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As accounting firms look to differentiate themselves from the competition, one trend is leading the way: business advisory. From advising on mergers and acquisitions to specializing in accounting and advisory in your clients’ specific industry, there are many ways to take advantage of this unique opportunity. What are business advisory services? Business advisory services capitalize on the unique insight of accounting firms to make a profitable shift from serving clients as a once-a-year tax com
If you’re a leader within an accounting firm, you’ve likely heard of advisory services and their lucrative impact. This trend is picking up pace as traditional accounting firms seek more strategic and meaningful work that goes beyond just tax returns. Offering your clients proactive advice through accounting advisory services is especially important as the regulatory and legislative landscape continues to become increasingly complex.
CPA firms have been recruiting more people without accounting degrees and backgrounds as a way to fill their open jobs while expanding diversity in their workforce.
ERC IRS Audit Representation: Your Comprehensive FAQ Guide The Employee Retention Credit (ERC) has been a lifeline for many businesses during challenging times, providing substantial relief. However, with the IRS actively scrutinizing ERC claims, it’s crucial for businesses to understand their rights and options when facing an audit. In this FAQ article, we dive into the intricacies of ERC IRS audit representation , answering common questions and shedding light on the audit process, rights
You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes? It’s time for an upgrade. SkyStem's Guide to Month-End Close Software walks you through what today’s best tools can do (and what your team shouldn’t have to deal with anymore). Get smart, fast, and a whole lot less stressed when it’s time to close the books.
Global tax professionals are concerned about the impact of the OECD's base erosion and profit shifting plan, as well as artificial intelligence technology.
By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) There’s a new IRS scam to watch out for. Some people are receiving cardboard envelopes in the mail containing the IRS masthead and the wording: “in relation to your unclaimed refund.” Monday, the agency warned that the mailings are a scam to trick taxpayers into providing sensitive information to thieves.
In part 1, we looked at the mounting financial costs of maintaining sales tax compliance with the thousands of tax jurisdictions nationwide. Now let’s look at how some companies have tried to game the system – and what to do so you don’t have to run that risk. Rolling the dice What have companies done to avoid complying with sales tax regs where they have economic or physical nexus?
In part 1, we looked at the mounting financial costs of maintaining sales tax compliance with the thousands of tax jurisdictions nationwide. Now let’s look at how some companies have tried to game the system – and what to do so you don’t have to run that risk. Rolling the dice What have companies done to avoid complying with sales tax regs where they have economic or physical nexus?
7 min read Business owners know that maintaining financial records is necessary for generating financial reports, budgeting, making payroll, and keeping up with the general requirements of operating a business. Key Takeaways How Long to Save Your Company's Financial Records: As a general rule of thumb, though, most businesses hold onto their financial records for seven years and their employee records for 10 years… Digitize Your Records: Office space is limited, secure storage is expensive, and
If the CFO is the high-beam headlights at a company, accounting is the rear-view mirror. AI will make the former brighter and the latter sharper. The post AI and the CFO: Elevating a Strategic Function appeared first on Burkland.
7 min read Business budgeting and forecasting are highly useful practices in businesses of all sizes. While they're both important tools for business management and strategy, it's common for business owners to confuse budgeting and forecasting. Key Takeaways The Purpose of a Business Budget: The purpose of a business budget is primarily to provide your company with a short-term spending plan for the upcoming year (or another set financial period)… Know How to Create a Budget: First, you need to
You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million for 2023 (effectively $25.84 million if you’re married). However, if you have significant assets, you should consider establishing a living trust to avoid probate. Probate is a court-supervised legal process intended to make sure a deceased person’s assets are properly distributed.
The accounts payable (AP) function is evolving and AI is leading the charge. As finance teams face rising invoice volumes and expectations for speed and accuracy, AI-powered automation has shifted from a futuristic concept to the most practical solution. But for finance leaders, success isn’t just about selecting the right tools, it’s about implementing the right strategy.
The Wall Street Journal wrote today about recent disclosures made by Advance Auto Parts, Joby Aviation, and Germany’s Evotec that specifically point to a lack of accounting staff as a contributor to or sole factor causing certain material weaknesses. It seems we are entering the “find out” phase of FAFO, the FA being shitty pay (and to a lesser extent, decades of ineffective recruiting strategies).
If you’re a telecommunications services company, you face greater trials than other businesses when complying with federal, state and local jurisdictions. In addition to state and local taxes, your business may also be subject to various federal and state regulatory obligations. Federal regulatory obligations are administered through Universal Services Administrative Company (USAC) and state regulatory requirements are administered through the Public Service Commissions (PSC) or Public Utility C
For most unicorns, the average time from initial concept to the coveted $1B+ valuation is about seven years. Over that time, these companies go through many rapid stages of evolution. In this often chaotic push for growth, the prime focus is on obvious revenue drivers, like product development and creating a scaled go-to-market motion. Unless they are a hardware company, having an optimum procurement system is not a typical priority in those early growth stages.
