Tue.Sep 19, 2023

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Telecom tax and filing complexities

TaxConnex

Telecommunications companies face tougher problems than most other businesses when trying to comply with federal, state and local tax and regulatory obligations. Most of the taxes that telecom companies contend with are administered by the individual states’ Departments of Revenue (DOR) and local jurisdictions. These taxes go by various names: sales tax, communications services tax, utility users’ tax, local license tax and so on.

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Metrics Matter: Five KPIs for Fintech Startups

BurklandAssociates

Fintech is a diverse sector with KPIs that vary between companies, but these five metrics should matter to wide swaths of the industry. The post Metrics Matter: Five KPIs for Fintech Startups appeared first on Burkland.

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EY Survey: Gen Z Is Broke, Anxious, and Extremely Worried About Everything. We Can’t Blame Them

Going Concern

EY put out a press release on the results of its 2023 Gen Z Segmentation study yesterday and it’s not good. Less than a third (31%) of those born between 1997 and 2007 surveyed feel financially secure, more than half (52%) said they are very or extremely worried about not having enough money. Mind you EY surveyed only 1500 of the 2.56 billion people who make up Gen Z for this particular project.

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PCAOB proposes to toughen rule for auditor liability for negligence

Accounting Today

The Public Company Accounting Oversight Board issued a proposal to amend its rule for an individual auditor's or audit firm's contributory liability for knowingly or recklessly contributing to violations.

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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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A Cautionary Tax Planning Tale: Timing and Formalities Are Critical

CPA Practice

By John M. Goralka, Kiplinger Consumer News Service (TNS) This cautionary tale is based upon the recent tax case of Estate of Hoensheid v Commissioner , TC Memo 2023-34. When owners of a company plan to sell their business, there is very often a desire to minimize the resultant income tax. This tax is effectively taxing the increase in the value of the business often earned over many years and decades into a single year.

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ISSB and PwC see broader move to int'l sustainability standards

Accounting Today

Accounting firms are getting more involved in sustainability reporting and assurance around the world, with recent global standards and record-setting temperatures spurring calls for action.

More Trending

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The Leadership Files: Avani Desai 

Accounting Today

For the head of Top 100 Firm Schellman, leadership starts with self-aware people who don't hesitate to challenge the status quo — or their leader.

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Uncertain Times Call for Creative Estate Planning Strategies

CPA Practice

By Paula Nangle, CFP, Kiplinger Consumer News Service (TNS) Does the thought of estate planning trigger a surge of anxiety? If so, you’re in plentiful company. Estate planning can be one of the most intimidating, complex and emotionally charged financial necessities a family takes on together. There is little room for error, as savers look to safeguard their legacies and protect their families for generations to come.

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Withum Team Members Donate $33,000 to 8 Organizations

Withum

Giving back is one of the ten tenets of the Withum Way — a code that Withum team members work and live by. Volunteerism and the spirit of philanthropy spread quickly, so it is no wonder why team members in offices from coast to coast contributed to the donation campaign. At the end of each fiscal year, team members are given the opportunity to donate their unused PTO days to a variety of nonprofits at the rate of $50/day donated.

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4 Tips on Managing a Multigenerational Workforce

CPA Practice

There is no need to alert this audience to the acute shortage of CPA talent. But it’s still worth underscoring how important it is for CPA firm leaders to closely monitor the job satisfaction of these precious resources — especially at a time when many of these professionals might be thinking about making a job change soon. Research from Robert Half found that 41% of accounting and finance professionals either have a job search already underway, or they plan to launch one by year-end.

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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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Accounting Websites: 43 Examples for Modern Firms

Ryan Lazanis

A well-designed website stands as a pivotal factor in converting visitors into invaluable leads. In this post, we’ll discuss key considerations for effective accounting website design and showcase a variety of inspiring examples that can guide your own creative approach. Let’s go! Table of Contents The Do’s and Don’ts of Accounting Website Design The Top 43 Examples of Accounting Websites The Do’s and Dont’s of Accounting Website Design To give you an idea of

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Eide Bailly to merge in Raimondo Pettit

Accounting Today

The Top 20 Firm is adding three locations in Southern California with its latest deal.

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PwC Canada Totally Blew Their Perfect Score on PCAOB Inspections This Time Around

Going Concern

A few days ago the paper-pushers at the PCAOB released 15 new inspection reports and three expanded reports for the following firms: Inspection reports De Visser Gray LLP (Canada) Ernst & Young Limited Corp. (Panama) Frost, PLLC Harbourside CPA LLP (Canada) Keith K Zhen CPA Maggart & Associates, P.C Miller Wachman LLP PBMares, LLP PKF O’Connor Davies, LLP PricewaterhouseCoopers LLP (Canada) Rehmann Robson LLC Schneider Downs & Co., Inc UHY LLP Warren Averett, LLC Zwick CPA, PLL

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FTX sues Bankman-Fried's parents to claw back funds

Accounting Today

The managers of the bankrupt crypto exchange sued the parents of its co-founder and former CEO to "recover. fraudulently transferred and misappropriated funds.

