Thu.Apr 25, 2024

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Sales tax isn't simple: Is outsourcing the answer?

TaxConnex

There’s nothing like just walking down the hall of your office or clicking into a virtual team meeting to get an answer on something as complex and important as your company’s sales tax obligations. To handle sales tax in-house, you need someone on staff who understands evolving rules and regulations; can track a galaxy of filing deadlines and notices; and understands how your company growth changes tax obligations.

Sales 264
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A holistic solution to accounting's retention problem

Accounting Today

Firms must transform their business models to afford the cost of multilayered retention strategies, a new report by the Pennsylvania Institute of CPAs says.

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Three in Four Family Businesses Expect to Grow This Year

CPA Practice

By Sarah Lynch, Inc. (TNS) Family businesses are gearing up for growth. Seventy-four percent of U.S. family businesses are anticipating at least 10 percent growth this year, according to newly released data from Family Enterprise USA, a nonprofit and advocacy group that promotes family businesses. While the organization’s full report—the Annual Family Business Survey—has not yet been released, the organization shared that these growth expectations mark a “significant jump from the prior year.

payroll 119
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KPMG Was Too Cheap to Pay Foreign Graduates More So They Yanked All Their Job Offers

Going Concern

As of April 11 of this year, if a foreigner wants a Skilled Worker visa to work in the UK they must earn a minimum of £38,700 (about $48k USD), up from the prior minimum of £26,200, unless the work falls under a small category of jobs on the shortage occupation list like health and care workers, graphic designers (take that, Canva), and veterinarians.

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Live Demo - Supercharge your Month End Close

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

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IRS Offers Final Guidance on Transfers of Credits Under Inflation Reduction Act

CPA Practice

The Department of Treasury and Internal Revenue Service have issued final regulations describing rules and definitions for the transfer of eligible credits in a taxable year, including specific rules for partnerships and S corporations. The Inflation Reduction Act and the Creating Helpful Incentives to Produce Semiconductors act (CHIPs) enable taxpayers to take advantage of certain manufacturing investment, clean energy investment and production tax credits through elective pay or transfer provi

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Contributing Analysts Wanted for App Reviews

Insightful Accountant

Insightful Accountant is looking for a few Good ProAdvisors who want to contribute an analysis of apps we intend to compare. Do you like to review apps, more importantly, do you regularly work with a few great apps, you might be our Pros.

Account 105

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Making the Switch to Outsourced Client Accounting Services

AccountingDepartment

When you have a small or mid-size business, one of the issues you can run into is not having all the departments a larger company would have. In other words, you might not have dedicated employees for HR, accounting, and other areas.

accounted 105
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When to File an Amended Federal Tax Return: A Guide for Taxpayers

Insightful Accountant

When taxpayers realize their federal tax return has a math error, missing income or other mistake, they should file an amended tax return.

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Senators introduce bill to simplify IRS notices

Accounting Today

Sens. Cassidy and Warren teamed up to introduce legislation aimed at making math error notices from the IRS easier to understand.

Finance 81
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Accountant Charged With Embezzling $800,000 From Paving Firm in California

CPA Practice

By Jason Green, Silicon Valley, San Jose, Calif. (TNS) A former accountant for a Richmond, CA-based paving company is facing allegations she embezzled more than $800,000 from the firm, according to prosecutors. Angela Fae Brown, 53, of Olivehurst, CA, is charged with embezzlement, money laundering, identity theft, and tax evasion, the Contra Costa County District Attorney’s Office said in a news release.

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Mid-Year Review: How to Ignite Employee Potential Through Meaningful Feedback

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.

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Which generative AI model did best on the CPA exam?

Accounting Today

A recent experiment tested different generative AI models against each other on the CPA Exam and found they each have their own strengths and weaknesses.

CPA 80
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Accounting MOVE Project Mini Summit Promises Compelling Speakers and Timely Topics

CPA Practice

To kick off the 2024 Project and address the pressing challenges of recruiting, retaining, and promoting women in the accounting profession, the Accounting MOVE Project is thrilled to announce its upcoming MOVE Mini Summit. Sessions will be delivered via the CPA Academy at 10 a.m. EDT daily on May 6, 7, 9 and 10. The innovative virtual event aims to empower accounting firm leaders with strategies to support the advancement of women and people of color in their organizations.

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Tax reporting transparency reaches a tipping point

Accounting Today

Regulators, investors and the public are demanding ever greater tax transparency, and companies must navigate evolving, complex reporting requirements around the globe.

Tax 80
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Tax Season Retrospective for Clients

Withum

Many clients tell me that a problem they have with tax season is getting everything together and they wish they were better organized. Here are some easy ways to become better organized and also become more aware of your tax and financial situation. Collect Tax Data Tax information comes up all year long, not just during the filing season when you receive the 1099s, K-1s, W-2s and all the other data you need.

Tax 59
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Your Accounting Expertise Will Only Get You So Far: What Really Matters

Speaker: Victor C. Barnes, CPA, MBA

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.

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Tax Fraud Blotter: Go for broke

Accounting Today

Speedy sentencing; WWTF; no longer Confident; and other highlights of recent tax cases.

Tax 78
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8 Key Features to Look for in a QuickBooks Enterprise Hosting Provider

Ace Cloud Hosting

One of the most popular desktop-based accounting and financing management software, QuickBooks Enterprise, is a game changer for many. From invoicing to payroll and inventory management, QuickBooks Enterprise helps you.

