Going Concern

JANUARY 3, 2023

Pay extra close attention to accounting firm press releases this year, they will be packed with claims of record applicants, excess hiring, and huge numbers of incoming interns. Why? Firms have a vested interest in acting as if teams are fully staffed and everything is OK because were they to admit things are decidedly not OK clients will panic and cause the equivalent of a bank run on professional services.

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account accountant accounted accounting and finance 108

Canopy Accounting

JANUARY 4, 2023

When you think of tax season, does burnout come to mind? I haven’t conducted a formal poll, but my guess is the answer would be “yes” for many CPAs and accountants. In preparing to write this blog, I did what I usually do – start with the definition.

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cpas tax account accountant 98

Lockstep

JANUARY 4, 2023

If you manage accounts receivable (AR) and accounts payable (AP) for your business, you know how important it is to have a system in place to keep track of all incoming and outgoing payments. A shared accounting inbox can be a great way to do this, as it allows both AR and AP managers to see all payments in one place. In this blog post, we’ll explore the benefits of using a shared inbox for AR and AP management.

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Accounting Today

JANUARY 13, 2023

management accounting 92

management accounting management accounts account accountant 92

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Going Concern

JANUARY 27, 2023

I was cleaning out pics on my phone and was reminded of something I saw on Reddit a few weeks back: a screenshot of someone’s many, many, MANY CPA exam attempts over twelve years. Most people would have given up around the tenth attempt but this person persisted. And persisted. And persisted. So if you are still hurting from the January 10th score release just remember, the only way to fail forever is to stop trying.

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cpa 121

CTP

JANUARY 9, 2023

As a business owner, how you view and allocate your time plays a major role in the success of your business. When your to-do list is unending and new tasks keep popping up left and right, you may find it difficult to intentionally plan out where you want to devote your time. However, upgrading your use of time can be just the key to unlock greater business growth and personal satisfaction in your work.

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tax planning tax bookkeeping tax return 105

TaxConnex

JANUARY 19, 2023

We hear a lot about “sales tax obligations,” but who exactly in your company is “obligated?” You are, at least in many states. Since the Supreme Court’s 2018 Wayfair decision, many businesses are required to collect and remit sales tax in multiple states – more so than pre-Wayfair. Various “responsible party” laws across the country mean that a business itself is not the only one at risk: CEOs, CFOs, directors and other execs can be responsible for sales tax shortfalls.

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tax tax return Georgia Wisconsin 246

RogerRossmeisl

JANUARY 20, 2023

For many retailers, January isn’t just the first month of the year: It’s “return season,” when customers bring back their unwanted holiday gifts for refunds or exchanges. Return season can be fraught for businesses if, for example, a higher percentage of gifts are returned than stores expect. According to the National Retail Association, consumers are expected to have returned more than $816 billion of merchandise (almost 17% of goods sold) in 2022.

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Retail cpa 246

SMBAccountant

JANUARY 4, 2023

New rules are going into effect for lease accounting which may change how small businesses who follow Generally Accepted Accounting Principles (GAAP) think about and reporting leases. Under the old rules, financial reporting requirements were determined based on whether a contract was considered a capital or operating lease. Capital leases were leases of equipment or large assets.

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account accountant accounted accounting and finance 246

CPA Practice

JANUARY 19, 2023

By Arianna Campbell. Are you the type of leader who inspires transformation in your firm? Do you believe in pushing the boundaries and challenging norms to propel your business operations forward? If so, you likely possess many attributes of a transformative leader. Transformative leaders understand what needs to be done and can identify unique opportunities as well as navigate complex issues within their organizations.

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account accountant accounted Start-ups 137

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.

auditor

Withum

JANUARY 23, 2023

As users or end-users in IT terms, we often receive notices and trainings to keep our company and client data safe. These tips are always helpful, yet the information does not readily translate to personal cybersecurity diligence. Our accompanying podcast, “Personal Cybersecurity Habits You’re Overlooking,” solicits advice from Withum’s Julie Tracy , Executive Cybersecurity Advisor.

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cpa 135

Going Concern

JANUARY 26, 2023

KPMG Vice Chair Greg Engel has been having trouble sleeping lately. It isn’t climate change or social justice or the price of eggs keeping him up at night, like most accounting leaders he is consumed by the talent shortage. No really, that’s what he told CFO Dive. Not to worry, Engel has hope. Hope that the ongoing layoffs in tech will scare people into accounting.

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account accountant accounted accounting and finance 131

TaxConnex

JANUARY 10, 2023

We have completed our third annual survey of top financial professionals on how they are managing sales tax. This year’s results reveal a perfect storm is brewing for financial leaders who continue to depend on internal resources even though expertise and bandwidth is lacking while companies struggle with the current economic climate, rising inflation, and a tight job market.

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tax Sales audit Finance 246

RogerRossmeisl

JANUARY 12, 2023

On January 10, 2023, IRS news release IR-2023-03 announced that California storm victims now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). This means that individuals and households that reside or have a business in Alameda, Colusa, Contra Costa, El Dorado, Fresno, Glenn, Humboldt, Kings, Lake, Los Angeles, Madera, Marin, Mariposa, Men

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tax California cpa tax return 246

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.

Finance

Insightful Accountant

JANUARY 25, 2023

Xero has announced an integration with Melio, a leading B2B payment platform that will permit the automatic sync of A/P and A/R data between the two small business solutions.

