Tue.Dec 05, 2023

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IRS Criminal Investigation unit is taking on more crypto tax cases

Accounting Today

The Internal Revenue Service crime unit that played a leading role in the Binance Holdings Ltd. probe is seeing a surge in cases involving crypto-related tax evasion.

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Does sales tax apply to memberships?

TaxConnex

Clubs and dues have been around for decades, but the rise of certain memberships – and the ability to sell them over the internet – have also raised the question of whether memberships incur sales tax. Ecommerce can involve many different types of memberships, often offering access to discounts or other benefits perceived as exclusive. Gym and fitness chains and warehouse retailers, for example, use the internet to sell memberships to their franchised businesses all over the country.

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How to create effective business expense reports.

Airbase

Business expense reports play a pivotal role in shaping the fiscal health and success of an enterprise. This blog explores the critical importance of these reports, delving into how they contribute to financial transparency, regulatory compliance, and the overall efficiency of business operations. As businesses navigate the complexities of modern finance, the role of expense reports is an integral component essential to informed decision-making and sustainable growth.

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Science Has Finally Explained Why Accountants Are Good With Numbers: Because They’re Cynical and Negative

Going Concern

This explains so much. Researchers at the University of Bath have found that excessive optimism is actually associated with lower cognitive skills such as verbal fluency, fluid reasoning, numerical reasoning, and memory. People with higher cognitive ability (aka smarties) tend to be both more realistic and pessimistic in their expectations about the future.

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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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10 Ugly Christmas Sweaters For Your Favorite Accountant | Canopy

Canopy Accounting

We’ve given you Halloween costume ideas and now you’ve come to us for another equally important fashion decision: an ugly Christmas sweater for any accountants in your life, including yourself. If your office is throwing a holiday work party (which, you totally should—it’s a great way to boost morale) then you’re going to need an outfit that will wow your colleagues and say “I’m an accountant, I’m festive, and I’m here to have fun!

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Year-end Done Well

Insightful Accountant

For accountants and their business clients, the goal this time of year is to end the year well and set a good foundation for the next. But year-end work is rarely simple, often messy, and certainly adds to the holiday hustle and bustle.

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More Trending

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Navigating the SBA 8(a) Business Development Program – Accounting Best Practices

Cherry Bekaert

In this episode of Cherry Bekaert’s GovCon Podcast series on the Small Business Administration’s (SBA) 8(a) Business Development Program, Brynn McNeil and Craig Hunter , assurance partners in Cherry Bekaert’s Government Contracting Industry practice, discuss accounting best practices for 8(a) companies. Listen to find out about: Setting up an accounting system to segregate costs Chart of Accounts Indirect rates Reporting functionality for: Contract revenue summary by contract Showing cumula

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App Aware: Accruer

Insightful Accountant

The Accruer App uniquely solves QuickBooks accruals and automates prepaid expenses, deferred revenues and fixed assets directly in QuickBooks Online.

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7 strategies for small and midsized practices to achieve success

Accounting Today

In the current business landscape, small- and medium-sized practices face an array of challenges, including operational complexities, competitive markets and ever-evolving regulations.

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A New Era in Time Management for 1099’s and Vendors

Insightful Accountant

Online time tracking software offers a multitude of advantages that can transform how accountants manage their vendors and contractors.

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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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Supreme Court case could upend Tax Code

Accounting Today

A case over repatriated earnings might open up the possibility of taxing unrealized gains.

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Variance Analysis Made Easy with NetSuite

AccountingDepartment

In the fast-paced world of business, understanding the reasons behind changes in financial data is crucial for making informed decisions. That's where variance analysis comes in. Also known as flux analysis, this powerful tool compares two sets of data, revealing the quantitative difference between them and shedding light on the underlying factors behind the change.

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Inside Windes' new Ovisto arm and the growing appeal of joining tax and wealth services

Accounting Today

The new wealth management business opens with help from Integrated Partners as more RIAs and accountants follow the trails blazed by many dual practitioners.

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What to Do With Your Stuff

Withum

The following was written by a friend, Allen Appel, and posted in his community publication. I found this very interesting and realistically true and it is posted here with his permission. I hope you enjoy it as much as I did. This is the fourth blog with Allen’s satires that are barely exaggerated. Stuff By Allen Appel Early man didn’t have a lot of stuff lying around his cave – maybe a spear, a flint knife to cut his meat, and possibly an extra loincloth in case his everyday one ne

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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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Supreme Court suggests support for 2017 tax on foreign earnings

Accounting Today

Key justices suggested the tax, which aimed to collect hundreds of billions of dollars on a one-time basis, wasn't fundamentally different from other levies imposed by Congress over the years.

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Layoff Watch ’23: EY Is Cutting Another 150 People in the UK

Going Concern

In April of this year, practically moments after the Project Everest split was deemed unfeasible due to infighting and too many loose ends, the King’s EY boldly warned staff to expect some cuts. After all, just thinking about Everest had cost the firm $500 million (or $600 million, depending who you ask and depending what wacky accounting the firm tries to do to minimize the failure’s impact on partner payouts ) and along with EY US, the UK arm was one of its loudest cheerleaders rig

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Faber reappointed to lead ISSB

Accounting Today

The International Financial Reporting Standards Foundation trustees reappointed Emmanuel Faber to serve a second term as chair of the International Sustainability Standards Board through the end of 2027.

