Wed.Feb 07, 2024

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How Client and Tax Preparer Collaborations Can Create a More Valuable Tax Preparation Experience

Withum

Tax season is upon us. Here are some things preparers and clients can do to make the experience more valuable for themselves. Ways to Make Tax Season Better for Clients Avoid spelling errors in client’s or children’s names, addresses, or any information that needs to be provided on the return. Make instructions easy to follow and get rid of unnecessary or indecipherable instructions.

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How to Measure Your SaaS Startup’s Net Revenue Retention (NRR)

BurklandAssociates

Net Revenue Retention (NRR), also known as Net Dollar Retention (NDR) is a key metric for SaaS companies. Measuring NRR provides important insights into a SaaS startup’s retention and expansion Read More The post How to Measure Your SaaS Startup’s Net Revenue Retention (NRR) appeared first on Burkland.

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Just Eliminate the Extra 30 For CPA Licensure Requirement!

Going Concern

By Sharon Lassar, PhD, CPA (Florida) John J. Gilbert Professor and Director of the School of Accountancy, University of Denver Thank goodness for the Connecticut Society of CPAs! Without their posting , it would have taken me longer to learn about the latest half-baked idea by NASBA regarding the education requirements to become a CPA. It seems NASBA wants to keep this under wraps.

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FinCEN proposes rule to crack down on real estate money laundering

Accounting Today

The Treasury Department's Financial Crimes Enforcement Network hopes to deter money laundering in the residential real estate industry with a newly proposed rule.

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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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Meet 2023 Top 25 Up-N-Coming ProAdvisor Kassandra Degus

Insightful Accountant

We sat down with Kassandra to get her thoughts on being a Top 25 Up-N-Coming ProAdvisor, her journey, path to success, and how she’s a support system for her clients.

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Why Opportunity Zones Are a Good Investment in 2024

CPA Practice

By Daniel Goodwin, AWMA, Kiplinger Consumer News Service (TNS) Opportunity zones, created by the Tax Cuts and Jobs Act, were designed to spur economic development and job creation in specific communities and census tract areas, while simultaneously providing substantial tax incentives for investors. However, with some provisions in the Tax Cuts and Jobs Act (and therefore opportunity zones themselves) set to expire less than three years from now, many are wondering what the future holds for this

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Cloud access raising tech costs for firms

Accounting Today

Costs to access and connect with certain cloud-based solutions have been increasing, leading to higher technology costs for accounting firms.

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LLC vs. S Corp: Which Offers Better Tax Savings?

Cherry Bekaert

Understanding business entities and tax structures can save you a tremendous amount of time, money and potential headaches down the road. Limited liability companies (LLCs) and S corporations (S corps) are often talked about in conjunction with possible types of business entities, but it is not a simple choice between one or the other. Unlike a C corporation, which taxes shareholders separately from the entity, both LLCs and S corps are generally subject to only one layer of taxation at the owne

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Accountants want to see different kinds of diversity in workplace

Accounting Today

A new survey from the ACCA looks at trends in DEI, AI, employee retention, hybrid work and mental health for accountants.

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Outsourced Client Accounting Services in an E-Commerce World

AccountingDepartment

In the past few years, there has been a significant surge in the growth of e-commerce businesses. With the emergence of new companies and the adaptation of brick-and-mortar stores to online platforms, the demand for online purchasing is being met through various online sales channels.

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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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15 states with personal income tax rate changes in 2024

Accounting Today

Taxpayers will benefit from a reduced top marginal rate in 13 states, but in two states the rate has increased.

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How Did Your 1099 Season Go? New E-Filing Rules Challenged Some in 2024

CPA Practice

Every year, millions of businesses and other entities have a mini tax season before the real tax season, and many turn to their accounting firm advisors or tax professionals for help. Due to changes in reporting requirements, the 2024 filings became a little more challenging: The years ahead may be even more so. These companies are required to file a Form 1099-MISC or 1099-NEC for any persons that are considered contractors or vendors to whom they paid $600 or more in the previous calendar year.

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CNA to provide CPA firms with BOI coverage

Accounting Today

The AICPA's professional liability insurer will cover client services related to the Corporate Transparency Act's beneficial ownership information reporting requirement.

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Layoff Watch ’24: Deloitte UK Is Cutting Some More Jobs

Going Concern

If you thought the economy was making a slow and painful U-turn back to better days sorry to say but you were wrong. The good news is this next round of cuts at Deloitte UK will be much smaller than the last round of 800. Reports FT : Deloitte is set to axe 100 more jobs in the UK as a prolonged slowdown in deals activity hits demand for some of its services.

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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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IRS spotlights IRS Employer-Provided Childcare Tax Credit

Accounting Today

The Internal Revenue Service has posted a new page on IRS.gov explaining the Employer-Provided Childcare Tax Credit to provide more information about the tax break.

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CPA Firms Kruggel Lawton and Cole Gavlas to Join Forces

CPA Practice

Top 300 accounting firm Kruggel Lawton CPAs said on Feb. 6 that it’s combining with Cole Gavlas, a Portage, MI-based firm that provides a wide range of accounting services to their clients, including tax, business advisory, financial management, and other advisory offerings. Financial terms of the deal, which will become official on June 1, weren’t disclosed.

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First look at Accountex London 2024 as free registration opens

Accounting Insight

Accountex London returns to ExCeL on 15-16 May 2024. Over ten thousand accountants and finance professionals from across the UK are expected. The 2023 show was hailed as a huge success and celebrated as the largest show in Accountex history. 295 software and service suppliers will be exhibiting, alongside an extensive CPD accredited education programme, to help visitors stay up to date with the evolving landscape of the profession.

