Wed.Feb 15, 2023

article thumbnail

Tax Season 2023: Get Your Books Ready

Shay CPA

The start of a new year always feels fresh. You’re looking ahead and probably getting excited about everything your startup will accomplish in 2023. Don’t forget to look behind you, though. Even as you vision-cast for the year ahead, you need to wrap up the year behind you. Don’t shoot the messenger: it’s time to do your taxes. Yes, you technically have until April 18.

Tax 52
article thumbnail

How the New SECURE 2.0 Law May Affect Your Business

RogerRossmeisl

If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new law. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was recently signed into law. Provisions in the law will kick in over several years. SECURE 2.0 is meant to build on the original SECURE Act, which was signed into law in 2019.

CPA 214
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

IRS Makes Minor Changes to 2023 W-4 Form

CPA Practice

By Rachel Blakely-Gray. The new W-4 form for 2023 is now available. Unlike the big W-4 form shakeup of 2020, there aren’t significant changes to the new form. But that doesn’t mean you shouldn’t familiarize yourself with it. You may not file Form W-4 with the IRS, but your payroll depends on it. Employers use Form W-4 to determine how much to withhold from an employee’s gross wages for federal income tax.

article thumbnail

Grant Thornton Scores Coveted ‘Hot Garbage’ Audit

Going Concern

Earlier this month, short seller Hindenburg Research dropped a report called Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History (report here ) full of bullet points outlining the findings of Hindenburg’s two-year investigation into the Indian conglomerate. Among the various accusations: shoddy controls, nepotism, questionable shell company relations, and poor transparency (we’re being mild here).

audit 104
article thumbnail

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.

article thumbnail

New Guidance for IRS Solar Tax Credit Program for Low Income Communities

CPA Practice

The Department of the Treasury and the Internal Revenue Service have provided new guidance to establish a program to provide solar and wind power to certain low-income areas under the Inflation Reduction Act. Notice 2023-17 (.pdf) establishes the Low-Income Communities Bonus Credit Program and provides initial guidance for potential applicants for allocations of calendar year 2023 capacity limitation.

Tax 124
article thumbnail

Layoff Watch ’23: KPMG Let Some Advisory People Go Today

Going Concern

Article photo from a scathing review of KPMG’s metaverse space Alright folks, the moment we’ve been saying wasn’t going to happen to us now has: layoffs are here. Bet you feel dumb for saying firms won’t be laying anyone off because they don’t have enough people to lay off eh? I know I do. We’ve been informed that layoffs began today in KPMG’s advisory practice, less than 2% of the workforce has been axed.

More Trending

article thumbnail

What's New with Xero: February 2023

Insightful Accountant

Xero is continually updating and upgrading its accounting platform to provide an enhanced look and feel, improved accessibility and faster features. Here are some of its recent and in-progress enhancements.

Account 96
article thumbnail

Why you should have separate bookkeepers and tax accountants

Basis 365

A business requires accurate, clean books that are updated at least monthly. You have two options to achieve this goal: hire a professional or have a year-end accounting firm handle your bookkeeping. It's OK to ask an outsourced accountant for help with your daily books. Before we get into the reasons, let's first look at how the duties of accountants and bookkeepers differ.

article thumbnail

Five tech trends for small businesses to watch in 2023

Xero

Technology advancements are continuously reshaping not only the way we work, but fundamentally how we operate across nearly every industry. With new innovations unlocked almost daily — each with a unique promise to transform how we do business — how do busy small businesses and their advisors separate the fad from the fancy? We’ve been doing a lot of thinking about this recently, and it’s a priority for us this year to help demystify some of these trends and shine a light on those which could be

article thumbnail

Employee Withholding by State [+ Links to Employer Forms]

Patriot Software

As an employer, you have a million and one tasks to take care of. One of these oh-so-important responsibilities is withholding payroll taxes from employee wages. And, your job doesn’t stop there. You also need to fill out and remit certain withholding forms to your state. Get to know all about employee withholding by state.

