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You work to improve your tax and accounting firm — increase profitability, expand into new areas, and find a better work-life balance. But you and your staff are already working hard and putting in long hours, and the demands on your team are becoming increasingly complex. Tax firms are feeling the pressure of changing tax regulations, along with clients who expect greater accuracy and faster responses in the digital age.
The IRS miscalculated 2021 child tax credit payments for thousands of eligible taxpayers as of May 5, 2022, according to a new report from the Treasury Inspector General for Tax Administration. The American Rescue Plan Act of 2021, which was approved by Congress and enacted on March 11, 2021, expanded the child tax credit and authorized monthly payments, with differing amounts, to eligible individuals and families based on their adjusted gross incomes and, if they have kids, their children’s age
Call it a sales tax or a delivery fee of 27 cents. Just don’t call Colorado the only state implementing or considering such a surcharge on online sales: New York lawmakers will soon debate their own and Minnesota’s kicks in next year. Retailers, online marketplaces and services must now charge the delivery fee if an order will be delivered to a Colorado address using a motor vehicle and includes at least one item subject to the state sales or use tax.
A Top Technology Initiative Article. June 2023. With the spring conference season wrapping up, watching the frenzy around Artificial Intelligence (AI) and its applicability in the profession has been amazing. As noted in my April column , there are various innovative uses of AI and privacy risks for your client data. Recently, Google released its SAIF (Secure AI Framework) regulations based on six principles to enable the creation of high-quality, secure artificial intelligence.
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
Upcoming Changes to Estate Planning Laws: Start Preparing Now Elevated Gift Tax Exclusions Will Sunset after 2025 The 2017 Tax Cuts and Jobs Act (TCJA) nearly doubled the lifetime estate and gift tax exemption from $5.6 million to $11.18 million for individuals, indexed for inflation after 2018. For 2023, the indexed exemption rose to $12.92 million ($25.84 million for married couples).
If you bought your home years ago, you might be sitting on a huge tax gain when you finally sell the place. Fortunately, a special tax law provision may enable you to reduce or completely avoid the resulting capital gains tax. This provision includes both a “use” and “ownership” test. Background : By making a tax return election, you can exclude from taxable income up to $250,000 of gain—or $500,000 for joint filers— from the sale of a home.
Ever since ChatGPT exploded onto the scene late last year people of all stripes have been using, discussing, exploiting, and fearing it. Which category you fit in depends on your age, profession, familiarity with technology, knowledge of decades-old conspiracies about robots taking over the world, and most importantly your willingness to embrace the new and exciting.
Ever since ChatGPT exploded onto the scene late last year people of all stripes have been using, discussing, exploiting, and fearing it. Which category you fit in depends on your age, profession, familiarity with technology, knowledge of decades-old conspiracies about robots taking over the world, and most importantly your willingness to embrace the new and exciting.
The IRS is reminding taxpayers that they may qualify for expanded home energy credits in 2023 (IR-2023-97, 5/4/23) There are two types of credits. 1. Energy Efficient Home Improvement Credit: If you make qualified energy-efficient improvements to your home, you can qualify a tax credit of up to $3,200 for the tax year the improvements are made. As part of the Inflation Reduction Act (IRA), beginning in 2023 the credit equals 30% of certain qualified expenses.
If you’re a small business owner, chances are you’re always on the lookout for new and innovative ways to grow your business. A great way to do so could be right under your nose: on your local football pitch, and you don’t need to buy some football boots or play a full 90 minutes. Football sponsorship isn’t just for major companies – small businesses with varying budgets can get involved, too.
A new study has revealed that the UK accounting services sector has experienced consistent growth across the country, with increased demand for their services resulting in a 62% increase in new businesses in the sector since 2017. Tyl by NatWest , the payments partner supporting UK SMEs and micro businesses, has commissioned the Evolving Enterprise Index report , revealing the fastest growing and fastest emerging sectors in the UK.
Murph describes the benefits of the Hour Timesheet Referral Program as an example of options for the time-tracking/keeping app you may currently be supporting.
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
It is no secret that customs duties can be a major source of expense for businesses. By considering the rules of origin under free trade agreements (FTAs), it is possible to reduce the costs of these duties by applying preferential duty rates. Rules of origin refer to regulations that establish the country of origin for a product. Businesses can leverage these rules to benefit from free trade agreements (FTAs) and other tax relief programs.
7 min read Your business is growing- congrats! But, with growth comes an increased responsibility for your back office, and your bookkeeper might need help keeping up. Key Takeaways What a Bookkeeper Does for Your Small Business: Bookkeepers are in charge of maintaining your books closely day in and day out. They generally do all data entry into accounting ledgers or software… Full-Time Bookkeeping for Small to Medium Businesses: The current average full charge bookkeeper's salary fluctuates bet
The AICPA® & CIMA have recognized Thomas R. Weirich, PhD, CPA, as the recipient of the 2023 Distinguished Achievement in Accounting Award for his outstanding teaching, research and service throughout his 50-year career. This prestigious annual award honors full-time college educators who are distinguished for excellence in teaching and have achieved national prominence in the accounting profession.
