Wed.Mar 01, 2023

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4 Big Things to Expect in the Finance World in 2023

IgniteSpot

From banking to accounting services , technology continues to transform and streamline operations throughout the financial industry. Whether you’re looking for virtual outsourced CFO services or software that can scale with your business, there’s a tech to meet your needs.

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The importance of Documenting Your Sales Tax Compliance Process

TaxConnex

Sales tax compliance is riddled with risk. Failure to comply with the applicable sales tax rules can have a devastating effect on a business, but they’re often overlooked because they’re considered “pass-through” as the business is responsible for collecting the applicable taxes which pass through the business and are subsequently turned over or paid to the states.

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Tax Levies, Liens, and How a Professional Can Help: A Comprehensive FAQ

MyIRSRelief

Fresh start – tax forgiveness program – as advertised on radio, TV, internet Taxation can be a complicated and stressful matter, particularly when it comes to tax levies and liens. If you are facing a tax issue, it is important to understand your rights and how to navigate the complex tax system. In this comprehensive FAQ, we will explore the ins and outs of tax levies and liens, and how Mike Habib, EA a tax relief professional can help you resolve your tax issues.

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How to File a Deceased Person’s Final Income Tax Return

CPA Practice

By Joy Taylor, Kiplinger Consumer News Service (TNS) Benjamin Franklin coined the famous saying that “in this world, nothing is certain but death and taxes.” But what about when death and taxes coincide, such as when someone dies during the year and has a tax filing obligation? Unfortunately, when someone is deceased, the decedent’s personal representative is generally required to file any final tax returns for the deceased person.

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New DOL Final Overtime Rules: Quickstart Guide for Employers

There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.

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Armanino’s Former Crypto Team Has Left and Formed Their Own Shop, Allegedly

Going Concern

Having happily offered services to crypto clients since 2014, Armanino very nearly marked ten years in the crypto space until the catastrophic collapse of crypto exchange FTX in November 2022 forced them to part ways with crypto clients seeking assurance, FTX being one of them. As a reminder, here’s what happened in December : Armanino is ending its crypto audit practice and dropping clients, two sources familiar with the matter say.

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Another FTX Executive Pleads Guilty in Billion-Dollar Fraud Case

CPA Practice

By Molly Crane-Newman, New York Daily News (TNS) The former head of engineering at Sam Bankman-Fried’s bankrupt cryptocurrency trading firm FTX owned up to fraud charges on Tuesday, federal prosecutors said. Nishad Singh, 27, pleaded guilty in Manhattan Federal Court to wire fraud, conspiracy to commit commodities fraud, conspiracy to commit money laundering, conspiracy to make unlawful political contributions and defraud the Federal Election Commission, and other related charges.

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Average Tax Refund is Down 11% From Last Year, IRS Says

CPA Practice

By Leada Gore, al.com (TNS) The end of pandemic-era stimulus programs is having an impact on tax refunds. IRS statistics for the week ending Feb. 17 show the average tax refund is $3,140, down 11.2%, or $396, from last year. The decline is in keeping with previous IRS alerts that said people could see “significantly smaller refunds,” this year. “Refunds may be smaller in 2023.

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The Accountant Shortage Has Finally Been Figured Out. You’re Not Underpaid, You’re Bored!

Going Concern

Another day, another article purporting to offer the solution to the precipitous drop in accounting talent over the past several years that doesn’t involve paying people more. “Young people” have been blamed for talent shortages long before an actual shortage existed, what with all their job-hopping and demanding employers accept that they have a life outside of work.

