Tue.Dec 20, 2022

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12 ways you could make more money in your accounting practice

Mark Lee

Most of the accountants who approach me start by talking about their problems and what appears to be an immediate challenge. As the conversations progress I am typically able to help them consider the real issues that are causing the challenge that prompted their call. This is much the same as the way that a decent GP doesn’t just prescribe medication for your symptoms without first trying to find out what is causing them.

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Sales tax for Shopify users

TaxConnex

Shopify is one of the most popular e-commerce platforms. The e-commerce website builder claims that more than 1.7 million businesses have made over $200 billion in sales with the Ottawa, Ontario-based company’s websites. Free trials, tiered plans, 24/7 support, thousands of app integrations, unlimited storage and bandwidth… Truly does sound like what Forbes called an “all-in-one platform [with] everything you need to launch an online store.”.

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Wall Street Journal Addresses the Accountant Shortage, Suggests a Recession Could Fix It

Going Concern

I made my entrée into accounting way back in 2007, at the time my job involved a three-hour roundtrip journey across four Bay Area counties and back and I was looking for something a bit closer to home. Shortly after starting in CPA review, I started seeing more and more “For Sale” signs on the yards of the houses my bus would pass on the way to work and not that much longer after that, Lehman Brothers failed and, well, you know what happened after that.

Account 113
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Chris Passmore named on Thriving in their 40s List by Los Angeles Business Journal

Withum

Withum is proud to share that the Los Angeles Business Journal has named Chris Passmore on their Thriving in their 40s list for 2022. Christopher Passmore , CPA, MBA, specializes in assurance and business consulting services to emerging and middle-market companies and leads Withum’s Encino office as the partner in charge. Chris services a wide variety of clients and specializes in working with technology companies , professional service firms , franchised businesses and employee benefit pl

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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Forbes Names Anders One of America’s Best Tax and Accounting Firms

Anders CPA

For the fourth year in a row, Anders has been named to Forbes’ America’s Best Tax and Accounting Firms List for 2023. With thousands of firms recommended in tax and accounting, Anders is one of 160 firms in the country to be named on both lists. Anders is also one of only four firms headquartered in Missouri and one of two in St. Louis to make both lists.

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Top 5 Accounting Problems & Solutions

IgniteSpot

What causes accounting problems? So many things can throw your books out of whack, having a ripple effect on your business operations, financial outlook, and even your team. Several red flags lead to confusion and inaccuracies. Your accounting software, fraudulent activities, internal controls, and misapplication of generally accepted accounting principles (GAAP) may be to blame.

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Guess How Much the End-of-Year Staff Bonus Was at CliftonLarsonAllen For 2022?

Going Concern

If you said $2,022, you ’d be correct! A tipster from CliftonLarsonAllen told us on Monday, “$2,022 is how much the gift was to all employees. Very pleased with it. It was a complete surprise and appreciated by a lot of my colleagues. Especially with some other firms not giving out anything with a potential recession looming, it was well-received in my opinion.

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Government announces phased mandation of Making Tax Digital for ITSA

Accounting Insight

Self-employed individuals and landlords will have more time to prepare for Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA), following a government announcement today (19 December 2022). Understanding that self-employed individuals and landlords are currently facing a challenging economic environment, and the transition to MTD for ITSA represents a significant change to taxpayers and HMRC for how self-employment and property income is reported, the government is giving a longer per

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How a Board of Directors Should Respond to a Crisis

GrowthForceBlog

9 min read. When most nonprofit missions are focused on dealing with crises that are occurring every moment of every day, nonprofit leaders can easily lose sight of crisis response planning and strategic crisis management for the potential crises that could occur in the future. Key Takeaways. The Role and Responsibility of an NFP Board of Directors During a Crisis: In a nonprofit, the board of directors' overall role and responsibility is that of high-level oversight, and this includes the overs

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Improve Your Business Cash Flow with These Steps

AccountingDepartment

Cash is king when it comes to business. A business with money tied up in inventory, equipment, investments and other non-liquid assets is an enterprise with limited flexibility. In particular, cash flow accounting is especially important.

Account 70
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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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Reformed Reserve Funding Laws in Florida: Be Prepared

Withum

In May 2022, the Florida Legislature passed and signed into law new legislation enacting new requirements to address concerns on the structural integrity of older condominium-type buildings as a result of the Surfside Chaplain Towers condominium collapse in June 2021. The legislation, through Senate Bill 4-D and companion House Bill 5-D, was presented and voted into law very quickly and made significant changes to several sections in Florida Statute 718 related to buildings and reserves.

