Thu.Nov 30, 2023

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5 Benefits of Sales and Use Tax Overpayment Reviews | TaxConnex

TaxConnex

Blog authored by Scott Schwertner, National Director of Sales and Use Tax for Invoke Tax Partners. With extensive experience in both the industry and sales tax consulting side, Invoke Tax Partners National Director of Sales and Use Tax, Scott Schwertner, knows how difficult it can be for businesses to get sales tax right on every transaction. It is common for businesses across the United States to pay sales tax and accrue use tax on purchases that are not taxable, resulting in an unnecessary hit

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Preparing for the 1099 Filing Season: Are You Ready? 

Withum

1099 filing season is approaching, and now is the time to review your vendor information to ensure everything is in order come January. Let’s break down what you need to know ahead of time. First, you want to familiarize yourself with the standard 1099 forms that most companies must file. 1099 NEC (Non-employee Compensation) reports payments of at least $600 or more in the calendar year to non-employees for services rendered. 1099 MISC (Miscellaneous) reports miscellaneous payments such as ren

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Audit committee disclosures increased over past decade

Accounting Today

Corporate audit committees have been providing investors with a greater number of disclosures about their activities and responsibilities over the past 10 years, but there's still room for improvement.

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EY’s Pushing Start Dates Back…Again

Going Concern

As reported by Financial Times and amplified by people with offers freaking out on Reddit, EY is pushing start dates back for new hires in advisory. Again. FT : The Big Four firm told recent graduates who had originally expected to start work this autumn that some of them would now not be required until July or August 2024, almost a year late. The decision was “based on emerging business conditions and our assessment of our business needs”, according to an email on Tuesday from EY’s campus recru

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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Accountants, IRS and DOJ hunt for fraud

Accounting Today

The Internal Revenue Service is warning taxpayers to be on the lookout for charity fraud as accountants look to advise clients on how to detect and avoid fraud.

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FinCEN Set to Begin Enforcement January 1, 2024

Insightful Accountant

The Financial Crimes Enforcement Network, part of the U.S. Department of Treasury is set to begin Small Entity Compliance implementation and enforcement of provisions related to Beneficial Owners Reporting as of January 1, 2024.

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Case Study: Running the Favorite Tools in Your Practice

Insightful Accountant

Accounting now heavily relies on various applications and systems. Unfortunately, these are often different, either cloud-based, SaaS, or desktop. This poses security risks as firms lack IT support.

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PCAOB sanctions three Chinese firms, including PwC affiliates

Accounting Today

The Public Company Accounting Oversight Board levied penalties against three firms in China, including member firms of PricewaterhouseCoopers that it found were improperly sharing answers to exams.

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Professional Services Firms Just Can’t Stop Talking About AI

CPA Practice

By Sarah Bregel, Fast Company (TNS) How people feel about AI may still be a mixed bag, but there is certainly no shortage of chatter about the technology, especially among employers and job-seekers. On LinkedIn, conversations about AI have increased by 70% over the past year, according to a newly released report from the job-search platform —the site’s second on “AI in the workplace.

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Tax Planning Tips for Business Owners: Maximizing Savings and Minimizing Stress

GrowthForceBlog

7 min read No matter the size of your company, tax planning can be a major headache because the process can be complex and stressful. Plus, if tax planning isn't done properly, it can end up costing your business dearly with you either paying taxes that could have been avoided or incurring tax penalties as a result of noncompliant financial reporting.

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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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10 Critical Accounts Payable Strategies for All Businesses

Basis 365

The importance of efficient cash flow management cannot be overstated for small or rapidly growing businesses. One critical aspect is the management of accounts payable (AP). Effective accounts payable strategies not only streamline the payment process but also contribute significantly to better cash flow management. In this blog, we will delve into essential financial tactics that small businesses can adopt to optimize their accounts payable processes, with a focus on the solutions offered by B

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Merriam-Webster’s word of the year and your client service strategy

ThomsonReuters

Jump to: What does “authentic” mean? How can embracing authenticity guide your firm’s client service initiatives? Making authenticity a priority in your client service strategy Earlier this week, Merriam-Webster announced its word of the year for 2023. The winner? Authentic. An NPR article on the announcement raises a number of interesting points on why “authentic” became popular this year.

