Basis 365

MARCH 23, 2023

As a business owner, it's crucial to have an accurate and up-to-date balance sheet. A balance sheet is a financial statement that shows your business's assets, liabilities, and equity at a specific time. It's one of the most important financial documents to help you make informed decisions, plan for the future, and secure financing. This blog post will discuss the importance of an accurate balance sheet and why outsourcing accounting services can be the best option for businesses.

financial statements 52

financial statements accounting and finance accounting standards accounting principles 52

TaxConnex

MARCH 23, 2023

Looking to find out more about TaxConnex? What better way than hearing from our founders and partners? Learn from the best by hearing from the ones that built TaxConnex. Over the last few months, we've been highlighting the Partners of TaxConnex. Finally, we have our Chief Operating Officer, Jackie Breiter! Can you tell me about your career leading up to TaxConnex?

Sales 130

Sales Tax Florida Start-ups 130

CPA Practice

MARCH 23, 2023

By Joseph Bustos, The State (TNS) South Carolina’s top accountant Richard Eckstrom says he will resign effective April 30 after disclosing to state lawmakers that he inflated the state’s cash balances for a decade, eventually reaching about $3.5 billion. Richard Eckstrom In a Thursday resignation letter to Gov. Henry McMaster, the comptroller general reiterated his advocacy that the Legislature move forward on legislation for a constitutional change to make his position appointed by the govern

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South Carolina Account accountant accounted 122

ThomsonReuters

MARCH 23, 2023

Frequently Asked Questions About Medical Expenses Related to Nutrition, Wellness, and General Health (Mar. 17, 2023); IRS News Release IR-2023-47 (Mar. 17, 2023) FAQs News Release The IRS has issued FAQs that explain when certain costs related to nutrition, wellness, and general health are medical expenses under Code § 213 that may be paid or reimbursed under a health FSA, HSA, or HRA.

Expense Reimbursements 98

Expense Reimbursements Tax Account accountant 98

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CPA Practice

MARCH 23, 2023

The IRS and the Treasury Department issued preliminary guidance on Tuesday that leans toward treating nonfungible tokens (NFTs) as a collectible for tax purposes. In a statement this morning, the IRS said: A nonfungible token (NFT) is a unique digital identifier that is recorded using distributed ledger technology and may be used to certify authenticity and ownership of an associated right or asset.

Tax 105

Tax Technology Account accountant 105

Patriot Software

MARCH 23, 2023

Paying a contractor to perform work for your business comes with a little disclaimer: reporting said payments on Form 1099-NEC. But what if you pay your contractor using a credit card? Do you have to prepare a 1099 for credit card payments?

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Account accountant accounted 97

Going Concern

MARCH 23, 2023

Accounting OG @twuench took a break from telling interns to get off his lawn and has shared this great busy season survival tip from his former direct report at PwC. Take notes, people. [link] IRS employees, y’all are out of luck sorry. Not like you’re allowed to partake anyway. The post Busy Season Survival Tip #626: Save Those Paperclips appeared first on Going Concern.

Account 85

Account accountant accounted 85

Insightful Accountant

MARCH 23, 2023

QuickBooks is rolling out new instant deposit features for its Payments and Checking customers, making it easier for small businesses to access their cash.

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quickbooks 88

AccountingDepartment

MARCH 23, 2023

As we move towards a more technology-driven world, it's important for business owners to adopt a "work smarter, not harder" mentality. One way to achieve this is through workflow automation with ERP software like NetSuite.

Technology 83

Technology NetSuite Account accountant 83

Going Concern

MARCH 23, 2023

It’s a rare day we write about Accenture but because the firms we do write about have begun tightening their belts and even cutting advisory people ( KPMG , BDO ), we thought it prudent to inform you of what appeared in the 10-Q the company filed yesterday. This is from Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations : While we continue to hire, especially to support our strategic growth priorities, during the second quarter of fiscal 2023, we

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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.

CPA Practice

MARCH 23, 2023

By Faustine Ngila, Quartz (TNS) Côte d’Ivoire citizens pay the highest income taxes in the world according to this year’s survey findings by World Population Review. While both its sales and corporate tax regimes may be considerably lower than those of other countries globally, at 60%, Côte d’Ivoire’s income tax rates are markedly higher compared to developed countries.

