Thu.May 19, 2022

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Caseware

RitaKeller

“To make an embarrassing admission, I like video games. That’s what got me into software engineering when I was a kid. I wanted to make money so I could buy a better computer to play better video games – nothing like saving the world.” – Elon Musk. I am posting this because Caseware was one of the products that enabled our firm to go completely paperless many, many years ago.

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States with local economic nexus - a review

TaxConnex

Given the complexity that already exists regarding sales tax, it’d be great if states were the only jurisdictions that levied them. Local sales are becoming an increasing burden for online sellers as cities, counties and towns nationwide constantly tinker with their own sales taxes and other jurisdictions create new economic nexus rules. Accurately collecting, reporting and remitting is a major, ever-changing challenge for online sellers.

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Did You Receive an IRS Notice Regarding Deferred Social Security Tax Payments?

Withum

If you received a notice regarding deferred social security taxes that you partially paid back in December 2021, then you are not alone. The IRS has recently issued CP256V Notices to taxpayers that assert penalties and interest for failure to make proper federal tax repayments relating to Form 941. This article will discuss why the IRS is issuing these notices and how you can respond to get the penalties abated.

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Client Service: How Did Your Firm Score This Tax Season?

ThomsonReuters

Unfortunately, businesses often make assumptions about what their clients want. Sometimes they miss the mark, which can lead to misunderstandings, unmet expectations, and potentially dissatisfied clients who eventually take their business elsewhere. “When a firm, or any other business, has been doing things the same way for 10, 20, or 30 years — and it has worked for 10, 20, or 30 years — there are blind spots,” said Greg Pope, Vice President of Marketing at SurePrep.

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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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How 2022 Global Consumer Trends Could Impact Your Firm | Canopy

Canopy Accounting

Times have changed these past few years, haven’t they? There have been so many differences around the world, not only in our personal lives, but in our professional lives as well. The changing times are impacting everyone, including clients—your clients are reevaluating their needs when it comes to their accounting professionals. Gone are the days of clients sticking with a CPA solely because they’ve been with them for years.

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“Do I grow my business and put on more staff or stay as I am?”

Reckon

“My sole trader clients often have questions about business growth and taking on new staff. I often draw from my own experience as a business owner when advising them. After all, I’ve navigated these very same questions in my own business life.”. While fast-tracking business growth is the aim of the game for many entrepreneurs, expansion often requires bringing on new staff.

More Trending

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And Just Like That, It’s Time to Change Sole Proprietorship to LLC. Here’s How to Do It

Patriot Software

Did you structure your business as a sole proprietorship? Do you want to move beyond your sole proprietorship status? If your business structure just isn’t cutting it, one of your options is to change sole proprietorship to LLC. And here’s the thing—you’re not alone. Although sole proprietorships are the most popular type of entity for […] READ MORE.

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What Employees Are Counted for Purposes of COBRA’s Small Employer Exception?

ThomsonReuters

QUESTION: We understand there is a small employer exception to COBRA for employers with fewer than 20 employees. What employees should we count for purposes of this exception? ANSWER: A group health plan is not subject to COBRA for any year if all employers maintaining the plan together employed fewer than 20 employees on a typical business day during the preceding year.

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Guy Blames Failing the CPA Exam on Why His Clients Got Busted for Bank Fraud and Tax Evasion

Going Concern

Hanlon’s razor states “never attribute to malice that which is adequately explained by stupidity.” Meaning most of the time when someone does something bad, it’s not because they’re a bad person, rather too stupid to know better. Or something. Socially anxious people with victim complexes — who no doubt make up a large portion of Going Concern readership as well as contributors — should read up on the concept next time they’re convinced colleagues

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In-house Accounting Is a Thing of The Past

AccountingDepartment

The days of relying on an in-house accountant are giving way to team-oriented outsourced accounting services. Whether your business has hundreds of employees, is a small startup, or falls in between these extremes, it will benefit from outsourced accounting services. Take a close look at the benefits provided by outsourced accounting services and you will quickly agree this option is superior to attempting to do all the work in-house.

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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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The PCAOB Ain’t Messing Around No More

Going Concern

After getting rid of the boil on its butt (that boil being ex-chairman William Duhnke ) last June, the PCAOB seems to be feeling pretty good now under the leadership of Erica Williams. And that’s bad news for audit firms. The PCAOB has created new ways of disciplining audit firms and auditors who bend the rules, as the new chair and board members put more of a focus on enforcement and increasing their scrutiny of the guardians of the capital markets.

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Bookkeepers vs. Accountants: What Nonprofit Leaders Need to Know

GrowthForceBlog

6 min read. As a mission-focused nonprofit leader, you may have found yourself ignoring worries in the back office, like bookkeeping and accounting, until they simply can't be ignored anymore.

