Shay CPA

FEBRUARY 28, 2024

Plus, getting things in order before you go to your accountant can streamline the process, helping you avoid extra expenses like troubleshooting services from your bookkeeper or rush-order billable hours with your CPA. Last-minute expense report submittals could make things tricky, so set a deadline for your staff.

Tax 52

Tax CPA bookkeeping tax preparation 52

CPA Practice

MAY 10, 2023

New Jersey Governor Phil Murphy has signed a bill into law that makes it possible for New Jersey cannabis businesses to deduct some expenses on state tax returns by decoupling them from federal rules. The measure was sponsored by state Sens. Troy Singleton, D-Burlington, and Shirley K.

New Jersey 135

New Jersey Tax income tax Legal 135

Acterys

JULY 12, 2023

In the dynamic world of finance, where strategic decisions shape the course of businesses, mastering vertical analysis can help you simplify your statement, make critical financial decisions, and understand the underlying composition and trends that drive your business’ financial performance. What is vertical analysis?

financial statements 130

financial statements accounting and finance accounts payable Sales 130

Acterys

JUNE 16, 2023

Financial budgeting serves as a critical aspect of business planning, allowing organizations to effectively allocate their financial resources and gain valuable insights into their operations. At its core, a financial budget helps determine your cash flow and make adjustments based on the business plans and market environment.

Finance 130

Finance accounting and finance Sales Start-ups 130

Xero

APRIL 2, 2024

Take what you need from these tips and tricks to stay on top of your numbers, and remember, your financial advisor is always there for more support should you need it. With batch payments, you can bundle several bills into one payment file before importing it into your bank account for processing.

Account 86

Account accountant accounted Tax 86

TaxConnex

DECEMBER 19, 2023

This blog is an excerpt from our eBook with The CommLaw Group. Whether you run an established business or you’re thinking about entering the VoIP, UCaaS, or other telecom market, it is important to understand your compliance obligations. Just as important … you need to comply while keeping your price competitive. They are: 1.

Tax 147

Tax audit Government Account 147

MazumaBusinessAccounting

AUGUST 26, 2021

What Is the Hobby Loss Rule? If your business goes too many years without making a profit, it can be classified as a hobby. When it becomes a hobby, you can no longer claim losses as business deductions. Keep extensive files showing where you spent your money and how it was imperative to your business. Website domain.

accounting and finance 98

accounting and finance Tax audit business tax 98

ThomsonReuters

FEBRUARY 29, 2024

Following high school and an internship at a small business where her role included accounting work, Brittany Lanphier determined that she would definitely not study accounting in college. Something clicked then, Lanphier says, and she found that she liked accounting.

CPA 97

CPA Account accountant accounted 97

ThomsonReuters

AUGUST 25, 2023

What is the purpose of making a provision for depreciation? What is the depreciation guidance for corporate alternative minimum tax? Having a clear understanding of corporation tax depreciation can help accounting professionals better serve their clients. In short, depreciation can result in a reduction in corporate taxes.

corporation tax 98

corporation tax Tax income tax financial statements 98

Xero

SEPTEMBER 25, 2023

This guest blog was written by the team at the leading bank payment solution, GoCardless. With interest rates at the highest level since 2012 in Australia and costs rising across the board, it can feel like the macro environment is designed to dent you and your clients’ businesses. But it’s not all doom and gloom.

Account 88

Account accountant accounted Start-ups 88

CPA Practice

OCTOBER 4, 2023

For most small and midsize businesses (SMBs), tracking expenses is a necessary – and likely painful – task. Given recent economic fluctuations, it’s understandable that many SMBs are looking for simple, efficient ways to better understand what is happening with their expenses.

Spend Management 59

Spend Management Expense Management Account accountant 59

ThomsonReuters

MARCH 8, 2024

As busy accountants, it’s easy to get stuck in survival mode. How can you build your service offerings to better serve your clients and grow your CPA firm through accountability? Accounting firms face an array of challenges, such as new technologies, increased client demands, legislative changes, and staffing constraints.

cpa firm 96

cpa firm CPA Technology Tax 96

ThomsonReuters

NOVEMBER 9, 2023

In an era of staffing shortages and scarcity of technical tax professionals , accounting firms must increasingly look outside the box to fill gaps in talent. Many firms are shifting their hunt for talent beyond the traditional accounting background. There is no doubt that tax professionals are hard to find, let alone replace.

tax planning 105

tax planning accounting firms Tax Account 105

Xero

DECEMBER 1, 2023

Here’s a guide outlining what the announcement means for your practice and clients. HMRC research and evaluation of MTD for VAT has shown that the system can reduce errors, save businesses time, and help them get their taxes right. Note – your clients will still be able to use three-line accounts with the new MTD rules in place.

