Trending Articles

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The changing state of e-commerce

TaxConnex

Not long ago, clicking a computer mouse to buy something was an idea of science fiction. Today, of course, e-commerce is how a significant amount of shopping takes place in general. Capital One reports that global e-commerce retail sales will hit some $6.91 trillion this year, up 9.5% from total e-commerce retail sales in 2023. Projections indicate that value will increase to $8.03 trillion in 2027.

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Demystifying Government Contract Requirements: A Guide for New Businesses.

SMBAccountant

Understanding the basics of government contracts is essential when engaging in contractual agreements with government entities. When reviewing such contracts, key considerations include a thorough examination of the scope of work, payment terms, performance metrics, and compliance with regulations. Utilizing tools like Suppl-O contract briefs can significantly aid in the efficient review process by highlighting changes, facilitating quick reference, and ensuring transparency.

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Do Your Startup’s Employees Have a Sense of Purpose?

BurklandAssociates

Your people will drive your business to success when they are highly engaged and know where the ship is headed. The post Do Your Startup’s Employees Have a Sense of Purpose? appeared first on Burkland.

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Should Your Business Offer the New Emergency Savings Accounts to Employees?

RogerRossmeisl

As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency savings account (PLESA) and the provision authorizing it became effective for plan years beginning January 1, 2024. The IRS recently released guidance about the accounts (in Notice 2024-22) and the U.S. Department of Labor (DOL) published some frequently asked questions to help employers, plan sponsors, participants and others understand them.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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The 20 best states for doing business

Accounting Today

While property and unemployment insurance taxes are universal in every state, many of the best states for doing business do not have corporate, sales or individual income taxes.

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How Work From Home Will Save More Small Business Owners on Taxes This Filing Season

CPA Practice

By Ali Donaldson, Inc. (TNS) This tax season, more entrepreneurs are looking to cash in on their work-from-home habit. Since the pandemic, many founders have embraced a hybrid schedule or decided to ditch their offices altogether. Now, after investing in at-home monitors, standing desks, and Zoom-background-worthy bookshelves, they are discovering there’s a tax break for that—and giving their accountants a call.

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QuickBooks Online Advanced Financial Forecasts

Insightful Accountant

As a part of the Financial planning features available to QuickBooks Online Advanced users, a new 'Forecasts' functionality has been released. Presently it is available to all U.S. QBO-Advanced subscribers.

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Generative AI Can Help Prevent, Detect and Investigate Fraud

RogerRossmeisl

You may already be familiar with artificial intelligence (AI) and even use it in business applications. What about generative AI (Gen AI)? Gen AI typically is used to create new content (such as text, images, code and video) from raw data and includes such popular systems as Grok, ChatGPT and DALL-E. Gen AI can also help reduce, uncover and combat fraud.

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IRS commits to making Child Tax Credit changes quickly

Accounting Today

The Internal Revenue Service would be able to implement changes to the Child Tax Credit within weeks, IRS Commissioner Danny Werfel told Congress, and send out tax refunds promptly.

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New Jersey Weighs In on the Usefulness of 150 Hours

Going Concern

The 150-hour rule debate rages on, hope you’re not sick of talking about it. INSIDE Public Accounting has shared key takeaways from a recent survey of 1,060 members of the New Jersey Society of CPAs (NJCPA) that aimed to get members’ view on the 150-hour rule. Those takeaways are: More than 40% of those surveyed said that new hires working in accounting-related roles who had not completed 150 credit hours “rarely” or “never” pursue CPA certification.

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Recruit and Retain New Blue-Collar Talent

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.

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5 Key Findings from Our Annual Survey of Financial Professionals and The Impact of Sales On Their Business

TaxConnex

At the beginning of January we announced the release of our annual sales tax survey. This year’s results provided insights into how businesses are managing the complexities of sales tax and how they are being impacted by economic and regulatory structures. The nationwide survey, conducted by In90Group in November of 2023, is composed of responses from 100 top finance professionals in a variety of industries regarding their thoughts and experiences in managing sales tax. 5 of our key findings are

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The Best States for Minority Entrepreneurs

CPA Practice

A new study from Lendio ranks the top 20 states for minority entrepreneurs. To produce the rankings, Lendio evaluated eight critical metrics including small business loan accessibility, entrepreneurship rates, job growth, and income equality. Click for larger images. The 20 best states for minority entrepreneurs. States with the highest percentage of minority-owned businesses.

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Answers to Your Tax Season Questions

RogerRossmeisl

The IRS announced it opened the 2024 income tax return filing season on January 29. That’s when the tax agency began accepting and processing 2023 tax year returns. Here are answers to seven tax season questions we receive at this time of year. (1) What are this year’s deadlines? The filing deadline to submit 2023 returns or file an extension is Monday, April 15, 2024, for most taxpayers.

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IRS criminal investigators crack down on ERC claims

Accounting Today

The Internal Revenue Service's Criminal Investigation unit has been investigating bogus claims for the employee retention credit and educating tax professionals about the problems they can encounter.

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

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The Job Ghosting Is Getting Out of Hand

Going Concern

Remember when millennials were entering the workforce 15-20 years ago and the business rags were gassing up HR talking about how not loyal they all are? Millennials can breathe a sigh of relief at last because Gen Z is making their predecessors look like excellent employees by comparison. Fortune has written up an Indeed survey of 1,500 employers and 1,500 workers in the UK that found two-thirds of workers surveyed have “ghosted” a prospective employer in the last year.

