Mon.May 23, 2022

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Tax Issues to Assess When Converting From a C to an S Corporation

RogerRossmeisl

Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may provide tax advantages over C corporations, there are some potentially costly tax issues that you should assess before making a decision to switch. Here’s a quick rundown of the most important issues to consider when converting from a C corporation to an S corporation: Built-in gains tax Although S corporations generally aren’t subject to tax, those

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The Growing Need for Cannabis Business Valuations

Withum

As the legalization at the state level continues to increase, the need for business valuation is increasing. The reasons for business valuations are varied and include the following: Transactional, which might include the acquisition of an existing business or the buy-in or buy-out of an ownership interest. Planning, which might include gifting and succession planning opportunities.

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Keep Cybercriminals from Stealing Your Business’s Brand

RogerRossmeisl

When criminals steal an individual’s identity, the victim can take steps to minimize potential damage by, for example, notifying credit agencies and freezing bank accounts. But what happens if a cybercrook steals a company’s identity and uses it to engage in fraud? This situation can be more complicated — and expensive — to resolve. Fraudsters who use your business’s digital assets for their benefit are known as brandjackers.

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What You Need to Know About IRS Form 8855 | Canopy

Canopy Accounting

Tax preparers who deal with estate taxes and trusts are no doubt familiar with IRS Form 8855, Election to Treat a Qualified Revocable Trust as Part of an Estate. Using this form can be advantageous for some clients, while the disadvantages may prompt you to take a different direction for other clients. An understanding of Form 8855 can help you advise your clients on what will best meet their needs.

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

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Issues to Consider After Your File Your Tax Return

RogerRossmeisl

The tax filing deadline for 2021 has passed. Now that your tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations: 1. You can throw some tax records away now You should hang onto tax records related to your return for as long as the IRS can audit your return or assess additional taxes.

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What does the Labor election win mean for your small business?

Reckon

Well, there we have it folks, the nation spoke on Saturday and it spoke in a clear and resonant voice. We not only saw a convincing Labor win, with the party forming a majority government, we also saw a sizeable shift away from traditionally held Liberal seats toward both ‘teal’ independents and the Greens. For the past nine years, Australia has been governed by the Liberal/National coalition.

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The growing case for green and ethical superannuation

Reckon

Understanding how and where your super is invested has become an increasingly pivotal concern for Australian super holders. But what does the increased interest in environmentally conscious and ethically sound superannuation mean for Australian business owners? We share what we know…. What is ethical super? Great question. As the concept of ethical super is relatively new, no standard definition for ‘ethical super’ exists, but the implications are clear.

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Give young accountants what they want

Accounting Insight

Two years of the pandemic disrupted how we work. It consolidated our digital dependence and showed many organisations their employees can work from anywhere there’s an internet connection. Undoubtedly working life has changed, but sadly many accountancy practices are finding it difficult or reluctant how to evolve. As such, some younger accountants are looking to join more modern, forward-thinking firms.

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Pattern of Accelerated Wage Growth Continues

Intuitive Accountant

Our latest monthly Q&A Series with Paychex’s Frank Fiorille of the 'Paychex | IHS Markit Small Business Employment Watch' shows how wage gains are continuing for workers of US small businesses in April.

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Register for our Complimentary Webinar – Pro Forma – Projecting the Financial Future of Your Restaurant

KROST

Join us for our upcoming webinar Pro Forma – Projecting the Financial Future of Your Restaurant on Tuesday, June 21st at 10AM PST. During this session, industry expert, Derek Johnson, will discuss the current success rate of restaurants and the primary reasons they don’t succeed. In addition, we will review how proper planning and realistic model assumptions can help to establish an objective evaluation of your viability in the marketplace.

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Planning Your Restaurant's 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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Risky Business: Can Supply Chain Disruptions Justify the Employee Retention Credit?

Withum

Can a business qualify for the employee retention credit (ERC) if it experiences a supply chain disruption? Yes, but not without tying it to a governmental order that limits commerce, travel, or group meetings due to COVID-19. The broader supply chain issues stemming from the pandemic are not automatic qualifiers for the ERC. Taxpayers need to be careful about sweeping assertions of supply chain disruption because ERC claims are likely to receive significant IRS attention in the coming years.

