Fri.Feb 17, 2023

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The Difference Between A Construction Accountant And A Tax Accountant

Randal DeHart

How often have you hired someone with the expectation that they know how construction works, and then you found out they did not know about it? You are a master in the construction industry, so you recognize what to look for in your particular field and quickly observe if someone has the skillsets, and you proceed accordingly. You know what happens when you send your best Rough Carpenter that you pay piece work for framing spec from the ground up in all kinds of weather and working conditions to

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Keeping Debtors Honest with a Solvency Opinion

RogerRossmeisl

Are you worried your business won’t receive what a liquidating creditor owes it? In most cases, liquidating companies come by their financially distressed situations honestly. But there’s always a chance that a debtor has made fraudulent transfers or taken other steps to hide assets from creditors. A solvency expert can help you and your legal counsel determine whether a liquidating business is capable of meeting its interest and repayment obligations.

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Tax Season Best Practices to Avoid Identity Fraud – 2023

CPA Practice

By Christina Luttrell, Chief Executive Officer for GBG Americas ( Acuant and IDology ). Tax season is always stressful. Hurried filers inundate tax preparers working furiously to help their clients file on time while the dreaded tax deadline looms. However, it’s important to pause and reflect on your data privacy standards, digital communication norms, and potential vulnerabilities this tax season.

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Minnesota Throws TPTB the Finger and Introduces Legislation to Offer an Alternate Pathway to CPA Licensure

Going Concern

It was only a couple days ago that the Journal of Accountancy published an interview with NASBA CEO and President Ken Bishop in which Bishop sternly warns states against even thinking about lowering the CPA licensure requirement to 120 units, something something mobility blah blah. To save you a click, here’s a relevant snip of that JofA article and his comments, published February 10: “Should any state or jurisdiction lower the licensure requirement to 120 hours, their CPAs would no longe

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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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Congress Mandates that Marketplaces Monitor High-Volume Sellers

CPA Practice

By Gail Cole. Marketplace facilitators are being required to monitor and vet high-volume marketplace sellers in a growing number of states, including Arkansas , California , and Oklahoma. And with the December 2022 enactment of the Consolidated Appropriations Act, 2023 , Congress is setting similar requirements on online marketplaces nationwide.

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The Dancing Accountant Offers Webinar On Accounting For Cooperatives, Feb 21, 2023

Nancy McClelland, LLC

I’m very proud to again be partnering with the National Society of Accountants for Cooperatives (NSAC) to offer an entertaining and educational upcoming webinar, “ Hippie Co-ops? Expanding Your Co-op Expertise to Other Cooperative Niches “, on Tuesday, February 21, 2023, at 2 PM ET/1 PM CT/ 12 PM MT/ 11 AM PT. The focus of this webinar is to teach existing accountants who are already familiar with co-op accounting about the similarities and differences between the types of clie

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Rules for Paying Your Kids to Work In Your Business

LSLCPAs

Recently, one of our clients wanted to know the rules for hiring their children in their business and using those funds to contribute to a retirement account. In the old days, allowances were used to teach our kiddos how to handle money. But as they grow up, it’s possible to teach them how to manage. The post Rules for Paying Your Kids to Work In Your Business appeared first on LSL CPAs.

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New Recruits Are Allegedly Telling EY They’re Really Excited About the Split

Going Concern

Amanda Iacone has written a piece for Bloomberg Tax about the EY split and how it stands to shake up an already shaken industry, the whole thing is worth a read. We already know there is a talent war, and we also know that PwC in particular is eager to snap up unhappy EY talent (see: PwC Plans to Poach Unhappy Senior Managers From EY and PwC Declares a Poaching War on EY ), but now we know that despite countless potential new hires saying the split kinda freaks them out, the new recruits are so

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Unlock Business Growth With Written Goals

GrowthForceBlog

6 min read According to a Harvard study of MBAs, the individuals who set written goals earned 10x more after graduation than their fellow graduates who did not write down their goals [1].

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Accounting Top 100 Social Media Leaderboard – Feb. 15, 2023

CPA Practice

Every two weeks Avalara releases the latest #AccountingTop100 Social Media Leaderboard, the growing online community where participating accounting professionals can see how they stack up against their friends on social media. Accounting professionals are invited to apply to join the leaderboard and also check out Avalara’s Partner Program , which provides accountants with the tools they need to help support their clients.

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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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SEC Proposes Custodian Requirements for Digital Assets

Withum

Digital asset exchanges could soon face new challenges for assets held by hedge funds or private equity firms in the United States. On February 15, 2023, the Securities and Exchange Commission Voted 4 to 1 in favor of proposing a new requirement for registered investment advisers to hold digital assets through a qualified custodian. The proposal would also require these custodians to abide by specific regulations.

