Thu.Jan 05, 2023

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The 7-Step Pathway to Reducing Your Workload

Ryan Lazanis

You may be starting an accounting firm and unsure how to build it without burning yourself out, or you may have a 6- or 7-figure firm where you’re working too much. I’ll share a 7-step path you can follow to significantly minimize your workload. Listen Below. 1:17 – The goal of each step will be to better systematize your business and/or significantly shield your time from areas that you should not be involved in. 2:00 – Step 1 in the pathway to reduce your workload is to

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IRS Announces 2023 Standard Mileage Rates and Vehicle Value Limitations

ThomsonReuters

IRS Notice 2023-03 (Dec. 29, 2022); IRS News Release IR-2022-234 (Dec. 29, 2022). Notice. News Release. The IRS has announced the optional 2023 standard mileage rates for business, medical, and other uses of an automobile, and the 2023 vehicle values that limit the application of certain rules for valuing an automobile’s use. For 2023, the business standard mileage rate is 65.5 cents per mile (a 3-cent increase from the 62.5-cent rate that applied during the second half of 2022—see our Checkpoin

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An Accounting Firm Is Hiring an Honest-to-God Actor to Perform in a Client Onboarding Video

Going Concern

Googling “accounting firm” as I do each and every day multiple times a day in the hopes today is the day that something interesting happens in the accounting profession, I came across this ad looking for an actor to serve as “accounting firm spokesperson” in a client onboarding production. Anyone wanna make $75 an hour? Surely it’s more than most of you are making now.

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The Year Ahead

Insightful Accountant

Canopy's Tax Resolution Subject Matter Expert Jason Penninger provides his thoughts on what the accounting profession might expect to see in 2023.

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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Year-End Appropriations Legislation Contains Group Health Plan Provisions

ThomsonReuters

Consolidated Appropriations Act, 2023, Pub. L. No. 117-328 (Dec. 29, 2022). Available at [link]. Congress has passed, and the President has signed, the Consolidated Appropriations Act, 2023 (CAA, 2023), containing provisions that impact both retirement and group health plan sponsors and advisors. Here are highlights of the provisions affecting group health plans: Telehealth/HDHPs.

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What About QuickBooks Card Readers?

Insightful Accountant

Someone wrote in asking about the different types of QuickBooks card readers for use with Payment Services. Which one do you have?

More Trending

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The Financial Close Process Explained

AccountingDepartment

With 2022 behind us, it's time to start focusing on closing the books for the year and putting 2023's goals in the sights of business owners. Closing the books is a critical business process for many reasons. Doing so leads to the data needed for the creation of financial statements that can guide strategy and decision-making for business owners.

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IRS Audit Triggers—and How to Avoid Them

Patriot Software

You have a lot to deal with to keep your company operating. One thing you don’t want to have to handle? An IRS audit. While some audits happen randomly, others trigger from red flags in your records. What are these IRS audit triggers, you ask? There are common red flags that could trigger an audit, […] Read More.

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Clarification on the manner of dealing with differences in ITC availed FORM GSTR-3B Vs ITC reflecting in GSTR-2A for FY 2017-18 and 2018-19

VJM Global

The issue around the basic tool of GST , i.e., matching ITC availed by the taxpayer in his GSTR-3B with ITC auto-populating in GSTR-2A is ongoing and the department is coming up with various amendments and clarifications to streamline the system. Taxpayers have faced various notices or alerts from the department because of this difference. Now when the department has commenced the assessment of FY 2017 -18 and 2018-19, ITC disallowance on grounds of Invoices not appearing in GSTR-2A has become c

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7 Budgeting Tips to Implement in 2023

Basis 365

Budgeting is an essential part of any business. However, many companies need help managing their finances and making the right decisions. We've developed seven budgeting strategies for businesses looking to scale in 2023. 1.Define and understand the risks When you are creating your budget for the year, make sure you consider the risks. These could be financial risks such as a sudden drop in sales or an increase in expenses that lowers your profit margin for the quarter.

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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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Must-Follow Marketing Techniques to Increase Sales in 2023

Snyder

There’s no doubt that every business aspires to grow. A more complicated issue is how to fuel this potential growth in the changing sales landscape. With everybody selling or buying something on a daily basis, which means a lot of competition, the major thing is to implement some working strategies that can help a company scale steadily. Sales people today know numerous techniques that can boost sales, but the crucial moment is to define which one or maybe a combination of which techniques or st

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Can Our Health FSA Reimburse Vitamins?

