TaxConnex
JULY 6, 2023
In part 1, we looked at the mounting financial costs of maintaining sales tax compliance with the thousands of tax jurisdictions nationwide. Now let’s look at how some companies have tried to game the system – and what to do so you don’t have to run that risk. Rolling the dice What have companies done to avoid complying with sales tax regs where they have economic or physical nexus?
BurklandAssociates
JULY 6, 2023
Essential onboarding activities should be concentrated in the first month and quarter, and gradually taper off over the next twelve months. The post Employee Onboarding Roadmap for Startups appeared first on Burkland.
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Accounting Today
JULY 6, 2023
The firm reports a substantial revenue increase to $2.82 billion as it transitions from a partnership to a professional service corporation.
CPA Practice
JULY 6, 2023
Private sector employment increased by 497,000 jobs in June and annual pay was up 6.4 percent year-over-year, according to the June ADP National Employment Report produced by the ADP Research Institute in collaboration with the Stanford Digital Economy Lab. The jobs report and pay insights use ADP’s fine-grained anonymized and aggregated payroll data of over 25 million U.S. employees to provide a representative picture of the labor market.
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Going Concern
JULY 6, 2023
When PwC Australia CEO Tom Seymour stepped down in May after it was confirmed he’d received tainted emails containing confidential government tax intel leaked by former partner Peter Collins, it seems the firm hoped sacrificing him was enough to settle the matter and move on. Spoiler: it was not. While us Yanks were picking up hot dog buns and fireworks in preparation for the 4th, PwC Australia was pushing out a press release to announce eight partners connected to the tax scandal were on
CPA Practice
JULY 6, 2023
By Jenna Anderson, Inc. (TNS). Despite concerns about inflation and interest rates, small business owners were more optimistic about the national economic outlook in the second quarter of 2023, according to a recent survey. The latest Small Business Index , a survey of small businesses from MetLife and the U.S. Chamber of Commerce, shows an increase in overall confidence from 60 to 63.1 since the first quarter of the year.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
CPA Practice
JULY 6, 2023
By Randy Crabtree, CPA. I’ve made plenty of missteps throughout my career, but I did do one smart thing. After my stress-related stroke at age 51, I stepped away and took a serious look at what I was good at—and let go of anything else. I didn’t realize it at the time, but stepping away from day-to-day operations was one thing managing partners at most modern accounting firms do (see #5 below).
Withum
JULY 6, 2023
Withum is proud to share that Stephanie Mansour was honored by Providence Business News on its 2023 40 Under 40 List. Stephanie is a Senior Manager of audit and accounting, specializing in manufacturing and distribution, not-for-profit, healthcare, and employee benefit plans. She has a talent for strategic thinking, an ability that allows her to identify areas of business risk and perform in-depth internal control testing and analysis for clients.
CPA Practice
JULY 6, 2023
Are you planning to launch a new business venture or invest funds in someone else’s fledgling business operation? The rewards can be high, but so are the risks. And if the business eventually goes under, you could be a saddled with a tax loss of somewhat limited value. On the other hand, you might benefit from a unique tax break if the stock qualifies as “Section 1244 stock.
AccountingDepartment
JULY 6, 2023
Every business owner loves growth. It's simple. But what's not so simple is if the business can handle growth. When businesses are operating on dated enterprise resource planning (ERP) systems, it's easy to outgrow and be throttled back on growth because of it.
Speaker: Victor C. Barnes, CPA, MBA
In the climb from contributor to leader, the rules quietly change. But 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. 🗻 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. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
Accounting Today
JULY 6, 2023
Having a document that clarifies the work to be done keeps everyone on the same page — and out of court.
CPA Practice
JULY 6, 2023
By Alexandra Francel, EA, MST. Whether it’s summer or any other time of the year when you feel as if you just have to get away, there’s a big question on the minds of employers and business owners. Can I mix my business travel and a vacation, and if so, am I allowed to deduct those expenses? Good news: Yes, it may be possible. With proper planning and recordkeeping, business expenses may be deducted, as long as certain requirements are met.
Going Concern
JULY 6, 2023
Unbothered with American federal holidays, EY UK announced on Tuesday (July 4) that the firm has appointed 267 new partners, marking a 10 percent increase and bringing the total EY partner population in the UK to 1683 from 1553 the year prior. These figures include those moving from non-equity partner to equity partner. More than 60 percent (161) are internal promotions and 106 are external hires.
ThomsonReuters
JULY 6, 2023
If you’re a leader within an accounting firm, you’ve likely heard of advisory services and their lucrative impact. This trend is picking up pace as traditional accounting firms seek more strategic and meaningful work that goes beyond just tax returns. Offering your clients proactive advice through accounting advisory services is especially important as the regulatory and legislative landscape continues to become increasingly complex.
Speaker: Kim Beynon, CPA, CGMA, PMP
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.
