Thu.May 12, 2022

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Tips To Stay Current on Your Bookkeeping

AccountingDepartment

You load up your Quickbooks file. It's back in January? But that was six months ago! Running a business takes a lot of time. It's easy to fall behind on things like bookkeeping. It's much worse if you're also falling behind on things like vendor payments and tax filings.

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5 Crucial Pieces of Your Sales Tax Compliance Filing Process

TaxConnex

Once you’ve determined your requirement to collect and remit sales tax, you’ve set-up a process to charge sales tax, and you have registered with each required state, you need to consider how you will manage the return filing process. Many automated solutions claim they manage this process for you, but when reading through these important aspects, you may realize you’re the one left still managing the heavy lifting and each one is very important to ensure accurate and on-time filings.

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Senate bill would deny tax breaks to cos. operating in Russia

Accounting Today

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What triggers a sales tax audit and how do you reduce the risks?

ThomsonReuters

What triggers a sales tax audit and how do you reduce the risk of an audit? Almost all companies undergo a sales tax audit at some point. It is not only time-consuming, but also takes lots of resources as the process can take from a few weeks to several months. This sales tax audit guide can help indirect tax teams avoid common audit triggers and manage the sales tax audit as smoothly as possible.

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The 5 Types of Hourly Workers: An HR Guide to Recruiting and Retention

All hourly workers want similar things, but when it comes to recruiting & retention, it helps to understand personal motivations. Download Paycor’s guide to learn how to find & keep the 5 types of hourly workers.

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Withum Welcomes Megan Budd

Withum

Withum is excited to welcome Megan Budd to the Firm’s Cannabis Sector Services Team as an Audit Principal. With over 16 years of experience, Megan’s industry expertise includes healthcare, not-for-profit and employee benefit plans, in addition to her specialty in the Cannabis sector. She will grow the Firm’s presence in the industry in the New England region, complementing the efforts of Withum’s Providence, RI office.

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9 Strategies to Find Rock Star Talent

Ryan Lazanis

Finding a rock star talent is one of the biggest challenges of being a business owner. Curious to know how and where to find them? In this podcast episode, I’ve shared my 9 best strategies so you can hire the right team member for your firm. Listen below. 0:46 – My first strategy is to leverage my existing team by asking them first if they know anyone for the new role. 1:28 – The second strategy is to create LinkedIn and Indeed job postings. 1:46 – The third strategy is to sea

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6 Rules of Audit Room Etiquette

Going Concern

As workers return to the office, many auditors find themselves visiting client sites for the first time. Given the two-year in-person hiatus we’ve all just been through , even first-year seniors don’t know how to approach audit room protocols. So h ere are some key rules you should follow in the audit room whenever you do go back : Rule #1: Answer personal calls AFTER you are all the way out of the room.

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Learners and employers call for more innovative accounting education

Accounting Today

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Managing Company Culture in a Hybrid World

GrowthForceBlog

7 min read. When the pandemic hit, we went from a world of emotional connection to a world of disconnection in an instant, and as a result, the question that has been on the mind of every CEO over the last two years has been: How do you maintain your workplace culture in a hybrid world?

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How to break down barriers for women in the male-dominated accounting industry

Accounting Today

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8 Sins of a Manual Reconciliation

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

Business operations are getting increasingly complex, shareholders are demanding more, and your auditors are breathing down your neck like never before. In this high-pressure environment, it’s important to remember that reconciliation activity is your last line of defense against financial fraud and errors. Insisting on a manual process to handle month-end reconciliations is a risky endeavor that places an undue burden on your accounting team.

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Where opportunity lies for startup success

Xero

Turning a business idea into reality is one of the most rewarding things an entrepreneur can do. Whether it’s winning new customers, making your first hire or closing a fundraising round, there are countless milestones to look forward to along the startup journey. But, of course, it’s not without its challenges. Which is why it’s a good idea to learn from those who’ve paved the way, like Pauline Fetaui.