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IRS Warns Taxpayers About Crypto ‘Pig Butchering’ Scams

CPA Practice

IRS Criminal Investigation special agents have seen an uptick in a specific type of scheme that couples cryptocurrency with romance, and they have a message for taxpayers: Don’t get butchered. The scam is known as “pig butchering”—flirtatious strangers use social media to lure unsuspecting romantic partners, who serve as the “pigs,” to invest in crypto trading platforms.

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Guide to Business Writing

Everything you need to know about better business writing in one place. This is a complete guide to business writing — from a clear business writing definition to tips on how to hone your business writing skills.

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Hydrogen industry raises alarm over leaked US tax credit rules

Accounting Today

The rules, which aren't finalized, include measures sought by environmentalists that would require hydrogen-production operations to be powered by wind, solar or other clean-power projects built within the last three years to qualify for a $3-per-kilogram credit.

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Employees vs. Independent Contractors – Combatting Worker Misclassification in California

KROST

In 2022, the California Employment Development Department (EDD) identified approximately 158,000 misclassified workers through audits and inspections. Since then, the EDD has continued to battle misclassification between employees and independent contractors, and employers can expect to see a spike in 1099 audits specifically. While there is no guidance to determine which businesses will be selected Read the full article.

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The top people in public accounting — 2023

Accounting Today

The most influential people in the field, as chosen by their peers.

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QSBS Exemption Explained: What Investors and C-Corp Executives Should Know

inDinero Accounting

The Qualified Small Business Exemption (QSBS exemption) can shield up to $10 million, and sometimes more, of stock appreciation from capital gains tax. The rules are complex but worth understanding; there are substantial tax savings to be had by claiming this rare exemption. C-Corp executives considering a primary stock offering can use them to incentivize investors to purchase a primary stock offering.

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Finding “The One:” The Ultimate Guide to Selecting Financial Software

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

As finance and accounting practitioners, you are expected to complete daily operations as well as to manage next generation tools and resources to support a business that is growing in complexity. Having the right software can be critical in juggling and meeting those high expectations. The path to the right software, however, is paved with challenging decisions.

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Small business pay and hiring slowed in November

Accounting Today

The pace of hourly earnings growth and hiring slowed down at small businesses, payroll processor Paychex reported.

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Don't Miss Day 2 of Future Forward - Today 12/6

Insightful Accountant

The second day of Future Forward is today. Gain a glimpse of what some of the most influential accounting professionals are saying will impact your practice as soon as next year. and yes, Murph will be presenting too.

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The Crypto Conundrum: Abandonment, Staking and Tax Regulations

Withum

The world of digital assets and cryptocurrency has seen tremendous growth and innovation over the past decade, leading to an array of financial opportunities and complexities. As the adoption of digital assets continues to surge, the IRS and other regulatory bodies have been measured to provide clarity on the taxation of these assets. Crypto Abandonment and Tax Implications One topic that has garnered significant attention is the concept of abandoning digital assets such as cryptocurrency and ho

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RECORDED WEBINAR: Financial Metrics for the Cannabis Industry

Anders CPA

Financial metrics are important for any business, but each industry has specific metrics they need to monitor. Which ones should cannabis businesses be on the lookout for? In this recorded Summit Virtual CFO by Anders webinar, you will discover how much cash a cannabis business should have in the bank, what a forecast is, why you need one, how metrics can serve as levers to increase profitability, and how to measure your pipeline.

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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.

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Deep Dive into ASU 2021-07: Private Company Practical Expedient Alternative for Equity Classified Awards

Withum

Accounting Standards Update 2021-07 Determining the Current Price of an Underlying Share for Equity-Classified Share-Based Awards was issued to address concerns raised by stakeholders about the cost and complexity of determining the fair value of equity classified share awards for private companies. The guidance provides nonpublic entities with a practical expedient alternative to use a reasonable application of a reasonable valuation method as the current share price input when determining the

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Great sales questions accountants can ask to win new clients

Mark Lee

Despite the title of this post I should first stress that it is rarely a good idea to come across as a salesperson when you are trying to promote your services. The best accountants know that they must first build rapport and confidence so that prospects like and trust them. Many a business coach or management consultant will use a structured approach to win clients who are already working with accountants.

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In the blogs: Complicating matters

Accounting Today

Abandoning crypto; Moore; why the deficit balloons; and other highlights from our favorite tax bloggers.

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Microsoft Task Management: The New Microsoft Planner App Experience

Withum

Microsoft announced some big changes coming to the Microsoft Planner App, which includes using Planner as the name for three existing Microsoft task management apps: To Do Planner Microsoft Project on the Web The new Planner will provide a single app that displays tasks from the three apps mentioned above. At least for now, you can continue to access each app through their current dedicated apps and through the browser.

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2024 Payroll Calendar Templates

These calendars provide pay period dates and paydays for biweekly, semi-monthly, and monthly payroll in 2024. Use them as a reminder or share with employees so they can celebrate payday.