Mon.Feb 20, 2023

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What Business Owners Can Do About Insurance Fraud

RogerRossmeisl

According to various sources, around 10% of all insurance claims involve fraud. Insurance companies generally pass along the cost of these fraud losses to policyholders in the form of higher premiums. Unfortunately, small businesses, which are generally less able to pay premium hikes, are particularly vulnerable to insurance fraud. To protect your company from losses and minimize the likelihood of increased premiums, learn how to identify insurance fraud.

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New QBO Estimates & Invoices on the Way

Insightful Accountant

QuickBooks Online is giving Estimates and Invoices a makeover. Before rolling them out to everyone, it has been giving some customers the new experience and getting feedback.

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Discounting vs Capitalizing: Common Business Valuation Methods at a Glance

RogerRossmeisl

Two techniques fall under the income approach umbrella when valuing a private business interest: the discounted cash flow (DCF) method and the capitalization of earnings method. How do these two commonly used methods compare — and which one is appropriate for a specific investment? Fundamentals of discounting The DCF method estimates the present value of future expected net cash flows using a discount rate.

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IRS Processing Tax Returns At a Quicker Rate Than Last Year

CPA Practice

By Kristin F. Dalton, Staten Island Advance, NY (TNS) The IRS has been processing refunds faster this tax season than last year, but the average refund Americans are receiving is slightly lower, the federal agency recently announced. As of Feb. 3, the IRS said it has processed more than 16.7 million tax returns—29% more than in 2022, nearly four million more.

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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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Answers to Your Questions About 2023 Limits on Individual Taxes

RogerRossmeisl

Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your 2022 individual tax return is due to be filed in 10 weeks (unless you file an extension). However, it’s a good time to familiarize yourself with tax amounts that may have changed for 2023. Due to inflation, many amounts have been raised more than in past years.

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KPMG U.S. Cuts Nearly 2% of Its Workforce

CPA Practice

KPMG laid off staff from its U.S. advisory practice last week in an effort to “better align our workforce with current and anticipated demand in the market,” the Big Four firm’s head of advisory said. The layoffs on Feb. 15 amounted to about 5% of KPMG’s advisory practice—roughly 700 people—which is approximately 2% of the firm’s total U.S. workforce.

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Is There an Accountant in the House?

Insightful Accountant

A recent report from Robert Half shows that accounting and finance are among the most in-demand by companies looking to hire in the first half of this year.

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Child Tax Credit: The Rules Keep Changing But It’s Still Valuable

RogerRossmeisl

If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the last six years. This tax break became more generous in 2018 than it was under prior law — and it became even better in 2021 for eligible parents. Even though the enhancements that were available for 2021 have expired, the CTC is still valuable for parents.

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What is a Power of Attorney?

KROST

We often get questions about what to do when a person wants to give up their authority over their personal and financial life. If they do not already have a Revocable Living Trust that provides for a transfer of that authority, then the next best thing is a Power of Attorney (POA). The person who Read the full article. The post What is a Power of Attorney?

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Retirement Plan Early Withdrawals: Make Sure You Meet the Requirements to Avoid a Penalty

RogerRossmeisl

Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of a traditional IRA or other qualified retirement plan before age 59½. Such distributions are generally taxable and may be subject to a 10% penalty tax.

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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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What You Should Know About Changing the 150 Hour Rule Before You Debate For or Against It

Going Concern

All-around awesome person Byron Patrick tweeted a bit of a manifesto on the 150 hour rule today and I want to share it as a movement to lower the CPA licensure requirement of 150 units to ease the CPA shortage is currently underway. Minnesota just introduced a bill to add a 120 units/two years of work experience option to the existing CPA pathway and we anticipate other states may follow.

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Can You Spot the Fraud Perpetrator? Look for Bad Behavior

RogerRossmeisl

Ask any business owner whose company has been defrauded by an employee, and you’ll probably hear a common refrain: “I never would have suspected that person!” In many cases, spotting fraud perpetrators before they commit a crime is difficult, especially if you don’t work closely with them on a daily basis. But many fraudsters exhibit performance and interpersonal behaviors that can tip off owners, managers and HR professionals to more serious issues.

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When to Consider a Sage Intacct Solution for Your Tech Company

Cherry Bekaert

Stay Connected If your tech company is outgrowing its accounting system or experiencing pain points while transitioning to a SaaS model, this podcast episode is for you! Join Technology Industry Practice Leader, Michael Valerio , and Strategic Alliances Director, John Bartz , as they discuss how Cherry Bekaert’s digital advisory team works with tech companies to provide services around strategy, implementation, optimization and support while utilizing Sage Intacct.

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Many Tax Limits Affecting Businesses Have Increased for 2023

RogerRossmeisl

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2023 at $160,200 (up from $147,000 for 2022).

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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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Northwest Tax Associates: Faster and More Secure with Canopy

Canopy Accounting

"I’m able to spend more quality time with my clients. And because I’m more organized and the client has already been able to complete a lot of the paperwork through the client portal, the time we spend together is more efficient for both of us." —Peter Mar, Northwest Tax Associates. Background Peter Mar of Northwest Tax Associates needed a better way to manage his tax practice.