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White House ties Republicans to a tax-hike plan disowned by GOP

Accounting Today

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Time to Transition from Internet Explorer 11 to Microsoft Edge

Intuitive Accountant

The desktop application will be retired in certain versions of Windows 10 on June 15, 2022. See why Microsoft is recommending why you should do a self-transition before then.

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Tax Fraud Blotter: Lions and tigers and jail, oh my!

Accounting Today

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Unleashing AI in Recruitment: The Ultimate Guide

Discover the power of AI in recruitment with Paycor’s complete guide. Learn how to streamline your hiring process, increase interview pipeline, uncover candidates other tools miss, and save time. Get ready to revolutionize your talent acquisition strategy today!

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Future Market Insights Report

Intuitive Accountant

With nearly 7% CAGR, the enterprise accounting software market is expected to deliver a number of opportunities, according to an ESOMAR-certified report. See what the future holds.

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U.S. budget deficit shrinks $1.6T on record tax surge

Accounting Today

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Hoops for Hope Raises $17,000 for Lydia’s House

Anders CPA

The 34th annual Hoops for Hope tournament attracted 639 colleagues, clients and friends of the firm to support the 2022 Anders Charity of Choice, Lydia’s House. Karen Kirk and Ellie Moore of Lydia’s House joined Anders for a celebration lunch where a check for $17,000 was presented, the largest donation through Hoops for Hope yet. ABOUT HOOPS FOR HOPE.

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IPSASB plans sustainability reporting standard for public sector

Accounting Today

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Navigating Financial Storms: Strategies for Building Resilient Balance Sheets

Speaker: Carolina Aponte - Owner and CEO, Caja Holdings LLC

In today's rapidly changing business environment, building a resilient balance sheet is crucial to the survival of any business. A resilient balance sheet allows a company to withstand financial shocks and adapt to changing market conditions. To achieve this, companies need to focus on key strategies such as maintaining adequate liquidity, managing debt levels, diversifying revenue streams, and prioritizing profitability over growth.

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Citrin Cooperman Got Sent to Their Room By the PCAOB For Broker-Dealer Audit Screw-Ups

Going Concern

After doing a quick Google search, it looks like the PCAOB hasn’t punished a public accounting firm for failures in its audits of brokers and dealers since 2016. But top 25 firm Citrin Cooperman broke that drought yesterday after being fined $200,000 by a disappointed PCAOB for violating standards related to broker-dealer audits. And three Citrin Cooperman partners were fined a total of $55,000 for their roles in the firm’s subpar auditing.

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DMJ & Co. and Johnson Price Sprinkle merge to form DMJPS

Accounting Today

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KPMG UK Somehow Won’t Be Getting a Record Fine From the Financial Reporting Council For Carillion Mess

Going Concern

I’m not a betting man, and that’s a good thing because, while not official yet, I would have bet my house on KPMG UK being fined more than £15 million for the whole Carillion audit fiasco. The Financial Times reported this afternoon: KPMG is set to be hit with its biggest-ever fine in the UK after a tribunal found that its auditors deliberately misled regulators during routine inspections of its work.

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Canopy Named Top Performer in Accounting Practice Management Software

Canopy Accounting

Customers speak louder than companies, right? That’s why we’re happy our customers have voted us to win multiple Spring 2022 Capterra awards for our practice management software. We’ve always thought highly of our product, but it’s always nice to hear it from someone else. Check out what we won for below!

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Chit Chat: Elevating the Month-End Close Process Through Automation – Lancaster Leaf

Speaker: Raul Perez, VP and CFO of Lancaster Leaf

Lancaster Leaf Tobacco Co Inc. is a subsidiary of Universal Corporation, the leading global leaf tobacco supplier. Lancaster Leaf supplies virtually all the major cigar manufacturers in the U.S. with filler, binder, and wrapper, and exports filler, binder, and wrapper to international cigar manufacturers. This all could mean a complicated month-end close - before automation.

