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As you are likely aware, managing your sales and use tax obligations is not a small task. Ensuring you have the right people and processes in place is key to maintaining compliance and not putting yourself or your business at risk. Despite the risk, difficulties in hiring experienced accounting employees, lack of full knowledge of the rules and complexities and time constraints surrounding managing sales and use tax in-house, businesses continue to manage these obligations in-house.
As appearing in IRS Tax Tip 2022-97 Many people take up gig work on a part-time or full-time basis, often through a digital platform like an app or website. Gig work, such driving a car for booked rides, selling goods online, renting out property, or providing other on-demand work, is taxable and must be reported as income on the worker’s tax return.
By Michael E. Kanell – The Atlanta Journal-Constitution (via TNS). Mary Woods has a career with erratic schedules and unpredictable paychecks, but she saved money and kept her credit score high so she could buy a house on her own. The purchase was a priority, said Woods, 43, a production worker in the film industry who has been in her DeKalb County, Georgia, home for nearly two years, glad for friendly neighbors, the options for walking her dogs and the proximity to urban amenities.
While startups may not have the same level of resources as larger companies, they can still take advantage of best practices in HR to ensure their employees are engaged and Read More The post HR Tips for Startups appeared first on Burkland.
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.
If you’re cleaning out your closet, you may come across clothing in perfectly good shape that you don’t wear any longer or have never worn. You can donate this clothing to charity and claim a deduction on your personal return if you itemize. However, as shown in a new case, Bass, TC Memo 2023-41, 3/27/23 , you must obtain an independent appraisal if the total value of your gifts exceeds an annual threshold.
If you’re anything like us, the shorter days and colder weather signals not only a change in season, but the nearing of another cyclical shift – the new financial year. With just over six weeks left in FY23, now’s the time to get organised. And a good place to start is with finalising payroll. This EOFY in Xero Payroll will be slightly different than previous years.
Intuit began pushing out the R9_45 update to QuickBooks 2022 Desktop Products, including Enterprise 22.0 on May 11. You may have seen this update pending in QuickBooks 2022 software.
Intuit began pushing out the R9_45 update to QuickBooks 2022 Desktop Products, including Enterprise 22.0 on May 11. You may have seen this update pending in QuickBooks 2022 software.
Using lessons learned and best practices from your ASC 842 and IFRS 16 adoption to transform your organization in three steps. Authors: Kenneth Woodring , Senior Manager, Risk & Accounting Advisory Services , Graham Michitsch , Senior Manager, Risk & Accounting Advisory Services Congratulations to successfully completing your implementation of ASC 842 and IFRS 16 – Leases.
In response to a study by Stanford University researchers that concluded Black Americans are up to five times more likely to have their federal tax returns audited than taxpayers of other races, new IRS Commissioner Daniel Werfel said initial results of an internal investigation confirmed the researchers’ findings, said he is “deeply concerned” by the apparent racial disparity in the selection of tax returns for audit, and pledged he will “stay laser-focused on this to ensure that we identify an
Experienced business leaders know that accurately predicting future financial outcomes is a highly complex challenge. It’s a process not to be left only to logic that is based on reviews of combined financial reports from the past.
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.
The IRS is planning to roll out its own free online tax-filing system in a move that could put the agency in direct competition with online tax preparation behemoths like Turbo Tax and H&R Block. In a report the agency submitted to Congress on Tuesday, as required by the Inflation Reduction Act, the IRS said it evaluated the feasibility of providing taxpayers with the option of a free, voluntary, IRS-run electronic filing system, which is being called “Direct File.
Intuit began pushing out the R9_45 update to QuickBooks 2022 Desktop Products, including Enterprise 22.0 on May 11. You may have seen this update pending in QuickBooks 2022 software.
Architectural & Engineering (A&E) firms that propose or work on government contracts may be required to provide overhead rates prepared in accordance with the Federal Acquisition Regulation (FAR). Many government agencies require that A&E firms have their overhead rates audited. In this episode of Cherry Bekaert’s Professional Service Podcast, Brynn McNeil , an Audit Partner in the Firm’s Professional Services Industry practice, welcomes Mandy Grivnovics , an Audit Senior Manager
We’ve been watching the unfolding banking “crisis” closely and evaluating what it means for our economy moving forward. Yes, seeing (numerous) banks fail can be unnerving, especially when the economy seems to also be careening toward a recession. The media, of course, is aware of this feeling of unsettledness and is financially motivated to make the most of it.
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.
Contributors: John Ford | Senior Consultant, Government Contracting Industry Practice Tony Konkol | Manager, State & Local Tax Practice As a general rule, corporations are responsible for paying Federal and state taxes on the income they earn. This is not necessarily the case for smaller entities that qualify for special treatment under the Federal Internal Revenue Code for S corporations.
