Fri.Nov 17, 2023

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S Corporation Tax Savings: Frequently Asked Questions

MyIRSRelief

S Corporations are a popular choice for many business owners due to their unique tax benefits. This article will answer some of the most frequently asked questions about S Corporation tax savings. What is an S Corporation? An S Corporation is a type of corporation that meets specific Internal Revenue Service (IRS) tax code requirements. The biggest feature of an S Corporation is that it provides its owners with limited liability protection, while allowing income and losses to be passed through t

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IRS Pressed to Crack Down on Wealthy Tax Cheats in Puerto Rico

CPA Practice

By Jim Wyss and Angelica Serrano-Roman, Bloomberg News (TNS) A group of U.S. lawmakers is asking tax authorities to accelerate an investigation into rich Americans seeking lucrative tax breaks in Puerto Rico. Twelve Democratic members of the House of Representatives asked the IRS on Friday to expedite a congressional request for information about efforts to root out people allegedly abusing Puerto Rico’s tax benefits.

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On the move: Windes adds tax partner

Accounting Today

IFAC and FASB both appoint and reappoint board members; RSM raises $4.7M for nonprofits via Power of Love program; and more news from across the profession.

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Tax Interest Rates to Stay the Same in Q1 2024, IRS Says

CPA Practice

The IRS said on Friday that it will not raise interest rates for the first calendar quarter of 2024. Beginning on Jan. 1, the rate for overpayments and underpayments for individuals will be 8% per year, compounded daily. Here is a complete list of the Q1 2024 rates: 8% for overpayments (payments made in excess of the amount owed), 7% for corporations. 5.5% for the portion of a corporate overpayment exceeding $10,000. 8% for underpayments (taxes owed but not fully paid). 10% for large corporate u

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5 Steps to Shield Your Business: The Ultimate Guide to Avoiding Payment Fraud

As scams grow more sophisticated, it's crucial to stay proactive in defending against these threats. This guide equips CFOs, accountants, and business leaders with five essential steps—from fundamental safeguards to advanced security measures to strengthen your financial defenses. From enhancing data security to implementing fraud detection tools and safeguarding financial transactions, this guide provides expert advice that could save your company millions.

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Tech News: IRIS launches firm management tool

Accounting Today

Plus, Sage releases new Intacct features; Liscio unveils new upgrades aimed at enhanced client experience; and other accounting tech news.

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Here Are the 2024 Amounts for Three Family Tax Credits

CPA Practice

By Katelyn Washington, Kiplinger Consumer News Service (TNS) Claiming the child tax credit and other family tax credits and deductions can lower your tax liability or increase your refund. But which credits and deductions you qualify for can change from year to year. And the amounts of the credits and deductions can also change, since many are adjusted yearly for inflation.

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Proposed IRS Regs Would Remove Deductions for Some Sydnicated Conservation Easements by Pass-Throughs

CPA Practice

The Department of the Treasury and the Internal Revenue Service has issued proposed regulations that provide guidance under a new section of the law that disallows deductions for certain charitable conservation contributions by partnerships and other pass-through entities. Syndicated conservation easements have been included in the IRS’ annual list of Dirty Dozen tax schemes for many years.

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Zack Smith Named to Upstate New York Appraisal Institute Board of Directors

Withum

Withum is excited to share that Zack Smith , Team Leader of the Real Estate Valuation Practice , has been appointed to the Board of Directors of the Upstate New York Appraisal Institute. The institute sponsors appraisal education, including courses and seminars that help professionals earn continuing education credits. As a member of the board, Zack will assist in administering these programs.

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Cyber Security Ranks as Top Risk for Enterprises in 2024

CPA Practice

AuditBoard, the leading cloud-based platform transforming audit, risk, IT compliance, and ESG management, has released its 2024 Focus on the Future report based on an annual survey of risk management and internal audit leaders across North America. The report reveals a growing gap between risk and assurance teams’ capacity to effectively manage risks and the reality of today’s state of “permacrisis,” an extended period of instability and insecurity marked by one disruptive crisis following anoth

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Pioneering Trustworthy AI Solutions in Response to President Biden’s Executive Order

Cherry Bekaert

In response to President Biden’s recent Executive Order on Safe, Secure, and Trustworthy Artificial Intelligence (AI) , Cherry Bekaert stands at the forefront of innovative solutions that can help various clients navigate this evolving potential risk landscape. The Executive Order is a significant step for the United States in supporting AI. It plans to ensure AI development is safe, secure, private, fair and responsible.

