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Beyond tax season: creating revenue stability year-round

ThomsonReuters

If you spend a lot of time hiring temporary employees just to help with tax season, you could be missing out on a lot of potential talent—those employees who are looking for long-term positions. Tax accountants who only need office space for a few months out of the year must spend a lot of time before tax season looking for good options.

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4 Ways Small Business Owners Can Stay Tax Compliant

xendoo

That is why the Xendoo team has created this guide to help business owners stay on top of their tax requirements, remain compliant throughout the year, and effortlessly maximize their return! . Keep Your Bookkeeping Up-to-Date. Up-to-date and accurate bookkeeping saves business owners time, stress, and money during tax season. .

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Guide to accountant responsibilities

ThomsonReuters

In general, an accountant’s job description includes common accounting tasks such as: Performing risk analysis evaluations. Ensuring the accuracy of bookkeeping and that the bookkeeping is compliant with state and federal laws. Recording expenses and preparing financial reports. Working with external auditors.

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The single client record is coming: here’s what your practice needs to know

Xero

Step one: Connect your Xero HQ with your XPM or Xero Tax account. We know that this tool was causing some issues for practices that have been using XPM and imported their clients to Xero HQ before May 2021. There are two steps you need to take to access the single client record, depending on the size of your client list.

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The Small Business Guide to Revenue vs. Profit

xendoo

Your bookkeeper or accounting software will typically handle this calculation and report it on your company’s income statement. To understand revenue, let’s look at Microsoft’s financials for 2021. Microsoft’s net income was $61,271 million in 2021. Provision for income taxes totaled $9,831.

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Friday Footnotes: Fired Accountant Spills the Dirty Laundry; Scandals of Yore; Gen AI For Good | 1.26.24

Going Concern

This comes after KPMG, which was hired by the organization in 2021 to review its compliance with agreements for three federal grants, found that documentation was lacking. Pride “encountered challenges in locating supporting documents for certain expenditures spanning the years 2017 to 2021,” Modeste said in the statement.

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Accounting Thought Leaders Discuss the Real Impact of AI on Accounting Firms

CPA Practice

“One of the ways I’ve found that I like to use ChatGPT is to research something I don’t know,” said Shayna Chapman, CPA, founder of the West Virginia accounting firm ShaynaCo LLC. I’m mostly tax, bookkeeping and accounting, and don’t do much A&A work. What are the biggest opportunities for AI in accounting?