Accounting Insight
APRIL 24, 2023
Creativity is about more than composing a song or painting a picture. It has its place in the accounting profession as well. This idea that accounting or business advisory services don’t require creativity can even trickle down to how accountants view themselves. But the accounting industry is perfectly poised to benefit from the opportunities inherent in creative thinking.
RogerRossmeisl
APRIL 24, 2023
If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most suitable form of business for your new venture. Here are some of the reasons why. A big benefit of an S corporation over a partnership is that as S corporation shareholders, you won’t be personally liable for corporate debts. In order to receive this protection, it’s important that: The corporation be adequately financed, The existence of the corporation as a separate enti
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CPA Practice
APRIL 24, 2023
The Tax Blotter is a brief roundup of recent tax news and cases. A Section 529 plan is a tax-favored way to save for a child’s college education. Contributions can grow without any current tax while distributions to pay for qualified expenses like tuition are tax-exempt. Juice up plan quickly. Contributions to a Section 529 plan are subject to gift tax, but may be sheltered from tax by the annual gift tax exclusion.
RogerRossmeisl
APRIL 24, 2023
Business valuation experts will usually provide formal written reports that explain how they arrived at their conclusions. Asking seven questions can help you determine whether an expert’s report is comprehensive and on-point. (1) Did the expert properly define the engagement? Most valuation reports start with a detailed description of the assignment.
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.
CPA Practice
APRIL 24, 2023
Less than half of professionals (45.7%) say they are confident in the ability of their organizations’ financial reporting teams to gather and report on environmental, social and governance (ESG) financial metrics for regulatory compliance purposes, according to a recent Deloitte poll. “It’s concerning to see so few respondents reporting confidence in their ESG reporting as we await new U.S. regulatory guidance on climate disclosure reporting requirements,” said Dina Trainor , a Deloitte Risk
RogerRossmeisl
APRIL 24, 2023
The “investment opportunity” someone just pitched could be a legitimate way to get in on the ground floor of a soon-to-be profitable business. However, it could also be a pyramid, Ponzi or similar fraudulent multi-level marketing scheme. How can you tell the difference between a real investment and a scam? Don’t get scammed Pyramid schemes can be relatively straightforward, such as recruiting people to sell vitamins or cleaning supplies and recruiting family and friends to also sell the products
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
RogerRossmeisl
APRIL 24, 2023
Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. And in some cases, even if it’s not required to file one, you may want to do so anyway. Filing requirements The annual gift tax exclusion has increased in 2023 to $17,000 but was $16,000 for 2022.
CPA Practice
APRIL 24, 2023
By Twyla Verhelst, CPA. Preparing and filing your taxes are unavoidable tasks that it’s safe to say most people don’t enjoy. Tax time can be especially daunting for small business owners and the self-employed, who must organize their financial information for the year and ensure they have set aside enough money to cover their tax liabilities. A recent survey by FreshBooks found that 80% of American small business owners feel at least some stress at tax time. 60% of respondents chose one or more
RogerRossmeisl
APRIL 24, 2023
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. April 18 If you’re a calendar-year corporation, file a 2022 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any
Insightful Accountant
APRIL 24, 2023
Been feeling a little detached lately? Internationally renowned ProAdvisor Esther Friedberg Karp has the intel on four, one-day conferences where you can meet up with some old friends.
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RogerRossmeisl
APRIL 24, 2023
It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. Several provisions in the law have expired or will expire in the next few years. One provision that took effect last year was the end of current deductibility for research and experimental (R&E) expenses. R&E expenses The TCJA has affected many businesses, including manufacturers, that have significant R&E costs.
Going Concern
APRIL 24, 2023
As aspiring lawyers everywhere learned with horror that GPT-4 is capable of passing the bar exam (in the 90th percentile of test-takers, no less) a whole bunch of academics were not-so-quietly putting GPT-3 to the test on accounting. Literally. Published in Issues in Accounting Education, a total of 328 authors from 186 different institutions in 14 countries sought to answer the question: how well does ChatGPT answer accounting assessment questions?
RogerRossmeisl
APRIL 24, 2023
With billions of users worldwide, social media platforms can be a breeding ground for illicit activity — from simple identity theft to sophisticated and wide-ranging fraud schemes. Here’s an overview of some of the most common social media scams and tips to help prevent you or your business from becoming a fraud victim. Crooks find opportunities As with email, social media messages can trick users into clicking links and providing sensitive information, such as their usernames, passwords, Social
Withum
APRIL 24, 2023
Withum is proud to share that Izzy Tannenbaum , a Tax Partner, is the latest member of the Data Dance Project (DDP) Advisory Council. The council serves as a resource for DDP in its mission to promote gender equality in the dance industry by researching and compiling data and widely sharing the results. As a member of the council, Izzy supports this mission by researching, compiling, designing, and reviewing statistics and protocols.
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
APRIL 24, 2023
By Nick Hawkins, Inc. (TNS) For the past two decades, tipped employees have had the responsibility of reporting their tips to the IRS. Like salaried wages, tips are subject to income and payroll taxes. Waiters, for instance, are technically required to report tips to their employer, who then withholds and pays the proper taxes. There are a number of voluntary programs designed to encourage compliance by tipped employees but, you know.
Withum
APRIL 24, 2023
Among the many issues on the minds of founders and executives at early-stage or pre-seed startups is the ability to issue qualified small business stock (QSBS or Section 1202 Stock) and to preserve QSBS treatment for stock previously issued. This topic is critical because it affects a company’s ability to raise capital to grow its business. It also affects investors’ ability to exclude capital gain realized on the sale of stock if the requirements of section 1202 are met.
