Trending Articles

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Is Your Inventory Missing – or Stolen? Ask an Expert

RogerRossmeisl

For many businesses, such as retailers, manufacturers and contractors, strict inventory control is central to operations. If you don’t track inventory accurately, you can’t effectively produce goods, meet customer demand and realize profits. Let’s say you’re performing a year-end inventory count and you come up short. Have you miscounted or have the items been misplaced?

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How to Maintain Compliance Documentation for Sales Tax Audits | TaxConnex

TaxConnex

Maintaining compliance documentation is crucial for businesses to ensure smooth and successful audits. Proper documentation allows auditors to interpret and verify your financial transactions accurately. Unfortunately, many businesses find themselves unprepared when faced with an audit, lacking the necessary documentation. This can lead to auditors assuming transactions are taxable, or making historical projections or arbitrary assessments of taxable sales.

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Employee Retention Strategies for Startups: Keeping Your Best Talent Engaged

BurklandAssociates

Investing in employee retention makes financial sense and builds a foundation for sustained success and growth. The post Employee Retention Strategies for Startups: Keeping Your Best Talent Engaged appeared first on Burkland.

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Introducing Acterys 24.1: Setting New Standards in AI-Driven Business Planning

Acterys

We are beyond thrilled to announce the release of Acterys’ latest version, 24.1. The launch of Acterys 24.1 heralds a transformative era in business intelligence and planning, blending the power of AI with the robust functionality of Power BI. This release marks a significant milestone, embodying our commitment to revolutionizing enterprise planning through cutting-edge technology, all underpinned by our strategic partnership with Microsoft.

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5 Steps to Shield Your Business: The Ultimate Guide to Avoiding Payment Fraud

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.

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RSM acquires firms in Europe

Accounting Today

The RSM network made five strategic acquisitions in Europe, including specialist audit and consulting firms in Austria, Denmark and France, plus a prestigious law firm in Spain.

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The Tax Consequences of Selling Mutual Funds

RogerRossmeisl

Do you invest in mutual funds or are you interested in putting some money into them? If so, you’re part of a large group. According to the Investment Company Institute, 116 million individual U.S. investors owned mutual funds in 2023. But despite their widespread use, the tax rules involved in selling mutual fund shares can be complex. Review the basic rules Let’s say you sell appreciated mutual fund shares that you’ve owned for more than one year.

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How to Protect Your Digital Assets From Estate Tax

CPA Practice

By Jeffrey M. Verdon, Esq., Kiplinger Consumer News Service (TNS) Digital assets, like Bitcoin, have provided a new asset class for investors and traders, minting new millionaires in the process. Cryptocurrencies, DeFi and stablecoin staking, non-fungible tokens (NFTs) and other digital assets have given high-net-worth investors diversification, enhanced liquidity and the potential for significant appreciation (along with a hefty dose of risk).

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How to Register your Sole Proprietorship in Each Province

Ronika Khanna CPA,CA

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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IRS crypto enforcement could get tougher

Accounting Today

The Internal Revenue Service could be doing a better job of cracking down on tax noncompliance by users of virtual currency or digital assets, according to a new report.

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2024 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

RogerRossmeisl

July 15 Employers should deposit Social Security, Medicare and withheld income taxes for June if the monthly deposit rule applies. They should also deposit non-payroll withheld income tax for June if the monthly deposit rule applies. July 31 Report income tax withholding and FICA taxes for second quarter 2024 (Form 941) and pay any tax due. (See the exception below, under “August 12.

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How to Navigate Revenue and Expense Management: Competitive Insights for Financial Success

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!

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Crazy Idea of the Day: If 150 Units Goes Away, Refund Everyone’s University Fees

Going Concern

I’d like the record to reflect that this is not my idea. Comment left on “ What’s your hot take for the next 5 years in the field of Accounting? “ I wasn’t able to find any information on the average cost of those extra 30 units, probably because it varies so much so instead let me drop two relevant links. You all are welcome to tell us how much you paid for your 30 units in the comments (or by email ).

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How the Accountant Shortage Is Rippling Through the Startup World

CPA Practice

By Ali Donaldson, Inc. (TNS) Where have all the accountants gone? Between 1990 and 2021, the number of people sitting for the Certified Public Accountant exam plunged by almost 50 percent , according to the Association of International Certified Professional Accountants. With fewer young people entering the profession and an increasing number of baby boomers, who account for three-quarters of CPAs, heading for retirement, a Bloomberg analysis of data from the Bureau of Labor Statistics found th

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CMiC issues new Construction Industry Survey

Insightful Accountant

If you are a ProAdvisor, Consultant, or Accountant wanting to support construction businesses as they digitally transition, you won’t want to miss this survey, which will provide valuable insights into the industry.

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IRS updates RMD guidance

Accounting Today

The Treasury Department and the Internal Revenue Service issued final regulations Thursday to update the rules for required minimum distributions.

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3 Must-Have Reports to Help Financial and Accounting Firms Become More Profitable

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.

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Valuing Donations of Private Business Stock

RogerRossmeisl

Some business owners may be considering donating corporate stock to charities in 2024. Donations of public stocks are generally easy to value because their prices are listed on public stock exchanges. But valuations of private business interests are typically more complicated. Here’s some guidance on how valuators determine the fair market value (FMV) of closely held business shares and why a formal valuation may be needed to support charitable contribution deductions for these gifts.

