Wed.Aug 21, 2024

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Maximizing Tax Efficiencies for Online B2C Platform

Cherry Bekaert

Since its establishment in 2015, a rapidly developing online platform (the Company) gained significant popularity due to its innovative approach and user-friendly interface. This growth led to a significant increase in revenue and a nine-figure taxable income, as well as a need for enhanced tax services. The Georgia-based Company partnered with Cherry Bekaert for annual financial statement audit and tax compliance services.

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The 'Security Six' protects tax pros against cyberattacks

Accounting Today

The Internal Revenue Service and its partners have identified half a dozen steps for safeguarding taxpayer information.

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Social Security COLA Benefits to Increase Less in 2025, New Estimate Says

CPA Practice

By Zach Mentz cleveland.com (TNS) The annual cost-of-living adjustment for Social Security benefits is expected to decrease in 2025, according to a new estimate. The Social Security cost-of-living adjustment (COLA) for 2025 is projected to be 2.57%, down from the 3.2% COLA implemented in 2024 , according to The Senior Citizens League. That figure also represents a decrease from 2.63% in July’s COLA estimate, but is equal to the 2.57% projected in TSCL’s June estimate.

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The pros and cons of tax-free tips

Accounting Today

Both presidential candidates have floated it, and there are benefits for both workers and employers — though not always how you'd expect.

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Live Demo - Supercharge your Month End Close

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. 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 automation, and Why i

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Update on Beneficial Ownership Information Reporting

Withum

Beneficial ownership information (BOI) reporting began on January 1, 2024. We previously wrote about the essentials of BOI reporting , and this article provides an update on where it stands now and what affected individuals and businesses should do to ensure compliance. There are many court cases winding through the Federal court system and one District Court in March 2024 declared the BOI reporting statute unconstitutional, but only as to the plaintiffs in that particular lawsuit.

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Generational Viewpoints: Parsing Gen Z

Accounting Today

A boomer and a Gen X from BSB CPAs give their take on the newest generation to join the workforce.

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More Trending

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The ascendance of technology

Accounting Today

A thought experiment demonstrates the enormous — and sometimes hidden — impact of tech on accounting firms.

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Tax Court Rules on Losses from Rental Activities

CPA Practice

The tax law allows real investors to write off a portion of their losses from rental activities, or even the full amount, if they meet certain requirements. However, as shown in a new case, Foradis, TC Summ. Op. 2024-13, 7/11/24 , it’s difficult to convince the Tax Court you’ve put in the necessary time—especially if you have another full-time job. Background : Normally, investors in passive activities in which they don’t “materially participate,” like most real estate activities, can take deduc

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Top 10 Super Useful Add-ons For Drake Software

Ace Cloud Hosting

Drake Software is one of the most widely used tax filing and preparation software for tax professionals and firms. Its intuitive interface simplified functionality, and competitive pricing make it a.

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The Power of Simplifying Your Firm

Canopy Accounting

In today's fast-paced accounting and tax environment, simplicity is more important than ever. There's so much to stay on top of: modern technology stacks, positive client experiences, security threats, a greater demand than supply of talent, and an ever-changing, more complex tax and compliance landscape. And I haven’t even mentioned the complexity and challenges presented by change management in a firm that’s already too busy.

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Mid-Year Review: How to Ignite Employee Potential Through Meaningful Feedback

Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.

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Caseware and CPA Club partner on quality management solutions

Accounting Today

Caseware and CPA Club announced a new collaboration that will combine each of their resources to facilitate the implementation and use of quality management solutions for firms.

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Some Office Complexes Add Golf Simulators, Pickleball and Puppies to Bring Workers Back

CPA Practice

By Dee DePass. The Minnesota Star Tribune (TNS) That fitness center, fireplace area and outdoor deck? And the free lunches? They are not enough anymore. Office buildings and their tenants in the Minneapolis-St. Paul area are finding that workers want even more if they have to commute and spend the day at the office — and that includes both events and more upscale amenities to inject a bit of luxury into the workday.

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IRS TECU compliance checks take 3X longer since 2020

Accounting Today

The Treasury Inspector General for Tax Administration found that IRS Tax-Exempt Compliance Unit examiners spent 6.1 hours on average per case in 2023, up 281% from 2020.

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I Was a Naive Fool to Think Firms Wouldn’t Be Money-Grubbing Pricks

Going Concern

So EisnerAmper announced they bought themselves a smallish firm in Los Angeles this week. Whoop-de-doo. But because they were the first large accounting firm to blow up the Hoover Dam of capital and invite private equity to the professional accounting services sector, that story got me thinking about how much has changed since EisnerAmper did their deal with TowerBrook Capital in late 2021.

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Your Accounting Expertise Will Only Get You So Far: What Really Matters

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. 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 (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). 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.

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Applications start soon for IRS's Compliance Assurance Process

Accounting Today

Eligible taxpayers can apply between Sept. 4 to Oct.

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Katie Thomas: From CPA to Marketing Maven 

Canopy Accounting

In this episode of Canopy’s Practice Success Podcast , Katie Thomas, a CPA turned marketing expert, shares her unique journey from working at a Big Four accounting firm to establishing her own marketing agency. She discusses the specific challenges accountants face in marketing, such as the importance of trust, differentiation, and targeted branding.

