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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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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11 Best Practices for How to Find Clients for Accounting Firms | Canopy

Canopy Accounting

One of the top mistakes accountants make is expecting business to come to them. The best practitioners know that this is not enough. They are constantly looking for opportunities to find new clients. In fact, growth is one of the top focuses of successful accountants. So how can you apply this to your firm? In this article, we identify 11 things you can start doing now to find more accounting clients.

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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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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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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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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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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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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: 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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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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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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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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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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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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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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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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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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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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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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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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IRS helps shut down bank for tax evasion, money laundering

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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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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SEC moves closer to setting ESG rules

Accounting Today

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Combat employee burnout and prioritize mental health at your firm

Accounting Today

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NABA honors Deloitte audit CEO for DEI efforts

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.

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

Accounting Today

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On the move: LBMC adds five shareholders

Accounting Today

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Tech News: Crowe sells tax tech solutions

Accounting Today

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McConnell threatens China bill over Biden tax, climate plan

Accounting Today

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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.