CPA Practice

AUGUST 10, 2023

By Jim Boomer, CPA. As a leader, no matter your position or stance, you must lead effectively through diversity, equity and inclusion (DE&I) opportunities that ultimately impact us all. Pursuing diversity is essential, but how do you build such an environment? This article busts some myths about diversity in the accounting profession and provides tips and strategies on how CPA firm leaders can cultivate a culture of belonging within their organizations.

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Accounting Today

AUGUST 8, 2023

The four largest firms are squarely on 'Team Human' when it comes to artificial intelligence — and don't believe the tech is even at a level where it can take over all of a human's job.

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Basis 365

AUGUST 8, 2023

With the dynamic business landscape, many companies are turning to outsourced accounting firms to streamline their financial processes and gain access to specialized expertise. Outsourcing accounting functions can offer numerous benefits, including cost savings, improved accuracy, and enhanced efficiency. However, selecting the right outsourced accounting firm is crucial for the success of your organization.

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accounting firms Account accountant accounted 98

CPA Practice

AUGUST 8, 2023

Champions of audit quality will not be happy with this news from the Public Company Accounting Oversight Board (PCAOB). A staff report released by the audit regulator late last month shows a year-over-year increase in the number of audits with deficiencies at audit firms that the PCAOB inspected in 2022. The report, “ Staff Update and Preview of 2022 Inspection Observations ,” presents aggregate observations from the PCAOB’s inspections of certain public company audits conducted by 157 audit fir

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

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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TaxConnex

AUGUST 10, 2023

Your online business is painfully aware of tax deadlines for income, payroll, property and other local taxes. Sales and use taxes have their deadlines, too – a dizzying number to follow, potentially with bad consequences if you miss even one. A lot of complications Currently, sales tax across the U.S. has many deadlines, often every month – but not on the same day for every business or state.

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RogerRossmeisl

AUGUST 6, 2023

Asset misappropriation schemes make up more than half of all occupational fraud schemes, according to the Association of Certified Fraud Examiners. It’s a broad category that includes everything from skimming cash to stealing inventory to paying “ghost” employees. One hotspot for asset misappropriation is the accounts receivables department, where dishonest staffers could potentially divert customer payments for their own use.

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Account accountant accounted CPA 130

Accounting Today

AUGUST 9, 2023

The Internal Revenue Service is cracking down on the use of employee stock ownership plans as a way to avoid taxes.

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AccountingDepartment

AUGUST 8, 2023

Outsourcing bookkeeping functions can be a strategic decision for businesses, providing professional expertise and freeing up valuable time for core operations. However, selecting the right bookkeeping service provider is crucial to ensure a seamless and successful partnership. In this blog post, we will guide business owners in choosing the right bookkeeping service provider by highlighting key factors such as industry experience, service offerings, reputation, technology integration, and clien

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bookkeeping services bookkeeping Technology Account 73

Basis 365

AUGUST 10, 2023

Businesses today face increasing pressure to optimize their financial operations while focusing on core competencies. Outsourcing accounting functions has emerged as a strategic solution to enhance financial efficiency, allowing companies to streamline processes, reduce costs, and access specialized expertise—benefits of outsourcing accounting and how it can contribute to improved financial efficiency.

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Account accountant accounted Technology 94

Airbase

AUGUST 11, 2023

The COVID-19 pandemic, an economic slowdown, more restricted access to capital — for many organizations, the last few years have been marked by quick pivots and continual re-forecasting. This uncertainty and fast pace of change have laid bare the limitations of the traditional monthly close. Fast responses demand accurate and up-to-date data. As a result, more and more finance teams now realize the advantages of a continuous close, sometimes called a “rolling close.

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RogerRossmeisl

AUGUST 6, 2023

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. July 31 Report income tax withholding and FICA taxes for second quarter 2023 (Form 941) and pay any tax due.

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BurklandAssociates

AUGUST 8, 2023

The venture capital industry is cyclical and ultimately self-correcting. Be patient if you can, better conditions are not far off. The post Understanding the VC Cycle appeared first on Burkland.

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TaxConnex

AUGUST 8, 2023

Valid exemption certificates from your customers are critical in managing your overall sales tax risk. Yet a surprising number of companies have inadequate processes to receive, validate, maintain, and update exemption certificates. Under audit, an otherwise exempt sale will be deemed taxable without such documentation. That leaves you open to liability.

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auditor audit Tax Sales 130

Airbase

AUGUST 9, 2023

Prospective unicorns focus on rapidly scaling their business to reach the elusive $1B valuation. However, in that rush, their infrastructure typically progresses in a painfully inadequate and often disorganized manner. Systems and processes are continually straining and require updating to respond to the ever-shifting demands created by growth. Effective change management recognizes that these changes, even positive ones, can be disruptive for employees.

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Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

RogerRossmeisl

AUGUST 6, 2023

When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for a comfortable retirement. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a “spousal” IRA. It allows contributions to be made for a spouse who is out of work or who stays home to care for children, elderly parents or for other reasons, as long as the couple files a joint tax return.

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tax return CPA Tax 245

Accounting Today

AUGUST 10, 2023

The Public Company Accounting Oversight Board saw high rates of deficiency when inspecting audits of brokers and dealers last year, with little to no improvement over prior years.