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5 Essential Tips for Mitigating Fraud with Internal Controls

Basis 365

Yet again, we see another instance of fraud committed by an individual in a position of trust. Recently, the Florida Department of Law Enforcement (FDLE) arrested a Wauchula man for allegedly defrauding his employer, a school, of over $50,000. According to the complaint, ".Gray, as the sole bookkeeper for the school, was using a school credit card to make unauthorized purchases for personal gain" to the tune of $300,000 over 5 years underscores the critical importance of implementing strong inte

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CPAClub and Caseware Partner to Elevate Audit Quality for Progressive Accounting Firms

CPA Practice

CPAClub and Caseware , a provider of cloud and AI-enabled audit, financial reporting and data analytics solutions, have announced a collaboration that combines CPAClub’s award-winning CPAs-as-a-service model with Caseware’s advanced quality management technology, Caseware SQM. This partnership aims to provide accounting firms with both the top-tier human capital and best-in-class technology to navigate and implement new quality management standards issued by professional bodies in the United Sta

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The Hidden Science Behind Why Finance Teams Resist Change—And How to Fix It

Speaker: Kim Beynon, CPA, CGMA, PMP

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.

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UK Manufacturing: Attractive & Stable

Menzies

Menzies LLP - A leading chartered accountancy firm. The United Kingdom has long been a hub for manufacturing, with a rich history of industry and innovation. Despite the challenges posed by Brexit, recent conflicts worldwide and disruptions in key global shipping routes , the country remains an attractive destination for manufacturers looking to set up business.

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Embracing the Future at Dreamforce 2024: Our Viewpoint on AI, Data and Trust

Cherry Bekaert

Dreamforce Is Where Innovation Meets Inspiration As a leading digital advisor for middle-market companies, Cherry Bekaert is excited to be a sponsor at Dreamforce 2024 and delve into the most recent technology innovations. Dreamforce 2024, September 17-19 in San Francisco, is the annual gathering that brings together the global Salesforce Community for learning, networking, and philanthropy.

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Carbon accounting obscure AI's footprint

Accounting Today

Big tech companies are using quirks in carbon reporting rules to mask the vast and growing emissions from artificial intelligence.

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GST Liability and Input Tax Credit (ITC) Availability in Cases involving Warranty/ Extended Warranty, Clarification in Furtherance to Circular No. 195/07/2023-GST dated 17.07.2023

VJM Global

Circular No. 195/07/2023-GST dated 17.07.2023 was earlier issued clarifying the issues related to the applicability of GST and reversal of ITC concerning material supplies under warranty and extended warranty, the applicability of GST on warranty service provided at the time of supply of goods, etc. CBIC received various representations to provide clarifications on certain other related issues.

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Doing More With Less: The Modern Finance Miracle

Speaker: Mark Gilham, FCCA, CPP

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.

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New Sage Intacct Enhancements Expand Global Capabilities

Insightful Accountant

Sage recently announced significant global enhancements to its Sage Intacct platform, including AI-powered accounts payable processes that are now available worldwide.

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Should Your Firm Niche?

Ryan Lazanis

Niching is a powerful tool to cut through the noise. But should your firm do it? And if so, how? Listen to this episode to find out. The post Should Your Firm Niche? appeared first on Future Firm.

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"Tales of a Migration", Another ProAdvisor's Story

Insightful Accountant

Thanks to our readers, we can now share stories of their good and bad migrations from QuickBooks Desktop to QuickBooks Online.

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Playbook for Accounting Efficiency

Accounting Seed

Invest in your company's future. Get your action plan to unlock growth and visibility with accounting automation today!

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8 Pillars of Leadership Development

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.

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IRS News: IRS, Security Summit Highlight “Security Six” and Key Steps for Tax Pros to Protect Themselves

Insightful Accountant

As data thieves continue evolving their tactics, the Internal Revenue Service and the Security Summit partners today reminded tax professionals of six essential steps to protect their sensitive taxpayer information.

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Fintech Startup Lettuce Financial Closes $15 Million in Series A Funding to Fuel Partnerships, Product Development and Growth

CPA Practice

Lettuce , an automated accounting and tax solution for solopreneurs, has closed a $15 million Series A funding round led by Zeev Ventures. The funding will fuel accelerated growth, innovation, and product development. The news comes on the heels of Lettuce’s launch and seed funding announcement in March and a major product release in June of LettuceHead AI , a free, first-of-its-kind AI-chat bot specialized to answer solopreneurs tax and accounting questions.

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Murph's Xerocon Summary and Podcast

Insightful Accountant

You can head to Insightful Accountant's Accounting Insiders Podcast to hear Murph's summary of Xero product enhancements.

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Abolition of the Furnished Holiday Lettings (FHL) tax regime

Menzies

Menzies LLP - A leading chartered accountancy firm. Further information has now been made available in respect of the abolition of the Furnished Holiday Lettings (FHL) tax regime that will take effect from April 2025. The measure will remove the tax advantages that landlords who offer short–term holiday lets have over those who provide standard residential properties.

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Protect What Matters: Rethinking Finance Ops In A Digital World

Speaker: Cheryl J. Muldrew-McMurtry

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.