CPA Practice
MAY 24, 2023
By Samuel V. Gaeta, CFP, Kiplinger Consumer News Service (TNS) Many know that capital gains taxes are what you owe when you sell an investment that has gained value since you bought it. What’s less well-known is that you can end up owing capital gains taxes on an investment that has lost value since you purchased it and that you haven’t even sold!
MyIRSRelief
MAY 24, 2023
What is an IRS CP14 notice? An IRS CP14 notice is a letter sent to taxpayers who owe money to the IRS. The notice will state the amount of tax due, as well as interest and penalties. The IRS will also provide instructions on how to pay the amount due. What does the IRS CP14 notice look like? The IRS CP14 notice is a white letter with a blue header. The letter will be addressed to the taxpayer and will include the taxpayer’s Social Security number or taxpayer identification number.
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Going Concern
MAY 24, 2023
Ed. note: this article’s headline has been changed as we don’t actually know if he got fired or not. Neerabh Mehrotra, formerly Associate Director at Deloitte India, has been let go after he gushed over Adolf Hitler’s charisma, intelligence, and confidence on LinkedIn. The post: Text transcription, courtesy Google Lens: Friday Inspiration Recently I picked up a book on Adolf Hitler “The Dark Charisma of Adolf Hitler” by Laurence Rees.
MyIRSRelief
MAY 24, 2023
What is an IRS CP14 notice? An IRS CP14 notice is a letter sent to taxpayers who owe money to the IRS. The notice will state the amount of tax due, as well as interest and penalties. The IRS will also provide instructions on how to pay the amount due. What does the IRS CP14 notice look like? The IRS CP14 notice is a white letter with a blue header. The letter will be addressed to the taxpayer and will include the taxpayer’s Social Security number or taxpayer identification number.
Advertiser: Paycor
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CPA Practice
MAY 24, 2023
The American Institute of CPAs (AICPA) has endorsed bipartisan legislation introduced by Representatives Judy Chu (D-CA) and Mike Carey (R-OH) to simplify the tax filing extension process. The Simplify Automatic Filing Extensions (SAFE) Act of 2023 would assist the Internal Revenue Service (IRS) with receiving extensions earlier in the year, providing taxpayers, CPAs and the IRS with a streamlined process and reducing the need for many penalty abatement requests.
Ryan Lazanis
MAY 24, 2023
Here is my complete guide to emerging accounting technologies for 2023. In this guide, you’ll learn about the top accounting technology in the profession along with some tips and tricks on how to leverage them. So if you’re looking to leverage software to automate your accounting work, you’ll love this guide. Let’s go! Table of Contents Cloud Computing Artificial Intelligence & Machine Learning Optical Character Recognition Robotic Process Automation Blockchain Big Data The Metaverse Mobile
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
CTP
MAY 24, 2023
By Chase Ravsten, Vice President of Vistia Capital Investing in oil and gas can offer potential advantages : Oil and gas are still a staple of energy and production here in the United States and in most of the countries across the world. Many think we must have significant land with natural resources in it to take advantage of oil and gas investment and tax advantages.
CPA Practice
MAY 24, 2023
By Reade Pickert, Alex Tanzi – Bloomberg News (via TNS). Increasing numbers of Americans say they are struggling with their finances, according to a new Federal Reserve report revealing the toll that inflation has taken on U.S. households over the past year. Some 73% of adults were “doing at least OK financially” as of October, down five percentage points from a year earlier and among the lowest levels since 2016, the central bank’s annual Survey of Household Economics and Decisionmaking, publis
Cherry Bekaert
MAY 24, 2023
In a situation where a Professional Employer Organization (PEO) has an outstanding Internal Revenue Service (IRS) liability, employers who utilize PEOs may encounter difficulties when receiving payment of the refundable Employee Retention Credits (ERCs) to which they may be entitled. On May 12, 2023, the IRS made CCA_2023031609200704 available, which contains internal email correspondence from March 2023 specific to the ability for the IRS to offset ERCs against existing tax liabilities of a PEO
CPA Practice
MAY 24, 2023
The governing body of the American Institute of CPAs has endorsed the creation of a national strategy to boost the number of accounting graduates who enter the profession, as well as those who go on to obtain a CPA license. It also directed the organization to lead a united, profession-wide effort to achieve those aims. Convening for its spring meeting, which concludes tomorrow, the AICPA governing Council passed a resolution that supports the organization’s Pipeline Acceleration Plan, commits t
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Ready to automate the month-end close process but don't know where to start? We got you covered. Join us in this informative webinar where we will walk you through the main consideration areas when it comes to evaluating and selecting a month-end close solution. We will cover everything from sponsor champion identification, vendor evaluation, pitfalls during contracting, IT requirements, termination considerations, and more.
