TaxConnex
JULY 27, 2023
Sales tax is meant to be a pass-through tax and thus one that should have minimal impact on a company’s bottom line. The sales tax is collected by businesses and “passed-through” to the taxing jurisdictions. Of course, there is cost associated with managing this compliance obligation; however, the costs of not managing the compliance process are significantly greater.
ThomsonReuters
JULY 25, 2023
Overpayments and repayments are two of the most common anomalies that could complicate year-end and W-2 processing. Now is a great time to sort out any potential difficulties. Jump to: What is an overpayment on taxes? Overpayments and repayments in the current year Overpayments and repayments in subsequent years Preventing tax overpayments What is an overpayment on taxes?
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Canopy Accounting
JULY 27, 2023
Accounting, often associated with long hours and tedious tasks, has long been considered a profession that requires extensive time commitments. However, the shifting landscape of the business world has opened up new possibilities for accountants to focus on outcomes rather than merely putting in long hours. By embracing efficiency and leveraging technology, accountants can revolutionize their approach to work, improving productivity and achieving better results for themselves and their clients.
Accounting Today
JULY 26, 2023
The Internal Revenue Service will be adding extra procedures to deter scammers who have been inundating the agency with bogus claims for the Employee Retention Credit.
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.
CPA Practice
JULY 27, 2023
By Scott H. Cytron. Advisory, Advisory, Advisory. What does advisory mean to you and your firm? Larger practices have entire departments and groups of professionals devoted to delivering Client Accounting Services. And while smaller firms know they should deliver tax advisory services, they struggle with how to get started, the fees they should charge , and capacity issues.
Withum
JULY 26, 2023
In what seems to be an unprecedented turn of events on July 21, 2023, the IRS released Notice 2023-55 , providing temporary relief for taxpayers in determining which foreign taxes are “creditable” taxes for U.S. purposes. In early 2022, the IRS issued final regulations providing guidance on determining if a foreign tax is creditable for U.S. tax purposes.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
TaxConnex
JULY 25, 2023
If you’re a telecommunications services company, you face greater trials than other businesses when complying with federal, state and local jurisdictions. In addition to state and local taxes, your business may also be subject to various federal and state regulatory obligations. Federal regulatory obligations are administered through Universal Services Administrative Company (USAC) and state regulatory requirements are administered through the Public Service Commissions (PSC) or Public Utility C
CPA Practice
JULY 24, 2023
By Jasen Stine, David Bergstein, and Roman Kepczyk. Artificial intelligence is everywhere and firms might be thinking how this will apply or make its way to the accounting and tax profession. The answer is that it already has and firms of every size should be taking advantage of the resources available to them, if they aren’t already. On a recent episode of Intuit’s AccounTrends , hosts Jasen Stine and David Bergstein discussed the latest trends in technology with Roman Kepczyk, CPA, CITP, CGMA
CTP
JULY 27, 2023
Profiting off your investments while also reducing your tax bill is a delicate balancing act. The more you learn about tax reduction strategies, the clearer it becomes that timing is essential to keeping taxes low. Putting these strategies into play requires advance planning, which is where the help of a Certified Tax Planner comes in handy. With expert assistance, you can identify the approach that best fits your financial situation.
Accounting Today
JULY 25, 2023
The International Organization of Securities Commissions officially approved sustainability and climate disclosure standards from the International Sustainability Standards Board.
Advertiser: Paycor
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Ronika Khanna CPA,CA
JULY 28, 2023
Imagine having an office without clutter, free from sad looking boxes and filing cabinets filled to the brim, where you don’t have to rifle through unlabeled containers to find a receipt for a scanner that you bought three years ago. An office that would make Marie Kondo (queen of decluttering) proud by getting rid of (almost) anything that does not bring you joy and surrounding it instead with items that inspire (or at least improve productivity).
CPA Practice
JULY 28, 2023
No one is saying that permanent whole life insurance is the greatest invention since the wheel was created. But this estate planning concept—which has seemingly been around since the dawning of time—does offer significant financial and tax benefits. Background: Although there are many variations of permanent whole life insurance, let’s stick with the basics.
Going Concern
JULY 27, 2023
Last August the body of a 27-year-old woman was found at EY’s Sydney office early one Saturday morning , turns out the woman was an auditor at the firm and had returned to the office late Friday night to get some work done after drinking with colleagues earlier that evening. EY staff would later say they felt left in the dark on the situation and criticized leadership for a lack of transparency. “They brushed over the incident at the start of the call and then went on to talk about the EY
Cherry Bekaert
JULY 27, 2023
The July issue of the Regulatory Compliance Digest features a summary of the latest updates from the Consumer Financial Protection Bureau (CFPB) on Section 1071, the clarification of guidance on multiple re-presentment fees, interagency guidance on the risk management of third-party relationships and a reminder to file Office of Foreign Assets Control’s (OFAC) annual report on blocked property by September 30.
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.
Accounting Today
JULY 25, 2023
The Treasury Inspector General for Tax Administration said the IRS does an admirable job addressing cyberthreats, but said the agency should improve its documentation of them.
