IRS makes more progress on tax return backlog
Accounting Today
JUNE 21, 2022
PANALITIX
JUNE 22, 2022
RESOURCES / ARTICLES. Accountants as Advisors– and the Elephants in the Room! How do Accountants sell more advisory services? This is a question we get asked a lot… and the answer can be more complicated than it appears. For starters, WHY would Accountants WANT TO sell more advisory services? There could be good reasons like: They find advisory work fun and rewarding, perhaps because they get to work more deeply with clients who value their support.
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BurklandAssociates
JUNE 21, 2022
As noted in my May email, we recommend taking action from the downturn playbook now. In today’s article, I’ll share four things startup founders should do to prepare for a Read More. The post Four Things Startup Founders Should Do Now to Prepare for a Downturn appeared first on Burkland.
TaxConnex
JUNE 21, 2022
What a 48 months it’s been. The Supreme Court Wayfair decision four years ago gave tax jurisdictions the sudden power to require countless companies to collect and remit sales tax. Those governments jumped the on chance for such big revenue – and continue to do so. In many respects, Wayfair also opened the path to levying additional kinds of tax obligations on businesses that sell online as eCommerce becomes more and popular.
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.
VetCPA
JUNE 19, 2022
Science fiction movies and books may portray artificial intelligence as a human-like giant brain with thousands of wires coming from it that control whole cities and their populations. The reality today is that artificial intelligence is unobtrusive, everywhere, and we are interacting with it multiple times daily without always recognizing that we are.
Going Concern
JUNE 23, 2022
14 or 15 years ago I trolled Bill Sheridan of the Maryland Association of CPAs on Twitter about uncovering a weapons cache they’d stashed on CPA Island, a then-revolutionary virtual space in the game Second Life MACPA had set up for…accounting things. Back in 2008 CPA Island was the first (only? It never really caught on IIRC) of its kind and promised to be an exciting hub of pixels for accounting professionals.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Canopy Accounting
JUNE 21, 2022
These days, social media is a necessity in today's business world. It's a place to make connections, network and keep a pulse on your industry. Search algorithms have become more sophisticated over the years and content across social channels continues to be curated towards users’ specific interests and needs. Social media is a powerful source of industry information if you’re engaging with the right accounts.
xendoo
JUNE 22, 2022
The process of 3-way matching in accounts payable protects your business against incorrect or fraudulent invoices. It mitigates risks in your company’s spending by making sure you don’t overpay for services or fall for counterfeit invoices. It may sound like no one would fall for invoice fraud—when a scammer pretends to be a business partner or vendor and sends a company an invoice for services that they didn’t actually deliver.
Going Concern
JUNE 21, 2022
The big hurdle in EY’s plan to split audit and consulting lies in whether or not its partners want to take the risk per earlier Wall Street Journal coverage in which people familiar with the matter told WSJ its roughly 12,000 partners will need to vote to approve the spinoff. Well according to this it probably won’t be too hard to get partners on board.
Withum
JUNE 22, 2022
I receive at least 5 calls per year with some variation of this question. The callers are asking about the exclusion for capital gain on the sale of qualified small business stock (QSBS). By the time they reach me, the callers have already spoken with their local tax advisors and/or looked on the internet, and they know there is a 5-year holding period in order to qualify for the QSBS exclusion in section 1202.
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CTP
JUNE 24, 2022
As a tax planner, when a client approaches you about selling their S corporation, one of the first questions to ask is whether they are selling the stock or the assets of the business. What is the difference from a tax perspective? An asset sale requires you to allocate the assets into different classes, which then determines your tax liabilities or deductions.
ThomsonReuters
JUNE 23, 2022
Security Risk Assessment Tool; Security Risk Assessment Tool v3.3 User Guide (May 5, 2022). Webpage. User Guide. HHS’s Office of the National Coordinator for Health Information Technology, in collaboration with its Office for Civil Rights, has announced an updated version of the interactive Security Risk Assessment (SRA) Tool. The SRA Tool, first developed in 2014 (see our Checkpoint article ), is designed to help healthcare providers conduct a security risk assessment as required by the HIPAA
Going Concern
JUNE 24, 2022
Sky News has obtained part of an internal memo KPMG Global Chairman and CEO Bill Thomas sent to firm partners earlier this month in which Mr. Thomas turns his nose up at EY’s plan to split consulting and audit practices. Some choice quotes from the memo: We are a partnership that has been strong and growing in some countries for over 150 years.
Withum
JUNE 22, 2022
About three years ago, a dear friend asked me for a checklist that he and his wife could fill out before they go to an attorney to get new wills and related documents. I saw him a few days ago and mentioned whether he ever got his wills done, and he sheepishly said he hadn’t. I dropped the matter. . I am using this blog to call his attention to the importance of getting it done and will be sending a link to him and his wife.
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.
CTP
JUNE 24, 2022
As part of the tax planning process, business owners looking to sell their S corporation first need to establish whether they are selling the stock or the assets of the business. What is the difference from a tax perspective? An asset sale will involve assigning each business asset to an asset “class,” which then determines your tax liabilities or deductions.
ThomsonReuters
JUNE 23, 2022
QUESTION: We are a TPA that administers claims for self-insured group health plans. If a health care provider asks us, acting on a health plan client’s behalf, to reimburse the provider for health care services using HIPAA’s electronic transaction standards, are we obligated to honor the request? ANSWER: If a health care provider requests that a health plan conduct a transaction subject to HIPAA’s electronic transaction standards as a standard transaction, then the health plan must do so.
