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The one thing accountants and bookkeepers are always short on is time. Balancing client work, advisory, admin and growing their own teams, all whilst trying to run a profitable practice. This can take its toll on accountants, with our recent State of Accounting research in South Africa revealing that two thirds (64%) experience stress as a result of work and face continued challenges like loadshedding (75%) and economic instability (71%).
1. What is an IRS bank levy? An IRS bank levy is a legal action taken by the Internal Revenue Service (IRS) to collect unpaid taxes. When the IRS levies your bank account, they freeze the funds in it and eventually withdraw the amount owed to satisfy your tax debt. 2. Why would the IRS levy my bank account? The IRS may levy your bank account for various reasons, including: a.
Unicorn companies all have different origin stories, but most growth paths share a similar landscape, one that is covered with obstacles and navigated at a breakneck pace — straining people, processes, and systems. Things get done reactively, with ad hoc procedures developed to keep moving. Even after reaching unicorn status, the resulting chaos isn’t sustainable, can easily lead to burnout, and may not support continued growth.
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.
Chattanooga Times Free Press has written quite the story about legacy accounting firm Croft & Frost abruptly laying everyone off earlier this week after months of issues making payroll. Thanks to the tipsters who sent this over because holy s**t. CTFP: Several emails obtained by the Chattanooga Times Free Press show a period stretching between late May to the present in which the company was continually failing to pay employees on time, even as its CEO Jonathan Frost and other leaders assure
The Internal Revenue Service is asking for comments from business taxpayers and their advisors about ways to improve and expand its programs for resolving tax issues upfront before companies run into compliance problems.
The IRS on Friday previewed proposed changes to certain sections of Form 6765, Credit for Increasing Research Activities , the document used by taxpayers to claim the research and development tax credit. The agency unveiled the new version of Form 6765 to solicit feedback from stakeholders in advance of the formal draft release process for form changes.
The IRS on Friday previewed proposed changes to certain sections of Form 6765, Credit for Increasing Research Activities , the document used by taxpayers to claim the research and development tax credit. The agency unveiled the new version of Form 6765 to solicit feedback from stakeholders in advance of the formal draft release process for form changes.
The IRS is asking taxpayers for their thoughts on how the agency can improve and expand its tax certainty and issue resolution options for businesses of all sizes. Under Initiative 2.4 of the IRS Strategic Operating Plan , which outlines how the IRS intends to use the nearly $80 billion in additional funding received as part of the Inflation Reduction Act, the IRS reiterated its commitment to enabling taxpayers to resolve potential compliance issues up front, through expanded pre-filing and tax
The IRS issued a moratorium on processing new Employee Retention Tax Credit (ERTC) claims on September 14, 2023. The moratorium, which took place effective immediately and will last through December 31 at least, comes as the IRS seeks a way to protect honest small business owners from scams. Key Takeaways: The program is not cancelled, but as of September 14, 2023 and lasting through at least December 31, 2023, the IRS will no longer accept new ERTC claims Claims that have already been filed but
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.
Live webcast: Wed, Sep 27, 2023 – Noon – 1:00 PM EDT “Future proofing” has been a ubiquitous post-pandemic buzzword. But how can you actually set your firm up for success? The answer is two-fold: automation/AI and client advisory services (CAS). This panel, featuring experts from across the industry, will tie these topics together in a thought-provoking webinar that provides useful advice and updates the conversation on familiar topics for 2023.
Many entrepreneurs operate with their business processes and systems in their heads. They know what they must do daily and how they want to get things done. Unfortunately, when a construction business grows, and staff need to be hired – or the owner needs to take time away from the company – it's an absolute liability not having processes and systems documented in one place.
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.