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income tax Tax corporation tax Sales 71

inDinero Accounting

MARCH 23, 2023

Introduction In today’s competitive private equity (PE) landscape, portfolio companies (portcos) frequently confront significant obstacles in managing their finance and accounting functions. This comprehensive article delves into the underlying reasons for these challenges and presents practical solutions for PE firms and their portcos to streamline their finance and accounting processes, ultimately improving overall performance.

Finance 52

Finance Account accountant accounted 52

CPA Practice

MARCH 23, 2023

As a high-growth firm or one reaching toward that distinction, you are likely to be focused on expanding your client base, increasing revenue, and driving business growth. In order to achieve those goals, your marketing efforts must be aligned with your company’s overall growth strategy. However, scaling your B2B marketing efforts can be challenging, as it requires a different set of skills and tactics compared to those used in the early stages of your firm.

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B2B accounting and finance Start-ups Account 64

Snyder

MARCH 23, 2023

As a small business owner, making sense of the accounting basics and bookkeeping terminology might be giving you a little bit of a headache. At the same time, being able to successfully maneuver the world of accounting is crucial to the success of your business. That’s why in this article, we will cover an essential topic for every business owner: what the difference between accrual and cash accounting is, and how to choose the right method for your business.

accrual accounting 52

accrual accounting Account accountant accounted 52

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

Technology

Patriot Software

MARCH 23, 2023

According to the Small Business Administration, 81.2% of large employers and 24.8% of small employers are corporations. Structuring your business as a corporation comes with benefits like limited liability and increased access to capital. It also comes with its own unique small business tax return—Form 1120. Do you know how to fill out Form 1120?

tax return 52

tax return business tax Tax Account 52

CPA Practice

MARCH 23, 2023

The Financial Accounting Standards Board (FASB) on Thursday published an exposure draft of its proposed accounting rules on how companies should report certain types of crypto assets and digital currencies. Last October, the FASB recommended that fair value accounting was the right method for crypto assets, which was a noteworthy development because there currently are no accounting or disclosure rules specifically for crypto assets.

Account 52

Account accountant accounted accounting standards 52

inDinero Accounting

MARCH 23, 2023

Introduction In today’s competitive private equity (PE) landscape, portfolio companies (portcos) frequently confront significant obstacles in managing their finance and accounting functions. This comprehensive article delves into the underlying reasons for these challenges and presents practical solutions for PE firms and their portcos to streamline their finance and accounting processes, ultimately improving overall performance.

Finance 52

Finance Account accountant accounted 52

Withum

MARCH 23, 2023

Many organizations receive, catalog, and produce large volumes of information but, unfortunately, do not leverage intelligent automation to manage that information which can lead to a lack of a centralized repository with consistent internal controls and best practices. Some solutions for this problem are not easily customized, are cost-prohibitive, and do not lend themselves to integration and transparency.

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Technology

Anders CPA

MARCH 23, 2023

Hackers and cybercriminals’ methods have become more sophisticated within the last 10 years, but not every business has the updated cybersecurity network necessary to reduce their vulnerability to attack. But Who’s Counting? host David E. Hartley discussed the need for businesses to overhaul outdated security systems to a strong cybersecurity policy with Anders Principal and Director + Technology Jason N.

Technology 52

Technology cpas CPA 52

CPA Practice

MARCH 23, 2023

The Paychex Charitable Foundation , a part of Paychex, Inc. , will provide a $1 million grant to Mental Health America (MHA) to support the organization’s work raising awareness about the importance of prioritizing mental health care. The grant, which allocates $250,000 annually over the next four years, focuses on improving access to mental health education and resources in the company’s key markets across the U.S.

Education 52

Education payroll 52

Anders CPA

MARCH 23, 2023

The collapses of Silicon Valley Bank (SVB) and Signature Bank magnified the uncomfortable challenges facing the banking sector, both domestically and abroad. Already, commentators and industry insiders have drawn comparisons to the 2008 recession and banking crisis, but despite emotional similarities, there’s very different causes driving this fraught 2023 banking cycle.