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AICPA Says FBAR Deadline Should Match Disaster Relief Deadline Extensions

CPA Practice

The American Institute of CPAs has submitted a letter to the Financial Crimes Enforcement Network and Internal Revenue Service (IRS) providing recommendations for the Report of Foreign Bank and Financial Accounts to taxpayers impacted by major disasters. AICPA’s recommendations suggest FinCEN automatically match the filing deadline relief for FBARs that the IRS gives to taxpayers in disaster areas.

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Guide to Business Writing

Everything you need to know about better business writing in one place. This is a complete guide to business writing — from a clear business writing definition to tips on how to hone your business writing skills.

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Becoming a “FinFluencer”

Insightful Accountant

Social media has given rise to a new breed of financial gurus known as "finfluencers.” These are individuals who have built large followings by making finance relatable and fun through entertaining videos, posts, and more.

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Accounting Firms that Embrace Cloud Tech See Higher Growth, Says Survey

CPA Practice

Accounting firms employing cloud-based technology solutions experience higher levels of growth, but many are still grappling with how to harness the full power of such tools for strategic benefit. This is according to the 2024 U.S. Accounting Industry Report, commissioned by Wolters Kluwer, which polled 1,776 tax and accounting firms of all sizes, also shows that modern accounting practices face a mix of internal and client facing challenges.

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GASB 96: Lessons Learned for Local Government Organizations

LSLCPAs

As auditors, it’s important for us to stay on top of the latest accounting standards to ensure financial accuracy, reliability and compliance. For our clients, its even more important as the real-life implementations of new accounting standards isn’t always as easy as it may seem. GASB Statement No. 96 (GASB 96) Subscriptions, issued by the. The post GASB 96: Lessons Learned for Local Government Organizations appeared first on LSL CPAs.

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IRS Launches Hub for Employer-Provided Childcare Tax Credit

CPA Practice

The IRS on Wednesday announced the launch of a new webpage that gives information on the Employer-Provided Childcare Tax Credit, an incentive for businesses to provide childcare services to their employees. “This business tax credit helps employers provide their employees with child-care services and facilities,” IRS Commissioner Danny Werfel said in a statement.

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Finding “The One:” The Ultimate Guide to Selecting Financial Software

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

As finance and accounting practitioners, you are expected to complete daily operations as well as to manage next generation tools and resources to support a business that is growing in complexity. Having the right software can be critical in juggling and meeting those high expectations. The path to the right software, however, is paved with challenging decisions.

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Business news wrap for January!

Reckon

What’s been cranking in the world of business in the early stages of 2024? We rounded up the top business news for the month of January. Let’s dive in… Revised Stage 3 tax cuts to benefit the overwhelming majority of Australians. Almost every Australian will be receiving a tax break in the upcoming stage three tax cuts. In fact, on average Australians will see an $804 benefit.

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Delegation 101

Ryan Lazanis

One of the struggles for most firm owners is the effective delegation of tasks. Learn how to delegate and experience more workload reduction. The post Delegation 101 appeared first on Future Firm.

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Retired IRS Agent Gets Month in Jail for Causing Fatal Crash in Ohio

CPA Practice

By Cory Shaffer, cleveland.com (TNS) A retired IRS agent who was speeding in his Bentley and caused a crash that left a 22-year-old woman dead last year is headed to jail. Cuyahoga County (Ohio) Common Pleas Court Judge David Matia on Tuesday sentenced James Farley, 59, to spend 30 days in the county jail for the collision that killed Samantha Nelson.

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Handling Customer Deposits and Retainers in QuickBooks Online and Desktop 2023 (and earlier)

SchoolofBookkeeping

Some businesses receive retainers or deposits from customers before performing any services. When they invoice customers for services, those invoices are paid using the money from the deposits. You can set up a deposit or retainer process for your company in QuickBooks Online. The retainer or deposit is treated as a liability to show that, although your business is holding the money from a deposit or retainer, it doesn't belong to you until it's used to pay for services.

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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.

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CT Accountant Charged with Stealing From a Second Client

CPA Practice

By Peter Yankowski, New Haven Register, Connecticut (TNS) An accountant in New Milford, CT, has been charged with stealing tens of thousands of dollars from a small business owner weeks after police charged him with taking money from a different client. Carl Benjamin Anderson was arrested by detectives on Jan. 25 on a warrant charging him with first-degree larceny, the New Milford Police Department said in a news release.

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Update on the CPA Profession

Dent Moses

When talking with clients, I always like to know how their business is going. I love to hear about everything: their team, sales, challenges, etc. When asked the same question, I usually respond, “Business is great, and we’re looking for more.” However, one of the accounting profession’s biggest challenges is the need for more people to do the work.

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IRS Extends Tax Filing Deadline in 10 Maine Counties Following Severe Storms

CPA Practice

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The IRS has granted Maine tax relief to areas of the state impacted by severe storms late last year. Affected taxpayers now have extended tax deadlines of June 17, 2024, to file certain tax returns and make tax payments. The tax deadline extension for Maine follows tax relief for Connecticut and Rhode Island , announced by the IRS earlier this year.

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How CorpNet Helps Startups with State Compliance

Shay CPA

Sometimes, running your business isn’t the hardest part of running your business. Instead, complying with state and federal regulations, from taxes to employer requirements, feels most burdensome. Fortunately, you can pay someone else to handle that for you. And CorpNet is one of the best options out there for this type of service. With its Compliance Portal , this company has been helping other businesses manage their compliance requirements across all 50 states for more than a decade.

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2024 Payroll Calendar Templates

These calendars provide pay period dates and paydays for biweekly, semi-monthly, and monthly payroll in 2024. Use them as a reminder or share with employees so they can celebrate payday.