Cherry Bekaert

MAY 15, 2023

Demonstrate and Communicate the Effectiveness of Your Organization’s Controls Framework There is no doubt that digital transformation has changed the way businesses operate. Services delivery is reliant on technology and the interconnectivity of systems and data. As such, it has become critical for users of these services to understand the controls implemented to safeguard their data and to ensure their financial statements are free of material misstatement.

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auditor public accounting payroll financial statements 98

RogerRossmeisl

MAY 15, 2023

If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently asked questions addressing when certain costs are qualified medical expenses for federal income tax purposes. Basic rules and IRS clarifications You can claim an itemized deduction for qualified medical expenses that exceed 7.5% of your adjusted gross income.

income tax 244

income tax tax return CPA Tax 244

Airbase

MAY 15, 2023

As companies grow, the number of stakeholders in the purchasing process increases, which makes approval workflows and oversight responsibilities more complex. At the same time, because compliance, audit, and security requirements can become more stringent, more information is required to ensure requests to spend company money are compliant. Airbase’s Guided Procurement module solves these problems by adding greater visibility into, and control over, all purchasing requests.

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Approval Workflows Legal audit accounts payable 130

RogerRossmeisl

MAY 15, 2023

Valuing a business requires more effort than just plugging numbers from the financial statements into a spreadsheet or artificial intelligence software program. A valuation professional needs a comprehensive understanding of business operations. Financial statements, tax returns and marketing materials tell only part of the story. Site visits can help bridge the gap, especially in adversarial situations.

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tax return financial statements CPA Tax 228

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MyIRSRelief

MAY 15, 2023

If you receive a notice of an IRS or state FTB-CDTFA-EDD tax audit, it’s important to understand your rights and options. Tax audits can be stressful and intimidating, but with the right representation, you can navigate the process with confidence. Here are some of the key things you need to know about IRS and state tax audit representation: Why You Need Audit Representation If you’ve been selected for an IRS or state FTB-CDTFA-EDD tax audit, it’s essential to have professiona

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audit Tax auditor tax return 130

RogerRossmeisl

MAY 15, 2023

One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to attract, retain and motivate employees is to provide education fringe benefits so that team members can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer under a “qualified educational assistance program.

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Education CPA Tax business tax 226

RogerRossmeisl

MAY 15, 2023

Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations. Qualifying for a deduction The net operating loss (NOL) deduction addresses the tax inequities that can exist between businesses with stable income and those with fluctuating income.

Tax 225

Tax CPA business tax 225

CPA Practice

MAY 15, 2023

The American Institute of CPAs (AICPA) joined a coalition of organizations who have come together to make taxpayers and practitioners aware of the new Beneficial Ownership Information (BOI) reporting requirement. BOI is an anti-money laundering initiative enacted through the Corporate Transparency Act (CTA) in 2021, which mandates that BOI information is reported to the Financial Crimes Enforcement Network (FinCEN).

CPA 115

CPA Tax cpas public accounting 115

RogerRossmeisl

MAY 15, 2023

If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. When will your refund arrive? The IRS has an online tool that can tell you the status of your refund.

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tax return Tax audit CPA 224

CPA Practice

MAY 15, 2023

The Illinois CPA Society (ICPAS), in partnership with the ICPAS Women’s Committee, presented the recipients of the prestigious 2023 Women to Watch Awards at the ICPAS Women’s Leadership Forum last Friday, May 12, 2023, in Chicago, where they received their awards and participated in a panel discussion on advancing women in the accounting profession.

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Illinois CPA accounting and finance tax consultant 111

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.

RogerRossmeisl

MAY 15, 2023

Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an independent contractor or an employee for federal income and employment tax purposes is a complex one.

payroll tax 213

payroll tax CPA payroll Tax 213

CPA Practice

MAY 15, 2023

The Securities and Exchange Commission’s enforcement division cracked down on accounting and auditing rules violators in fiscal year 2022, as actions within that sector made up 15% of the 462 new or stand-alone cases initiated by the regulator last year, according to a new report from Cornerstone Research. The analysis found that in FY 2022 the SEC publicly disclosed 68 accounting and auditing enforcement actions, a 55% increase from the prior fiscal year, but still below pre-pandemic levels.

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audit Account accountant accounted 111

RogerRossmeisl

MAY 15, 2023

If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form reporting requirements for digital assets. Check the box Beginning with tax year 2022, taxpayers must check a box on their tax returns indicating whether they received digital assets as a reward, award or payment for property or services or whether they disposed of any digital assets that were held as capital assets through sales, exchanges or transfers.

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Tax tax return CPA Sales 204

CPA Practice

MAY 15, 2023

The drive to reshape work at organizations keeps on trucking, according to a new survey by leading global advisory, broking and solutions company WTW. Furthermore, a relatively small number of organizations reported they are effectively managing the various business and people risks associated with the ever-changing work landscape. According to WTW’s Dynamics of Work Survey, the number of companies in the U.S. that automate some of their work is expected to climb to 74% in three years, up from 6

Technology 105

Technology Start-ups 105

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

RogerRossmeisl

MAY 15, 2023

Technology has made seemingly everything fast, convenient and easily accessible. This is certainly true of quick response (QR) codes, those ubiquitous symbols you can find on everything from restaurant menus to product packages to advertisements. When you scan QR codes with a smartphone, you can access prices, instructions, product information and even payment apps.

