CPA Practice

SEPTEMBER 5, 2023

Joseph Graziano, CFP®. Accountants are part of an evolving industry where 82% of accountants agree that client expectations have widened. If you’re behind the trends, you risk becoming “obsolete.” Clients may still need your services, but they want an accountant to go the extra mile for them. Preparing for tomorrow can help you situate your firm to be: Streamlined Profitable today and in the future Sellable in the future (if that’s something you ever consider) You can begin prepping for the futu

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Accounting Today

SEPTEMBER 5, 2023

The service's LB&I Division has expertise in training agents on examining high-income taxpayers, but the IRS doesn't appear to be leveraging this expertise.

audit 122

audit Tax 122

Insightful Accountant

SEPTEMBER 4, 2023

Murph clues you in on why the Top 100 2024 process will still award points for QuickBooks Desktop Point-of-sale ProAdvisor Certification even if Intuit drops the certification after it stops supporting QBPOS on Oct. 3, 2023.

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quickbooks Sales 108

RogerRossmeisl

SEPTEMBER 4, 2023

More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not thinking about taxes. But there may be tax consequences. Let’s take a look at five possible tax breaks. 1. Long-term medical care The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other medical expenses, exceed 7.5% of adjusted gross income (AGI).

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Tax Healthcare CPA 246

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

BurklandAssociates

SEPTEMBER 5, 2023

An active approach to treasury management can help startups reduce financial risk while putting excess cash to work. The post Dimensions of a Basic Treasury Policy for Venture-Backed Startups appeared first on Burkland.

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TaxConnex

SEPTEMBER 7, 2023

Nonprofits are often thought to be exempt from sales taxes, but is that correct? According to Statista , there are almost 750,000 public charities in the U.S. (most devoted to religion, human services and education). Other stats say more than 2 million charities exist that are tax-exempt according to Internal Revenue Service rules. And just like any other major sector of society, such entities consume large amounts of tangible personal property.

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Sales Tax Non-Profits North Carolina 147

CPA Practice

SEPTEMBER 6, 2023

By Elissa Miolene – Bay Area News Group (via TNS). More than 4 million student loan borrowers are enrolled in the Biden Administration’s new income-driven repayment plan, including nearly 332,000 borrowers in California. “We’re not just lowering payments for today’s borrowers,” said Education Department Under Secretary James Kvaal. “We’re making paying for college more affordable for millions of future students.

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Education California Legal Start-ups 19

RogerRossmeisl

SEPTEMBER 4, 2023

As reported in IRS News Release IR-2023-157 The Internal Revenue Service announced that starting 1/1/2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This new requirement follows final regulations amending e-filing rules for information returns, including Forms 8300.

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CPA Practice

SEPTEMBER 4, 2023

Who says you can’t have “too much” money? The Internal Revenue Code imposes a little-known tax for accumulating too much in the way of earnings in a company’s coffers. However, you can avoid this so-called “accumulated earnings tax” if you keep a close watch on your cash flow during the year, The accumulated earnings tax must be paid in addition to the regular corporate income tax.

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Tax income tax Technology business tax 98

Accounting Today

SEPTEMBER 8, 2023

Following a top-to-bottom review of enforcement efforts, the agency is shifting more attention from working-class taxpayers to high-income earners, partnerships, large corporations and promoters of abusive tax shelters.

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Tax tax accountant audit Account 127

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Going Concern

SEPTEMBER 8, 2023

We’ve received this tip a few times now from a few different people, time to throw it to dogs and see if anyone knows more. Here’s the original, slightly edited to protect anonymity: Plante Moran, CBIZ, Marcum, Armanino, and a couple of other large public firms will no longer be serving public clients. It does look like CBIZ has left or is leaving the space.

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audit Gaming Real Estate Construction 120

RogerRossmeisl

SEPTEMBER 4, 2023

Do-it-yourself business valuations and the use of unqualified financial experts can increase the odds of making an error, misstatement or erroneous deviation from customary valuation practice. These faux pas could trigger (or worsen) an IRS inquiry or perhaps lead to an embarrassing courtroom mishap. Here are three common valuation pitfalls that qualified valuation professionals are specifically trained to avoid.

CPA 261

CPA 261

CPA Practice

SEPTEMBER 7, 2023

A new report from Xero , the global small business platform, shows that 48% of U.S. small business owners have experienced an extreme or high impact from inflation on their cash flow over the past six months, and 44% expect inflation to continue to have a similar impact throughout the next six months. Xero’s report, titled “ Money Matters: The impact of economic conditions on the cash flow of US small businesses “, interviewed more than 500 small business owners across the United States on the

accounting software 124

accounting software Technology Account accountant 124

Accounting Today

SEPTEMBER 6, 2023

The ADP Research Institute released a report on how worker promotions can affect businesses and employee retention and debuted a new index for tracking employee motivation and commitment.

