Thu.Jul 21, 2022

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Why I don’t discount my fees and why you shouldn’t either

Mark Lee

We all know the old adage “if you don’t ask, you don’t get“. So it is perhaps unsurprising that some people ask if we will reduce our fees. This even happens occasionally when accountants approach me for my NED-style mentoring support services. Fortunately it’s very rare. But it has happened. A little part of my heart sinks when an accountant asks me for a discount as I don’t like to turn anyone away.

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When do I have to start collecting out of state sales tax? Part 2

TaxConnex

Understanding economic and physical nexus and the taxability of your products and services goes a long way to ensuring your sales tax compliance. But nothing’s that simple with sales tax. Here’s a look at a few other things you should keep in mind – including how to avoid hefty penalties. Off to marketplace. Economic?nexus requires remote sellers to collect sales tax because they hit certain thresholds of revenue or sales in states.

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Trending Sources

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Can HSAs Provide Tax-Free Reimbursement for the Same Expenses as Health FSAs?

ThomsonReuters

QUESTION: Our company currently offers a general-purpose health FSA. If we switched to an HDHP/HSA, could our employees receive tax-free reimbursements for the same types of expenses from their HSAs? ANSWER: Yes, and they might acquire a few additional options. Like health FSAs, HSAs can provide tax-free reimbursement of out-of-pocket expenses for medical care as defined in Code § 213(d).

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Xerocon Sydney by the numbers

Xero

We’re numbers people here at Xero. And we know you – our partner community – are too. So to celebrate the return of Xerocon Sydney this September, we’ve gone and rounded up some stats to give you a taste of what to expect. Because if our calculations are correct, there are 1,161 reasons (and counting) to get excited about this unmissable event for cloud accounting leaders. . 12 keynote sessions.

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Planning Your Restaurants 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 Get Accounting Clients in a Changing World

Ryan Lazanis

In this post, I’ll be outlining strategies your firm can take today for how to get accounting clients and land new business in a rapidly changing world. I’ll be backing these strategies up with statistics gathered from a recent study titled “ The Next Chapter for Small Business: How to Thrive in a Changed World ” conducted by Forrester Consulting on behalf of Xero, which surveyed 1,000+ small businesses and 1,000+ consumers around the world in June 2020 to tap into today&

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Not-for-Profits in the Know Webinar Series: In-Kind Donation Reporting is Changing

Anders CPA

With new reporting guidelines issued for in-kind donation reporting, is your organization prepared to implement these changes? The Financial Accounting Standards Board (FASB) issued new reporting guidelines to help increase transparency around the measurement of contributed nonfinancial assets recognized by not-for-profits, including how much was used to support programs and activities.

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Deloitte’s Prized Playground Might Be Getting Even Larger

Going Concern

Deloitte University, known more for its delicious brisket and hash brown cheese casserole served in the facility ’s cafeteria than its intended purpose of training Green Dot younglings, might be expanding its campus in Westlake, TX, depending on how local government officials vote on the proposed expansion. From the Dallas Morning News : Deloitte University, the consulting firm’s showplace training center and hotel in Westlake, Texas, could soon undergo a $100 million expansion.

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How Can I Make My Staff More Efficient?

Ryan Lazanis

In this podcast episode, I shared my thoughts on how to make your staff more efficient by implementing capacity planning and managing what matters the most in your firm. Listen Below. 0:55 – The typical answers on how you can make your staff more efficient. 1:25 – At a certain point, you have to realize that your team aren’t workhorses. 2:30 – When I ran my firm, I managed what actually mattered, which was the deadlines. 2:45 – Manage the outputs properly by implementing

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EY Is Leaving $10 Billion in Consulting Fees On the Table If It Doesn’t Split, Says Global Chairman Carmine Di Sibio

Going Concern

In comments to Financial Times , EY Global Chairman and CEO Carmine Di Sibio says splitting consulting and audit “would win its consulting division up to $10bn in extra fees by liberating it from conflicts of interest that block partnerships with the world’s largest tech groups.” Those consulting fees are as yet out of EY’s reach “because conflicts rules restrict it from working alongside the likes of Amazon or Salesforce.” The split would also benefit the aud

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The Gift That Keeps on Giving: How to Make a Charitable Donation Deduction

Patriot Software

One of the great things about running a business in America is that your business can make tax-deductible donations to your favorite charities. Seventy-six percent of American businesses donate 6% of their profits on average. And, 85% of consumers have a more positive view of companies that donate. If donations are already at the heart […] READ MORE.

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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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NetSuite Analytics Warehouse - A July 2022 Series Supplement

Intuitive Accountant

Even though we didn't plan it, Oracle NetSuite has provided us with an analytics solution to discuss during our July 2022 series.

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Xerocon London: It’s a wrap!

Xero

It’s hard to describe the feeling of connecting with Xero’s amazing accounting and bookkeeping community in person again after nearly three years. Whether it was from up on stage, walking the exhibition floor, or catching up at the fabulous Xerocon party, it was an absolute privilege and has left me buzzing. I was thrilled to host two keynote sessions at Xerocon London , to give our attendees some insights into what we’ve been up to in the customer space and how we should all be thinking about h

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Popular Accounting Trends to Round Out 2022

AccountingDepartment

With the first half of 2022 behind us, it's time to look at some accounting trends to look out for during the second half of the year and going into 2023.

