Mon.Feb 06, 2023

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Sink or swim – was January another scramble to meet deadlines?

Accounting Insight

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.

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Treasury Shifts SUV Definition for EV Tax Credits After Carmakers Gripe

CPA Practice

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.

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Unable to Bill For It (Yet), PwC Australia Tells Staff They Can’t Use ChatGPT For Client Work

Going Concern

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.

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IRS Working on 1099 Guidance for Middle Class Tax Refund in California

CPA Practice

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?

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Planning Your Restaurants 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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QB Talks — Inside QB Desktop Enterprise 2023 Cash Flow Tools

Insightful Accountant

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.

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IRS Looks to Start Tip Reporting Program for Service Industry

CPA Practice

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.

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Everything You Need to Know About Form 2553 | Canopy

Canopy Accounting

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.

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In the face of disruption, the advisory industry is stronger than ever

Xero

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.

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What You Need to Know About Incentive Stock Options

Withum

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.

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Recreational Marijuana Sales Start in Missouri

CPA Practice

By Daniel Neman, St. Louis Post-Dispatch (TNS). Steve Campbell was ready with a joke. Campbell was the first person at the Good Day Farm marijuana dispensary in the Central West End on the first day recreational-use marijuana was sold in Missouri. He walked through the door to applause from staff. But Campbell, 67, had a confused look on his face. “This isn’t St.

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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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Now You Have Only One Excuse

Insightful Accountant

If you're not participating in the Insightful Accountant Awards Program, you only have one excuse. you.

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Retailer Association Sees Growth in 2023, Says Recession Unlikely

CPA Practice

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.

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2023 Labor Law Compliance Standards

KROST

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.

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Why Your Accounting/ERP System Is the Key To Successful Business Tax Preparation 

Withum

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

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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What You Need to Know About Carbon Credits and 45Q Tax Credit

Cherry Bekaert

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.

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Accounting Stress: 15 Methods to Overcome It

Ryan Lazanis

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.

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Update on IRS Changes to Form 6765

Cherry Bekaert

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

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Suspicious White Powder Found at a Georgia IRS Office

CPA Practice

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.

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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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SECURE 2.0: Retirement Plan Changes Explained

Cherry Bekaert

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.

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CalCPA BUZZ: Last Chance to Make Women to Watch Award Nominations

CalCPA

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.

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The Most Underused Tax Credit: Understanding 179D with Bill Harbeson

Cherry Bekaert

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.

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2023 PRI Reporting Framework: Do You Know Your ESG Score?

Withum

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.

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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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Option to Tax Notifications

Menzies

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.

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On-Demand Webinar: The 2023 India Budget

Withum

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.

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Minimum wage rates increase from 1 April 2023

Inform Accounting

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)

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The Skills of a Fraud Investigator

FraudFiles

How do I become a fraud investigator? What skills does a forensic accountant need? I get asked these questions a lot, so today I’m going to give my thoughts on some of the important qualifications and skills a fraud investigator might have.

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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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APPS Directory Spotlight – Edge Marketing Inc.

Insightful Accountant

See how Edge Marketing Inc. can be an expert resource for generating leads and helping pull prospects through your sales funnel.

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Union Budget-2023-24| Amendments in Indirect Tax- GST & Customs

VJM Global

The indirect tax imposed on goods or services forms a significant part of government revenue and it also has a direct impact on inflation as it increases or decreases the cost of products. Therefore, changes in indirect tax form a significant part of the Union budget , and the entire industry keeps a close watch on the same. First Union Budget of “Amrit Kal” has been a box of plus and minus, wherein the government raised the price of certain products and made some products economical.

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179D Energy Efficient Commercial Building Deduction Now in Effect

Cherry Bekaert

Contributors: Bill Harbeson, Tax Credits & Incentives Advisory Manager | Cherry Bekaert Andre Kohn, Tax Credits & Incentives Advisory Senior Associate | Cherry Bekaert The Inflation Reduction Act (IRA) of 2022 greatly strengthened the Section 179D Energy Efficient Commercial Buildings Deduction (Section 179D) to be an incredibly valuable tax provision for architecture and engineering, construction and real estate firms.

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Not all investment is the same. Sometimes you have to invest to save

Accounting Insight

In a recession, everybody becomes more conscious of costs. It’s only sensible to scrutinise all an organisation’s outgoings. But there’s a danger that caution can turn into spending resistance – even when wise investment would increase revenue and cut costs, this is often the case when considering digital transformation and upgrading from a legacy system to a modern-day cloud offering.

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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.