Your startup’s finance needs will evolve as the business scales. Use this guide to be ready with the right systems at the right times. The post A Roadmap to Scaling Finance Systems for Early-Stage Startups appeared first on Burkland.
Nonprofits are under more pressure than ever to demonstrate financial accountability while continuing to expand their impact. Traditional budgeting models often fall short, reinforcing silos, limiting flexibility, and stalling growth. Enter collaborative budgeting: a dynamic, team-driven process that enables smarter resource allocation and builds financial resilience at scale.
By Mia Gindis, Bloomberg News (TNS) A recent study of students attending four-year colleges and universities in 2022 found that two-thirds of the graduating male respondents received paid internships compared to less than half of women, despite women representing 70% of the 2,140 seniors surveyed. The research, conducted by the National Association of Colleges and Employers, is in line with other findings from previous years, suggesting that undergraduate work experiences might set the stage for
If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in order to claim deductions, you must meet certain requirements for out-of-town business travel within the United States. The rules apply if the business conducted reasonably requires an overnight stay. Note: Under the Tax Cuts and Jobs Act, employees can’t deduct their unreimbursed travel expenses on their own tax returns through 2025.
Tax planning is a vital aspect of financial management, both for individuals and businesses. It involves a proactive approach to legally reduce tax liabilities by optimizing financial decisions throughout the year. In this comprehensive guide, we will explore various tax planning techniques and strategies that can empower you to keep more of your hard-earned money while staying in full compliance with the tax laws.
Sales tax is meant to be a pass-through tax and thus one that should have minimal impact on a company’s bottom line. The sales tax is collected by businesses and “passed-through” to the taxing jurisdictions. Of course, there is cost associated with managing this compliance obligation; however, the costs of not managing the compliance process are significantly greater.
Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te
The Internal Revenue Service is cautioning taxpayers to beware of a new scam in which fraudsters are sending out cardboard envelopes from a delivery service asking for personal info.
Mitigate the risk of fraud and embezzlement at your startup with these easy to implement financial controls. The post Key Financial Controls for Startups appeared first on Burkland.
A recent survey of global CFOs identified risk controls and compliance as top concerns for 2023 — right behind cash flow. So, here’s the dilemma: finding the right balance to enforce compliant spending without slowing down or frustrating employees. It’s a difficult balance to achieve. Consider this scenario: A procurement executive wants to improve company-wide compliance with purchasing policies, so they invest in a highly engineered, sophisticated procurement solution.
If you’re considering buying a company, fraud may be the last thing on your mind. Unfortunately, you can’t afford to ignore the possibility that your acquisition target is hiding something — possibly something that will have negative financial and legal implications after the deal is complete. To ensure the transaction is what it appears to be, acquaint yourself with the issues and include a forensic accounting expert on your deal team.
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.
In the dynamic world of finance, where strategic decisions shape the course of businesses, mastering vertical analysis can help you simplify your statement, make critical financial decisions, and understand the underlying composition and trends that drive your business’ financial performance. Vertical analysis evaluates financial statements that will help you simplify a document containing complex numbers and figures.
Maintaining current, valid exemption certificates is critical in managing your overall sales tax risk. Under audit, an otherwise exempt sale will be deemed taxable without such documentation from a customer – and just a few missing certificates can result in large penalties and interest. Properly documenting exempt sales is a hassle and a pain, but it matters.
We had to go way back in the archive for this image. In a LinkedIn post on Friday , Becker superinstructor and the man single-handedly propping up the coffee shop industry Peter Olinto announced that he is leaving Becker. “I am NOT RETIRING!!” he said in a follow-up comment. He writes: Hello LinkedIn connections and current/former students.
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High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some ways you may be able to reduce its impact. Affected taxpayers The NIIT applies to you only if modified adjusted gross income (MAGI) exceeds: $250,000 for married taxpayers filing jointly and surviving spouses, $125,000 for married taxpayers filing separately, $200,000 for unmarried t
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We hear a lot about nexus and various thresholds but not as much as about tax situs. The situs is the location in which a taxing event occurs. It’s easy to determine when the entire transaction occurs at the point-of-sale but is more difficult when the transaction involves numerous sites. In direct retail, for instance, situs can influence sales tax obligations depending on where the tangible personal property is shipped from in origin states or where it’s shipped to in destination states (learn
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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