Shay CPA

FEBRUARY 21, 2024

Starting January 2024 (read: this already applies), the vast majority of companies operating across the country need to submit an annual report called Beneficial Ownership Information (BOI). To file, you need to input information on any beneficial owners. Essentially, this tells FinCEN cui bono : who benefits at the company.

CPA 52

CPA Tax Start-ups Legal 52

CPA Practice

JUNE 10, 2023

While the FTC Safeguards rule designed to protect financial and PII (personally identifiable information) has been around for decades, as of June 9, 2023, compliance of various components including a Written Information Security Plan, or WISP, became mandatory!

Education 111

Education CPA cpa firm tax return 111

Accounting Insight

JUNE 9, 2023

Inform Direct has participated in Accountex over many years, meeting potential clients as well as enjoying the opportunity to catch up with existing subscribers. Henry Catchpole, CEO of Inform Direct said: “We were delighted to return to Accountex this year which appeared to attract pre-pandemic levels of visitors over both days.

accounting firms 59

accounting firms Account accountant accounted 59

RogerRossmeisl

FEBRUARY 4, 2024

In such cases, sociological information — gathered as part of a lifestyle analysis — can be almost as revealing as financial data. Here’s what forensic accountants examine when they’re on the hunt for hidden assets. Starting with numbers Forensic accountants usually start with numbers.

forensic accounting 177

forensic accounting Account accountant accounted 177

CTP

JANUARY 16, 2024

Starting on January 1st, 2024, many small businesses now need to submit a Beneficial Ownership Information Report to the Financial Crimes Enforcement Network (FinCEN). Below is a rundown of other frequently asked questions to help you prepare to submit a Beneficial Ownership Information Report. Accountants and Lawyers.

Tax 52

Tax Legal Account accountant 52

SMBAccountant

MARCH 6, 2024

Accounting operates within its own language, a system of terms and conventions that serve as the backbone of financial communication and analysis. Understanding this unique language is essential for interpreting financial data, making informed decisions, and effectively navigating the intricate world of business finance.

accrual accounting 130

accrual accounting accounts payable Account accountant 130

Patriot Software

NOVEMBER 7, 2023

Do you need to file Form 1099-NEC, Nonemployee Compensation, Form 1099-MISC, Miscellaneous Information, or another 1099 type? You can use the IRS’s Information Returns Intake System (IRIS) to e-file 1099s. The Information Returns Intake System, IRIS, is a free platform that businesses can […] Read More What is IRIS 1099?

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Account accountant accounted 97

CPA Practice

MAY 15, 2023

The American Institute of CPAs (AICPA) joined a coalition of organizations who have come together to make taxpayers and practitioners aware of the new Beneficial Ownership Information (BOI) reporting requirement. The coalition includes the following organizations: AICPA, Latino Tax Pros, National Association of Black Accountants, Inc.

CPA 115

CPA Tax cpas public accounting 115

Withum

JUNE 21, 2023

Foreign Account Tax Compliance Act (“FATCA”) to be a violation of the European Union’s General Data Protection Regulation (“GDPR”). persons’ information with the Internal Revenue Service (“IRS”). Under FATCA, Belgium and the United States established a bilateral agreement in place to exchange tax information between the two countries.

accounting and finance 102

accounting and finance Tax Legal Finance 102

Cherry Bekaert

MAY 26, 2023

As organizations continue to rely on technology to achieve their business objectives, information technology (IT) risks continue to evolve, becoming increasingly complex and challenging to many organizations. Contact Us The post Top Information Technology Audit Risk Considerations in 2023 appeared first on Cherry Bekaert.

Technology 92

Technology audit auditor Legal 92

Dent Moses

MARCH 13, 2024

One strategy gaining prominence is outsourcing, particularly accounting functions. Outsourcing accounting services can offer a myriad of benefits, revolutionizing a business’s financial landscape. The result is accurate and timely financials where, as before, they were struggling just to get the information entered.

Account 98

Account accountant accounted Technology 98

Xero

APRIL 17, 2024

Understanding the environmental impact of your business is critical in today’s business environment — and carbon accounting is a fundamental step in this process. With carbon accounting increasingly becoming another compliance measure mandated by regulators, businesses of all types and sizes need to get their emissions numbers in order.

