CPA Practice

SEPTEMBER 12, 2023

I then looked at the 2023 article “ Top 8 challenges keeping small business owners up at night ,” by Becker’s ASC Review and found these topics. Here are sone Q4 tax deduction examples with a sense of urgency. Last Chance: Unlock Major Tax Deductions Before It’s Too Late! Deadline Approaching: Secure Your Tax Deductions NOW!

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RogerRossmeisl

JANUARY 12, 2023

On January 10, 2023, IRS news release IR-2023-03 announced that California storm victims now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA).

California 246

California Tax tax return CPA 246

RogerRossmeisl

FEBRUARY 5, 2023

On 2/3/2023, the IRS issued Notice 2023-16 guidance that modifies the definitions of certain vehicle classifications for the new, previously owned and qualified commercial clean vehicle tax credits.

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RogerRossmeisl

FEBRUARY 26, 2023

As reported in IR-2023-33 on 2/24/2023 Disaster-area taxpayers in most of California now have until October 16, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced last Friday.

California 246

California Tax tax return CPA 246

RogerRossmeisl

JANUARY 1, 2024

As reported via IR-2023-230 on 12/6/2023 As part of continuing efforts to combat dubious Employee Retention Tax Credit (ERTC) claims, the Internal Revenue Service is sending an initial round of more than 20,000 letters to taxpayers notifying them of disallowed ERTC claims.

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Going Concern

JANUARY 6, 2023

Wooooo it’s the first Footnotes of 2023! 2024 CPA Exam Blueprints released [ Journal of Accountancy ]. ” California Program Offers Black Students Path to Accounting [ Bloomberg Tax ]. Challenges And Opportunities For Accounting Departments In 2023 [ Forbes ]. Firm M&A. ” Employment.

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RogerRossmeisl

OCTOBER 30, 2023

The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. And due to high inflation, the adjustments for 2023 were big. 179 deductions For qualifying assets placed in service in tax years beginning in 2023, the maximum §179 deduction is $1.16 million. .

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CPA Practice

NOVEMBER 29, 2023

Chicago-based accounting firm NDH Advisors has acquired Leawood, KS-based tax and accounting firm Stratus Group. Established in 2002, Stratus provides tax and outsourced accounting services to high-net-worth individuals and small businesses. Terms of the deal were not disclosed.

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RogerRossmeisl

JANUARY 1, 2024

The IRS just put up a new webpage and released FAQs having to do with the recently announced Employee Retention Tax Credit (ERTC) Voluntary Disclosure Program. ERTC Voluntary Disclosure Program On December 21, 2023, the IRS announced a new Voluntary Disclosure Program for businesses who claimed the ERC erroneously.

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CPA Practice

MAY 4, 2023

Fortune recently released its 26th annual ranking of the 100 best companies to work for , and the business magazine’s list for 2023 includes seven of the top 15 biggest accounting firms in the U.S. In June the SEC issued EY a $100 million fine after employees were found to have cheated on the CPA ethics exam.

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TaxConnex

AUGUST 15, 2023

There’s always something changing in the world of tax, especially sales tax. Midyear sales tax. The Tax Foundation released its “State and Local Sales Tax Rates, Midyear 2023” report of the 45 states (and the District of Columbia) that collect statewide sales taxes and the 38 states where local sales taxes are collected.

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RogerRossmeisl

SEPTEMBER 4, 2023

As reported in IRS News Release IR-2023-157 The Internal Revenue Service announced that starting 1/1/2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. Businesses that receive more than $10,000 in cash must report transactions to the U.S. government.

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CPA Government Tax Finance 278

RogerRossmeisl

JANUARY 8, 2023

The credit generally applies to vehicles having >4 wheels that are placed in service from 1/1/2023 – 12/31/2032. The post Unpacking the Clean Vehicle Credits under IRA ’22 appeared first on Roger Rossmeisl, CPA. Who Qualifies You may qualify for.

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Going Concern

OCTOBER 20, 2023

Local CPA weighs in on accountant shortage [ WMDT ] The Salisbury, MD news spoke to a UHY partner about the issue. CPA at UHY Group Mark Welsh tells 47ABC that recruiting slowing down has meant firms are turning to AI, Bots, and international workers to help fill demand, raising prices as much as ten percent for end-users.

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Going Concern

JANUARY 8, 2024

The headline is a bit disappointing however the article is not: Tax prep fees are rising because accounting is not a ‘cool’ career American taxpayers had to pay at least 20% more on average to get their taxes done last year — and accountants aren’t thrilled about it either. Tax pros also bumped repeat clients’ fees to $205, a 22.7%

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CPA Practice

SEPTEMBER 7, 2023

Enter Financial Cents’ groundbreaking event, WorkflowCon 2023, the inaugural conference designed specifically for accounting and bookkeeping firm owners seeking to revolutionize their workflows. In her keynote presentation, she will delve into the critical role of getting workflow management right to scale your firm.

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KROST

JANUARY 30, 2023

LOS ANGELES, CA [January 30, 2023] — Los Angeles-based CPA firm, KROST CPAs & Consultants, welcomes Grant K. Miller, CPA, EA, as Principal of Tax. The post Press Release: KROST Welcomes Grant Miller as Principal of Tax appeared first on KROST.

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CPA Practice

JUNE 5, 2023

The consulting practices at seven of the biggest accounting firms in the U.S. Business news and analysis website The Consulting Report last month released its ranking of the top 50 consulting firms of 2023 , which it said “highlights the world’s most trusted and influential professional services firms.”