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IRS, Treasury finalize rules on energy tax credit transfers

Accounting Today

The Internal Revenue Service and the Treasury Department released final regulations on the transfer of clean energy manufacturing, investment and production tax credits, with specific rules for partnerships and S corporations.

Tax 78
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How Remote Work Allows Workers with Disabilities to Flourish

Summit CPA

The pandemic was a challenging time for businesses, as companies were forced to adapt to a turbulent market, an unstable supply chain, and a remote work environment that was new to many. It also ushered in some positive changes in the workforce, including a steady rise in employment for people with disabilities. This shift is primarily due to the increase in remote work.

CPA 59
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The Hidden Science Behind Why Finance Teams Resist Change—And How to Fix It

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.

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Bring in more CAS clients with SEO

Accounting Today

Optimizing your presence online can maximize the reach of your client advisory services practice — and all your other practices, as well.

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Finance disruptor launches mobile app for student expenses

Accounting Insight

One of the fastest growing UK companies of 2024, cloud accounting software developer iplicit , announces its collaboration with Konnekt365 , a leading mobile app developer, to introduce a new student expenses solution for expense claims – ‘Student Expenses’. The ‘Student Expenses’ app is designed to seamlessly integrate with finance disruptor iplicit’s award-winning cloud accounting software, offering a simplified solution for expense claims made within some 600 student unions in the UK.

Finance 59
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Ultra-rich should pay taxes to save Social Security, poll shows

Accounting Today

An overwhelming 77% of registered voters in the seven states that will decide the 2024 presidential election like the idea of a billionaires tax to bolster Social Security shortfalls.

Tax 78
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More Companies are Enhancing Strategies to Retain Key Staff During M&As

CPA Practice

A majority of companies (72%) either track or set aside fixed retention payments to encourage employees to remain at the company during or after an acquisition is completed, according to a survey by advisory, broking and solutions company WTW. C-suite executives and their direct reports are more likely to be offered retention agreements than other salaried employees.

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Doing More With Less: The Modern Finance Miracle

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.

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Hedge fund founder claims controversial tax trades were 'completely legal'

Accounting Today

Cum-Ex was a tax-driven trading strategy in which a global network of bankers, lawyers and agents exploited loopholes on dividend payout laws across Europe to reap duplicate tax refunds.

Legal 60
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Mortgage Rates Climb to 7.17%

CPA Practice

By Prashant Gopal Bloomberg News (via TNS) Mortgage rates in the U.S. increased for a fourth straight week. The average for a 30-year, fixed loan was 7.17%, up from 7.1% last week, Freddie Mac said in a statement Thursday. House hunters looking to land a deal during the typically busy spring season are having to dig deeper to afford a purchase. Borrowing costs have climbed fairly steadily since the beginning of the year, and a shortage of listings is pushing up prices in most areas of the countr

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What disclosures do the Fortune 500 put in their annual reports?

Accounting Today

Companies are increasingly prioritizing cybersecurity, executive compensation clawbacks and more.

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Feds Accuse Kansas CPA of Embezzling Money From Client to Build New Home

CPA Practice

By Eduardo Castillo, The Wichita Eagle (TNS) A Kansas accountant has been accused of defrauding a business client and using the client’s money to build himself a home, federal prosecutors said. Quintin Flanagin, 43, of Colby, is a certified public accountant and is part owner of Williams Consulting, a Colby accounting firm. Flanagin was charged with seven counts of wire fraud, four counts of bank fraud, two counts of false statements and six counts of money laundering, a news release from U.S.

Kansas 52
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8 Pillars of Leadership Development

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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Taxes on retirement income: Help for accountants advising clients

ThomsonReuters

As an accountant, advising your clients on retirement income taxes and related strategies can help them to optimize their financial planning in their golden years. That’s why it’s important to have a thorough understanding of the tax implications, contribution limits, and distribution rules associated with various retirement accounts, including 401(k)s, IRAs (Traditional and Roth), and pension plans.

Tax 52
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Thomson Reuters Launches Checkpoint Edge with CoCounsel

CPA Practice

Content and technology company Thomson Reuters is expanding access to the power of generative AI (GenAI) with the launch of Checkpoint Edge with CoCounsel to help redefine how professionals perform tax research. The enhanced solution is built on Amazon Web Services (AWS) and delivers a GenAI assistant to tax professionals, enabling them to quickly get answers to complex research questions, saving them time and increasing their efficiency.

Tax 52
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401(k) tax FAQ: Tax considerations for contributions and withdrawals

ThomsonReuters

When it comes to navigating the tax landscape of 401(k) contributions and withdrawals, it’s important for accountants to stay informed and help clients make tax-efficient decisions during their retirement years. Let’s take a look at some commonly asked questions and answers on 401(k) tax considerations for contributions and withdrawals. Jump to: Is a 401(k) pre-tax?

Tax 52
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Thomson Reuters Plans AI Functions for All Professional Users

CPA Practice

Thomson Reuters, a global content and technology company, has launched an expanded vision for CoCounsel, its professional-grade GenAI assistant. CoCounsel will unify the entire customer experience and give customers a new way to access Thomson Reuters product capabilities through a single GenAI assistant with applications across Legal, Tax, Risk & Fraud, and Media.

Legal 52
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Protect What Matters: Rethinking Finance Ops In A Digital World

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.