Thu.Nov 10, 2022

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New filing season presents new risks to accountants

Accounting Today

Account 109
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Get to Know TaxConnex: Partner Q&A Series - Robert Dumas

TaxConnex

Looking to find out more about TaxConnex? What better way than hearing from our Founders and partners? Learn from the best by hearing from the ones that built TaxConnex. Over the next few months, we will be highlighting the Partners of TaxConnex. First up, our Founder and CEO, Robert Dumas. Gain insight into why Robert started TaxConnex and his plans for our future as well as how sales tax has evolved over the years.

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Happy International Accounting Day!

Going Concern

It was on this date in 1494 that homie to Leonardo da Vinci, Venetian mathematician, and “Father of Accounting” Luca Bartolomeo de Pacioli published Summa de arithmetica, geometria, proportioni et proportionalita (or “everything about arithmetic, geometry and proportion”), making November 10 the day we celebrate…accounting.

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Whistleblowers in Tax Matters

Withum

“We don’t pay taxes. Only the little people pay taxes.” That infamous quote from Leona Helmsley sums up the (mostly unspoken) opinions of many taxpayers. Unfortunately for them, there are people in their lives with the knowledge that they have engaged in tax evasion. These people can make a call to the IRS and become a whistleblower. That decision can be lucrative for the whistleblower and expensive for the taxpayer.

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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.

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Are Health Plans Required to Cover Emergency Contraceptives?

ThomsonReuters

QUESTION: Is our group health plan required to cover emergency contraceptives, including those that are available over-the-counter? ANSWER: Consistent with Health Resources and Services Administration (HRSA) guidelines, nonexempt health plans must cover without cost-sharing FDA-approved emergency contraception (levonorgestrel or ulipristal acetate), including over-the-counter (OTC) products, when the product is prescribed by an attending provider.

Tax 105
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More About QuickBooks Enterprise Data Level Permissions

Intuitive Accountant

Sometimes, unless you look for things, you don't see the changes that have come along. This is one Murph expected, but never wrote about it until now—even though it was released in v21-R4.

More Trending

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ADC Attends The Genius Network Annual Event

AccountingDepartment

Last week, AccountingDepartment.com Co-Founder, Bill Gerber, and Business Development Representative, Shawn Marcum hit the road and attended the Genius Network Annual Event in Scottsdale, AZ.

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Schedule K-2/3 Is Back for 2022 With a Bite

Withum

If you were one of the many that were hoping the IRS would scrap the schedule K-2/3 after last year’s nightmare, it’s back and with a bite. Read further to learn how it impacts you and your business. . The IRS released an early draft of updated instructions for Schedule K-2/3 on October 25, 2022. The updates include clarification of reporting for ownership of foreign entities and new exceptions to filing requirements. .

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How best-in-class tax software saves companies time and money

ThomsonReuters

In any large company, the idea of achieving greater “efficiency” is really an ongoing effort to increase profitability by finding ways to modify various systems, processes, and workflows in order to save time and money. Tax departments must also take into account external factors such as inflation and rising interest rates, which add pressure to contain costs and minimize leakage.

Tax 59
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8 Steps to Avoid Duplicate Payments

MineralTree

Duplicate payments are a huge headache for accounts payable departments and their vendors. For AP teams, they lead to wasted time and money and strained supplier relationships. But in order to eliminate the potential of duplicate payments, your organization must understand where they come from and how they occur. Let’s take a look at the steps AP departments can take to avoid duplicate payments and improve AP efficiencies across the organization.

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Planning Your Restaurant's 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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Best Tax Preparation Software for Small Business: What Tax Software to Choose?

Snyder

The biggest tax season challenge for a small business is tax preparation and filing. Most SMB owners fall into the trap of putting off taxes until the last minute because they don’t have professional tax accounting software backing them up. This may result in serious problems with dire consequences. Poor tax planning can result in high penalties with accruing interest rates to the IRS.

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Ready to Give Back? Learn How to Start a Nonprofit Organization

Patriot Software

Have you ever thought about giving back to the community? A nonprofit organization is a perfect way to do that. Nonprofit organizations further a so[link] cause or provide a public benefit, like a hospital or a public school. There are several different types of nonprofit organizations to choose from. But before giving back to the […] READ MORE.

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Illinois Secure Choice Deadline for Small Businesses Has Passed, But There’s Still Time to Register to Avoid Penalties

Anders CPA

Illinois businesses should be aware that an important deadline to register for Illinois Secure Choice has already passed, but there’s still time to ensure your business won’t face exorbitant fees for not registering. All employers that have been in operation for at least two years and employ 16 or more employees must, as of November 1, 2022, offer a retirement plan such as a 401(k) or a 403(b) among other options.