Tax 88

Tax income tax bookkeeping accounting software 88

ThomsonReuters

AUGUST 25, 2023

Jump to: What is book depreciation? What is tax depreciation? What are the differences between book and tax depreciation? What is accelerated depreciation? What is book-to-tax reconciliation? What is book depreciation? For example, a business owner buys a new piece of machinery for business use.

Tax 52

Tax tax return accounting principles Account 52

Inform Accounting

APRIL 11, 2023

There are costs to running a business, and whilst electricity, gas and water seem like obvious expenses to a traditional brick and mortar business, there are other costs such as motor expenses that may not seem as clear cut. The rates for the mileage are highlighted later in this blog.

tax return 52

tax return Tax accounting software Government 52

Xero

FEBRUARY 26, 2024

Financial data lies at the heart of any small business operation. Depending on what stage of the business growth journey you’re on, some Xero-connected solutions are more appropriate than others. Hubdoc and Dext Prepare are two powerful Xero pairings that each suit businesses at different stages.

Start-ups 84

Start-ups bookkeeping Account accountant 84

ThomsonReuters

JANUARY 26, 2023

18, 2023) Available at [link] The IRS has announced the 2023 inflation-adjusted Code § 280F “luxury automobile” limits on certain deductions that may be taken by taxpayers using passenger automobiles (including vans and trucks) in a trade or business. 2023-14 (Jan. Contributing Editors: EBIA Staff. Contributing Editors: EBIA Staff.

Tax 102

Tax Account accountant accounted 102

Xero

APRIL 11, 2023

With our suite of mobile apps, you have real-time information about your business or practice at your fingertips, and can tick off those smaller tasks on the go. If you’re an accountant or bookkeeper, it can save you time chasing documents and manually entering data. Here are the latest updates to help you power up your productivity.

bookkeeping 98

bookkeeping accounting apps Start-ups Expense Management 98

CPA Practice

NOVEMBER 14, 2023

13-15, more than 2,500 accountants learned about many new product and feature innovations that will help them serve their clients through the QuickBooks Online ecosystem. Our 2023 event doubled down on how AI-driven innovations can help accountants and the small businesses they serve gain insights to make more informed business decisions.

quickbooks 119

quickbooks E-commerce Approval Workflows Account 119

ThomsonReuters

JUNE 16, 2023

When one thinks of accounting fraud, it is likely that these are some of the cases that come to mind. However, most cases of accounting fraud will not make news headlines and can happen in companies of all sizes and industries. When someone is found guilty of committing accounting fraud, they are subject to criminal prosecution.

Account 93

Account accountant accounted financial statements 93

Basis 365

APRIL 3, 2023

As an e-commerce business owner, it's essential to understand your financials and where your money is going. One of the most significant expenses for any Shopify store is the fees charged by the platform. Are Shopify Fees COGS or Operating Expenses? This fee is based on your chosen plan and can range from $9 to $299 monthly.

E-commerce 102

E-commerce financial statements Sales Account 102

ThomsonReuters

JANUARY 5, 2023

The IRS has announced the optional 2023 standard mileage rates for business, medical, and other uses of an automobile, and the 2023 vehicle values that limit the application of certain rules for valuing an automobile’s use. For 2023, the business standard mileage rate is 65.5 gas and oil) that are deductible as business expenses.

Transportation 104

Transportation Tax Account accountant 104

ThomsonReuters

JUNE 16, 2022

The IRS has announced a midyear increase in the standard mileage rates for business and medical use of an automobile, and for deducting moving expenses. For travel on or after July 1, 2022, the business standard mileage rate is 62.5 depreciation, lease payments, and license and registration fees) and variable expenses (e.g.,

Transportation 98

Transportation Tax Account accountant 98

Shay CPA

FEBRUARY 14, 2024

Or you might be feeling stressed because you don’t know what to expect. Know How Section 174 Changes R&D Expenses Historically, you could take the deduction for R&D (which the IRS called R&E [research and experimentation]) expenses in the year you spent the money. Instead, you think about what that money means.