Going Concern
JUNE 24, 2022
Kristy Illuzzi, CPA, CGMA of International Federation of Accountants (IFAC) on why the Great Resignation is affecting the profession so acutely : I think the Great Resignation is interesting in that it has impacted almost every sector of our economy and every profession in some way, and it’s no different in the accounting industry. I think a lot of people during 2020, 2021, when we were on lockdown, we started doing things very differently.
Withum
JUNE 22, 2022
Withum is proud to share that Profiles in Diversity Journal named Theresa Richardson , Chief Talent Officer, a 2022 Women Worth Watching Award Winner. Theresa was acknowledged for her work with Withum’s Inclusion and Diversity initiatives, specifically with the Team Member Resource Groups and expanding the Firm’s team member benefits. She is a co-leader of Women of Withum , a Team Member Resource Group whose mission is to motivate, advocate and elevate women professionals with the tools they nee
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
Anders CPA
JUNE 21, 2022
As a firm born and raised in St. Louis, we’re always excited to share exciting construction projects happening in our own backyard. Below are a few downtown projects we have been keeping an eye on, including Phase 2 of the City Foundry, the 21c Museum Hotel opening, an expansion of the America’s Center and new luxury apartments by the CITY SC stadium.
ThomsonReuters
JUNE 22, 2022
Most business owners have a traditional understanding of what an accountant does. File taxes. Prepare financial statements. But are your clients asking you for more? In the latest episode of Pulse of the Practice, “ A Small Business Owner’s Cry for Advisory Help ”, Paul Miller, Owner of Business by Design , and I sat down with Majaliwa Bass, founder and owner of Pooters Diapers , to discuss how her call for advisory help went unnoticed—and her quest to find a trusted advisor dedicated to helpin
Going Concern
JUNE 23, 2022
I got an offer in a corporate role and turned in my two week notice at EY. Everything was fine: HR treated me well and wished me luck in the next chapter of my career. However, on my LAST DAY at EY, the new company rescinded their offer for reasons that I won’t get into here but were ridiculous (even the third-party recruiter agreed it was ridiculous).
Withum
JUNE 22, 2022
Withum is excited to announce the expansion of its Advisory Practice to include Investment Banking Services. Kevin Bodnar joins the Firm as a Principal and leader of the new practice. With over 30 years of experience in Investment Banking and Financial Services, Kevin works with privately-held middle-market companies across numerous industries helping them grow, enhance value, and achieve their short and long-term goals.
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Reckon
JUNE 21, 2022
It happens every year. Sole traders around the country tread steadily toward the end of financial year on 1 July, until suddenly, their chest tightens with panic. Hot on their lips is the nail-biting question: what if I don’t have enough coin in the bank to pay my tax bill? Most sole traders will know that they’ll need to file their business tax return to the ATO between 1 July and 31 October.
ThomsonReuters
JUNE 23, 2022
Chart for Determining the Applicability for the Federal Independent Dispute Resolution (IDR) Process. Available at [link]. HHS has provided a variety of resources relating to the surprise medical billing protections of the No Surprises Act (enacted as part of the Consolidated Appropriations Act, 2021 (CAA)), including a chart summarizing when a state or other independent dispute resolution (IDR) process applies rather than the federal process.
Canopy Accounting
JUNE 20, 2022
Without the right processes in place, an office’s organization can quickly devolve into chaos, leaving employees feeling overwhelmed and scatter-brained. Implementing the best accounting workflow software will increase productivity and efficiency at your accounting firm. Here are the top 5 ways your organization can manage workflow.
CPA Practice
JUNE 20, 2022
The IRS has begun mailing out CP14 notices to millions of taxpayers who have a balance of $5 or more in unpaid taxes, kindly reminding them that the federal government would like its money.
Advertiser: Paycor
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Dent Moses
JUNE 22, 2022
Many businesses filed for employee retention credits. Unfortunately, the IRS has a staggering backlog of Form 941’s to process as a result of ERC filings along with normal quarterly filings. Below is an excerpt from the IRS website – IRS Operations During COVID-19: The IRS is now opening mail within normal timeframes. As of June 15, 2022, we had 3.7 million unprocessed Forms 941.
ThomsonReuters
JUNE 23, 2022
Marietta Mem’l Hosp. Emp. Health Benefit Plan v. DaVita Inc., 2022 WL 2203328 (U.S. 2022). Available at [link]. The U.S. Supreme Court has ruled that a group health plan does not violate the Medicare Secondary Payer (MSP) rules by limiting coverage for outpatient dialysis—a treatment used almost exclusively for patients with end-stage renal disease (ESRD).
Snyder
JUNE 22, 2022
As your online store grows and attracts more customers, so does the risk of facing Stripe disputes. Disputes can lead to discrepancies and add more challenges to your accounting routine. How to deal with the dispute depends on the payment processor you use. With Stripe being among the most popular sales channels for e-commerce businesses globally, the question of resolving Stripe disputes is worth your attention.
CalCPA
JUNE 21, 2022
State law now requires all businesses with five or more employees to participate in CalSavers if they do not offer a qualified retirement. The post CalCPA BUZZ: CalSavers Compliance Deadline June 30 appeared first on Hot Topics.
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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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