December, 2022

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How to Become a Freelance Accountant: 9 Tips for Succeeding in Freelance Accounting

Snyder

Freelance accounting is increasing in popularity. With the rise of online platforms like Upwork, Fiverr, and Remote.co, more and more people are working remotely to offer their services to businesses worldwide. This means that nowadays, freelancers have greater opportunities to find work and grow their businesses faster. Even if online accounting is something you’ve done for years, becoming a freelancer may seem tricky to begin with.

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Top 5 Accounting Problems & Solutions

IgniteSpot

What causes accounting problems? So many things can throw your books out of whack, having a ripple effect on your business operations, financial outlook, and even your team. Several red flags lead to confusion and inaccuracies. Your accounting software, fraudulent activities, internal controls, and misapplication of generally accepted accounting principles (GAAP) may be to blame.

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What are Ghost Assets?

Simple Accounts

Do ghosts exist? Yes, no , or maybe, but ghost assets do exist. They are in your records, but you tend to ignore their presence a nd end up in trouble. . Any asset that is lost, stolen, or unusable but is still listed as active on your fixed asset register is referred to as a “ghost asset.” For example, a broken printer, unused computers, stolen goods, anything of this sort can be listed under the ghost asset category. .

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Accounting Firms Are Embarrassing Themselves on the Talent Dating Market

Going Concern

It’s December 2022 and we’re now a good year into “The Great Accounting Shortage,” the depth of which won’t truly be known until the fines start rolling in for p**s-poor audit work performed by skeleton crews. So, any day now. I’m sharing this r/accounting post so six months from now we can look back on it and fondly remember a time when it seemed desperate for partners to be out combing the LinkedIn meat market for talent leads.

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Live Demo: How to Achieve Reconciliation Zen

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

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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Choosing a Business Entity? Here are the Pros and Cons of a C Corporation

RogerRossmeisl

If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of the major advantages and disadvantages of doing business as a C corporation. A C corporation allows the business to be treated and taxed as a separate entity from you as the principal owner. A properly structured corporation can protect you from the debts of the business yet enable you to control both day-to-day operations and corporate acts such as redemptions, acq

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IRS Audit Red Flags: How to Avoid Getting Tax Audited by the IRS

Snyder

Many small business owners often feel like they might be a heartbeat away from the IRS tax audit. In fact, according to the IRS data , only about 1 percent of taxpayers are facing an audit. If you’re a small business owner, however, your chances are a bit higher – about 2.5 percent of small businesses are getting tax audited. What’s interesting is that the less income you have, the higher the chance of a tax audit.

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FIFA World Cup 2022 – Does Captain America Owe Uncle Sam?

Withum

Whether they grew up playing in the parks of Hershey, Pennsylvania, the frequent downpours of Oxfordshire, UK, the bitter cold of Detroit, Michigan, or the manicured training fields of Borussia Dortmund, most aspiring pro soccer players dream of playing in the World Cup. Such was the path of a young Christian Pulisic, or ‘Captain America’, as he is endearingly called by US Soccer fans.

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What Do All Those Employee Benefit Acronyms Stand For? (Part 1 of 3)

ThomsonReuters

QUESTION: Everyone in the employee benefits field uses acronyms like CDHC, EAP, and VEBA. What do these and other employee benefit acronyms stand for? ANSWER: Here’s an explanatory list of common acronyms primarily used in our Cafeteria Plans, Consumer-Driven Health Care, ERISA Compliance, Self-Insured Health Plans, and Fringe Benefits manuals. (Next week’s Question of the Week will address acronyms primarily used in our COBRA, HIPAA, and Group Health Plan Mandates manuals, and the following w

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Deloitte’s Latest PCAOB Inspection Report Is Its Worst Since 2017

Going Concern

Uh-oh, this can t’t make Joe U., Lara Abrash, and other Deloitte audit folks happy (bold part added by us for emphasis): In the 2021 inspection of Deloitte & Touche LLP, the PCAOB assessed the firm’s compliance with laws, rules, and professional standards applicable to the audits of public companies. We selected for review 54 audits of issuers with fiscal years generally ending in 2020.

