leading mid-market technology professionals, consultants and product/service providers.

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Technology 103

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.

Going Concern

JULY 5, 2023

*not the actual office. Apologies if this photo is triggering to anyone. Let’s throw a theoretical out here. Imagine you are a highly qualified Canadian CPA with exemplary communication and data analytics skills and you have received two identical offers from leading firms. Would a clean, streamlined aesthetic and open plan sightlines, accentuated by generous glazing and abundant natural and contemporary LED lighting compel you to choose the firm whose office checks all those boxes?

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Gaming CPA accounting firms Account 104

CPA Practice

JULY 6, 2023

Private sector employment increased by 497,000 jobs in June and annual pay was up 6.4 percent year-over-year, according to the June ADP National Employment Report produced by the ADP Research Institute in collaboration with the Stanford Digital Economy Lab. The jobs report and pay insights use ADP’s fine-grained anonymized and aggregated payroll data of over 25 million U.S. employees to provide a representative picture of the labor market.

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Ronika Khanna CPA,CA

JULY 7, 2023

Frequently a client of mine will purchase a high ticket item such as a computer or a piece of furniture and will simply show it as an expense on their profit and loss. As far as they are concerned, if you spend money on acquiring something you should be able to write it off against your income. This makes logical sense from a certain point of view. Unfortunately, accountants and revenue agencies do not see it this way.

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Tax accounting and finance Account accountant 98

Withum

JULY 6, 2023

Withum is proud to share that the Los Angeles Business Journal has named Kim Ravenell as a finalist for their Mentor of the Year award as part of their annual Women’s Symposium. Kim is a Tax Partner in Withum’s Encino office with over 25 years of experience providing tax planning and compliance services for high-net-worth individuals and closely held businesses of all sizes.

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tax planning Tax 98

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

Going Concern

JULY 6, 2023

When PwC Australia CEO Tom Seymour stepped down in May after it was confirmed he’d received tainted emails containing confidential government tax intel leaked by former partner Peter Collins, it seems the firm hoped sacrificing him was enough to settle the matter and move on. Spoiler: it was not. While us Yanks were picking up hot dog buns and fireworks in preparation for the 4th, PwC Australia was pushing out a press release to announce eight partners connected to the tax scandal were on

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Tax corporation tax Government Legal 104

CPA Practice

JULY 5, 2023

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) There’s a new IRS scam to watch out for. Some people are receiving cardboard envelopes in the mail containing the IRS masthead and the wording: “in relation to your unclaimed refund.” Monday, the agency warned that the mailings are a scam to trick taxpayers into providing sensitive information to thieves.

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Tax tax return income tax Washington 119

ThomsonReuters

JULY 6, 2023

If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. Whether it’s advising on residential energy tax credits or restructuring a partnership, your knowledge and expertise beyond the tax return are valuable. That’s why many accountants are embracing the profitable shift to tax advisory services.

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Tax tax return income tax audit 98

Withum

JULY 6, 2023

Withum is proud to share that Stephanie Mansour was honored by Providence Business News on its 2023 40 Under 40 List. Stephanie is a Senior Manager of audit and accounting, specializing in manufacturing and distribution, not-for-profit, healthcare, and employee benefit plans. She has a talent for strategic thinking, an ability that allows her to identify areas of business risk and perform in-depth internal control testing and analysis for clients.

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Rhode Island Healthcare Manufacturing audit 98

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Finance

Going Concern

JULY 7, 2023

While we’re on the topic of the CPA exam, this is your eleventy billionth reminder to sit for BEC before the CPA Evolution disciplines replace it in 2024. If you have passing credit for BEC before 2024 hits then you don’t have to worry about choosing one of the new disciplines assuming you pass the other sections before that credit expires.

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CPA Practice

JULY 6, 2023

By Jenna Anderson, Inc. (TNS). Despite concerns about inflation and interest rates, small business owners were more optimistic about the national economic outlook in the second quarter of 2023, according to a recent survey. The latest Small Business Index , a survey of small businesses from MetLife and the U.S. Chamber of Commerce, shows an increase in overall confidence from 60 to 63.1 since the first quarter of the year.

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Accounting Today

JULY 6, 2023

The firm reports a substantial revenue increase to $2.82 billion as it transitions from a partnership to a professional service corporation.

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Withum

JULY 5, 2023

Withum is proud to share that four partners, including Managing Partner and CEO Pat Walsh, were named to the 2023 Edition of NJBIZ’s Accounting Power 50 List. In the Number 7 spot, Pat Walsh is praised for his experience and seamless transition to CEO earlier this year. The publication also noted his extensive philanthropic initiatives, noting his trustee position at the Boys and Girls Club of Newark and his leadership position on the council for his local Habitat for Humanity chapters.

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Going Concern

JULY 6, 2023

Unbothered with American federal holidays, EY UK announced on Tuesday (July 4) that the firm has appointed 267 new partners, marking a 10 percent increase and bringing the total EY partner population in the UK to 1683 from 1553 the year prior. These figures include those moving from non-equity partner to equity partner. More than 60 percent (161) are internal promotions and 106 are external hires.

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audit Technology 98

CPA Practice

JULY 6, 2023

By Lindsay N. Graves, Esq., Kiplinger Consumer News Service (TNS) In March, the IRS issued Revenue Ruling 2023-2 , which had a substantial impact on estate planning, particularly where an irrevocable trust is involved. In the last decade or so, more families have begun utilizing irrevocable trusts to protect their assets from spend-down in order to qualify for government benefits, such as Medicaid and VA Aid and Attendance.

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Tax Washington Legal Government 111

ThomsonReuters

JULY 6, 2023

As accounting firms look to differentiate themselves from the competition, one trend is leading the way: business advisory. From advising on mergers and acquisitions to specializing in accounting and advisory in your clients’ specific industry, there are many ways to take advantage of this unique opportunity. What are business advisory services? Business advisory services capitalize on the unique insight of accounting firms to make a profitable shift from serving clients as a once-a-year tax com

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Basis 365

JULY 5, 2023

As an entrepreneur, you consistently encounter pivotal choices that hold the power to greatly influence the growth and prosperity of your business. Whether it involves expanding your operations, adopting innovative technologies, or recruiting fresh talent, these decisions can be overwhelming and demand thoughtful analysis. Nonetheless, there are numerous strategies you can employ to ease the decision-making process and enhance the likelihood of making sound judgments.

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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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