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How we’re adding more value to our practice tools in the UK

Xero

It was great to connect with so many advisors at Xerocon London today. You could really feel the excitement and buzz in the air, and my team and I were thrilled to share the latest developments in Xero. Here are some highlights of the announcements we made today. Coming soon: Document packs. You know all too well how vital it is to collect approval signatures from clients on financial statements, tax returns, and other key documents to keep work flowing and meet deadlines.

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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Getting Everyone on the Same Page

Intuitive Accountant

Reach Reporting's Justin Hatch offers three ways software can improve CPA–Client communication.

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Product wrap from Xerocon London 2022

Xero

And that’s a wrap! What an incredible couple of days it’s been at Xerocon London, kicking off the product update with the launch of our exciting new product for sole traders, and watching as our teams share the latest tools and features in Xero. It’s been a real privilege to share how we’ve been responding to the changing world of work over the last few years, with products that help you streamline your work, give you flexibility and control in your practice, and build relationships that are bot

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7 Management And Board Reports Nonprofits Should Be Looking At

GrowthForceBlog

6 min read. Financial management and management reporting are not widely understood – not even among for-profit business leaders.

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One Way To Describe CPA Leaders

RitaKeller

“Plans are only good intentions unless they immediately degenerate into hard work.” – Peter Drucker. Just a quick thought for you today. Don’t let this happen at your firm!

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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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Crisis in the Profession: Interns Aren’t Learning SALY?!?

Going Concern

If true this could shatter the entire financial system! We knew training has suffered due to remote work, spread out teams, and Covid stress over the past few years but not even learning SALY? Don’t want to think what this could do to the audit profession if it spreads. Hopefully this is just an isolated incident of interns not paying attention and not representative of the fundamentals of audit crumbling before our eyes.

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Startup Accounting Guide: Everything You Need to Know in 2022

Accounting Seed

Target maximum revenue, growth, and profit with this in-depth startup accounting guide. Like many startup owners, you may have more passion for sales than for bookkeeping, but managing the money is essential to success. If you fail to set up a robust and scalable accounting system from day one, your business will suffer from financial errors, poor planning, growing pains, and a high potential for failure.

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How Synder Sync Helps E-commerce Brands Sync Transactions from Amazon, Shopify, eBay, and Etsy to Their Books

Snyder

Nowadays, it’s common for e-commerce brands to have not one platform, but many that they are selling goods from. Some common platform stacks include: Amazon, Shopify, Etsy, and eBay for sales platforms, plus Stripe, PayPal, and Afterpay in addition to Amazon Pay and Shopify Pay for their payment gateways. Of course, with each platform comes different transactions, fees, and data, which takes a significant amount of time to enter into accounting software.

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How does the Change in HMRC’s definition of Business impact you?

Menzies

Menzies LLP - A leading chartered accountancy firm. HMRC have issued a Business Brief setting out their updated policy for distinguishing between business and non-business activities. This distinction can have a number of implications and the effect of any change in policy should be considered by any business or not for profit entity where their activities could be borderline between business or non-business.

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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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Crypto Winter: Will smaller Crypto Exchanges be ready for new 1099 reporting?

ThomsonReuters

By T. Chen, Tax & Accounting Senior Specialist Editor. Commentators have called the current situation regarding depressed cryptocurrency prices a Crypto Winter. That is another name for an extended period of trouble for the market. There has been speculation that during these times some smaller crypto exchanges may be on the brink of solvency distress (brink exchanges).

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TIGTA: IRS cybersecurity falls short on 17 of 20 metrics

Accounting Today

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Delayed Reaction to Hacking Breach Leads to $875,000 HIPAA Settlement

ThomsonReuters

HHS Resolution Agreement: Oklahoma State University—Center for Health Sciences (May 10, 2022); HHS News Release (July 14, 2022). Available at [link]. HHS’s Office for Civil Rights (OCR) has announced an $875,000 settlement with a university medical center to resolve potential violations of HIPAA’s privacy, security, and breach notification rules. In January 2018, the medical center filed a breach report stating that an unauthorized third party had gained access in November 2017 to a web server

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Senators introduce bills on CTC, cannabis

Accounting Today

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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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Eleventh Circuit Allows Claim for Equitable Relief Based on Fiduciary Breach in ERISA Plan Enrollment

ThomsonReuters

Gimeno v. NCHMD, Inc., 2022 WL 2309436 (11th Cir. 2022). Available at [link]. A federal appellate court has reinstated a lawsuit brought by the surviving spouse of a participant in an ERISA-governed life insurance plan. The lawsuit alleges that while helping the participant enroll in $350,000 of supplemental life insurance coverage, the participant’s employer breached fiduciary duties when it did not provide the required form for evidence of insurability or indicate that the form was necessary

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Tax Fraud Blotter: Reaping what they sowed

Accounting Today

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Learning About Starting a Business

Withum

A former student asked me to suggest some books she could read about starting a business. I read a lot and can recommend quite a few books, but then realized being an entrepreneur is a very broad topic and felt I needed some specifics before recommending something to her. Starting the business is just the first part. Running it is the major issue. In fact, most new businesses do not make it past their second year.

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FASAB forming task force on climate reporting

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.