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Most general practitioner accountants I talk with (and I talk with a lot of them) are, obviously, generalists rather than specialists. They typically started out as general practitioners and often stay that way as their client base has always been quite disparate. Many accountants who develop a specialisation do so only because they originally trained in firms that encouraged them to specialise – often quite early in their career.
Income tax often seems to grab most of the headlines, but sales tax can make for a hefty crime – and punishment – too. A famous case recently examined in the TaxConnex podcast It Depends episode, “Sales Tax Crimes - Pt. 2: The Eccentric TYCO CEO’s Sales Tax Scheme,” clearly shows how you shouldn’t do the sales tax crime if you can’t do the time. Big numbers, common crime Unscrupulous vendors often collect and not remit sales tax (as in one recent case with a juice store owner in the District of
By Ting Song. Accounting is often one of the last areas a company invests in because it’s traditionally seen as a cost center rather than a revenue generator. As teams grow, the straightforward solution might seem to be adding more staff. But do companies typically increase headcount in proportion to revenue growth? This tends to be the case in departments like sales or marketing, but not in areas like accounting, HR, or operations.
7 min read October 15th, 2024 All business expenses represent money out the door, but the way you categorize these expenses has greater implications than reduced net income. Key Takeaways How to Calculate and Identify a Capital Expenditure: CapEx = (Prior Period PP&E - Current Period PP&E) + Current Period Depreciation. The Key Differences Between CapEx and OpEx: For most businesses, both capital expenditures and operational expenditures are necessary for success, and finding the right b
Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te
The National Association of Tax Professionals criticized an ad promoting Intuit's TurboTax full-service option, saying it encouraged taxpayers to leave their professional preparers.
Non-compliance can block capital raises, delay exits, and cost you and your investors significant time and money. The post Compliance: The Silent Startup Killer appeared first on Burkland.
We realize the decision to run maintenance on IRS systems likely isn’t made by anyone who understands deadlines but surely someone who does could inform the IT department of these important dates to prevent shutdowns during critical time periods? No? It feels like this happens every year. Apparently they were planning to do a little maintenance on the Tax Pro Account systems from October 13-15.
We realize the decision to run maintenance on IRS systems likely isn’t made by anyone who understands deadlines but surely someone who does could inform the IT department of these important dates to prevent shutdowns during critical time periods? No? It feels like this happens every year. Apparently they were planning to do a little maintenance on the Tax Pro Account systems from October 13-15.
The future of work is coming to Orlando this November for tax, audit, and accounting professionals. SYNERGY gives you an exclusive opportunity to discover innovative solutions, engage in collaborative discussions, exchange ideas, and forge new partnerships. From AI-driven solutions to cutting-edge advancements in digital transformation, find out what’s next from Thomson Reuters at SYNERGY 2024.
By Jessica Jones-Gorman Staten Island Advance, N.Y. (TNS) The number of homes in the United States valued at $1 million or more is at a record high. In fact, a recent report from Zillow shows there are approximately 550 “million-dollar” cities scattered throughout the country—locations where the typical home is worth $1 million or more. So what does it take to afford the mortgage on such a costly purchase?
Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i
The payroll and benefits technology maker ADP has acquired WorkForce Software, a workforce management solutions provider that specializes in supporting large, global enterprises. This acquisition will expand ADP’s global offering of workforce management solutions and enable future innovation in the space. “As the needs of today’s global workforce continue to shift, employers need dynamic workforce management solutions that will help them maintain compliance and flexibility while engaging their e
The IRS and the Treasury proposed regs on the corporate alternative minimum tax on companies with over $1 billion in income, but those rules could impact much smaller companies as well.
Budget planning isn’t just a line-item task — it’s the foundation of the business. Whether you are scaling up or tightening the belt, how you plan your finances today will determine how smoothly your operations run tomorrow. In a fast-paced business world where changes happen in the blink of an eye, preparing an annual budget with foresight is not just smart — it’s essential.
Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.
The American Institute of CPAs sent a comment letter to the Treasury Department and the Internal Revenue Service objecting to guidance on basis-shifting involving partnerships and related parties.
Murph is starting a new series on "How to" for various ERPs. In this first article he is looking at one of the reported features in the new Intuit Enterprise Suite. multi-entity access.
In the climb from contributor to leader, the rules quietly change. 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 (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). 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.
An agency makes a plan for massive growth: double from $10 to $20 million in one year, and then hit $30 million the next. They create a budget to support that ambitious forecast, with plans to do significant hiring and to throw major technology resources at their growing business.
Pivot Payables, a fintech company delivering corporate financial operations solutions, announced on Oct. 15 a new integration with American Express, enabling American Express U.S. Business and Corporate Card members the ability to generate virtual cards within PivotLynx , Pivot Payables’ accounting automation application, ensuring requests are routed to managers for budget approval and cost accounting.
Small tax practices face the ever-increasing challenge of staying competitive and efficient. The key to success? Embracing the right technology. But with so many options available, how do you know which solutions are best for your firm?
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.
ContractPodAi , the leader in legal AI and contract lifecycle management, today announced a new strategic alliance with KPMG. KPMG has selected Leah, ContractPodAi’s generative AI platform for lawyers, to power its new managed legal services capability, serving clients in the US, UK, Germany and other key global markets. This collaboration marks a significant milestone in the adoption of advanced technological solutions within the legal industry.
Top Technology Initiative Article – October 2024 Well, that’s a wrap on another tax season. This year was one of the most normal tax years in some time. The IRS granted tax relief for MI storms , tornados in OH , hurricanes Beryl in TX , and Debby in NC. Otherwise, tax deadlines were normal in most places. But wait! Along came the devastation of Hurricane Helene and the appropriate extensions granted in seven jurisdictions, including the entire states of Alabama, Georgia, North Carolina, and Sou
Menzies LLP - A leading chartered accountancy firm. Companies House will be cracking down on compliance by directors and will be imposing new penalties on the failure by directors, who are legally responsible for making sure that all filings and updated information is sent to Companies House on time for the following documents: the confirmation statement the annual accounts – even if the company is dormant any changes in company officers or their personal details – within 14 days of appoin
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
If you or your business donate a conservation easement to a qualified charitable organization, you may be able to claim a deduction reaching into six or seven figures. However, as shown in a new case involving a limited liability company (LLC), Savannah Shoals, LLC, Green Creek Resources, LLC , TC Memo 2024-35, 3/26/24 , the claim must be supported by a valid independent appraisal.
Menzies LLP - A leading chartered accountancy firm. Companies House will be cracking down on compliance by directors and will be imposing new penalties on the failure by directors, who are legally responsible for making sure that all filings and updated information is sent to Companies House on time for the following documents: the confirmation statement the annual accounts – even if the company is dormant any changes in company officers or their personal details – within 14 days of appoin
The National Retail Federation is forecasting that 2024 holiday spending is expected to grow between 2.5% and 3.5% over 2023. That equates to between $979.5 billion and $989 billion in total holiday spending in November and December, compared with $955.6 billion during the same timeframe last year. “The economy remains fundamentally healthy and continues to maintain its momentum heading into the final months of the year,” NRF President and CEO Matthew Shay said.
Menzies LLP - A leading chartered accountancy firm. Companies House will be cracking down on compliance by directors and will be imposing new penalties on the failure by directors, who are legally responsible for making sure that all filings and updated information is sent to Companies House on time for the following documents: the of the confirmation statement the annual accounts – even if the company is dormant any changes in company officers or their personal details – within 14 days of
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.
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