ThomsonReuters

AUGUST 3, 2023

In the rapidly evolving landscape of the tax and accounting industry, specialization has emerged as a solid differentiator, providing firms with a distinct competitive edge. As clients’ needs become more diverse and complex, offering cookie-cutter services is no longer sufficient. Instead, firms are embracing specialization to tailor their expertise and solutions to match the unique requirements of their target clients. 1.

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Going Concern

AUGUST 3, 2023

In what must surely be an oversight, mandatorily retired PwC Australia partner Peter van Dongen (again, great name) neglected to mention that he was forced out of the firm, saying he “agreed with PwC to bring forward my planned retirement by a few months.” AFR columnist Joe Aston writes : A month ago, embattled consultancy giant PwC announced it was booting eight partners, including Sydney-based Peter van Dongen, following an internal investigation into its tax leak scandal.

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Canopy Accounting

AUGUST 3, 2023

Many of our clients are heavily invested in the stock market. While we count on the brokerage statements to help us report their income correctly, it’s imperative that we have a good working knowledge of the type of income these investments produce and how to correctly report them on the tax return.

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tax return Tax 98

CPA Practice

AUGUST 3, 2023

For the last two years, the American Institute of CPAs (AICPA) has diligently and consistently advocated on behalf of taxpayers and CPAs to the Internal Revenue Service (IRS) and the Department of the Treasury regarding unscrupulous third-party vendors promoting improper Employee Retention Credit (ERC) claims. The ERC, established as part of a COVID-19 relief package to aid businesses during the pandemic, has been exploited by unethical credit mills and other bad actors to submit claims on behal

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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.

Account

ThomsonReuters

AUGUST 3, 2023

These questions can be related to changes in regulatory and compliance standards , ESG , and general business advice. As a result of the explosion of new tools and software available, accounting firms have a significant opportunity to improve their reputational status through enhanced advisory service offerings. The industry is already seeing a trend toward client service expanding beyond the scope of tax reporting to stakeholder reporting, tax optimization advice, and business performance analy

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CPA Practice

AUGUST 3, 2023

The IRS is not adhering to its own internal guidelines when sending large volumes of sensitive taxpayer information to and from its tax processing centers, according to a new report from the Treasury Inspector General for Tax Administration, the watchdog entity that oversees the nation’s tax agency. Specifically, the report found that required tracking documents, such as Forms 3210, Document Transmittal, are not included with these shipments and/or not prepared properly.

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CPA Practice

AUGUST 3, 2023

By John M. Goralka, Kiplinger Consumer News Service (TNS) A buy-sell agreement is a key component of business succession planning, particularly for small businesses with two or more family groups in the ownership structure. This issue is applicable for both corporations and limited liability companies (LLCs). A buy-sell agreement provides for the possible or mandatory buyout of an owner’s interest in the business upon the occurrence of certain stated events such as death, disability, termination

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Withum

AUGUST 3, 2023

This episode explores the distinctive characteristics of Philadelphia's startup community and shares invaluable human capital tips that startups and venture capitalists can leverage to drive their growth and achieve their goals.

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CPA Practice

AUGUST 3, 2023

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) It can be frustrating when your children complain about having nothing to do — especially during the summer. So, why not hire your child or your children to work for your business? Doing so can keep them productive and teach valuable skills while potentially lowering your tax bill. However, as you probably would guess, there are important IRS rules to follow.

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Accounting Today

AUGUST 3, 2023

The service isn't doing enough to safeguard sensitive information when it's shipped between tax processing centers, according to a new report.

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Advertiser: Paycor

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CPA Practice

AUGUST 3, 2023

From the Kiplinger Consumer News Service , via TNS. This list includes every back-to-school sales tax holiday this summer, from July 27, 2023, through the end of August. Rules for tax-free shopping can vary from state to state. So, just because something is tax-exempt in one state doesn’t mean it will be in another. Knowing the rules before you shop can help you save the most money.

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Insightful Accountant

AUGUST 3, 2023

Intuit has released the July 2023 QuickBooks Small Business Index, which provides unparalleled insight into employment and hiring activity among the smallest of businesses in the US, Canada and UK.

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AccountingDepartment

AUGUST 3, 2023

Some business decisions are obvious. Others can seem like 50/50 propositions that make doing nothing a good third option. Deciding what to do about your bookkeeping, fortunately, is not a dilemma when you know what to factor into your considerations. So, how can you determine whether you would be better off with outsourced bookkeeping services or continuing it onsite at this stage of your growth?

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Xero

AUGUST 3, 2023

Xerocon is fast approaching: the best forum to hear about the latest innovations within Xero, get inspired and connect with other accountants and bookkeepers. Plus, with more than 70 app partners from the Xero ecosystem exhibiting at Xerocon Sydney on 23-24 August, it’s also the best opportunity you’ll have all year to connect with and learn about apps that can take your practice to the next level.

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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.

