Ryan Lazanis

JANUARY 5, 2023

You may be starting an accounting firm and unsure how to build it without burning yourself out, or you may have a 6- or 7-figure firm where you’re working too much. I’ll share a 7-step path you can follow to significantly minimize your workload. Listen Below. 1:17 – The goal of each step will be to better systematize your business and/or significantly shield your time from areas that you should not be involved in. 2:00 – Step 1 in the pathway to reduce your workload is to

accounting firms 52

accounting firms Account accountant accounted 52

Mark Lee

JANUARY 3, 2023

As 2023 dawns here are 10 New Year resolutions that I would encourage you to consider. Where possible you will also find links to earlier posts I have previously written about the topic. 1. Reducing the January rush. Although I want to blame my clients for ignoring my persistent requests I have had enough and will start planning now to avoid any problems ahead of next year’s deadline.

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Account accountant accounted Non-Profits 59

Insightful Accountant

JANUARY 5, 2023

Canopy's Tax Resolution Subject Matter Expert Jason Penninger provides his thoughts on what the accounting profession might expect to see in 2023.

Tax 81

Tax Account accountant accounted 81

Basis 365

JANUARY 5, 2023

Budgeting is an essential part of any business. However, many companies need help managing their finances and making the right decisions. We've developed seven budgeting strategies for businesses looking to scale in 2023. 1.Define and understand the risks When you are creating your budget for the year, make sure you consider the risks. These could be financial risks such as a sudden drop in sales or an increase in expenses that lowers your profit margin for the quarter.

Finance 52

Finance Sales Retail 52

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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 110

AccountingDepartment

JANUARY 5, 2023

With 2022 behind us, it's time to start focusing on closing the books for the year and putting 2023's goals in the sights of business owners. Closing the books is a critical business process for many reasons. Doing so leads to the data needed for the creation of financial statements that can guide strategy and decision-making for business owners.

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financial statements bookkeeping services NetSuite bookkeeping 67

Going Concern

DECEMBER 31, 2022

With just seconds left in 2022 (this is scheduled to publish on 11:59 PM on December 31st), let’s take a quick look back on the ten stories that seemed to have the most buzz this past year. Some may be surprising, EY gets way too many mentions, and a lot of people were interested in salary projections. 10. Corporate Overlords Try to Scare Us Back Into the Office With Figures on How Much WFH is Costing You. [ Article ].

accountant salary 103

accountant salary audit accounting and finance Tax 103

RogerRossmeisl

JANUARY 2, 2023

The biannual Association of Certified Fraud Examiners “Report to the Nations” has repeatedly concluded that the longer fraud schemes remain undetected, the greater the losses for the victimized organizations. According to the 2022 report, the average fraud lasts 12 months and leads to a median loss of $117,000. But schemes that last 25 to 36 months result in a median loss of $300,000, and if fraudsters are able to conceal their theft for five years, the median loss rises to $800,000.

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CPA Technology 130

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 payroll tax Tax Start-ups 136

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 standards 246

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.

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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South Dakota Sales Alaska Tax 194

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 243

MyIRSRelief

JANUARY 2, 2023

Types of IRS tax problems and how to resolve them. There are many types of IRS tax problems that individuals and businesses may encounter. Some common tax problems include: Failing to file a tax return: If you fail to file a tax return (1040, 1120, 1065, 941, etc.), you may be subject to penalties and interest on failure to file and on any unpaid taxes.

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Tax tax return payroll tax audit 147

BurklandAssociates

JANUARY 3, 2023

Tax deadlines for startups in 2023, including federal filing dates and key dates for San Francisco, New York, and Seattle. The post Tax Deadlines for Startups in 2023 appeared first on Burkland.

Tax 130

Tax New York 130

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

Patriot Software

JANUARY 4, 2023

Forty-five states and Washington D.C. have some type of state sales tax. Some states might even have different sales tax rates or rules for local taxes or online sales. Chances are, your business is probably in a state with sales tax. To remain compliant, you must know sales tax laws by state. Read on to […] Read More.

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Sales Tax Washington business tax 105

RogerRossmeisl

JANUARY 4, 2023

At the heart of every successful buy-sell agreement are well-reasoned business valuation provisions. By thinking through valuation matters and anticipating potential sticking points while the owners are on good terms, you can help facilitate future buyouts — when relations might be strained. Estimating value Several possible valuation approaches can be used to set the price in a buy-sell agreement.