CPA 167

CPA Technology Account accountant 167

CPA Practice

MAY 15, 2023

By Laura Weiss, CQ-Roll Call (TNS) Rep. Michelle Steel is leading Republicans on a new bill that would preserve a bigger standard deduction at tax time. The California Republican’s measure comes as her party is ramping up for a push to keep its signature 2017 overhaul of the tax code in place after 2025, when many provisions are set to revert to prior law.

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California West Virginia Nebraska Iowa 105

Cherry Bekaert

MAY 15, 2023

System integration brings data and workflows together, allowing organizations to work more efficiently, improve collaboration and increase productivity. In this episode of Cherry Bekaert’s Digital Journeys podcast and the second part of our system integration series, Jim Holman , Director and Strategy & Operations Leader, welcomes Jon Schrader , Director and Business Applications Leader, as they summarize the various layers of system integration.

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CPA Practice

MAY 15, 2023

American workers are more content than ever, according to The Conference Board Job Satisfaction 2023. The report finds improved satisfaction across nearly all 26 components—with gains in non-compensation factors like work-life balance outpacing even those from improved pay and benefits. Overall, 62.3 percent of US workers were satisfied in 2022—up from 60.2 percent in 2021.

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Non-Profits Education Tax payroll 98

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ThomsonReuters

MAY 15, 2023

The use of artificial intelligence (AI) has already had a tremendous impact in many industries, and the tax and accounting sector is no exception. As AI technology becomes increasingly sophisticated, it presents CPAs with a range of opportunities to enhance their advisory services through automated processes, real-time insights, and personalized advice.

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Tax cpas Account accountant 98

Reckon

MAY 15, 2023

At Reckon we have a deep-rooted belief in the power of volunteering. The simple act of giving up some of your spare time or resources to benevolently improve the lives of others is one of the most worthwhile things you can do. Whether these Not For Profit groups are our very own customers or are outstanding organisations which we actively support in other ways; in the spirit of National Volunteer Week (15-21 May 2023) we celebrate and encourage meaningful volunteer work.

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Non-Profits Start-ups 98

Accounting Seed

MAY 15, 2023

The Salesforce and Accounting Seed implementation specialist is sharing their successful approach with clients across the globe—after adopting it themselves. Businesses around the world are using Salesforce for Customer Relationship Management (CRM)—but the capabilities of the platform span far beyond a traditional CRM system. From sales, service, and operations to industry-specific solutions, Salesforce provides a wide range of products that support every business need (plus an entire Marketpla

Technology 98

Technology Account accountant accounted 98

Going Concern

MAY 15, 2023

Last Monday, PwC Australia’s Tom Seymour vacated his post as CEO after it came to light that he, along with a handful of other partners, received the low down on confidential government tax info that was then leveraged to advise clients on how to avoid upcoming tax changes. This has led to some less-than-favorable media coverage for PwC , government inquiries, and calls to reduce the government’s reliance on all paid consultants.

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Government Tax Account accountant 97

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Reckon

MAY 15, 2023

On 2 May 2023 Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones transmitted a joint media release detailing important changes to the way that super is paid by employers and received by employees. As the statement professed, “The Albanese Government is committed to strengthening the superannuation system so that it is equitable, sustainable and delivers better outcomes for all Australians.

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payroll Government 93

Insightful Accountant

MAY 15, 2023

New for May, Intuit is pushing out the R4_101 update to QuickBooks 2023 Desktop Products, including Enterprise 23.0. It's primarily focused on Employee and Payroll related functionality.

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quickbooks payroll 86

Accounting Insight

MAY 15, 2023

Over 12,000 UK organisations are struggling with outdated accounting software, as finance decision-makers fear losing data if they move to the cloud. New research reveals that over a quarter of UK finance decision-makers (26%) cited historical data loss and having to pay to use historical data as major barriers to changing accounting systems. The sizable survey, undertaken by award-winning accounting software provider iplicit , gathered experiences from 1,000 UK-based finance decision-makers wo

Finance 72

Finance accounting software accounting and finance accounting system 72

Insightful Accountant

MAY 15, 2023

The funding, from JPMorgan Chase Bank and Hercules Capital, will continue its growth and product innovation. In addition, the company names three new executive team additions.

Finance 85

Finance 85

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Withum

MAY 15, 2023

Withum shares in our latest Dealer Vision how you can keep your dealership propelling forward, keep your cost at a minimum and savings at a maximum, and how supply chains may affect the automotive industry. Read more on how Withum can spring your dealership into action! Inside This Issue Process Nostalgia The Cost and Savings of Promoting From Within Your Organization How Supply Chains Are Changing the Automotive Industry Download PDF View Interactive Newsletter Contact Us For questions or addit

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Anders CPA

MAY 15, 2023

Out-of-state workers have become more common as some workplaces embrace remote work and hire employees who reside outside of the business’s resident state. This changing employment landscape requires employers to reassess their payroll tax withholding processes to ensure you are withholding the proper amount of state, local and unemployment taxes from your employees’ wages.

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payroll tax payroll South Dakota Rhode Island 52

VJM Global

MAY 15, 2023

Post implementation of GST , the passing of ITC under fake invoices, i.e., invoices issued without underlying supply of goods or services for the sole purpose of passing ITC, has increased extensively. GST Anti Evasion is unveiling cases involving crores of fake ITC on a daily basis. Various fake firms are set-up for the sole purpose of passing on fake ITC.

Tax 52

Tax Legal Government Account 52

Insightful Accountant

MAY 15, 2023

The second in B2B CFO Don King's multi-arc series on what it takes to succeed touches on why it is critical to understand both the internal and external sources of the money running through your company.

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B2B 52

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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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