Thu.Nov 17, 2022

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How to ensure your cashflow stays positive this winter

Menzies

Menzies LLP - A leading chartered accountancy firm. Maintaining a positive cashflow today is becoming increasingly difficult as business owners are having to face soaring energy costs. Recently the Government has announced that they are providing the Energy Price Guarantee to help, but it will only be for a six-month period and it is still unclear whether the Government support will be provided after this point.

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Don’t let Black Friday blind you to sales tax obligations

TaxConnex

Holiday shopping season is here again – and eCommerce looks to be bigger than ever. But retailers looking forward to perhaps record online sales have to remember how to comply with widely divergent sales tax regulations. Online sales this season are not expected to increase as much as in previous years, but a healthy increase is anticipated (overall retail sales are expected to grow just 7% compared to 15.4% last year).

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1099 Filing Season is Upon Us – What You Need to Know

Withum

Form 1099 season is quickly approaching, and now is the time to check the boxes and make sure your business is ready for a quick and painless filing in January. 1099’s report non-employee compensation to vendors who provide services such as independent contracting, consulting, attorney services, rents, royalties, commissions and much more. Does Your Business Have to File 1099-MISC and/or 1099-NEC?

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Who Pays for Health Coverage During FMLA Leave?

ThomsonReuters

QUESTION: Does our company have to pay for employees’ health coverage while they are on FMLA leave? ANSWER: Your company does not have to pay your employees’ share of health coverage premiums while they are on FMLA leave. However, employers covered by the FMLA (generally, private-sector employers with 50 or more employees and public agencies and local educational agencies with any number of employees) must maintain coverage under any group health plan for the duration of an FMLA leave at the l

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

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Earn Free CPE and CE Credits Quickly and Easily | Canopy

Canopy Accounting

Don’t look now, but the end of the year is almost here. Parties, family get-togethers, ski vacations no doubt. Oh, and don’t forget about reaching your yearly CPE and CE credits amount.

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IRS Revises October 2022 Additional Election Change Guidance to Remove Non-Calendar-Year Plan Requirement

ThomsonReuters

IRS Notice 2022-41 (Nov. 8, 2022). Available at [link]. We recently reported on final IRS regulations that change the eligibility standards for an Affordable Care Act (ACA) premium tax credit (PTC) to fix the “family glitch” by providing that, for taxable years beginning after 2022, affordability of employer-sponsored coverage for an employee’s family members is based on the employee’s cost to cover the employee and those family members, rather than the cost of employee-only coverage (see our C

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Meet the AuditClub Academy

Intuitive Accountant

AuditClub addresses the CPA talent shortage with the launch of a program that will help students gain audit experience, Accelerate CPA licensure and advance career progression.

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What is a Quality of Earnings Report and Why Might I Need It?

KROST

Financial data can be interpreted in several different ways depending on how it is looked at. The information extracted from a set of data and the importance placed on it is derived from circumstance and purpose. When a potential buyer of a business seeks to validate the initial impressions they developed during the pre-due diligence Read the full article.

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Looking to Improve Productivity and Efficiency? Automate.

AccountingDepartment

For many businesses, sudden bursts of growth may sometimes come at times that business owners least expect. Companies can go from small offices to corporate buildings and small commercial buildings to giant warehouses, but being prepared to do so is what makes the difference between growing and growing pains.

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Five Ways to Incorporate Profitability Into Your Practice

Going Concern

It’s official, we have reached the exciting future 1950s sci-fi magazines promised us. We have all the world’s knowledge in a tiny device that fits in our pockets, can get just about anything delivered in two hours or less, and nowadays you don’t even need your hand to open a glove box anymore, just your voice. We don’t have flying cars but we do have conveniences unimaginable to our ancestors.

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Planning Your Restaurant's Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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QuickBooks 2023 Desktop Can Option for 1-Year View Only Mode

Intuitive Accountant

Intuit has announced that 2023 Desktop clients will be able to access its data in view-only mode for one-year after their subscription ends.

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PR Dispatch’s founder on how the platform is giving small businesses a voice

Xero

Every business, regardless of size, needs a voice. . But smaller businesses find it harder to get out and promote their brands and services. This may be cost-related, or due to a lack of PR experience. Whether using in-house resources or an agency, PR is another expenditure for already-stretched owners. This is where PR Dispatch comes in – a platform that combines media contacts and DIY learning, giving small businesses everything they need to promote their brand and get great press in a way tha

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HBB Accounting, ‘Traveling Nurse Jobs $5000 a Week and Up’ Teaming Up

Intuitive Accountant

HBB Accounting will be tasked with answering tax and accounting questions posted in the largest US Facebook travel nursing group.

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IRS Announces Annual PCOR Fee Adjustment

ThomsonReuters

IRS Notice 2022-59 (Nov. 14, 2022). Available at [link]. The IRS has announced the annual increase in Patient-Centered Outcomes Research (PCOR) fees that must be paid by health insurers and self-insured health plan sponsors. PCOR fees were established by the Affordable Care Act (ACA) and are used to support clinical effectiveness research. Because the ACA provision included an expiration date, PCOR fees originally were collected only for plan years ending before October 1, 2019.

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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

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The State of Accounts Payable in Retail: A Deep Dive

MineralTree

The pandemic caused a perfect storm for retail. Customer behavior changed overnight, surging demand for online purchases while supply chain disruptions led to fulfillment delays and empty shelves. Unfortunately, at the same time, the great resignation left many retailers short-staffed, forcing them to do more with less. The ripple effects from the pandemic – as well as lessons learned – will continue to impact retail for the foreseeable future.

