CPA Practice
APRIL 5, 2023
By Andrew Antos, Co-founder and CEO of Klarity. If you’ve been following recent news in even the most cursory fashion there’s a good chance you’ve heard about ChatGPT, the Large Language Model (LLM) technology that’s primed to revolutionize business operations. It’s an innovation that holds such disruptive promise that it has already begun to impact long-standing industries and left more than a few big incumbents spinning.
Going Concern
APRIL 5, 2023
In a LinkedIn post published March 3 , CLA CEO Jen Leary — who graduated wayyyy back when only 120 units were required — threw her support behind Minnesota Society of CPAs’ initiative to add a second pathway that would allow CPA licensure at 120 units and two years of experience. It may not seem like a huge deal for one person to say “yeah, that doesn’t sound like a terrible idea” in a LinkedIn post but considering the heat Minnesota has gotten from The Powers
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Anders CPA
APRIL 5, 2023
After an intense NCAA tournament, Mark Scott crafted the winning bracket in the 35th annual Anders Hoops for Hope tournament! Mark beat the odds to come in first place this year out of 678 total brackets. Thank you to our sponsors and everybody that participated to make this year such a success! All participant and sponsor donations benefitted our 2023 Charity of Choice: Missouri Veterans Endeavor.
Withum
APRIL 5, 2023
Many were hopeful for U.S. tax legislation ensuring businesses could continue to fully deduct their research and experimental (“R&E”) expenditures in the 2022 taxable year. Senator Margaret Hassan (D-NH) introduced a bill as recently as March 16, 2023, to provide an immediate deduction related to Section 174 expenditures. However, the partisan Congressional divide will likely force businesses to reduce 2022 Section 174 R&E deductions to as little as 10% for domestic and 3.3% for foreign
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GrowthForceBlog
APRIL 5, 2023
7 min read Automation is one of the biggest disruptors in any industry, and it would seem that artificial intelligence (AI) sy stems like ChatGPT are setting out to automate everything from painting portraits, writing poems, and composing hit songs to writing computer programs, giving financial management advice, and filing your taxes.
KROST
APRIL 5, 2023
In one of our previous articles, we covered the topic of disclaimers as an excellent post-mortem tax planning tool. As discussed, anyone can disclaim a part of their inheritance. By doing so, it would go to the successor’s heirs as if the beneficiary had predeceased the decedent. But what if the beneficiary doesn’t want that Read the full article. The post Estate & Trust Planning Strategies: Power of Appointment and Disclaimer Trust Explained appeared first on KROST.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Cherry Bekaert
APRIL 5, 2023
The Research and Development (R&D) Tax Credit is a federal incentive designed to promote innovation in the design, development and improvements of processes, products and services. It allows companies to receive tax credits when certain expenses are incurred for the performance of qualified R&D activities in the U.S. For most companies, the R&D tax credit provides a dollar-for-dollar reduction of income tax liabilities.
Withum
APRIL 5, 2023
The magical application of Section 1202 for C corporation shareholders seems too good to be true, with millions of tax dollars being saved. However, after the significant corporate tax rate reduction passed in the Tax Cuts and Jobs Act, many S corporation shareholders are wondering why they are still being excluded from this worthwhile benefit. Section 1202 was enacted in 1993 and excludes certain percentages of gain triggered on the sale of Qualified Small Business Stock (“QSBS”) provided the s
Cherry Bekaert
APRIL 5, 2023
Contractors with the Federal Acquisition Regulation (FAR) Clause 52.216-7, Allowable Cost and Payment included in their cost reimbursable and time & materials (T&M) contracts are required to submit an Incurred Cost Submission (ICS). Submitting your ICS on time to the appropriate Government Administrative Contracting Officer and the cognizant Defense Contract Audit Agency (DCAA) office can be a hurdle but a requirement.
CPA Practice
APRIL 5, 2023
In a letter sent to members of the U.S. Senate and the U.S. House of Representatives, the American Institute of CPAs (AICPA) expressed its strong support for the Supply Chain Disruptions Relief Act. The bills – S.443 and H.R. 700 – led by Senators Sherrod Brown (D-OH) and Tim Scott (R-SC), and Representatives Jodey Arrington (R-TX) and Dan Kildee (D-MI) would allow automobile dealerships to choose to wait until as late as 2025 for their inventory to be replaced in order to determine the income a
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.
Insightful Accountant
APRIL 5, 2023
Intuit QuickBooks has announced its latest Small Business Index data.
Shay CPA
APRIL 5, 2023
‘Tis the season. As the days get longer and the weather gets warmer, it’s time to undertake the annual chore of spring cleaning. This doesn’t just apply to your abode. Employing a spring cleaning mentality at your startup — especially when it comes to your books — can do a lot to help you thrive in the rest of 2023 and beyond. In fact, giving your bookkeeping a spring clean could be the key that unlocks success in your next rounds of fundraising.
Withum
APRIL 5, 2023
A couple of days ago, two CEOs of companies that were merging discussed the cost-cutting and savings that would ensue. What I did not hear was the expected growth that would ensue. It is always good to watch costs, cut overhead and increase margins. But I think it is better to increase sales while maintaining overhead and margins. I fail to understand the omission of sales growth.
Accounting Insight
APRIL 5, 2023
Net-zero means that a business has reduced the greenhouse gas emissions from its operations and value chain by 90%. This is in line with climate science, limiting global warming to 1.5°C. Any remaining unavoidable emissions (up to 10% of overall company emissions against the base year) are then mitigated by funding carbon removal projects. So, what’s the best way to get there?
