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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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.

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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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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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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.

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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.

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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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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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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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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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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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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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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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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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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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Is Expense Management Due for Consolidation?

Accounting Web

Trends Is Expense Management Due for Consolidation?

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State legislatures considering hundreds of sales tax bills

Accounting Today

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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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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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Eide Bailly merges in Seim Johnson

Accounting Today

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SEC to require e-filing for advisors, institutional managers

Accounting Today

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IRS issues FAQs on reinstated Superfund tax

Accounting Today

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IFRS Foundation adds Hales, Jantzi to ISSB board

Accounting Today

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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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6 tips for launching advisory services

Accounting Today

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Demystifying the future of the audit

Accounting Today

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Advisory services you can start offering today

Accounting Today

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On the move: Clark Schaefer Hackett appoints new COO

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.