Thu.Aug 17, 2023

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Sales tax industry of the month: Manufacturers

TaxConnex

When it comes to sales tax, “manufacturing” is often defined as a physical application of materials and labor to change the characteristics of tangible personal property (TPP). Seems clear, but what about your tax obligations and exemptions? Every state has nuances on how sales tax applies to the manufacturing process, equipment and materials. These gray areas can create big exposure for your business.

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How AI is Creating a More Human Approach to Recruiting and Hiring

BurklandAssociates

AI is reshaping the workforce and leading to a paradigm shift in recruiting and hiring practices and in-demand skillsets. The post How AI is Creating a More Human Approach to Recruiting and Hiring appeared first on Burkland.

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Tax pros hike fees by more than 20%: NATP

Accounting Today

The association's biannual fee study also points to an industry shortage of professionals.

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How to Balance Artificial and Human Intelligence in Accounting

CPA Practice

By Cameron White. With the rise of generative artificial intelligence (AI), including ChatGPT, the accounting industry, like many others, is abuzz with talk about how the technology will redefine the future of the profession. As more firms embrace AI technologies and begin to automate their workflows, there’s excitement around the benefits to be had—from time and money savings to newfound competitive advantages.

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Mid-Year Review: How to Ignite Employee Potential Through Meaningful Feedback

Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.

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Finding and fixing the most common financial reporting mistakes

Accounting Today

Garbage in, garbage out — and sometimes garbage in between: Figuring out where these errors come from is critical for you and your clients.

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The SEC Did Not Appreciate Crowe UK Putting Total Noobs on the Audit of a Shady Company

Going Concern

A couple days ago the SEC charged Crowe U.K. LLP, its CEO Nigel Bostock, and senior auditor Matthew Stallabrass for the firm’s deficient audit of music streaming company Akazoo Limited. All three agreed to settle the charges. The client, Greece-based Akazoo S.A, settled with the SEC for $38.8 million back in 2021 “for allegedly defrauding investors out of tens of millions of dollars in connection with a 2019 special purpose acquisition company (SPAC) business combination.” In that ne

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More Trending

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New Jersey Business Owner Failed to Pay $10 Million in Payroll Taxes

CPA Practice

By Jeff Goldman. nj.com (via (TNS). A New Jersey business owner faces a federal prison sentence after failing to pay more than $10 million in payroll taxes. Josef Neuman, 37, of Lakewood, pleaded guilty to willful failure to pay over payroll taxes, the U.S. Attorney’s Office for New Jersey said in a statement Wednesday. Neuman’s company provided administrative services to operators of nursing homes and other health care facilities, federal prosecutors said.

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TIGTA says IRS callback system needs work

Accounting Today

The inspector general says the CCB is benefiting taxpayers, but needs clearer goals and performance measurement.

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Future-Proofing Your Business: Strategic FP&A for Long-term Success

AccountingDepartment

In today's rapidly evolving business landscape, it is crucial for organizations to future-proof their operations to ensure long-term success. One of the key pillars of achieving this is strategic financial planning and analysis. By effectively managing your financial resources and leveraging data-driven insights, you can position your business to navigate uncertainties and capitalize on emerging opportunities.

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Tax Fraud Blotter: Enough to give you a headache

Accounting Today

A different kind of term; hard labor; Niagara fall; and other highlights of recent tax cases.

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Your Accounting Expertise Will Only Get You So Far: The New Way To Lead

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.

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Top Financial Reasons Florida is Attractive in Retirement

CPA Practice

By Kiplinger Consumer News Service (via TNS). While choosing to retire in Florida isn’t the best choice for everyone, relocating to the Sunshine State comes with its share of benefits. Of course, some people move to Florida for the warm weather and plentiful beaches, but that’s not all the state has to offer. Florida happens to be one of the most tax-friendly states for retirees, and plenty of out-of-state retirees are taking notice.