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Should I Use Cash or Accrual Accounting? Your Answer Awaits…

Patriot Software

When it comes to running a business, you take on the role of decision-maker. And, one of your biggest decisions is if you should use cash or accrual accounting. What’s the difference? How in the world does accrual or cash accounting impact your books? We’re gonna break it all down for you. Your accounting software […] READ MORE.

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The underclaimed tax relief to consider as part of new investment in brownfield sites

Menzies

Menzies LLP - A leading chartered accountancy firm. The Government’s decision to subsidise the development of 1,500 hectares of brownfield land for the creation of 160,000 new homes provides developers with increased motivation to examine the opportunities available in undertaking projects of this nature. Along with the grant funding available on application, the existence of land remediation relief, which is based on 150 per cent of qualifying expenditure and in turn allows developers to furthe

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When Can a 401(k) Plan That Uses a Pre-Approved Plan Document Be Submitted for a Determination Letter?

ThomsonReuters

QUESTION: I have been asked to make sure that our 401(k) plan is ready for a possible sale of the company. I understand that buyers typically ask for a determination letter to help assure that a plan is qualified, so I’m thinking we should get one. But I’ve heard that determination letters aren’t always available. When can a 401(k) plan be submitted for a determination letter?

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COSTS IN THE H&L SECTOR, WHAT’S THE IMPACT OF THE VAT INCREASE?

Menzies

Menzies LLP - A leading chartered accountancy firm. The recent reinstatement of a 20% VAT rate is likely to cause severe financial difficulty for many hospitality and leisure (H&L) businesses at a time when costs are rising and many enterprises are still recovering from COVID lockdowns and restrictions. To stay afloat, they must carefully manage expenditures and keep a tight eye on cash flow.

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Putting the ‘Tech’ in Spend Management Techniques

Speaker: Wayne Spivak, President and CFO of SBA * Consulting Ltd., Industry Writer, Public Speaker

If you’re lost in the world of spend management needs and your GAP analysis is lacking perspective on the future state of your business performance, listen up! With the advancement of technology, the implementation of spend management best practices and concrete GAP analyses is more streamlined and accessible than ever before. And while this may sound like great news for you and your clients, it won’t be worthwhile unless you have the latest techniques to back up your ambitions!

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Court Declines to Enforce Plan-Imposed Limitations Periods Not Disclosed in Benefit Denial Notices

ThomsonReuters

E.F. v. United HealthCare Ins. Co., 2022 WL 957200 (D. Utah 2022); Anne A. v. United HealthCare Ins. Co., 2022 WL 957199 (D. Utah 2022). E.F. Anne A. In two nearly identical rulings, a federal trial court has concluded that plan-imposed deadlines for filing lawsuits did not apply because they were not set forth in final denial letters to the participants.

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Building Bridges

Intuitive Accountant

With Hispanic-owned small businesses one of the fastest-growing demographics in the US, Xero's Jackie Velez explains why that growth must be supported.

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CMS Updates Online Toolkit With Listing of COVID-19 Vaccines That Must Be Covered Without Cost-Sharing

ThomsonReuters

CMS Toolkit on COVID-19 Vaccine: Health Insurance Issuers and Medicare Advantage Plans (Apr. 6, 2022). Available at [link]. CMS has updated its COVID-19 vaccine toolkit to describe the COVID-19 vaccines and boosters currently authorized or approved by the Food and Drug Administration (FDA). Non-grandfathered group health plans must cover without cost-sharing any vaccine authorized under an Emergency Use Authorization (EUA) or approved under a Biologics License Application (BLA) by the FDA immed

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Prepping the Next Generation

Intuitive Accountant

Paystub Now's Vladyslav Kushneryk offers four ways you can optimize your finances for recent graduates.

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Live Demo: Bring Magic to Your Month-End Close

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

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing, almost like magic! We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process au