Wed.Jul 06, 2022

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How to Simplify Your Accounting in a Business Acquisition

Anders CPA

Acquiring a company can come with many twists and turns to navigate. One of those being the accounting involved in combining businesses. To help simplify purchase accounting for business combinations involving private companies, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-18 back in December 2014.

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IRS Reminds Employers of Penalty Relief Related to Claims for Employee Retention Credit

Dent Moses

A couple of weeks ago we covered the IRS backlog of amended payroll tax returns (941X) for employee retention credits. Now, the Treasury and IRS have responded to requests from taxpayers for relief from penalties with IR-2022-89. Why? Because most taxpayers were apprehensive of reporting the ERC refunds as income (reduction of wages) for 2020 or 2021 when they had no idea when or if they would receive the refunds.

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Reach – A July 2022 Analytics/Reporting App

Intuitive Accountant

We are rolling out another reporting app in this month's series by examining Reach Reporting, which works with both QBO and QuickBooks Desktop, as well as several other data sources.

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Introducing our Xerocon London event partners

Xero

Xerocon London is a great opportunity to hear the latest news and updates from the Xero community and get inspired by some fantastic speakers. It’s also a chance to find out more about some of the powerful apps, tools and services from across the accounting and small business industries. This year more than 50 cutting edge app partners from the Xero App Store will be exhibiting at Xerocon.

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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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Sick Balance on Paycheck Requirements by State 2022

Patriot Software

No matter when you cut your checks for your employees, paychecks usually come with a pay stub. A pay stub, or check stub, explains details about your employee’s pay. Depending on where your business is located, you may also have to share information about the employee’s paid sick leave. This article will explain sick balance […] READ MORE.

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Weaver Has Snazzy New Digs in Houston

Going Concern

The Houston Chronicle has published some shots of Weaver’s new office in Houston , 66,000 square feet at 4400 Post Oak Parkway. Honestly? It’s not terrible. Imagine all the culture that will happen on that uncomfortable seating area with no back. Look at all those happy people collaborating! ngl that kitchen is pretty sweet. CEO and Managing Partner John Mackel told the Chronicle it was good timing that their lease came up in the middle of the pandemic. “We had a little bit mor

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Promotion Watch ’22: EY Admits 1,033 New Partners Across the Globe

Going Concern

Move over, EY new partner class of 2021. There’s a much larger class of brand-new rainmakers at the firm this year: The EY organization announces that 1,033 people have been promoted to partner across the globe, the largest ever cohort of new partners. Women and the Assurance service line represent 32% and 33% of this year’s new partner class respectively.

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Getting Invoicing Right

Intuitive Accountant

Accurate and timely invoicing is critical for the long-term success and growth of your business. DEAR Systems takes a look at the 5 common mistakes businesses make and how you can avoid them.

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Supply Chain Disruption and Risks Around Remote Work Among PCAOB Inspection Focus For 2022

Going Concern

In a spotlight released by the PCAOB just a few days ago [ PDF ] the auditors of auditors laid out inspection priorities for 2022, among them increased risk of missing material misstatements (say that 5x fast) due to staff turnover and remote audit work. Oh, and supply chain disruption, the shitty economy, and Rona are also on the radar. Increased initial public offerings (IPOs) and merger and acquisition (M&A) activities, including transactions with special purpose acquisition companies (SP

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July 2022 Summit CPA Employee Spotlight: Brittany Sheldon

Summit CPA

A s a distributed company , not only do we serve our clients remotely, but our team members work remotely as well. We understand the accounting, bookkeeping, cash flow management, and tax nuances of running a distributed company. We pride ourselves on our ability to provide the highest quality Virtual CFO services and 401(k) audits while working remotely with (and for) our customers, and we couldn't do any of it without our amazing team.

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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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Tim Gearty Makes a List, Talks About 2024 CPA Exam Changes

Going Concern

Tim Gearty has taken the #3 spot on the NJBIZ 2022 Accounting Power 50. From NJBIZ: Not many CPAs get stopped by fans for selfies, but Timothy Gearty is one of them. As editor-in-chief and national lead instructor for Becker, a global CPA exam-prep leader, Gearty — who’s also the managing partner of Florham Park’s Gearty & McIntyre — has an important role in preparing a significant number of the tens of thousands of people who sit for the CPA examination.