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Attracting and Retaining Staff Are By Far the Biggest Problems at Audit Firms

Going Concern

Thomson Reuters has another survey to share with the world and that’s the 2024 Audit Survey Report from the TR Institute. Like the State of Tax Professionals and Future of Professionals reports, it gives us a birds eye view of the issues these segments are facing and what they’re doing to address them. It’s 2024 so of course generative AI comes up a lot.

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Tech Pivot Success for Accounting Firms – Part I

CPA Practice

By Davis Bell. In business, as in life, change is the only true constant. From mitigating unprecedented business disruptors to adapting to new operational paradigms, professionals in all industries find themselves dealing with major changes — many of them driven by emerging technologies. [Go to Part II of this two-part series.] Accounting is no exception.

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Anders Technology Named to Accounting Today’s VAR 100 List

Anders CPA

Anders Technology , an advisory service line of Anders, was named to Accounting Today’s VAR 100 list for 2024. The ranking recognizes the country’s leading value-added resellers in the accounting space by revenue. This is the second year in a row that Anders Technology earned a spot on the list. A Microsoft Solutions Partner with over 35 years of experience and a team of 30+ technology-focused advisors, Anders Technology is passionate about leveraging technology to reach business goals.

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How To Streamline Finance Operations Through Automation

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.

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AI in accounting: Who are the humans in the loop?

Accounting Today

Accounting firms and vendors alike have stressed the importance of having a "human in the loop" to oversee AI. Just who are these humans and what do they do?

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What Might Be Ahead as Many Tax Provisions are Scheduled to Expire?

RogerRossmeisl

Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections. Our current situation The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made sweeping changes. Many of its provisions are set to expire on December 31, 2025. With this date getting closer each day, you may wonder how your federal tax bill will be affected in 2026.

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Just How Much Have Accounting Salaries Increased in the Last Five Years?

Going Concern

INSIDE Public Accounting is due to release their Top 500 list soon and in the meantime, they’ve asked a very important question: Will 2024 show another big boost in compensation? Here they’ve compared compensation for equity and non-equity partners, managing partners, and professional staff at non-Big 4 IPA 100 firms for 2023 against 2019.

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Federal Court Shuts Down New York Tax Preparer

CPA Practice

A federal court in the Eastern District of New York issued a permanent injunction yesterday against a Brooklyn, New York, tax return preparer. Melinda Jacob, individually and on behalf of her business Melinda Jacob Tax Services LLC, consented to the injunction, which permanently bars her and her business from preparing federal tax returns for others.

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How to Elevate Your CPA Services and Grow Your Business

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.

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TJCA May Bring Wave of C Corp Conversions

Insightful Accountant

The potential expiration of key provisions of the Tax Cuts and Jobs Act (TCJA) at the end of 2025 is a critical issue that requires careful attention and proactive planning, and Section 199A is no exception.

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IRS debunks nonexistent Self Employment Tax Credit social media claims

Accounting Today

The IRS warned about bad advice that's being peddled on social media promoting a bogus "Self Employment Tax Credit" and prompting unsuspecting taxpayers to file false claims for the credit.

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Consider Borrowing From your Corporation but Structure the Deal Carefully

RogerRossmeisl

If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to avoid certain risks and charge an adequate interest rate. Basics of this strategy Interest rates have increased over the last couple years. As a result, shareholders may decide to take loans from their corporations rather than pay higher interest rates on bank loans.

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Chuck Rettig Thinks His Former Employer Should Hurry Up on Paying Out ERC Claims

Going Concern

In an opinion piece published in Fortune on July 17 , former IRS commish Chuck Rettig recognizes that his former employer was wise to put a moratorium on processing fraud-plagued Employee Retention Credit (ERC) claims but says the IRS should process the less shady ones in the meantime. The work of identifying the risk level of individual claims has apparently already been done so at this point they know which bunch are most likely to be legit.

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How to Avoid Getting Ghosted: Top 3 Secrets to Staying Relevant with Gen Z

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.

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IRS Adds Extra Security Measures to Access FATCA Site

CPA Practice

The IRS said Wednesday it’s now requiring taxpayers and financial institutions to authenticate their identities when they log in to use the Foreign Account Tax Compliance Act (FATCA) website. As of July 14, taxpayers are required to sign in or register with either of the IRS’s credential service providers— Login.gov or ID.me —to access the FATCA registration system.

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Connecticut Paid Sick Leave Information for Employers

Patriot Software

The Connecticut paid sick leave law was the first state-mandated paid sick leave in the United States, dating back to 2012. In 2024, the state passed a major Connecticut sick leave expansion that begins in 2025. Do you have to pay your employees for sick days in CT?

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GOP eyes tax changes after election

Accounting Today

The details in the Republican platform provide no specifics on taxes, although extending the expiring provisions of the Tax Cuts of Jobs Act of 2017 is a top priority.

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Protecting Your Business from Real Estate Fraud

RogerRossmeisl

Whether your company acquires businesses that own real estate or you invest in real estate directly, fraud poses an ever-present threat. Buying and selling real estate is complicated, and it’s relatively easy for crooks to manipulate the process. To help mitigate real estate fraud threats, thorough due diligence is essential. Staying current on common schemes and red flags also may enable you to identify risky transactions before you put down any money. 5 schemes First, be aware of these five co

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Navigating the Automation Landscape: Selecting Tools That Fit Your Business

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.