Mon.Nov 14, 2022

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Questions to Ask When Starting a Fraud Investigation

FraudFiles

In order to properly plan a fraud investigation, a fraud examiner needs to be able to ask good questions that extract valuable information about what needs to be done. The specific questions vary with each investigation, but the following are some basic areas that an investigator should strongly consider exploring.

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IRS Grants a “Do Over” to a Taxpayer Engaging in a Qualified Rollover

Withum

The IRS recently released a private letter ruling (PLR 202244004 (August 9, 2022)) that grants additional time to a taxpayer that failed to timely elect to defer the gain from a rollover of qualified small business stock (QSBS). The IRS’s decision to grant late-filing relief in this context is not that surprising or ground-breaking, but it does highlight an important tax strategy that we are starting to see with increasing frequency.

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Accountant Busy Season: 5 Survival Tips for Accounting Busy Season

Snyder

Christmas cheer is just around the corner, but where does the other strange feeling come from? Ah, yes. Tax season. The first four months of every calendar year are the time when accountants are at their busiest. From January to April, there are few things that accountants do besides tax filing. This is what makes busy seasons so stressful for accountants.

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Future Forward: Tried & True Plus Some New

Intuitive Accountant

Day 2 of the webinar series kicks off with a panel discussion on profitable accounting miches in the construction, ecommerce and non-profit sectors. Sign up to join Greg Bossen, Kelly Gonsalves and Diane Gilson here.

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Planning Your Restaurants 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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Turning on Your Financial Brain with Fathom

Basis 365

Growing businesses need to find the right information to rely on when making business decisions. Yes, your business may have a set of financial statements, but what is that information really telling you? Financial statements created by a professional and maintaining consistent accounting policies are the first steps in taking control of your business; however, businesses producing millions in revenue already have these procedures in place.

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Future Forward Through Inflationary and Recessionary Times

Intuitive Accountant

Murph is anticipating his session at 'Future Forward,' where he will be hosting Qvinci. Check out the discussion about the role of the Trusted Advisor in helping SMBs with the impact of inflationary and recessionary factors.

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More Trending

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How we’re creating a single source of truth for your client data

Xero

If you’re an accountant or bookkeeper, you’ll know that having consistent information across your practice management tools is vital. That’s why we’re working hard to create a single source of truth for your client data across Xero Practice Manager (XPM), Xero HQ and Xero Tax. Here’s why it’s so important to us, and what changes you can expect to see soon.

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Monday Morning Accounting News Brief: A Billionaire KPMG Alum; EY Split Stalled (Again); NSA Accountants | 11.14.22

Going Concern

Good morning and happy Monday! Here’s some news: The EY split vote has been delayed, says FT : The main stumbling block in setting dates for ballots is finalizing the so-called global framework agreement, the legal document covering details of how assets, liabilities and people will be split between the businesses. Deloitte has been awarded a $199,600 contract to work on a public transportation system plan for the Cayman Islands.

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The next step in our journey towards net-zero

Xero

As the world turns its attention to the 27th United Nations Climate Change Conference ( COP27 ) this month, we’re focusing on the actions we can take across our business and the communities we serve, to reduce our environmental impact. The climate crisis is affecting all of us, and every business has a role to play in supporting the transition to a net-zero economy. .

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How to Expand Your Firm's Revenue Stream

Intuitive Accountant

With tax season upon us, RCReports' Paul Hamann explains why you should prepare now for new Reasonable Compensation advisory revenue opportunities.

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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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GST on liquidated damages, compensation and penalty arising out of breach of contract, etc.

VJM Global

A very frequent question being faced under GST is taxability of Liquidity damages, cancellation charges, late payment charges etc. arising out of breach of contract. Question arises because of Para No. 5(e) of Schedule II of Central Goods and Service Tax Act, 2017 which states “ Agreeing to the obligation to refrain from an act or to tolerate an act or a situation, or to do an act ” is a supply of service if the same constitutes a “supply” within the meaning of the Act.

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Capital Gain From a Trade-In?

