Mon.Feb 12, 2024

article thumbnail

Best Practices for Law Firm Billing

Anders CPA

Streamlining your billing process is essential to your firm’s long-term health and reputation. Most legal professionals believe that they have good billing practices, but struggle with firm-wide enforcement, tracking billable hours, client follow-up and which legal billing software to choose. Good billing hygiene is essential for the financial health of your law firm, not to mention client satisfaction: the last thing you want is to strain a client relationship because of unclear expectations.

Legal 52
article thumbnail

Startups Can Make Money Doing Nothing (and Minimize the Impact of Financial Meltdowns)

BurklandAssociates

A few proactive, off-the-radar strategies can provide even more protection and actually make a startup money on its spare cash. The post Startups Can Make Money Doing Nothing (and Minimize the Impact of Financial Meltdowns) appeared first on Burkland.

159
159
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

House Bill Proposes to End Social Security Tax for Retirees

CPA Practice

By Katelyn Washington, Kiplinger Consumer News Service (TNS) A proposal to end federal tax on Social Security retirement benefits would provide relief for retirees as early as next year. That’s because, as the bill is worded, federal taxes on Social Security income would be eliminated beginning in 2025 (tax returns filed in early 2026). The You Earned It, You Keep It Act is referred to as a “win-win” by its sponsor, Minnesota Rep.

Tax 131
article thumbnail

Anders Technology Makes CRN’s MSP 500 List for 2024

Anders CPA

Anders Technology, a service line of Anders CPAs + Advisors, is proud to be recognized on CRN’s Managed Service Provider (MSP) 500 list in the Pioneer 250 category for 2024. The annual MSP 500 list acknowledges the leading solution providers in North America whose innovative approaches to providing managed services are changing the landscape of the IT channel with groundbreaking solutions while helping end users improve operational efficiencies and maximize their return on investment.

article thumbnail

Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

article thumbnail

Tax extenders bill stalled

Accounting Today

The tax extenders legislation is still tied up in the Senate after being passed in the House as senators are still seeking changes in some of the provisions, such as the expanded Child Tax Credit.

Tax 117
article thumbnail

Why Businesses with High Capex Should Delay Filing Their Tax Returns This Year

CPA Practice

By Ali Donaldson, Inc. (TNS) This tax season, some entrepreneurs may want to hold off on filing their returns. Thank Congress for that. The bipartisan tax agreement , which was first unveiled last month, is now making its way through Capitol Hill. In a rare moment of legislative success for the House, the $79 billion package passed by an overwhelming vote of 357 to 70.

More Trending

article thumbnail

IRS Updates FAQs For Premium Tax Credit

CPA Practice

The IRS released a fact sheet on Feb. 9 that includes updated frequently asked questions (FAQs) about the Premium Tax Credit. The Affordable Care Act’s refundable Premium Tax Credit was created to help lower- and middle-income Americans pay for health insurance purchased through the healthcare marketplace ( HealthCare.gov ). Health insurance can also be purchased through some state exchanges.

Tax 114
article thumbnail

IRS didn't remove contractors' access to sensitive information

Accounting Today

Hundreds of Internal Revenue Service employees and contractors continued to have access to at least one sensitive IRS computer system even after they stopped working there.

article thumbnail

ASU 2023-09: FASB’s New Income Tax Disclosures for Private Entities

Cherry Bekaert

On December 14, 2023, the Financial Accounting Standards Board (FASB) issued final guidance concerning income tax disclosures, labeled Accounting Standards Update No. 2023-09 (ASU 2023-09). This directive, applicable to all entities subject to income taxes, aims to enrich the clarity and utility of income tax disclosures, serving the interests of investors by furnishing them with more comprehensive insights crucial for capital allocation decisions.

article thumbnail

A Guide to Human-Supervised, AI-Powered Online Fraud Prevention for CPAs & Tax Professionals

CPA Practice

By Crystal Blythe, IDology. Once upon a time, tax preparation was a document-heavy practice, requiring people to send their sensitive documents to their CPAs. Those days are long gone. Today, things are distinctly more digital. The digitalization of the financial sector generally, and tax services in particular, has expanded access to high-quality tax services while making filing taxes more streamlined and convenient.

cpas 105
article thumbnail

How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

article thumbnail

ProAdvisor Awards Applications Close in One Week - Take Action Today

Insightful Accountant

The Formal Application Deadline for the 2024 Domestic ProAdvisor Awards process in just one week away. Take time to complete your formal application (if incomplete) or to nominate yourself and complete your application.