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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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Sorry Folks, my bet didn't play out.

Insightful Accountant

Murph bet on Intuit releasing QuickBooks Desktop 2024 by Sept. 20th, and now he has 'egg on his face', not to mention a bunch of bookies to pay off, and apologies to you.

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CLA Expands in New York Via Acquisition

CPA Practice

Top 10 accounting firm CliftonLarsonAllen (CLA) has acquired Long Island-based accounting and business consulting firm Richards, Witt & Charles (RWC). Financial terms of the transaction, which went into effect on Sept. 18, were not disclosed. RWC’s office in Garden City, NY, will become CLA’s second location in the state. CLA also has an office in New York City.

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Small Businesses Fear AI Development, Adoption Are Outpacing Regulation

Insightful Accountant

A recent Xero survey shows there is a call among small business owners for greater data protection and education, with 77% believing AI will have an impact on their business in the next five years

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IRS Promises Fewer Audits of EITC Claims

CPA Practice

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) IRS audits raise anxiety for many taxpayers. What can be even more frustrating is when those examinations seem unevenly targeted to taxpayers with lower incomes. That’s been the case with the earned income tax credit (EITC), which has been the subject of recent controversy. (A study released earlier this year found that the IRS audits Black taxpayers at about three to five times higher rates than the agency audits other taxpayers.

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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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Future Forward 2023: Transforming Advisory with Real-time AI Insights

Insightful Accountant

RLJ Financial Services' Caleb Jenkins explains the power of real-time AI insights to preempt issues, spot trends and provide invaluable, forward-looking counsel. Make sure you sign up today.

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How a 1099 Physician Pays Taxes and How It Compares to W2

Anders CPA

Transitioning from filing taxes as an employed physician with a Form W2 to becoming a self-employed or contractor position with a Form 1099 comes with significant tax implications. While W2s are simpler and the employer, rather than the employee, is responsible for withholding federal and state income tax, payroll tax and any premiums for offered benefits, filing as a 1099 physician is considerably more complicated.

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Storm victims in three states face October deadline

Accounting Today

The IRS is reminding some disaster-impacted taxpayers in California, Alabama and Georgia that they have payments due Oct. 16.

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AI and job security: Will technology replace tax professionals?

ThomsonReuters

Jump to: Job security: AI is an enhancement, not a replacement Making AI work for you: Best practices for tax professionals A collaborative future with AI The dawn of artificial intelligence (AI) has sparked concerns across various industries about the potential replacement of human workers with machines. With the recent release of tools like ChatGPT , apprehensions about job security are growing among many professionals, including those in the tax and accounting space.

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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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Big boosts for energy-efficient homes in the IRA

Accounting Today

Tax credits for home improvements in the Inflation Reduction Act may prove a major boon for taxpayers.

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2023 state legislatures break even on efforts to tax sports wagering?

ThomsonReuters

With the recent start to the NFL season, sports wagering is a popular topic of conversation among football fans. It’s also been a popular topic of debate in state legislatures. Earlier this summer, Kentucky, North Carolina, and Vermont all enacted laws that legalize and tax sports wagering activities. Similar efforts in Texas, Missouri, and Georgia failed to garner enough support.

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Yellen is running out of time to make a difference on climate

Accounting Today

Anxiety is growing over the pace of work to develop critical guidance on a slew of clean energy tax credits in the Inflation Reduction Act.

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INCREASE CASH FLOW BY USING THESE TECHNIQUES

Basis 365

Your business will benefit from increased cash flow if you can get your customers to pay quickly. Many companies need help to get their customers to pay soon. The trend of delaying payments began long before the COVID-19 epidemic. A business can benefit from faster payments and collection in many ways. Some of these benefits include providing the company instant access to cash and higher levels of efficiency.

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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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What If: Payroll Can't Find Intuit Server?

Insightful Accountant

Did you know the security ID can change in a Company file when you restore a Company Backup file?

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LBMC names next CEO

Accounting Today

Jim Meade will succeed Jeff Drummonds at the Tennessee-based Top 100 Firm in 2024.

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Want more clients? A practical approach for accountants who don’t want to niche 19/9/23

Mark Lee

There is no doubt in my mind. The more focused you can be as regards your ideal clients the more chance there is that they will recognise you as an accountant they should approach. And, if you have a clear focus, the easier it will be for other people you know to recognise when they can recommend and refer you to people who need your services. But having a niche or specialist area is not the only route to success.

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Riches in Niches: Influencing influencers

Accounting Today

Nate Coughran of Cookie Finance helps social media stars navigate their finances.

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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.