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How to Navigate Revenue and Expense Management: Competitive Insights for Financial Success

Speaker: Hilary Akhaabi, PhD - Founder, Chief Financial & Operations Officer at Go Africa Global

In the fast-paced world of corporate finance, staying ahead of the curve is crucial for sustainable growth and profitability. This exclusive webinar with leading expert Hilary Akhaabi, PhD, will teach you practical ways to navigate complex financial landscapes and enhance your company's revenue management capabilities. Whether you're aiming to refine your financial strategies or seeking innovative solutions to drive performance, this new session is for you!

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Becoming A Better Construction Leader By Practicing Generosity

Randal DeHart

If you have been lucky enough to encounter generous people, you understand they have a unique gift for garnering the respect and admiration of individuals around them. When you are a leader, having a positive relationship with the people who follow you is a huge asset you cannot put a price on. In the construction business, generosity and helpfulness are two fundamental traits that can make a business successful.

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Americanas accounting fraud was $1B bigger than suspected

Accounting Today

Revised financial statements mark an attempt to "turn the page" for the scandal-struck Brazilian retailer

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KROST is Paneling at the CalCPA Los Angeles & Inland Empire Mt. SAC Accounting Conference

KROST

KROST is attending the second annual CalCPA Los Angeles & Inland Empire Mt. SAC Accounting Conference. The event is in partnership with Mt. San Antonio College, where the conference will be held on Saturday, November 18th, from 7:00am to 2:00pm. This is a perfect opportunity for college and university students to hear firsthand experiences from Read the full article.

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IRS urged to crack down on wealthy tax cheats in Puerto Rico

Accounting Today

Democratic lawmakers want the service to look into the possible abuse of tax breaks on the island.

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3 Must-Have Reports to Help Financial and Accounting Firms Become More Profitable

Bizinta highlights three crucial reports for financial and accounting consultancies to enhance profitability: Utilization Reporting maximizes billable hours Profitability by Consultant identifies top performers Contribution by Client prioritizes high-value clients These reports provide accurate insights, replacing guesswork with data-driven decisions.

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Minnesota Paid Sick Leave: Guide for Small Business Owners

Patriot Software

On January 1, 2024, employers with employees working in Minnesota are responsible for a new workplace standard—offering paid sick leave. How much do you know about the Minnesota paid sick leave law, known as Earned Sick and Safe Time?

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New regs proposed on conservation easement deductions

Accounting Today

The regulations address new subsections of the law from the SECURE 2.0 Act.

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It's the Holiday Season and Time for a Workplace Secret Santa! | Beyond the Books Podcast by AccountingDepartment.com

AccountingDepartment

We are thrilled to announce that Episode 6 of our podcast, Beyond the Books , is now live and ready for your listening pleasure.

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CAS and value pricing boost firms' bottom lines

Accounting Today

A recent survey says a large majority of firms enjoyed increased revenue and profit this year, based partially on growing client advisory services and the adoption of value-based pricing.

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How To Streamline Finance Operations Through Automation

Speaker: Claire Grosjean

In today’s fast-paced business environment, finance professionals are under increasing pressure to optimize operations and drive strategic value. As a result, automation has become a core part of business strategy, offering unprecedented opportunities to streamline operations and drive efficiency. Join esteemed global finance and operations executive, Claire Grosjean, for a comprehensive guide on how to harness automation’s power through strategic collaboration with functional leaders.

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A Guide to Navigating Taxes in the Gig Economy

Ronika Khanna CPA,CA

In a recent study by H&R Block, nearly 28% of Canadians reported taking on a side hustle in the “gig economy” to boost their income. This is a significant increase from 2022 in which the analogous percentage was 13%. This is likely a result of inflationary pressures and the expansion of opportunities available for flexible work. What is the Gig Economy?

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How to beat these six cybersecurity threats

Accounting Today

How CPA firms can mitigate these risks with a hosting partner.

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CPE Webinar December 12, 2023: Take the Stress Out of Tax Season with Bite-Size Benchmarks

CPA Practice

Date: Tuesday, December 12, 2023 Time: 3 PM ET /2 PM CT / 12 PM PT / 8 PM GMT Sponsor: Canopy Duration: 1 Hour Receive 1 hour of free CPE credit for participating in this live webinar. Already registered for this webinar? Click here to log in. The writing is on the wall. The standard business model for accounting firms is reactive and transactional – and it’s on life support.