Withum

As inflation and interest rates rise, the used car market is beginning to soften. The auto industry still touts that a consumer’s trade-in is worth more as a trade-in than in their driveway. This belief has consumers running to the dealership to trade in their old cars before the phenomenon ceases to exist. There can be times that the consumer often leaves in a financial condition that is comparable to where they were before they traded in their trusty car for a new one.

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Automating Segments of Your Business to Save Time and Money | PART ONE: Where Do You Start?

LSLCPAs

Executive Summary Today’s business world has changed. For that reason, minimizing the time on repetitive tasks will make space for your management team and your employees to be innovative and creative in the approach to their jobs, the marketplace, and your customers. You can start automating your business processes by using your existing software differently.

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Price Is Not Everything!

Withum

Dealers across the country are slashing prices, especially on used cars in an attempt to keep up with the nosedive in the market. I have heard the analogy that it is like trying to catch a falling knife. Several years ago, I met with a dealer who managed their inventory like any other commodities market. In fact, the used car director for the group was a former commodities broker with a large investment bank.

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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IRS Turning Up the Heat on Reasonable Compensation Compliance

CTP

By Paul S. Hamann & Jack Salewski, CPA, CGMA. Having a Reasonable Compensation figure that is “reasonable” isn’t enough anymore. With the IRS turning up the heat on Reasonable Compensation compliance [See IRS TECH TARGETS S CORP OFFICER COMPENSATION] , having that figure backed up by a credible source and documented is now critical in order to defend an IRS challenge.

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Own a Buy to Let? Then read on.

Inform Accounting

If you own a property which is let out, HMRC may contact you with a "nudge letter'', if they believe you have not declared the full rental income on your Tax Returns. These "nudge" letters are widely targeted at individuals or businesses based on information received, primarily from the tenancy deposit scheme. The tenancy deposit scheme enables Landlords in England to take a maximum of five weeks’ deposit for new and renewed tenancies, where rent is under £50,000 pa or six weeks if rent is over

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How to Manage Your Expenses Effectively

Snyder

Expense management is a critical part of managing any business. The business needs to know how much money it can spend on products and services so that overspending doesn’t occur. At the same time, it’s important to remain profitable so that you can keep doing what you’re doing. That’s where expense management comes in! If you already know what expense management is, great!

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What to expect on Thursday.

Inform Accounting

Jeremy Hunt is scheduled to deliver his first Autumn Statement on Thursday (17 November). Reports over the weekend have, as expected, suggested tax rises by stealth and spending cuts. With a budget deficit reported of up to £50 billion and "no rabbit being pulled out of the hat" according to the Chancellor, it is unlikely to be good news and is likely to add to the burden for individual taxpayers on top of the current cost of living crisis and uncertainty surrounding energy prices.

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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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To Crypto or Not to Crypto.

Intuitive Accountant

According to a recent BanklessTimes' survey, one-third of Americans believe that the high returns from cryptocurrencies make them a Ponzi scheme.

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Congress ramps up year-end push for legislation still gripped by midterms hangover

Accounting Today

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We Feel Obligated to Tell You About This Forensic Accountant Turned ‘Professional Girlfriend’

Going Concern

Insider ran a story the other day about Mia Lee, a former Wall Street forensic accountant who loves collecting scotch, racing fast cars, and fighting mixed martial arts. Writes Insider : These interests, and her inability to feel shame, guilt, and fear make her the perfect girlfriend-for-hire for wealthy business and tech executives in New York City.

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Congress should set guidelines for state taxes on remote sales, says GAO

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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AICPA, DOL launch finance apprenticeship program

Accounting Today

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MassCPAs launches Mentor Match program  

Accounting Today

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Tankersley: Data privacy must be paramount

Accounting Today

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FTX is a signal to brush up on your red flags

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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Art of Accounting: Trifecta of tax season compression reduction

Accounting Today

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The 'Smart Client Management' model

Accounting Today

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Study finds selecting auditors randomly leads to financial improvement

Accounting Today

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10 insights from corporate controllers on company management

Accounting Today

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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.