One of the topics that often comes up is the challenge of prioritising anything (non-billable) you might think you want to do when there is client work that could be done. Certainly, some of the accountants I work with tell me that they struggle to make time to prioritise developing, building and promoting their practice. One reason for this is that some business related plans seem to require big and continuous amounts of time which are hard to schedule.
IRIS Software Group (IRIS), the UK’s number one software provider to accountancy firms, is today launching the next phase of cloud accountancy platform IRIS Elements, its largest release of new capabilities to date. The Spring 2023 release of IRIS Elements, which for the first time includes Essential and Professional level solutions, resolves some of the most pressing problems for every size of accountancy firm – the need to eradicate multiple logins and passwords, different user interfaces
Most small businesses have a low probability of going through an IRS audit, but it’s possible. What happens if you get audited and don’t have receipts to back your expenses? It’s a common question and concern for many business owners. The best way to avoid headaches during an IRS audit is to keep accurate business records and bookkeeping year-round , and that includes tracking receipts.
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.
There are signs of confidence returning to the UK’s 5.5m small and medium-sized businesses and the lending market they rely on, iwoca’s latest SME Expert Index finds. The new research, carried out with over one hundred SME finance brokers who collectively submitted over 2,500 SME finance applications in March, reveals that worries about a recession are at their lowest level in a year.
There’s a lot to keep track of when you run a business. Many business owners look at their calendars halfway through April and realize that they missed their tax deadline. If this happened to you, it’s not too late to take action. You might be wondering: What happens if you miss the tax deadline? In this article, we’ll go over everything you need to know about late tax filings and payments and provide an action plan to get you back on track.
ACCA’s UK Talent Trends in Finance 2023 uncovers the key issues facing the sector, including concerns over inflation, burnout and technology A significant research report, UK Talent Trends in Finance 2023, published today lifts the lid on the world of work and how it impacts employees and employers. One of the most startling findings is how finance professionals have embraced flexible working methods post-pandemic – and the beneficial impact on the workforce.
May 2023 It’s hard to believe that this year is almost halfway gone, and some of our most important projects for helping our team and improving the tools we use are just now getting started. Technology tools for your firm’s stack continue to improve and innovate. But how do you determine what is fact and what is hype? Please check out our podcast coverage of tools at The Technology Lab.
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.
Adam Bell The Charlotte Observer (TNS) Wells Fargo is settling a class-action lawsuit from shareholders for $1 billion over claims the bank misled them about how it was complying with regulators in the aftermath of its fake sales scandal , new court records show. The federal suit claimed the bank made “materially false and misleading statements” about its compliance with consent orders it had with federal regulators over previous practices.
Once again, in what can only be described as an attempt to market its tax platform, Bloomberg has released its annual awards for the Bloomberg Tax Authors of the Year. We’ll just mention the Federal authors of the year here, but there are also three other categories of Bloomberg author awards: State Tax, International Tax, and Estates, Gifts, and Trusts.
Retail sales bounced back in April, showing both month-over-month and year-over-year growth, the National Retail Federation said today. “Retail sales rebounded in April, reflecting consumer resilience in the face of elevated economic uncertainty,” NRF President and CEO Matthew Shay said. “Moderating price levels, continued labor market strength and wage gains have increased consumers’ ability to spend.
Before you can achieve success, you have to define it. Objectives and Key Results (OKRs) give you the framework to do just that. Paycor’s free guide includes a step-by-step process leaders can use to work toward – and achieve – their loftiest business goals.
What does VC mean? In short, VC stands for venture capital, a type of financing where investors purchase ownership stakes in high-risk, high-reward companies. The truth is, most startups don’t need to think about venture capital. This sort of funding is the exception rather than the norm, with fewer than 1% of companies raising VC dollars. That’s because VC firms are interested in business ideas capable of creating or disrupting entire ecosystems, businesses like Uber or Airbnb.
Negative cash flow is a common challenge that many businesses face, especially in their early stages of operation. When a company's expenses exceed its revenues, it creates a cash shortfall that can negatively impact its financial stability and ability to meet financial obligations. This article explores the problem of negative cash flow and how outsourcing accounting services can help mitigate the challenge.
By Craig Torres, Katanga Johnson – Bloomberg News (via TNS). U.S. regulators are ratcheting up oversight efforts across the banking system as they lack the ability to quickly overhaul rules to blunt turmoil that’s already collapsed four mid-sized lenders. The Federal Reserve and the Federal Deposit Insurance Corp. have been peppering lenders over the past several weeks with questions related to interest-rate risks and commercial real estate exposure, according to people familiar with the matter.
Most small businesses have a low probability of going through an IRS audit, but it’s possible. What happens if you get audited and don’t have receipts to back your expenses? It’s a common question and concern for many business owners. The best way to avoid headaches during an IRS audit is to keep accurate business records and bookkeeping year-round , and that includes tracking receipts.
Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.
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