Fri.Jul 01, 2022

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Profit and Loss Statement (P&L): A Beginner’s Guide

Snyder

Whether you’re running a successful business or just starting out, chances are that you know how much of a difference financial statements can make when it comes to attracting investors or applying for loans. One of the three pillars of financial reporting, the P&L report provides information about the business’s progress, trends in its development, and helps to identify strong points that drive the business forward, as well as weak spots that require special attention.

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Tax Preparation Expert in Santa Fe Springs, California

MyIRSRelief

Are you in need of a tax preparation expert in Santa Fe Springs? More than enabling your problem to grow and acquire more fees, penalties and fines, we can help you with your business bookkeeping and tax preparation needs. We are a firm with experts in auditing and resolving IRS issues, we can help you find solutions to your tax problems. You need an expert in tax preparation services in Santa Fe Springs in California to enable your business to find the appropriate tax resolution and get help.

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Three things you might not know about Making Tax Digital for VAT

Xero

If you’re a VAT-registered small business owner, you may have heard the soft thwump of a letter landing on your doormat this past week, emblazoned with four familiar letters: HMRC. That’s right, it’s time for a gentle nudge/firm reminder that your business must now comply with government legislation Making Tax Digital (MTD) for VAT. . Part of a wider government initiative to simplify the tax system and make it easier for taxpayers to get it right, MTD for VAT requires affected individuals and bu

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IRS helps shut down bank for tax evasion, money laundering

Accounting Today

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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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The Certified Payroll Professional Corner: Penalties

ThomsonReuters

In our last edition of the Certified Payroll Professional (CPP) Corner, we talked about overtime. Important overtime happenings. As mentioned in the last edition, the U.S. Supreme Court has agreed to decide whether a supervisor of offshore oil rig workers is entitled to overtime pay under federal law even though he earned more than $200,000 a year [ Helix Energy Solutions Group Inc v.

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SEC moves closer to setting ESG rules

Accounting Today

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More Trending

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Combat employee burnout and prioritize mental health at your firm

Accounting Today

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What Every Contractor Needs To Remember When Negotiating Contracts

Randal DeHart

Several aspects of the construction business can only be learned through experience. One of them is negotiating contracts. Most people fear the negotiation procedure because it is an intrinsically uncomfortable process. Asking for more money or making personal demands doesn't come naturally to everyone. But with the right toolkit, you can breeze through contract negotiations.

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NABA honors Deloitte audit CEO for DEI efforts

Accounting Today

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Nonprofit Spotlight: Helping Children Live Life To Their Fullest Potential

GrowthForceBlog

3 min read. There is no greater gift than being able to supply a child with the tools they need to succeed.

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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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Malaysian firm takes top spot in Q1 for new SEC audit clients

Accounting Today

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The Certified Payroll Professional Corner: Regular Rate Calculation for Overtime Purposes

ThomsonReuters

In our last edition of the Certified Payroll Professional Corner (CPP), we talked about Form I-9 (Employment Eligibility Verification). Last edition’s question. We asked: “There are three sections to Form I-9. Employers must complete and sign Section 2 of Form I-9 within a certain period of time from the date of hire (first day of work for pay) for a new employee.

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On the move: LBMC adds five shareholders

Accounting Today

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The Certified Payroll Professional Corner: Overtime

ThomsonReuters

In our last edition of the Certified Payroll Professional (CPP) Corner, we talked about taxable and nontaxble fringe benefits. Payroll conference guidance on fringe benefits. During one of his workshops at the American Payroll Association’s (APA) 40th annual Congress in Las Vegas, Fred Basehore, Senior Director of Payroll Tax and Compliance at Guidehouse, noted that any fringe benefit an employer provides to an employee is taxable and must be included in the recipient’s pay unless

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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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Crypto Fraudster Now Among the FBI's 10 Most Wanted

CPA Practice

Ignatova is only the 11th woman to have been added to the FBI’s 10 most-wanted fugitives list in its 72-year history, and she currently is the only woman, joining alleged killers and accused drug cartel leaders on the list.

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The Certified Payroll Professional Corner: Worker Status

ThomsonReuters

In our last edition of the Certified Payroll Professional Corner (CPP), we talked about penalties. We want to hear from you! This marks our eighth CPP Corner and we would be interested in receiving feedback from you about the CPP exam in general. As such, we have put together a brief survey that can be accessed here. If you have a few minutes, please click on the link and let us know what you think.

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Tech News: Crowe sells tax tech solutions

Accounting Today

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The Certified Payroll Professional Corner: Gross Ups

ThomsonReuters

In our last edition of the Certified Payroll Professional ( CPP ) Corner , we talked about the regular rate calculation for overtime purposes. Regular rate of pay for overtime. The Fair Labor Standards Act (FLSA) requires that most employees in the United States be paid at least the federal minimum wage for all hours worked and overtime pay at not less than time and one-half the regular rate of pay for all hours worked over 40 hours in a workweek.

