CPA Practice

FEBRUARY 23, 2023

What is the fastest-growing challenge facing accounting firms and internal audit departments today? More than 90% point to hiring and retaining skilled accountants and auditors. Some are even turning away business due to a shortage of staff. That’s the finding of two newly released reports by leading software provider Caseware International , which surveyed more than 6,000 accountants and auditors globally.

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Ryan Lazanis

FEBRUARY 14, 2023

Looking for one of the top digital marketing strategies to help potential clients easily find you? Then you’ll want to read the rest of this article on SEO for accountants. In this article, you’ll find out: What SEO for accountants is Why it’s important for your firm’s growth 14 practical tips & tricks to boost your website to the top of Google Let’s go!

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RogerRossmeisl

FEBRUARY 20, 2023

Two techniques fall under the income approach umbrella when valuing a private business interest: the discounted cash flow (DCF) method and the capitalization of earnings method. How do these two commonly used methods compare — and which one is appropriate for a specific investment? Fundamentals of discounting The DCF method estimates the present value of future expected net cash flows using a discount rate.

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Snyder

FEBRUARY 7, 2023

Tax liability is an inevitable part of running a business. Every year business owners have to bear the burden of the tax season, paying taxes for income, payroll, property, sales, and so on. In total, nearly 30% of a business’ income is needed to cover all tax payments. According to statistics, the U.S. government received total tax receipts of 4,05 trillion USD within a year.

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Advertiser: Paycor

Choosing an HCM partner is one of the most important decisions you’ll make because time is one of your company’s most strategic assets. How do you want to spend your time?

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CPA Practice

FEBRUARY 21, 2023

Nearly 30 of the most influential consultants, practitioners and accounting technology visionaries convened in New York City Feb. 20-22, 2023, for CPA Practice Advisor ‘s 13th annual Accounting Thought Leader Symposium. CPA Practice Advisor editor-in-chief Gail Perry, CPA, leads discussion with attendees at the 2023 Accounting Thought Leader Symposium.

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TaxConnex

FEBRUARY 7, 2023

Findings from the third annual Sales Tax Market Survey indicate that a perfect storm is brewing for financial leaders in the new year. Companies still struggle to navigate workforce shortages and retention of internal expertise, yet they remain highly dependent on in-house resources to perform many of the vital functions related to sales tax. Their resources are stretched thin, and bandwidth is reported to be the top barrier for success.

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Insightful Accountant

FEBRUARY 14, 2023

The new tier will enable accountants to get all their QuickBooks transaction questions resolved from their clients quickly and easily—and the subscription is free.

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RogerRossmeisl

FEBRUARY 20, 2023

According to various sources, around 10% of all insurance claims involve fraud. Insurance companies generally pass along the cost of these fraud losses to policyholders in the form of higher premiums. Unfortunately, small businesses, which are generally less able to pay premium hikes, are particularly vulnerable to insurance fraud. To protect your company from losses and minimize the likelihood of increased premiums, learn how to identify insurance fraud.

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Xero

FEBRUARY 19, 2023

The moment is here; the final step of Xero’s Single Touch Payroll Phase 2 roll out is now available to all customers. Once your payroll data is updated and you’ve marked each step as complete in the STP2 Portal, you’ll be able to enrol in Phase 2 reporting – step four of the transition. This will see your business share more information with the ATO and other government agencies whenever you process a pay run.

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CPA Practice

FEBRUARY 14, 2023

A taxpayer who deducted expenses attributable to the business use of his vehicles took a wrong turn before the Tax Court. Ultimately, he wasn’t able to back up his claims (Eze, TC Memo 2022-83, 8/4/22). Generally, you can deduct costs relating to the business use of your vehicle, subject to certain rules and limits. However, you must meet strict substantiation requirements spelled out by the IRS.

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

Ready to automate the month-end close process but don't know where to start? We got you covered. Join us in this informative webinar where we will walk you through the main consideration areas when it comes to evaluating and selecting a month-end close solution. We will cover everything from sponsor champion identification, vendor evaluation, pitfalls during contracting, IT requirements, termination considerations, and more.

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Basis 365

FEBRUARY 22, 2023

Do you want to hire or replace an existing bookkeeper ? Either way, you must follow specific steps before and during the hiring process. You can also save money by hiring an outsourced bookkeeper. Here are some things you should check to ensure you are okay with purchasing in the future. Most importantly, we buy products and services that meet our needs and quality standards and are within our budget.

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Withum

FEBRUARY 28, 2023

I’m starting to get this question more and more from do-it-yourself types hoping to save money. If computers can beat a world chess champion, they argue, why can’t they perform as good as or better than my local tax advisor? We’ll explore this issue in more detail below, but the short answer is no, artificial intelligence is not at the point where it can analyze tax issues and reliably produce accurate responses.

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Insightful Accountant

FEBRUARY 16, 2023

Murph brings you up to date on the vision that is the QuickBooks Business Network. While it's not fully capable yet, it's getting there, and appears to be heading in the right direction.

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RogerRossmeisl

FEBRUARY 26, 2023

As reported in IR-2023-33 on 2/24/2023 Disaster-area taxpayers in most of California now have until October 16, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced last Friday. Previously, the deadline had been postponed to May 15, 2023 for these areas. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) in on the page entitled California Severe Winter Storms, Flooding, Lan

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Speaker: Erika R. Bales, Esq.

When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.

Legal

ThomsonReuters

FEBRUARY 23, 2023

Stop giving away your expertise for free. Sure, you are charging clients for your services; however, the real value is not within your services but within the advisory relationship you are ideally building with your clients. The advisory relationship is the bedrock that enables you to form trust and provide higher-value services to your clients. It is how you better understand their goals and develop loyal and profitable relationships.

