Fri.Feb 10, 2023

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What Partnerships Should Know About Schedule K-1 Before Filing Taxes

inDinero Tax Tips

If you’re starting a business partnership for the first time, you may be asking, What is a Schedule K-1 form for taxes? Also known informally as a K1 form, a Schedule K-1 is a federal tax document that the IRS requires of partnerships. Two or more partners use a Schedule K-1 to report their share of profits, losses, and dividends. Startup businesses often are not aware of their obligation to provide the K1 tax form to their partners.

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IRS: Taxpayers E-Filing Amended Returns Can Now Get Their Refunds Direct Deposited

CPA Practice

Anyone who electronically files an amended individual income tax return can for the first time select to have any resulting refund deposited into their bank account, the IRS said on Feb. 9. Up until now, taxpayers who filed Form 1040-X , Amended U.S. Individual Income Tax Return , with the IRS had to wait for a mailed paper refund check, adding an extra step onto the amended return process.

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Trending Sources

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BDO Will Audit EY Consulting, or Whatever That Business is Gonna Be Called

Going Concern

The Wall Street Journal has written a pretty detailed account of comments EY Global Chairman and CEO Carmine Di Sibio made to WSJ’s CFO Network Summit earlier this week, scroll down to skip past a bunch of words and watch the clip. Of note, the split vote is now expected to happen in April. “I do see potential [further] delays because the deal is complicated,” Di Sibio said.

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What Partnerships Should Know About Schedule K-1 Before Filing Taxes

inDinero Tax Tips

If you’re starting a business partnership for the first time, you may be asking, What is a Schedule K-1 form for taxes? Also known informally as a K1 form, a Schedule K-1 is a federal tax document that the IRS requires of partnerships. Two or more partners use a Schedule K-1 to report their share of profits, losses, and dividends. Startup businesses often are not aware of their obligation to provide the K1 tax form to their partners.

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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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Friday Footnotes: Florida Man’s Tax Problem; Accountants Are Walking Out; BDO Assures on Tether | 2.10.23

Going Concern

Talent As tax season approaches, accounting firms are short on staff [ Marketplace ] Oh hey! Planning ahead: How these employers will grow and retain talent this year [ Silicon Republic ] When it comes to engaging with talent, PwC recently launched its people value proposition, which aims to give employees flexibility with how they work and help them achieve better work-life balance.

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When Bankruptcy and Fraud Affect Your Crypto Portfolio: Considerations for Valuation and Tax

Withum

Considerations for Valuation Despite the uncertainty surrounding the value of tokens purchased from defunct crypto exchanges, like FTX, investment fund managers still need to mark their portfolios at fair value and issue financial statements to their investors. Whether these tokens are now worthless and should be written down to $0, if a discount should be applied, and how a discount would be supported have been questions on everyone’s mind since the collapse back in November.

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Florida Institute of CPAs Opens New HQ

CPA Practice

On February 8, the Florida Institute of Certified Public Accountants (FICPA) officially opened its new headquarters in the Park Building at 250 S. Orange Ave., in downtown Orlando. Orlando Mayor Buddy Dyer joined FICPA President & CEO Shelly Weir, Board Chair Julian Dozier, professional staff and volunteer leaders in a ceremonial ribbon cutting to mark the occasion.

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We Regret to Inform You That National Pizza Day Has Come and Gone

Going Concern

Just before midnight last night my phone reminded me that February 9 is National Pizza Day, an event celebrated year-round at accounting firms across the country. Why February 9? I’m not exactly sure, and Googling it only got me a bunch of weird AI-populated websites about the history of pizza. Did find this though : I’ve tagged this to Partners Corner to be sure the handful partners who read here will set a calendar reminder for 2024 so we never again miss this important day.

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What Partnerships Should Know About Schedule K-1 Before Filing Taxes

inDinero Tax Tips

If you’re starting a business partnership for the first time, you may be asking, What is a Schedule K-1 form for taxes? Also known informally as a K1 form, a Schedule K-1 is a federal tax document that the IRS requires of partnerships. Two or more partners use a Schedule K-1 to report their share of profits, losses, and dividends. Startup businesses often are not aware of their obligation to provide the K1 tax form to their partners.

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How to Prepare the T2125 if you are a Small or Self Employed Business Owner

Ronika Khanna CPA,CA

While being self employed comes with numerous benefits, there are also many challenges. One of the major ones is ensuring that you are aware of, and fulfill, your tax obligations on a timely basis. In the beginning these tax obligations can seem mystifying and somewhat overwhelming, but once you understand what needs to be done, the enigma surrounding the process dissipates and it tends to become routine.

