CPA Practice
FEBRUARY 23, 2023
By Lana Tleimat, Fast Company (TNS) Americans are increasingly relying on self-employment: Workers are seven times more likely to be self-employed than they were in 2000, according to Gallup. As many as 28% of U.S. workers do some work for themselves, with 14% using it as their primary source of income. But being your own boss isn’t all freedom and sweatpants.
Airbase
FEBRUARY 23, 2023
“Those who have knowledge don’t predict. Those who predict don’t have knowledge.” — Lao Tzu Predictions about the state of the economy are notoriously difficult. In fact, one study by the International Monetary Fund concluded that economists are uniformly unsuccessful at predicting recessions. In the words of Prakash Loungani, one of the study’s authors, “the failure of economists to forecast recessions is virtually unblemished.
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TaxConnex
FEBRUARY 23, 2023
All hail sales tax! Taxing certain goods dates back as far as 4,000 years. Ancient Egypt taxed cooking oil, for instance. The tax was levied on a product people had to buy and were forbidden to reuse (coincidentally, the Pharaoh had a monopoly on production). Imperial Rome’s Julius Caesar is considered to have implemented a proper sales tax, a 1% flat rate across his entire Empire.
Airbase
FEBRUARY 23, 2023
Procure-to-pay (P2P) software originated from the need to oversee the process of acquiring supplies for manufacturing and other industries, and to manage inventory in the retail sector. Procurement has faced numerous challenges in recent years: transportation issues, inflation, labor shortfalls along the supply chain. But organizations can overcome those difficulties and position themselves to grow and thrive — with the help of the right technology.
Advertiser: Paycor
There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.
CPA Practice
FEBRUARY 23, 2023
What is the fastest-growing challenge facing accounting firms and internal audit departments today? More than 90% point to hiring and retaining skilled accountants and auditors. Some are even turning away business due to a shortage of staff. That’s the finding of two newly released reports by leading software provider Caseware International , which surveyed more than 6,000 accountants and auditors globally.
ThomsonReuters
FEBRUARY 23, 2023
Stop giving away your expertise for free. Sure, you are charging clients for your services; however, the real value is not within your services but within the advisory relationship you are ideally building with your clients. The advisory relationship is the bedrock that enables you to form trust and provide higher-value services to your clients. It is how you better understand their goals and develop loyal and profitable relationships.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Insightful Accountant
FEBRUARY 23, 2023
A new partnership between AICPA & CIMA and University of Oxford's Saïd Business School takes aim at bolstering the industry's global sustainability efforts.
CPA Practice
FEBRUARY 23, 2023
You were proactive and diligent about readying your accounting firm for tax season, and yet you’re still facing staffing gaps precisely when you need all hands on deck. You’d like to hire some new employees, but your search for viable candidates isn’t yielding the results you’d hoped for. Know that you’re not alone in your recruitment struggles: research for Robert Half’s 2022 Demand For Skilled Talent report found that 87% of finance and accounting managers are challenged in finding skilled pro
Withum
FEBRUARY 23, 2023
Withum is proud to share that local business publication ROI-NJ has named Jim Bourke, Bill Hagaman and Pat Walsh to their 2023 Power List in Accounting. Jim Bourke , Managing Director of Advisory Services, is a sought-after global speaker on all issues involving technology, the profession and business advisory, in addition to his duties to clients as a Partner of the Firm.
ThomsonReuters
FEBRUARY 23, 2023
Stop giving away your expertise for free. Sure, you are charging clients for your services; however, the real value is not within your services but within the advisory relationship you are ideally building with your clients. The advisory relationship is the bedrock that enables you to form trust and provide higher-value services to your clients. It is how you better understand their goals and develop loyal and profitable relationships.
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Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.
CPA Practice
FEBRUARY 23, 2023
Hotel-generated state and local tax revenue will reach new heights nationally ($46.71 billion) and in states across the nation this year, according to state-by-state projections released today by the American Hotel & Lodging Association (AHLA) and Oxford Economics. Average U.S. hotel occupancy is projected to reach 63.8% in 2023 – just shy of 2019’s level of 65.9%.
ThomsonReuters
FEBRUARY 23, 2023
QUESTION: For 2023, an employee elected $2,400 of health FSA coverage under our calendar-year cafeteria plan, which is funded solely through employee salary reductions and does not provide for carryovers or include a grace period. The employee has already incurred medical expenses equal to this amount in 2023 and wants to be reimbursed for the expenses now, even though she has only made health FSA salary reductions of $400 to date.
Insightful Accountant
FEBRUARY 23, 2023
On behalf of Insightful Accountant and Tax Practice News, Murph reviews RCReports, a tool for determining reasonable compensation, and more.
MineralTree
FEBRUARY 23, 2023
Cash flow forecasting is a critical part of financial planning for businesses of all sizes. Accurate cash flow forecasts help businesses plan for the future, identify trends, and make strategic financial decisions. In this blog post, we will discuss the importance of cash flow forecasting and how businesses can better manage their cash flow through AP analytics and better data management.
Advertiser: Paycor
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.
Going Concern
FEBRUARY 23, 2023
Bored of writing and talking about the dire accountant shortage and the consequences it could have on the entire financial system as we know it, the other day I tweeted a question to find out what else folks think is plaguing accounting. Thanks to everyone who chimed in, I know sometimes Twitter feels like shouting into the void know but know that your feedback is appreciated.
Patriot Software
FEBRUARY 23, 2023
In 1942, Rhode Island was the first state to offer Temporary Disability Insurance (TDI) benefits to employees. Following the success of this program, Rhode Island created the Temporary Caregiver Insurance (TCI) program in 2013. Rhode Island TCI offers qualifying employees paid leave to care for their loved ones in certain situations.
