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Menzies LLP - A leading chartered accountancy firm. Many businesses are making preparations for a big cash squeeze in 2023 due to several factors. These include the new political landscape, rising inflation, a cost-of-living crisis and increasing pressure from HMRC for payments. This could result in a new high level of demand for credit management services, so how will the industry prosper and could fortune favour the bold?
Are you still getting value from the expense management or bill payment software you purchased a few years ago? Do your users actually use the software? Do they find it intuitive, pleasant to use, and efficient? Is your original business case holding up in this new era of high interest rates and a competitive labor market? If your answer is no to any or all of these questions, I have some very good news for you.
It wasn’t that long ago that you needed to take out a credit card and enter the number every time you wanted to pay for something online. Today, you can instantly complete purchases in a few clicks, like Amazon’s ‘buy now’ express button. This is an early example of embedded finance — one of the top fintech trends that is changing the way people use and move money.
The Internal Revenue Service says that nearly 1.5 million people across the nation (state-by-state list below) have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return. The IRS estimates almost $1.5 billion in refunds remain unclaimed because people haven’t filed their 2019 tax returns yet. The average median refund is $893 for this year, and the IRS has done a special state-by-state calculation to show how many people are potentially eligible for these ref
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
We knew this was coming. Bloomberg has reported that Silicon Valley Bank auditors KPMG have been sued — along with underwriters Goldman Sachs, Bank of America, and Morgan Stanley — after SVB’s spectacular collapse on March 10. KPMG audited the bank for nearly 30 years. Similar to previous suits, a complaint filed Friday in the federal court in San Francisco names Silicon Valley Bank Chief Executive Officer Greg Becker and other bank directors and officers as defendants.
By Eric L. Green, LL.M. What was your initial reaction when you first heard that the IRS was getting $80 billion dollars as part of the Inflation Reduction Act? Fear for your clients who may be in the crosshairs? Relief that maybe your job as a tax and accounting professional might get marginally easier with added agents available to respond to your calls and responses on behalf of your clients?
In this day and age, people pull up stakes more frequently than they did in the past, often staying just a year or two in one place. This may change the manner in which you claim the giant home sale exclusion. Depending on the circumstances, it may be better to bypass the exclusion on a current sale and save it for the time when it will do you more tax good.
Ready to set your accounting firm apart from the rest? In today’s episode, learn how you can stand out from other accounting firms and charge more while providing added value to your clients. Listen below. 0:34 – In this episode, I discussed how labeling and monthly packages devalue accounting services and create competition among firms. 1:15 – Many accounting firms use a 3-tiered approach with Gold, Silver, and Bronze plans, but the issue lies in labeling services as a list of
One of your children may be struggling in this challenging economic environment. Or maybe they need money to buy a home or launch a new business venture. Possible solution: You might arrange a no-interest (or low-interest) loan to help your child out. What are the tax consequences?As long as you stay within the tax law boundaries, your family should be in the clear.
Capital budgeting involves analyzing, evaluating, and prioritizing investment decisions for large-scale projects that typically require significant capital from a business. This could include new office or warehouse space, fixed assets, or real estate. Capital budgeting provides businesses with a way to determine the best use of capital to increase the overall value of a business - a strategy that is useful to businesses of all sizes.
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
Technologists Randy Johnston and Brian Tankersley, CPA, CITP, CGMA discuss the recent CPA Practice Advisor Thought Leader Symposium , which brought together leading thought leaders in the profession. Click here to visit the podcast page.
Spotted this on r/CPA today , thought it worth sharing because Prometric closures are awful and can easily derail anyone’s CPA exam plan, especially the Type A among you who have never met a punch with which you feel safe to roll. So what’s going on? If you’re scheduled to test with Prometric, may the odds be ever in your favor. Soon to be ex-proctor here.
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
There is tax beauty to a qualified exchange of like-kind real estate under Section 10321 of the tax code. Essentially, you give up property and receive another one in return while owing zero or little capital gains tax. This has been a favorable tax-saving technique used by real estate investors for decades. “But didn’t the Tax Cuts and Jobs Act (TCJA) eliminate like-kind exchanges after 2017?
