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Another tax return deadline has passed by. And, for accountants and bookkeepers, many may be recovering from overdrive mode after a scramble to manually piece together information and submit correct numbers on time. But the January deadline does not have to be the cause of accountant or bookkeeper burnout. In fact, by adopting the right strategy and tools all year round, it can become just another date in the diary, not a stress.
By Riley Beggin, The Detroit News (TNS) The U.S. Treasury is changing how it defines a sport utility vehicle Friday after car companies lodged complaints that some vehicles were wrongfully being boxed out of new electric vehicle tax credits. The change is likely to be the difference between thousands of dollars in consumer discounts. Under new federal tax credits, SUVs, trucks and vans can cost up to $80,000 and still qualify for a $7,500 credit.
Over recent years, the world of advisory has experienced a seismic shift. In the face of immense obstacles and equally great learnings, the profession is evolving. Why? Because, more than ever, accountants and bookkeepers are embracing change – and it’s propelling the industry forward. So what led us here? The past few years have seen small businesses lean heavily on their advisors to survive the pandemic’s ripple effects.
By Samantha Gowen, Los Angeles Daily News (TNS) Tax filers in California who got a Middle Class Tax Refund and a corresponding 1099 form should wait to file their federal tax returns, the IRS said last Friday. The IRS, now two weeks into tax season, issued a statement Feb. 3 saying it is working on guidance for tax preparers and at-home filers. For tax filers who got the 1099-MISC form, the question remains: Will the IRS tax the inflation refund?
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
Hate to be the burster of bubbles for anyone out there excited to unload your work on ChatGPT but PwC Australia has told its people that for now, playing around with AI should happen strictly off the clock. Australian Financial Review reports that in this morning’s internal newsletter, PwCers were told not to feed client data into ChatGPT and to be wary of potentially conflicting output from this emerging technology.
The Treasury Department and the IRS on Monday issued Notice 2023-13 , which contains a proposed revenue procedure that would establish the Service Industry Tip Compliance Agreement (SITCA) program—a voluntary tip reporting program between the IRS and employers in various service industries. The IRS is issuing this guidance in proposed form to provide an opportunity for public comment.
Good morning and Happy Monday! Here’s some news to start the week and give you something to talk about around the virtual watercooler. Auditing is the most “in demand” finance career right now according to a new study from CMC Markets, an online trading platform, which analysed monthly Google searches using Ahrefs for jobs within the financial industry.
Anders values our communities and, in keeping with our core value of generosity, we strive to offer support through various charitable efforts throughout the year both as a company and as individuals. It’s our deeply held belief that by serving our communities, we can instill positive change in the world around us. Whether we serve through monetary donations, charitable gift giving or volunteering our time to support those that need us most, Anders is committed to showcasing generosity in
In this webinar recap, internationally renowned ProAdvisor Esther Friedberg Karp (with an assist from Murph) drills down into the cash flow tool feature and how it can benefit you.
IRS Form 2553, Election by a Small Business Corporation , is filed by a corporation or other eligible entity to make an election to be an S corporation under section 1362(a). Corporations are treated as C corporations unless the proper steps are taken to become an S corporation. Here’s a quick look at what you need to know if you’re helping a small business client who wants to make an S corp election.
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
On the eve of President Biden’s State of the Union address, small business owners delivered their own message to the 118th Congress: government programs designed to help small business are failing them, and Congress must take bipartisan action to reauthorize the U.S. Small Business Administration. The new Goldman Sachs 10,000 Small Businesses Voices survey released on Monday reveals that 70% of small business owners in the U.S. give the federal government a “C or below” grade for effectivenes
An incentive stock option (ISO) plan allows employees to purchase shares of their employer’s stock at a discounted price. ISOs offer many tax benefits, making them an attractive option for employees who wish to partake in the future growth of their employer’s stock. Tax Benefits of ISOs One of the many benefits of ISOs is the deferral of income tax until they are exercised.
A recession is unlikely and the economy is expected to see slight growth in 2023 as consumers continue to cope with inflation and high interest rates, National Retail Federation Chief Economist Jack Kleinhenz said today. “A month into 2023, the economy is facing stiff headwinds and – with the exception of easing inflation – will likely face more challenges before it gets better,” Kleinhenz said.
Have you updated your Labor Compliance Posters since the start of the new year? Federal, state, and local governments have updated labor compliance standards for 2023. The primary requirement for communicating these updates to your teams is through labor law compliance posters. These posters communicate the details of the current, new, and updated laws.
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
It’s that time of year – welcome to your tax season activities. The countless Excel worksheets and the complex manual data processes are too stressful and intense. Let’s agree that there are other activities that need your attention. Struggling With Tax Compliance and Data Management? Each year we see clients struggle with tax compliance and data management around the following subjects: Nexus and State Apportionment ; sourcing revenues and expenditures to appropriate jurisdictions to iden
The Internal Revenue Service (IRS) recently published draft instructions for 2022 Schedules K-2 and K-3 for partnerships and S corporations on its website. Both documents include a new domestic filing exception that is intended to provide relief to those partnerships and S corporations that meet certain criteria by not requiring those entities to file Schedules K-2 and K-3 with their 2022 tax returns.
