Going Concern
JULY 17, 2024
INSIDE Public Accounting is due to release their Top 500 list soon and in the meantime, they’ve asked a very important question: Will 2024 show another big boost in compensation? Here they’ve compared compensation for equity and non-equity partners, managing partners, and professional staff at non-Big 4 IPA 100 firms for 2023 against 2019.
CPA Practice
JULY 22, 2024
Traditional accounting roles are evolving, now more than ever, as client needs change. Ask ten of your friends, and most will assume that an accountant is a number cruncher and focuses on compliance issues. And, to some degree, these people are correct. Certified public accountants know a lot about numbers, they analyze them, forecast them, and “crunch them,” but over 50% of firms now offer client advisory services and have become strategic partners with clients.
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CPA Practice
JULY 26, 2024
The IRS on July 26 provided five additional red flags of incorrect Employee Retention Credit (ERC) claims by businesses, as the agency continues to scrutinize requests for the pandemic-era tax credit. The new warning signs come from common issues that IRS compliance teams have seen while analyzing and processing ERC claims. These five red flags are in addition to seven problem areas the IRS highlighted last March.
TaxConnex
JULY 18, 2024
Maintaining compliance documentation is crucial for businesses to ensure smooth and successful audits. Proper documentation allows auditors to interpret and verify your financial transactions accurately. Unfortunately, many businesses find themselves unprepared when faced with an audit, lacking the necessary documentation. This can lead to auditors assuming transactions are taxable, or making historical projections or arbitrary assessments of taxable sales.
Speaker: Joe Wroblewski, Sales Engineer Manager
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
CPA Practice
JULY 22, 2024
New research by international telecommunications provider TollFreeForwarding.com reveals that accounting and tax is the second-happiest industry to work in. The Los Angeles-based company analyzed Glassdoor review data for 200 companies across 10 industries and ranked them based on the following six criteria: Culture and values Diversity and inclusion Work-life balance Compensation Career opportunities Senior management satisfaction Each industry was scored on a scale of 1 to 100 for each categor
TaxConnex
JULY 23, 2024
The nature of sales tax audits has changed over the last several years, post-Wayfair. Prior to Wayfair, a significant component of sales tax audits was focused on use tax. Specifically, tax due on purchases that were not charged since the vendor did not have nexus in the state of the sale. Today, more and more companies have an obligation to charge sales tax, and use tax is less of an issue.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Ronika Khanna CPA,CA
JULY 26, 2024
Any sales that occur within a business where payment is not made up front (eg. retail) or in advance of the sale (eg. down payment for a car), is reflected as an “Accounts Receivable”, which is accounting terminology for amounts owing by customers to a business. It is good to have accounts receivable, as this means you are generating sales. The downside, however, of having accounts receivable is that it represents cash that you don't have now, and along with that comes the possibility that your
Going Concern
JULY 26, 2024
Sage (yes, that Sage), a “dynamic ‘think-and-do’ tank” called Demos , and the Association of Chartered Certified Accountants (ACCA) over in the UK have released a “groundbreaking study” in which 1,126 accountants and bookkeepers in senior roles were surveyed to harvest their thoughts on AI in the profession. “The accounting industry is on the brink of significant transformation as widespread AI adoption in UK accounting practices could add £2 billion to
CPA Practice
JULY 16, 2024
By Davis Bell. In business, as in life, change is the only true constant. From mitigating unprecedented business disruptors to adapting to new operational paradigms, professionals in all industries find themselves dealing with major changes — many of them driven by emerging technologies. [Go to Part II of this two-part series.] Accounting is no exception.
Patriot Software
JULY 25, 2024
Tracking your employees’ time worked ensures you pay them accurately and comply with labor laws. Although you can use whatever method you want, you need a dependable and organized system, especially as your business grows. Learn how to track employee hours with time and attendance software and other alternatives. Why does tracking employee hours matter?
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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
TaxConnex
JULY 30, 2024
Sales tax isn’t simple. Here’s a step-by-step overview of various complications of sales tax compliance – and how to handle them. Nexus Historically this connection between a company and a tax jurisdiction has been primarily physical , meaning that a company had an office, employees, trade show exhibits, inventory, contractors and so on in a state. Then came 2018’s South Dakota vs.
RogerRossmeisl
JULY 22, 2024
(As appearing in IR 2024-186) IRS reminds car dealers and sellers to be aware of phishing scams The Internal Revenue Service would like to remind car dealers and sellers to be aware of evolving phishing and smishing scams that could impact day-to-day operations of the business. In light of the recent ransomware attack against CDK, the IRS is warning individuals and businesses to remain vigilant against these attacks.
BurklandAssociates
JULY 30, 2024
You can expect to receive your first communications from benefits providers before the start of fall, and will most likely see a price increase for 2025, so it’s time to start preparing now. The post Healthcare Open Enrollment Support for Startups appeared first on Burkland.
Accounting Today
JULY 10, 2024
Some of Accounting Today's fastest-growing firms share what turbo-charged their expansion over the past year.
Advertiser: Paycor
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.