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 5, 2023
The Illinois CPA Society (ICPAS)—one of the largest state societies serving the certified public accountant (CPA) community—is excited to announce its 2022 Excel Award recipients. Each spring, ICPAS recognizes the individuals who exhibited superior achievements in passing the Uniform CPA Exam in Illinois during the previous year. “Earning the CPA credential is a crowning achievement for accountants and deserves recognition for the aptitude—and fortitude—required to be able to call oneself a cert
Going Concern
APRIL 5, 2023
A couple months ago I guessed that Baker Tilly was working on a big merger — to which a merger expert I pester from time to time asked incredulously “with who?” (paraphrased) — and then suddenly CEO Alan Whitman up and left making me think maybe I was wrong. Whitman’s sudden departure was a little over two weeks ago and now that people have pretty much forgotten about it, we have this piece in Bloomberg Tax about his replacement: Baker Tilly’s new CEO Jeff Ferro say
CPA Practice
APRIL 5, 2023
The American Institute of CPAs (AICPA) has sent a letter to the Department of the Treasury and the Internal Revenue Service (IRS) to offer recommendations to clarify and expand certain provisions of Rev. Proc. 2022-19 to increase its utility and widen its scope. Rev. Proc. 2022-19 provides: Taxpayer assistance procedures, including under section 1362(f), to allow S corporations and their shareholders to resolve frequently encountered issues with certainty and without requesting a private letter
Menzies
APRIL 5, 2023
Menzies LLP - A leading chartered accountancy firm. The Insolvency Service has recently gained extended powers to investigate directors following the dissolution of companies, potentially making it possible to recoup funds if evidence of abuse is found. These extended powers are part of The Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act.
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SkagitCountyTaxServices
APRIL 5, 2023
Well, here we are — just like that, we find ourselves already a quarter of the way through 2023. While people all across Skagit County are breaking out the deep cleaning sprays and scrub brushes to get a little springtime sparkle, you might want to be thinking about a similar process for your business. You know, while we’re all in the mood. (Though I should clarify for full disclosure that here at Padgett & Padgett, PLLC CPA … we’ve been in “busy season” mood, and aren’t quite in that “sprin
Menzies
APRIL 5, 2023
Menzies LLP - A leading chartered accountancy firm. As we settle into the first quarter of 2023 businesses are feeling the pressure, and some owner managers may have to face a cashflow crisis. Due to the significant increase in the cost of living, in addition to the higher interest rates and inflation many consumers have had to tighten their purse strings, which is resulting in a negative knock-on effect on businesses.
Summit CPA
APRIL 5, 2023
As a distributed company , not only do we serve our clients remotely, but our team members work remotely as well. We understand the accounting, bookkeeping, cash flow management, and tax nuances of running a distributed company. We pride ourselves on our ability to provide the highest quality Virtual CFO services while working remotely with (and for) our customers, and we couldn't do any of it without our amazing team.
RitaKeller
APRIL 5, 2023
“As I often lecture businesses, it is not the email you send that matters, but how people feel when they read it.” – Katie Hopkins Emails continue to be a challenge for those working in the CPA profession. While things are evolving to other means of communicating with clients, email is still a staple for accounting firms. It has become so overwhelming that some CPA partners have others “handle” their emails for them. “Handle” means sorting through them a
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Cherry Bekaert
APRIL 5, 2023
A Five-Part Series The last 24-months of dramatic change driven by the global COVID-19 pandemic has placed a spotlight on key business outcomes and accelerated digital transformation in law firms. Each of these outcomes, coupled with how people and processes can be empowered digitally through the application of technologies, will be explored in this five-part series for firms.
Dent Moses
APRIL 5, 2023
Many seniors age 65 and over are not aware of Alabama Act 2021-300 passed by the legislature in April of 2021: In Jefferson County, a person age 65 or over may claim a senior property tax exemption for ad valorem tax purposes on real property in the county owned by the person and classified as single-family owner-occupied residential property and used as the principal place of residence of the person for not less than five years immediately prior to the tax year for which the person first claim
Cherry Bekaert
APRIL 5, 2023
Accounting, Compliance and Internal Control Solutions for Current and Prospective SEC Filers Our Risk Advisory Services practice helps organizations comply with SEC financial reporting, internal control and corporate governance requirements to deliver value and build resilience through effective Internal Audit services. Expert Accounting, Internal Control, and Governance Services Get You Ready and Keep You Compliant We specialize in Internal Audit solutions tailored to the unique needs of both l
CPA Practice
APRIL 5, 2023
By Caitlin Dewey, Stateline.org (via TNS). The Original Oyster House, billed as Pittsburgh’s oldest restaurant, found itself in crisis during the pandemic. Down to seven employees — including owner Jen Grippo and her mother — the staff worked six or seven days a week to keep up with orders. Grippo closed the Oyster House entirely in January 2021, determined to give herself and her staff a much-needed pause.
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Cherry Bekaert
APRIL 5, 2023
A Five-Part Series The last 24-months of dramatic change driven by the global COVID-19 pandemic has placed a spotlight on key business outcomes and accelerated digital transformation in law firms. Each of these outcomes, coupled with how people and processes can be empowered digitally through the application of technologies, will be explored in this five-part series for firms.
Cherry Bekaert
APRIL 5, 2023
The Infrastructure Investment and Jobs Act (IIJA or the “Infrastructure Bill”), a $1.2 trillion investment was signed into law by President Biden on November 15, 2021. This five-year allocation of funds will contribute to the nation’s infrastructure and competitiveness, and provides significant opportunities to various industries, including government agencies.
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