Tue.Feb 06, 2024

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6 Sales Tax Filing Mistakes Businesses Commonly Make | TaxConnex

TaxConnex

Sales tax is not something top of mind for most executives, but it is something that the majority of businesses will have to manage at some level. No matter the size of your business, if you are selling a taxable product or service and establish nexus in specific states or jurisdictions, then you have a sales tax obligation. While it is not meant to be a burden on the seller, many businesses have been left scrambling to understand how to manage the complex process of sales tax compliance.

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Treasury: IRS Could Collect $561 Billion in Revenue Thanks to Inflation Reduction Act

CPA Practice

A new Treasury Department analysis says the IRS could turn the nearly $80 billion in funding it’s receiving from the Inflation Reduction Act into $561 billion in overdue and unpaid taxes collected over the next 10 years, higher than earlier estimates. In fact, the report states that if the Inflation Reduction Act funding is renewed after it runs out at the end of fiscal year 2031, estimated revenues could be as much as $851 billion.

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Mindfulness Practices for Busy Season: Alleviate Stress and Create Better Work Environments

Canopy Accounting

Busy season is upon us. Every year you may be saying the same things…"I start off sticking to a routine but it quickly falls off and I start feeling burned out and tired". Make this the year you are going to make small changes that make a big impact through incorporating mindfulness practices at work. During this session, we will experience practices we can put in place in our day to gain a better understanding of where we are off-balance internally so we can show up better for ourselves and tho

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At This Point It’s Almost Like the Gatekeepers of the Profession Want to Keep Minorities Out

Going Concern

Hey guess what, everyone? We have fresh research that shows the 150 hour CPA licensure rule decreases the number of Black and Hispanic entrants to the profession. In this case, a 26% drop. Add this to the existing body of evidence that demonstrates two things: the 150 hour rule does not improve the quality of licensed CPAs (“ Occupational Licensing and Accountant Quality: Evidence from the 15 -Hour Rule ” by John Barrios) and the 150 hour rule is actively preventing minorities from p

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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10 Tax Forms Retirees Receive—And What They Mean

CPA Practice

By Evan T. Beach, EA, CFP, AWMA, Kiplinger Consumer News Service (TNS) I’m an IRS enrolled agent, which sounds (sort of) cool and scary. What it actually means is that I am licensed by the IRS to prepare taxes and represent taxpayers, which is not cool or scary. The reality of the situation is that I have the same feelings of unhappiness and annoyance you do every time tax season rolls around.

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IRS updates 1099-K guidance for tax season

Accounting Today

The Internal Revenue Service revised its frequently asked questions on the Form 1099-K to alleviate confusion this filing season.

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Baker Tilly Just Did a Massive Private Equity Deal

Going Concern

Announced yesterday in an excessively flowery press release, Baker Tilly announced a “strategic investment” from private equity firms Hellman & Friedman and Valeas Capital Partners. The investment is expected to close in early 2024. According to the press release, Baker Tilly has doubled its workforce in the past five years and the deal will help them continue to grow in all the ways a large accounting firm can.

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The 20 worst states for saving

Accounting Today

The local environment for debt and income, cost of living, housing, and taxes can make a big difference when it comes to putting away money.

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When to invest in sales tax automation software

ThomsonReuters

Jump to: When to consider an automated tax software solution Benefits of sales tax automation software What if you don’t have a complex business model? Amidst a rapidly changing regulatory landscape, it can seem more challenging than ever to understand your sales tax obligations in every jurisdiction in which you do business. The tax complexities of interstate and international commerce are why most companies use some form of automated software to help track and calculate their organizatio

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Treasury, IRS project billions more in revenue from IRA

Accounting Today

A new analysis forecasts a higher return on investment from the Inflation Reduction Act of 2022, but only if the funding isn't reduced.

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Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.

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Types of Business Structures

Patriot Software

As a small business owner, one of the first decisions you make is deciding between the different types of business structures. But, choosing between business structures can be intimidating and confusing. Before you decide what business structure type to use for your small business, understand your options.

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The 2024 Top New Products

Accounting Today

This year's roster of great new tools for accountants is heavily inflected with AI.

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Metrics Advisor: Net Retention

Insightful Accountant

Are you calculating 'Net Retention' to determine the health of the subscription-based businesses you advise? If not, you should be.

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Understanding the Changes to Estate and Gift Exemption in 2024

KROST

The Internal Revenue Service has published the 2024 Estate and Gift Exemption Amounts. The Unified Exclusion Amount is $13,610,000 and the Annual Gift Exemption Amount is $18,000. In addition to the annual gift exemption, payments made directly to medical providers or educational institutions are considered non-reportable. Married couples, will be able to gift up to Read the full article.

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

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IAASB proposes to increase auditors' responsibility to spot fraud

Accounting Today

The International Auditing and Assurance Standards Board is proposing to toughen its rules for requiring auditors to look for signs of fraud in a client's financial statements.

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Private Equity in Public Accounting: Salvation or Ruination?

CPA Practice

The landscape of public accounting experienced an unprecedented shakeup in 2023, marked not by the usual suspects of annual updates or technological advancements, but by a surge of interest from an unexpected source: private equity (PE). With a series of high-profile investments in large accounting firms and a quieter but no less significant foray into the accounting software sector, PE firms have unmistakably cast their eyes towards an industry traditionally characterized by its cautious, measu

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Inside the IRS failure-to-pay penalty relief initiative

Accounting Today

And what to do if your client hasn't received their abatement from the IRS.