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Xero launches Irish VAT3 returns and SEPA payments solutions with Parolla Plugins

Xero

I’m delighted to announce that Xero has partnered with Parolla , to offer Xero accounting and bookkeeping partners and small business customers a free VAT solution, enabling you to easily prepare and generate revenue-compliant VAT3 returns for direct upload to Revenue Online Services (ROS). Introducing the EMEA Xero team I’m Ayman, Head of EMEA (Europe, Middle East and Africa) and I want to personally introduce myself and my team to let you know we are committed to you and all our customers and

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IRS Criminal Investigation is Asking Taxpayers to Slam the Next Scam

CPA Practice

Next week is National Consumer Protection Week, and the IRS Criminal Investigation unit will spend it informing taxpayers on some of the most prevalent frauds, scams, and other threats that occur during tax season. During National Consumer Protection Week, from March 5 to 11, IRS-CI will share information on its Twitter account on different tax scams and how the public can report these scams to authorities.

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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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Xero Names Diya Jolly New Chief Product Officer

Insightful Accountant

The former Chief Product Officer at Okta is replacing Anna Curzon, who is taking a sabbatical due to personal and family health reasons.

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What Accounting System Is Best for My Service Business?

GrowthForceBlog

8 min read Automating processes in business is one of the simplest ways to save time, money, and other resources across departments. In your back office, there are countless software systems and advanced tools that you can implement to automate back-office processes such as data collection, data categorization, reporting, expense tracking, time tracking, and more.

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Sage Intacct Updates

Insightful Accountant

Sage Intacct has recently announced 2023 Release 1, which includes enhancements ranging from simplifying and automating bill processing to increasing visibility, and adding functionality in various global regions.

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Colorado Paid Sick Leave: Must-know FAQs and Facts

Patriot Software

A number of states have hopped on the paid sick leave bandwagon. One of the newest states to do so is Colorado. In addition to regular sick leave, the state also offers public health emergency leave for time off due to COVID.

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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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AICPA News – March 2023

CPA Practice

AICPA News is a roundup of recent announcements from the American Institute of CPAs. AICPA sends 2023 Compendium of Tax Proposals to Capitol Hill The American Institute of CPAs (AICPA) has sent to members of the House Ways and Means Committee and Senate Finance Committee its 2023 Compendium of Tax Legislative Proposals – Simplification and Technical Proposals , which outlines AICPA’s positions on a number of legislative proposals that are directly related to changes to the tax rules and can b

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ESG: Where Do I Start?

Cherry Bekaert

Stay Connected Following a previous Risk In Review podcast episode on Sustainability in Business and the Future of ESG , Neal Beggan , Leader of the Firm’s Risk Advisory practice, and Ved Gupta , our Risk Advisory guest, outline considerations if you are starting the corporate sustainability journey and establishing a long-term ESG program. Together they identify where to start in the ESG program, define its purpose, explain the components of a well-designed ESG program and finally highlight

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How to Self-Check Your Tax Return

Withum

Most people that prepare their own returns need someone to review it for errors or omissions. Here is a step-by-step technique you could follow. Tax Comparison Schedule When your tax return is completed, you should review the tax comparison schedule your software provides for differences. Look at every line and compare this year’s amounts with last year’s.

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Dext survey reveals 39% of accountants spend over half of their day on manual tasks

Accounting Insight

Nearly two fifths (39%) of accountants spend over half of their day on manual tasks, but nearly a third (30%) of respondents don’t have the tools to automate processes. That’s according to new data from cloud pre-accounting platform Dext , which surveyed 300 accountants in the UK to discover how efficient accounting processes are today. With so much admin to tackle, 43% of respondents feel that technology and software would make being an accountant easier.

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

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

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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Pass Credit Card Fees to Clients with Surcharging on Canopy Payments | Canopy

Canopy Accounting

What's New: Canopy customers* now have the ability to enable surcharging for credit card fees in most states**. Surcharging allows a firm to provide their clients with the convenience of paying for services with a credit card without a firm having to take on the financial burden of associated credit card fees.