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CPA Practice

JANUARY 12, 2023

The 2023 tax-filing season will open on Jan. 23—the day in which the IRS will begin accepting and processing 2022 tax year returns, the agency said on Thursday. The IRS said it is expecting more than 168 million individual tax returns to be filed this year, with the majority of those returns coming before the April 18 tax deadline. Taxpayers have three extra days to file in 2023 due to the calendar.

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tax return income tax tax Washington 133

Withum

JANUARY 4, 2023

As we begin 2023, we are still seeing many businesses that have not yet claimed the employee retention credit (“ERC”) , and the potential benefit of this credit has attracted many inexperienced service providers making exaggerated promises in exchange for outsize contingency fees. In fact, these service providers have become so prevalent that the IRS, in a relatively unprecedented move, released a warning to taxpayers to be wary of third parties advising them to claim the ERC when they do not qu

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audit tax payroll tax payroll 136

Going Concern

JANUARY 17, 2023

Big 4 firms spit out all kinds of research — very little of which rates a mention beyond maybe somewhere in a linkwrap if that — but this research from KPMG we’re about to share with you (which we did bury in a linkwrap some weeks back ) deserves a callout of its own. Not because it’s so stupid or fluffed with buzzwords, as much as we enjoy calling both of those things out.

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account accountant accounted 120

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!

Spend Management

TaxConnex

JANUARY 3, 2023

Next summer will mark five years since the Supreme Court ignited economic sales tax nexus with the South Dakota v. Wayfair, Inc et al decision. Many businesses are still trying to figure out how to manage the resulting obligations, but one thing’s clear: Now every state with a sales tax has economic nexus. Missouri becomes the last such state on Jan. 1, when it and its local jurisdictions will be able to collect a use tax from remote sellers who sell and deliver more than $100,000 in tangible go

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tax South Dakota Sales Alaska 246

RogerRossmeisl

JANUARY 2, 2023

If you sold stock shares at a loss at the end of 2022 to offset gains that you’ve realized during 2022, it’s important to watch out for the “wash sale” rule. The loss could be disallowed Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within the 30-day period before or after the sale date, the loss can’t be claimed for tax purposes.

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Sales cpa tax 245

Insightful Accountant

JANUARY 22, 2023

The Bonadio Group’s Kristin Kowalski discusses some of the ins and outs of what is becoming a potential growth opportunity in 2023 and beyond. Here’s what today’s accounting professionals should know.

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account accountant accounted 115

CPA Practice

JANUARY 12, 2023

The AICPA said on Thursday that it was not the victim of a cyberattack, days after an article surfaced online stating that threat actors had bragged on an online forum that they compromised an AICPA database with more than 140,000 emails and corresponding passwords. The website Cybernews wrote on Tuesday that cyberthieves had attached samples of the data on the online forum as proof of legitimacy.

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cpa account accountant accounted 132

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?

Government

Withum

JANUARY 20, 2023

The goal of minimizing tax liability likely drives a desire to discover new advantages in the tax law. If this sounds familiar to you, when planning for the upcoming tax year, a great place to start is with the basics. We can help. As you navigate our complicated tax code, you need a partner and important information in order to make the appropriate adjustments.

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tax tax planning tax services 127

Going Concern

JANUARY 18, 2023

Someone sent us this r/accounting thread on returning to the office the other day and wanted to make sure we call out one comment in particular. You’ll see why in a second. The question of what would motivate you to go back to the office has been asked before, in a multitude of ways, and each time the answer(s) are along a predictable spectrum ranging from “nothing, I’m not going back” to “let’s see the partners return to office first.” This thread is no

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account accountant accounted 120

Accounting Today

JANUARY 12, 2023

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income tax tax Sales 116

RogerRossmeisl

JANUARY 8, 2023

The Clean Vehicle Credit, brought to you by the Inflation Reduction Act of 2022 (IRA ’22), is the successor to the New Qualified Plug-in Electric Drive Motor Vehicle Credit. The credit generally applies to vehicles having >4 wheels that are placed in service from 1/1/2023 – 12/31/2032. This post is broken down into the following sections: Credits for New Clean Vehicles Purchased in 2023 or After Credits for New Plug-in EVs Purchased before 2023 Used Clean Vehicle Credit Commerci

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cpa tax cpa firm 244

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Insightful Accountant

JANUARY 19, 2023

Everyone wants to streamline their logistics. To help out, PACK & SEND's Nicholas Woodward shares the seven best accounting practices for managing your accounts effectively.

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CPA Practice

JANUARY 27, 2023

SECURE Act 20 is finally here. The long-awaited upgrade to the initial legislation known as the Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in 2019, was signed into law on December 29, 2022. SECURE Act 2.0 includes numerous significant provisions affecting individual retirement savers. Following is a brief roundup of several key changes.

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income tax tax account accountant 128

Withum

JANUARY 12, 2023

How do you know when your company has grown beyond QuickBooks’ capabilities? Let’s cover the key areas that will help you make an educated decision on when QuickBooks is too small for your growing organization. QuickBooks is one of the world’s most well-known and widely used accounting software solutions that can help turn a simple idea into a full-grown company.

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Going Concern

JANUARY 13, 2023

NPR has a strange story of a Canadian accountant and a firm with time tracking software installed on work laptops that should give remote workers pause before submitting their next time sheet. NPR: When Canadian accountant Karlee Besse was fired for being unproductive at her job, she found herself up against not only her former employer, but its time-tracking software, too.

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account accountant accounted cpa 115

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