CPA Practice
JULY 16, 2024
Chicago-based RSM US brought in $4 billion in revenue during the firm’s most recent fiscal year, with consulting driving business growth, according to its FY 2024 Impact Report. The firm reached the $4 billion mark after a nearly 8% increase in revenue in FY 2024, up from $3.7 billion in FY 2023. “We have made significant progress during the last year in our journey to become an even more compelling, digital and global organization committed to leading the middle market into the future,” Brian B
Acterys
JULY 30, 2024
Acterys 24.1 Offers Planning and Solution Deployment at Unprecedented Speeds (Chicago, Illinois., July 31, 2024) — Acterys, a leading provider of AI-driven business planning and intelligence solutions, has released Acterys 24.1, which combines the power of AI with the robust functionality of Power BI and Excel to set new standards in speed, efficiency, and security.
TaxConnex
JULY 9, 2024
Sales tax compliance has many moving parts, not just in the filing but in everything that goes into making sure you stay on the legal side of the jurisdictions where you have sales tax nexus. Just remember, a lot can go wrong along the way. 1. Billing systems You charge the customers sales tax for online purchases, they pay and you remit the money to the tax jurisdictions.
RogerRossmeisl
JULY 15, 2024
For many businesses, such as retailers, manufacturers and contractors, strict inventory control is central to operations. If you don’t track inventory accurately, you can’t effectively produce goods, meet customer demand and realize profits. Let’s say you’re performing a year-end inventory count and you come up short. Have you miscounted or have the items been misplaced?
Speaker: Victor C. Barnes, CPA, MBA
In the climb from contributor to leader, the rules quietly change. If you’re aiming for the summit, the air gets thinner—and what got you here won’t be enough to get you to the top (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level.
BurklandAssociates
JULY 10, 2024
A guide to the tax tools in Burkland’s startup tax toolkit, grouped by the type of tax obligations they address. The post Tax Tools for Startups: Ensuring Compliance and Maximizing Benefits appeared first on Burkland.
Accounting Today
JULY 24, 2024
The CPA industry is undergoing profound change, reshaping the landscape of professional services.
MyIRSRelief
JULY 12, 2024
Understanding IRS Letter 725-B: Notice of Appointment to a Field Revenue Officer for Investigation The IRS Letter 725-B, also known as the Notice of Appointment to a Field Revenue Officer (RO) for Investigation, is a formal communication from the Internal Revenue Service (IRS) indicating that a taxpayer’s case has been assigned to a revenue officer for further investigation.
Acterys
JULY 17, 2024
We are beyond thrilled to announce the release of Acterys’ latest version, 24.1. The launch of Acterys 24.1 heralds a transformative era in business intelligence and planning, blending the power of AI with the robust functionality of Power BI. This release marks a significant milestone, embodying our commitment to revolutionizing enterprise planning through cutting-edge technology, all underpinned by our strategic partnership with Microsoft.
Speaker: Kim Beynon, CPA, CGMA, PMP
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
TaxConnex
JULY 16, 2024
Knowing when and where you have sales tax obligations is a key part of compliance. And understanding your taxability – especially if you don’t sell just tangible personal property (TPP) – is key to getting the right sales tax rates on transactions. Tax mapping helps you determine how items are taxed in a jurisdiction. Anything not tagged to a tax code in mapping is taxed as TTP, which may not be the best or correct sales tax rate.
RogerRossmeisl
JULY 17, 2024
July 15 Employers should deposit Social Security, Medicare and withheld income taxes for June if the monthly deposit rule applies. They should also deposit non-payroll withheld income tax for June if the monthly deposit rule applies. July 31 Report income tax withholding and FICA taxes for second quarter 2024 (Form 941) and pay any tax due. (See the exception below, under “August 12.
BurklandAssociates
JULY 23, 2024
It’s not just hackers taking notice. Customers, partners, investors, regulators, and insurers are all keeping a close eye on your cybersecurity controls. The post Why Cybersecurity is an Essential Investment in Your Startup’s Future appeared first on Burkland.
Accounting Today
JULY 3, 2024
Where does sales tax drive the most local revenue?
Speaker: Mark Gilham, FCCA, CPP
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
CPA Practice
JULY 3, 2024
By Brad Barkin Small accounting and financial services firms are facing escalating operation threats and vulnerabilities. Cybercrime is on the rise, with PwC reporting a 30% higher risk of cybersecurity attacks for financial firms. Additionally, accounting, tax preparation, and bookkeeping firms are navigating a growing staffing shortage. Technology can address both of these problems, from improved cybersecurity platforms to artificial intelligence-based tools to take over the routine processes
Withum
JULY 24, 2024
Becoming a partner in a law firm is a significant milestone, but it also comes with important financial considerations. Let’s explore some key points related to new law firm partners and their tax situation: Tax Implications for New Law Firm Partners Switch from W-2 to K-1 Taxation: Upon elevation to partner, there could be a switch from being a W-2 employee to receiving a K-1 to report income to you.
Going Concern
JULY 22, 2024
I dug through my screenshot folder earlier today when I saw this article on Journal of Accountancy because I could have sworn I had dozens of well-written Reddit comments from years ago suggesting this is where the profession was headed (including responses calling them paranoid) but alas, I came up empty handed. Anyway, this became effective on July 1: The AICPA and the National Association of State Boards of Accountancy (NASBA) announced an expansion of international testing availability of th
RogerRossmeisl
JULY 15, 2024
With school out, you might be hiring your child to work at your company. In addition to giving your son or daughter some business knowledge, you and your child could reap some tax advantages. Benefits for your child There are special tax breaks for hiring your offspring if you operate your business as one of the following: A sole proprietorship, A partnership owned by both spouses, A single-member LLC that’s treated as a sole proprietorship for tax purposes, or An LLC that’s treated as a partner
Speaker: Frank Taliano
Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.
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