Technology 52

Technology Tax CPA accounting principles 52

ThomsonReuters

SEPTEMBER 30, 2022

The IRS has announced the special per diem rates that can be used to substantiate the amount of business expenses incurred for travel away from home on or after October 1, 2022. The amount deemed substantiated will be the lesser of the allowance actually paid or the applicable per diem rate for the same set of expenses.

Expense Reimbursements 93

Expense Reimbursements Transportation Tax Account 93

ThomsonReuters

MARCH 1, 2024

How a corporate tax software can help filing S corporation taxes Setting up your business as an S corporation (S corp) provides several tax advantages that are not available to owners of C corporations (C corp) or Limited Liability Companies (LLCs). What IRS tax forms do S corps file? Jump to: How are S corporations taxed?

corporation tax 52

corporation tax Tax tax return income tax 52

Ryan Lazanis

APRIL 4, 2022

Do you want to know how to start a bookkeeping business or accounting firm in 2022? In fact, these are the very steps that I followed to help take my heavily bookkeeping-focused accounting business from scratch to sale in only 5 years. In this guide, you’ll learn: How to set up a strategic business plan.

bookkeeping 98

bookkeeping bookkeeping services accounting firms Technology 98

Ronika Khanna CPA,CA

NOVEMBER 17, 2023

What is the Gig Economy? Additionally, CRA has become much more sophisticated in identifying those who are earning more income that they are reporting via lifestyle audits, site visits and review of social media accounts. Receipts, bills etc for expenses. Receipts, bills etc for expenses.

Tax 52

Tax E-commerce audit income tax 52

inDinero Tax Tips

NOVEMBER 4, 2021

Even if your books are perfectly accounted for, an IRS audit letter will fill anyone with a sense of dread. However, most businesses are unprepared and need IRS tax audit help. Having proper documentation of all your income and expenses is the easiest way to pass an audit. What is an Audit? Why am I Being Audited?

audit 98

audit Tax tax return tax preparation 98

Xero

JANUARY 24, 2024

It can be tricky to keep tabs on the taxes and deductions you owe throughout the year as a small business. However, paying on time means getting peace of mind that you’re meeting your GST payment obligations as a business, and avoiding late penalties that cut into your earnings. What is the filing frequency for my business?

bookkeeping 90

bookkeeping Sales accounting software Legal 90

Xero

OCTOBER 1, 2023

As a small business or advisor working with sensitive personal and financial information every day, the stakes are high. If your business or practice experienced a data breach, it could have a serious impact on your livelihood. What are they looking for? They don’t care what they damage they do, or who they hurt along the way.

Start-ups 111

Start-ups Account accountant accounted 111

ThomsonReuters

FEBRUARY 1, 2024

Jump to: What are the GAAP accounting rules? What are the main principles of the GAAP framework? What are the key differences between GAAP and IFRS? What are the GAAP rules for capitalization of costs? What are the main consolidation models under GAAP? So, what are the GAAP accounting rules?

Non-Profits 52

Non-Profits accounting standards Maine accounting and finance 52

ThomsonReuters

DECEMBER 11, 2023

Jump to: What is the proportional amortization method? What are LIHTC investments? What conditions must be met to apply the proportional amortization method? For public business entities, the amendments are effective for fiscal years beginning after Dec. Are your business clients ready?

income tax 52

income tax accounting standards Non-Profits accounting and finance 52

ThomsonReuters

AUGUST 25, 2023

What is the standard mileage rate? Managing vehicle tax depreciation with software Running a successful small business is hard work and expensive. One tax savings that some business clients may not be familiar with is vehicle tax depreciation. Jump to: Can you deduct vehicle depreciation on taxes?

Tax 52

Tax Account accountant accounted 52

ThomsonReuters

MARCH 25, 2024

TCJA changed how research and development expenses are treated for tax purposes, requiring taxpayers to capitalize and amortize those expenses over different time periods. As a reminder, Section 174 defines both indirect and direct research expenses. This leaves companies without a clear timeline of what may happen and when.

Tax 45

Tax Technology audit corporation tax 45

ThomsonReuters

FEBRUARY 23, 2023

It is time to talk with clients about value, not cost, and make the play for business beyond this year’s tax filing. A scope agreement means clearly explaining the scope of services — what is included and what is not. What’s the best way to work together (i.e., Stop giving away your expertise for free.

Tax 105

Tax Expense Reimbursements Education Account 105