article thumbnail

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.

article thumbnail

Five steps to a seamless payroll year end

Xero

It’s that time of year again. As summer winds to a close, the days will start getting shorter as the workload ramps up. For those working in payroll, that can only mean one thing: year end is approaching. There are four key changes in New Zealand payroll calculations for the new financial year: Adult minimum wage will increase to $22.70 per hour from 1 April 2023 The annual ACC earner levy rate is increasing from 1.46 percent to 1.53 percent The annual ACC earner levy threshold is increasing to

payroll 75
article thumbnail

Changes Coming to IRS Compliance Assurance Process Program

CPA Practice

The Internal Revenue Service has announced changes to the Bridge phase of the Compliance Assurance Process (CAP ) program. CAP is a cooperative pre-filing program for large corporate taxpayers. The CAP program began in 2005 as a way to resolve tax issues through open, cooperative and transparent interactions between the IRS and taxpayers before the filing of a return.

article thumbnail

How to Build a Data-Driven Culture in Your Organization

Cherry Bekaert

Stay Connected Digital transformation spans across people, process, technology and culture. Creating a data-driven culture starts at the very top, meaning that leaders must lead by example. Having reliable data and analytics in place is an essential part in enabling organizations to make smarter decisions and better business outcomes. In this episode of Cherry Bekaert’s Digital Journeys podcast series, Jim Holman , Director and Strategy & Operations Leader, and Dan Mitzenmacher , Managing

article thumbnail

Retail Imports Forecast to be Lowest in 3 Years

CPA Practice

Import cargo volume at the nation’s major container ports is expected to drop to nearly its lowest level since the beginning of the pandemic this month, according to the Global Port Tracker report by the National Retail Federation and Hackett Associates. “With the U.S. economy slowing and consumers worried by rising interest rates and still-high inflation, retailers are importing less merchandise,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said.

Retail 64
article thumbnail

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

article thumbnail

Navigating an Inflation and Recession

Withum

Navigating an inflation while the Federal Reserve is trying to cause a recession is confusing and could have harsh consequences. I will be presenting a webinar Thursday February 16 at Noon for the East Brunswick Public Library on what is happening and might happen and how to protect yourself and be prepared for either eventuality or anything in between.

article thumbnail

Retail Sales Increased in January

CPA Practice

Retail sales bounced back strongly in January as inflation eased and income grew, according to a new report from the National Retail Federation. “Despite inflationary headwinds, January retail sales show the resiliency of consumers in how they manage their budgets and make decisions on how, when and where to spend their hard-earned dollars,” NRF President and CEO Matthew Shay said.

Sales 59
article thumbnail

Property tax 101 [infographic]

ThomsonReuters

Helping clients navigate the complexities of property tax is important for accounting firms. Property taxes and tax rates, which vary greatly among states and localities, can be confusing and are a major area of tax exposure and risk. Firms can strengthen their role as a trusted advisor by helping clients effectively manage their property taxes and mitigate risk.

Tax 59
article thumbnail

Meet the ezCheckprinting Virtual Printer

Insightful Accountant

The check writer software and unique virtual printer update makes it easier for new users to start a test drive. See how.

71
article thumbnail

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.

article thumbnail

Break Down the Email Silo Without Losing Security and Control | Canopy

Canopy Accounting

What's New: Canopy already de-siloed email with the global inbox, sharing inboxes, and the communication tab. With privatizing emails, you get the perfect balance of breaking down the silo while still maintaining control. Privatizing allows you to mask the content of the email and the attachments, but the subject lines, dates, and recipients will still be viewable.

52
article thumbnail

The Most Impactful First 2 Steps to Freeing Up Time in Your Firm

Ryan Lazanis

Looking for ways to reduce workload while increasing your firm’s capacity? In this episode, I’ll discuss 2 steps you can take to strategically grow your business while reducing work hours and getting the most out of your capacity. Listen Below. 0:33 – The question I got from social media is relevant to a lot of firm owners: How can busy firm owners find time to work on improving their business and reaching their goals while running the firm?

