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So far this year, multiple states have introduced new exemptions including some on necessities and at least one proposed tax credit on a politically charged kitchen appliance. Among the new laws: Virginia’s sales tax on groceries dropped to 1% from 2.5% starting Jan. 1. Kansas began applying a preferential sales tax rate to groceries; the state sales tax on groceries is scheduled to phase down to 4% this year and 2% in 2024 before hitting zero in 2025.
Protect your startup from the impacts of the next SVB-like crisis by taking these steps. The post Top SVB Lessons For Startups appeared first on Burkland.
By Hanspeter Misteli Reyes, J.D. , LLM. In a globalized world, it is common for individuals to hold assets outside the U.S. However, U.S. taxpayers are often unaware that there are special reporting requirements for their non-U.S. based assets leading to substantial penalties. This article will provide a general overview of the current reporting requirements for foreign financial assets on the Report of Foreign and Financial Accounts (“FBAR”) and on Form 8938 under the Foreign Account Compliance
The past week has brought great uncertainty to our sector. The sudden collapse of Silicon Valley Bank (SVB) drastically altered the venture capital (VC) landscape – and its impacts on future fundraising and valuations are still unclear. Many startups were caught off guard and spent the weekend reviewing their cash balances and assessing how they would be able to meet their cash obligations in both the short and long term.
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.
Allegations include stealing identities of accountants, tax preparers, and taxpayers. On March 7, a federal grand jury in Austin, Texas, returned an indictment charging seven individuals with conspiracy to commit mail and wire fraud and other crimes arising out of their scheme to defraud the IRS using stolen identities. The indictment was unsealed on March 13, 2023.
The SECURE Act 2.0, passed late in 2022, provides more flexibility for certain senior citizens who want to benefit charities while meeting their tax obligations. The new law enhances the benefits of making “qualified charitable distributions” (QCDs) from a taxpayer’s IRAs. Background : Under a special tax code provision, someone age 70½ or older can elect to transfer funds directly from an IRA to a qualified charitable organization.
The SECURE Act 2.0, passed late in 2022, provides more flexibility for certain senior citizens who want to benefit charities while meeting their tax obligations. The new law enhances the benefits of making “qualified charitable distributions” (QCDs) from a taxpayer’s IRAs. Background : Under a special tax code provision, someone age 70½ or older can elect to transfer funds directly from an IRA to a qualified charitable organization.
Y’all need to calm down, I’m running out of “angry person” stock photos. With the accountant shortage in full swing and the profession’s talking heads, peanut galleries, unwashed masses, and unelected old white guys in charge discussing ways to ease it, it’s inevitable that we’ll start throwing out some WILD ideas.
You know your client base, service offerings, and strategy. Can we make technology work better for you and your team? I think so in this year of discussing and rebuilding technology stacks. My colleague Brian Tankersley and I continue creatively thinking for you during tax season while preparing The Technology Lab podcasts and new CPE materials. Think carefully about the areas where you can improve your operations.
HR and payroll company Gusto has created a resource hub on its website that contains updated news, information, and advice for its small business customers that used Silicon Valley Bank accounts to fund payroll and other business operations. On the webpage, Gusto says: [The resource hub] includes answers for some of the most pressing and basic questions that need answers, from the fastest ways to set up a new bank account to the ins-and-outs of wire transfers, to what you need to do if you’re a
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.
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Happy Pi Day! March 14th is celebrated around the world as Pi Day in honor of the mathematical constant pi (3.14). While mathematicians and scientists celebrate Pi Day with equations and formulas, accountants can join in with your love for numbers. This personality quiz is not only a delicious way to celebrate Pi Day, but it's also a fun way to learn more about your personality as an accountant.
The current expected credit losses (CECL) impairment model applies to a broad scope of financial instruments, including financial assets measured at amortized cost. The new standard is intended to provide a more holistic review of the conditions (past, current and future) that have a potential impact on a company’s collection rate and what should be reserved for anticipated losses.
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.
Mere hours ago, Baker Tilly announced via news release that Alan Whitman has resigned from his role as CEO and chairman of the board effective immediately. This is a surprise to say the least, Baker Tilly has been making a lot of big moves in the past year or so , honestly we expected an explosive merger or another celebrity endorsement coming down the pipe, not the abrupt exit of a leader who we rarely hear anything negative being said about.
