Tue.Jun 11, 2024

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Accounting Firm Leaders Discuss Challenges/Benefits of a Remote Workforce

ThomsonReuters

Employers and payroll professionals face a complex web of challenges while managing remote and hybrid work arrangements, particularly concerning state income tax withholding and compliance with varying state labor laws. However, implementing clear policies, fostering effective communication, and leveraging technology can help organizations navigate the ever-evolving landscape of remote and hybrid work.

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How to register for states’ sales tax

TaxConnex

Do you need a state sales tax permit? How about a sales tax license? How about a sales tax certificate of authority? Did you know they’re all the same thing? How do you spell “FEIN” anyway, and when do you need one to sell into a state? Collecting and remitting sales tax after you hit economic or physical nexus in a state comes with a lot of questions – and you usually answer no small number of questions to register for sales tax.

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Estimating Your Startup’s Total Addressable Market (TAM)

BurklandAssociates

A clear grasp of TAM can be the difference between securing essential funding and falling short. The post Estimating Your Startup’s Total Addressable Market (TAM) appeared first on Burkland.

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Execs say most companies won't last 10 years with current business model

Accounting Today

A new PricewaterhouseCoopers survey reveals executives think reinventing the business model is essential for companies' survival amid an increasingly risky business environment.

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Confronting the Change Challenge

Change is difficult, whether in our private or work life. However, without change, growth and learning are difficult not to mention keeping up with the market and staying competitive. We have all worked for or ourselves are the bosses that prefer to keep the status quo. We will discuss how to address the "change challenge" to enable you to be a changemaker and a graceful recipient of change.

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We Think We Know Who’s About to Do a Big PE Deal

Going Concern

So FT ran this yesterday: ‘ Private equity groups poised to own one in three top US accounting firms ‘ and in it, they paraphrased people familiar with the matter as saying “ten of the 30 largest US accounting firms could soon be in private equity hands.” The article goes on to say: The acquisitions by financial buyers of those two top-10 firms by revenue opened the floodgates to other deals, the people said, positioning private equity to increase its influence over the U

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SEC taps Williams for second term at PCAOB

Accounting Today

The Securities and Exchange Commission has reappointed Erica Williams to another term as chairperson of the Public Company Accounting Oversight Board.

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Erica Y. Williams Gets Another Five Years to Write Scathing Op-Eds About Sloppy Audit Firms

Going Concern

The SEC announced today that current PCAOB Chair Erica Y. Williams has been appointed for a second term that begins on October 25, 2024 and ends on that same day in 2029. She’s been in the big chair at the PCAOB (no pun) since January of 2022 after she was brought in after a bit of a coup involving her predecessor William Duhnke. So this will be her first full five-year term.

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340B Drug Pricing Disputes: A Closer Look at the New ADR Process

Withum

The 340B Drug Pricing Program allows eligible healthcare organizations and covered entities to access outpatient drugs at significantly reduced prices. It provides discounted medications to safety-net providers, such as hospitals, clinics, and health centers, which serve uninsured and low-income patients. The 340B Administrative Dispute Resolution (ADR) process is designed to assist 340B covered entities and 340B drug manufacturers in resolving disputes regarding 340B covered drug pricing.

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Tax Strategies for Real Estate Investing: Converting a Residence to a Rental Property

CTP

Real estate is an attractive investment opportunity, but investors need to be prepared for potential taxes to truly maximize their profits. New investors may be unaware that taxation differs depending on how they acquired the property and how it is being used. Common means of acquiring a property include simply purchasing it, inheriting it, or receiving it as a gift—and each comes with its own tax implications.

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Small Businesses Increased Hiring for Fourth Consecutive Month, CBIZ Index Shows

CPA Practice

Following a steady increase in hiring in the first quarter of the year, small businesses experienced strong hiring growth last month in preparation for the upcoming summer vacation season, according to top 15 accounting firm CBIZ. The CBIZ Small Business Employment Index (SBEI), which tracks hiring trends among thousands of companies with 300 or fewer employees across the U.S., indicated a seasonally adjusted increase of 2.69% in May—up from 0.29% in April and the fourth straight month of increa

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Travel and Expense Policy Success: Your Essential Checklist

Setting the stage for successful organizational change always begins with clear, thoughtful communication. When it comes to rolling out a new travel and expense (T&E) policy, establishing a well-structured communication plan is key to ensuring that all employees understand the changes and their impact. By following a step-by-step approach, you can guide your organization through the transition, fostering smooth adoption from the outset and improving compliance.

