Mon.Feb 13, 2023

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How to Lower Your Taxable Income and Pay Less in Taxes

xendoo

If you’re wondering how to pay less in taxes, you’re not alone. Everyone—from individuals to business owners—wants to know how to lower their taxes. Tax laws are complicated and they can change each year. Our tax accountants know all the tax breaks for business owners and how to leverage them. With some guidance, you can legally reduce your tax liability and avoid paying more than you owe.

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Creating an Employee-First Culture

CPA Practice

Do you want your team to feel empowered and motivated? It starts with establishing a solid foundation of an employee-first culture. When employees feel valued, respected, and supported by leadership, your firm builds and sustains trust in its talent. This kind of atmosphere leads to increased job satisfaction for every team member in the firm and has far-reaching impacts on productivity, morale and collaboration—all key elements that drive success.

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The Accountant Shortage Isn’t Bad Enough For NASBA to Entertain Dropping the 150 Hour Requirement

Going Concern

When we talk about why no one wants to be an accountant anymore, a handful of things come up in every thread. Let’s quickly get them down in case an alien who just landed on Earth this morning Googles “accountant shortage,” arrives on this article, and wishes to learn more about the causes. Salaries — starting salaries in particular — that do not compete with other white collar and professional services fields; Poor work-life balance that has only gotten worse as st

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Amazon Now Taking Half of Sales Revenue from Merchants, Says Report

CPA Practice

By Spencer Soper, Bloomberg News (TNS). Grappling with slowing sales growth and rising costs, Amazon.com Inc. is squeezing more money from the nearly 2 million small businesses that sell products on its sprawling online marketplace. For the first time, Amazon’s average cut of each sale surpassed 50% in 2022, according to a study by Marketplace Pulse, which sampled seller transactions going back to 2016.

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Your Accounting Expertise Will Only Get You So Far: The New Way To Lead

Speaker: Victor C. Barnes, CPA, MBA

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.

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Resolutions for Business Owners

Insightful Accountant

UBS Wealth Management's Sean Hagerty examines why now is the best time to hit the refresh button on your plans for this year—and beyond.

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CES Update 2023: Your Firm and Your Tech Opportunities

CPA Practice

I’m so pleased to be with you this year as we rebuild and discuss technology stacks. My colleague Brian Tankersley and I prime our creative thinking for you by attending the Consumer Electronics Show (CES) in January 2023. This year was no exception. While technologies of all kinds interest us, we focus on what might work best for your firm, your team, yourself, and your family.

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Client Hub Launches a Free Recategorize Plan

CPA Practice

Client Hub announced the launch of Recategorize, a completely free tier of Client Hub for accounting and bookkeeping firms. With Recategorize, accountants can now get all their QuickBooks transaction questions resolved from their clients quickly and easily – and the subscription for this is totally free. Client Hub is a modern workflow platform with deep roots in the accounting profession.

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Morning Morning Accounting News Brief: NASBA Sticks to the 150 Rule; PwC Reports a New Gap; 60 Years of Misery | 2.13.23

Going Concern

Good morning and welcome to a brand new week. Last week was oddly quiet but that shouldn’t be too much of a surprise, right now is “keep your head down and get your work done” time for a good chunk of the profession. Oh, here’s last week’s Friday Footnotes if you want to catch up on the old news first. Economist Mariana Mazzucato roasts consulting firms in her new book and this FT piece , ‘The McKinseys and the Deloittes have no expertise in the areas that the

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New Jersey Paid Family Leave (+Q&A)

Patriot Software

New Jersey started its paid family leave plan in 2009 with the New Jersey Family Leave Act. New Jersey paid family leave (PFL) made NJ the second state (after California) to pass a PFL policy. If you’re a New Jersey employer, you need to know about your responsibilities.

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Update #2: IRS Extends Filing Deadline for California Storm Victims: Tax Relief Available

KROST

The Internal Revenue Service (IRS) has issued another announcement as of CA-2023-02. The following modifications apply to the original tax relief victims of severe winter storms, flooding, landslides, and mudslides in California. The relief period for making tax payments and return filing has been extended from December 27, 2022, through May 15, 2023.

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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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Business Leaders See Next Cyber Breach Coming from the Inside

CPA Practice

While reports of professional cyberthieves breaching corporate and public sector servers dominate the news, a recent survey of business executives found that 71% worry about accidental internal staff error as one of the top threats facing their companies, almost on par with concern about outside hackers (75%). An additional 23% said they worry about malicious intent by an employee.

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The secret antidote to the talent shortage

ThomsonReuters

In an era of staffing shortages, accounting firms must increasingly look outside the box to fill gaps in talent. If you find yourself in this position, it may be time to welcome your newest staff member: automation. Historically, accounting firms have dedicated junior staff to handle manual data entry tasks and labor-intensive workflow processes.

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You’re Now Eligible for a 401(k) Audit: Five Documents You Need

LSLCPAs

Don’t wait until the last minute! Accountants really do like to make people’s lives easier. The best way to do that is to prepare our clients so they know what’s coming. In this instance, we are talking about the five things people need to have in order to transition smoothly from not needing an audited. The post You’re Now Eligible for a 401(k) Audit: Five Documents You Need appeared first on LSL CPAs.

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Finance and Accounting Outsourcing: Benefits for SMBs

Snyder

Finance and accounting are the foundation of every business, whether it’s a small venture or a large corporation. That’s why tailoring your operations to your business is so important. In this article, we’ll review finance and accounting outsourcing (FAO), in particular its benefits for small and medium businesses. We’ll also discuss how accounting software can streamline and optimize your business operations.

