Fri.Jun 24, 2022

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Will the IRS Deny Your Claim for the Employee Retention Tax Credit?

Withum

The employee retention credit (ERC) started out slow but keeps going strong, even to the present day. . When it was first enacted on March 27, 2020 as part of the CARES Act, it received little fanfare because taxpayers that received a forgivable loan under the paycheck protection program (PPP) were prohibited from claiming the ERC. When that prohibition was lifted nine months later by the Consolidated Appropriations Act, 2021, claims for the ERC exploded.

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KPMG CEO Pats His Firm on the Back For Being So Behind the Times, Roasts EY While He Does It

Going Concern

Sky News has obtained part of an internal memo KPMG Global Chairman and CEO Bill Thomas sent to firm partners earlier this month in which Mr. Thomas turns his nose up at EY’s plan to split consulting and audit practices. Some choice quotes from the memo: We are a partnership that has been strong and growing in some countries for over 150 years.

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State legislatures considering hundreds of sales tax bills

Accounting Today

Sales 111
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Being Home During Lockdown Shifted Accountants’ Priorities, Says Lady

Going Concern

Kristy Illuzzi, CPA, CGMA of International Federation of Accountants (IFAC) on why the Great Resignation is affecting the profession so acutely : I think the Great Resignation is interesting in that it has impacted almost every sector of our economy and every profession in some way, and it’s no different in the accounting industry. I think a lot of people during 2020, 2021, when we were on lockdown, we started doing things very differently.

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You upgrade everything else. Why not your close process?

You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes? It’s time for an upgrade. SkyStem's Guide to Month-End Close Software walks you through what today’s best tools can do (and what your team shouldn’t have to deal with anymore). Get smart, fast, and a whole lot less stressed when it’s time to close the books.

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Eide Bailly merges in Seim Johnson

Accounting Today

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Is Expense Management Due for Consolidation?

Accounting Web

Trends Is Expense Management Due for Consolidation?

More Trending

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Tax Strategies for Selling an S Corporation: Failing the §302 Stock Sale Tests

CTP

As a tax planner, when a client approaches you about selling their S corporation, one of the first questions to ask is whether they are selling the stock or the assets of the business. What is the difference from a tax perspective? An asset sale requires you to allocate the assets into different classes, which then determines your tax liabilities or deductions.

Sales 98
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IRS issues FAQs on reinstated Superfund tax

Accounting Today

Tax 98
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Selling an S Corporation: Using a Stock Redemption for Tax Benefits

CTP

As part of the tax planning process, business owners looking to sell their S corporation first need to establish whether they are selling the stock or the assets of the business. What is the difference from a tax perspective? An asset sale will involve assigning each business asset to an asset “class,” which then determines your tax liabilities or deductions.

Tax 98
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IFRS Foundation adds Hales, Jantzi to ISSB board

Accounting Today

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AI In Accounting: A Practical Roadmap For Smarter AP

Speaker: Gerald Ratigan

The accounts payable (AP) function is evolving and AI is leading the charge. As finance teams face rising invoice volumes and expectations for speed and accuracy, AI-powered automation has shifted from a futuristic concept to the most practical solution. But for finance leaders, success isn’t just about selecting the right tools, it’s about implementing the right strategy.

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The Word on Payment Methods for Skagit County Businesses

SkagitCountyTaxServices

…payment methods! Try to come up with one thing that’s more important to your Skagit County business than taking in revenue smoothly. Yeah, I couldn’t, either. And making sure that revenue is coming in becomes almost an obsession when you’re feeling the squeeze of inflation on your profit margins. Though talk of recession is hanging in the air, it doesn’t mean you have to passively wait for its effects.

CPA 96
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6 tips for launching advisory services

Accounting Today

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St. Louis Post-Dispatch Names Anders A 2022 Top Workplace

Anders CPA

The St. Louis Post-Dispatch has honored Anders as a 2022 Top Workplace, ranking #7 in the Midsize Employer category. For 11 years, the St. Louis Post-Dispatch has recognized the importance of effective leadership, strong values and motivated workers through the Top Workplaces list. Top Workplaces are named solely based on employee feedback gathered through a third-party survey administered by research partner Energage.

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Demystifying the future of the audit

Accounting Today

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Stop Budget Burnout: A Better Way to Grow Your Nonprofit in 2026

Speaker: Sean Yoder

Nonprofits are under more pressure than ever to demonstrate financial accountability while continuing to expand their impact. Traditional budgeting models often fall short, reinforcing silos, limiting flexibility, and stalling growth. Enter collaborative budgeting: a dynamic, team-driven process that enables smarter resource allocation and builds financial resilience at scale.