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5 IRS developments to watch

Accounting Today

The Internal Revenue Service has announced several new policy updates now that tax season has ended.

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You Shouldn’t Fear an IRS Audit if You Do Your Homework

CPA Practice

By Matthew Chancey, CFP, Kiplinger Consumer News Service (TNS) Audit. The word strikes fear in many people. They dread the scrutiny, penalties and other unfortunate outcomes when the IRS questions the accuracy or the veracity of their tax return. The IRS recently announced its plans to significantly ramp up tax audits on the wealthiest taxpayers, large corporations and large, complex partnerships for tax year 2026.

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Help business owners with exit planning, philanthropy

Accounting Today

Here's a smart way to add long-lasting value to your client relationships.

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Accountant Approved Apps Disappointing

Insightful Accountant

Intuit recently launched something they are calling Accountant Approved Apps; I must say that I was somewhat disappointed by these 'groupings.

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If It Aint Broke, Don’t Fix It: A Dangerous Mindset

Time and time again we tell ourselves and others NOT take action on something that is not "broken." We apply that mindset at home and at work. Sometimes, it doesn’t work out so well. Because when it's truly broken, it's usually an emergency, costs more and causes stress. Join us in this webinar where we share ways where you are able to anticipate your needs, understand benefits that you will get from getting better now instead of later, and relieving your team of tasks that they don't need to be

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Tax-planning certification rolling out as wealth and tax divide narrows

Accounting Today

Jeffrey Levine and The American College of Financial Services hope to help more financial advisors branch into the related but historically separate field.

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Research & Development (R&D) Tax Credits: What Technology Companies Need to Know

Withum

The R&D tax credit is a tax incentive that encourages companies to invest in research and development activities in the United States. The credit is available to businesses that engage in qualifying R&D activities, such as developing new or improving existing products, processes or software. For technology companies in the United States, there have been several recent changes to the R&D tax credit: Permanent extension of the credit: The R&D tax credit has been permanently extende

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Overtime rule draws fire from business groups

Accounting Today

A variety of business groups have been filing lawsuits to stop the Department of Labor's overtime rule, which is set to go into effect on July 1.

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Bench Time: Emerge Stronger from a Slow Pipeline

Summit CPA

We’ve been talking a lot about pipeline recently because it’s top of mind for the industry. It can be a tough subject because it ties directly into capacity and an agency’s beating heart: its people.

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Navigating Corporate Travel Changes Post-Pandemic

Global business travel is surging, with companies spending as much as or more than they did before the pandemic. This trend is expected to continue, with more growth on the horizon. The types of travelers are also changing, with millennials and Gen Zers taking on the majority of the load. Business travel is evolving, and younger generations expect less hassle, even though there are more ways to book and pay for travel than ever before.

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IRS tries to downsize extra office space

Accounting Today

The Internal Revenue Service has been making efforts to reduce the overall amount of space it rents, but it nevertheless has lots of unnecessary space that it's paying hundreds of millions of dollars for every year.

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Staying Ahead of the Curve: A Guide to Upgrading Your Clients' Accounting Software

Insightful Accountant

Clients have access to cutting-edge accounting software solutions for efficiency! Stay ahead in the evolving landscape by equipping clients with secure tools. Out of the Box recognizes this need.

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How to Help Clients Set up a Payment Plan With the IRS

Patriot Software

Do you have a client who can’t pay their tax bill? You may need to help them set up a payment plan with the IRS. A payment plan, such as an installment agreement, generally decreases penalties and prohibits the IRS from levying assets.

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Erica Williams Gets Second Term as PCAOB Chair

CPA Practice

The Securities and Exchange Commission (SEC) has reappointed Erica Williams to a second term as chair of the Public Company Accounting Oversight Board (PCAOB), a move that signals stability at the audit regulator following the dismissal of its previous chairperson by SEC Chair Gary Gensler three years ago. Williams’ second term begins on Oct. 25 and concludes on Oct. 24, 2029, the SEC said on Tuesday.