Today’s world has changed for local government organizations. Many departments are understaffed (and have been for a while!) and for that reason, minimizing the time on repetitive tasks will make space to be innovative and creative in the approach to their jobs, the marketplace, and your customers. You can start automating your department processes by.
By Clarisa Diaz, Quartz (via TNS). The releases of artificial intelligence tools like DALL-E and ChatGPT are part of a funding push for new technologies that really only gained steam in the last five years or so. From 2018 onwards, global corporate investment for AI increased rapidly, from $79.6 billion to an annual $276.1 billion by 2021, according to a new report (pdf) from Stanford University’s Institute for Human-Centered AI.
Fraudulent payroll runs are causing customers thousands of dollars and are on the rise. Unfortunately, small businesses, particularly tech companies, are often the targets of payroll theft. We know that for most of our clients, runway is tight, and an incident like this can make or break some companies. However, an incident like this can be avoided or mitigated by enabling two-step verification for your payroll software, especially for admins and managers.
Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.
Last week, the IRS released a blueprint for the 10-year, $80 billion it was allocated under the Inflation Reduction Act. The spending plan includes goals and timetables covering areas such as operations support, enforcement, taxpayer services and IT modernization. “Based on what we see in the outlined plan, AICPA is encouraged that many of the spending areas line up with items AICPA has also requested, including increased customer service and the reduction of the backlog of returns,” said Peter
Menzies LLP - A leading chartered accountancy firm. Hospitality and leisure businesses deliver experiences and the quality of those experiences will depend on the talent, skills and enthusiasm of their people. Ideally those employees will represent the cultural diversity of the location, business environment and clientele they are serving. But many business, not just in H&L, are grappling with the issue of diversity and inclusion in their workforce, especially now the challenge of finding an
The Virtual CPA Success Show: Episode 78 Are you a leader within your business or do you manage a leadership team? In today’s marketplace of in-person, remote, and hybrid business, the ability to be agile within a leadership position is more important than ever. But what does it mean to be an agile leader? In this episode, Chuck Mollor, author of The Rise of the Agile Leader: Can You Make the Shift?
It’s a bit of a dog-eat-dog world for businesses these days. (Feel that sentiment in your bones?) Inflation is pervasive. Supply chain issues still have you jumping through hoops to get products. The hunt continues for good help… proving the adage. Covid-era debts now have to be repaid. Taxation is amping up. And there’s more where that came from. Keeping up with everything certainly takes its toll.
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
“As an accounting firm, you must figure out how to provide the best value for your clients and meet your deliverables without burning out your team.” – Kyle Walters, CFP, CPWA, CIMA. You do everything you can to please your clients, even if it causes chaos inside the firm. I remember years ago when we would customize every monthly financial statement to whatever format the client demanded.
Exempt organizations are increasingly diversifying their revenue sources in order to combat reduced charitable giving due to economic downturns. However, they must consider modifications and exclusions that determine whether revenue is treated as unrelated business taxable income (“UBTI”). Through proper planning, exempt organizations may be able to anticipate and mitigate the impact of UBTI on their bottom line and exempt status.
By Blake Oliver, CPA, and Chris Vanover, CPA. CPAs have always been passionate about numbers, using various metrics such as revenue, profit, headcount and realization to measure success. However, this focus on numerical indicators is contributing to the decline of the CPA profession itself. A talent shortage is affecting accounting firms across the demographic spectrum.
Suppose you’re in the midst of divorce proceedings and trying to divvy up assets in a reasonable manner. Some are easily divided, but others can cause more complications. For instance, how does one spouse gain access to the vested benefits in the other spouse’s 401(k) plan? In this case, a qualified domestic relations order, QDRO for short, may do the trick.
Before you can achieve success, you have to define it. Objectives and Key Results (OKRs) give you the framework to do just that. Paycor’s free guide includes a step-by-step process leaders can use to work toward – and achieve – their loftiest business goals.
By Dawn Moser Tax forms are notoriously confusing, and with such high stakes, important to get right. We all know the IRS is keen on collecting the right amount of income tax, but determining that amount can get tricky. Especially when one considers everything that counts as income. In addition to wages earned from a job or business, income can be obtained from side hustle sales, the selling of assets, resale of goods, investments, and more.
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