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Friday Footnotes: A CPA Grindset We Can Get Behind; The Klynveld Krypto Team; Firms Still Desperate (For People) | 6.24.22

Going Concern

Accounting Firm EY Grapples With Partner Pay, Bear Market in Breakup [ Wall Street Journal ] Ernst & Young’s leaders, trying to persuade partners to split up the firm, said windfalls would be spread evenly, but a bear market threatens to cut the value of a potential initial public offering of its consulting business, according to an internal webcast and people familiar with the matter.

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Advisory services you can start offering today

Accounting Today

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What Is a Good Inventory Turnover Ratio: a Simple Guide

Snyder

For an e-commerce business, inventory is one of the most significant parts of management. Inefficient inventory management can dramatically affect cash flow for your e-commerce business , with a large amount of working capital sucked up by the excess stock or sales lost due to stock shortages. That’s why keeping an eye on inventory turnover is key to ensuring flawless e-commerce business operations.

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On the move: Clark Schaefer Hackett appoints new COO

Accounting Today

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Why Tech-Forward Tax and Accounting Firms Have the Inside Track to the Future

Speaker: Joe Wroblewski, Sales Engineer Manager

Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te

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Does Shopify Send a 1099?

Snyder

One of the several requirements to sell on Shopify is that you need to declare your tax liabilities, including corporation, income, sales taxes, and potential overseas taxes if you sell internationally. Shopify bookkeeping sounds complex, but a compatible accounting software can streamline each element of your reporting, serving as a vital management tool.

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KROST Quarterly Magazine: The Hospitality Issue, Vol 4, Issue 4, is Now Available!

KROST

We are happy to announce the release of our newest quarterly magazine! The Hospitality Issue highlights some of the hot topics in the hospitality industry including tax credit for new employees, double-dipping, lease provisions, and HR solutions. What You’ll Find Inside this Issue: Tax Credit for Hiring New Employees By Kimberly Hoang A Win for Read the full article.

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Northern Ireland Protocol update – summary of issues document from the Government

Menzies

Menzies LLP - A leading chartered accountancy firm. Last week, the Northern Ireland Protocol Bill was introduced to parliament and the Government published a document, setting out the issues facing Northern Ireland and how the Bill will seek to resolve them. For now, current arrangements for the movement of goods into and out of Northern Ireland will remain.

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RIP Longtime Green Bay Packers Accountant Richard “Dick” Blasczyk

Going Concern

Longtime Green Bay Packers executive and former team accountant Richard “Dick” Blasczyk passed away on June 13 [ obit ]. 87-year-old Blasczyk, a native of Pulaski, WI, worked for the Pack from 1976-1994. Blasczyk served in the U.S. Army during the Korean war, married his high school sweetheart, and worked as finance manager at a Pulaski Ford dealership for 20 years before a friend of his who was also a Packers executive committee member encouraged him to apply for an open accountant

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Live Demo - Supercharge your Month End Close

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i

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Cash Flow Advisory Services (Know Which Clients are a Fit)

Intuitive Accountant

Every business pays attention to cash flow, or at least they should. After all, it's a key point of emphasis regardless of the nature of the business. Without making more than you spend in a given period—you won’t be in business very long.

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Ways To Sustain The Life Line Of Your Construction Company

Randal DeHart

Cash flow refers to the movement of money into and out of your business. It's based on the amount of money you bring in minus the amount you spend. A positive cash flow means bringing in more than you're spending. A negative cash flow means you aren't bringing in enough to cover your expenses. Your construction company can run into problems by not charging enough for goods or services, having late-paying clients, growing too quickly, or simply spending too much money.

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Cash Flow Advisory Services (Know Exactly Which Clients are a Fit)

Intuitive Accountant

Every business pays attention to cash flow. At least they should. After all, it's a key point of emphasis regardless of the nature of the business. Without making more than you spend in a given period—you won’t be in business very long.

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Cutting Back – Flashback Friday

RitaKeller

“I love how summer just wraps its arms around you like a warm blanket.” – Kellie Elmore. So many businesses have had to cut back on choices and services simply because they can’t find adequate help. Some are calling it skimpflation. Read more about it in this flashback post. Enjoy this Friday afternoon (and the weekend).

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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.