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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

SEPTEMBER 8, 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 KPMG halves pay for US partners on gardening leave amid poaching war [ Financial Times ] KPMG’s US partners have been told that they will be put on 50 per cent pay during six months of gardening leave if they quit t

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Tax Kansas Arkansas Real Estate 117

RogerRossmeisl

SEPTEMBER 4, 2023

Have you ever wondered whether the photo or video you’re viewing, the audio you’re listening to or the article you’re reading is real? Artificial intelligence (AI) can make the line between authentic and inauthentic hard to determine. For fraud perpetrators, the ability to create deepfakes, voice clones or machine-generated communications can make their scams far more compelling — and effective.

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CPA Practice

SEPTEMBER 6, 2023

By Gail Cole. Not many people had heard of a non-fungible token (NFT) a decade ago, yet by 2021, NFT art was selling for millions. Everydays: The First 5000 Days sold for $69.3 million in March 2021, The Merge for a whopping $91.8 million nine months later. That kind of money could turn any tax official’s head. But is the sale of an NFT subject to tax?

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Washington Pennsylvania Technology Tax 121

Accounting Today

SEPTEMBER 8, 2023

The Internal Revenue Service is leveraging artificial intelligence to detect tax evasion as it uses the extra funding from the Inflation Reduction Act to ramp up compliance efforts.

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audit Tax 125

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

SEPTEMBER 6, 2023

Amanda Iacone at Bloomberg Tax has written the accounting niche’s 1,735th article about the accountant shortage and this time, as is often the case, the focus is 150 hours. Rather, how dueling factions within the profession are fighting for and against keeping it as the only option to CPA licensure. Let’s note here quickly that many of the “anti-150” folks aren’t lobbying to abolish it completely but to offer alternative pathways such as Minnesota’s proposal

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Minnesota South Carolina auditor CPA 117

RogerRossmeisl

SEPTEMBER 4, 2023

If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why it might be a good choice for your business. An LLC is a bit of a hybrid entity because it can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purpose

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CPA Practice

SEPTEMBER 8, 2023

In an initial decision announced on Sept 8, 2023 , the Federal Trade Commission’s chief administrative law judge, D. Michael Chappell, ruled that Intuit Inc., the maker of the popular TurboTax tax filing software, “… engaged in deceptive advertising in violation of Section 5 of the FTC Act” and deceived consumers when it ran ads for “free” tax products and services for which many consumers were ineligible.

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tax preparation Tax income tax 119

Accounting Today

SEPTEMBER 6, 2023

Corporate tax departments are going through major transformation in response to the challenging legal and regulatory environment, according to a new survey from Deloitte.

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Tax corporation tax Legal 127

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Going Concern

SEPTEMBER 5, 2023

This post is not a joke about partners slipping Moloko into the Kool-Aid, someone is actually spiking drinks at KPMG New Zealand. The most disturbing part, putting aside the roofies which are plenty disturbing themselves, is that this likely happened on KPMG premises. For two months in a row, “grubby little cowards” have drugged drinks at a monthly work event.

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accounting firms Account accountant accounted 113

RogerRossmeisl

SEPTEMBER 4, 2023

An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home more energy efficient — and there’s a cool tax break that may apply. Thanks to the Inflation Reduction Act of 2022, you may be able to benefit from an enhanced residential energy tax credit to help defray the cost.

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Tax CPA 245

CPA Practice

SEPTEMBER 7, 2023

Technologists Randy Johnston and Brian Tankersley, CPA, discuss the most recent and urgent security and technology risks that accounting, tax, and other financial firms face. Use the podcast player below to listen.

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Technology CPA Tax Account 119

Accounting Today

SEPTEMBER 6, 2023

The Financial Accounting Standards Board voted to adopt its eagerly awaited standard for cryptocurrency like Bitcoin held by companies.

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accounting standards financial accounting Account accountant 139

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.

Canopy Accounting

SEPTEMBER 8, 2023

It’s October, the spookiest time of the year.especially for accountants, considering Oct. 15 is a pretty scary day. Now that the 15th is behind us (thank heavens) it’s time to focus on the more fun parts of the month: Halloween activities! We already gave you advice on some fun accounting-themed Halloween costumes , but now it’s time to share our wisdom about another important October activity.pumpkin carving!

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Account accountant accounted 105

Xero

SEPTEMBER 6, 2023

For the fifth year in a row, Xero has taken out Canstar’s Most Satisfied Customer Award for small business accounting software. This is an incredible achievement, showcasing our value to small businesses across Aotearoa New Zealand. Canstar Blue is a customer satisfaction research and ratings business aimed at helping consumers make better purchasing decisions.

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CPA Practice

SEPTEMBER 8, 2023

The tax law provides benefits to employees who choose to participate in flexible spending accounts (FSAs) for qualified expenses. However, if there’s a balance in the account at the end of the year, the remaining funds are generally forfeited. Fortunately, an employer can offer one of two possible alternatives. Background : With an FSA, a participating employee generally funds his or her account with pre-tax dollars through a salary reduction plan.

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payroll tax Healthcare Account accountant 119

Accounting Today

SEPTEMBER 8, 2023

Despite the tremendous buzz, it is crucial to recognize that AI's true role in accounting will likely be to augment human capabilities and streamline processes.

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Account accountant accounted Technology 120

Advertisement

"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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