RogerRossmeisl

OCTOBER 20, 2024

The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. By 2026, it plans to nearly triple its audit rates for large corporations with assets exceeding $250 million. Under these plans, partnerships with assets over $10 million will also see audit rates increase tenfold by 2026. This ramp-up in audits is part of the IRS’s broader strategy, funded by the Inflation Reduction Act, to target wealthier entities and high-dollar noncompliance.

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audit CPA Tax business tax 190

TaxConnex

OCTOBER 22, 2024

There’s always something changing in the world of sales tax. Here’s a review of some of the recent updates. Another one down. Alaska’s Remote Seller Sales Tax Commission confirms that the state will join the growing number of jurisdictions to repeal the transaction count requirement for determining economic nexus, effective next year. The Commission has amended the Alaska Remote Seller Uniform Code to ax the 200-transaction threshold, and after Jan. 1, 2025, sellers will only have to register wi

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Sales Tax Alaska Nebraska 147

Acterys

OCTOBER 20, 2024

Reliable financial data is the compass that guides strategic decisions. But what happens when that compass is inaccurate? Errors in financial planning and analysis (FP&A) reports can set entire departments, or even the whole company, off course. More than half (59%) of accountants admit to making several errors per month, Gartner research found.

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financial statements accounting and finance accounting standards accounting principles 130

MyIRSRelief

OCTOBER 18, 2024

Navigating the complexities of tax liabilities can be daunting for many taxpayers. One of the avenues available for those struggling with significant tax debt is the IRS Offer in Compromise (OIC) program. This program allows taxpayers to settle their tax liabilities for less than the full amount owed, provided they meet certain criteria. However, one critical aspect that can affect the acceptance of an OIC is the concept of dissipated assets.

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Change is difficult, whether in our private or work life. However, without change, growth and learning are difficult not to mention keeping up with the market and staying competitive. We have all worked for or ourselves are the bosses that prefer to keep the status quo. We will discuss how to address the "change challenge" to enable you to be a changemaker and a graceful recipient of change.

BurklandAssociates

OCTOBER 22, 2024

The Rule of 40 helps you balance rapid growth with long-term profitability as you scale your SaaS startup. The post Achieve Sustainable SaaS Growth with the Rule of 40 appeared first on Burkland.

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RogerRossmeisl

OCTOBER 20, 2024

Discounts for lack of marketability are well established when valuing minority interests in closely held businesses. But many valuation experts believe that controlling business interests also warrant a marketability discount to reflect the uncertainty and risk associated with the timing of the sale and the ultimate price. Here’s a closer look at this issue.

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TaxConnex

OCTOBER 15, 2024

Income tax often seems to grab most of the headlines, but sales tax can make for a hefty crime – and punishment – too. A famous case recently examined in the TaxConnex podcast It Depends episode, “Sales Tax Crimes - Pt. 2: The Eccentric TYCO CEO’s Sales Tax Scheme,” clearly shows how you shouldn’t do the sales tax crime if you can’t do the time. Big numbers, common crime Unscrupulous vendors often collect and not remit sales tax (as in one recent case with a juice store owner in the District of

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Sales New Hampshire Tax income tax 159

Going Concern

OCTOBER 16, 2024

h/t NL Times for reporting this story. Under normal circumstances we wouldn’t be terribly interested in news coming out of PwC Netherlands but in this case it’s relevant because the thing they did earned Dutch KPMG the largest PCAOB fine to date when they got caught doing it in 2023. Why’s our audit regulator fining overseas firms when they should be worried about our firms flunking audit inspections?

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audit accounting firms Tax Account 125

BurklandAssociates

OCTOBER 15, 2024

Non-compliance can block capital raises, delay exits, and cost you and your investors significant time and money. The post Compliance: The Silent Startup Killer appeared first on Burkland.

Tax 130

Tax 130

RogerRossmeisl

OCTOBER 20, 2024

Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will the IRS agree that your venture is a business, not a hobby? It’s an essential question for tax purposes. If the expenses from an activity exceed the revenues, you have a net loss.

income tax 147

income tax tax return CPA Tax 147

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Setting the stage for successful organizational change always begins with clear, thoughtful communication. When it comes to rolling out a new travel and expense (T&E) policy, establishing a well-structured communication plan is key to ensuring that all employees understand the changes and their impact. By following a step-by-step approach, you can guide your organization through the transition, fostering smooth adoption from the outset and improving compliance.