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The future of Indirect Tax (IDT): How to take charge of changes

ThomsonReuters

In the past few years, indirect tax specialists have had to deal with the Covid pandemic, Brexit, an ever-changing landscape of rules and regulations, budget tussles, hiring difficulties, and numerous other challenges. The professional terrain is no less rocky heading into 2023. In a recent panel discussion with Indirect Tax (IDT) experts hosted by Thomson Reuters in London, the prospect of a looming recession and tightening budgets were certainly a top concern, but so were many familiar issue

Tax 59
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Getting and Expecting More from QuickBooks Workforce

Intuitive Accountant

QuickBooks Workforce is continuing to evolve into a more complete Human Resource Information System (HRIS) platform that provides enhanced capabilities now—and with a series of enhancement on the way.

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Cynefin Framework: Choose the Right Agile Project Management Methodology 

Withum

Withum’s clients hire us because they need to solve problems, and technology is just one tool used to do so. Why is it that so often, when the problem changes, the tasks change, but the management methodology stays the same? It’s easy to learn about one type of methodology and stick with it no matter what the problem. People use Waterfall project management or have switched to some form of SCRUM if they want to do an agile method.

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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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How to Increase Revenue For Your Small Business (4 Easy Steps)

Patriot Software

Part of running a good business is never getting complacent when it comes to revenue. A company’s revenue should always outpace expenses. Otherwise, trouble is just around the corner. But all business owners know that increasing revenue is easier said than done. Read on to learn how to increase revenue in four actionable steps. How […] READ MORE.

Account 52
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Stalling MTD for ITSA has implications for businesses, agents, accountancy firms and vendors alike, warns IRIS

Accounting Insight

IRIS Software Group , a leading global provider of software which services more than 23,000 UK accountancy firms (including 91 of the top 100 UK firms) and is the largest 3 rd party taxfiler with HMRC, believes this latest announcement is very disappointing and there must be clarity for the industry, businesses and individuals. Stalling this legislation has implications for businesses, agents, accountancy firms and vendors alike.

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Gift and Estate Tax Changes Coming in 2023, What You Need to Know to Prepare

Anders CPA

As the lifetime gift tax exclusions and estate tax exemption sunset draws closer, planning for future annual gifting has a new sense of importance. Permanently established by the American Taxpayer Relief Act (ATRA) of 2012, estate and gift tax exemption were originally set at a lifetime limit of $5 million but they’ve been expanded and adjusted for inflation in the years since.

Tax 52
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QBO Bank Feed AI Offering More

Intuitive Accountant

QuickBooks Online Bank Feeds now are offering users enhanced payee matching through improved automated intelligence.

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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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PCAOB proposes new audit confirmation standard

Accounting Today

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Xero partners with New Zealand Football to support football communities in Aotearoa

Xero

I’m thrilled to announce Xero is partnering with New Zealand Football to help support football clubs across Aotearoa, helping Kiwis balance better numbers off the field through a club support programme. . Through this long-term partnership agreement, which will run until 2026, we’re aiming to build on increased interest in the beautiful game that will no doubt be supercharged by the FIFA Women’s World Cup 2023 held in New Zealand and Australia.

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BDO aims to increase diversity and inclusion

Accounting Today

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Making Tax Digital for ITSA has been delayed, but we’re ready to support you

Xero

HMRC has announced that Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) has been delayed until April 2026. With small businesses, accountants and bookkeepers facing challenging times, we understand and support the delay from HMRC – giving you more time to prepare. . From this date, landlords and self-employed people earning above £50,000 annually will need to comply with MTD rules.

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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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Survey opens for 2023 Top 100 Firms and Regional Leaders

Accounting Today

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BDO’s Global Revenue Went Up About a Billion Dollars in 2022

Going Concern

The results are in at BDO, and the fifth largest accounting firm in the world brought in $12.8 billion in revenue during its 2022 financial year , which ended on Sept. 30 —an 8.5% increase over last year’s revenue of $11.8 billion. The new guy in charge of BDO globally , Pat Kramer, said, “ In the change-dominated world in which we operate, nothing is more important than to protect and strengthen BDO.

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Why you shouldn't save for retirement, according to research

Accounting Today

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Legal Expert Discusses Large Social Security Wage Base Increase and Looking Ahead to 2023

ThomsonReuters

On October 13, 2022, the Social Security Administration (SSA) announced a $13,200 increase in the Social Security taxable wage base from $147,000 to $160,000 in 2023. Next year’s notable wage base increase is significantly greater than the wage base forecast by the SSA’s Office of Chief Actuary in June 2022 and means that many employers will pay up to $818.40 more in payroll taxes in 2023.

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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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Global companies are changing their headquarters and tax rates

Accounting Today

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Heirs to $19B face succession doubts from family offices

Accounting Today

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Tech wreck of 2022 decimates billionaires' war chests for charity

Accounting Today

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Days worked from home stabilizing at around 30%

Accounting Today

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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.