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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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Five Documents You Need If You’re Changing 401(k) Auditors

LSLCPAs

Don’t wait until the last minute to get these five documents if you’re changing 401(k) auditors. Accountants really do like to make people’s lives easier. The best way to do that is to prepare our clients so they know what’s coming. In this instance, we are talking about the five things people need to have. The post Five Documents You Need If You’re Changing 401(k) Auditors appeared first on LSL CPAs.

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How does the post-Brexit customs compliance environment now look?

Menzies

Menzies LLP - A leading chartered accountancy firm. Brexit is now just over two years past and the customs picture for businesses has changed considerably. There has been the obvious increase in customs declarations to around 250m per annum, as was widely publicised at the time. The delayed declarations process, including delayed payment of customs duty, was implemented to ease the burden on importers and was subsequently extended.

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PlanGuru @ QuickBooks Connect 2022

Insightful Accountant

See how the software helps thousands of businesses, nonprofits and their advisors drive better decision making through these time-tested processes.

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Reckon’s 2022 annual report  – CEO Sam Allert breaks down the results

Reckon

2022 was certainly a landmark year for Reckon. Our full-year results cap off a particularly strong 12-month period where Reckon cemented its position as a leading, innovative technology company that has the capability to deliver outstanding returns for shareholders, fund its growth through ongoing R&D spend and strengthen its balance sheet with a material reduction in net debt.

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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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Lawmakers Receive Tax Proposals from AICPA

Insightful Accountant

The recommendations—61 in all—include proposals related to employee benefits, individual income tax, international tax and tax administration.

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On-Demand Webinar: Navigating the Financial Implications of Divorce

Withum

Going through a divorce can be a stressful and emotional time, and it’s important to also consider the financial impact. In this webinar, we discussed strategies for protecting your financial assets, navigating the division of property, and planning for your future financial goals. Our expert panel, featuring a financial planner, family law attorney, and forensic accountant, provide insights along with practical and valuable advice.

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Uncat @ QuickBooks Connect 2022

Insightful Accountant

Learn how the app syncs with QuickBooks and helps thousands of accountants and bookkeepers fix uncategorized transactions with their clients.

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How does the post-Brexit customs compliance environment now look?

Menzies

Menzies LLP - A leading chartered accountancy firm. Brexit is now just over two years past and the customs picture for businesses has changed considerably. There has been the obvious increase in customs declarations to around 250m per annum, as was widely publicised at the time. The delayed declarations process, including delayed payment of customs duty, was implemented to ease the burden on importers and was subsequently extended.

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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.

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Professionals on the Move – Feb. 14, 2023

CPA Practice

Professionals on the Move is a round-up of recent staff promotions and hires, from around the accounting profession. Martin to Lead CohnReznick’s Boston and Greater Massachusetts Offices CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, recently announced that Kevin P. Martin, Jr. is assuming the role of Office Managing Partner – Massachusetts effective February 1, 2023.

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The challenge of IFRS compliance

Menzies

Menzies LLP - A leading chartered accountancy firm. Nimita Shah – Audit Manager As IFRS introduced critical new accounting standards on revenue recognition, leases and financial instruments, many small businesses are being faced with the challenges of implementing these complex new standards which are drastically changing the way revenue and operating leases are accounted for.

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401(K) Audit CPA Success Show Podcast: So You Just Found Out You Need A 401(k) Plan Audit, What’s Next?

Anders CPA

Beginning the 401(k) plan audit process can feel overwhelming, no matter if its your company’s first audit or just the latest in a long series. There’s a lot of decisions that need to be made early in the process to ensure the audit can be completed before the deadline to avoid costly penalties. Kim Moore, Director + 401(k) Audit , and Karen Hill, Manager+401(k) Audit detail the decisions, deadlines and details that 401(k) plan sponsors simply can’t do without in order to function in their role.

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The Impact of AI on the Accounting Profession

CPA Practice

In late 2022, a new AI tool, called ChatGPT , exploded into the marketplace. Since then, it’s been mentioned in hundreds of online articles, in chatrooms, and in the media. According to Reuters , “ChatGPT, the popular chatbot from OpenAI, is estimated to have reached 100 million monthly active users in January, just two months after launch, making it the fastest-growing consumer application in history.

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How to Set Better OKRs and Drive Results

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.

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How the Tax Code Can Help Investors Keep Their Real Estate Wealth Stable During Retirement

CPA Practice

By David Wieland. Since individual investors (not corporate entities) own more than 70% of residential rental real estate , you likely have some clients who hold property assets and act as landlords for those properties. With rising interest rates and prices, clients with investment properties may be feeling a pinch in income. In my experience, those pressures, along with a myriad of other reasons including a desire to get out of the landlord business, are leading many real estate investors to c

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New Law Encourages Roth 401(k) Accounts

CPA Practice

The Roth 401(k) has been around longer than many people think. It was introduced about 20 years ago as an alternative to regular 40(k) plans. But this “newfangled” plan has been relatively slow to catch on with the public. Now new legislation dubbed SECURE Act 2.0, a follow-up to the initial SECURE Act of 2019, may give the Roth 401(k) option more juice.

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How to Help Business Clients Pass an OSHA Inspection

CPA Practice

It is a fundamental right of every employee to be safe in the workplace, and workplace safety is closely monitored by the Occupational Safety Health Administration (OSHA) – a branch of the U.S. Department of Labor (DOL). For more than 50 years OSHA has issued rules and guidelines, generally referred to as “standards,” intended to improve workplace safety.

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