Mon.Jan 23, 2023

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The Scheduling Challenge

RitaKeller

“Be like a duck, my mother used to tell me. Remain calm on the surface and paddle like hell underneath.” ” – Michael Caine, actor I continue to hear many stories about the scheduling challenge for CPA firms. Audit work is easier to schedule than tax work. Audits are bigger engagements and consume a higher volume of hours per engagement. Audits also demand more coordination with the client giving the client time to prepare for the upcoming work.

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Monday Morning Accounting News Brief: PwC Partner Banned; Salary Predictions; Public Accountants Have Had It | 1.23.23

Going Concern

Last week someone complained about the format I’ve been using for this linkwrap since I started doing it many, many Mondays ago so just for them, here’s some bullet-free bullet points in lieu of one giant paragraph. Don’t say I never did anything for you.

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How Many Employees Does a Small Business Have? (+ Industry and State Charts)

Patriot Software

Small businesses are the backbone of the American economy. The numbers don’t lie: 99.9% of American businesses are small businesses, and almost half (46.8%) of US employees work for small businesses. But what makes a small business small?

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The 259th Largest Accounting Firm Is Paying For Unlicensed Staff to Pursue a Master’s at the 87th Best Online Business School

Going Concern

Tiny little Southfield, MI firm Clayton & McKervey won’t be making Vault prestige lists any time soon but it is doing something to support its people through the process of getting the necessary 150 units for licensure: offering scholarships.

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The CPA Firm Growth Strategy: From Compliance to Consulting

Speaker: Rita Keller - President of Keller Advisors, LLC

Join Rita Keller, seasoned CPA firm management strategist and consultant, for an insightful discussion on the importance of diversifying your accounting skills.

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Supreme Court Shoots Down Appeal on Use of COVID Aid for Tax Cuts

CPA Practice

By Greg Stohr, Bloomberg News (TNS) The U.S. Supreme Court turned away a Missouri appeal that sought to ensure states can cut taxes even as they receive $195 billion in federal pandemic relief money.

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Important Changes to QuickBooks Related 1099 Filing and Billing for 2023

Insightful Accountant

You need to read this if you're an accountant who has firm-billed (wholesale billing or “Bill My Firm”) clients without a Payroll or Contractor Payment subscription, and are filing 1099(s) for the 2022 tax year

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More Trending

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QuickBooks, Mailchimp to Host Fireside Chat for Black History Month

Insightful Accountant

The virtual fireside chat, which highlights the challenges and courage of small business owners, features actress Issa Rae, and TV host and former NFL player Nate Burleson. Get the details for the Feb. 1 event here

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How to Ask for a Five-Star Google Review

CPA Practice

With tax season about to hit full swing, now’s the time to ask clients for a five-star Google review for your firm. Asking clients for reviews can feel awkward. In general, though, people love to brag about great customer service. They might just need a little reminder to do so.

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Withum Hosts Local Vocational Cyber Students

Withum

Withum Welcomes Morris County Vocational School District Cybersecurity & Information Protection Program Students to Top-of-the-Line Cyberspace.

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Most Business Chiefs Expect Bleak Economic Outlook for 2023, PwC Survey Finds

CPA Practice

Courtesy of Tribune News Service An overwhelming majority (73%) of CEOs surveyed expect global economic growth to decline over the next 12 months, a new PwC survey launched at the World Economic Forum (WEF) in Davos showed on Jan.

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Book of Secrets for the Month-End Close

Developing a consistent month-end close doesn’t need to be a mystery. We’re sharing our top 10 secrets (plus one bonus!) for streamlining your close.

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January 2023 NFP Accounting Kickoff

Accounting for Good

The post January 2023 NFP Accounting Kickoff first appeared on ACCOUNTING FOR GOOD. Exclude From Blog Uncategorized

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Some States Are Considering Shelving the Grocery Tax

CPA Practice

By Marsha Mercer, Stateline.org (TNS) As inflation soared in the past year, families in some states suffered a double whammy—paying food sales taxes on top of higher-priced groceries. At least five of the 13 states where groceries were taxed as of last Jan.

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Today’s The Day! 2022 Tax Filing Season Begins

Nancy McClelland, LLC

January 23, 2023 — Per IRS 2023-11 , following a successful opening of its systems today, the IRS is now accepting and processing 2022 tax returns; taxpayers have until April 18 to file their taxes this year.

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Will the Increase in the Teacher Tax Deduction Really Help Educators Much?

CPA Practice

By Elizabeth Heubeck, Education Week, Bethesda, Md. TNS) It’s tax season. And while this declaration usually comes with a collective groan, K-12 educators have a little something to celebrate on the tax front this year.

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10 Ways to Keep Your Hourly Employees

Getting and keeping hourly workers is no longer as simple as offering them more cash. Employees have options. But this guide from Paycor will help you put your best foot forward to recruit, retain, and develop hourly workers so you can remain competitive.

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Valuing IP can bring tangible business returns

Menzies

Menzies LLP - A leading chartered accountancy firm. As featured in freshbusinessthinking.com Intellectual property may be an intangible asset, but that doesn’t mean it can’t bring tangible returns.