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CPA 242

ThomsonReuters

JANUARY 5, 2023

IRS Notice 2023-03 (Dec. 29, 2022); IRS News Release IR-2022-234 (Dec. 29, 2022). Notice. News Release. The IRS has announced the optional 2023 standard mileage rates for business, medical, and other uses of an automobile, and the 2023 vehicle values that limit the application of certain rules for valuing an automobile’s use. For 2023, the business standard mileage rate is 65.5 cents per mile (a 3-cent increase from the 62.5-cent rate that applied during the second half of 2022—see our Checkpoin

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Transportation Tax Account accountant 104

Going Concern

JANUARY 5, 2023

Googling “accounting firm” as I do each and every day multiple times a day in the hopes today is the day that something interesting happens in the accounting profession, I came across this ad looking for an actor to serve as “accounting firm spokesperson” in a client onboarding production. Anyone wanna make $75 an hour? Surely it’s more than most of you are making now.

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accounting firms Account accountant accounted 102

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Technology

Intuitive Accountant

JANUARY 2, 2023

If you're still reassessing your tech alternatives after attending 'QB Connect,' Powerful Accounting's Dawn Brolin offers some tips to help give you clarity and confidence before making a move to change up your tech stack.

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Account accountant accounted 99

RogerRossmeisl

JANUARY 2, 2023

When valuing a business, recent market volatility may well translate into higher discounts for lack of marketability (DLOM) because investors generally will pay less for illiquid, risky investments. However, there’s a silver lining to economic uncertainty: It provides an opportunity for wealthy individuals to gift private business interests at significant discounts, potentially saving a substantial amount in taxes.

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CPA Tax cpa firm 242

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

Going Concern

JANUARY 4, 2023

The last of the 2021 Big 4 PCAOB inspection reports belongs to KPMG, which has had the highest audit deficiency rate of the four firms for six out of the previous seven years —the lone exception being 2019. Make that seven out of the last eight: In the 2021 inspection of KPMG LLP, the PCAOB assessed the firm’s compliance with laws, rules, and professional standards applicable to the audits of public companies.

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audit Real Estate financial statements auditor 99

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Technology

CalCPA

JANUARY 2, 2023

At the end of January, CalCPA’s advocacy team will host a Legislative Summit to bring CalCPA and public policy leaders together to discuss. The post CalCPA BUZZ: Join the Legislative Summit appeared first on Hot Topics.

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RogerRossmeisl

JANUARY 2, 2023

Socking away money in a tax-advantaged retirement plan can help you reduce taxes and help secure a comfortable retirement. If your employer offers a 401(k) or Roth 401(k), contributing to the plan is a smart way to build a substantial nest egg. If you’re not already contributing the maximum allowed, consider increasing your contribution. Because of tax-deferred compounding (tax-free in the case of Roth accounts), boosting contributions can have a major impact on the amount of money you’ll have i

CPA 239

CPA Tax Account accountant 239

Withum

DECEMBER 31, 2022

On January 1, 2023, O’Connor & Drew, PC , a public accounting, tax and business advisory firm headquartered in Braintree, MA, today announced it joined its practice with WithumSmith+Brown, PC (Withum), a nationally recognized CPA and advisory firm with 20 offices and annual revenue of $450M, ranking in the top 25 firms in the country. O’Connor & Drew’s 18 partners and approximately 110 team members will join the Withum roster and remain at their locations in Braintree and Winchester, MA.

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Non-Profits Real Estate Manufacturing Education 98

Going Concern

JANUARY 2, 2023

Welcome to 2023! You made it! So happy to see you. Let’s see if anything happened while I was gone last week. … Wow, nothin’ huh? Alright, this news brief is going to be extra brief I guess. Deloitte has lowered its UK office temperatures by 2 degrees Celsius (35.6 degrees F) to cut costs and carbon emissions, this is expected to save £75,000 in December.

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Account accountant accounted Delaware 96

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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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Account accountant accounted accounts payable 92

RogerRossmeisl

JANUARY 4, 2023

If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using the last in, first out (LIFO) inventory method. That’s because of the LIFO recapture income that will be triggered by converting to S corporation status. Consider computing in advance what the tax on this recapture would be and to see what planning steps might be taken to minimize it.

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Tax CPA Account accountant 229

Patriot Software

JANUARY 2, 2023

Miles spent driving to meet clients, going to an office supply store, and depositing a customer’s check at the bank can add up. If you use a vehicle for small business purposes, you might qualify for a business mileage deduction from the IRS. You might be thinking that a business mileage deduction is only going […] Read More.

business tax 92

business tax Tax Account accountant 92

Going Concern

JANUARY 6, 2023

Fat Joe’s favorite audit firm once again had a spectacularly horrible PCAOB inspection report. In the 2021 inspection of BDO USA, LLP, the PCAOB assessed the firm’s compliance with laws, rules, and professional standards applicable to the audits of public companies. We selected for review 30 audits of issuers with fiscal years generally ending in 2020.

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audit Real Estate financial statements auditor 95

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