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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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When Is Busy Season for Accountants, Plus 5 Tips on Surviving

Patriot Software

Late nights, long hours, and lots of coffee. Sound familiar? If you’re an accounting professional, this may happen to you throughout the year. But, there are a few times in particular when the work days get longer. Cue busy season. So, when is busy season for accountants?

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The Technology Lab Podcast – How LEO Satellites are Good for Business – Feb. 2023

CPA Practice

Technologists Randy Johnston and Brian Tankersley, CPA, CITP, CGMA discuss how “low Earth orbit satellites” can provide greater internet connectivity for accountants, firms, remote staff, and others who frequently travel. Click here to visit the podcast page.

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Case Study: New Scalable Data Solution Powered by Microsoft Azure Data Factory Saves Not-For-Profit 95% in Maintenance Costs

Withum

Learn how a not-for-profit education company avoided massive challenges by using Microsoft Azure Data Factory and reduced their data pipeline cost by 95%. Download a PDF of this case study. Executive Summary A child- and education-focused not-for-profit supporting underserved populations needed help with their legacy data pipeline process that was suddenly out of budget.

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Aggregation of marginal gains – It’s all about the percentage improvements

Menzies

Menzies LLP - A leading chartered accountancy firm. Phil Wright – Director Ever heard of the ‘aggregation of marginal gains’? This approach has been widely written about in the world of sport, but did you know that it can also applied to the world of business. The aggregation of marginal gains – aka the 1% rule The theory is that by making small increases or changes to one, two or even three key areas in a business the positive impact on a company’s profit and loss account can be sub

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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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The U.S. and Global Economic Manufacturing Outlook for 2023

Cherry Bekaert

Manufacturing activity has slowed materially over the past year, especially as the global economy has weakened. Yet, there are pockets of resilience in the sector, and the U.S. has remained more resilient than many of our trading partners. This session focuses on the U.S. and global manufacturing outlook for 2023. Learn more about Cherry Bekaert’s offerings for Industrial Manufacturing companies.

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How To Protect Yourself And Your Construction Business From Fraud

Randal DeHart

Unfortunately, fraudsters are out there. They want your money and identity, and they're getting more sophisticated. There's a wealth of opportunity for swindlers to take advantage of people because so much of what we do is now online. There are ways for you to protect yourself, both by taking action and being aware of what's going on. While they might get less information from a small business, thieves will easily access it.

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2023 Legislative Landscape: Expanding Opportunities for Manufacturers

Cherry Bekaert

With the passing of two landmark legislative pieces, the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act and the Inflation Reduction Act (IRA), industrial businesses are presented with significant new opportunities. In this session, we examine the post-election landscape and assess the tax legislative environment, the year-end omnibus legislation, and expectations for the first quarter of 2023 as the 118th Congress comes into session with a new majority in the House.

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Small Business Return Policy: How Return and Refund Process Can Be Good for Businesses

Snyder

In the current e-commerce climate, having a return and refund policy has become a necessity rather than a nice-to-have feature. However, such policies don’t mean losses for small businesses. Quite the opposite, they can help increase the number of returning customers and bring more profit in the long run. In this article, we’ll explore the reasons behind customer returns and the benefits of a small business return policy.

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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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Maximize the Supply Chain Revolution

Cherry Bekaert

With disruption serving as the only constant for supply chain leaders, industrial businesses must adapt to a growing list of challenges including global supply chain delays, geopolitical complications, workforce shortages and shifting demand patterns. Watch our webinar as we unlock new opportunities to proactively manage current supply chain disruptions and also craft a strategy to navigate future disruptions.

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Taxpayer Advocate Rips IRS for Delay in California Tax Issue Ruling

CPA Practice

By Jon Healey, Los Angeles Times (TNS) Accountants across California have been grumbling for weeks about the IRS’s refusal to clarify a key issue for state taxpayers: whether they’ll have to pay federal taxes on the state’s Middle Class Tax Refund. On Thursday, the IRS’s in-house taxpayer advocate service added its voice to the complaints. In a blog post , the National Taxpayer Advocate blasted the agency for urging taxpayers in California and more than a dozen other states to hold off filing

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Maximize the Supply Chain Revolution Panel Discussion

Cherry Bekaert

In the continuation of the prior session, we take a deep dive into a case study detailing a mid-market US manufacturer’s efforts to improve sustainability through capitalization of available incentives and benefits of the Inflation Reduction Act of 2022. We highlight how your business can accomplish the dual missions of reducing costs while also decreasing your carbon footprint.