Accounting Today

OCTOBER 15, 2024

The National Association of Tax Professionals criticized an ad promoting Intuit's TurboTax full-service option, saying it encouraged taxpayers to leave their professional preparers.

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Tax tax preparation 126

CPA Practice

OCTOBER 17, 2024

By Mike Varney, Vice President, Finance and Operations at Extend. The alarm bells in accounting have been ringing for years: fewer people want to join – or stay – in the profession. The American Institute of Certified Public Accountants (AICPA) said in its “2023 Trends” report that the percentage of accounting graduates fell 7.8% between 2021 and 2022, after steady decreases of 1-3% since 2015-16.

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Technology Account accounted accountant 118

Going Concern

OCTOBER 18, 2024

Saw on Accounting Today this afternoon that Armanino has “taken on a strategic minority investment” from Further Global Capital Management. It’s behind a paywall so we don’t know what more the article says, doesn’t really matter anyway does it. There doesn’t appear to be a press release about this nor is Armanino listed on Further Global’s companies page.

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Construction public accounting Government Account 110

Withum

OCTOBER 16, 2024

Withum is proud to share that New Jersey business publication ROI-NJ has named Pat Walsh to their 2024 Top Champions of the C-Suite list. Pat Walsh, Managing Partner and CEO, was recognized for his commitment to leading an inclusive and diverse workplace and continuing to support the Firm’s rich culture. Having taken over the helm on January 1, 2023, Withum has continued its consistent year-over-year positive growth under Pat’s leadership.

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New Jersey Sports cpas Healthcare 105

Speaker: Don Gallianza, Credit Manager at Chevron Phillips Chemical and Indy Chakrabarti, Chief Marketing Officer at HighRadius

4 Case Studies to Optimize DSO 26 Days Sales Outstanding. Already better than most. But, should you improve on that? Why would 3 fewer days even matter? It matters because it fundamentally transforms business outcomes. Join this webinar to explore 4 things companies do to reclaim hard dollars - not just soft costs - and go from good to great! What You'll Learn 6 operational KPIs every AR manager should track: Define and track these metrics to enhance performance, drive efficiency, and make infor

Finance

RogerRossmeisl

OCTOBER 20, 2024

In 2021, Congress passed the Corporate Transparency Act (CTA). The CTA requires many entities doing business in the US to report information about the individuals who ultimately own or control them (the entity’s “beneficial owners”). The CTA’s expanded anti-money laundering laws require that small businesses report this beneficial owner information to the Financial Crimes Enforcement Network (FinCEN) in an effort to create a national database for use by national security

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CPA cpa firm business tax Tax 130

Accounting Today

OCTOBER 18, 2024

Starting in January, cryptocurrency will need to be reported to the IRS on an account-by-account basis versus the "universal wallet" approach most had been using.

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cpas Account accounted accountant 117

CPA Practice

OCTOBER 17, 2024

Updated: Oct. 17, 2024, with comments from Intuit and the AICPA. TurboTax, the most widely-used do-it-yourself tax preparation in the U.S., is out with a new advertisement in which it is telling Americans that maybe they should save money and have a “tax break up” with their professional preparer by using one of TurboTax’s live experts. The irritation factor for some tax professionals and CPAs who provide tax preparation services is that Intuit, the maker of TurboTax and several other consumer b

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tax preparation cpas CPA quickbooks 116

Going Concern

OCTOBER 16, 2024

…Mark Koziel, CPA, CGMA. Surprising, our bets were on Kimberly Ellison-Taylor. Announced by the AICPA yesterday , the current president and CEO of Allinial Global — described in the press release as “an association of independent accounting and advisory firms with $6 billion in collective revenue and 268 member firms worldwide” — will be taking over for Barry Melancon in January.

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accounting and finance CPA Finance Account 103

Speaker: Chandra McCormack, CPA, MBA, NACD.DC

Imagine being a financial leader who not only ensures the books are balanced but also shapes the future of your organization. 🤔 ✨ This session will take you beyond the routine reporting and into the realm of strategic financial leadership. We’ll explore how today’s finance professionals can juggle the day-to-day operations while also delivering the long term vision that drives growth.

accounting and finance

Insightful Accountant

OCTOBER 16, 2024

In the aftermath of Hurricanes Milton and Helene, the Internal Revenue Service today cautioned taxpayers of scammers who use fake charities to gather sensitive personal and financial data from unsuspecting donors.

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Canopy Accounting

OCTOBER 16, 2024

Reserve your spot for Canopy's Demo Sweepstakes! Attend live to win from $5000 of prizes and see how current Canopy users have transformed their firms with all-in-one accounting practice management.