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Connecting Timekeeping with Practice Management for Law Firms

KROST

Pasadena, CA. – KROST CPAs and Consultants, a tax, accounting, and consulting firm based out of Los Angeles, has launched KROST Business Intelligence (KBI) , offering dynamic insights into realization, staff utilization, project turnaround, and more. For law firms that want to reduce their timekeeping clutter and manage their practice more effectively.

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Real Estate Portfolio Emissions Considerations for Fund Managers  

Withum

Real estate is directly in the crosshairs of the war on climate change. The reasons why are very straightforward. Institutional asset owners are going net-zero, real estate is a significant source of Greenhouse Gas (GHG) emissions and net-zero is a fixed, definable target. Real estate investors commit to reducing their portfolio emissions in support of the Paris Agreement.

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Deloitte: Climate change will cost $178T by 2070

Accounting Today

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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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General Ledgers at Scaling New Heights (Part 2)

Intuitive Accountant

This is Murph's second round through the exhibit hall with his (virtual) take on the General Ledger sponsors appearing at this year's 'Scaling New Heights.

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A “Must Attend” For Firm Administrators

RitaKeller

“To know is to know that you know nothing. That is the meaning of true knowledge.” – Socrates. If you are a firm administrator and want to be a better one. If you have a firm administrator and want them to step up to the next level. If you don’t have a firm administrator but you want one. This is the conference for you. This conference is all about CPA firm management.

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Why a Digital Bank is Best for Your Small Business Clients

Intuitive Accountant

The needs of small business owners are constantly evolving, especially as many industries move faster and further into digital adoption. Banking services are following the same trend, and small business owners are beginning to realize the benefits.

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Finding Hidden Income and Assets With a Tax Return

FraudFiles

One of the most common financial documents reviewed in a divorce or child support case is the income tax return. Tax returns don’t seem all that exciting, and appear to just be a record of what was earned by a party. But a personal income tax return can be an excellent starting point for identifying hidden income and expenses. Certain income and expense items will be reported to the Internal Revenue Service, and therefore must be included on an individual’s tax return.

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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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Top 100 ProAdvisor of the Year Mariko Hayashi-Hall on the Power of Scaling

Intuitive Accountant

As we move closer toward a sense of normalcy, we asked some of our Top 100 ProAdvisors to reflect on the challenges they have seen over the last 18-plus months. Here’s more in our series on how some of them weathered the storm.

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Trust Registration Service – non-taxable trusts, don’t miss the 1 September deadline!

Menzies

Menzies LLP - A leading chartered accountancy firm. The Trust Registration Service (TRS) is a register of beneficial ownership of Trusts which was introduced in 2017. Initially, the TRS required Trusts with UK tax liabilities to register through this Service. Further regulations have since been introduced requiring certain UK non-taxable Trusts (and some non-UK Trusts) to register under the TRS by 1 September 2022.

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IRS sent over $800M in potentially improper recovery rebate payments

Accounting Today

Tax 120
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Taking stock of your supply chain

Menzies

Menzies LLP - A leading chartered accountancy firm. Shortages in supply chains have continued to generate challenges in businesses and for consumers. The Covid-19 pandemic forced production around the world to stop for periods of time as nations experienced lockdowns and businesses had to shut down. At the same time, there was disruption to shipping, meaning that even if goods could be produced, it was not always possible to get them to their intended destination.

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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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IRS changes guidance on child tax credits

Accounting Today

Tax 101
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The Great Resignation

Menzies

Menzies LLP - A leading chartered accountancy firm. The workforce is leaving. This in turn is putting pressure on businesses every single day, from those businesses who cannot employ enough delivery drivers to those that cannot find staff who want to train to be professionals, such as accountants and solicitors. The questions of course are: Why is it happening?

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The Frontier: Modern tools need modern mindsets

Accounting Today

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New York taxpayers were moving out even before COVID

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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Bourke: Tech is great, but don’t overestimate it

Accounting Today

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Tax Strategy: 2022 season postmortem

Accounting Today

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Art of Accounting: Getting paid sooner or later

Accounting Today

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