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Strategies for Investors to Cut Taxes as Year-End Approaches

RogerRossmeisl

The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some moves to make the best tax use of paper losses and actual losses from your stock market investments. Tax rates on sales Individuals are subject to tax at a rate as high as 37% on short-term capital gains and ordinary income.

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New DOL Final Overtime Rules: Quickstart Guide for Employers

There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.

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Will AI Replace Humans? The Impact of Artificial Intelligence on the Human World

Snyder

Have you heard about a Hong Kong company appointing a computer algorithm to its board of directors? Will AI run big companies of the future or seize other positions? We know that technology makes our lives easier , but AI elevates it to another level. Artificial Intelligence is the term that has been exciting human minds and imaginations in recent years.

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Getting Ready for Top 100 – Certifications Part 2

Intuitive Accountant

Murph is inviting international participants to take a look at some of the Certifications and ProAdvisor equivalent training credits they should be striving for in this year's program.

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Mark Eckerle and Ryan Schadel, CEO Metavesco

Withum

Explore Other Episodes. The post Mark Eckerle and Ryan Schadel, CEO Metavesco appeared first on Withum.

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Accounting Controller vs. CFO: Which Does My Business Need?

IgniteSpot

4 Key Differences Between a Controller and a CFO. Repeat after us: Controllers and CFOs are not the same. The two might have occasional overlaps in duties, but they approach your business operations and processes from different perspectives. Think about what makes controllers and CFOs stand apart.

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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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The PCAOB Is Not Impressed with the Quality of Firms’ 2021 Audits

Going Concern

The PCAOB should be dropping the first batch of 2021 inspection reports soon, and as an appetizer before the main course, the audit cops issued a report Dec. 8 on how the 141 annually and triennially inspected firms did overall during the most recent inspection cycle, in which portions of 690 audits were reviewed. Annnnd it wasn ’t good: We observed an increase in the percentage of engagements reviewed with at least one “comment form” (the initial communication to audit firms of observed deficie

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Intangible Assets: How Must the Costs Incurred by Capitalized?

RogerRossmeisl

These days, most businesses have some intangible assets. The tax treatment of these assets can be complex. What makes intangibles so complicated? IRS regulations require the capitalization of costs to: Acquire or create an intangible asset, Create or enhance a separate, distinct intangible asset, Create or enhance a “future benefit” identified in IRS guidance as capitalizable, or “Facilitate” the acquisition or creation of an intangible asset.

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What Do All Those Employee Benefits Acronyms Stand For? (Part 3 of 3)

ThomsonReuters

QUESTION: Everybody in the employee benefits field uses acronyms like ALE, MLR, and ACA. What do these and other employee benefits acronyms stand for? ANSWER: Here’s an explanatory list of common acronyms primarily used in our Health Care Reform manual. (Last week’s Checkpoint Question of the Week included acronyms primarily used in our COBRA, HIPAA, and Group Health Plan Mandates manuals, and the Checkpoint Question of the Week from the week before included acronyms from the ERISA Complia

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AICPA Offering $1 Million+ in Student and CPA Scholarships in 2023

Intuitive Accountant

The scholarships will focus on a wide variety of programs for graduate and undergraduate students and people seeking to become accounting educators. Check out the details here.

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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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O’Connor & Drew Joins its Practice with Withum

Withum

On January 1, 2023, O’Connor & Drew, PC , a public accounting, tax and business advisory firm headquartered in Braintree, MA, today announced it joined its practice with WithumSmith+Brown, PC (Withum), a nationally recognized CPA and advisory firm with 20 offices and annual revenue of $450M, ranking in the top 25 firms in the country. O’Connor & Drew’s 18 partners and approximately 110 team members will join the Withum roster and remain at their locations in Braintree and Winchester, MA.