Real Estate 52

Real Estate cpas Government CPA 52

CPA Practice

MARCH 23, 2023

By Augusta Saraiva, Bloomberg News (via TNS). Applications for U.S. unemployment benefits unexpectedly eased for a second week, underscoring a still-tight job market in which employers are reluctant to reduce headcount. Initial filings for jobless benefits fell by 1,000 to 191,000 in the week ended March 18, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 197,000 applications.

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Indiana Illinois Hospitality New York 52

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ThomsonReuters

MARCH 23, 2023

QUESTION: We understand that SECURE 2.0 significantly expands the rules for self-correcting 401(k) plan errors. Can you tell us more about these changes? ANSWER: SECURE 2.0 (see our Checkpoint article ) expands access to self-correction for 401(k) plans in multiple ways. As of December 29, 2022, self-correction under the IRS Employee Plan Compliance Resolution System (EPCRS) may cover any eligible inadvertent failure that would disqualify the plan, unless (1) the IRS identifies the error befo

Tax 52

Tax Account accountant accounted 52

CPA Practice

MARCH 23, 2023

Technologists Randy Johnston and Brian Tankersley, CPA, CITP, CGMA review Acumatica , an easy-to-use and customizable cloud ERP system that helps improve profitability, efficiency, and more. Use the podcast player below to listen to the podcast.

Technology 52

Technology CPA audit Account 52

ThomsonReuters

MARCH 23, 2023

Federal Independent Dispute Resolution (IDR) Process Guidance for Certified IDR Entities (Mar. 2023); Federal Independent Dispute Resolution (IDR) Process Guidance for Disputing Parties (Mar. 2023) Guidance for Certified IDR Entities Guidance for Disputing Parties The DOL, HHS, and IRS have issued revised guidance implementing the independent dispute resolution (IDR) process used by plans, insurers, providers, and certified IDR entities in resolving claims for payment for out-of-network services

Tax 52

Tax Account accountant accounted 52

CPA Practice

MARCH 23, 2023

By Brian Niemietz, New York Daily News (TNS) The Securities and Exchange Commission said Wednesday it would accept settlements from celebrities, including Lindsay Lohan, who promoted cryptocurrency without disclosing they were being paid for their services. “On February 11, 2021, Lohan—a well-known actress, singer, and internet personality—touted on social media a crypto asset security that was being offered and sold,” the SEC said in a cease-and-desist order.

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Pennsylvania New York 52

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Finance

Withum

MARCH 23, 2023

Artificial intelligence has been making tremendous strides recently and is continuing to improve every second, including advancements in AI for business and AI for developers. There are several different ways that AI can help improve your day-to-day processes, like helping you create Power Apps applications, Power Automate Flows and even help with researching and writing documents.

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Construction Gaming 52

Accounting Insight

MARCH 23, 2023

In the run up to Accountex London, our Meet The Brand series is back, to introduce you to some of the up and coming brands you can look forward to meeting at the show. First up is Pixie. A simpler practice management and workflow automation approach for small accounting and bookkeeping firms. Thousands of accountants and bookkeepers rely on it daily to manage work more effectively, scale their firms, and leave clients delighted.

bookkeeping 52

bookkeeping accounting firms Start-ups Account 52

RitaKeller

MARCH 23, 2023

“We are all faced with a series of great opportunities brilliantly disguised as impossible situations.” – Charles R. Swindoll Some firms extend all tax returns at the beginning of tax season. Some firms wait until early April and then extend as many as possible. The plan is to have work to do after April 15. Of course, some extensions make sense and are necessary.

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tax return CPA Tax 45

Cherry Bekaert

MARCH 23, 2023

Now that we’ve identified what the Power Platform is, let’s focus on the purpose behind and the benefits of the Power Platform. By leveraging the Power Platform, people from practically anywhere can rapidly improve their day-to-day solutions for whatever challenges they may come across. Furthermore, the Power Platform enables organizations to be more agile and effective in their business operations.

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Government 40

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"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.

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