Account 82

Account accountant accounted accounting apps 82

Canopy Accounting

APRIL 24, 2024

For accountants, choosing the right CRM — traditional or accounting-specific — can feel as complex as navigating a dense financial spreadsheet. Let's dive into these two CRM types to help you make an informed decision that could redefine your business strategy.

Account 52

Account accountant accounted 52

ThomsonReuters

OCTOBER 13, 2022

The IRS uses Forms 1094-C and 1095-C to gather the information necessary to administer employer shared responsibility penalties. Like transmittals of other information returns, the Form 1094-C is not treated as a separate return but must be filed electronically when the Form 1095-C must be filed electronically.

Tax 98

Tax Account accountant accounted 98

Inform Accounting

NOVEMBER 21, 2023

Your safety and security is of utmost importance to all of us at Inform Accounting. In this age of technological marvels, unfortunately, there's also an uptick in scams that prey on unsuspecting individuals. We've caught wind of a potential new scam making the rounds, and your protection is our top priority.

Technology 52

Technology Account accountant accounted 52

CPA Practice

JUNE 14, 2023

While the FTC Safeguards rule designed to protect financial and PII (personally identifiable information) has been around for decades, as of June 9, 2023, compliance of various components including a Written Information Security Plan, or WISP, became mandatory!

Education 75

Education CPA cpa firm tax return 75

Cherry Bekaert

JANUARY 19, 2023

Contributor: Jack McKee, Manager | Government & Public Sector Governmental Accounting Standards Board (GASB) Statement 96 provides guidance and addresses how the costs and investments for subscription-based information technology arrangements (SBITAs) are accounted for and disclosed by governmental entities.

Technology 98

Technology Government accounting standards financial statements 98

CPA Practice

OCTOBER 25, 2023

20 that it has launched new business tax accounts , with the initial version geared toward sole proprietors. As part of its continuing effort to improve taxpayer services and make the agency more technology-friendly, the IRS said on Oct.

tax accountant 111

tax accountant business tax Tax Account 111

Accounting Insight

APRIL 25, 2023

As someone working in the accounting industry , I know first hand how important it is to keep your finger on the pulse and stay up to date with the latest accounting standards, regulations, and best practices. How Can AI Help Accountants? That’s where ChatGPT comes in.

Account 109

Account accountant accounted Technology 109

Wendy Tietz

JANUARY 28, 2024

What information can be calculated from Coca-Cola’s trial balance? Coca-Cola operates and reports financial information annually every December 31. Coca-Cola, Inc. NYSE: KO) is a multinational drink company headquartered in Atlanta, Georgia, United States. It is a publicly held corporation.

Georgia 52

Georgia financial statements financial accounting Account 52

ThomsonReuters

FEBRUARY 8, 2024

Jump to: What are the main accounting assumptions? Going concern assumption: A closer look How do common accounting assumptions relate to GAAP? Accounting assumptions, along with accounting principles and concepts, provide professionals with the necessary framework for preparing financial statements.

Account 96

Account accountant accounted accounting principles 96

CTP

JANUARY 16, 2024

The Corporate Transparency Act took effect on January 1st, which means that many businesses will need to submit a Beneficial Ownership Information Report to the Financial Crimes Enforcement Network (FinCEN). Accountants and Lawyers. Are accountants or lawyers considered beneficial owners of a small business?

business tax 52

business tax Tax Legal Government 52

Going Concern

JANUARY 30, 2024

The letter they’ve sent to potentially affected individuals contains more info: Sigrist, Cheek, Potter & Huyser, PLLC (“SCP&H”) writes to inform you of a recent cyber incident that may impact the privacy of some of your information. What Information Was Involved? What Happened? What We Are Doing.

accounting firms 98

accounting firms Account accountant accounted 98

Withum

DECEMBER 14, 2023

On December 13, 2023, the Financial Accounting Standards Board (FASB) finalized Accounting Standards Update (ASU) 2023-08 “Accounting for and Disclosure of Crypto Assets”. Contact Us The post Accounting Standards Update 2023-08: FASB’s New Crypto Accounting Guidance appeared first on Withum.

