RogerRossmeisl

APRIL 24, 2024

As reported in IR-2024-46 Using Inflation Reduction Act funding and as part of ongoing efforts to improve tax compliance in high-income categories, the Internal Revenue Service announced on 2/21/24 plans to begin dozens of audits on business aircraft involving personal use. The audits will be focused on aircraft usage by large corporations, large partnerships and high-income taxpayers and whether for tax purposes the use of jets is being properly allocated between business and personal reasons.

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audit CPA Tax cpa firm 180

BurklandAssociates

APRIL 23, 2024

Many startup founders fail to realize that neglecting HR compliance can lead to significant red flags during investor due diligence. The post 3 Common HR “Gotchas” That Could Get You During Due Diligence appeared first on Burkland.

Tax 159

Tax 159

MyIRSRelief

APRIL 22, 2024

Navigating tax issues can be daunting, especially when facing audits, unpaid taxes, or payroll problems. In Corona, CA, part of the Inland Empire, taxpayers and businesses often seek clarity on resolving these issues effectively. This FAQ guide provides insights into common tax problems and solutions available in Corona, CA. 1. What is Audit Representation and How Can It Help Me in Corona, CA?

Tax 130

Tax payroll tax tax return payroll 130

CPA Practice

APRIL 22, 2024

By Melissa Angell, Inc. (TNS) The IRS is cautioning taxpayers to be aware of its so-called “Dirty Dozen” list. Each year, the IRS puts out a list that compiles prevalent schemes against taxpayers. The list serves as a reminder to remain vigilant about tax scams not only during tax season, but all year long. Taxpayers should take note, given the uptick in problems seen in recent years: The IRS received 294,138 cases of tax-related identity theft during fiscal year 2023, up from the 92,631 cases s

Tax 120

Tax tax return online accounting payroll 120

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Accounting Today

APRIL 22, 2024

Experts say that busy entrepreneurs often miss incentives and advantages available to them. Financial advisors and tax professionals can give them a nudge.

Tax 117

Tax 117

RogerRossmeisl

APRIL 17, 2024

Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain industries including technology and media. If you’re laid off or terminated from employment, taxes are likely the last thing on your mind. However, there are tax implications due to your altered employment circumstances.

Tax 205

Tax CPA 205

Going Concern

APRIL 22, 2024

Ed. note: By “salty” I mean in the experienced sailor/pirate way, not the modern definition of someone who’s just mad because they suck. Industry OG and commentator Gene Marks has written an opinion piece for The Hill about what audits actually are that is less opinion and more brutal fact: Why you should be very skeptical of that auditor’s report.

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audit auditor financial statements Education 102

CPA Practice

APRIL 22, 2024

The Illinois CPA Society (ICPAS)—one of the largest state societies serving the certified public accountant (CPA) community—has announced the honorees of its annual Outstanding Leadership Awards program, which celebrates distinguished leaders within the CPA profession through a variety of prestigious awards. “It’s an honor to formally recognize those who have gone above and beyond in their service to both our organization and the accounting profession,” says Geoffrey Brown, CAE, ICPAS president

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Illinois CPA Indiana audit 115

Accounting Today

APRIL 19, 2024

The Internal Revenue Service previewed a draft version of the Form 1099-DA on Friday for reporting on the proceeds of digital asset transactions for crypto brokers.

Tax 121

Tax 121

RogerRossmeisl

APRIL 17, 2024

Occupational fraud is a crime generally committed by employees against their employers. Ironically, employees also are most likely to notice or suspect occupational fraud schemes conducted by their coworkers or managers. Whether they report through an anonymous tipline or directly to management or HR, rank-and-file workers often are the first to raise the alarm.

Legal 175

Legal CPA 175

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.

Insightful Accountant

APRIL 22, 2024

Intuit will unpack the latest updates to its QuickBooks Live strategy to prioritize its assisted, do-it-with-me service, taking place on Wednesday, April 24th.

quickbooks 106

quickbooks 106

Going Concern

APRIL 19, 2024

Rightworks has released their inaugural 2024 Accounting Firm Technology Survey and the results tell us what we already done knew: Accounting firms are hesitant to adopt next-gen technology. Hell, a bunch of them are hesitant to move to the cloud. In 2024. The survey of decision makers and influencers at accounting, tax and bookkeeping firms revealed that nearly 60 percent of respondents identified their firms as slow adopters of new technologies like AI.

accounting firms 107

accounting firms Account accountant accounted 107

CPA Practice

APRIL 22, 2024

By Paul Liotta, Staten Island Advance, N.Y. (TNS) The Social Security Administration typically releases annual cost-of-living adjustments (COLA) in mid-October, but one organization says it will likely be lower in 2025 than years past. The Senior Citizens League, a nonpartisan senior citizens group, released a 2025 COLA estimate of 2.6% April 10. If the estimate holds, that number was lower than the two previous years when the Social Security COLA brought the total benefit up 8.7% in 2023 and 3.

Government 111

Government 111

Accounting Today

APRIL 23, 2024

Accounting Today is in the midst of surveying CPA firms with wealth management practices for this year's 'Wealth Magnets' ranking.

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cpa firm CPA Account accountant 111

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

RogerRossmeisl

APRIL 17, 2024

Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the case. In fact, depending on how much overall income you have, up to 85% of your benefits could be hit with federal income tax. While the truth about the federal income tax bite on Social Security benefits may be painful, it’s better to understand it.

