Thu.Jul 18, 2024

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How to Maintain Compliance Documentation for Sales Tax Audits | TaxConnex

TaxConnex

Maintaining compliance documentation is crucial for businesses to ensure smooth and successful audits. Proper documentation allows auditors to interpret and verify your financial transactions accurately. Unfortunately, many businesses find themselves unprepared when faced with an audit, lacking the necessary documentation. This can lead to auditors assuming transactions are taxable, or making historical projections or arbitrary assessments of taxable sales.

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20 states that collect the most tax per capita

Accounting Today

The top state takes in $7,200 in tax per capita.

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Chuck Rettig Thinks His Former Employer Should Hurry Up on Paying Out ERC Claims

Going Concern

In an opinion piece published in Fortune on July 17 , former IRS commish Chuck Rettig recognizes that his former employer was wise to put a moratorium on processing fraud-plagued Employee Retention Credit (ERC) claims but says the IRS should process the less shady ones in the meantime. The work of identifying the risk level of individual claims has apparently already been done so at this point they know which bunch are most likely to be legit.

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IRS updates RMD guidance

Accounting Today

The Treasury Department and the Internal Revenue Service issued final regulations Thursday to update the rules for required minimum distributions.

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Live Demo - Supercharge your Month End Close

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i

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How Generative AI Will Disrupt Accounting

CPA Practice

By Lilac Bar David. Accounting departments have undergone a rapid evolution throughout the years. Gone are the days of thick carpets strewn with paperwork and manual calculators, as manual processes have been replaced by software that enhances accuracy and efficiency, including artificial intelligence. But even as accounting professionals are increasingly expected to adopt a technology-centric approach, many organizations still rely on outdated processes that cause frustrations among workers and

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RSM acquires firms in Europe

Accounting Today

The RSM network made five strategic acquisitions in Europe, including specialist audit and consulting firms in Austria, Denmark and France, plus a prestigious law firm in Spain.

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More Trending

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Tax Fraud Blotter: Treated like royalty

Accounting Today

Go Pats; on the hook; two down; and other highlights of recent tax cases.

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How to Use QuickBooks Enterprise for Order Management

Ace Cloud Hosting

One of a business’s most frequently overlooked elements is its order management. Companies must coordinate the entire process, from when customers place orders until they receive their product or service.

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Using AI to shed the constraints of the monthly close

Accounting Today

To achieve greater agility, accuracy and the foresight needed to adjust and adapt, businesses must shed the constraints of the financial close and embrace continuous accounting.

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CMiC issues new Construction Industry Survey

Insightful Accountant

If you are a ProAdvisor, Consultant, or Accountant wanting to support construction businesses as they digitally transition, you won’t want to miss this survey, which will provide valuable insights into the industry.

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Mid-Year Review: How to Ignite Employee Potential Through Meaningful Feedback

Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.

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It's time for tax leaders to invest in AI

Accounting Today

The time is ripe to start implementing AI in organizations to harness its power in time for next year's busy season.

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Connecticut Paid Sick Leave Information for Employers

Patriot Software

The Connecticut paid sick leave law was the first state-mandated paid sick leave in the United States, dating back to 2012. In 2024, the state passed a major Connecticut sick leave expansion that begins in 2025. Do you have to pay your employees for sick days in CT?

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The road to November: What tax pros' clients think about the election

Accounting Today

Expiring provisions and a misunderstanding of how tax law is made top the list of client worries, practitioners say.

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Top accounting challenges in 2024

ThomsonReuters

Jump to: What are the top challenges accountants are facing? Attracting, hiring, and retaining staff Time management and deadlines Keeping up with tax law Billing and cash flow issues Rising challenges for accountants The accounting industry continues to experience profound change as tax and accounting professionals navigate the fluid regulatory landscape amid shifts in client and employee expectations and advancements in innovative technologies like artificial intelligence.

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Your Accounting Expertise Will Only Get You So Far: What Really Matters

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. 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 (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). 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.

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Study finds GDPR reduced value but increased cybersecurity

Accounting Today

A recent study looked at the impact of the European Union's General Data Protection Regulation and found that firms lost some value but, at the same time, suffered fewer data breaches.

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AICPA & CIMA Recognized as ‘Great Place to Work’

CPA Practice

AICPA & CIMA, which together form the Association of International Certified Professional Accountants, are officially a Great Place To Work , according to the organization of the same name that tracks employee experience. AICPA & CIMA are certified as a Great Place to Work in seven countries – The U.S., U.K., Ireland, South Africa, Malaysia, India and China.

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San Francisco mayor hopeful wants tax cut to spur return to work

Accounting Today

San Francisco mayoral candidate Mark Farrell has a plan to get workers back into downtown offices — and it doesn't include commuter benefits or coffee machines.

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Basis 365 Relaunches Bookkeeping Plan for Startups and Simple Businesses

Basis 365

Managing finances is a critical aspect of running a business, yet it often poses a significant challenge, especially for startups and small businesses. Recognizing this, Basis 365 has relaunched its Bookkeeping plan , designed specifically for startups and simple businesses. This plan aims to provide streamlined, efficient, and cost-effective bookkeeping services.

