Fri.Feb 09, 2024

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A Guide to Taxing Intangible Assets

GrowthForceBlog

8 min read Businesses hold two types of assets: tangible and intangible. Most business owners are familiar with their tangible assets, the things of value that they can hold and see like their office building, vehicles, supplies, materials, furniture, equipment, and cash. Intangible assets, however, are just as relevant and even more important for some businesses than tangible assets.

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Tax levies, liens representation – getting professional tax relief help

MyIRSRelief

When the Internal Revenue Service (IRS) imposes a wage or bank levy , it can create a significant financial strain on individuals and businesses alike. A levy is a legal seizure of property to satisfy a tax debt, and when it comes to wages or bank accounts, the impact is direct and immediate. However, there are avenues for obtaining relief from these levies, and understanding these options is crucial for those affected.

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Minority CPAs deterred by 150-hour rule

Accounting Today

The 150-hour requirement for obtaining a CPA license has led to a decline in Black and Latino CPAs of up to 26%, according to a research study.

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Betting on the Super Bowl? Don’t Forget About Taxes

CPA Practice

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) The Kansas City Chiefs, making their second consecutive appearance, are set to play in Super Bowl LVIII against the San Francisco 49ers. As usual, fans are anticipating the commercials and Usher’s halftime show. And there’s also lots of talk about Taylor Swift and Travis Kelce. However, if you are among the 68 million people expected to place bets on the big game, you need to know that taxes are part of the equation.

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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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Employer tax credit crackdown could hit industry — if it passes

Accounting Today

A provision paying for breaks for parents and business owners has earned widespread praise, but an expert says financial advisors should be on alert.

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Less Workers are Changing Jobs

CPA Practice

While job openings remain elevated and talent shortages persist, there is less attrition in the labor force with fewer workers planning to change jobs this year. According to new research from talent solutions and business consulting firm Robert Half, only 36% of workers plan to look for a new job in the next six months, down from 49% in July 2023. Professionals Most Likely to Make a Move (By Generation and Specialization) Generation February 2024 July 2023 Gen Z 55 % 74 % Millenni

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CLA Planning $10 Million ‘Connection Center’ in Minnesota

CPA Practice

By Erin Adler, Star Tribune (TNS) CliftonLarsonAllen (CLA) has signed a 16-year lease for a space to train employees at the Viking Lakes campus in Eagan, with plans to invest $10 million in its new “connection center.” CLA will be located near the e-sports space and the Longship at Viking Lakes co-working area and the Viking Lakes Innovation Center.

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Deciding Which Entity Structure is Best

Nancy McClelland, LLC

(c) NATP If you’re a regular reader, you already know that I’m a huge fan of the National Association of Tax Professionals (NATP), for a bunch of reasons: Fabulous and affordable education with top-notch instructors Straightforward “how-to” resources Practical monthly newsletter with case-studies On-demand “pay as you go” research service And a very fun group of folks at the annual conference!

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Friday Footnotes: How Much Big 4 Spent on Lobbying Last Year; Super Bowl Bets; CFOs Feeling Good | 2.9.24

Going Concern

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

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On the move: PBO Advisory Group names next CEO

Accounting Today

Schneider Downs launches SD Digital; Bowers CPAs & Advisors relocates in Rochester; and more news from across the profession.

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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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Guidance on Filing the RL1 Summary and CNESST Salary Declarations

Ronika Khanna CPA,CA

The first important year end deadline for corporations , with employees, is the end of February. Salary declarations including T4 and RL1 (in Quebec) slips and summaries have to be filed with CRA and RQ. While there are numerous payroll software that handle the filing of the T4 and RL1 slips , the RL1 summary is usually left to the employer (and/or their accountants) to file.

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Budget for Success – How to Build a Successful Grant Budget

Cherry Bekaert

Grant recipients, and hopeful recipients, are often overwhelmed by the management aspect of their funds. On this episode, Cherry Bekaert experts provide insight on key considerations for a comprehensive grant budget. Kimberly Konczack, an Advisory Manager at Cherry Bekaert, hosted Shuo Zhang, Manager, and Kat Kizior, Senior Associate, to discuss their experience with grants management at state and local organizations, grant budgets and the importance of planning.

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Tech news: EY launches tech lab for edge computing

Accounting Today

Plus, Schneider Downs launches SD Digital group; and other updates from the accounting technology world.

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Improving Productivity And Leadership Mentality As A Contractor

Randal DeHart

As a construction business owner, improving productivity is essential to your company's success. But you may often find yourself pulled in different directions by competing responsibilities. At some point, we all experience that. Classifying tasks and tackling the most time-consuming ones can feel daunting. But why is it so hard for us to start – or even finish – seemingly insignificant tasks?

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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 Action Targets Foreign-Owned US Distributors to Self-Correct Low Profit Margins

Withum

The transfer pricing landscape constantly evolves with rapidly changing IRS policies and procedures and greater efforts directed towards effective enforcement and identifying noncompliance among taxpayers. Last October, the IRS announced that we could expect new enforcement initiatives using the Inflation Reduction Act (IRA) funding, including a “large foreign-owned corporations transfer pricing initiative.