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How I Work With Business Coaches to Shortcut My Results

Ryan Lazanis

How can coaches help business owners in achieving success more quickly and avoid mistakes? In this episode, I will provide advice on how coaching helped me significantly improve my business with business coaches. Listen Below. 0:48 – Coaching has significantly improved my business, so I’m sharing insights/tips in case you decide to hire a coach. 01:25 – One of the students shared a TED talk entitled “The Most Successful Person in the World” by Jeff Haden , on findin

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Managing Partner Mike Baker Appointed Chair to Allinial Global 2023 Americas Board of Directors

Dent Moses

Dent Moses is pleased to announce that Mike Baker has been appointed to serve as Chair of Allinial Global’s 2023 America Board of Directors. Allinial Global is an award-winning association of legally independent accounting and consulting firms whose members collaborate to bring their clients best-in-class solutions. “As a member of Allinial Global, Dent Moses gains access to the expertise, resources, and advice of over 256 fellow firms in 99 countries worldwide, allowing us to offer our clients

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Future of Accounting: 5 Ways to Innovate in 2023

Canopy Accounting

We live in a time where the "best" accounting practices change daily. Keeping track of all the changes in the industry between updates and tech can be overwhelming. Today, most accountants feel that traditional accounting isn't enough to remain competitive. Now, getting accounting leads and finding ways to stay ahead of everyone else is critical to remaining relevant.

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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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IRS Still Behind – National Taxpayer Advocate Report to Congress

Dent Moses

National Taxpayer Advocate Erin Collins released her annual report to Congress in December. While the report’s tone touts progress, there are still significant issues and delays. Among the data released: As of mid-December 2022, there was a backlog of 1 million originally filed individual returns, 1.5 million originally filed business returns, and 1.5 million amended returns.

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Section 195: What Every Founder Should Know About Startup Expenses

Shay CPA

Getting a business off the ground requires capital. As they say, you need to spend money to make money. But Section 195 of the Internal Revenue Code (IRC) brings some good news. Once you launch your startup, you may be able to recoup some of those costs in the form of tax advantages. Like most of the IRC, this Section comes with some pretty complex specifications and requirements.

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March 2023 Summit CPA Employee Spotlight: Mikala Powell

Summit CPA

As 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 while working remotely with (and for) our customers, and we couldn't do any of it without our amazing team.

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5 Quick And Easy Ways to Promote Your Business Using Video Marketing

Snyder

There’s no denying that video marketing is a smart way to promote business. Professionals are showing increasing interest in incorporating video into their online strategies, and this surge offers promising opportunities for online businesses that can leverage the surging popularity of the whole-video marketing sphere. Video marketing is a powerful way to promote your business, especially if you’re new to it.

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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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Why QuickBooks Online is Good with Lockstep Inbox

Lockstep

If you’re an accountant, then you know that QuickBooks Online a popular accounting and financial software. But what you might not know is that QuickBooks Online works even better when you use it with Lockstep Inbox. Here’s why: Lockstep Inbox is the only shared inbox designed for accounting. Seamlessly connected into QuickBooks Online and Outlook, Inbox creates efficiencies and improves accounting activity workflows.

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AICPA Proposes IRS FAQs Pertaining to 2022 Form 1040 Digital Asset Question

CPA Practice

T he American Institute of CPAs (AICPA) has submitted a letter to the Department of the Treasury and the Internal Revenue Service (IRS) proposing Frequently Asked Questions (FAQs) and suggested answers to assist taxpayers in responding to the new digital asset question on the 2022 Form 1040 and instructions and for the 2023 Form 1040 instructions to be modified.

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Cash Flow Management and Forecasting for Surveyors

Menzies

Menzies LLP - A leading chartered accountancy firm. This period of high inflation, ever-increasing costs and future uncertainty is showing how essential it is for businesses to manage their cash. Whilst it is challenging to forecast what is going to happen with costs going forward, attempts to forecast incomings and outgoings are vital to ensure an unmanageable deficit does not creep up on businesses.

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Professionals on the Move – March 2023

CPA Practice

Professionals on the move is a summary of recent promotions and staffing announcements from around the accounting space. Centri Names Christopher Mora as Chief Revenue Officer Centri Business Consulting, LLC , one of the industry’s fastest-growing and most respected accounting and advisory firms, is excited to announce Christopher Mora, CPA, has been appointed to the position of Chief Revenue Officer (CRO).

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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.