CPA Practice

AUGUST 3, 2023

By Jennifer Arbore, Partner at The Bonadio Group. Though gender equity continues to improve across corporate America, women consistently remain underrepresented in key leadership roles. For example, even though women make up more than half of the workforce in the United States, just 35% of top management positions are held by women. This gender disparity is reflected in the accounting industry, with the AICPA 2021 Trends Report revealing that women make up just 39% of partners at CPA firms in th

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Accounting Today

AUGUST 3, 2023

The service is trying to fully staff its in-person TACs around the country, but first it has to make them easier to locate.

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SkagitCountyTaxServices

AUGUST 3, 2023

This year has been a less-than-fun rollercoaster in the world of finance. Well, good news on that front — no more recession bogeyman lurking under the bed, at least that’s what the Fed declared as they raised rates again last week. Doesn’t mean more interest rate hikes aren’t ahead or that inflation’s fully cooled, but things appear to be balancing out.

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Accounting Today

AUGUST 3, 2023

Under the counter; a New Look but an old story; unAffordable behavior; and other highlights of recent tax cases.

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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

Technology

Insightful Accountant

AUGUST 3, 2023

American Institute of CPAs pushes for more ERC accountability following Capitol Hill committee hearing.

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CPA Practice

AUGUST 3, 2023

Technologists Randy Johnston and Brian Tankersley, CPA, talk with Jeff Gramlich of Validis about changes in audit technology and the role of data. Use the podcast player below to listen.

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SchoolofBookkeeping

AUGUST 3, 2023

In an excerpt from our Workshop Wednesday Podcast, Dan DeLong and Rachel Dauchy discuss an email that has raised some questions regarding the QuickBooks Bill Pay powered by Melio. As with any communication from Intuit or QuickBooks, we first want to ensure that it is legitimate, since there are a lot of bad actors out there. We have a blog article with different ways to check to confirm a communication.

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Basis 365

AUGUST 3, 2023

In today's globalized business landscape, outsourcing has become a popular strategy for companies looking to streamline operations and reduce costs. One area that has seen significant outsourcing is accounting. Outsourced accounting models allow businesses to access specialized expertise, increase efficiency, and focus on core competencies. Regarding outsourced accounting, two prevalent models are offshore and onshore.

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Advertiser: Paycor

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.

CPA Practice

AUGUST 3, 2023

The American Institute of CPAs & Chartered Institute of Management Accountants, together as the Association of International Certified Professional Accountants, have named Melanie Lauridsen as the new Vice President for Tax Policy & Advocacy, leading the Association’s important tax advocacy mission, effective August 1, 2023. Lauridsen will represent the Association’s interests in legislative and regulatory based tax advocacy efforts, building on the foundation of her predecessor, Edward

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Withum

AUGUST 3, 2023

Amidst the Covid-19 pandemic, e-commerce companies experienced remarkable growth, driven by significant shifts in consumer behavior. With remote work becoming a necessity, organizations and their employees turned to online platforms for accessing goods and services. The adoption of internet-facing technologies accelerated, leading to a surge in online shopping and customer interactions.

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CPA Practice

AUGUST 3, 2023

Accounting automation software maker BlackLine, Inc. is now offering five-day implementation for midsize companies. With BlackLine 5-Day Fast Track, new customers can ‘Go live in 5’ and be up and running on BlackLine’s financial close management platform in time for their next month-end close. Midsize organizations often don’t have the time or resources to implement new accounting software.

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Withum

AUGUST 3, 2023

There are many reasons for investing, but if you read my blogs or attend my presentations you know that I believe that the primary reason people should invest is to secure their financial future. Securing your financial future can mean different things to different people. To me, it means that you have enough cash flow in retirement to not worry about running out of money before you die.

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Advertisement

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.

Finance

CPA Practice

AUGUST 3, 2023

AvidXchange, a provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, has announced that John Feldman has been elevated to the role of Chief Operating Officer of AvidXchange, Inc. Feldman will continue to oversee the transformation of the company’s service and fulfillment operations around standardization, sourcing and automation.

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Menzies

AUGUST 3, 2023

Menzies LLP - A leading chartered accountancy firm. 10-14th July 2023 marked Menzies third firmwide Make A Difference Week, where all our partners and staff have the opportunity to take a day to give back to the community. We undertook over 30 activities throughout the week – with 235 staff taking part – this equates to 1,762 hours – a whopping 103% increase from last year!

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CPA Practice

AUGUST 3, 2023

The Tax Blotter is a round-up of recent tax news, case rulings and IRS actions. Under current law, net operating losses (NOLs) can no longer be carried back for two years, but they may be carried forward indefinitely. Bear the burden of proof. NOLs can offset current income but you must observe the rules for substantiating deductions. Generally, if the IRS challenges a write-off, you bear the burden of establishing both the existence of the NOL and the amount to be carried over to the year in qu

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Accounting Insight

AUGUST 3, 2023

Kletta are excited to exhibit at Accountex Manchester for the first time after attending Accountex London. Kletta is the the accounting toolkit for Sole Traders. From keeping track of expenses and travel, to easy invoicing and taking payments, Kletta gives visibility and control of cashflow while providing business insights. What does Kletta do? Kletta is a small business accounting toolkit for small businesses.

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Advertisement

"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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