Fri.Mar 24, 2023

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How Client Conversations Can Turn Tax Season Into Opportunity Season

CPA Practice

For many accountants, busy season can certainly feel more like “survival season” – last year, nearly 200 million individual and business tax returns were filed , with accountants shouldering a large portion of the work. Now, with accounting firms facing talent shortages and growing workloads, the effort required for this tax season may seem positively Herculean.

Tax 93
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Buying a New Business Vehicle? A Heavy SUV is a Tax-Smart Choice

RogerRossmeisl

If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle. The reason has to do with how smaller business cars are depreciated for tax purposes. Depreciation rules Business cars are subject to more restrictive tax depreciation rules than those that apply to other depreciable assets.

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1099-NEC guidelines for business owners

SMBAccountant

When a new vendor or subcontractor provides a service to your business for the first time, it is important to request a W-9 from them as soon as possible. By doing so, you will be able to confirm the vendors mailing information and EIN (Employer Identification Number) which is needed for 1099-NEC tax filings. Tax form 1099-NEC is the IRS form used by businesses to report payments made to independent contractors, subcontractors, freelancers, sole proprietors and self-employed individuals for serv

Legal 236
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Turn That Fraud Dispute into a Loyalty-Building Opportunity

RogerRossmeisl

If customers report fraud or suspicious charges on their accounts, what might seem like a challenge can actually be an opportunity for your business. Handle these disputes efficiently and you can regain — and even strengthen — customer loyalty. The alternative: angry customers, damage to your reputation and financial losses. Your customer dispute resolution processes should move quickly to get to the bottom of possible fraudulent activity.

CPA 230
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Live Demo: How to Achieve Reconciliation Zen

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

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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FASB Issues Long-Awaited Exposure Draft on Crypto Asset Accounting

CPA Practice

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.

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Friday Footnotes: Disengaged Team? Do This; Deloitte’s Huge India Expansion; Auditors Yelled At…Again | 3.24.23

Going Concern

Reminder: you have until April 17 to weigh in on a proposal to extend the CPA exam window Practice Is it time for firms to transform their business model? [ Journal of Accountancy ] Pandemic pressures have worn the workforce thin, and the economy is in the thick of rapid, radical change. It’s time for firm leaders to ensure their businesses are on course to not just survive but thrive.

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Now’s Your Chance to Tell NASBA How You Really Feel (About Extending the CPA Exam Window)

Going Concern

The following message is for current and aspiring CPAs: it isn’t often that anyone asks your opinion unless it’s a client trying to get free work out of you but there is an issue in need of your immediate attention and feedback. NASBA is soliciting comments on a proposal to extend the CPA exam window from 18 to 24 months and you have until April 17 to get them in.

CPA 98
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Q&A — Filing a Form 2848 for Your Tax Clients

Canopy Accounting

In our recent webinar, "Two Clicks to Transcripts with Dawn Brolin," Dawn discussed the firm-wide benefits of Canopy's Transcripts & Notices tool and how it's increased the value of her firm, improved client relationships, and saved time. If you need to pull transcripts for your client, you must have a signed Form 2848. Here is a closer look, with answers included, into the great questions from our digital audience about IRS Form 2848.

Tax 95
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Construction Business Growth Through Networking And Having A Mentor

Randal DeHart

Most business owners receive plenty of well-intentioned advice and 'helpful opinion' from family and friends. However, good business advice spoken from commercial experience is another matter entirely. That's not to say it's hard to find, but finding a reputable source in the Internet age is sometimes less than straightforward – especially if you have a specific problem to solve and limited time.

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State CPA Societies in Action: New York State Society of CPAs

CPA Practice

Founded in 1897, the NYSSCPA offers networking opportunities for CPAs, along with CPE courses and conferences, over 50 committees that cover various specializations, and also publishes the CPA Journal. NYSSCPA currently has 15 chapters throughout the state of New York and is currently governed by a 39-member board of directors. The society has more than 21,000 members, making it one of the largest in the U.S.

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New DOL Final Overtime Rules: Quickstart Guide for Employers

There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.

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Mickey’s Second Act

Withum

A friend, Michael A. “Mickey” Kaufman, retired about six years ago as a corporate attorney. Since he retired, it seems he has been busier than ever. Besides many social and charitable activities, he became an author and has just published his magnum opus. As soon as he retired, he finished writing a children’s book that he started over 20 years ago while on vacation with his youngest daughter, Andrea, to whom he started telling made-up stories to get her attention.

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A SIMPLE Way to Retirement Savings

CPA Practice

As the name implies a SIMPLE plan—short for Savings Incentive Match Plan for Employees—is simple to set up and manage. Typically, these accounts operate like traditional IRAs. Now the new SECURE Act 2.0 enacted late last year makes it easier for SIMPLE plan participants to save more for retirement. Background : To qualify to use a SIMPLE, a business can’t employ more than 100 workers.

Tax 52
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Two Clicks to Transcripts with Dawn Brolin

Canopy Accounting

In this webinar, Dawn Brolin discusses the firm-wide benefits of Canopy's Transcripts & Notices tool and how it's increased the value of her firm, improved client relationships and saved time. Dawn will be joined by KC Brothers of Canopy who walk through the details of the Transcripts & Notices, showing just how simple it is.

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The Technology Lab Podcast – Review of Acumatica – March 2023

CPA Practice

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. Click here to visit the podcast page.

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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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Software Quality Assurance Testing Limitations – Could Quality Assistance Be the Better Choice?

Withum

OR The words “testing” and quality assurance (QA) are used interchangeably in the industry, and many aren’t aware of the difference between the two. Testing, as such, focuses on the correctness of the end product, whereas software quality assurance testing ensures that appropriate procedures and processes are in place and enables the delivery of a product/service to an agreed level of quality.

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Performance Feedback

RitaKeller

“Mistakes should be examined, learned from, and discarded; not dwelled upon and stored.” – Tim Fargo I hope you are giving your team members feedback as they work their way through tax season. Young professionals want feedback continually, “How am I doing today?” Here’s a Friday Flashback post that might be helpful.

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The Accountant Shortage is So Bad Anime Waifu Girlfriends Are Taking Up Tax Prep Now

Going Concern

TW: TurboTax bashing Before you get all bent out of shape over an anime dating sim that asks for your Social Security number for the purposes of helping you complete your federal tax return, know two things: Steam yeeted the game you’re about to see off the platform in a mere 24 hours and Tax Heaven 3000 is a project of Brooklyn art collective MSCHF not a legitimate tax prep alternative.

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Is IRS Customer Service Improving? Janet Yellen Says Yes

CPA Practice

By Jamie Dupree, The Atlanta Journal-Constitution (TNS) When Democrats in Congress approved an extra $80 billion for the IRS last year, most of the focus was on how it would be used to step up tax enforcement. But a chunk of that same money also went to improve taxpayer services, and Biden administration officials say that it’s already paying off. “Taxpayers are getting drastically improved customer service,” said Treasury Secretary Janet Yellen, who said at a pair of congressional hearings that

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.