ThomsonReuters

QUESTION: Several participants in our company’s health FSA have asked whether vitamins qualify for reimbursement. What should I tell them? ANSWER: Unless your plan imposes additional limits, the answer depends on whether the vitamins are being taken for general health or for a specific medical condition. Health FSAs can only reimburse expenses that are for “medical care” as defined in Code § 213(d).

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Tax strategies to usher in 2023

Accounting Today

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SECURE 2.0 Act Provisions Enacted as Part of Year-End Appropriations Legislation

ThomsonReuters

Consolidated Appropriations Act, 2023, Pub. L. No. 117-328 (Dec. 29, 2022). Available at [link]. Congress has passed, and the President has signed, the Consolidated Appropriations Act, 2023 (CAA, 2023), containing provisions that affect both retirement and group health plans. Retirement plan provisions are set forth in a portion of CAA, 2023 known as the SECURE 2.0 Act of 2022 (SECURE 2.0), as some elements build on provisions in the original Setting Every Community Up for Retirement Enhancemen

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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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Tax havens obscured at least $1.4T of foreign investment in China

Accounting Today

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FAQs (Part 56) Announce Delay, Good Faith Enforcement Relief for Prescription Drug and Health Care Spending Reports

ThomsonReuters

FAQ About Affordable Care Act and Consolidated Appropriations Act, 2021 Implementation Part 56 (Dec. 23, 2022). Available at [link]. The DOL, HHS, and IRS have jointly issued FAQs (Part 56) with enforcement relief and a delay for reporting data under a transparency provision included in the Consolidated Appropriations Act, 2021 (CAA, 2021), which requires group health plans and insurers to annually report prescription drug and health care spending, premiums, and enrollment information to the go

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College admissions cheating mastermind gets 3 1/2 years in prison

Accounting Today

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R&D Tax Credits: 2022 Year in Review

Cherry Bekaert

2022 brought significant developments to the tax treatment of Research & Development (R&D) costs. There was significant activity regarding the timing of deductions, reporting requirements for amended tax returns and proposals for reporting in future tax years. This article highlights key developments and their details. Section 174 Amortization of Research and Experimental (R&E) Expenditures.

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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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Striving 'To Be Greater'

Intuitive Accountant

The Bonadio Group grows its leadership team with promotion of four partners across the firm.

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Finding the power in your firm's purpose

Accounting Today

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How to address the growing skills gap in global trade management

ThomsonReuters

A new whitepaper from the Thomson Reuters Institute (TRI) explores the causes of a growing skills gap in global trade management, and proposes several solutions. Multinational companies the world over face an increasingly common problem —namely, they are finding it difficult to hire people with the skills and experience needed to fill many key global trade management positions.

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Transform finance teams into forward-thinking profit centers

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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4 Ways to Future-Proof the Finance Team

MineralTree

The Current State of Finance. There’s no debating that the COVID-19 pandemic has shifted how companies operate. Faced with staff cuts, the Great Resignation, and supply chain issues, executive teams must now carefully strategize how to propel their companies in the right direction. So where are they setting their focus in the new year? According to data from Gartner , the top three most difficult tasks for CFOs to manage in 2023 include: hiring and retaining staff (54%); forecasting (36%); and c

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Here's how to weather a coming recession: Fire your clients

Accounting Today

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Health Plan’s Exclusion of Gender Affirming Care Violates ACA Section 1557

ThomsonReuters

Kadel v. Folwell, 2022 WL 2106270 (M.D.N.C. 2022). Available at [link]. A federal trial court has ruled in favor of transgender individuals who challenged a group health plan’s exclusion of coverage for gender affirming care based on the nondiscrimination protections of Affordable Care Act (ACA) Section 1557. A group of current and former state employees sued because the state’s group health plan denied coverage for medically necessary gender affirming care for themselves or their dependents, a

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KPMG acquires Arnold Group

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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Tax incentives eyed to support local journalism

Accounting Today

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IRS ticks off Tesla and makes Hyundai happy with EV tax credits

Accounting Today

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Tax Fraud Blotter: Backing the wrong horses

Accounting Today

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Private sector added 235K jobs in December

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.