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Ever wonder how IRS examiners know about different industries so they can audit various businesses? They generally do research about specific industries and issues on tax returns by using IRS Audit Techniques Guides (ATGs). A little-known fact is that these guides are available to the public on the IRS website. In other words, your business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations.
Exactly how long will it take you to set up a process to evaluate and comply with your sales tax obligations? Depends on your business and where you are in your sales tax journey. It could take as little as a month or so or up to six months (or more). Here’s the first part of a general overview of your prospective timeline for creating a sales tax process for your company – and we stress that the only certainty beforehand is that you should start sooner rather than later.
Although some businesses now require employees to work full-time in the office, many others allow employees to work remotely one or more days a week. The popularity of remote positions can make attracting and retaining employees easier. However, some workers may be tempted to take on multiple remote jobs without informing their employers. In addition to affecting employee productivity, this can lead to leaks of intellectual property (IP) and proprietary knowledge to competitors.
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
An employee stock ownership plan (ESOP) can facilitate the transfer of a business to the owner’s children or employees over a period of years in a tax-advantaged way. However, the IRS recently issued a statement warning businesses about a range of compliance issues related to ESOPs and announcing plans to ramp up compliance enforcement. The IRS has identified numerous issues, such as improper valuation of employer stock, prohibited allocation of shares to disqualified persons and failure to foll
By Karin Price Mueller, nj.com (TNS) The IRS on Thursday released updated tax brackets and standard deductions for 2024. While the actual percentages of the tax brackets will remain the same until 2025 because of the Tax Cuts and Jobs Act of 2017, the income levels of each bracket change annually to adjust to inflation. These tax rates are for the 2024 tax year covering tax returns that will be filed in 2025.
This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But currently, there are restrictions that make these deductions harder to take.
This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But currently, there are restrictions that make these deductions harder to take.
A day after PwC Australia cut four percent of its workforce , EY Oceania made some cuts of its own. 232 people to be exact. That works out to more than two percent of its 10,700-person workforce. Reports AFR : The firm, which was the only big four giant to avoid cutting staff during the COVID-19 pandemic downturn, is also dealing with issues on two other fronts: the fallout of a scathing report into its culture , which found staff felt overworked, bullied and harassed and its own tax scandal inv
A new Intuit QuickBooks survey shows that 42% of U.S. consumers, an estimated 109 million people, expect to spend more this holiday season compared to last year, with nearly half of consumers expected to do 50% or more of their shopping at small businesses. These findings and more are highlighted in the QuickBooks Holiday Shopping Report , commissioned by Intuit Inc. , the maker of TurboTax , Credit Karma , QuickBooks and Mailchimp.
By implementing Tipalti's innovative software, businesses can revolutionize their purchase order (PO) process, effortlessly streamlining and automating their operations. Gone are the days of tedious manual purchasing workflows, as Tipalti empowers companies to achieve unparalleled efficiency and accuracy. With its user-friendly interface and cutting-edge technology, Tipalti ensures that every step of the purchasing process is seamless and error-free.
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
Now that Results Software has been reacquired by its original ownership it's poised to deliver innovative and revamped products to existing and future clients.
As you begin working with taxpayers to plan out their cash flow for retirement , you will want to advise them on the timing for withdrawing those funds. This is where the “bucket strategy” comes into play. The bucket strategy looks at four basic types of retirement income: Taxable non-retirement investments (brokerage accounts) Pre-tax retirement funds Tax-free retirement funds Social Security payments For taxable non-retirement investments or brokerage accounts , taxpayers will pay tax every ye
In today’s digital operating landscape, service delivery has become increasingly reliant on advancing technologies and the interconnectivity of systems and information. This has enabled providers to optimize processes, streamline costs and deliver more effective customer experiences. However, it has also brought risks. Data breaches and cyber-attacks are now commonplace and, as a result, many customers (also known as ‘user entities’) are demanding an SOC report as part of their
With a week to go ’til Xero Asia Roadshow, we are buzzing with everything we have lined up for our accounting and bookkeeping community. Exploring the agenda This year we’re exploring how we can work Smarter, Faster, Stronger, Together to support small businesses across Asia; your clients, who themselves strive to do this every day, and depend on their accountants and bookkeepers to help get them there.
