Sat.Dec 31, 2022 - Fri.Jan 06, 2023

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The 7-Step Pathway to Reducing Your Workload

Ryan Lazanis

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

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10 New Year Resolutions for Ambitious Accountants

Mark Lee

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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The Year Ahead

Insightful Accountant

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

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7 Budgeting Tips to Implement in 2023

Basis 365

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.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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Even People Who Majored in Accounting Don’t Want To Be Accountants

Going Concern

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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The Financial Close Process Explained

AccountingDepartment

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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ICYMI: The Ten Most Popular, Not at All Clickbaity Stories of 2022

Going Concern

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 ].

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How AI and Machine Learning Help Fight Fraud

RogerRossmeisl

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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What We’re ERC’ing With the Employee Retention Credit

Withum

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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Changes to Lease Accounting Rules (ASC 842)

SMBAccountant

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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Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.

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Economic nexus overview - all states with sales tax now active

TaxConnex

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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Sold Stock Before Year-End? Watch Out for the Wash Sale Rule

RogerRossmeisl

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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New year tax resolution – resolve your tax problem today

MyIRSRelief

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 Deadlines for Startups in 2023

BurklandAssociates

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.

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

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Your 4-Step Plan for Assessing Your Tech Options

Intuitive Accountant

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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Valuation Provisions to Incorporate into Buy-Sell Agreements

RogerRossmeisl

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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KPMG Still Rocks at Having the Worst PCAOB Inspection Report Among the Big 4

Going Concern

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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Sales Tax Laws by State: What’re Your State’s Rules?

Patriot Software

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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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"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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IRS Announces 2023 Standard Mileage Rates and Vehicle Value Limitations

ThomsonReuters

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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How Business Valuators Estimate the DLOM in a Volatile Market

RogerRossmeisl

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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An Accounting Firm Is Hiring an Honest-to-God Actor to Perform in a Client Onboarding Video

Going Concern

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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How to Avoid Burnout During Busy Season | Canopy

Canopy Accounting

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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Finding “The One:” The Ultimate Guide to Selecting Financial Software

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

As finance and accounting practitioners, you are expected to complete daily operations as well as to manage next generation tools and resources to support a business that is growing in complexity. Having the right software can be critical in juggling and meeting those high expectations. The path to the right software, however, is paved with challenging decisions.

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CalCPA BUZZ: Join the Legislative Summit

CalCPA

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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Save for Retirement by Getting the Most Out of Your 401(k) Plan

RogerRossmeisl

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

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BDO USA Botched More Than Half of Its Audits Inspected By the PCAOB In 2021

Going Concern

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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O’Connor & Drew Joins its Practice with Withum

Withum

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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2024 Payroll Calendar Templates

These calendars provide pay period dates and paydays for biweekly, semi-monthly, and monthly payroll in 2024. Use them as a reminder or share with employees so they can celebrate payday.

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What Can Outsourced Bookkeeping Services Do for My IT Company?

IgniteSpot

You’re spending too much time on the books. Whether you’re the owner or an executive, you have bigger fish to fry than getting dizzy over data entry all day. Pro bookkeepers can keep the books in order for your IT company.

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How to Minimize the S Corporation LIFO Recapture Tax

RogerRossmeisl

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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Monday Morning Accounting News Brief: Welcome to ’23; Deloitte Gets Chilly; Stop B*tching About Busy Season! | 1.2.23

Going Concern

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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The benefits of the shared accounting inbox for AR and AP

Lockstep

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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Predictions You Can Rely On: How Data Drives Successful Financial Forecasting

Speaker: Robbie Bhathal, Founder & CEO, and Matthew Acalin, Head of Credit Intelligence

In today's volatile financial environment, how confident are you in your company’s financial forecasting? To get the most accurate cash predictions that will lead to long-term financial survival, real-time data is critical. Innovative cash management strategies can lead to better credit opportunities, more sustainable growth, and long-term financial prosperity.