The Governmental Accounting Standards Board (GASB) has issued proposed implementation guidance that is intended to clarify, explain, or elaborate on existing guidance on subscription-based information technology arrangements (SBITAs). The Exposure Draft , Additional Proposal for Implementation Guidance Update—2023 , addresses the single issue of whether a cloud computing arrangement meets the definition of a SBITA as defined in GASB Statement No. 96, Subscription-Based Information Technology Arr
Stay Connected When the Inflation Reduction Act (IRA) was signed into law in August of 2022, it enhanced a number of energy credits to incentivize companies to move towards clean energy. One of the credits that was bolstered by the IRA was the 45Q carbon oxide sequestration credit (45Q) surrounding how companies dispose of or capture carbon oxide. The 45Q tax credit can be incredibly advantageous to manufacturers who understand how to take advantage of it.
Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.
Tax time can quickly become a period full of paperwork, document review, and stressing about deadlines. This can be true even for a CPA firm if multiple clients require last-minute assistance with their tax filing. If you are a business owner planning to file your taxes or even if you choose CPA assistance, we’ve got a checklist of essential forms you can keep handy.
On January 12, 2023, the Internal Revenue Service (IRS) released new draft instructions to the Federal Form 6765 , the Credit for Increasing Research Activities. The draft instructions contain updates regarding: (1) Disclosure requirements that apply to taxpayers filing amended claims for refund of the Internal Revenue Code (IRC) Section 41 research credit (the R&D Credit). (2) Guidance on how prior year R&D credit claims should be processed for Bipartisan Budget Act (BBA) partnerships w
Stay Connected At the end of 2022, the Consolidated Appropriations Act of 2023 (the Act) was signed into law. The bill included the Securing a Strong Retirement Act, commonly known as SECURE 2.0, that gave new guidance and regulations to retirement plan provisions. The new law encourages employers to offer retirement savings plans, extend tax deferred earnings for plan participants and permit easier withdrawals for emergencies.
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
It’s no secret that many face a lot of accounting stress in our profession. After all, you are responsible for your client’s financial well-being and often have to make tough decisions that can impact their bottom line. Luckily there are ways to reduce stress in an accounting firm and maintain a healthy work-life balance. In this article, I will discuss 15 methods for overcoming accounting stress.
Cherry Bekaert’s Bill Harbeson, Tax Credits & Incentives Advisory Manager, joined the IDI Distributor R-Value podcast to discuss the details of the Section 179D Energy-Efficient Commercial Building Deduction (Sect. 179D) and benefits it could potentially have for your construction company. The Sect. 179D credit was recently enhanced through the Inflation Reduction Act and ensures that more taxpayers are eligible for the tax deduction.
By Henri Hollis, The Atlanta Journal-Constitution (TNS) Hazardous materials specialists from DeKalb County Fire Rescue investigated a suspicious package Monday afternoon at an IRS office in Chamblee, GA, officials said. The package, which contained a white powdery substance, was determined to be harmless, DeKalb fire spokesman Capt. Jaeson Daniels said.
The CalCPA Women to Watch Awards celebrate outstanding women in the profession who have made significant contributions through personal growth and the leadership. The post CalCPA BUZZ: Last Chance to Make Women to Watch Award Nominations appeared first on Hot Topics.
Before you can achieve success, you have to define it. Objectives and Key Results (OKRs) give you the framework to do just that. Paycor’s free guide includes a step-by-step process leaders can use to work toward – and achieve – their loftiest business goals.
There are 1,000 PRI signatories in the USA, with more than half of them filing their first report with the Principles for Responsible Investment (PRI) this year. With this influx of filings, the importance of accurately portraying one’s Responsible Investment program (RI program) cannot be understated. The SEC will review your ESG documentation during their regular examination, while investors will assess the quality of your RI program verse your peers.
Menzies LLP - A leading chartered accountancy firm. HMRC have recently changed their policy on acknowledging Option to Tax notifications. Historically they have checked all notifications received, and would acknowledge that they had been received. In some cases, they would pick up errors and notify the taxpayer. This could be useful if a taxpayer did not recall whether they had opted to tax or not.
What It Means for Companies Doing Business from U.S. and India Perspectives This webinar will include an overview and highlights of the 2023 India budget announced on February 1, 2023. Withum and KKC are teaming up to discuss how new regulations will impact the economy and businesses. The forthcoming budget is likely to focus on growth, rising global inflation pressures, global economy and attracting foreign investments into India.
Employers should be aware that all minimum wage rates increase on 1 April of each year. This includes all National Minimum Wage rates and the National Living Wage rate. See the table below that shows the current minimum wage rates and new rates from April 2023: Current rate (since April 2022) New rate from April 2023 Increase National Living Wage (23 years old and over) £9.50 £10.42 9.7% National Minimum Wage adult rate (21-22 years old) £9.18 £10.18 10.9% National Minimum Wage (18-20 years old)
Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.
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