CPA Practice
APRIL 24, 2023
By Matthew Owenby, Quartz (TNS) How often have you been “exhausted by excessive demands on energy, strength, or resources in the workplace” over the past year? Month? Week? That’s precisely how psychologist Herbert Freudenberger, credited with coining the term “burnout” in 1974, described how he felt during a stressful time in his own job. Nearly 50 years ago, Freudenberger laid the groundwork for heightened attention to mental health and well-being in the workplace.
Accounting Insight
APRIL 24, 2023
The upcoming Accountex London exhibition at ExCeL on 10-11 May 2023, has a host of new features and an emphasis on sustainability and mental health. With more exhibitors, feature areas, and theatres than ever before, over 8,000 accounting, finance, and bookkeeping professionals from around the world are expected to attend the free annual event. Attendees will have access to 275+ fintech and service suppliers offering software demos and a diverse CPD accredited education programme.
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
APRIL 24, 2023
If you missed the tax deadline, it isn’t the end of the world, and IRS agents aren’t going to knock on your door anytime soon. The Internal Revenue Service says taxpayers who missed the April 18 tax-filing deadline should file as soon as possible. Taxpayers who owe and missed the deadline without requesting an extension should file quickly to limit penalties and interest.
Accounting Insight
APRIL 24, 2023
Award-winning accounting software provider iplicit – which is disrupting the market “like Netflix did with Blockbuster” – has crossed a landmark threshold of 10,000 users on its platform. The milestone comes just four years after the product was launched into the mid-marketplace which, unlike the entry-level or enterprise space, is still dominated by incumbent legacy on-premise software.
CPA Practice
APRIL 24, 2023
Register Today Receive 1 hour of free CPE credit for participating in this live webcast. Date: Tuesday, June 13, 2023 Time: 1:00 PM EDT / 12:00 PM CDT / 10:00 AM PDT / 5:00 PM GMT Sponsor: SAP Concur Duration: 1 Hour Already registered for this webinar? Please click here to log in. Whether you’re in the midst of digital transformation or just beginning to explore, you’re probably seeing new opportunities to improve your company’s AP processes with the help of technology.
Withum
APRIL 24, 2023
In 2019 Ariana Grande famously agreed to pay a 90% royalty for her unpermitted use of a Rodgers and Hammerstein melody from the hit movie Sound of Music. More recently, the entirety of journals published by a researcher were recalled for the lack of proper citations, corrected, and republished to avoid potential conflicts. It is common knowledge that plagiarism, or the use of another person’s intellectual property without their consent, is frowned upon and, in many cases, unlawful.
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CPA Practice
APRIL 24, 2023
By Nick Hobson, Inc. (TNS) Asking for a “reverse reference”—where a job candidate asks to speak with current employees of the company they are interviewing with—has become more common in recent years. Job seekers are emboldened (rightly so) to gather as much information as possible about potential employers. By asking to speak with current employees, the candidate is seeking insight into the firm’s culture, work environment, and potential growth opportunities.
ThomsonReuters
APRIL 24, 2023
At the core of every audit is the identification and assessment of risks of material misstatement, which is critical given the potential impact on a company’s financial position. The significance is not taken lightly among auditors, who understand the importance of their role in providing reasonable assurance about whether a company’s financial statements are free of material misstatement.
VJM Global
APRIL 24, 2023
Held by Hon’ble Delhi High Court In the matter of M/S BALAJI EXIM Vs COMMISSIONER, CGST AND ORS (W.P.(C) 10407/2022) The Petitioner was engaged in export of goods and it filed a refund application for refund of Input IGST & Cess. However, the department rejected the same on the ground that one of the suppliers of the petitioner was alleged for taking fake ITC.
CPA Practice
APRIL 24, 2023
Thomson Reuters announced today that ONESOURCE Indirect Tax has achieved SAP certification for integration with the SAP S/4HANA Cloud, private edition. This rare competitive advantage means customers can now leverage the ONESOURCE Determination product to perform accurate tax calculations and simplify technical requirements while staying compliant with evolving tax regulations – and reducing the need for customizations.
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Withum
APRIL 24, 2023
System and Organization Controls reports (SOC) reports are critical for both organizations that service other organizations and those that are being provided a service. This session will explore how SOC reports can help healthcare organizations ensure that they are meeting their regulatory requirements, such as Affordable Care Act (ACA), Health Insurance Portability and Accountability Act (HIPAA), Health Information Technology for Economic and Clinical Health (HITECH) Act.
CPA Practice
APRIL 24, 2023
By Robin Camarote, Inc. (TNS) Despite our best intentions to prepare , most of us start thinking about the next meeting when the reminder goes off or right as we’re joining, either virtually or in person. Most executives are booked back-to-back, leaving little time to think and set their intentions for what they want out of the next conversation.
Going Concern
APRIL 24, 2023
Good morning and welcome to another Monday. Here are a few stories to whet your appetite for what promises to be a thrilling week in accounting ahead (obligatory /s). Study Finds Negative Impact on Audit Partners who Give Adverse Internal Control Opinions : As regulators review audit independence requirements to figure out whether the rules should be changed in order to promote auditor objectivity and skepticism, a recent academic study points to a negative incentive system that may impair indep
FraudFiles
APRIL 24, 2023
Don’t let your Facebook friends fool you: They’re not making money in the multi-level marketing company they keep pitching to you. And you won’t either. Multi-level marketing is not a business. More than 99% of participants in multi-level marketing (MLM) lose money.
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"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.
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