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audit Account accountant accounted 98

CPA Practice

AUGUST 11, 2023

From the Kiplinger Consumer News Service (via TNS). Employee retention credits have been in the news lately. The Department of Justice recently arrested a New Jersey tax preparer for allegedly seeking more than $124 million from the IRS. The multi-millions came from filings of over 1,000 false tax forms claiming the pandemic-related employee retention credit, also referred to as the ERTC or ERC.

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Canopy Accounting

AUGUST 10, 2023

In this webinar “Lies Accountants Tell Themselves”, our panelists discuss Canopy’s recent 2023 Accounting Practice Management Survey and how some of the findings may indicate that accountants are convincing themselves of “truths” that may be damaging their attempts at building a successful firm. Watch the replay video below to gain some perspectives that can help you take a closer look at your own business practices and where there is room for improvement.

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Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

Technology

RogerRossmeisl

AUGUST 6, 2023

If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE tax is imposed at the painfully high rate of 15.3% on the first $160,200 of net SE income. This includes 12.4% for Social Security tax and 2.9% for Medicare tax. The $160,200 Social Security tax ceiling is up from the $147,000 ceiling for 2022, and it’s only going to get worse in future years, thanks to inflation.

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Tax CPA business tax 245

Accounting Today

AUGUST 11, 2023

Taxpayers who aren't under examination have a new option that promises to make it easier to request relief when they need to file international tax forms and documents past a deadline.

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CPA Practice

AUGUST 11, 2023

A South Carolina woman was sentenced today to 37 months in prison for conspiring to defraud the United States by preparing and filing false tax returns. According to court documents and statements made in court, Georgina Gonzalez, formerly of Miami, worked as a tax return preparer since at least 2013. For the 2016 and 2017 tax filing seasons, Gonzalez temporarily relocated to South Carolina to prepare returns and manage multiple locations of a tax preparation business located in Columbia.

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Going Concern

AUGUST 10, 2023

The comment period for “ Amendments to PCAOB Auditing Standards related to a Company’s Noncompliance with Laws and Regulations ” (is now closed which means we get to see the comment letters ( here ). As you would expect (and hope), most are thoughtfully presented and argued like the Center for Audit Quality’s 13,803 words. If you want a serious read on this topic, check out FT’s article.

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Finance

RogerRossmeisl

AUGUST 6, 2023

If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies to Social Security and income taxes that are withheld by a business from its employees’ wages. Sweeping penalty The TFRP is dangerous because it applies to a broad range of actions and to a wide range of people involved in a business.

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income tax CPA Tax Account 245

Cherry Bekaert

AUGUST 10, 2023

Pass-through entity taxes (PTET) are constantly changing on a state-by-state basis. To help our clients keep up with the latest PTET election news, please see our monthly PTET election updates. Alabama The Alabama Department of Revenue announced that an extension of the tax year 2022 PTET election due date will be provided for certain pass-through entities (PTEs) that may have intended to elect, but did not execute, a valid election by the original due date.

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CPA Practice

AUGUST 11, 2023

Technologists Randy Johnston and Brian Tankersley, CPA, discuss the 2023 Accounting Firm Operations and Technology Survey (AFOT). Use the podcast player below to listen. Transcript (Note: There may be typos due to transcription errors.) SPEAKERS Randy Johnston, Brian F. Tankersley, CPA.CITP, CGMA Randy Johnston 00:03 Good day. Welcome to Technology Lab.

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Canopy Accounting

AUGUST 8, 2023

In our recent Canopy webinar we dove into 3 key topics that can allow firms to make more money and scale their organizations more sustainably. There are so many ways a firm can operate with more focus and strategy, but in the recent webinar we dove into the big ways that can make fast changes.

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accounting firms Account accountant accounted 98

Advertiser: Paycor

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RogerRossmeisl

AUGUST 6, 2023

Business valuation professionals often use public stock market data to value private businesses — even though there are critical differences between closely held and publicly traded companies. Here’s an overview of how valuators modify their analyses to take advantage of objective, market-based indicators of value. Recognizing key differences Public companies differ from private ones in the following five critical ways: Level of oversight, differing goals.

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CPA 244

Withum

AUGUST 8, 2023

Withum is proud to share that the Los Angeles Business Journal (LABJ) has named Aza Ghazaryan, Partner, and Kerra Diener, Senior Manager, on their Leaders of Influence: Women in Accounting list for 2023. Aza Ghazaryan CPA, MBA, is a tax partner with over 15 years of experience in helping business minimize their tax liability. She provides tax compliance and consulting services to partnerships and high-net-worth individuals and serves business clients in various industries, including real estate

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CPA Practice

AUGUST 10, 2023

By Jim Tucker , CFP®, CRPS®. Money is usually a topic that families avoid around the dinner table. Thus, it often is extremely difficult to introduce this topic as we age. However, money matters must become an essential discussion topic for aging parents and their adult children. Aging brings about unanticipated financial challenges that elderly parents need help navigating.

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Accounting Today

AUGUST 10, 2023

The Accountants Salute the Troops campaign is bringing the accounting profession together to increase awareness of the USO's mission and raise much-needed funding to support the men and women of our military.

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"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.

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