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RogerRossmeisl

JANUARY 1, 2024

As reported via IR-2023-247 on 12/21/2023 As part of an ongoing initiative aimed at combating dubious Employee Retention Tax Credit (ERTC) claims, the Internal Revenue Service launched a new Voluntary Disclosure Program to help businesses who want to pay back the money they received after filing ERTC claims in error.

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CPA Practice

SEPTEMBER 25, 2023

TAG Alliances Welcomes Ray Polantz of Cohen & Company as New Advisory Board Member TAG Alliances, a leading multidisciplinary alliance of independent professional services firms, recently appointed Raymond Polantz, Tax Partner at Cohen & Company as its newest Advisory Board member.

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CapataCPA

MARCH 30, 2022

The post A New Tax to Target Billionaires in 2023 appeared first on CPA firm in Orange County, CA | CAPATA.

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CPA Practice

JULY 31, 2023

Schneider Downs Announces Seven Additions to Ownership Group Schneider Downs, one of the 60 largest certified public accounting and business advisory firms in the United States, recently announced the addition of seven new shareholders to its ownership group. He is a licensed CPA and a member of ACG San Francisco.

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Real Estate West Virginia Manufacturing audit 97

Nancy McClelland, LLC

JANUARY 30, 2024

Tax preparers everywhere spent the past two months gearing up for yesterday’s “opening day” of tax season, January 29th. Never mind that the IRS e-file has been offline since November 18th, because it takes over two months to reprogram the systems for new tax laws, updates, and edits to tax forms.

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CPA Practice

MARCH 1, 2024

Hosts Randy Johnston and Brian Tankersley, CPA, discuss Stanford Tax , which leverages AI to understand your clients’ prior year tax data, features broad integration options, and can import data from thousands of clients in under 10 minutes. And we have an interesting portal product to discuss with you today from Stanford tax.

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RogerRossmeisl

FEBRUARY 18, 2024

For 2024, a participant who earned $150,000 or more in 2023 is a highly compensated employee. appeared first on Roger Rossmeisl, CPA. Employers with 401(k), 403(b) and 457(b) plans can opt to offer PLESAs to non-highly compensated employees. Here are some more.

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CPA Practice

MAY 21, 2024

In addition, some incoming associates at the Chicago-based firm posted on Reddit yesterday that their October start dates have now been delayed until January 2025, most likely due to Grant Thornton recently changing its fiscal year end from July 31 to Dec. during its 2023 fiscal year. Many of the largest accounting firms in the U.S.

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CPA Practice

FEBRUARY 28, 2023

The American Institute of CPAs (AICPA) and CPA.com announced its 2023 Startup Accelerator cohort at a kick-off meeting held at AICPA headquarters in New York. This year’s participants include five early-stage companies pursuing a variety of solutions in audit, accounting, tax and e-commerce.

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CPA Practice

OCTOBER 20, 2023

AICPA Releases Statement on IRS Announcement Concerning ERC Mills The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) detailing additional steps being taken to address aggressive and unscrupulous Employee Retention Credit (ERC) mills. Over the years, Mr.

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CPA Practice

OCTOBER 19, 2023

AICPA Releases Statement on IRS Announcement Concerning ERC Mills The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) detailing additional steps being taken to address aggressive and unscrupulous Employee Retention Credit (ERC) mills. Over the years, Mr.

cpas 52

cpas CPA Education audit 52

Nancy McClelland, LLC

APRIL 5, 2024

As a CPA whose company works with loads of small businesses that need to process payroll, I’ve used quite a few payroll systems through the years… and Gusto has become our favorite. (In Who do you think they’re going to recommend when a tax client needs accounting and bookkeeping assistance?

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Cherry Bekaert

FEBRUARY 2, 2024

Introduction Throughout 2023, private equity faced a litany of challenges as it navigated a mini banking crisis, increasing capital costs, and an intractable valuation gap between buyers and sellers, all while facing enhanced regulatory scrutiny. The cumulative impact resulted in a steep decline in overall deal activity.

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CPA Practice

AUGUST 3, 2023

A hearing convened by the Oversight Subcommittee of the House Ways & Means Committee on July 27, 2023, addressed the persistent fraud and backlog of the ERC. The hearing included testimony from several tax practitioners, including a CPA who expressed great concern about the level of fraud in the program.

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CPA Practice

FEBRUARY 27, 2023

This “abuse” puts the firm at financial risk, the lawsuit claims, at a minimum for replacing the improperly withdrawn $350,000. The 401(k) plan also could be disqualified, meaning employees may have to pay income taxes on money they contributed and, if so, they may bring litigation against the firm in response, Garigen argues.

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RogerRossmeisl

JANUARY 1, 2024

cents for 2023). The increased tax deduction partly reflects the price of gasoline, which is about the same as it was a year ago. On December 21, 2023, the national average price of a gallon of regular gas was $3.12, compared with $3.10 a year earlier, according to AAA Gas Prices.

CPA 100

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CPA Practice

MAY 21, 2024

Accounting profession leaders from across the country attended Vision 2027 on May 10, 2024, in Indianapolis to collaborate on developing the CPA pipeline and workforce. State CPA Societies and Indiana business owners. State CPA Societies and Indiana business owners. If we don’t diversify, we’re not going to have enough CPAs.

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CPA Practice

APRIL 26, 2023

The Pennsylvania Institute of Certified Public Accountants , the largest CPA association in Pennsylvania with over 20,000 members, has issued its latest Insights report.

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CPA Practice

APRIL 9, 2024

Reid, ranked as one of the top 20 accounting firms on Long Island, has partnered with Tampa, FL-based accounting platform Crete Professionals Alliance. Reid, with offices in Long Island, New York City, and Boca Raton, FL, is a full-service tax and accounting firm founded in 1992.

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