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New Canopy Engagements Enables Accounting Professionals to Automate and Customize Engagement Letters and Proposals

Insightful Accountant

Canopy, an accounting software provider, unveiled on November 16, Canopy Engagements. This new feature empowers accountants to automate client experiences through professional engagement letters and proposals directly within the Canopy suite.

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How to Elevate Your CPA Services and Grow Your Business

As a CPA, your expertise is invaluable to your clients. By partnering with Fincent, you can enhance your service offerings and streamline financial management for your clients. Our platform provides real-time financial reports, cash flow tracking, automated posting of banking transactions to reduce errors, and powerful search capabilities. With Fincent, you can focus on high-value services while we handle the day-to-day bookkeeping tasks.

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Farm Incomes in Upper Midwest Fell During Summer

CPA Practice

Christopher Vondracek Minneapolis Star Tribune (TNS) Farm incomes across the Upper Midwest declined this summer, according to a new Federal Reserve Bank of Minneapolis survey. Forty-six percent of ag lenders say farm incomes fell during the July-September period, Joe Mahon, a regional outlook director with the Fed, said Thursday. Conditions can vary across the Fed’s ninth district — which includes Minnesota, the Dakotas, northern Wisconsin, the Upper Peninsula of Michigan and Montana — where 23%

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App Academy | Client Hub

Insightful Accountant

Judie McCarthy, Co-founder of Client Hub, walks you through the product to highlight the critical features to show you how Client Hub can help to significantly increase productivity in your firm and deliver an amazing client experience.

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Elevating Auto Parts Manufacturer and Distributor: Mastering IT Security, Infrastructure and Applications

Cherry Bekaert

GSP North America (GSP) is a leading aftermarket manufacturer and distributor offering superior Automotive Aftermarket Parts in North and Latin America. Headquartered in China, GSP manufacturers and distributes their products globally through a series of distribution centers throughout North America, China and Europe. GSP engaged Cherry Bekaert’s Digital Advisory and Risk & Accounting Advisory practice to be their reliable one-stop tech shop for all their technology needs.

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Lightyear connects with the IBEX 35 bringing Spain’s top stocks to investors across Europe

Accounting Insight

Today, investment platform Lightyear announces the highly anticipated launch of Spanish stocks. Lightyear has connected with Madrid and Barcelona stock exchanges to offer Spanish investors the chance to buy into the IBEX 35, where 35 of Spain’s biggest companies are listed. Recent data shows that investment in funds has quadrupled in the last decade, 1 but worryingly, few Spanish people invest. 2 The fintech aims to change this with transparent and low-cost access to international markets and it

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How to Avoid Getting Ghosted: Top 3 Secrets to Staying Relevant with Gen Z

Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert

In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant or getting "ghosted" if they fail to meet the evolving needs of Gen Z consumers. In this new webinar, Brian Muse-McKenney of Episode Six and Matt Simester of Payments Consultancy Limited will reveal key considerations banks should factor into their efforts to develop target products for the next generation of bank customers.

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An Accountant's Guide to Cryptocurrency

Canopy Accounting

In the ever-evolving world of finance, cryptocurrency has emerged as a revolutionary digital asset class. Powered by blockchain technology, a decentralized and transparent ledger system, cryptocurrency enables secure online transactions and offers unique opportunities for investment. With its potential to disrupt traditional financial systems, cryptocurrency has garnered significant attention from individuals and institutions alike.

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Identifying Fraud Red Flags

FraudFiles

Would you recognize the clues that your client has been ripped off by one of its employees? Or would management conduct business as usual, blindly trusting their employees? Companies make the mistake of not actively searching for fraud.

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IRS appoints next CIO

Accounting Today

Rajiv Uppal will begin assisting with the agency's transformation work in early 2024.

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Write the Perfect Engagement Letter in 7 Easy Steps | Canopy

Canopy Accounting

You know you should use engagement letters in your tax resolution cases, but you need to figure out what your engagement letter should look like. Or you've finally decided to update the same old letter you've used for years. You may be fine-tuning your current letter, intent on taking it from great to flawless. Regardless, in seven simple steps, you're in the right place to learn how to construct an engagement letter properly.

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Simplify Your Business Finances with Dedicated Bookkeeping Services

Managing bookkeeping and tax can be challenging for businesses of all sizes. Fincent’s services offer a comprehensive solution to streamline your financial operations. With personalized, dedicated bookkeepers and controllers, our platform ensures accurate monthly books and financial statements delivered by the 10th business day of each month. Open monthly communication and an easy-to-use online chat with your bookkeeper provide consistent support and seamless management.