TaxConnex
JULY 23, 2024
The nature of sales tax audits has changed over the last several years, post-Wayfair. Prior to Wayfair, a significant component of sales tax audits was focused on use tax. Specifically, tax due on purchases that were not charged since the vendor did not have nexus in the state of the sale. Today, more and more companies have an obligation to charge sales tax, and use tax is less of an issue.
BurklandAssociates
JULY 23, 2024
It’s not just hackers taking notice. Customers, partners, investors, regulators, and insurers are all keeping a close eye on your cybersecurity controls. The post Why Cybersecurity is an Essential Investment in Your Startup’s Future appeared first on Burkland.
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RogerRossmeisl
JULY 22, 2024
(As appearing in IR 2024-186) IRS reminds car dealers and sellers to be aware of phishing scams The Internal Revenue Service would like to remind car dealers and sellers to be aware of evolving phishing and smishing scams that could impact day-to-day operations of the business. In light of the recent ransomware attack against CDK, the IRS is warning individuals and businesses to remain vigilant against these attacks.
Going Concern
JULY 23, 2024
Be aware, audit firms. The PCAOB is sniffing around about your use of generative AI according to a Spotlight they just released [ PDF ]. Exactly what they said was: The PCAOB’s standard-setting agenda includes a research project to assess whether there is a need for guidance, changes to PCAOB standards, or other regulatory actions in light of the increased use of technology-based tools in the preparation and subsequent audit of financial statements.
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As scams grow more sophisticated, it's crucial to stay proactive in defending against these threats. This guide equips CFOs, accountants, and business leaders with five essential steps—from fundamental safeguards to advanced security measures to strengthen your financial defenses. From enhancing data security to implementing fraud detection tools and safeguarding financial transactions, this guide provides expert advice that could save your company millions.
CPA Practice
JULY 22, 2024
By Bruce Crumley, Inc. (TNS) The Supreme Court has issued a number of controversial decisions in its most recent term. But one that was barely noticed when it was delivered in June ends the strategy of closely held companies using life insurance-based methods to reallocate ownership stakes—tax-free—when a major shareholder dies. The generally overlooked high court decision in Connelly v.
RogerRossmeisl
JULY 22, 2024
Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things: Transform your business ownership interest into a more liquid asset, Prevent unwanted ownership changes, and Avoid hassles with the IRS.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Accounting Insight
JULY 22, 2024
The annual accounting trends survey, conducted by Caseware over the last three years, has become a valuable source of data, helping us to gain insight into what’s on the road ahead for the profession. By tracking the same questions over the years, we are able to gain a valuable comparative study and a clearer understanding of the current trends and developments playing out.
Going Concern
JULY 25, 2024
Are you struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of top remote accounting candidates without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires. TAX AND ACCOUNTING CANDIDATES FTE Senior Tax and Accounting | Candidate ID #22044344 Certifications: CPA in process Education: BS Accounting Experience (yea
CPA Practice
JULY 22, 2024
By Sarah Lynch, Inc. (TNS) Health insurance matters greatly to employees. And now, in smaller companies, millions more workers have coverage than they did a decade ago. According to the Center on Budget and Policy Priorities, a research organization and policy institute, the Affordable Care Act has been the difference maker. In 2013, about a quarter of employees at small businesses—those with fewer than 100 employees—were uninsured.
RogerRossmeisl
JULY 21, 2024
Summer is a great time for business owners to review their estate plans. Maybe your kids are home for summer break, so they’re top of mind. Or perhaps you’re vacationing with relatives or getting together for a backyard BBQ. Whatever the reason you’re spending time with your family, consider having an open discussion with them about your estate planning goals — and how your business fits in your overall plan.
Speaker: Hilary Akhaabi, PhD - Founder, Chief Financial & Operations Officer at Go Africa Global
In the fast-paced world of corporate finance, staying ahead of the curve is crucial for sustainable growth and profitability. This exclusive webinar with leading expert Hilary Akhaabi, PhD, will teach you practical ways to navigate complex financial landscapes and enhance your company's revenue management capabilities. Whether you're aiming to refine your financial strategies or seeking innovative solutions to drive performance, this new session is for you!