Checkpoint Edge is an AI-powered tax and accounting research tool that allows you to search for up-to-date information on what needs to get done, how it should be approached, how it needs to be documented, and the review process. When clients call, they expect you to have the answers. Rather than hiring and waiting for information back from outside consultants or risking misinformation from junior staff, go straight to where over six hundred expert contributors have authored millions of pieces o
With the qualified business income deduction (QBI), small business owners and self-employed workers could deduct up to 20% of their taxable income. The QBI deduction is only available to pass-through entities between the tax years 2018-2025. A pass-through entity is a business that doesn’t need to file a separate business tax return. Instead, the owners report business income on their personal income tax returns.
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.
With the qualified business income deduction (QBI), small business owners and self-employed workers could deduct up to 20% of their taxable income. The QBI deduction is only available to pass-through entities between the tax years 2018-2025. A pass-through entity is a business that doesn’t need to file a separate business tax return. Instead, the owners report business income on their personal income tax returns.
This article was provided by the Illinois CPA Society. Tax season may be in full swing, but there’s still time to make a smart money move that often goes overlooked by taxpayers eager to file their tax returns and pocket their refunds: saving for retirement. For those looking to lower their tax bills and boost their financial fitness for 2023 and beyond, making a last-minute individual retirement account (IRA) contribution for the 2022 tax year—which can be done right up until the income tax fil
Building a successful business over time takes consistency and dedication. Your team and day-to-day accounting operations are working well to deliver the business’s current level of success. Now you are ready to level up! Working with a client advisory accountant and outsourcing accounting will fill in the gaps and provide the extra support for you.
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.
BILL, a maker of financial automation software for small and midsize businesses (SMBs), has launched four new offerings for businesses impacted by the Silicon Valley Bank (SVB) events. As part of its ongoing commitment to stand with impacted businesses and support SMBs, BILL is expanding its offerings to help them stay fully operational. With these new programs, BILL is helping businesses not just complete payments, but also move and manage funds, and quickly access credit so they can confiden
As businesses continue to generate vast amounts of data, it is becoming increasingly challenging for organizations to make informed decisions without the help of advanced data analytics tools, like Power BI. In this blog, I will discuss an important Power BI tip – integrating artificial intelligence with Power BI. As a consultant, I have worked with numerous organizations that use Power BI to analyze data; however, I have noticed that many of these companies are not fully utilizing the pow
The American Institute of CPAs (AICPA) has named Mark Crowley, CPA, chairman of the Financial Reporting Executive Committee (FinREC). Crowley is national office managing director at Deloitte & Touche, LLP. FinREC serves as the AICPA’s official voice on financial reporting matters and develops nonauthoritative industry-specific accounting guidance.
For tax years beginning in 2022, Internal Revenue Code Section 174 (Sect. 174) requires taxpayers to capitalize and amortize specified research or experimental expenditures. Taxpayers can follow the Internal Revenue Service (IRS) guidance to adopt this new capitalization/amortization method by filing a statement with their 2022 tax returns. Sounds like a simple accounting method change, but there are many questions left open for taxpayers to navigate.
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.
CliftonLarsonAllen LLP, the eighth largest accounting firm in the United States, has announced a new summer internship program for high school students. This paid program provides students with the opportunity to gain real-world experience in accounting, tax, wealth management, digital, and consulting services. A strategic relationship between CLA and Future Business Leaders of America, Inc.
Author: Janet Golonka , Director, Risk & Accounting Advisory Services The March issue of the Regulatory Compliance Digest features a summary of the latest on the HMDA Final Rule, the CRA annual threshold adjustments and the annual Regulation Z threshold adjustments. In addition, the Digest summarizes the latest compliance updates that may impact your institution.
Menzies LLP - A leading chartered accountancy firm. Following Brexit, to make Britain more attractive to innovative companies and tech entrepreneurs, the UK government has been promising fiscal changes. With the pandemic-related spending causing increased levels of public debt and the impact of the war in Ukraine; this has undoubtedly slowed things down.
Kansas City has amended an ordinance which added extra steps to the earnings tax refund process for non-resident taxpayers. The previous ordinance was added in March 2022 and required that non-resident taxpayers file a claim against the city in small claims court in order to apply for an earnings tax refund. Many taxpayers and even some tax professionals called the updated ordinance “unworkable” as it placed a huge burden on both taxpayers and city employees.
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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