82
article thumbnail

Monday Morning Accounting News Brief: EY’s Paying Big For the Everest Failure; PwC UK Delays Promotions | 2.12.24

Going Concern

Hey! Happy Monday and an early Happy Valentine’s Day to you. Anyone have any nice plans? Project Everest cost more than we thought. According to this FT report , $700 million. EY piled more than $700mn of extra debt on to its global operating business to deal with the costs of the failed plan to spin off its consulting arm, according to newly filed accounts.

auditor 70
article thumbnail

EY borrowed about $700M more on failed spinoff costs

Accounting Today

Current loans at EYGS LLP — the entity that provides services to the network's member firms — more than tripled from a year earlier to $983 million as of June 30, 2023.

article thumbnail

CFO Confidence Rises

CPA Practice

Chief financial officers have dramatically higher expectations compared to the most recent quarters, according to a new survey from Grant Thornton LLP, one of America’s largest providers of audit and assurance, tax and advisory services. The majority of CFOs are confident in their ability to meet business goals related to growth, cost control, supply chain and labor needs.

article thumbnail

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.

article thumbnail

Fintech founder wants more financial advisors to consider taxes

Accounting Today

Bill Harris, the former CEO of Personal Capital, TurboTax and PayPal published a new edition of his "Investment Tax Guide" with the future of the industry in mind.

Tax 71
article thumbnail

4 Ways Outsourced Accounting Helps Non-Profits Deal with Multi-level Government Regulations

LSLCPAs

Your Mission As a non-profit, your primary goal is to provide services that contribute to the betterment of society through a variety of different ways, such as charitable and philanthropic work, or advocacy and awareness. Your entity might be a charitable organization, a public charity, or a private foundation. Whether you are a 501(C)(3),(4), (6), or something.

article thumbnail

PE firms expand accounting firm investments

Accounting Today

Ascend, backed by Alpine Investors, added HD Davis and PP&Co; while its affiliate ATKG Advisors made deals with Michalak CPAs & Advisors and Kowalsky, Rose & Co. Springline Advisory, backed by Trinity Hunt Partners, invested in BGBC Partners.

article thumbnail

Technology: Spring Budget 2024 Predictions & Wishlist

Menzies

Menzies LLP - A leading chartered accountancy firm. Significant announcements are usually reserved for the autumn budget, but with a general election coming up in 2024 will we see any big announcements from Chancellor Jeremy Hunt this March? Tax rates With income tax thresholds still frozen there have been rumours of a 2% cut to the income tax rate, however the Chancellor has downplayed these rumours so we are not expecting to see any dramatic changes to income tax this time around.

article thumbnail

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

article thumbnail

Majority of companies admit to material mistakes on indirect tax

Accounting Today

Tax software provider Vertex found a strong majority of companies have made material mistakes on indirect tax compliance, as few identify as risk averse.

Tax 68
article thumbnail

Overcoming challenges in the hospitality sector with ESG

Menzies

Menzies LLP - A leading chartered accountancy firm. In 2023, the hospitality sector grappled with a myriad of challenges, from staff shortages and rising costs to economic uncertainty and changing customer expectations. This turbulent landscape has necessitated innovative approaches to ensure the industry’s resilience and sustained success. One avenue gaining prominence is the adoption of Environmental, Social, and Governance (ESG) principles.

article thumbnail

iwoca SME Expert Index: Recession concerns drop by a third in a year, as small businesses demand larger loans

