Wed.Feb 21, 2024

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Beneficial Ownership Information: New Filing Requirement for Most Businesses

Shay CPA

The Financial Crimes Enforcement Network (FinCEN) wants to know who’s pulling the strings at companies operating in the U.S. As a result, they’ve instituted a new filing requirement. Starting January 2024 (read: this already applies), the vast majority of companies operating across the country need to submit an annual report called Beneficial Ownership Information (BOI).

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The 20 best states for doing business

Accounting Today

While property and unemployment insurance taxes are universal in every state, many of the best states for doing business do not have corporate, sales or individual income taxes.

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Oh BOI, Beneficial Ownership Reporting Has Started, Even for SMLLCs

Withum

The new beneficial ownership reporting under the Corporate Transparency Act was signed into law on January 1, 2021 and took effect on January 1, 2024. Many small businesses are required to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a division of the US Treasury Department, as part of an effort to create a national database for use by national security and law enforcement agencies to prevent the use of shell companies for criminal activi

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IRS accelerates audits of business jet usage

Accounting Today

The Internal Revenue Service will be scrutinizing the use of corporate jets for personal travel more closely, focusing on big corporations and partnerships, as well as high-income taxpayers.

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Planning Your Restaurant's Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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Withum Named on USA TODAY and Statista List of Most Recommended Tax and Accounting Firms

Withum

Withum is excited to share that USA TODAY and Statista named the Firm on the list of America’s Most Recommended Tax and Accounting Firms 2024. For the first time, USA TODAY and Statista awarded the titles of “America’s Most Recommended Tax Firms” and “America’s Most Recommended Accounting Firms” through an independent survey based on the number of recommendations received from peers, clients and additional company data.

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IRS Isn’t Raising Tax Interest Rates in Q2 2024

CPA Practice

Interest rates will remain the same for the calendar quarter beginning on April 1, the IRS said on Wednesday. The interest rate for tax overpayments and underpayments for individuals will be 8% per year and 7% for corporations, compounded daily. Interest rates have stayed at their current levels since the fourth quarter of 2023 , when they increased from 7% for individuals and 6% for corporations.

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More Trending

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IRS Stresses It Will Issue More Refunds If Child Tax Credit Bill Passes

CPA Practice

By Matt Durr, mlive.com (TNS) IRS Commissioner Daniel Werfel says millions of parents in America don’t need to wait to file their 2024 tax return due to a possible increase in refundable value of the Child Tax Credit. Earlier this month, the House passed the Tax Relief for American Families and Workers Act and sent the bill to the Senate for possible approval.

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Senate probes $40B tax shelter in private placement life insurance

Accounting Today

The report casts a skeptical eye on the PPLI industry, claiming it functions as a tax shelter for a few thousand millionaires and billionaires.

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Major Changes to SALT Taxes

Insightful Accountant

Practitioners often overlook SALT law changes unless specialized, but clients expect awareness. State nexus laws are crucial in tax advisory. Even without sales tax services, SALT law changes can signal nexus impacts.

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PCAOB fines Withum $2M for SPAC audit violations

Accounting Today

The Public Company Accounting Oversight Board levied a $2 million fine against WithumSmith+Brown for violating quality control rules.

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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

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Unlocking Business Insights with QuickBooks Dashboards

AccountingDepartment

In the modern business landscape, data is power. For business owners, entrepreneurs, and CEOs, QuickBooks stands as a beacon, illuminating the path with insightful dashboards that transform raw financial data into strategic insights. The mere mention of 'dashboard' may conjure images of speedometers and gauges, which is apt considering QuickBooks dashboards are designed to keep your finger on the pulse of your business functions.

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Do You Need a Business Tax Attorney? (When to Hire One)

Patriot Software

There might come a time when you need to hire a business tax attorney. An experienced business tax attorney can help you structure your company, dispute legal challenges involving taxes, and more. Do you need to hire a tax lawyer for your business? Learn what tax attorneys do, when hiring one makes sense, and more.

