Fri.Jul 28, 2023

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Navigating the Ecommerce Accounting Maze Top Challenges & Solutions

Basis 365

In the fast-paced world of eCommerce, the surge in online shopping has revolutionized how consumers interact with businesses. The allure of virtual storefronts, global market reach, and unparalleled convenience has propelled eCommerce companies to unprecedented heights. However, beneath the surface of this digital retail revolution lies a labyrinth of accounting complexities that demand attention.

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Congress hears from tax pros about ERC challenges

Accounting Today

Tax experts testified during a hearing about the Employee Retention Credit and the issues they and their clients are facing.

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Trending Sources

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Pros and Cons of the “Kiddie Tax”

CPA Practice

Despite its cute moniker, the “kiddie tax” is anything but innocent. If you’re not careful, this often-misunderstood tax provision can result in a sizeable income tax liability for the family. But you may be able to cut the tax down to size with some astute planning before year-end. Background: Generally, income is taxed at the rate of the person who receives it, which can be as low as 10% (or even zero).

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Practice Profile: Baby goats, dog parades and Squishmallows

Accounting Today

It all sounds like fun, but Mize CPAs' recruiting and retention strategies are serious business.

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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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Answers to Retail Business Questions About Sales Taxes

CPA Practice

By Gail Cole Is sales tax based on shipping address or billing address? Understanding how sales tax works is fundamental for every retailer. If you’re doing business in a state with a sales tax, you may know you need to register for sales tax, then collect and remit tax as required by law. But if you’re selling online and shipping items all over the state or country, you may not know what sales tax rate to charge.

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On the move: MACPA elects a new chair

Accounting Today

KPMG partner Christina Aspell will lead the Maryland association's board; Dean Dorton consolidates in Raleigh; and other firm and personnel news.

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Tech News: New AuditBoard solution focused on IT risk management

Accounting Today

New AuditBoard solution focused on IT risk management; KPMG deepens relationship with Service Now; and other news and updates from the accounting technology arena.

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The Rundown To Running Your Own Construction Business

Randal DeHart

Getting your construction business up and running and making a profit is usually much more complicated than it sounds. So let's focus on honing the skills you'll need to make it happen by acquiring these yourself or consulting professionals to help you. What it means to be your own boss Being your own boss might sound like it is the ultimate ticket to freedom and financial success – and it can be.

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PCAOB sanctions firms over audit committee communications

Accounting Today

The Public Company Accounting Oversight Board disciplined five auditing firms for violating its rules and standards when communicating with audit committees.

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Why Your Nonprofit Should Focus On ACH Recurring Donations

GrowthForceBlog

6 min read Cultivating reliable revenue streams can be a major challenge for nonprofit organizations. While year-end giving represents the largest portion of revenue for many nonprofits and donors are grateful for the opportunity to participate in the spirit of the holiday season, a focus on year-end giving can result in particularly challenging cash flow management during the rest of the year.

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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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Team Deloitte is Ready to Kick Some Ass at the 2024 Olympics

Going Concern

I have nothing negative to say about this (for once). Everyone, meet Team Deloitte. These 25 elite athletes – among them 19 Deloitte professionals along with a few Deloitte alumni and sponsored athletes — are training to qualify for the Olympic and Paralympic Games Paris 2024. What an incredibly creative and difficult way to get out of busy season.

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New Jersey Enacts Payroll Tax “Convenience of Employer” Rule

Withum

Enacted on July 21, 2023, New Jersey A4694 creates a “Convenience of Employer” rule, affecting both employers and employees for payroll tax reporting purposes. The new law is retroactive to January 1, 2023 and will apply to nonresidents who have compensation from a “New Jersey employer” unless such services are required by the employer to be performed outside of New Jersey.

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How CPA firms can boost accounting automation

Accounting Today

Since automation in the accounting profession has been a huge win for firms, it's no surprise that most of us are automating many different processes.

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The Technology Lab Podcast – Update on the Verizon Data Breach – July 2023

CPA Practice

Technologists Randy Johnston and Brian Tankersley, CPA, discuss the recent Verizon data breach and what firms need to know and do to protect their firm and client data. Use the podcast player below to listen.

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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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New members sought for FASAC

Accounting Today

The Financial Accounting Foundation is looking for candidates to join the council that advises FASB.

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How to Maintain Cashflow During The WGA Strike

KROST

At KROST and KROST Wealth, we have many clients engaged in the entertainment industry who lean on us for our expertise. From accounting, tax, wealth management, and the like, we are in solidarity with our clients and understand the situation they are going through. Below are some timely tactical financial planning ideas that may help Read the full article.