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Accounting are more into AI than most

Accounting Today

The profession is enthusiastic about AI, making four times the investments that other professions like law are.

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Accounting Thought Leaders Discuss the Real Impact of AI on Accounting Firms

CPA Practice

Over the last year, the hottest topic of discussion among accounting professionals has been about how artificial intelligence will shape professional firms. While AI has been a topic of sci-fi conversations and novels for several decades and has been in the popular lexicon almost as long, the actual application of such technologies into daily workflows had never really been tangible until the release of generative applications such as ChatGPT for automatic generation of text, and similar visual

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Padgett & Padgett, PLLC CPA’s 4 Straightforward Questions to Uncover Your Business Why

SkagitCountyTaxServices

I suppose there’s never been an easy time to be in business. It’s tempting to look at the current economic situation and cite all the things working against business owners right now. And Google helps with that… My internet search this morning lent me the following statistics: Inflation is the top concern for 32% of business owners. 41% of small business owners are struggling with job vacancies.

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The Hidden Science Behind Why Finance Teams Resist Change—And How to Fix It

Speaker: Kim Beynon, CPA, CGMA, PMP

The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.

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Gen Z Talks Retirement on TikTok

CPA Practice

By AJ Hess – Fast Company. Fast Company Magazin (via TNS). With 1.8 million followers on Instagram and 2.4 million followers on TikTok, Vivian Tu is among the most influential financial influencers on what the social media consumers call “FinTok.” Tu is a University of Chicago alum, a former JP Morgan trader, and your self-proclaimed “rich BFF.” Known for her relatable, clear, and concise explanations of oft-overcomplicated (if not gatekept) financial concepts, Tu is now taking her advice off sc

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Top 100 2024 Clues from 2023 List-makers

Insightful Accountant

Did you miss our QB Talk 'Awards Winner Roundtable'? Don't worry, we've got you covered!

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Payroll Vault Partners with Oakscale to Grow Franchise Network

CPA Practice

Payroll Vault , a payroll franchise providing small businesses with comprehensive localized payroll services and workforce management solutions, has partnered with Oakscale , a developer helping emerging franchise brands reach their full potential, to oversee franchise development throughout the United States. Founded in 2008 and franchising since 2012, Payroll Vault has nearly 60 locations nationwide, providing a suite of services to support small business owners in handling payroll, HR, time

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AICPA, NASBA Team to Help Ease Path to CPA Licensure

Insightful Accountant

The organizations are joining forces with the Tulane School of Professional Advancement for a program to support the completion of the 150-hour academic credit requirement.

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Doing More With Less: The Modern Finance Miracle

Speaker: Mark Gilham, FCCA, CPP

Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.

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Overstocked Inventory? Re-balance your cash flow with better systems

Menzies

Menzies LLP - A leading chartered accountancy firm. For manufacturing businesses, inadequate cash flow can be a huge problem that jeopardises their ability to expand and sometimes even to maintain their operations. Technology is often used to help manufacturing businesses improve stock control and cash flow as a result. Having sales and inventory information available at the click of a button enables businesses to make faster decisions and be more dynamic in its operations.

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Tax and Accounting Firms to Benefit from Secure Cloud Hosting

Insightful Accountant

The announcement of partnership marks the availability of Right Networks’ intelligent cloud solution combined with Thomson Reuters’ world-class tax and accounting software.

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Withum’s Solution to the War on Talent Is to Throw Students Onto the Battlefield

Going Concern

Adamant that there is no way the burden of 150 units for CPA licensure will ever be rolled back to 120, the AICPA and NASBA have scored a second school-firm collaboration for their CPA Pathway Apprenticeship initiative: Seton Hall University and Withum. The program trades work in the field for credits toward 150. From Withum’s news release : Students will be full-time apprentice-level team members at Withum, with an opportunity to work in all service lines and industries while earning cred

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ProConnect Tax Adds IRS Transcript Download

Insightful Accountant

Now, you can conveniently access and download IRS Tax Transcripts from within Intuit ProConnect Tax. Murph explains.