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Mastering Sage Intacct: Your Comprehensive Roadmap

GrowthForceBlog

7 min read In the AEC (Architecture, Engineering, and Construction) industry, the core function of your business is a far cry from bookkeeping and accounting. Key Takeaways What Is Intacct Software: Sage Intacct is a leading accounting software solution that was developed specifically to accommodate the needs of fast-growing and mid-market businesses… Set up Multidimensional Accounting: Sage's multidimensional accounting allows users to create unique tags to track costs and expenses with persona

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Accounting Thought Leaders Gather to Discuss Technology, Practice Trends, and Professional Challenges

CPA Practice

More than 20 of the accounting profession’s thought leaders convened in Dallas on February 20, 2024, for three days of discussions and panels focused on the key trends and most significant challenges currently faced by professionals and firms, as well as emerging issues that are likely to shape firms in the near future. Ed Kless. The initial discussion topic focused on how human nature is to adapt to overcome constraints on resources.

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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Accounting errors range from weekly to monthly

Accounting Today

A recent survey of accountants shows professionals admitting to mistakes at a rate between several per week to several per month.

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Friendly Reminder to Double-Check Your ChatGPT Output Today

Going Concern

So apparently ChatGPT went psychotic some time yesterday with multiple users on r/chatgpt reporting issues ranging from entertaining to terrifying. The incident is a reminder to not blindly rely on the output of LLMs because like us, sometimes they just go off the rails. Yo, Gpt4 just went full hallucination mode on me, hasn’t really every happened to me this severely since the early days of gpt3 by u/cbrules3033 in ChatGPT For some reason the innocuous phrase Happy listening [music emoji]

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Companies House will increase its fees from 1 May 2024

Menzies

Menzies LLP - A leading chartered accountancy firm. Companies House will increase its fees from 1 May 2024, with Companies House noting that the changes are being made to “bring them in line with the costs of providing our service”. The fees are being increased to bring them in line with the costs of providing their service and new powers introduced under the Economic Crime and Corporate Transparency Act.

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Streaming a movie abroad may soon come with taxes at the border

Accounting Today

The decades-old global consensus that's allowed e-commerce and a growing tidal wave of data to cross borders without tolls is at risk of falling apart.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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2024 International ProAdvisor Awards Process Continues

Insightful Accountant

Insightful Accountant extended the deadlines for International ProAdvisor Nominations and Applications to provide extra time for ProAdvisors from around the world to participate in this first year's International ProAdvisor Awards.

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Ignore Your Competitors (Kinda)

Ryan Lazanis

It's important to know what your competitors are up to. But let's discuss why you should focus on your own personal growth instead. The post Ignore Your Competitors (Kinda) appeared first on Future Firm.

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Corporate Jet Use by Super-Wealthy Is Latest IRS Crackdown Push

CPA Practice

By Erin Slowey, Bloomberg News (TNS) The IRS is bringing the hammer down on the ultra-wealthy’s abuse of tax breaks on the use of corporate jets. The agency will begin three to four dozen new audits this spring to parse through situations where inappropriate deductions were made and where personal travel by jet wasn’t logged as income. While the cost of using a corporate aircraft is generally deductible for business purposes, some have blurred the lines between business and personal travel to ge

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Managing Data in High Net Worth Divorce

FraudFiles

In high net worth divorce cases, there are often large volumes of data. The lifestyle analysis will rely on a detailed examination of bank, credit card, and investment statements. High levels of spending mean a large amount of data. In this video, Tracy explains how to manage and accurately evaluate the data.

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Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.

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Indian regulator finds $241M accounting issue at media firm

Accounting Today

The Securities and Exchange Board of India found that about 20 billion rupees may have been diverted from the entertainment company.

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Jeff Bartsch on Becoming Thought Leaders

Insightful Accountant

Gary and Jeff Bartsch, the Founder of Story Greenlight, share valuable insights on the significance of being a "thought leader" in the accounting industry.

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Hunter Biden says indicted FBI informant tainted tax case

Accounting Today

The president's son's lawyers filed a flurry of motions in the federal court seeking to have the tax charges dismissed.

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Sunshower Online brings life to garden projects with NetSuite.

Insightful Accountant

SunshowerOnline, a Melbourne Australia family-owned business is using NetSuite to their customers garden projects to life.

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

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Free Webinar: Dominate Your Social Media Strategy with Your Agency Evangelists

Summit CPA

Free Webinar: Dominate Your Social Media Strategy with Your Agency Evangelists, March 21st at 1pm ET

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How Main Street CPA firms can attract buyers in 2024

Accounting Today

Acquirers are very selective because so many firms are looking for a deal.