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IRS names chief transformation and strategy officer

Accounting Today

David Padrino will be spearheading many of the slated improvements funded by the IRA.

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A Review: The Ultimate Guide to Power & Influence

Withum

The Ultimate Guide to Power & Influence by Robert Dilenschneider is a must-read for any leader or anyone aspiring to be a leader. Having power and not using it to influence others or having influence without using it to make those around you better is a waste of your gifts. Here is why I recommend this book. For starters, I know Bob Dilenschneider longer than almost anyone else, having met him when I was starting my practice and he had first arrived in New York from Chicago.

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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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Unlocking E-commerce Success BY Navigating Cash Flow Challenges for Growth

Basis 365

In the bustling realm of eCommerce, where innovation and competition intertwine, cash flow management is a formidable challenge for businesses seeking sustainable growth. As digital marketplaces continue to revolutionize consumer behavior, eCommerce enterprises navigate a complex landscape of financial intricacies. Despite the allure of boundless opportunities, cash flow-related issues still need to be addressed, demanding astute attention and strategic insight.

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4 Steps to Measuring Your Corporate Carbon Footprint

Withum

Having insight into company emissions is of utmost importance, given the intricate and expansive nature of greenhouse gases (GHG). Organizations must familiarize themselves not only with the classification of GHG but also with their sources, emission output, corporate carbon footprint, reporting timelines and areas and reduction strategies. This article navigates the fundamental concepts of GHG emissions, how to compile a precise emissions inventory, and presents a summary of the best reporting

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Top Accounting Issues Faced by Companies Building Tech Products

Basis 365

Companies building tech products are at the forefront of innovation in today's fast-paced and ever-changing technological landscape. As they develop cutting-edge software, embrace subscription-based models, and leverage cloud infrastructure, these companies face various accounting challenges. Effectively managing financial records and complying with intricate regulatory standards are paramount for their sustained growth and success.

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Patriot Software Brings Enhanced Manager Permissions to HR and Time & Attendance Software

Patriot Software

Canton, Ohio Patriot Software, a leading provider of cloud-based accounting and payroll software solutions, announces the addition of enhanced manager permissions in their HR software and Time & Attendance software add-ons.

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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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Unraveling Cash Flow Challenges in Tech Businesses

Basis 365

In the fast-paced world of technology, innovation, and creativity thrive, but so do financial challenges. One of the most critical aspects of running a successful tech business is managing cash flow effectively. Even the most promising startups and established tech giants can face significant hurdles in maintaining a healthy cash flow. Let's explore the standard cash flow-related issues that tech businesses encounter and propose strategies to navigate these stormy waters.

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SEC cybersecurity rule draws mixed reactions

Accounting Today

Opinions are divided on the new requirement for companies to report material cyberincidents within four days.

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The Technology Lab Podcast – Update on the Verizon Data Breach – July 2023

CPA Practice

Technologists Randy Johnston and Brian Tankersley, CPA, discuss the recent Verizon data breach and what firms need to know and do to protect their firm and client data. Click here to visit the podcast page.

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Scandal-hit retailer nears end as advisors reap $495M in fees

Accounting Today

Steinhoff, the former owner of Mattress Firm in the U.S., has been battling to survive ever since auditors refused to sign off on its financials.

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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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Maryland Digital Ad Tax Case Leaves States in Limbo, But Digital Taxes Aren’t Going Away

CPA Practice

By Michael Bernard and George Salis. The digital economy has caused an incredible shift in how jurisdictions create, administer, remit and audit indirect taxes. Over the last decade, businesses, governments, regulators and policy makers have all been trying to make sense of this new retail landscape. Properly structuring tax models and aligning regimes that are equitable for all stakeholders, while attempting to balance the economic interests of all participants has now become a vital societal p

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SEC's Gensler warns of stability risks

Accounting Today

He reiterated that American officials must be able to review the audit papers of Chinese companies that trade in the U.S.

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New Jersey Amends Unemployment Compensation Reporting

Withum

In an effort to expedite claims and increase reporting burden on employers, amendments to the Unemployment Compensation Law are being rolled out as of July 31, 2023. New Jersey employers will need to report additional unemployment insurance obligations or risk facing heavy penalties for failing to comply with the new amendments. Currently, employers are required to provide every employee immediately upon separation with Form BC-10 , which provides information about unemployment benefits.

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ISSB proposes digital taxonomy of sustainability information

Accounting Today

The International Sustainability Standards Board is proposing to create an XBRL version of its recently released ESG standards.

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Automation, Evolved: Your New Playbook for Smarter Knowledge Work

Speaker: Frank Taliano

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.