CPA Practice
JULY 6, 2023
A Section 529 plan is a great way to save for a child’s higher education. You can put money in an account for your child and watch it grow without any current tax erosion until the child is ready to go to school. Then any distributions from the account are exempt from tax if they are used to pay for qualified expenses like tuition. But Section 529 plans don’t have to be used only for your kids.
Accounting Today
JULY 6, 2023
Low-class mail; time to pay the check; closing curtain; and other highlights of recent tax cases.
ThomsonReuters
JULY 6, 2023
If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. Whether it’s advising on residential energy tax credits or restructuring a partnership, your knowledge and expertise beyond the tax return are valuable. That’s why many accountants are embracing the profitable shift to tax advisory services.
Accounting Today
JULY 6, 2023
As critical as the financial close is, accounting professionals know it's also often a time-consuming, cumbersome and error-prone process.
Speaker: Mark Gilham, FCCA, CPP
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.
ThomsonReuters
JULY 6, 2023
If you are an accounting professional who has been contemplating a change in career path, you’re not alone. Accountants have the knowledge and experience necessary to work as trusted advisors to the public or within a company, so your certification qualifies you for a variety of career paths. From financial planner to investment banker to business analyst, there are many roles to consider if you find yourself looking for something new.
CPA Practice
JULY 6, 2023
Technologists Randy Johnston and Brian Tankersley, CPA, discuss models for technology governance. Use the podcast player below to listen. (Transcript is below the podcast player.) Podcast Transcript (Add apx 10 seconds to time stamps due to intro.) SPEAKERS Brian F. Tankersley, CPA.CITP, CGMA, Randy Johnston Randy Johnston 00:00 Good day Welcome to Technology Lab.
ThomsonReuters
JULY 6, 2023
As accounting firms look to differentiate themselves from the competition, one trend is leading the way: business advisory. From advising on mergers and acquisitions to specializing in accounting and advisory in your clients’ specific industry, there are many ways to take advantage of this unique opportunity. What are business advisory services? Business advisory services capitalize on the unique insight of accounting firms to make a profitable shift from serving clients as a once-a-year tax com
CPA Practice
JULY 6, 2023
Coinciding with Xero Day 2023 – the day of Xero’s founding 17 years ago – Xero , the global small business platform, today announced a new global small business fund with more than NZ $750,000 (apx. US $460,000) in funding, to support the future aspirations of small businesses globally. The Xero Beautiful Business Fund will officially launch with a call for entries at Xerocon Sydney , taking place in Sydney on 23-24 August 2023.
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GrowthForceBlog
JULY 6, 2023
7 min read Business owners know that maintaining financial records is necessary for generating financial reports, budgeting, making payroll, and keeping up with the general requirements of operating a business. Key Takeaways How Long to Save Your Company's Financial Records: As a general rule of thumb, though, most businesses hold onto their financial records for seven years and their employee records for 10 years… Digitize Your Records: Office space is limited, secure storage is expensive, and
CPA Practice
JULY 6, 2023
Charity can take many forms. For instance, you might donate money to a cause designed to help feed the hungry or to house homeless people. If the organization that is running the project qualifies as a 501(c)(3) organization under the tax code, the full amount of your contributions is generally tax- deductible within generous annual limits. That’s a relatively common scenario.
Insightful Accountant
JULY 6, 2023
The fund, being launched Aug. 23-24 in Sydney, gives small business owners a chance to win a better future for their companies.
SkagitCountyTaxServices
JULY 6, 2023
There’s this comparative analogy about what makes something American that people like to use: “as American as apple pie.” But, I kind of think we should update that comparison to “as American as starting a small business.” Not as catchy, I know (or as yummy). But, it’s just the truth. Small business ownership is the epitome of independence. Don’t want to work for someone else?
Speaker: Cheryl J. Muldrew-McMurtry
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
Insightful Accountant
JULY 6, 2023
Small businesses with one to nine employees in the US created 23,200 jobs during June of 2023, an increase of 0.18%.
ThomsonReuters
JULY 6, 2023
Tax teams prepare tax provisions by gathering data, performing calculations, and entering the results into forms. However, corporate tax teams find it difficult to automate this process. With the help of Application Programming Interfaces (APIs), these teams can revisit their year-end workflow with an eye to making it more efficient. What are APIs and how do they work?
xendoo
JULY 6, 2023
Generally, the chances of the Internal Revenue Service (IRS) auditing you are low. For most taxpayers, the audit rate is less than 1% to 2%. However, businesses tend to have more complex tax returns, so auditing is a concern. How far back can the IRS audit you? Typically, the IRS only goes back to audit tax returns that you’ve filed within the last three years.
ThomsonReuters
JULY 6, 2023
In today’s ultra-competitive business landscape, being an accountant means far more than preparing tax returns or compiling financial statements. It’s about finding ways to set your firm apart—and there’s no better way to do that than by offering advisory services. With technology that automates traditionally manual tasks related to core tax compliance work, more and more firms are capitalizing on the opportunity to hone in on and better execute long-term strategy by offering value-adde
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