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Accounting Technology Is at an Inflection Point

Accounting Web

Trends Accounting Technology Is at an Inflection Point.

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2021 Tax Changes

Steve Feinberg

One of the most challenging aspects of owning a business is properly filing your taxes every year—and the changes to the tax code that happened in 2021 have only made things more confusing. That’s why Appletree Partnered with Bankprov.com to help explain what the 2021 changes mean for owners of small and mid-sized businesses when it comes to net operating loss, employee retention credits, PPP forgiveness, and plenty more.

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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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Smug Smirking Douchebag Leaves Federal Prison Early

Going Concern

Insufferable former Citrin Cooperman client Martin Shkreli is no longer behind bars. From the Wall Street Journal : Martin Shkreli, the so-called “pharma bro” who was widely criticized for raising the price of a lifesaving AIDS drug, has been released from federal prison. Mr. Shkreli departed the Federal Correctional Institution Allenwood Low on Wednesday, according to the Federal Bureau of Prisons.

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Better safe than sorry: Protecting your business from disaster

DMCL

As climate change makes extreme weather events more common and more severe, and BC continues to be a geologically-active region, there are plenty of reasons for you to be wary of disaster risks posed to you and your business. Just as you would plan for protecting your home and your family, there are significant steps you can take to help ensure your business, employees and assets are safe and can recover quickly in the event of an emergency.

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Accounting community reunites at Accountex London

Accounting Insight

On the 11-12 May 2022, over 8000 attendees returned to ExCeL London after three years. Alongside the visitors, 250 global brands and start-ups from as far as South Africa and Australia met for Europe’s No. 1 conference and expo for the accounting and finance industry. . Portfolio Director, Caroline Hobden was overwhelmed with the reaction “The show was absolutely brilliant!

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IRS Again Extends Relief From Physical Presence Requirement for Witnessing Electronic Signatures

ThomsonReuters

IRS Notice 2022-27 (May 13, 2022). Available at [link]. The IRS has extended, through the end of 2022, its temporary relief from the requirement that certain signatures be witnessed “in the physical presence” of a plan representative or notary public. (The physical presence requirement is imposed under IRS regulations regarding electronic consents and elections for certain retirement plans, including 401(k) plans.

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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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New AICPA chair pledges to 'open doors, broaden horizons'

Accounting Today

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Beyond the Numbers

Intuitive Accountant

Sage's Ed Kless goes inside what the movement toward subscription-based accounting means for the industry.

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IRS probed hundreds of cases of unauthorized access to taxpayer data

Accounting Today

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Lockstep Unveils First Smart Inbox for Accounting Teams

Intuitive Accountant

Connected accounting cloud launches Lockstep Inbox®, a free tool to redefine the way accounting teams work together.

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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.

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Create a client service calendar to add value year round

Accounting Today

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Say Goodbye to Sync to Square and Hello to Connect to Square

Intuitive Accountant

Intuit replaces former the Sync to Square app with new the Connect to Square app.

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CFOs plan to cut costs to deal with inflation

Accounting Today

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Performing Xero Reporting Using a Modern Excel Add-in Solution

Acterys

Excel is still a favorite for reporting in relation to cloud-based applications like Xero in the accounting space. It is predominantly driven by widely available knowledge, flexibility, and options for adding custom calculation options. The beauty of this productivity tool is that exporting data to Excel is simple and straightforward, knowledge is widely available, and the flexibility and ease of adding custom calculations is unparalleled.

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

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Tax Fraud Blotter: Relief rip-offs

Accounting Today

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Lockstep® Announces World’s First Shared Inbox Designed for Accounting

Lockstep

Patent-pending Email and Accounting Software Integration Revolutionizes and Streamlines Payments and Month-end Closing Workflows. Seattle, WA – May 19, 2022 — Lockstep® , the leader in connected accounting, today announced the launch of Lockstep Inbox , the first-ever shared inbox for accounting teams. An industry first, Lockstep Inbox is a free solution that streamlines accounting workflows between companies such as onboarding, invoicing, disputes, payments, and reconciliation.

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VSCPA launches annual scholarship for Black CPAs

Accounting Today

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What is Lockstep® Inbox?

Lockstep

Lockstep is pleased to announce our latest offering, Lockstep® Inbox. Revolutionizing accounting, Lockstep Inbox creates an shared inbox where accounting teams professionals can work better with customers and vendors. Today, more than 90% of accounting professionals are using manual personal, email inboxes and spreadsheets to manage their “digital” accounting workflows.

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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"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.