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Best Accounting Blogs: Finding a Great Blog for Accountants

Snyder

Accountancy firmly belongs to the financial sector but it also shares a lot of key features with the service industry. Tailoring your offer to your customers, marketing your firm, choosing the latest technology, or providing excellent customer care – it all becomes very important in this competitive market. No one can be an expert in all those areas, that’s why finding a helpful blog for accountants is such a great idea.

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Charitable Giving in 2022 – There’s Still Time to Give Back

Withum

Maximizing your Charitable Contribution Deduction. For individuals who itemize, it is important to note that the enhanced contribution limits imposed by the CARES Act, which lifted the existing cap on cash contributions to 100 percent of adjusted gross income (AGI) for individuals and 25 percent of the corporation’s taxable income for corporations, have expired.

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HHS Proposes Modifying HIPAA Standards for Certain Electronic Pharmacy-Related Transactions

ThomsonReuters

Proposed Rule, Administrative Simplification: Modifications of Health Insurance Portability and Accountability Act of 1996 (HIPAA) National Council for Prescription Drug Programs (NCPDP) Retail Pharmacy Standards; and Adoption of Pharmacy Subrogation Standard, 45 CFR Part 162, 87 Fed. Reg. 67634 (Nov. 9, 2022); HIPAA Administrative Simplification Information Bulletin: Notice Regarding Publication of Proposed Rule (Nov. 7, 2022).

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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Year-End State and Local Tax Planning Perspective

Withum

In recent years there have been significant changes to the State and Local Tax Nexus rules. Historic physical presence nexus standards are long past. Today, almost all states employ economic nexus concepts, whereby merely having sales sourced to a state generally result in a filing requirement even without a physical presence. The Wayfair case validated economic nexus for sales tax purposes and amplified economic nexus for income tax purposes, signaling to all states that economic nexus is sound

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Automating Segments of Your Business to Save Time and Money | PART TWO: Deciding What to Automate

LSLCPAs

Executive Summary In Part One of the “Automating Segments of Your Business to Save Time and Money” series, we defined some terms to help readers understand what Business Process Automation is and what the next step, Robot Process Automation (RPA), is and does. RPA uses technology to automate the actions within or between workflows or. The post Automating Segments of Your Business to Save Time and Money | PART TWO: Deciding What to Automate appeared first on LSL CPAs.

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Accounting CRM Software: The 13 Best for Your Firm

Ryan Lazanis

Every accounting firm owner knows that customer relationship management (CRM) is essential to success. Fortunately, there’s a lot of excellent software available right now that will help you stay on top of your game. In this blog post, I will discuss 13 of the best accounting CRM software options on the market that you can use today. We’ll go over what each tool offers and some of its pros and cons.

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But Who’s Counting? Episode 15: Did Your Business Receive COVID-19 Relief Funding? Beware Upcoming Audits

Anders CPA

It’s been almost three years since the COVID-19 pandemic first began and the Coronavirus Aid Relief and Economic Security (CARES) Act programs are nearing the end of their lifecycles, so what’s next? But Who’s Counting? host David E. Hartley chatted with returning guest Anders Director + Strategic Growth Paul C. Rhea about which programs are still available to qualifying businesses along with the following points of interest: What’s next for the Paycheck Protection Program (PPP), Economic Injury

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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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A Certain Big 4 Firm Gets Another Chance to Screw Up a State’s Unemployment Benefits System

Going Concern

We can ’t fool you guys. Of course it’s Deloitte! Hopefully Uncle D will do a bang-up job this time for the state of Michigan, unlike some of the other state unemployment benefits systems it has handled (or mishandled) like Florida, Illinois, Colorado, and California. The Detroit Free Press reported on Nov. 15: Michigan’s Unemployment Insurance Agency has selected Deloitte to replace its decade-old unemployment benefits system, which, over the last decade, has falsely accused thousands of

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Accountants aid clients struggling with inflation

Accounting Today

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2022 Year-End Tax Planning Checklist

Withum

Single. DEDUCTION AMOUNT: $12,950. Married Filing Jointly. DEDUCTION AMOUNT: $25,900. Head of Household. DEDUCTION AMOUNT: $19,400. 2022 Tax Brackets and Rates. Taxable Income Over. Rate Single Married Filing Jointly Head of Household 10% $0 $0 $0 12% $10,275 $20,550 $14,650 22% $41,775 $83,550 $55,900 24% $89,075 $178,150 $89,050 32% $170,050 $340,100 $170,050 35% $215,950 $431,900 $215,950 37% $539,900 $647,850 $539,900. 2022 Long-Term Capital Gains Tax Bracket.

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The death of the spreadsheet is gravely exaggerated

Accounting Today

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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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Supply-Chain Due Diligence: Best Practices

ThomsonReuters

For global trade professionals, supply-chain due diligence has become one of the most important ways to mitigate risk, ensure regulatory compliance, engineer resiliency, and prevent brand damage from angry, supply-chain-conscious customers and activists. But maintaining effective due diligence in a complex supply-chain is no easy task. It takes time, dedication, expertise, and technology—and, done correctly, is an ongoing, ever-evolving practice, not an occasional check-in.

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Tax Fraud Blotter: Incompetent, negligent or reckless

Accounting Today

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Lockstep Inbox Now Offers Certified Gmail Integration

Lockstep

Seattle, WA – (November 17, 2022) – Lockstep , the award-winning accounting automation pioneer, today announced that Lockstep Inbox now offers a Google-certified Gmail integration. Lockstep Inbox is the first and only free accounting inbox solution that allows teams to automate customer and vendor workflows in a single application. Lockstep Inbox-certified integrations enhance the security, applicability, and usability of the overall product.

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M&A roundup: UHY, Sikich, McCarthy and Maner Costerisan expand

Accounting Today

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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.