Authors: Gabriela Payne, CPA On September 14, 2023, California’s Legislature approved a landmark Senate Bill 253/Climate Corporate Data Accountability Act, which is expected to have global impacts on corporate climate accountability. The bill will require more than 5,000 U.S. corporations earning over $1 billion in global gross revenues and doing business in California to annually report their greenhouse gas emissions.
Jump to: Prioritize staffing and bandwidth Harness the power of technology Shift your value proposition to advisory As the end of the year approaches, many forward-looking accounting firms are not only guiding clients through the intricacies of year-end tax planning, but they are also setting aside time to prepare for the year ahead. In the first of our two-part year-end planning series, we’ll delve into three key ways accounting firms can prepare for next year and ensure sustained futu
The Internal Revenue Service Advisory Council (IRSAC) has issued its annual report for 2023 (PDF), including recommendations to the IRS on new and continuing issues in tax administration. The 2023 Public Report includes recommendations on 23 issues covering a broad range of topics including: Section 302, Escrow and Certification Procedure Timely Obtaining Employer ID Numbers (EINs) to Comply with the Corporate Transparency Act Requirements Form 1099-K Reporting Self-Correction Guidance for Emplo
Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.
Numerous Catholic churches encountered operational challenges amid COVID-19 restrictions on commerce, travel and gatherings. State and local orders impacted essential services like worship, youth ministry, fundraising, marriages, funerals and community outreach. Decision makers in Catholic dioceses and parishes should grasp the basics of the Employee Retention Credit (ERC) to seize a valuable opportunity during these times.
By Erik J. Martin, Bankrate.com (via TNS). You’ve probably heard of “workcations” that combine work travel with leisure trips, often in desirable locations. But there’s a new twist on this trend: The “hush trip,” in which employees don’t tell their bosses they’re actually working from vacation locales. These secret getaways by remote workers while on the clock seem to be gaining in popularity and frequency, although many companies frown upon this activity.
Whether it is maintaining secure databases for client information or keeping employees safe from phishing attacks, cybersecurity should be a top priority.
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
Results Software, acquired by Abacus Data Systems in 2017, has recently been reacquired by the original owner and founder, Sam Saab. In the years preceding this recent reacquisition, Sam partnered with industry-veteran Randy Johnston to develop the DoMore Platform , a remarkably adaptable Business Management System that serves a broad array of global clients in various sectors and industries.
This is one of the articles in the KROST Industry Sports & Entertainment Issue, titled “Understanding the Complexities of Tax for Professional Athletes” by Brad Pauley, CPA Professional Athlete Taxation Professional athletes are subject to a complex system of taxation that can vary depending on their state of residence, the sport they play, and the Read the full article.
By Kristin Kowalski , CPA, MST. The Department of Health and Human Services recently made an official recommendation to the Drug Enforcement Administration (DEA) to reschedule cannabis as a Schedule III drug, a move that may significantly impact the way that cannabusinesses manage their operations and taxes. Up to this point, cannabis has been classified as a Schedule I drug, meaning it is considered to have a high potential of abuse.
CliftonLarsonAllen welcomed a group of Future Business Leaders of America to its New York offices to tell them about accounting, consulting and other careers.
Before you can achieve success, you have to define it. Objectives and Key Results (OKRs) give you the framework to do just that. Paycor’s free guide includes a step-by-step process leaders can use to work toward – and achieve – their loftiest business goals.
Jassen Venkatasamy is in trouble before the Solicitors Regulation Authority, the regulatory body for registered solicitors (lawyers) in England and Wales, over an event that occurred last year at a Deloitte shindig. He’s been practicing since 2018. The accusation is that on March 17, 2022, Jassen and colleagues were at the Waldorf Hotel in London for a social event organized by Deloitte.
The modern digital landscape requires businesses to efficiently and securely exchange data between software systems. This is especially important for accounts payable (AP) teams, where timely and accurate data flow is essential. The two primary methods for achieving data exchange are file-based integrations and application programming interface (API) integrations.
The iPhone maker risks having to pay billions to Ireland after an advisor to the European Union's top court said its victory in an earlier challenge should be thrown out.
Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.
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