9 min read Some small engineering firms can get by with just the back-office essentials: a sound, secure, and efficient bookkeeping and accounting system that maintains compliance while supporting the nuts-and-bolts operations of the business. Key Takeaways The Role of a CFO: The CFO should take charge of the management aspect of accounting by helping with tasks like financial planning, risk assessment, cash flow improvement… How Outsourced CFO Services Can Help: You can access a CFO at a fracti
Our Assurance & Advisory Principal, Keith Hamasaki, has been selected by the Los Angeles Business Journal (LABJ) to be a judge in determining this year’s winners of the CFO Awards. Keith’s representation of this role is on behalf of the California Society of Certified Public Accountants (CalCPA). This will mark his fifth year as a Read the full article.
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.
Investment in capital items such as computers, furniture, equipment and cars can cause confusion for small business owners. Since these are purchases that affect the cash flow of the business, it seems that they should be accounted for as expenses similar to office supplies or rent. There are however special rules for any acquisitions that qualify as “fixed assets”.
Many companies are experiencing unfavorable cash tax payments when filing their 2022 federal income tax returns this fall, as federal law no longer allows an immediate deduction for Section 174 Research and Experimental (“R&E”) expenses incurred for taxable years beginning after 2021. The inability of Congress to pass a tax extender in December of 2022 forces businesses to capitalize and amortize their Section 174 R&E expenses over a 5-year period (15 year-period if attributable to forei
The hedge fund billionaire has subpoenaed the investigative news site and five of its journalists for documents related to the publication of reports that detailed his tax information.
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.
As the UK recruitment crisis continues to boil, we share ten practical tips to help small accountancy practices attract and retain staff. The Problem 48 %: UK finance leaders concerned about the lack of available finance and accounting talent. [i] 38 %: UK finance leaders stating that a lack of skills is the biggest 2023 hiring challenge. [ii] 6,500: Financial services accountancy vacancies in 2022, a 20.4% year-on-year increase on 2021.
Introduction: The need for AR automation Keeping on top of invoices, especially when handling hundreds or even thousands of them manually every month, can be an overwhelming task for any business. This is where AR automation comes to the rescue. What is AR automation? AR automation is the process of automating the billing and receipt of payments and the reconciliation of those payments, usually through an AR automation solution.
Nearly half (43.3%) of accountants are suffering from app overload, according to latest research from IRIS Software Group (IRIS). The research reveals three-quarters of accountants are juggling up to 10 different apps in order to manage their day-to-day workloads. This reality is far from their ideal scenario. Nearly a third (30%) of those surveyed think having any more than three apps is too much to manage.
There's no doubt that the accounting industry is changing at a rapid clip. The integration of technology, specifically artificial intelligence (AI) and automation, means that accounting professionals must adapt and adopt tools to stay relevant. To that end, here's a look at how embracing AI and automation can help accountants work smart, not harder.
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.
Accountants remain the most trusted players in tax according to the ACCA, IFAC and CA ANZ biennial global survey The Public Trust in Tax survey which questioned 7,700 members of the public across the globe shows that accountants have a major role to play in addressing corruption, which negatively impact on attitudes towards tax in economies. Results show that 53.8% consider corruption a major factor, however most people believe the role of professional accountants contributes to improving tax sy
We are happy to announce the release of our newest industry magazine! The Sports & Entertainment Issue highlights some of the hot topics in the sports & entertainment industry including tax issues for athletes, estate & trust planning, Client Accounting Services, and more. What You’ll Find Inside this Issue: Protecting Your Assets and Legacy: Estate Read the full article.
There has been an increase in third-party consultants advertising their ERC services through various media advertisements that are not properly documenting or following processes when applying for Employee Retention Credit. Applying for the ERC with one of these firms could put you and your organization at risk. In this video you will learn more about: How to determine a reputable firm to work with when claiming the ERC Learn about IRS guidance to not ignore when applying for ERC Discover what q
Download Survey Illuminating Trends in Private Equity Firms There is an industry consensus that specialization amongst private equity firms is increasing, so we researched over 700 private equity firms and conducted a client survey. The data from our research and survey provide a comprehensive view of the growing trend of industry specialization among private equity firms.
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.
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