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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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Class Action Lawsuits Challenge Employers’ Military Leave Practices

ThomsonReuters

Baker v. United Parcel Serv. Inc., 2022 WL 987927 (E.D. Wash. 2022); Haley v. Delta Airlines, Inc., 2022 WL 950891 (N.D. Ga. 2022). Two federal courts have allowed class actions to proceed against employers under the Uniformed Services Employment and Reemployment Rights Act (USERRA). In Baker , an employer provided paid leave to employees taking jury duty, bereavement, or sick leave but did not provide similar paid leave for employees taking short-term leave to engage in USERRA qualified milita

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

Accounting Today

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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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Learners and employers call for more innovative accounting education

Accounting Today

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Getting Ready To Grow or Merge Up

RitaKeller

“Three things in human life are important: the first is to be kind; the second is to be kind; and the third is to be kind.” – Henry James. As I have for many years (decades?), I urge every CPA practitioner to get their house in order. That means having a solid foundation to build on. Acquirers don’t want to merge with a firm that is unorganized and/or dysfunctional.

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

Accounting Today

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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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Crypto investors are likely paying less than half the taxes they owe

Accounting Today

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

Accounting Today

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

Accounting Today

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IPSASB plans sustainability reporting standard for public sector

Accounting Today

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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.