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IRS Warns Taxpayers About Crypto ‘Pig Butchering’ Scams

CPA Practice

IRS Criminal Investigation special agents have seen an uptick in a specific type of scheme that couples cryptocurrency with romance, and they have a message for taxpayers: Don’t get butchered. The scam is known as “pig butchering”—flirtatious strangers use social media to lure unsuspecting romantic partners, who serve as the “pigs,” to invest in crypto trading platforms.

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The Benefits of Continuous Planning for Your Business

AccountingDepartment

As a business owner or CEO, have you ever felt frustrated when the budget you made at the beginning of the year has become irrelevant halfway through? Have you ever wished for a more flexible and agile way to manage your finances? If so, you might want to consider continuous planning.

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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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Senate Democrats propose billionaire income tax

Accounting Today

A group of Senate Democrats and independents introduced legislation Thursday to curb tax breaks for billionaires.

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How to Improve Efficiency Across the Finance Department

MineralTree

Maintaining finance department efficiency is a constant challenge, especially for teams that rely on legacy technology and manual processes. The good news is that technological advancements have made it possible for finance departments to increase productivity and to do more with less. As the need to drive efficiency grows, many teams are looking to technology to digitize and automate their workflows.

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Hong Kong firm adds the most SEC audit clients in Q3

Accounting Today

Ark Pro CPAs topped the league tables in the third quarter, with five new SEC clients, all in China.

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U.S. Economy Saw 5.2% Growth in Third Quarter

CPA Practice

By Reade Pickert, Bloomberg News (via TNS). The U.S. economy grew at an even faster pace in the third quarter than originally estimated, reflecting upward revisions to business investment and government spending. Gross domestic product rose at an upwardly revised 5.2% annualized pace in the third quarter, the fastest in nearly two years. Consumer spending advanced at a less-robust 3.6% rate, according to the government’s second estimate of the figures issued Wednesday.

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Guide to Business Writing

Everything you need to know about better business writing in one place. This is a complete guide to business writing — from a clear business writing definition to tips on how to hone your business writing skills.

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Windes launches wealth management firm with Integrated Partners

Accounting Today

Windes, a Top 100 Firm, is teaming up with Integrated Partners, a financial planning and RIA firm, in a new wealth management venture.

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Average U.S. Home Prices Hit Record High

CPA Practice

By Alicia Clanton, Bloomberg News (via TNS). Home prices in the U.S. extended their climb, reaching a fresh record high. A national gauge of prices rose 0.7% in September from August, according to seasonally adjusted data from S&P CoreLogic Case-Shiller. It was the eighth straight month of gains for the index, which doesn’t provide a specific dollar figure for homes.

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The PCAOB Is Stoked Congress Gave Them Permission to Pick On China Now

Going Concern

Oh look, the PCAOB snagged more big fish: $7.9 million in total fines against three China-based firms and four individuals in “historic settlements.” Whoop-de-doo. Imposing $7.9 million in fines, the PCAOB has sanctioned three China-based firms and four individuals in historic settlements. [link] pic.twitter.com/g5oGPQU2mq — PCAOB_News (@PCAOB_News) November 30, 2023 So here’s what the PCAOB is celebrating today: Two disciplinary orders imposing a total of $7 million in p

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Eide Bailly Teams Up with High Plains Technology

CPA Practice

High Plains Technology, a technology solutions company based in Sioux Falls, SD, will become part of top 20 accounting firm Eide Bailly on Jan. 8, 2024. The merger will bring four partners and 14 staff into Eide Bailly’s Sioux Falls and Fargo, ND, offices. Financial terms of the deal were not disclosed. Jeremy Hauk “High Plains Technology has an impressive track record of delivering high-quality service to clients for over 30 years,” Jeremy Hauk, CEO and managing partner of Fargo-based Eide Bail

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Finding “The One:” The Ultimate Guide to Selecting Financial Software

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

As finance and accounting practitioners, you are expected to complete daily operations as well as to manage next generation tools and resources to support a business that is growing in complexity. Having the right software can be critical in juggling and meeting those high expectations. The path to the right software, however, is paved with challenging decisions.