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Abolish Income Taxes? Idea Gains Some Traction in Congress

CPA Practice

By Mark Ballard, The Advocate, Baton Rouge, La. TNS) Seeming to come out of left field, President Joe Biden last week blasted Republicans for pushing legislation that would abolish federal income taxes and the IRS then replace those revenues with a 30% or so national sales tax. “It

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Developing Your Accounting Firm’s Plan

CTP

What are your accounting goals? Many firms want to grow and expand. However, other businesses want to focus on: Increasing profit margins Boosting net profit Growing revenue At the same time, owners often find themselves stressed because they don’t maintain a healthy work-life balance.

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Tax Pros Help Clients Deal with Smaller Refunds

CPA Practice

By Tim Grant, Pittsburgh Post-Gazette (TNS) The stimulus benefits that have been fattening income tax returns for the past few years are gone. But since the stock market didn’t do so well last year, investors who sold at a loss can at least expect a lower tax bill. “It’s

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The CFO Playbook: How to Decrease Costs & Increase Engagement

Learn how to reduce costs while simultaneously increasing employee morale.

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How accounting software may hold the key to keeping on top of credit control

Accounting Insight

One of the first rules everyone learns about business is that you have to know how much money is flowing in and out. Speculations of whether the UK has been, or indeed will be in a recession may be placing many businesses in an uncertain position.

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Certum Solutions Named Intuit’s 2022 Trailblazer of the Year

CPA Practice

Certum Solutions was named Intuit’s 2022 Trailblazer of the Year across the QuickBooks Solution Provider Program, and also recognized as a top seller in QuickBooks Online Advanced, QuickBooks Merchant Services, QuickBooks Online and QuickBooks Online Payroll for the Executive tier.

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Statutory Pay Rates from April 2023

Inform Accounting

The UK Government has published the proposed statutory rates for maternity pay, paternity pay, shared parental pay, adoption pay, parental bereavement pay, and sick pay from April 2023.

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Thieves are Stealing California Rebate Cards

CPA Practice

By Jon Healey, Los Angeles Times (TNS). To ease the pain caused by high gasoline prices, the state of California has been sending a Middle Class Tax Refund of $200 to $1,050 to eligible households. Unfortunately, a portion of that amount has wound up in the hands of thieves.

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Virtual Cards — Everything You Need to Know

Speaker: Eoin Hession, Controller at Recharge

Even though virtual cards have been part of the payments system for over ten years, there remains a lack of clarity around how they work and their value to companies large and small. In this webinar, Eoin Hession, Controller at Recharge, talks about how his company uses virtual cards in their operations. Sign up today!

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Ban on single-use plastics in England

Inform Accounting

A range of polluting single-use plastics will be banned in England, Environment Secretary Thérèse Coffey has announced. The ban will include single-use plastic plates, trays, bowls, cutlery, balloon sticks, and certain types of polystyrene cups and food containers.

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Arizonans Renting Homes During Super Bowl May Need a Permit and Face a Rental Tax

CPA Practice

As top teams battle for a place on the Super Bowl LVII field in Glendale, Arizona, many Arizonans in and around Glendale are preparing to rent apartments, houses, or rooms to out-of-town football fans. Short-term rental hosts that don’t already have an Arizona transaction privilege tax (TPT) license will need to obtain one from the Arizona Department of Revenue. A local business license may also be required.

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The small business guide to MTD for VAT penalties

Xero

This blog was first published in April 2022 and updated in January 2023. If you’re a VAT-registered business , you may have received a letter or email from HMRC, informing you that the new penalty system for Making Tax Digital (MTD) for VAT is now in place.

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NMTC Case Study for Commonwealth Crossing

Cherry Bekaert

Project Commonwealth Crossing Business Centre (CCBC) is a modern business and technology park designed to attract major manufacturers with the potential to add value to the local economy and create thousands of new jobs. A key component of securing business investment is ensuring that the Henry County region has an ample supply of skilled labor. Target industries, such as food processing, operate in highly sterile environments with stringent procedures that employees must know and follow.

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Building Smart with Distributed Teams

Speaker: Sam Ross, General Counsel at Remote; Jenny Bloom, former CFO at Zapier & Darren Murph, Head of Remote at GitLab

It’s clear that distributed teams are here to stay in some form or another. Adapting to this reality means finding the right systems and processes that support remote workers — including international ones — while controlling for risks and communication challenges. Watch to find out more!

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Why Now is the Time to Add Financial Planning to Your Firm

Insightful Accountant

FFP Wealth Management's Joseph Graziano on why financial planning is something you need to consider even if you decide not to expand into it now or this year

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NMTC Case Study for Brown Packing

Cherry Bekaert

Project Gaffney, South Carolina, located in Appalachia, has long been home to low or no skill manual labor jobs associated with the textile and farming industry but in the 1980’s this rural area began to suffer from the overall offshoring of those jobs. As the automotive industry has back-filled with mid/high skill level jobs, the working poor of Gaffney have not had the skills necessary to rejoin the workforce.

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Certum Solutions Named Intuit’s '2022 Trailblazer of the Year'

Insightful Accountant

The award-winning QuickBooks Bookkeeping Solutions and consulting practice also received top seller distinctions in four QuickBooks service solutions

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The Ultimate Virtual Assistant for CPAs Guide

Ryan Lazanis

It’s my belief that hiring a virtual assistant for CPAs is one of the best choices you can make when scaling your firm. This guide will shed light on how a virtual assistant (VA) can help, what they can do, and where to find them. Let’s get started.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

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 speeding up the month-end close and better managing your remote teams.