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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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CPAs Should Get Into Weed, Says CPA Into Weed (As a Business, That Is)

Going Concern

“Cannabusiness” is booming and obnoxious cutesy phrase aside, it’s a $25 billion-and-growing (heh) industry with more potential than a fresh cart of Blue Dream on a Saturday night. Clever CPAs who get in on the ground will not only open themselves up to nearly unlimited billing potential (yay), they’ll be helping cannabis businesses navigate the as-yet murky waters of legit marijuana business.

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The Certified Payroll Professional Corner: Involuntary Deductions

ThomsonReuters

In a previous edition of the Certified Payroll Professional (CPP) Corner, we talked about gross ups. Gross ups. In certain cases, an employer may wish to pay an employee’s federal income tax withholding (FITW) and FICA (Social Security and Medicare) taxes without deducting them from the employee’s pay or getting a reimbursement from the employee.

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Who’s Smarter, Big 4 Accountants or Industry Accountants? A Debate

Going Concern

Yesterday we retweeted an observation about how the smartest people work at Big 4 firms hoping for some good discussion and discussion did in fact ensue. Decent discussion, actually. It warms my cold black heart to know that at least in our little corner of the internet people with differing opinions are still capable of having a healthy conversation among themselves.

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Tax Return Backlog Exceeds 21 Million, Pulverizing the IRS and Taxpayers

KROST

According to a watchdog report, the Internal Revenue Service struggles to disburse funds as 21.3 million paper tax returns wait to be processed. The backlog continues to surge, increasing by 1.3 million within the last 12 months despite continuous efforts to unclog the excess tax returns. More than 90% of taxpayers file returns electronically, but Read the full article.

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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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Do I Need an Accountant for My Small Business?

MazumaBusinessAccounting

Why do I need an accountant for my small business? Those that do their taxes for themselves may think nothing of taking on this huge responsibility as a small business owner. Take it from us, though: after a certain amount of progress as a company, doing your own business accounting isn’t likely worth your time, especially if your background isn’t in finance.

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Padgett & Padgett, PLLC CPA’s Fighting Inflation Series: Taking Out a Business Loan

SkagitCountyTaxServices

Today I want to start a series on how small businesses like yours can fight inflation. Because I know that’s one of the top concerns for businesses across the country right now. But I’d also like to know…. How’s your business faring? I’m genuinely interested in how things are going and what concerns are topping your list right now in the midst of inflation and the looming recession.

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How to Catch Up on Bookkeeping in 6 Simple Steps

MazumaBusinessAccounting

Small businesses have many spinning plates that can quickly become overwhelming to owners. While many day-to-day activities of owning a small business differ based on industry, bookkeeping does not. Every business involves bookkeeping, and delayed, or inaccurate bookkeeping can swiftly become a financial disaster. How can you grow your business, secure capital, or even file taxes correctly without accurate and up-to-date books?

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Questions for New Clients

FraudFiles

What questions do you ask a new potential client? Nearly all of my work comes from attorneys, on behalf of their clients. I have two clients: the attorney and his/her client. My questions are pretty much the same no matter which of them I’m talking to on that first phone call. The most important questions I ask are things like: What kind of case is this – I am looking for some specifics of who is involved and what is going on.

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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.

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How Much Is Shopify?

Snyder

Starting an e-commerce platform can be an expensive venture, especially if you want to build your e-commerce website from scratch–but you shouldn’t let a lack of funds to develop your website stop you from making your products available online. With Shopify, you can successfully develop, grow, and manage your online business. But how much is Shopify?

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Happy Friday!

RitaKeller

“It will be celebrated with pomp and parade, bonfires and illuminations from one end of this continent to the other.” – John Adams. Enjoy this 4th of July message. Click here. Have a great holiday weekend.

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Friday Footnotes: XOXO, Accountants; PwC Wants Tax Cuts; KPMG Stacks Partners | 7.1.22

Going Concern

Accountants are voted the best kissers in Britain ahead of doctors and nurses while civil servants, bankers and lawyers are rated as the worst [ Daily Mail ] Often ridiculed as boring beancounters, accountants have surprisingly been voted the best kissers – ahead of doctors, nurses and engineers. And the worst are civil servants, bankers and lawyers, according to a poll of 2,000 Britons by dating site Plenty of Fish.

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McConnell threatens China bill over Biden tax, climate plan

Accounting Today

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Automation, Evolved: Your New Playbook for Smarter Knowledge Work

Speaker: Frank Taliano

Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.