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8 Pillars of Leadership Development

Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.

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CAPITAL GAINS TAX ON RESIDENTIAL PROPERTY: 30 DAY REPORTING

Menzies

Menzies LLP - A leading chartered accountancy firm. UK residents disposing of residential property where a chargeable gain arises need to report and pay any Capital Gains Tax (CGT) due within 60 days of completion of the sale. Previously for disposal between 6 April 2020 and 26 October 2021 taxpayers just had 30 days to report their gains however this increased to 60 days following the 2021 Autumn Budget.

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BeachFleischman acquires outsourcing firm

Accounting Today

Mexico-based Kuadra Support provides talent solutions for accounting firms and other U.S.-based businesses with remote teams, outsourcing, employee leasing and staffing.

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CEOs Can View Operational Resilience as an Advantage

CPA Practice

Intensified geopolitical turmoil, natural disasters, cybersecurity breaches, supply chain disruptions, and other challenges are testing the resiliency of companies like never before. A new report finds that CEOs are far less confident in their organizations’ ability to prepare for, respond to, and recover from crises, as compared to executives who have direct responsibility for crisis management and business continuity.

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Qualifying for the Employee Retention Credit: Three Tests to Earn the ERC

CTP

As we mentioned in our last blog, small business owners can see major benefits from the Employee Retention Credit with a little expert guidance. Unfortunately, many taxpayers have seen endless promotions from “ERC mills” proclaiming promises like “ Get $26,000 per employee through the Employee Retention Credit! ” Unfortunately, these mills provide very few details on how to ensure you actually qualify for the tax credit—but this is where reputable tax professionals can step in and offer real val

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Protect What Matters: Rethinking Finance Ops In A Digital World

Speaker: Cheryl J. Muldrew-McMurtry

Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.

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PCAOB Sees Glut of Faulty Broker-Dealer Audits

CPA Practice

More than half of the audits of brokers and dealers inspected by the Public Company Accounting Oversight Board (PCAOB) last year had mistakes, as audit firms took a big step backwards from improvements they made in 2021. In response to abuses that came to light during the 2008-09 financial crisis, the PCAOB was authorized by the Dodd-Frank Act of 2010 to establish an inspection program for auditors of brokers and dealers registered with the Securities and Exchange Commission.

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Being Married to a Stock

Withum

Some people lose sight of the reason for and purpose of investing. The clients I consult with have as their primary purpose of investing to ensure their long-term financial security. However, some of them become overly attached to certain stocks they own, creating an added or unnecessary risk to their portfolio. In effect, they become “married” to a Company’s stock.

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Wealth and Asset Management Firms Are Still Hesitant On U.S. Economy

CPA Practice

Two new industry surveys from the wealth management and asset management sectors to gain insights into their current economic challenges and how they’re positioning themselves for long-term market stability. The surveys were commissioned by Wipfli LLP (Wipfli), a top 20 advisory and accounting firm. Ongoing rate hikes, uncertain market performance, geopolitical tensions, and increased competition all contribute to overall cautious economic predictions in both the new State of Wealth Management a

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Unpacking the Tax Credit Hype: Passing the Tests for the Employee Retention Credit

CTP

Step one on the journey to claiming the Employee Retention Credit is to steer clear of the “ERC mills” blasting their messaging across social media, radio ads, and roadside billboards. Their grand promises state things like: “ Get $26,000 per employee through the Employee Retention Credit! ” Unfortunately, these mills provide very few details on how to ensure you actually qualify for the tax credit.

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How to Set Better OKRs and Drive Results

Before you can achieve success, you have to define it. Objectives and Key Results (OKRs) give you the framework to do just that. Paycor’s free guide includes a step-by-step process leaders can use to work toward – and achieve – their loftiest business goals.