Withum Announces Next Leadership Class of Women of Withum Employee Resource Group In a traditionally male-dominated industry, Withum prides itself on being historically progressive in raising women through the accounting profession and within the firm. The Women of Withum (WoW) Team Member Resource Group (TMRG), also referred to as an employee resource group, was founded in 1999 as the ‘Women’s Leadership Development Group’ with the mission of motivating, advocating and elevating female team mem
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
QUESTION: As required, our group health plan has extended the length of HIPAA special enrollment periods due to the COVID-19 emergency. When do the extended special enrollment periods end? ANSWER: In response to the COVID-19 emergency, the DOL and IRS extended HIPAA special enrollment period deadlines by requiring plans to disregard (for a maximum of one year) the COVID-19 “outbreak period,” which began March 1, 2020, and is set to end on July 10, 2023.
The list of companies requiring their employees to return to the office at least a few days per week keeps growing, and it includes many well-known names. Some have been met with a strong response from their employees — and not an enthusiastic one. How these back-to-the-office mandates impact retention and recruiting at these companies remains to be seen.
Braidwood v. Becerra, 2023 WL 2703229 (N.D. Tex. 2023) (Docket: Unpublished Order (5th Cir. June 13, 2023)) A federal appellate court has paused a portion of the trial court’s ruling in Braidwood v. Becerra while the ruling is appealed, following an agreement by the parties. At issue is the constitutionality of the Affordable Care Act’s preventive health services mandate—specifically, coverage requirements triggered by recommendations of the United States Preventive Services Task Force (USPSTF
Virtual bookkeepers work with a wide range of client types and business sizes in various stages of growth. So, your virtual bookkeeper can be expected to bring a great breadth and complexity of knowledge and experience to your company.
Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.
CMS Insurance Standards Bulletin Series—Information (June 7, 2023) Available at [link] HHS’s Centers for Medicare & Medicaid Services (CMS) has issued guidance addressing legislative provisions that eliminated the ability of self-insured non-federal governmental health plans to opt out of complying with the Mental Health Parity and Addiction Equity Act (MHPAEA).
The Importance of Cloud-Based Accounting Software for Nonprofit Organizations Nonprofit organizations play a critical role in our world. Whether it’s addressing social issues, championing causes or providing disaster relief assistance, nonprofit organizations wear many critical hats. Yet, with great responsibility comes many challenges for many nonprofits.
Increased focus on ESG There are a number of issues and challenges around ESG that tax and accounting firms need to consider. Here is a brief summary of the top five: 1. How is the growing focus on ESG affecting the audit profession? Auditors are having to expand the scope of their work as ESG is increasingly under the scrutiny of stakeholders and investors.
As a business grows and expands, its financial management needs often grow increasingly complex. Enterprise resource planning (ERP) systems like NetSuite can help organizations manage these obligations, while also facilitating collaboration. NetSuite specifically is highly customizable, making it a popular choice for mid-market businesses. However, to fully leverage the benefits of NetSuite, it’s crucial to integrate it with other applications such as an accounts payable (AP) automation to
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
Despite advances in office technology and hybrid working, the role of the traditional receptionist is still alive and well, according to a new survey by global communications leader, Moneypenny. 82% of the UK businesses surveyed*confirm they still have a receptionist at their office, and 82% believe they will still have one in five years’ time. However, those without a dedicated receptionist said they call on the security team (55%), tech-based visitor check-in tools (48%), anyone who is availa
The Florida Institute of Certified Public Accountants (FICPA) is one of the oldest and largest CPA societies in the U.S. FICPA was founded in 1905 and currently has more than 18,500 active members. [ State CPA Societies in Action is a series of articles spotlighting the varied Founded in 1905, the Florida Institute of Certified Public Accountants (FICPA) is the premier association serving CPAs, accountants and financial professionals in the state of Florida.
The AICPA & CIMA have announced Holly Hawk, Ph.D., CPA, CGMA, as the recipient of the George Krull/Grant Thornton EDGE in Teaching Award for 2023. The EDGE in Teaching Award, established by the AICPA in partnership with Grant Thornton, celebrates educators who show excellence in accounting education, dynamic teaching, groundbreaking techniques, and engagement in the classroom.
Before you can achieve success, you have to define it. Objectives and Key Results (OKRs) give you the framework to do just that. Paycor’s free guide includes a step-by-step process leaders can use to work toward – and achieve – their loftiest business goals.
Intuit QuickBooks, a global leader in financial management solutions for small businesses, is thrilled to announce the release of the latest data for the Intuit QuickBooks Small Business Index. The index has been developed in collaboration with esteemed economist Professor Ufuk Akcigit from the University of Chicago. In the US in May, small businesses with one to nine employees saw monthly employment decrease by -0.16% to 12,863,300 jobs.
Running a successful business involves juggling numerous responsibilities, and one crucial aspect is financial management. Bookkeepers play a vital role in maintaining accurate records and ensuring the smooth functioning of your business. However, it is essential to know the potential risks of bookkeeper fraud. Let's shed light on what business owners need to know about bookkeeper fraud, including statistics highlighting its prevalence.
MyLawCLE, a provider of online continuing legal education to tens of thousands of attorneys across the United States and the Federal Bar Association and Tax Rep Network (TRN), a tax representation education and training resource for tax and accounting professionals, are partnering to deliver an expansive array of educational tools and new growth opportunities for myLawCLE customers.
Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.
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