accounting standards 116

accounting standards Account accountant accounted 116

CPA Practice

DECEMBER 18, 2023

The Internal Revenue Service has launched the second phase of a new online self-service tool for businesses that expands business tax account capabilities and eligible entity types. Available at IRS.gov/businessaccount , the new business tax account is a key part of the agency’s continuing service improvement initiative.

tax accountant 126

tax accountant business tax Tax Account 126

Cherry Bekaert

FEBRUARY 26, 2024

Contributor: Veronica Vannoy Cherry Bekaert offers outsourced accounting services to businesses that want to reduce costs, improve efficiency and focus on core operations. Our certified accounting professionals produce accurate and timely financial reporting, while ensuring confidentiality and data security.

Account 81

Account accountant accounted accounting and finance 81

ThomsonReuters

APRIL 28, 2022

IRS Information Letter 2022-0005 (Feb. The IRS has released an information letter regarding the requirements for expenses to qualify as medical care under Code § 213. EBIA Comment: This IRS information letter does not break new ground or include any surprises. Available at [link]. Contributing Editors: EBIA Staff.

Expense Reimbursements 105

Expense Reimbursements Tax Account accountant 105

AccountingDepartment

MARCH 28, 2024

This is where client accounting services come into play. In this blog post, we will explore how client accounting services (CAS) streamline financial processes for businesses, highlighting the benefits of outsourcing accounting functions to improve efficiency and reduce administrative burdens.

Account 85

Account accountant accounted NetSuite 85

Insightful Accountant

JULY 2, 2023

Effective Aug. 1, 2023, the noted thought leader will take the reins of the North American independent membership association of leading mid-market technology professionals, consultants and product/service providers.

Technology 111

Technology 111

Canopy Accounting

APRIL 17, 2024

This post delves into the top 6 accounting CRMs of 2024, highlighting their strengths and weaknesses to help accounting professionals make an informed choice. Leveraging the right Customer Relationship Management (CRM) software is key to enhancing efficiency, improving client relations, and driving business growth.

Account 52

Account accountant accounted 52

ThomsonReuters

MAY 25, 2023

While we would not ask any questions relating to an individual’s family medical history, can we further minimize the risk of violating GINA’s prohibition against collection of genetic information? This type of question is too broad, making it reasonable to anticipate that responses may include genetic information.

Tax 52

Tax Account accountant accounted 52

CPA Practice

SEPTEMBER 27, 2023

The CPA Firm Management Association (CPAFMA.org) recently hosted an open chat forum where member firms discussed “amazing” accounting applications that had significantly improved firm productivity. By Roman H. Kepczyk, CPA.CITP, CGMA. But first, let’s define “amazing” from a historical context.

accounting apps 111

accounting apps Account accountant accounted 111

Menzies

APRIL 4, 2023

Menzies LLP - A leading chartered accountancy firm. To allow HMRC to check that the correct amounts of tax have been paid by taxpayers, they have been afforded formal legal powers to request information and documents from taxpayers. These powers are contained within Schedule 36 to Finance Act 2008.

tax return 52

tax return chartered accountant Tax Legal 52

CPA Practice

MARCH 1, 2024

By Amrita Choudhary, Kiplinger Consumer News Service (TNS) In recent years, lease accounting standard ASC 842 has replaced the ASC 840 standard. Where artificial intelligence comes in Fortune Business Insights projects that by 2026, the global accounting software market will be worth $20.4 Neglecting training and updates.

Account 115

Account accountant accounted accounting standards 115

CPA Practice

APRIL 9, 2024

Generative AI programs like ChatGPT are a hot topic across all industries — and the accounting industry is no different. A 2023 Thomson Reuters study found that 52% of surveyed accounting firms believe generative AI should be used for tax, accounting and audit work.

Technology 72

Technology Account accountant accounted 72

CPA Practice

JANUARY 9, 2024

In recent years, the integration of Artificial Intelligence (AI) and Machine Learning into accounting firms has been on the rise, bringing both opportunities and challenges. Protecting client information is of utmost importance in this evolving landscape.

accounting firms 122

accounting firms Account accountant accounted 122