AccountingDepartment
FEBRUARY 23, 2023
For new and growing businesses, accounting may not be the most exciting topic for owners, however, it's good accounting that will keep a business alive and prepared for what is around the corner.
CPA Practice
FEBRUARY 23, 2023
Avalara has launched Avalara Property Tax , a new automated solution for businesses for real property and personal property tax management designed to improve tax compliance with automation. Avalara Inc. is a provider of cloud-based tax compliance automation for businesses of all sizes. “Today, property tax is one of the most challenging business compliance activities,” said Jayme Fishman, EVP and GM of Indirect Tax at Avalara.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
ThomsonReuters
FEBRUARY 23, 2023
Client relationships, like any relationship in life, can at times be challenging. Miscommunication, unrealistic expectations, and personality differences are bound to surface on occasion, but establishing boundaries early on can help accountants avoid these problems and better manage client expectations. When both accounting clients and staff are on the same page, it helps strengthen client loyalty, drive profitability, and reduce stress.
Ronika Khanna CPA,CA
FEBRUARY 23, 2023
Probably the most popular question posed to accountants and tax preparers (especially around this time of year) is “what types of expenses are deductible?”. The short answer is that a business expense is considered to be deductible if it has been incurred with the ultimate purpose of earning income. For example if you purchase a domain name with the intent of setting up a website to sell your goods or services, this would be a deductible expense.
ThomsonReuters
FEBRUARY 23, 2023
National Medical Support Notice Forms and Instructions (Jan. 19, 2023); HHS Action Transmittal AT-23-01 (Jan. 17, 2023) Forms and Instructions Action Transmittal HHS’s Office of Child Support Enforcement has released an updated version of the National Medical Support Notice (NMSN) with changes to both Parts A and B. An NMSN is a standardized medical child support order that is used by state child support enforcement agencies to obtain group health coverage for children.
Snyder
FEBRUARY 23, 2023
Everyone loves vacations. No matter whether you’re a hardworking employee or a busy business owner, a change of scenery, a relaxed schedule that you are in charge of, plenty of sun, a fresh sea breeze, and delicious cuisine is something that anyone often finds themselves daydreaming about during a stressful, long workday. So, now you’ve had that sunlit beach walk, a hike up Mount Kilimanjaro or a Santorini weekend.
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.
CPA Practice
FEBRUARY 23, 2023
AbacusNext, a software provider for legal and accounting professionals, has rebranded as CARET to further unite the family of the most successful brands in professional service automation and technology. “Legal and accounting firms have an outsized impact on the world as the most important advisors to their clients,” states Keri Gohman, CEO, CARET. “Under the CARET brand, we will offer firms the technology and automation they need to transform their practices with robust practice management, doc
ThomsonReuters
FEBRUARY 23, 2023
Electronic-Filing Requirements for Specified Returns and Other Documents, 26 CFR Parts 1, 53, 54, and 301, 88 Fed. Reg. 11754 (Feb. 23, 2023) Regulations News Release The IRS has finalized regulations substantially expanding mandatory electronic filing of information returns. The regulations, which were proposed in 2021 to implement statutory changes made by the Taxpayer First Act of 2019 (see our Checkpoint article ), establish lower thresholds for mandatory electronic filing of the following
CPA Practice
FEBRUARY 23, 2023
The corporate quest to achieve pay equity is not getting easier: 41% of human resources professionals say their organization is struggling to address pay equity, a 10% increase over the prior year. According to Salary.com’s second annual Employer Pay Equity Pulse Survey the top three challenges are: getting leadership to support pay transparency, integrating their pay philosophy into their corporate culture, and learning how to conduct a pay equity analysis.
ThomsonReuters
FEBRUARY 23, 2023
Medicare Secondary Payer and Certain Civil Money Penalties; Extension of Timeline for Publication of Final Rule, 42 CFR Part 402; 45 CFR Part 102, 88 Fed. Reg. 10868 (Feb. 22, 2023) Available at [link] CMS has extended by one year its deadline for publishing final regulations that would specify how and when it will impose civil money penalties for violations of the Medicare Secondary Payer (MSP) reporting requirements.
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
CPA Practice
FEBRUARY 23, 2023
FORVIS , a national accounting and advisory firm, has made a $500,000 donation to the United Way of Collier and the Keys in to support ongoing recovery efforts for those affected by Hurricane Ian on Florida’s southwest coast. The donation from the FORVIS Foundation was formally announced at a grand opening event for the United Way’s Disaster Assistance Center.
Insightful Accountant
FEBRUARY 23, 2023
See the payment solutions provider that makes it easy for businesses of any size in any industry to make, receive or manage their payments.
CPA Practice
FEBRUARY 23, 2023
Avantax , a provider of tax-focused financial planning, increased its asset recruiting results during the fourth quarter of 2022, contributing to full-year 2022 newly recruited assets of approximately $1.7 billion, an increase of 79% over 2021. “Avantax is the destination for Tax and Financial Professionals who want to grow by offering the differentiated value of tax-advantaged wealth management, especially as clients increasingly grow frustrated by advisors offering limited services,” said Tim
Menzies
FEBRUARY 23, 2023
Menzies LLP - A leading chartered accountancy firm. The Charity Commission has recently complained that the standard of reporting on Reserves and Reserve Policies in charity accounts is alarmingly poor with less than a quarter of charities reviewed properly understanding what reserves are. So what are reserves and why are these necessary? Is setting reserve policies and reporting on reserves not just yet another regulatory burden imposed on a hard pressed sector, a paper exercise to be dealt wit
Advertiser: Paycor
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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