Tax 169

Tax income tax tax return CPA 169

ThomsonReuters

APRIL 17, 2024

The emergence of g enerative artificial intelligence ( GenAI ) has sparked both excitement and apprehension in the tax industry, with professionals divided on its potential impact. Jump to: Perceptions of GenAI How are tax professionals using GenAI ? T raining and policies The future of work New Report: 2024 Generative AI in Professional Services Explore all the latest comprehensive insights into how GenAI is shaping professional services.

Tax 98

Tax tax preparation tax return Technology 98

Going Concern

APRIL 18, 2024

I wish I’d written this news up hours ago when I got a PR email about it, AT scooped us. Oh well. Here’s the news as it was delivered to me: Today, PwC US’ next senior partner, Paul Griggs, introduced our new leadership team—the Operating Committee. You can learn more about all the leaders here [link to the Our US Leadership Team page on PwC’s website].

audit 108

audit Texas Technology Legal 108

CPA Practice

APRIL 23, 2024

By Sarah Lynch, Inc. (TNS) Family businesses are gearing up for growth. Seventy-four percent of U.S. family businesses are anticipating at least 10 percent growth this year, according to newly released data from Family Enterprise USA, a nonprofit and advocacy group that promotes family businesses. While the organization’s full report—the Annual Family Business Survey—has not yet been released, the organization shared that these growth expectations mark a “significant jump from the prior year.

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payroll Tax 105

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Technology

Accounting Today

APRIL 17, 2024

The first class members of the AICPA and NASBA's pilot Experience, Learn & Earn program are completing their inaugural semester.

cpas 129

cpas Education Account accountant 129

RogerRossmeisl

APRIL 17, 2024

If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering isn’t new — it’s the oldest form of trade — but the internet has made it easier to engage in with other businesses. However, if your business begins bartering, be aware that the fair market value of goods that you receive in these types of transactions is taxable income.

CPA 167

CPA business tax Tax 167

Ronika Khanna CPA,CA

APRIL 19, 2024

Residents of Canada are required to reflect all sources of worldwide income on their personal tax returns. For most individuals, who have investments with Canadian based banks and brokerages, this is fairly straightforward as you will receive the relevant tax slips, usually by March 31st of the year following the end of the calendar year i.e. for the 2023 tax year, you should receive all investment related tax forms and slips by March 31st, 2024.

tax return 92

tax return Tax Real Estate accounting and finance 92

Going Concern

APRIL 17, 2024

Ever since the news broke in early 2023 that a PwC Australia partner brought confidential government tax changes back to the firm for the purposes of monetizing it for corporate tax avoidance, the firm has been struggling to crawl out from under the garbage heap of a scandal. Which is whatever, every Big 4 firm has taken reputational damage on the chin and kept truckin’ But for Big 4 firms in Australia, the fatuous actions of their competitors at PwC have brought unwanted scrutiny and a st

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Government corporation tax Tax 107

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Finance

CPA Practice

APRIL 22, 2024

By Leada Gore, al.com (TNS) Most people would snap up a job with pay of $100,000 a year. But bringing that amount home will require good deal more income, according to a recent analysis. GoBankingRates.com looked at how much you need to earn in each state to actually bring home $100,000 a year. The analysis accounts for average federal income taxes and withholdings for Social Security and Medicare, as well as state and local taxes.

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South Dakota Alabama New Hampshire Wyoming 108

Accounting Today

APRIL 17, 2024

A phish, a mill and a stroll overseas are just three of the 12 major scams the Internal Revenue Service identified for this year's rogues gallery.

Tax 122

Tax 122

RogerRossmeisl

APRIL 17, 2024

Uncertainty about inflation, regulations and geopolitical risks abounds in today’s marketplace. A fairness opinion can protect against costly litigation if your company engages in a major transaction and the projected results subsequently fall short of expectations or insolvency becomes likely. Here’s how a fairness opinion from an independent business valuator can help protect against post-deal legal claims.

Legal 108

Legal CPA 108

KROST

APRIL 17, 2024

KROST’s Assurance & Advisory Senior Manager, Rebecca Hickle, CPA, has been nominated for the CalCPA Women to Watch: Emerging Leader award! This year, there are 47 nominees and three award categories, including Emerging Leader, Experienced Leader, and Trailblazer of the Year. The annual recognitions honor outstanding women making an impact in the profession and industry.

CPA 96

CPA California Account accountant 96

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Going Concern

APRIL 23, 2024

Reported on Friday, Sky News was tipped to a situation at EY UK that could not have been received well by the firm’s 930 equity partners: They won’t be getting record-smashing payouts this year. Stuart Gregory , EY UK & Ireland Managing Partner, Finance and Transformation, supposedly gave a presentation informing fellow partners that profit-per-partner could go down as much as 15 percent for this fiscal year ending June 30.

Finance 81

Finance 81

CPA Practice

APRIL 22, 2024

By Chris Stephenson and Eric Hylton. The race to integrate Artificial Intelligence into the workflow of Certified Public Accountants is no longer a futuristic concept, but a current reality. Large accounting firms have made substantial strides in using AI to augment their services and deliver high quality outcomes. Yet, for many CPA firms, particularly small to mid-sized organizations, the current pace of technological advancement can seem dauting.

cpas 105

cpas Technology cpa firm CPA 105

Accounting Today

APRIL 18, 2024

PricewaterhouseCoopers US is realigning its organizational structure across three lines of service — Assurance, Tax and Advisory — starting in July.

Tax 120

Tax 120

RogerRossmeisl

APRIL 17, 2024

Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year §179 depreciation deductions and first-year bonus depreciation deductions. These two deductions can potentially allow businesses to write off some or all of their qualifying asset expenses in Year 1.

CPA 100

CPA Tax business tax 100

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"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.

cpa firm