CPA Practice
JULY 28, 2023
Despite its cute moniker, the “kiddie tax” is anything but innocent. If you’re not careful, this often-misunderstood tax provision can result in a sizeable income tax liability for the family. But you may be able to cut the tax down to size with some astute planning before year-end. Background: Generally, income is taxed at the rate of the person who receives it, which can be as low as 10% (or even zero).
Going Concern
JULY 26, 2023
We’re not sure how many more times it needs to be said and it’s shocking Public Company Accounting Oversight Board Chair Erica Y. Williams does not have severe audit firm-induced trichotillomania (to our knowledge) because here she is again warning auditors that the PCAOB is tired of them being so terrible at auditing. To get her point across she had to write a whole-ass op-ed in the Wall Street Journal : High-quality audits are essential to the integrity of U.S. capital markets and
ThomsonReuters
JULY 25, 2023
For today’s accounting firms, advanced technology is no longer an option but a necessity. To keep pace in an increasingly competitive landscape, forward-looking firms are investing in artificial intelligence (AI) solutions to automate tax workflow, open up additional revenue streams, and better serve clients. If your firm is considering an investment in tax technology, the time is now.
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
Accounting Today
JULY 24, 2023
Students aren't majoring in accounting because they don't have a passion for the subject, and because they perceive barriers in cost and time, especially Black and Hispanic students.
CPA Practice
JULY 28, 2023
By Gail Cole Is sales tax based on shipping address or billing address? Understanding how sales tax works is fundamental for every retailer. If you’re doing business in a state with a sales tax, you may know you need to register for sales tax, then collect and remit tax as required by law. But if you’re selling online and shipping items all over the state or country, you may not know what sales tax rate to charge.
Going Concern
JULY 25, 2023
EY US Vice Chair & General Counsel Ann Cook is saying goodbye to the firm after just two years in the role and ten total at EY, an exit that Financial Times ties to the Great Cheating Scandal of 2019. We too shall find some red string and put it all together in a moment. FT : Ann Cook will leave the firm on August 1, partners have been told. Her resignation comes amid scrutiny of the actions of the general counsel’s office in 2019, when the US Securities and Exchange Commission was looking i
Cherry Bekaert
JULY 24, 2023
Evolution of the CFO The role of the Chief Financial Officer (CFO) continues to evolve and expand due to a changing business landscape. While the primary role of a CFO centers around financial management, there are several emerging trends that will shape the future role of CFOs. We are living in an increasingly volatile, uncertain, complex and ambiguous (VUCA) multilateral world, especially with the rapid pace of change in business.
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ThomsonReuters
JULY 25, 2023
A recent article from Thomson Reuters, “ Baker Tilly’s Michele Donohue Makes the case for Automation in Tax Practice ,” discusses the benefits of automation in tax practice, as well as the role of artificial intelligence. In the article, Michele Donohue, a partner at accounting firm Baker Tilly, highlights why embracing automation and AI is crucial for tax practices to remain competitive and meet the evolving needs of their clients in an increasingly digital world.
CPA Practice
JULY 27, 2023
A Top Technology Initiative Article – August 2023, With so much coverage of Artificial Intelligence (AI), ChatGPT, and many trying to be “the expert,” I thought it was past time to turn to help you with your AI strategy. As noted in my April column , there are various innovative uses of AI and privacy risks for your client data. Additionally, as we covered AI tools in my June column , I recognized that my priorities for AI are not yours, nor should they be.
Going Concern
JULY 24, 2023
The Center for Audit Quality — the AICPA-affiliated “nonpartisan public policy organization serving as the voice of U.S. public company auditors and matters related to the audits of public companies” — has released a 63-page report entitled Increasing Diversity in the Accounting Profession Pipeline that tackles the historically under-reported and totally mysterious issue of why students are not pursuing accounting, particularly students of diverse backgrounds.
Accounting Today
JULY 24, 2023
You'd think the last thing accounting firms would want to do is to disrupt themselves — yet that may be exactly what they need to do, says Bob Lewis of The Visionary Group.
Advertiser: Paycor
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Basis 365
JULY 25, 2023
Effective financial management is crucial for the success of any business, including marketing companies. While marketing professionals focus on promoting brands and generating leads, monitoring and analyzing financial performance closely is equally essential. Key Performance Indicators (KPIs) play a significant role in tracking the financial health of a marketing company.
CPA Practice
JULY 27, 2023
The American Institute of CPAs (AICPA) provided recommendations to the Internal Revenue Service (IRS) regarding how the IRS can improve access to the IRS Independent Office of Appeals for taxpayers who do not live near an Appeals office. Currently, there are over 60 Appeals offices in 40 states with 11 jurisdictions that have limited or no Appeals presence; not all taxpayers are able to travel to an office to present their case in person.
Going Concern
JULY 28, 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. News Obituary of Jerome A. Seidman [ The Scarsdale Inquirer ] Jerome A.
Withum
JULY 25, 2023
Retailers, restaurants, and even e-commerce businesses provide gift cards as a way to expand their customer base and build brand loyalty. Those gift cards are used to redeem meals, merchandise, and services across a wide range of industries. Gift cards continue to be a significant source of revenue for many businesses. In fact, nearly 60% of consumers in recent marketing polls said they were interested in receiving gift cards as items on their wish list.
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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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