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Cracking the code: Winning over genuine prospects for your practice

Mark Lee

One thing that remains as challenging for accountants today as it was when I was in practice is that of converting prospects into valued clients. It’s not that you need flashy pitches or to make exaggerated claims; it’s about building a genuine connection and trust. Picture this: you’re face-to-face with a potential client, you’re tempted to showcase your expertise and talk about your services.

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Guide to Business Writing

Everything you need to know about better business writing in one place. This is a complete guide to business writing — from a clear business writing definition to tips on how to hone your business writing skills.

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Big Bitcoin bet on verge of accounting windfall

Accounting Today

Quarterly results at MicroStrategy Inc. will likely get more volatile under a recently approved accounting rule change that requires valuing the digital asset at market prices.

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Accounting Firms Plan Increased Tech Investment Over Next 2 Years

CPA Practice

Investing in technology is a key priority for accounting firms as they move into 2024, while m itigating the ongoing talent shortage and keeping pace with new laws continue to cause challenges for many within the profession. This is according to findings from the 2024 State of Accounting Firms Trends Report released by Caseware International , a global leader in cloud-enabled audit, financial reporting and data analytics solutions.

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Benefits of Fully Remote 401(k) Audit Services

Anders CPA

Once your business reaches 80 to 120 employees, it must undergo an audit of its 401(k) plan , but securing a 401(k) audit firm’s services can be a challenge in certain locations. Engaging a local firm to handle the audit traditionally results in the auditor’s presence in your office, which can cause disruptions to daily operations. Remote 401(k) audit services offer businesses benefits such as enhanced security, access to experienced professionals and technology-driven convenience.

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State CPA Society News & Updates: Feb. 2024

CPA Practice

State CPA Society News & Updates is a selection of recent announcements and initiatives by CPA associations in the United States and its territories. The Arkansas Society of Certified Public Accountants (ARCPA) announced the 2024 ARCPA Student Education Fund Golf Tournament, which will take place on Monday, May 20, 2024 at the Maumelle Country Club.

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Finding “The One:” The Ultimate Guide to Selecting Financial Software

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

As finance and accounting practitioners, you are expected to complete daily operations as well as to manage next generation tools and resources to support a business that is growing in complexity. Having the right software can be critical in juggling and meeting those high expectations. The path to the right software, however, is paved with challenging decisions.

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Don't hold up tax returns for extenders bill

Accounting Today

The Senate may not get to the Tax Relief for American Families and Workers Act soon enough to impact returns.

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2024 Clean Vehicle Tax Credits

LSLCPAs

At this time of year, we like to let our clients, who own or are in the market to buy Electric Vehicles (EVs), know about the latest Clean Vehicle Tax Credit rulings. It’s good news. The U.S. Department of the Treasury’s October 6, 2023 press release gives access to the (27-page-long!) guidance that explains the. The post 2024 Clean Vehicle Tax Credits appeared first on LSL CPAs.

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Platform Accounting Group gets $85M funding round

Accounting Today

The Utah-based company that invests in and acquires small accounting firms has received an $85 million minority funding round to support its expansion.

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Accounting Seed Unveils AP Automation: Optimizing Payments within a Single Platform

Accounting Seed

Columbia, Md. [February 6, 2024] — Accounting Seed , the #1 accounting solution built on the Salesforce Platform, unveiled its first product offering of the new year, AP (Accounts Payable) Automation. The launch of the new product highlights Accounting Seed’s commitment to helping small-to-mid sized companies drive efficiency and maximize growth by running their accounting and payable processes within a single platform.

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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"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.

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Register for IRS Tool to Monetize Clean Energy Credits

Insightful Accountant

Discover the new IRS tool to monetize clean energy credits, allowing businesses, tax-exempt organizations, and government entities to apply these options to specific tax credits, even without taxable income.

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ESG’s Impact on Valuations and the Benefits of ESG Mandated Reporting

Withum

When one thinks of environmental, social and governance (ESG) investing, one should think of transparency. In other words, they should think of additional sources of information that help identify unseen risks and justify shareholder value. This investing style is known as ESG integration. Private equity investors use ESG integration as a value-creation tool by analyzing material and non-financial factors during due diligence and ongoing monitoring.

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What exactly is direct tax?

ThomsonReuters

Jump to: What is direct tax? Examples of direct tax Understanding tax provision Understanding state apportionment Differences between direct and indirect taxes When a taxpayer must pay taxes directly to the government, meaning the taxes cannot be shifted to other entities or individuals, it is known as direct tax. This is the opposite of indirect tax.

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On-Demand Webinar: The Ins and Outs of QSBS and Equity Compensation

Withum

This on-demand webinar presented by Withum’s Founders and Tech Executives Services Team explores the basics of Qualified Small Business Stock and Equity Compensation and their impact on Tax Planning. Already Registered? Click Here View On-Demand Webinar In this on-demand webinar, Dan Krolikowski and Dan Vukosa provide an overview of QSBS as well as helping simplify equity compensation and explaining some general tax considerations of several types of equity compensation, including Restrict

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2024 Payroll Calendar Templates

These calendars provide pay period dates and paydays for biweekly, semi-monthly, and monthly payroll in 2024. Use them as a reminder or share with employees so they can celebrate payday.