Accounting Insight

SME anxieties regarding a potential recession have eased by a third (32%) since Q4 2022, though inflation concerns remain, according to iwoca’s Q4 2023 SME Expert Index. Under half (49%) of SME finance brokers surveyed report their SME clients having any recession fears––a significant drop compared to 73% in Q4 2022. Nonetheless, economic fears persist: inflation remains disquieting to SMEs going into 2024, with nearly half (45%) of brokers suggesting it is SMEs’ main concern, compared to just

article thumbnail

Tax Relief for American Families and Workers Act of 2024

Summit CPA

Dave Danic, Director of Tax at Summit Virtual CFO by Anders, has an update about tax relief implemented by the American Families and Workers Act of 2024.

Tax 59
article thumbnail

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.

article thumbnail

Ben Richmond on Exploring Xero's Latest Updates & Top Features

Insightful Accountant

Welcome to our latest episode! Join Gary and Ben as they dive into the world of accounting and technology. In this engaging discussion, they cover everything from the most recent product updates to the importance of people in the industry.

article thumbnail

Beware of Fake GST Notices and Summons, Caution by Ministry of Finance

VJM Global

Central Board of Indirect Taxes ( CBIC ) has come across certain cases where taxpayers are getting fake GST summons and GST Notices. Some persons are involved in these kind of activities with fraudulent intent. Notices are sent to taxpayers who may or may not be covered under the DGGI. Taxpayers are unable to differentiate the fraud summons from the genuine as it contains all details similar to original summons including Document Identification Number (DIN).

Finance 52
article thumbnail

EY Borrowed About $700 Million More on Failed Spinoff Costs

CPA Practice

By Irina Anghel and Christine Burke, Bloomberg News (TNS) EY took on about $700 million in extra borrowing to deal with costs related to its failed plan to spin off its consulting unit. Current loans at EYGS LLP—the entity that provides services to the network’s member firms—more than tripled from a year earlier to $983 million as of June 30, 2023, according to accounts filed with the UK’s Companies House.

article thumbnail

Messing With the Money in Divorce

FraudFiles

When a divorce is pending, it is not uncommon for one of the parties to manipulate the finances. Tracy discusses some common items that can be manipulated such as salary, selling assets to related parties, and more.

Finance 52
article thumbnail

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.

article thumbnail

Developing Future Firm Partners

CPA Practice

Many firm leaders we work with face a common challenge: senior partners are retiring, and they don’t have a deep bench of up-and-coming leaders trained and ready to take their place. Creating this succession plan doesn’t happen by accident. It requires identifying and developing future firm partners to be technically skilled, adept at communication, and capable of solving problems, developing business and leading teams.

article thumbnail

Cloudy with a Chance of AI-Generated Sunshine: Private Equity and the Technology Sector’s Silver Lining

Cherry Bekaert

Overview The overall decline in private equity M&A deal volume in 2023 was largely driven by a slowdown in the technology sector, with M&A activity down double digits year over year. The headwinds in the sector were generally reflective of a few core trends, including a higher-interest-rate environment, volatile valuations across both private and public markets for growth-oriented companies, increased financing costs for would-be acquirers, and an intractable valuation gap between buyers

article thumbnail

CPA Firm BGBC Joins Forces with Springline Advisory

CPA Practice

Dallas-based business advisory platform Springline Advisory, which officially launched last month with backing from Dallas private equity firm Trinity Hunt Partners, has added BGBC, an accounting and advisory firm in Indianapolis. Financial terms of the deal weren’t disclosed. “We are thrilled to welcome BGBC to the Springline platform. Their entrepreneurial spirit and strong leadership complement our shared vision for growth,” Springline Advisory CEO Tim Brackney said in a statement.

article thumbnail

How to Market a Marketing Agency

Summit CPA

Every creative agency will experience a point in time when their pipeline is low. It’s an inevitable occurrence. Naturally, leadership will be focusing on how to fill that pipeline again, and marketing strategy is a big piece of that equation. As a digital agency, you know that marketing is the lead generating engine of any business.

52
article thumbnail

How CPA Firms Can Profit From Payroll Services Without the Extra Work

"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.