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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The 5 Types of Hourly Workers: An HR Guide to Recruiting and Retention

All hourly workers want similar things, but when it comes to recruiting & retention, it helps to understand personal motivations. Download Paycor’s guide to learn how to find & keep the 5 types of hourly workers.

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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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Tax pros blast IRS's 'nearly nonexistent' priority phone service

Accounting Today

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Nominations Open for 2023 ProAdvisor of the Year and Top 100 ProAdvisors

Intuitive Accountant

Insightful Accountant is proud to announce the nomination opening for the 2023 ‘Top 100 ProAdvisors’, the ‘ProAdvisor Categorical Awards’ and the ‘ProAdvisor of the Year.

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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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8 Sins of a Manual Reconciliation

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

Business operations are getting increasingly complex, shareholders are demanding more, and your auditors are breathing down your neck like never before. In this high-pressure environment, it’s important to remember that reconciliation activity is your last line of defense against financial fraud and errors. Insisting on a manual process to handle month-end reconciliations is a risky endeavor that places an undue burden on your accounting team.

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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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Managing Transactional Taxes as Your Business Grows Globally

TaxConnex

You may think that selling outside the U.S. spares you the complexities and headaches of sales tax thresholds. And you’d be right – except that in many countries you’d instead run into value-added tax (VAT) on transactions. VAT is applied at each stage of the supply chain and is recoverable by most businesses and, similar to American jurisdictions’ sales tax, rates are generally applied at a country level with exceptions on certain products.

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IRS delays $600 threshold for 1099-K reporting

Accounting Today

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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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Navigating Financial Storms: Strategies for Building Resilient Balance Sheets

Speaker: Carolina Aponte - Owner and CEO, Caja Holdings LLC

In today's rapidly changing business environment, building a resilient balance sheet is crucial to the survival of any business. A resilient balance sheet allows a company to withstand financial shocks and adapt to changing market conditions. To achieve this, companies need to focus on key strategies such as maintaining adequate liquidity, managing debt levels, diversifying revenue streams, and prioritizing profitability over growth.

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PwC Declares a Poaching War on EY

Going Concern

As EY continues to hammer out the details of the audit and consulting split, PwC has set its sights on adding EY partners to The New Equation. Lots of EY partners. In October, PwC Global Chairman and 2012 Going Concern Hottest Accounting Firm Leader winner Bob Moritz told the Financial Times in no uncertain terms that his firm would be stealing as many senior managers as they can get from EY, an extra disrespectful move given the critical talent shortage at that level.

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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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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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What Is the Corporate Tax Rate? [Federal & State Guide]

Patriot Software

Your company’s tax liability largely depends on the business structure you choose. And if you structure your business as a corporation, you’re responsible for paying the corporate income tax rate on company earnings. So, what is the corporate tax rate? How do corporation taxes work? A corporation, or C Corp, is a type of business […] READ MORE.

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Putting the ‘Tech’ in Spend Management Techniques

Speaker: Wayne Spivak, President and CFO of SBA * Consulting Ltd., Industry Writer, Public Speaker

If you’re lost in the world of spend management needs and your GAP analysis is lacking perspective on the future state of your business performance, listen up! With the advancement of technology, the implementation of spend management best practices and concrete GAP analyses is more streamlined and accessible than ever before. And while this may sound like great news for you and your clients, it won’t be worthwhile unless you have the latest techniques to back up your ambitions!

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Trends in client documentation that make accounting easier and audits less painful

Accounting Today

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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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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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ERM Program Fundamentals for Success in the Banking Industry

Speaker: William Hord, Senior VP of Risk & Professional Services

Enterprise Risk Management (ERM) is critical for industry growth in today’s fast-paced and ever-changing risk landscape. When building your ERM program foundation, you need to answer questions like: Do we have robust board and management support? Do we understand and articulate our bank’s risk appetite and how that impacts our business units? How are we measuring and rating our risk impact, likelihood, and controls to mitigate our risk?

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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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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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A call for delaying the new 1099-K threshold

Accounting Today

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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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Automating Vendor Bills: Solving Six Major Pain Points for Small Businesses

Small business owners are looking to reduce manual work and manage people more efficiently. Manually keying invoice data, approving invoices and losing or hiring staff are just some of the pain points they experience when managing vendor bills. This report covers key topics such as: automating the input of vendor bills to the accounting system, having an automated workflow for approvals, being able to search for invoice data on both paid and current invoices, and automating payment processes.

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Yale Grad and Grant Thornton Lawyer Argues The Case For an Undergraduate Accounting Program at Yale

Going Concern

Alexandra Newman (Yale University, B.A. 2005 with Distinction in Philosophy; Northwestern University School of Law, J.D. 2010) has penned an article for Yale Daily News that argues — quite well — why Yale needs an accounting program. Any time the discussion of Ivies and accounting comes up, people who aren’t accounting graduates like to remind the discussers that accounting is a trade (like these Quora users who say Harvard doesn’t offer accounting for the same reason the

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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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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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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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Unleashing AI in Recruitment: The Ultimate Guide

Discover the power of AI in recruitment with Paycor’s complete guide. Learn how to streamline your hiring process, increase interview pipeline, uncover candidates other tools miss, and save time. Get ready to revolutionize your talent acquisition strategy today!