Accounting Today
JULY 22, 2024
Daniel Dustin has named Kent Absec, Brenner Allen, William Emmer and Sedrik Newbern to key leadership roles at the National Association of State Boards of Accountancy, effective Aug. 1.
Insightful Accountant
JULY 22, 2024
Retirement savings plans, particularly a 401(k), are a major consideration for many workers. Financial professionals can play a key role in helping businesses establish these plans, but the process can often be complex and time-consuming.
Ronika Khanna CPA,CA
JULY 26, 2024
Any sales that occur within a business where payment is not made up front (eg. retail) or in advance of the sale (eg. down payment for a car), is reflected as an “Accounts Receivable”, which is accounting terminology for amounts owing by customers to a business. It is good to have accounts receivable, as this means you are generating sales. The downside, however, of having accounts receivable is that it represents cash that you don't have now, and along with that comes the possibility that your
CPA Practice
JULY 22, 2024
Avalara, Inc. and KPMG LLP have announced a strategic alliance to deliver greater value to enterprise businesses, the companies have announced. Avalara is a provider of tax compliance automation software for businesses of all sizes, and KPMG is one of the world’s largest audit, tax, and advisory firms. The new alliance allows organizations to leverage the combined power of Avalara’s compliance automation technology – including indirect tax calculation, returns, exemption certificate management,
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Bizinta highlights three crucial reports for financial and accounting consultancies to enhance profitability: Utilization Reporting maximizes billable hours Profitability by Consultant identifies top performers Contribution by Client prioritizes high-value clients These reports provide accurate insights, replacing guesswork with data-driven decisions.
RogerRossmeisl
JULY 21, 2024
The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal estate tax. Before 2011, a much smaller exemption resulted in many people with more modest estates attempting to avoid it. But since many estates won’t currently be subject to estate tax, it’s a good time to devote more planning to income tax saving for your heirs.
Accounting Today
JULY 24, 2024
The CPA industry is undergoing profound change, reshaping the landscape of professional services.
Going Concern
JULY 19, 2024
RSM has released its FY24 Impact Report and we just have to recognize how much work they put into making this thing pretty. Not that we read most of it of course. The parts we do read look nice and the excessive animations are snazzy. Does anyone know if they have in-house graphic designers or are they shopping this thing out to an agency? Just curious.
KROST
JULY 23, 2024
In the event of your death, a life insurance policy ensures that your family has the financial resources to maintain their standard of living. This is the number one reason why individuals consider life insurance. Although it’s the number one reason, it’s not the only reason. Life insurance can also be an essential estate planning Read the full article.
Speaker: Claire Grosjean
In today’s fast-paced business environment, finance professionals are under increasing pressure to optimize operations and drive strategic value. As a result, automation has become a core part of business strategy, offering unprecedented opportunities to streamline operations and drive efficiency. Join esteemed global finance and operations executive, Claire Grosjean, for a comprehensive guide on how to harness automation’s power through strategic collaboration with functional leaders.
CPA Practice
JULY 22, 2024
New research by international telecommunications provider TollFreeForwarding.com reveals that accounting and tax is the second-happiest industry to work in. The Los Angeles-based company analyzed Glassdoor review data for 200 companies across 10 industries and ranked them based on the following six criteria: Culture and values Diversity and inclusion Work-life balance Compensation Career opportunities Senior management satisfaction Each industry was scored on a scale of 1 to 100 for each categor
RogerRossmeisl
JULY 21, 2024
If you’re a philanthropic individual who is also obligated to take required minimum distributions (RMDs) from a traditional IRA, you may want to consider a tax-saving strategy. It involves making a qualified charitable distribution (QCD). How it works To reap the possible tax advantages of a QCD, you make a cash donation to an IRS-approved charity out of your IRA.