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How to Void Payments Using Sage Intacct

GrowthForceBlog

7 min read With the automation afforded by modern accounting software and accompanying tools, mistakes and errors are few and far between.

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AICPA asks for filing relief for disaster victims

Accounting Today

The American Institute of CPAs sent letters to the Treasury and the IRS asking for filing relief for taxpayers affected by major disasters and for more guidance on information returns for grantor trusts.

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The Philosophy Behind Training Remotely | Beyond the Books Podcast by AccountingDepartment.com

AccountingDepartment

We are thrilled to announce that Episode 12 of our podcast, Beyond the Books , is now live and ready for your listening pleasure.

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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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The future of accounting is tech (and human)

Accounting Today

Many downstream accounting tech solutions are simply not ready for full automation and AI-powered transactions.

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The Old Guys Want to Cash Out

Going Concern

A recent piece in Hartford Business talks about accounting firm mergers and the aging partners driving all this M&A activity. The TLDR is tons of firms are looking to sell, not many are eager to buy. Here are a few bullet points for you to chew on: Drew Andrews, managing partner and CEO of Hartford-based accounting and consulting firm Whittlesey, said the main factor driving mergers is the significant number of smaller firms with aging partners who are looking toward retirement, but don’t ha

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IRS updates guidance on Obamacare tax credits

Accounting Today

The Internal Revenue Service revised its frequently asked questions page on the Premium Tax Credit used for buying health insurance through the ACA marketplaces.

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The Accounting Technology Lab Podcast: Acumatica Summit 2024

CPA Practice

Hosts Randy Johnston and Brian Tankersley, CPA, discuss the Acumatica Summit, which they attended in Las Vegas in late January. Acumatica offers an intuitive cloud ERP for businesses. Use the podcast player below to listen to the podcast. Transcript (Note: There may be typos due to automated transcription errors.) SPEAKERS Brian F. Tankersley, CPA.CITP, CGMA, Randy Johnston Randy Johnston 00:03 Well, good day, and welcome to the counting Technology Lab.

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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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Fairfax plunges on Muddy Waters report in new short-seller scrap

Accounting Today

The short report by Muddy Waters accuses Fairfax of manipulating asset values to the point that a "conservative adjustment" would reduce its book value by roughly $4.5 billion, or 18% lower than reported.

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Key Areas of Due Diligence for Technology Companies – Part 2

Withum

As conversations continue over due diligence for technology companies, it is prudent we build off of Key Areas of Due Diligence for Technology Companies from 2023 and work our way into the forecast ahead in 2024. Podcast Spotlight: Due Diligence for Technology Companies Listen in to this episode of The Capital Table as Steve Brady , Market Leader of Transaction Advisory at Withum, and John Schrumpf , Transaction Advisory Manager, discuss key areas of due diligence for technology companies.

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Intuit QuickBooks Unveils Game-Changing Features for Tax Season: Split Billing, Enhanced Reporting, and More

SchoolofBookkeeping

As tax season kicks into high gear, Intuit QuickBooks is reinforcing its commitment to supporting accounting professionals and their small business clients. In a recent press release, Intuit announced a series of updates aimed at simplifying tax filing processes, reducing stress for accountants, and enhancing overall platform reporting capabilities.

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Potential Tax Savings for Minority Owners of a Sports Team

Withum

Most of us don’t have hundreds of thousands, millions or even billions of dollars at our disposal to purchase our favorite sports team. However, it is a dream for many sports fans to fantasize about owning a sports team. This dream is becoming reality for some wealthy fans. Some investors are willing to spend significant amounts of money to acquire a small ownership in their favorite sports team.

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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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How to Manage Tax Exempt Sales More Effectively

CPA Practice

Collecting, validating, storing, and renewing exemption certificates is a challenge for many tax and finance departments. Yet some tax teams have reduced if not eliminated the burden of exempt transactions. What’s their secret? What’s the most effective way for tax and finance departments to handle tax-exempt sales? Avalara and Hanover Research teamed up to find out.

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How ambient AI will change the lives of corporate tax professionals

ThomsonReuters

As we look to the future, the path of ambient AI goes beyond the workplace, affecting our daily interactions and experiences. AI-enabled self-driving transportation, real-world trials, and deployments are coming soon, shaping logistics, delivery vehicles, and Uber-like services. AI will become a vital part of our lives, subtly influencing how we operate without being obvious.

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Matching Client Expectations with Reality

Canopy Accounting

A new challenge faces the rapidly-changing accounting industry: how to bridge the gap between client expectations and reality. In fact, a staggering 72% of clients in the financial industry consider personalization and convenience as crucial factors influencing their overall satisfaction with a company.

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Net Zero Cloud Capabilities and the Importance of ESG Reporting

Cherry Bekaert

Environmental, Social and Governance (ESG) practices have increasingly become a touchpoint in every element of the business lexicon. Much like digital transformation, sustainability transformation is a necessary business initiative to remain relevant and competitive. Corporate social responsibility efforts, once keenly focused on business ethics, community support, and positive economic growth, now turn toward environmentalism and building a sustainable and resilient future.

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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.