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Forbes Names Anders One of America’s Best Tax and Accounting Firms

Anders CPA

For the fourth year in a row, Anders has been named to Forbes’ America’s Best Tax and Accounting Firms List for 2023. With thousands of firms recommended in tax and accounting, Anders is one of 160 firms in the country to be named on both lists. Anders is also one of only four firms headquartered in Missouri and one of two in St. Louis to make both lists.

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Wall Street Journal Addresses the Accountant Shortage, Suggests a Recession Could Fix It

Going Concern

I made my entrée into accounting way back in 2007, at the time my job involved a three-hour roundtrip journey across four Bay Area counties and back and I was looking for something a bit closer to home. Shortly after starting in CPA review, I started seeing more and more “For Sale” signs on the yards of the houses my bus would pass on the way to work and not that much longer after that, Lehman Brothers failed and, well, you know what happened after that.

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Will Your Business Valuation Expert Survive a Daubert Challenge?

RogerRossmeisl

The 30-year anniversary of Daubert v. Merrell Dow Pharmaceuticals Inc. (509 U.S. 579) will be coming up in 2023. This decision officially made federal judges the “gatekeepers” of expert evidence against “junk science.” Landmark case In 1993, Daubert established a two-pronged test for admissibility under Rule 702 of the Federal Rules of Evidence: An expert’s methodology must be 1) reliable, and 2) relevant.

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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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12 Days of Canopy

Canopy Accounting

The Canopy team is excited to share the most impactful releases launched for you in 2022. In the true spirit of Christmas, sing along with a few of our Canopians here while browsing through more detailed information about these 12 game-changing features.

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Revisiting: The Traits of a Top 100 ProAdvisor

Intuitive Accountant

When it comes to what it takes to be a Top 100 ProAdvisor, Murph says Matt Fulton set-down the quintessential "right stuff" in his 2021 article. Why mess with perfection when we can simply revisit his wisdom.

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Chris Passmore named on Thriving in their 40s List by Los Angeles Business Journal

Withum

Withum is proud to share that the Los Angeles Business Journal has named Chris Passmore on their Thriving in their 40s list for 2022. Christopher Passmore , CPA, MBA, specializes in assurance and business consulting services to emerging and middle-market companies and leads Withum’s Encino office as the partner in charge. Chris services a wide variety of clients and specializes in working with technology companies , professional service firms , franchised businesses and employee benefit pl

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CARES Act Relief Radar: SBA Extends Storm-Related EIDL Payments, Not Pandemic EIDL Payments

Anders CPA

Although many Coronavirus Aid, Relief and Economic Security (CARES) Act programs have come to an end, they continue to have an enormous impact on businesses. With the SBA and IRS continuing to release announcements and clarifications around relief programs, we’re breaking down important updates to explain what they mean to your business. See the latest clarifications below. 12/12/22: SBA Extends Storm-Related EIDL Payments, Not Pandemic EIDL Payments.

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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.

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Here’s What Happens When You Hire AI to Do Accounting

Going Concern

For a good decade we’ve heard about the robots that are going to render accountants obsolete, now we finally get a peek at the glorious technology that will transform the industry as we know it. You should prepare yourself, this advanced technology will have you on the University of Phoenix website ASAP to get a jump on the Master’s of Tik Tok degree you’ll need if you have any hope of being employed in the next five years.

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Is Your Business Closing? Here are your Final Tax Responsibilities

RogerRossmeisl

Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors: An owner retirement, A lease expiration, Staffing shortages, Partner conflicts, and Increased supply costs. If you’ve decided to close your business, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met.

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It’s Time for Tax Law Updates – Individual | Canopy

Canopy Accounting

There’s an old saying that goes: “You can never step in the same river twice.” This is certainly true for tax seasons. Every tax season is a brand-new experience, simply because tax law is constantly, endlessly, ceaselessly changing.

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Crypto 101 for Accountants and Bookkeepers

Intuitive Accountant

Acuity founder Matthew May and Crypto Practice Manager Anthony Zepeda offer everything today's accountants and bookkeepers need to know about cryptocurrency. Signup for the webinar here.

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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.