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The Power of Microsoft Dynamics 365 Sales and Business Central Integration for SMB Growth 

Withum

In today’s continually evolving business world, staying ahead of the competition requires efficient, integrated and scalable solutions. Microsoft Dynamics 365 CRM integrates with Microsoft Dynamics 365 Business Central (BC) to create a powerhouse combination that offers many benefits to small and midsize businesses (SMBs). Let’s delve into the reasons why this tech stack is a game-changer for these enterprises.

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The Benefits of embedding an ESG strategy into your manufacturing business

Menzies

Menzies LLP - A leading chartered accountancy firm. If you are in the manufacturing sector, there is no escaping ESG (Environmental, Social and Governance). Producing products sustainably is no longer an optional benefit, but a necessity to remain competitive in the market and mitigate future risk. Manufacturing is responsible for 10-15% of the UK’s GHG emissions (Greenhouse gases), which necessitates significant environmental responsibility for the sector.

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Tax Fraud Blotter: Don't touch

Accounting Today

A dim bulb; morally bankrupt; 1st to jail; and other highlights of recent tax cases.

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Fred 82: Overview and Implementation

Menzies

Menzies LLP - A leading chartered accountancy firm. What date does FRED 82 come into effect? The FRC published its exposure draft FRED 82 in December 2022, proposing several changes to UK GAAP. The consultation feedback on the exposure draft has since led to a delay in the expected implementation date, with the revised version expected to come into effect for periods commencing on or after 1 January 2026.

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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.

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BREAKING NEWS: QuickBooks Desktop Product Changes

Insightful Accountant

Intuit will no longer sell new subscriptions of QuickBooks Desktop Pro or Premier Plus, QuickBooks Desktop Mac Plus, or QuickBooks Desktop Enhanced Payroll as of July 31, 2024.

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Mortgage Rates Drop Below 7.5%

CPA Practice

By Jeff Ostrowski, Bankrate.com (via TNS). The average rate on 30-year fixed mortgages retreated to 7.41% this week, down from 7.55% the previous week, according to Bankrate’s weekly national survey of large lenders. The recent reprieve could signal a prolonged drop in mortgage rates, housing economists say. The average rate on 30-year home loans in October topped 8%, but that’s changing because of a number of factors, including a slowing job market and signs that the Federal Reserve’s ongoing w

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Ways to Hide Income and Assets in Divorce

FraudFiles

While it is common for one spouse to have control over the money in a marriage—be the major breadwinner, manage spending, and maintain control of financial documentation—family lawyers and their clients can increase the chances of finding hidden assets during a divorce by being aware of some of the schemes …

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News Options for Leftover 529 Plan Funds – Convert to Roth IRA

Dent Moses

The SECURE 2.0 Act of 2022 introduces a noteworthy change: a special rule allowing transfers from 529 plans to Roth IRAs. Effective in 2024, this rule enables unused college savings to shift to tax and penalty-free retirement accounts. Why This Matters Before this change, if a 529 plan wasn’t fully used for education, options were limited: Changing the beneficiary within the family – maybe a younger sibling Using up to $10,000 to pay off qualified loans Pay taxes and a 10% penalty on earni

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2024 Payroll Calendar Templates

These calendars provide pay period dates and paydays for biweekly, semi-monthly, and monthly payroll in 2024. Use them as a reminder or share with employees so they can celebrate payday.