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72% of Middle Market Businesses Back to Pre-Pandemic Performance but Brace for Recession

CPA Practice

UHY Advisors has released its 2023 Middle Market Survey Trends Report. Polling over 250 executives across the public and private middle market, the report looks into the key trends, challenges and successes that businesses are set to experience throughout 2023. Key findings in this year’s report include: Middle market shows resilience but believe 2023 will upend current growth Despite ongoing recovery fears throughout the business world, 72 percent of middle market executives say they have at le

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Learn how to Calculate Margin vs. Markup Quickly

inDinero Accounting

In your time as a business owner you’ve probably heard the terms “margin” and “markup” used interchangeably. The truth is they’re two closely related but very different things. So how do you understand the difference and determine when it’s appropriate to use one or the other? Knowing how to calculate margin and markup is a good start.

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Future of Accounting: 6 Game-changing Trends to Keep on Your Radar

Patriot Software

Trends constantly come and go in the accounting world. At one point in time, managing books by hand was all the rage (and the only way to do it). Now, cloud-based accounting is on the rise. So, what does the future of accounting look like?

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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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Thomson Reuters Introduces Checkpoint Engage Single Audit for U.S. Auditors

CPA Practice

Thomson Reuters has announced the release of Checkpoint Engage Single Audit, the only web-based application that automates the entire single audit process. “Each year, U.S. accounting firms perform approximately 40,000 single audits for clients who receive federal grants. The single audit process is very complex, specific, and ever-changing,” said Piritta van Rijin, Global Head of Product, Accounting, Tax & Practice, Thomson Reuters.

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On-Demand Webinar: Accounting and Auditing Update for Healthcare Organizations

Withum

This webinar, presented by Ryan Miller, and Sienna Richert of Withum’s Healthcare Services Group, will provide an accounting and auditing update applicable to healthcare organizations. The team will go through recently issued Accounting Standard Updates, with an in-depth look at pronouncements applicable to the industry, including AICPA and FASB updates, and new accounting standards.

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5 Tips for Funding a Startup Without Any Investors

Patriot Software

Do you need investors to start a business? During the early stages of your startup, you may struggle to attract venture capitalists and angel investors. While working with investors provides a fast and sustainable way to raise money and scale your business, there are other available routes.

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How to Calculate Margin vs. Markup

inDinero Accounting

In your time as a business owner you’ve probably heard the terms “margin” and “markup” used interchangeably. The truth is they’re two closely related but very different things. So how do you understand the difference and determine when it’s appropriate to use one or the other? Knowing how to calculate margin and markup is a good start.

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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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Fraud Associated With Manual Cash Disbursements

FraudFiles

Companies typically have a standard way of initiating cash disbursements like payments to vendors or employees. Often this involves entering an invoice into the accounting system, ensuring proper approval for payments, and then generating the electronic transfer or check.

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Accountants and AML: Why creating a culture of compliance has never been more vital

Accounting Insight

Money laundering is a serious and widespread issue in the United Kingdom. One recent example of this is Santander Bank being fined £108m for anti-money laundering failures at the end of 2022. It’s one of a number of high-profile examples showcasing anti-money laundering (AML) processes not matching up to the threat. Accountancy services, in particular, remain an attractive target for money launderers, who are looking to find ways of making their funds legitimate.

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Data to Drive Excellence and Enhance Recruiting and M&A Options

CPA Practice

By Ira Rosenbloom, The Merger Master. CPA firms, like all businesses, must know how to assess success and identify areas in need of improvement. Strong success provides firms with more options to recruit and train talent, promote leaders, add services, and complete transactions that it wants to close. The better the business, the greater the potential for happiness.

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Cash flow planning for first-time exporters

Menzies

Menzies LLP - A leading chartered accountancy firm. Businesses considering exporting goods for the first time should take care when planning ahead, as when it comes to managing cash, things can become a lot more complicated while trading internationally. While many first-time exporters will be drawn in by the revenue opportunities that new geographies may offer, the decision to expand overseas should not be taken light heartedly.

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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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Friday Footnotes: Deloitte Partner Scammed By Other Deloitte Partner; Big 4 Legal Grows; A $3.5 Billion Error | 2.17.23

Going Concern

Big 4 EY expects ‘massive approval’ in vote to split up company [ Reuters ] Partners in EY are expected to give approval for spinning off the company’s consulting arm and listing it on the stock market by the end of the year, a senior EY official said on Tuesday. Over 13,000 partners – out of EY’s 365,400 staff – are due to vote on the divestiture plan in April with the outcome known quickly, said Marie-Laure Delarue, EY’s global vice chair for assurance

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As FMLA celebrates 30 years, some lawmakers look to expand and reform program

ThomsonReuters

States eye workforce as a legislative priority On February 5, 2023, the U.S. Department of Labor (DOL) announced its efforts to celebrate the 30th anniversary of the Family and Medical Leave Act (FMLA) with nationwide events that included interagency outreach and collaboration and the launch of a dedicated webpage with new and updated resources [ DOL News Release, 23-3-NAT, 02/06/2023 ].

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