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CPA Practice

FEBRUARY 24, 2023

By Erin Bendig, Kiplinger Consumer News Service (TNS) Maybe you had a child change their mind and not go to college or you saved more than necessary, and now you’re wondering what to do with the cash locked away in your 529 plan. Thanks to the SECURE 2.0 Act, you’ll soon be able to roll over funds from your 529 plan into a Roth IRA, as long as certain conditions are met.

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Xero

FEBRUARY 12, 2023

The retirement of old reports is now only a little over five months away. If you’re like many small business owners and advisors, you’re probably starting to seriously think about how this will impact your day-to-day work. We’ve answered some of your most common questions, so you can feel confident about switching to new reports before 31 July 2023.

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Withum

FEBRUARY 21, 2023

The salary cap in the NFL is up to $208 million per team for 2022 and continues to rise each year by about $20 million. This salary cap sets a maximum budget that each team can pay their entire player roster. Even with this rise, the wage gap between the minimum salary and the highest individual salary for NFL players has continued to widen. The current minimum salary for a first-year player is $705,000 meanwhile, the highest average salary is over $50 million (Aaron Rodgers, Quarterback, Green

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The status quo for AP in small and mid-market companies is broken. It consists of messy tech stacks of siloed solutions that give rise to manual work, a lack of control, wasted spend, and unnecessary risks. The benefits of shifting to spend management are tangible, measurable, and are felt across the whole organization. Spend management is a different way of thinking and an innovation whose time has come.

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Insightful Accountant

FEBRUARY 1, 2023

Our readers are always asking for software comparisons, so Murph conducted a review of 10 Password Managers; tossed two out, but ranked the remaining eight for your consideration.

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RogerRossmeisl

FEBRUARY 5, 2023

Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2023. The IRS recently announced that the 2023 cents-per-mile rate for the business use of a car, van, pickup or panel truck is 65.5 cents. These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.

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Going Concern

FEBRUARY 13, 2023

When we talk about why no one wants to be an accountant anymore, a handful of things come up in every thread. Let’s quickly get them down in case an alien who just landed on Earth this morning Googles “accountant shortage,” arrives on this article, and wishes to learn more about the causes. Salaries — starting salaries in particular — that do not compete with other white collar and professional services fields; Poor work-life balance that has only gotten worse as st

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CPA Practice

FEBRUARY 24, 2023

Technology has made significant contributions to the practice of accounting and is on the verge of another evolution with the advent of artificial intelligence tools coming into the mainstream. In the past four months there has been a frenzy around Open Ai’s ChatGPT, which is a natural language application where you can type in questions and get comprehensive answers in a format that is almost impossible to distinguish from that which you would expect from another educated human.

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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

Patriot Software

FEBRUARY 27, 2023

“What’s your occupation?” Everybody gets this question—at the doctor’s office, when opening a new bank account, etc. People are curious. They want to know what it is exactly you do for a living. And if you’re an employer, the government wants to know what your employees do, too.

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Withum

FEBRUARY 9, 2023

Sage Intacct Construction is one of the top construction finance management software providers and is the first and only AICPA-preferred accounting solution for general contractors and developers. Sage Intacct Construction enables proactive management of valuable financial metrics and improves cash flow. It’s built specifically for the construction industry , providing real-time visibility and insights through role-based dashboards.

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Insightful Accountant

FEBRUARY 22, 2023

A recent Deloitte Center for Controllership poll shows that 48.8% of C-suite and other executives are preparing for cyber events targeting their organizations’ accounting and financial data.

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RogerRossmeisl

FEBRUARY 5, 2023

On 2/3/2023, the IRS issued Notice 2023-16 guidance that modifies the definitions of certain vehicle classifications for the new, previously owned and qualified commercial clean vehicle tax credits. As a result of this notice, the IRS updated the related frequently asked questions for these credits which can be found on IRS Fact Sheet 2023-4 here: IRS Fact Sheet 2023-04 (This is Blog Post #1340) The post IRS Issues Guidance and FAQ Updates Related to the Clean Vehicle Tax Credits appeared first

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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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Going Concern

FEBRUARY 3, 2023

On January 24, short seller Hindenburg Research dropped a report called Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History , in which Hindenburg accuses Indian conglomerate Adani Group of engaging in “a brazen stock manipulation and accounting fraud scheme over the course of decades,” among other things.

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CPA Practice

FEBRUARY 11, 2023

After several days of requests by taxpayers, state agencies and the National Taxpayer Advocate , the Internal Revenue Service has provided clarifying the federal tax status involving special payments made by 21 states in 2022. The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments on their 2022 tax returns.

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SchoolofBookkeeping

FEBRUARY 24, 2023

QuickBooks Point of Sale still holds a special place in my heart. I was one of the first 12 representatives to support the desktop software when version 1.0 was released in 2002. I've seen it grow into the robust feature set that it has become. It has impressive features to track Sales Orders and deposits that are rare. I've written training material for the Intuit support team, traveled to India to facilitate training for those who would ultimately replace me, and trained state-side support age

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Withum

FEBRUARY 8, 2023

The rising popularity of the employee retention credit (ERC) has reached boy band status. You’ve heard of it on the radio, seen it on TV, and likely even discussed it with your friends. But as with any popular tax credit or deduction, the IRS is sure to be close behind. We’ve written about IRS audits rolling out last July, and the IRS followed up our article with a warning to taxpayers regarding third-party promotion of improper ERC claims.

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Advertiser: Paycor

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