Xero
MAY 24, 2023
It’s often said that (almost) no one goes into business to do their own accounting. So it’s no surprise that many entrepreneurs lean heavily on a trusted advisor for support, particularly around busy times like EOFY when tax, compliance, payroll and other business obligations come into play. For those on the Xero platform, collaborating with your accountant or bookkeeper is simple via the cloud.
CPA Practice
MAY 24, 2023
A recent survey of nearly 5,200 professionals found that accountants are among the least comfortable having a discussion about their mental health with their supervisors. Fishbowl, a virtual watercooler of sorts for workers from a variety of industries, asked its users in March to answer “yes” or “no” to the following question: Would you feel comfortable discussing your own mental health needs and challenges with your direct manager?
Going Concern
MAY 24, 2023
If the headlines are to be believed, humanity is mere months away from being enslaved by artificial intelligence or, at the very least, being permanently unemployed (cue sounds of the Going Concern audience celebrating here). You may have seen clickbait articles about entire marketing departments being turfed in favor of ChatGPT (we never liked the people in marketing anyway!
CPA Practice
MAY 24, 2023
Now in their 19th year, CPA Practice Advisor Readers’ Choice Awards give our readers, most of whom are tax and accounting professionals in public practice or in corporate roles, a way to spotlight the technologies they’ve found to be most useful in running their practices or helping them provide services to clients, in addition to client-side systems that may help streamline the relationship with the firm.
Advertiser: Paycor
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Withum
MAY 24, 2023
In the world of digital assets, security and self-custody have long been the guiding principles for individuals seeking control over their digital assets. Ledger, a prominent global player in hardware digital asset wallets, recently introduced a controversial feature called Ledger Recover. While some community members have expressed concerns, this optional service aims to strike a delicate balance between protecting users’ keys and onboarding a new wave of individuals to crypto.
CPA Practice
MAY 24, 2023
By Leada Gore, al.com (TNS) Keep an eye out for a letter from “Intuit Multistate Settlement Administrator”—it’s likely a settlement check. Eligible recipients will start receiving checks this month as part of a 2022 $141 million settlement stemming from allegations Intuit, maker of popular tax-filing software TurboTax, charged people for services that should have been free.
SkagitCountyTaxServices
MAY 24, 2023
Memorial Day is next week. The unofficial start of summer. I like to remember that when things are unpredictable and even a bit hairy (like a shifty economy, bank failures, debt ceiling crisis), normal life still goes on. People will still prep their grills. They’ll whip up their mom’s potato salad recipe. Celebrations with friends and family in the backyard will still happen across the 50 states.
CPA Practice
MAY 24, 2023
Okorie L. Ramsey, CPA, CGMA, PMP, NACD.DC, Vice President, Sarbanes/Oxley for Kaiser Foundation Health Plan, Inc., and Kaiser Foundation Hospitals, is the new chair of the American Institute of CPAs (AICPA). He also will serve as chair of the Association of International Certified Professional Accountants, which combines the strengths of the AICPA and the Chartered Institute of Management Accountants (CIMA).
Speaker: Erika R. Bales, Esq.
When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.
Insightful Accountant
MAY 24, 2023
Rillion seamlessly integrates with QuickBooks Enterprise to automate accounts payable with a user-friendly and fast system.
Withum
MAY 24, 2023
Elon Musk does not place any of the parts in his Tesla cars. Lisa Su (CEO of AMD) does not do any engineering of computer chips, and Chris Kempczinski (CEO of McDonald’s) does not grill any hamburgers. These Chairs or CEOs and so many others that run companies do not do any of the actual work on the products their companies make. What they do is lead the companies with a vision that sets a standard that must be followed… at all times.
Insightful Accountant
MAY 24, 2023
Translucent CEO Michael Wood is revolutionizing how multinational companies handle their accounting and finances.