Account 52
article thumbnail

Estimated Taxes and Withholding – What to Pay and When

Dent Moses

Federal and Alabama taxes are collected on a pay-as-you-go system, either through withholding or estimated taxes. Do You Need to Pay Estimates? If your income is mainly from wages and you always have a substantial balance due at tax time, increase withholding and pass on making estimates. Otherwise consider if the following applies to you: Self- employed individuals with who expect to owe more than $1,000 Individual with substantial investment income not covered by withholding such as rents, cap

Tax 52
article thumbnail

10 tips for changing retail accounting and reporting systems

Menzies

Menzies LLP - A leading chartered accountancy firm. Roberto Lobue – Partner & Retail Specialist As your retail and wholesale business grows there will become a point in time where you need to upgrade your retail accounting and reporting systems to improve your reporting capability and insight to enable you to make smarter business decisions.

Retail 52
article thumbnail

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.

article thumbnail

Anticipating First-Year Expenses When Opening a Skagit County Business

SkagitCountyTaxServices

It’s February and love is in the air. (So are taxes. And Super Bowls. And bad tax software commercials – but I’ll leave those for another day.) Flowers and chocolates showed up on desks and countertops this week with sweet little romantic notes. Restaurants set those sweetheart menus for their in-love diners. And if you’re one of the “lucky” ones with heart eyes for that special someone, you might have spent $200 (or more) on your significant other this year.

article thumbnail

Property tax 101

ThomsonReuters

U.S. property taxes, which help fund roads, schools, emergency medical services, and other services, are a vital source of revenue for state and local governments. Property tax rates vary greatly among states and localities and can have a major impact  on business investments and where people decide to live. Accountants who help clients effectively manage property taxes can further strengthen their role as a trusted advisor.

Tax 52
article thumbnail

5 Steps to Create a Development Plan

Summit CPA

Creating a development plan is intimidating as a business owner. In business, there is always the next step owners have in the back of their minds. Whether it’s a new operations strategy, doubling profits, improving leadership skills, or new service or product lines. There’s always a next step towards growth and a new set of skills to learn. That’s where a development plan can come in handy.

CPA 52
article thumbnail

State Pension Opportunity Deadline – Do Not Miss Out

Menzies

Menzies LLP - A leading chartered accountancy firm. There is an opportunity until 5 th April 2023 to maximise your state pension should you have missing National Insurance contributions. Filling in the missing gaps in your national insurance record potentially offers one of the best possible returns for your investment. The state pension is based on making national insurance contributions throughout your working life and you need 35 years of qualifying contributions to obtain the maximum state p

article thumbnail

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.

article thumbnail

Importance of Customer Retention in 2023

Lockstep

In today’s business environment, customer retention is more important than ever. As the pressure to grow revenue and acquire new customers intensifies, many organizations are losing sight of the importance of customer retention. In fact, a study by Bain & Company found that a 5% increase in customer retention can lead to a 95% increase in profits.

article thumbnail

The Impact of Inflation on SMBs: How To Come Out On Top

GrowthForceBlog

9 min read Inflation has hit the news hard and our bank accounts. And more likely than not, it has hit your business too.

Account 66
article thumbnail

Transcard @ QuickBooks Connect 2022

Insightful Accountant

See how Transcard leads digital payments with real time payments, card issuance, ACH, cross border payments and instant payments by adding workflows and Open APIs.

article thumbnail

Tax-Wise Ways to Save for College

RogerRossmeisl

If you’re a parent or grandparent with college-bound children, you may want to save to fund future education costs. Here are several approaches to take maximum advantage of the tax-favored ways to save that may be available to you. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities when used to finance college expenses: You don’t have to report the interest on the bonds for federal tax purposes until the bonds are cashed in, and Interest on “qualified” Series EE (and

Tax 42
article thumbnail

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.