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The Hidden Science Behind Why Finance Teams Resist Change—And How to Fix It

Speaker: Kim Beynon, CPA, CGMA, PMP

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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Promotion Watch ’24: Plante Moran Welcomes 25 New Partners and Two Other Guys

Going Concern

The Midwest’s favorite accounting firm announced earlier this week that 25 of its brightest stars have reached the very top of the ladder so join us in giving them a salute. Matthew Bohdan , risk and accounting advisory services, Southfield Eric Bowers , Plante Moran Financial Advisors, East Lansing Amanda Carrigan , risk and accounting advisory services, Denver Tech Center Alicia Cole , wealth management, Detroit Ben Cote , tax, Denver Tax Center Adam Counts , assurance, Southfield [Ed. n

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Bloomberg Tax & Accounting Introduces AI Expression Generator and Enhanced Integrations for Workpapers

CPA Practice

Bloomberg Tax & Accounting has announced new enhancements to Bloomberg Tax Workpapers, including an innovative AI formula generator and additional integrations with Bloomberg Tax’s Fixed Assets and Tax Provision solutions. These advancements continue Bloomberg Tax & Accounting’s commitment to integrating and streamlining corporate tax workflows across its suite of solutions.

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Top Remote Accountants of the Week | July 18, 2024

Going Concern

Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of top remote accounting candidates without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires. TAX CANDIDATES FTE Tax Manager | Candidate ID #22002360 Certifications: CPA Education: BS Accounting, MS Finance Experience (years): 8+ years tax experience Work ex

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Why is Cash Flow Forecasting Important for Service-Based Businesses?

Summit CPA

Paying your employees, keeping the lights on, and staying within your line of credit : If you want to stay in business, you need to stay on top of cash flow. It doesn’t matter how many contracts you have signed or customers you have rushing through your doors, if you don’t have enough money to cover your expenses today. It also doesn’t matter if you have a huge amount of money in your bank account, if you’re about to get hit by a shortfall next month.

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Doing More With Less: The Modern Finance Miracle

Speaker: Mark Gilham, FCCA, CPP

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.

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QBO Payroll offers Employee Organization Chart

Insightful Accountant

Now, you can create an employee organization chart using QuickBooks Online Payroll.

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Free Webinar: Contractors, Overtime and Other Recent Employment Compliance Changes

Summit CPA

Free Webinar: Contractors, Overtime and Other Recent Employment Compliance Changes, August 15th at 1pm ET

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There's "a lot of spammin goin on!" Intuit wise.

Insightful Accountant

Be aware—be very aware—the 'dark side' is out in force these days, with a lot of 'spamming' of phone, email, and text messages.

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Review of BQE Core – The Accounting Technology Lab Podcast – July 2024

CPA Practice

Hosts Randy Johnston and Brian Tankersley, CPA, take a look at BQE Core , an all-in-one accounting and invoicing software that let’s you manage everything from one platform. Use the video player below to watch, or the podcast player below to listen to the podcast. Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.

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8 Pillars of Leadership Development

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.

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Still Don’t Have a Strategic Plan? Guide Your Business with a Coherent Vision and Direction

LSLCPAs

In the fast-paced world of business, having a strategic plan is like having a compass in a vast ocean—it guides your actions and decisions, steering your company toward its goals. Yet, astonishingly, there are still businesses out there operating without a clear strategic plan in place. If you find yourself among them, fear not! Today, The post Still Don’t Have a Strategic Plan?

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HoganTaylor Merges in Talent Acquisition Group

CPA Practice

Top 100 accounting firm HoganTaylor has expanded its talent services business by joining forces with Tulsa, OK-based Talent Acquisition Group (TAG). As of July 16, TAG and HoganTaylor’s existing talent practice will do business as HoganTaylor Talent. Tulsa-based HoganTaylor has offered clients a wide array of talent development and talent management services for nearly a decade, including HR outsourcing and compliance, strategic planning facilitation, team-based training, executive coaching, and

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Leading with Intentionality: Navigating the Emerging Trends in Nonprofit Leadership

Cherry Bekaert

NFP leadership practices are experiencing a transformative shift, focusing on diversity, collaboration, empathy, data-driven decision-making, and sustainability. These emerging trends underscore that diverse perspectives and experiences lead to better decision-making and outcomes and underscore a commitment to driving positive social change and community impact in the nonprofit sector.

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Unlock the Power of Technology in Your Tax Practice: Join Our Exclusive Webinar

Insightful Accountant

Are you ready to revolutionize your tax practice? Don't miss our upcoming webinar, "Building a Tech-Driven Tax Practice” the first in an exciting series designed to help small and medium-sized tax firms thrive in the digital age.

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Protect What Matters: Rethinking Finance Ops In A Digital World

Speaker: Cheryl J. Muldrew-McMurtry

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.