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ProAdvisor Awards Applications Close Tonight - Take Action Now

Insightful Accountant

The Formal Application Deadline for the 2024 Domestic ProAdvisor Awards process is at 12:59:59 Pacific Time Tonight. This your last opportunity time to complete your formal application before Midnight's deadline.

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Small Businesses Optimistic for Growth in 2024

CPA Practice

Most small businesses are feeling optimistic about growth in 2024 and their ability to expand over the next 12 months. That’s according to a new report from OnDeck and Ocrolus that combines small business survey results with cash flow data from companies to provide deeper insights into the overall health and sentiment of small businesses across the United States.

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IRAs: Build a Tax-Favored Retirement Nest Egg

RogerRossmeisl

Although traditional IRAs and Roth IRAs have been around for decades, the rules involved have changed many times. The Secure 2.0 law, which was enacted at the end of 2022, brought even more changes that made IRAs more advantageous for many taxpayers. What hasn’t changed is that they can help you save for retirement on a tax-favored basis. Here’s an overview of the basic rules and some of the recent changes.

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Guide to Business Writing

Everything you need to know about better business writing in one place. This is a complete guide to business writing — from a clear business writing definition to tips on how to hone your business writing skills.

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Art of Accounting: Top growth areas for CPAs

Accounting Today

Many services can be marketed to new clients as well as to existing clients. Once you begin adding services to your clients, more develop.

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Weekend Discussion: “The System Is Very Close to a Tipping Point of Massive Non-Compliance”

Going Concern

Said accounting profession veteran Kim Moody in Financial Post : In my view, the system is very close to a tipping point of massive non-compliance in a number of areas of tax law. Put simply, if taxpayers and their advisers (and even tax specialists) have a hard time understanding new legislation, it can and will lead to non-compliance. The system then breaks down.

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Feature Focus Fridays - Another Look at Clockwork

Insightful Accountant

Clockwork is a financial analytics and planning app that works with QuickBooks Online, Xero and QuickBooks Desktop. If you need more financial metrics and forecasting than your General Ledger can provide, check out this article.

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Harvesting Tax Losses

Withum

Tax loss harvesting is an income tax planning strategy that involves selling investments at a loss with the intent to offset capital gain income. This strategy is beneficial to taxpayers who have large capital gain income and are seeking ways to lower their related income tax liability. It is important to note that any tax harvesting must be implemented prior to the end of the applicable tax year, which is December 31 st for individual taxpayers.

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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"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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9 Tax Considerations if you’re Starting a Business as a Sole Proprietor

RogerRossmeisl

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here are nine considerations: 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you’re currently eligible to claim the 20% pass-through deduction, subject to limitations.

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Gloom or boom? Tax pros differ on AI

Accounting Today

Whether they're enthusiastic or terrified, tax practitioners are anything but indifferent to the rise of artificial intelligence.

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Friday Footnotes: Work-Life Balance, Does It Work?; Big 4 Firms Slash Job Postings; She Doesn’t Even Go Here! | 2.16.24

Going Concern

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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April 15 is Tax Deadline for 2024, But Some Taxpayers in These States Will Get More Time

CPA Practice

Kiplinger Consumer News Service Tax Day 2024 is April 15. That’s the day taxes are due for most taxpayers. However, each year, the IRS extends tax deadlines for taxpayers in designated areas impacted by severe storms and natural disasters. The IRS announces these tax deadline extensions for various states as disasters occur. The new tax deadlines may be different for different states.

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Finding “The One:” The Ultimate Guide to Selecting Financial Software

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

As finance and accounting practitioners, you are expected to complete daily operations as well as to manage next generation tools and resources to support a business that is growing in complexity. Having the right software can be critical in juggling and meeting those high expectations. The path to the right software, however, is paved with challenging decisions.

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Scott Reddersen Awarded 40 Under 40 Honor by Washington Business Journal

Withum

Withum is proud to share that Scott Reddersen was named to the Washington Business Journal 40 Under 40 List for 2024. Scott has over 15 years of experience and specializes in tax compliance and planning for high-net-worth individuals. He leads the Tax Service Line out of Withum’s DC metro area and will soon take over as Partner-in-Charge of the DC office effective July 1.

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Ready, Set, Value!

RogerRossmeisl

When the parties know what to expect at each phase of a business valuation project, it makes the process easier for everyone. This awareness promotes collaboration and timeliness, as well as minimizes potential surprises, misunderstandings and rework. Here’s the five-step process that’s used when valuing a business or interest in a business. Engaging a valuation expert The first step is retaining a business valuation professional and agreeing on the price, deliverables and scope of the assignmen

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PCAOB fines Withum $2M for SPAC audit violations

Accounting Today

The Public Company Accounting Oversight Board levied a $2 million fine against WithumSmith+Brown for violating quality control rules.

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Financial Cents Unveils the 2024 State of Accounting Workflow Automation Report

Insightful Accountant

Financial Cents is excited to announce the release of the 2024 State of Accounting Workflow Automation Report. This second edition study explores the experiences and challenges faced by accounting, bookkeeping, and tax firm owners.

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2024 Payroll Calendar Templates

These calendars provide pay period dates and paydays for biweekly, semi-monthly, and monthly payroll in 2024. Use them as a reminder or share with employees so they can celebrate payday.