Accounting Today
JULY 22, 2024
Test your accounting knowledge on chief AI officers, Operation Hidden Treasure, and more. No. 2 pencil not required!
Ronika Khanna CPA,CA
JULY 19, 2024
Once you have decided to start a new business and have concluded that the best structure for your business is a Sole Proprietorship , the next step is to determine if you need to register it. If you are using your exact first and last name, and only your exact first and last name, then you are not required to register your business, regardless of which province your are located in.
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As a CPA, your expertise is invaluable to your clients. By partnering with Fincent, you can enhance your service offerings and streamline financial management for your clients. Our platform provides real-time financial reports, cash flow tracking, automated posting of banking transactions to reduce errors, and powerful search capabilities. With Fincent, you can focus on high-value services while we handle the day-to-day bookkeeping tasks.
Insightful Accountant
JULY 22, 2024
We made a slight change in the minimum qualifications for the 2025 ProAdvisor Awards, but it could significantly impact qualified applicants.
CPA Practice
JULY 22, 2024
By Melvin Backman, Quartz (TNS) Business class is back in session. In a report released this week , the consulting firm Deloitte said that American business travel could soon exceed where it was before the COVID-19 pandemic, a sign that frequent-flyer “road warriors” are continuing their return to the skies. Of those surveyed, 73% expect to be traveling more this year, a 15-point jump from 2023.
RogerRossmeisl
JULY 21, 2024
If you’re selling property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more than a year. Note: There are different rules for property held primarily for sale to customers in the ordinary course of business, intellectual property, low-income housing,
Accounting Today
JULY 25, 2024
The Internal Revenue Service reported further progress on offering more online tools and expanded taxpayer service.
Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert
In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant or getting "ghosted" if they fail to meet the evolving needs of Gen Z consumers. In this new webinar, Brian Muse-McKenney of Episode Six and Matt Simester of Payments Consultancy Limited will reveal key considerations banks should factor into their efforts to develop target products for the next generation of bank customers.
ThomsonReuters
JULY 23, 2024
A major global IT outage occurred on July 19, 2024, affecting numerous industries worldwide. The incident was attributed to a software update from cybersecurity firm CrowdStrike , which resulted in widespread system issues. Outage range and time to recover The outage had far-reaching consequences, affecting airlines, banks, healthcare providers, and other critical services.
Randal DeHart
JULY 19, 2024
Employee fraud can seriously affect any business; the construction industry is no exception. We have discussed this numerous times in our podcasts and blog posts. Unfortunately, we still get calls from construction business owners who unknowingly become victims of this financial nightmare. That is why it is important to revisit this topic and emphasize the need to be proactive and vigilant so it doesn't happen to you.
CPA Practice
JULY 22, 2024
Traditional accounting roles are evolving, now more than ever, as client needs change. Ask ten of your friends, and most will assume that an accountant is a number cruncher and focuses on compliance issues. And, to some degree, these people are correct. Certified public accountants know a lot about numbers, they analyze them, forecast them, and “crunch them,” but over 50% of firms now offer client advisory services and have become strategic partners with clients.
Going Concern
JULY 25, 2024
TLDR Assurance is out, Advisory is in. CPA Journal has published an intriguing deep dive into Big 4 revenue , specifically how the firms started making more money in advisory than audit or tax in the last 10+ years. You should go read it if this is at all interesting to you but we’re just going to focus on two charts because the Going Concern audience, and its editorial team, have the attention span of squirrels that got into a case of Red Bull.
Speaker: Gary Dmitriev
Our upcoming webinar aims to demystify the process of selecting and implementing automation tools for financial institutes. This session will provide your roadmap for vetting potential solutions, focusing on due diligence, vendor assessments, and aligning technology with strategic goals. We’ll also address the critical issue of innovation fatigue, offering tips on maintaining enthusiasm and momentum for new initiatives.
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