CPA Practice
MAY 24, 2023
By Aldo Svaldi – The Denver Post (via TNS) Not much time may be left for Boston Market fans who want to get a fix of chicken carver sandwiches, rotisserie ribs or mashed potatoes at the once-popular fast-casual chain that has been based in Golden for nearly three decades. Boston Market is down to three locations in Colorado — Westminster, Aurora and Colorado Springs — and its owner, Engage Brands, has let a big stack of bills pile up from its landlords, vendors, employees and even the state of C
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inDinero Tax Tips
MAY 24, 2023
In simple terms, the difference between gross vs net income is that gross income refers to a business’s total earnings, while net income is left over after subtracting expenses. However, gross vs net income is slightly different for tax purposes depending on whether you’re an employer or an employee: Employers pay tax on net income Employees pay tax on gross income Because the law requires employers to withhold taxes from employees, business owners need to keep both perspectives in mind.
CPA Practice
MAY 24, 2023
The Conference Board−Lightcast Help Wanted OnLine (HWOL) Index rose in April to 164.2 (July 2018=100), up from 161.5 in March. The 1.7 percent increase between March and April follows a 3.9 percent decrease between February and March. Overall, the Index is down 8.4 percent from one year ago. The Conference Board-Lightcast Help Wanted OnLine Index measures the change in advertised online job vacancies over time, reflecting monthly trends in employment opportunities across the U.S.
CTP
MAY 24, 2023
By Chase Ravsten, Vice President of Vistia Capital Investing in oil and gas can offer potential advantages : Oil and gas are still a staple of energy and production here in the United States and in most of the countries across the world. Many think we must have significant land with natural resources in it to take advantage of oil and gas investment and tax advantages.
CPA Practice
MAY 24, 2023
Chief executive officers (CEOs) at the largest U.S. corporations saw their increase in total compensation slow dramatically in 2022, driven largely by a decrease in annual bonuses and slower growth in long-term incentives, according to a new analysis of proxy disclosures by WTW, a leading global advisory, broking and solutions company. The WTW analysis found total pay for CEOs increased 2.7% in 2022, sharply lower than the 18.3% median increase in 2021.
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The status quo for AP in small and mid-market companies is broken. It consists of messy tech stacks of siloed solutions that give rise to manual work, a lack of control, wasted spend, and unnecessary risks. The benefits of shifting to spend management are tangible, measurable, and are felt across the whole organization. Spend management is a different way of thinking and an innovation whose time has come.
ThomsonReuters
MAY 24, 2023
Faced with increased client expectations and strained bandwidth, today’s accounting firms are in critical need of greater automation and streamlined workflows. Fortunately, with the right technologies in place, such as API third-party integrations, firms can achieve the efficiencies they need to remain competitive. It is likely that you’ve heard of API (Application Programming Interface).
CPA Practice
MAY 24, 2023
Existing-home sales decreased in April, according to the National Association of REALTORS®. All four major U.S. regions registered month-over-month and year-over-year sales declines. Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – slid 3.4% from March to a seasonally adjusted annual rate of 4.28 million in April.
Cherry Bekaert
MAY 24, 2023
The May issue of the Regulatory Compliance Digest features a summary of the latest on the FDIC’s Consumer Compliance Supervisory Highlights, OCC Overdraft Protection Programs updates and several guidance updates from the CFPB. In addition, the Digest summarizes the latest compliance updates that may impact your institution. The Regulatory Compliance Digest is intended to keep you informed of regulatory changes in advance of their effective date so your institution can evaluate changes or updates
Menzies
MAY 24, 2023
Menzies LLP - A leading chartered accountancy firm. Jonathan Bass , Partner, Matthew Watkins , Director, and Stephen Hemmings , Partner at Menzies, discuss recent tax announcements made in the Spring Statement, covering the changes that are underway, in areas such as R&D and tax disputes. The podcast will discuss what the changes could mean for you and your clients, as well as discussing HMRC’s increased scrutiny, and the range of options that are available to you to deal with HMRC.
Advertiser: Paycor
All hourly workers want similar things, but when it comes to recruiting & retention, it helps to understand personal motivations. Download Paycor’s guide to learn how to find & keep the 5 types of hourly workers.
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