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Submitting your Plastic Packing Tax return – HMRC update

Menzies

Menzies LLP - A leading chartered accountancy firm. The Plastic Packing Tax is now operational. On 1 July 2022, HMRC updated their guidance on how to submit your Plastic Packaging Tax return. When to submit your return. Once you have met the 10-tone threshold you will need to register your liability for the Plastic Packaging Tax. Only once you have registered will you be able to submit a return, which will need to be submitted to HMRC 4 times a year.

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Calculating Income in Divorce and Child Support Cases

FraudFiles

When attempting to calculate the income of a party in a divorce or child support case, it is important to remember that income is not determined simply on the basis of historical earnings. It is necessary to also consider the future prospects for income, and how the income scenario may change following the divorce. For example, one of the spouses may encounter a job change with a related change in earnings.

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How to Do Bookkeeping For Shopify

Snyder

As you set up your Shopify store, there are several aspects that you need to consider. First, you have to find a way to make your online business successful, and then you must understand how to properly do bookkeeping for Shopify. Learning how to calculate your business expenses and revenue will help you evaluate whether you are making profits or losses.

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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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AICPA previews revamped CPA exam

Accounting Today

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What is a Checking Account?

Snyder

It’s not an overstatement to say that banking plays a considerable role in our financial life today. Looking 100 years or even 50 years back, the picture would be quite the opposite. Of course, banking existed during those times, but had a much different level of accessibility. Not to dive too deep into banking history, it would suffice to say that banking appeared with the first currency minted.

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How to Evaluate the Health of Your Firm

Accounting Web

Practice Excellence How to Evaluate the Health of Your Firm.

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Important Survey

RitaKeller

“Winning is something, but participation is everything.” ? Debasish Mridha. I wanted to be sure you are aware that the 2022 ConvergenceCoaching®, LLC Anytime, Anywhere Work (ATAWW) Survey is currently open for participation. The survey seeks input on remote and flexible work practices in accounting and consulting firms across the country. ConvergenceCoaching is offering participants the summary results along with best practices and strategies to implement these programs and maintain a competitiv

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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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Unlocking real estate wealth for investors nearing retirement

Accounting Today

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APPS Directory Spotlight — Rewind

Intuitive Accountant

See how your customers can back up, restore and copy the critical data they need to drive their businesses forward.

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The top VARs for 2022

Accounting Today

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Challenges lie ahead for internal control within organisations

Accounting Insight

The purpose and effectiveness of internal control are being tested like never before by myriad external pressures, reveals a new report from ACCA (the Association of Chartered Certified Accountants), the Internal Audit Foundation, and IMA ® (Institute of Management Accountants). In Internal control and the transformation of entities , the three professional bodies joined forces to poll some 2,000 of their global members to better understand what lies ahead for internal control, a core part of bu

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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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Modernizing employer policies for employee wellness, retention and organizational success

Accounting Today

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11 Best Receipt Apps For Businesses

xendoo

Receipts play a surprisingly important role in running a business. Whether you track receipts to reimburse employee expenses or to prepare for a possible audit, you should keep track of them with one of these best receipt apps. . What is a receipt scanner app? . A receipt scanner app takes a photo of your receipt and creates a digital copy. This makes it easy to retrieve it from a digital filing system. .

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Audit partners skeptical on economy, inflation risks

Accounting Today

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Three top tech tips for US landlords in a challenging real estate market

Xero

This blog post is written by Logan Ransley, Co-Founder of Landlord Studio – rental accounting and property management software to over 4000+ self-managing landlords (managing 38,000+ properties) to help them stay organized and prepared for the tax season. . Real estate investing is one of the best ways to build long-term wealth. However, the COVID-19 pandemic and subsequent recovery period have added new stresses to the market.

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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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Redefining ‘creative accounting’

Accounting Today

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Some Changes Are Not Always Better

Withum

I read once that the shark hasn’t evolved in tens of millions of years. At some point, it reached perfection in its swimming and eating skills, so it had no need to change. On July 4 th, we had for dinner hot dogs with sauerkraut, French fried potatoes, Heinz Vegetarian Baked Beans and the usual condiments. That morning I had a bowl of Rice Krispies with a cut-up peach.

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In the blogs: While we’re on the subject…

Accounting Today

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How to Build a Culture of Precision

Intuitive Accountant

Turning data into actionable insights requires a technological solution that can provide a single source of truth. Jedox CEO Florian Winterstein explains.

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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.