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Account accounted accountant 98

Accounting Today

OCTOBER 16, 2024

Ernst & Young is leveraging its $1 billion investment in talent and technology to expand the use of artificial intelligence and machine learning over the next four years.

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audit 115

CPA Practice

OCTOBER 17, 2024

The Governmental Accounting Standards Board ( GASB ) has issued guidance that establishes requirements for certain types of capital assets to be disclosed separately for purposes of note disclosures. GASB Statement No. 104, Disclosure of Certain Capital Assets , also establishes requirements for capital assets held for sale and requires additional disclosures for those capital assets.

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financial statements accounting standards Sales Government 114

Speaker: Joe Sharpe and James Carlson

Payroll optimization can be one of the most time-consuming and complex factors of small business management. Yet, organizations that crack the code on streamlining employee compensation often discover innovative avenues for growth. With the right strategies in place, outsourcing and streamlining payroll processes can result in substantial time and resource savings.

payroll

Going Concern

OCTOBER 18, 2024

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. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

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audit auditor New York accounting firms 93

GrowthForceBlog

OCTOBER 15, 2024

7 min read October 15th, 2024 All business expenses represent money out the door, but the way you categorize these expenses has greater implications than reduced net income. Key Takeaways How to Calculate and Identify a Capital Expenditure: CapEx = (Prior Period PP&E - Current Period PP&E) + Current Period Depreciation. The Key Differences Between CapEx and OpEx: For most businesses, both capital expenditures and operational expenditures are necessary for success, and finding the right b

bookkeeping 96

bookkeeping Account accountant accounted 96

Randal DeHart

OCTOBER 18, 2024

In the competitive construction world, having a strong sales strategy is essential for sustaining and growing your business. A well-defined approach can increase your project pipeline and create lasting client relationships. It will give you a framework for generating leads, closing deals, and ultimately increasing revenue through nurturing existing accounts, thought leadership, and practical pricing discussions.

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Construction Sales Account accounted 84

Accounting Today

OCTOBER 17, 2024

With the November election mere weeks away, there is still time for tax pros to ponder the strategies available to meet the proposals of each candidate.

business tax 120

business tax Tax 120

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Time and time again we tell ourselves and others NOT take action on something that is not "broken." We apply that mindset at home and at work. Sometimes, it doesn’t work out so well. Because when it's truly broken, it's usually an emergency, costs more and causes stress. Join us in this webinar where we share ways where you are able to anticipate your needs, understand benefits that you will get from getting better now instead of later, and relieving your team of tasks that they don't need to be

accounting and finance

CPA Practice

OCTOBER 16, 2024

The Federal Trade Commission has announced a final “click-to-cancel” rule that will require sellers to make it as easy for consumers to cancel their enrollment as it was to sign up. Most of the final rule’s provisions will go into effect 180 days after it is published in the Federal Register. “Too often, businesses make people jump through endless hoops just to cancel a subscription,” said Commission Chair Lina M.

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Legal Government 115

Mark Lee

OCTOBER 15, 2024

Most general practitioner accountants I talk with (and I talk with a lot of them) are, obviously, generalists rather than specialists. They typically started out as general practitioners and often stay that way as their client base has always been quite disparate. Many accountants who develop a specialisation do so only because they originally trained in firms that encouraged them to specialise – often quite early in their career.

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bookkeeping software bookkeeping Account accounted 89

AccountingDepartment

OCTOBER 17, 2024

Imagine having access to top-tier financial expertise without the full-time cost. That's precisely what CFO Support Services offers. In today's fast-evolving business landscape, financial acumen is not just a luxury but a necessity for growth and sustainability. Entrepreneurs and small-to-medium business (SMB) owners often juggle multiple roles, and strategic financial management is frequently overlooked.

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Going Concern

OCTOBER 21, 2024

Former Deloitte CEO Joe Echevarria has come a long way since he earned “low potential” performance ratings at Haskins & Sells (the firm that merged with Touche Ross in 1989 to form Deloitte & Touche) and was told by a boss to get rid of his mustache because it makes him look like the Frito Bandito. Yes, they spoke like that in the late 70s and 80s.

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Education 62

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Global business travel is surging, with companies spending as much as or more than they did before the pandemic. This trend is expected to continue, with more growth on the horizon. The types of travelers are also changing, with millennials and Gen Zers taking on the majority of the load. Business travel is evolving, and younger generations expect less hassle, even though there are more ways to book and pay for travel than ever before.

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