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Have Employees Who Receive Tips? Here are the Tax Implications

RogerRossmeisl

Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels and salons. Tip definition Tips are optional payments that customers make to employees who perform services. They can be cash or non-cash. Cash tips include those received directly from customers, electronically paid tips distributed to employees by employers and tips received from other employees under tip-sharing arrangements.

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Easily Share Files with Anyone Using a Secure Link | Canopy

Canopy Accounting

What's New: Sharing a file with clients or key stakeholders has just gotten easier. Now you can send a file using a secure link. Recipients will receive an email (to the one you designate) with a secure link that will allow them to open and view the file via a browser. They will not need to have access to the client portal or even have to be one of your clients.

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Valuing a Startup Business

RogerRossmeisl

Many startup ventures have never generated positive cash flow — or even revenue. How can a valuation analyst value a startup business when it has no track record? Without historical performance to rely on, valuators often turn to the entrepreneurs’ forecasts. However, no one can see into the future. So, prospective financial statements can be subjective and risky, especially in today’s volatile marketplace.

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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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Marketing Follow-Up Strategies: Best Practices You Might Want To Follow

Snyder

Email marketing – if done right – can be a powerful business tool helping explore customer behavior , increase sales, and build strong customer relations. At this point, regular communication is vital. Engaging a lead can’t be enough – you might want to maintain contacts and encourage conversion. One of the ways to do it is by email follow-up. In this article, we’ll observe some marketing follow-up strategies and best practices you might want to consider.

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Why You Might Want to File Early and Answers to Other Tax Season Questions

RogerRossmeisl

The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. Even if you typically don’t file until much closer to the mid-April deadline (or you file for an extension), consider filing earlier this year. The reason is you can potentially protect yourself from tax identity theft.

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QB Talks — Inside QB Desktop Enterprise 2023 Data Entry & Reporting

Insightful Accountant

In the second installment of this webinar recap, internationally renowned ProAdvisor Esther Friedberg Karp (with an assist from Murph) drills down into the data entry and reporting feature and how they can benefit you.

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Cryptocurrency – the Wild, Wild West

Dent Moses

Even with prices falling, interest in cryptocurrency is on the rise. It is important to know the tax implications before you jump into the world of crypto. Whether you are invested in, accept or make payment with, or receive a gift of crypto it may give rise to a taxable event. The following chart is courtesy of Time.com : It should be noted the gift limit for 2022 is $16,000, up from $15,000 in 2021.

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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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Retiring soon? – Check your entitlement to the State Pension now!

Inform Accounting

If you are planning to claim the UK state pension you should check your national insurance (NI) record before 5 April 2023. At present, voluntary contributions can be made to plug gaps back to April 2006, but this will be curtailed from April. National insurance (NI) contributions are made by employed and self-employed individuals based on their earnings.

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3 reasons for the accountant shortage (and how CPA firms can attract candidates in 2023)

Accounting Insight

If you’ve followed financial news over the past several months, chances are you’ve seen at least one headline about the ongoing accountant shortage. Maybe you’ve even experienced the pains of struggling to hire candidates at your firm. Several factors contribute to the shortage, like mid-career CPAs changing professions, or early retirements spurred by the pandemic.

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The Importance of an Accurate Balance Sheet

Basis 365

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 small businesses.

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How Synder’s Daily Summary Helps Streamline Restaurant Bookkeeping

Snyder

Good bookkeeping practices are essential for any business, but they’re especially important in the restaurant industry because of the high volume of transactions that occur each day. Keeping accurate records allows you to easily identify areas where you may be overspending or not taking advantage of available savings opportunities. Additionally, good bookkeeping helps achieve easy and fast reconciliation, ensure that taxes are paid on time and in full and that financial statements accurately ref

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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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Three weird and unique business ideas to get you thinking…

Reckon

Making money doesn’t have to mean you tread a well-used path and do what others are doing. If you can corner a niche, do something different, and offer something valuable. You can get as weird as you like! Let’s take a leaf out of the left-field book and see how others have created truly unique businesses that broke the mold, while still bringing in the coins.

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A guide to personal guarantee, what you should know before signing one

Wellers Accounting

Jordan Wood ACA , explains personal guarantees and what they mean for your business and personal finances.

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CASS 7 – Client Money Reconciliations for Designated Investment Firms

Menzies

Menzies LLP - A leading chartered accountancy firm. One of the most time intensive requirements of being authorised by the FCA is completing Client Money Calculations. These are essential to ensure that if anything were to go wrong, clients’ money is always protected. Not to put too light a point on it, but the effective completion of this ensures continued consumer confidence in the UK’s financial system.

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Tax-Saving Ways to Help Pay for College – Once Your Child Starts Attending

RogerRossmeisl

If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved for years in tax-favored accounts, such as 529 plans. But there are also a number of tax breaks that you may be able to claim once your child begins attending college or post-secondary school. Tuition tax credits You can take the American Opportunity Tax Credit (AOTC) of up to $2,500 per student for the first four years of college — a 100% credit for the first $2,000

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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.