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4 Things Great Companies Do to Improve Cash Flow

Speaker: Don Gallianza, Credit Manager at Chevron Phillips Chemical and Indy Chakrabarti, Chief Marketing Officer at HighRadius

4 Case Studies to Optimize DSO 26 Days Sales Outstanding. Already better than most. But, should you improve on that? Why would 3 fewer days even matter? It matters because it fundamentally transforms business outcomes. Join this webinar to explore 4 things companies do to reclaim hard dollars - not just soft costs - and go from good to great! What You'll Learn 6 operational KPIs every AR manager should track: Define and track these metrics to enhance performance, drive efficiency, and make infor

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Free Webinar: Decoding 280E and Current Developments

Anders CPA

Register for the 06/12/2024 webinar! Register Now Please join us as we discuss the underpinnings of section 280E and how it is currently functioning in our tax system. We will discuss the position that Gonzales v. Raich is no longer good law and Section 280E does not apply to the current cannabis industry, the intersection of the 471(c) accounting method and Section 280E, and the possibility that past Section 280E costs may be deducted with rescheduling.

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Thomson Reuters and SAP Partner for Automating Tax Reporting

CPA Practice

Thomson Reuters, a global content and technology company, has expanded its partnership with SAP as it integrates ONESOURCE Sales & Use Tax Compliance with SAP Document and Reporting Compliance for SAP S/4HANA. The new integration supports businesses using SAP technologies with automating and filing sales and use tax returns in the United States directly from SAP Document and Reporting Compliance via a unified user experience, helping to streamline processes, save time, and support accuracy i

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The Employee Retention Credit: 2024 Updates

Cherry Bekaert

Watch this video to learn about the most recent ERC updates from the Internal Revenue Service (IRS) and what to watch for in the next year before the final application deadline. During this webinar, Cherry Bekaert’s Tax Credits & Incentives Advisory speakers will discuss how to help business owners understand if they qualify for the 2021 ERC so they can take advantage of this tax incentive while adhering to the guidance that the IRS has provided before the final application deadline in April

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Here Are the 40 Elijah Watt Sells Award Winners for 2023

CPA Practice

The AICPA last week announced the 40 winners of the 2023 Elijah Watt Sells Award, granted to CPA candidates who obtain a cumulative average score above 95.50 across all four sections of the Uniform CPA Examination, pass all four sections of the exam on their first attempt, and completed testing in 2023. According to the AICPA, more than 86,000 individuals sat for the CPA exam last year.

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The Financial Leaders Playbook: How To Deliver Insight, Oversight, And Foresight

Speaker: Chandra McCormack, CPA, MBA, NACD.DC

Imagine being a financial leader who not only ensures the books are balanced but also shapes the future of your organization. 🤔 ✨ This session will take you beyond the routine reporting and into the realm of strategic financial leadership. We’ll explore how today’s finance professionals can juggle the day-to-day operations while also delivering the long term vision that drives growth.

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Your Guide to Getting the Most Out of Dreamforce 2024

Accounting Seed

Top 5 Tips for Your Dreamforce Experience Dreamforce —Salesforce’s most-loved user conference—has been a highlight for many business professionals since its inception in 2003. This year, Dreamforce is taking place in San Francisco from September 17-19 at the Moscone Center. From on-site training and networking opportunities to exciting concerts and parties, Dreamforce brings no shortage of valuable experiences for Salesforce administrators, developers, partners, users, and prospects alike.

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Missouri Appeals Court Upholds Lower Court Ruling on St. Louis City Earnings Tax Refund

Anders CPA

Non-St. Louis City residents working for St. Louis city employers may be eligible for earnings tax refunds when working remotely from home. A January trial court decision said non-city residents should receive a refund for earning taxes paid while working remotely for city-based businesses. During the COVID-19 pandemic, some non-residents who worked in the City of St.

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What an Attorney Looks For in an Expert Witness

FraudFiles

Attorney Miles Mason talks about the characteristics he looks for in a potential expert witness, including qualifications, ability to explain concepts, and demeanor.

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In the blogs: Subtle yet significant 

Accounting Today

What clients like to believe; Tax Court fun; auditing REITs; and other highlights from our favorite tax bloggers.

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Best Practices to Streamline Compensation Management: A Foundation for Growth

Speaker: Joe Sharpe and James Carlson

Payroll optimization can be one of the most time-consuming and complex factors of small business management. Yet, organizations that crack the code on streamlining employee compensation often discover innovative avenues for growth. With the right strategies in place, outsourcing and streamlining payroll processes can result in substantial time and resource savings.