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Industry Accounting Salary Outlook for 2023 is Not Horrible

Going Concern

Unless you have the word “chief” in your job title, accounting salaries in industry for 2023 are projected to be higher than in 2022—including 11 roles that are expected to have double-digit increases, according to our analysis of the 2022 and 2023 Accounting & Finance Salary Guides from LHH Recruitment Solutions (formerly Accounting Principals).

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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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How to Search For Fraud in a Company

FraudFiles

How do you begin searching for fraud in a company? Sometimes I get called in when a company finds an employee stealing. They have found one instance of theft and they want to have the rest of the company looked at, but they don’t know where to begin.

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How Does the Dreaded Schedule K-2/3 Impact You?

Withum

The IRS released an early draft of updated instructions for Schedule K-2/3 on October 25, 2022. The updates include clarification of reporting for ownership of foreign entities and new exceptions to filing requirements. The partnership does not need to attach Form 8858 for Foreign Disregarded Entities to their K-3. Regarding forms, such as Form 5471 for Foreign Corporations and 8621 for Passive Foreign Investment Companies, partnerships are still required to attach these if the information is re

CPA 52
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IRS Expands and Modifies Determination Letter and Remedial Amendment Guidance for Individually Designed Retirement Plans

ThomsonReuters

Rev. Proc. 2022-40 (Nov. 7, 2022). Revenue Procedure. News Release. The IRS has issued Revenue Procedure 2022-40, containing updated remedial amendment and determination letter submission rules for retirement plans. It modifies procedures set forth in Revenue Procedure 2016-37 (see our Checkpoint article ) and incorporates intervening guidance on hybrid and merged plans (see our Checkpoint article ).

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How to (Actually) Beat Busy Season This Year

Ryan Lazanis

The busy season can be a blessing, but for some, it creates all kinds of bottlenecks. Regardless of where you find yourself this year, there are a few actions you can take to help you significantly increase your earnings and save time. Listen Below. 0:54 – Firms owners work themselves to the bone during the busy season because they’re doing too much for too little. 1:19 – Your capacity is your firm’s most precious resource and you need to do a much better job at guarding it. 1:42 

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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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APPS Directory Spotlight — Doc.It

Intuitive Accountant

See how one of the leading providers of powerful and scalable document management, workflow and portal solutions is helping accounting firms of all sizes stay efficient.

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IRS still coping with millions of unprocessed tax returns

Accounting Today

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5 Steps to Increase Your Client’s Business Value

Intuitive Accountant

Hayden Nelson & Yoder's Christopher Hayden runs down the key ingredients for helping your clients keep their businesses running more efficiently for the road ahead.

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Great client service is everyone's responsibility

Accounting Today

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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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Categorization History in QuickBooks Online: A Neat Time-Saver

Intuitive Accountant

Internationally renowned ProAdvisor Esther Friedberg Karp discusses a clever feature in the QBO bank feeds that you may have missed—like she did. But oh it works.

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Tax Fraud Blotter: Treasure this

Accounting Today

Tax 101
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Taking Your E-Commerce Store from $0 to $100K+!

Snyder

Since the beginning of e-commerce, entrepreneurs have been looking for the best way to get customers online. Thankfully, there are a lot of options when it comes to selling online that don’t involve having a physical location. That said, you still need to choose the right one if you want your business to be successful. In this post we’ll go over some steps that can help you take your e-commerce business from $0 to $100K+. 1.

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Xero names next CEO

Accounting Today

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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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The Accountant Shortage Makes One Office Get Really Desperate

Going Concern

You know how if you’re on Tinder for a while and you’re not getting many matches because your standards are too high so you widen the net a bit and start overlooking things like “if you can’t handle me at my worst, you don’t deserve me at my best” in people’s bios? Well that’s pretty much what’s happening in accounting right now.

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Inflation slows more than forecast, gives Fed downshift room

Accounting Today

Account 98
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Office 365 Task Management: What You Already Have at Your Fingertips

Withum

Do you have Office 365 , but are using another digital system to keep track of daily job duties or project activities? With your license, Microsoft delivers many different task and project management tools. From the simple flagging of emails in Outlook to simple or customized SharePoint lists to Microsoft Project. A project management tool focused on Office 365 users is Microsoft To Do and Planner.

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Daniel Werfel nominated as next IRS commissioner

Accounting Today

Tax 98
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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.