Sat.Aug 06, 2022 - Fri.Aug 12, 2022

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5 Reasons to Consider Outsourcing Your Accounting

AccountingDepartment

As a company grows and evolves, business leaders and key personnel may spend more and more time devoted to bookkeeping and accounting activities than they would prefer. Some small business owners spend more than half their time managing the company's finances.

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Sales tax is a tricky world

TaxConnex

A few recent developments – including scams and fine definitions –across the country show how sales tax compliance can be complicated. New York: An appeals court ruled last month against a company that claimed eligibility for sales tax refunds on several purchases of concrete. The petitioner argued that its purchases of concrete were for a nontaxable service provided by the seller that would also provide the installation of capital improvements to real property, rather than a taxable delivery of

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Why Your Accounting Firm Needs a Blog and How To Get Started | Canopy

Canopy Accounting

Content marketing is a tool that can help increase traffic to your website, build trust with your audience and boost SEO rankings. Let’s take a look at how these things can be accomplished.

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5 Ways to Stop Employees from Colluding in Fraud

RogerRossmeisl

What happens if two or more individuals in your organization collude to commit fraud? According to the Association of Certified Fraud Examiners’ (ACFE’s) 2022 Report to the Nations, fraud losses rise precipitously. The median loss for a scheme involving just one perpetrator is $57,000, but when two or more perpetrators are involved, the median loss skyrockets to $145,000.

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Planning Your Restaurants Path to Profitability

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.

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Need More Runway? Five Steps to Extend Cash

BurklandAssociates

Look critically at your spend and analyze the trade-off between a growth-at-all-costs approach and a more cash-conscious one. The post Need More Runway? Five Steps to Extend Cash appeared first on Burkland.

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Offshoring: Not New… but Increasingly Mainstream

PANALITIX

RESOURCES / ARTICLES. Offshoring: Not New… but Increasingly Mainstream. We are helping lot of Accountants with outsourcing their work, especially to ‘offshore’ locations. This is not a new topic… but there is more momentum than ever before so let’s look at offshoring in more detail. Why consider offshoring in the first place? Here are our top 6 reasons: 1.

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A Candid Talk with Ford CEO Jim Farley on Ford’s EV Future

RogerRossmeisl

As posted to the Munro Live YouTube Channel on 8/1/2022 (Run Time 49 min, 46 sec) Ford CEO Jim Farley, Linda Zhang (F-150 Chief Nameplate Engineer), and Doug Field (Chief Officer of EVs and Digital Systems) deliver Munro & Associates a Ford F-150 Lightning and sit down for a down-to-earth interview with Sandy Munro to discuss, among other things, urgent changes necessary to avoid a financial calamity in the transition to EVs.

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Guess What? People Die and Leave a Mess for Us to Handle

Intuitive Accountant

Internationally renowned ProAdvisor Esther Friedberg Karp shares a personal—and prevalent—story about why you (accountants, advisors, family) need to be prepared when the inevitable happens.

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The Rule of Life by Kurt Vonnegut

Withum

“Hello, babies. Welcome to Earth. It’s hot in the summer and cold in the winter. It’s round and wet and crowded. At the outside, babies, you’ve got about a hundred years here. There’s only one rule that I know of, babies—: “‘…you’ve got to be kind.'” This is from God Bless You, Mr. Rosewater by Kurt Vonnegut.

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Small Business Owner’s Equity Guide

xendoo

If you’re a small business owner, you know that keeping track of all the moving parts can be challenging. Most small business owners keep track of their profit and loss statement , but the owner’s equity is equally important (and often overlooked). . In this guide, we will explain what owner’s equity is and how to calculate it. We will also give tips on how to grow your equity and protect it from potential risks. .

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How Automation is Driving Efficiency Through the Last Mile of Reporting

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

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Valuators Know How to Evaluate Compensation Levels

RogerRossmeisl

Reasonable (or replacement) owners’ compensation can be a hot button during IRS audits, divorces, shareholder disputes and other litigation matters involving the value of a private business. What’s appropriate depends on the facts and circumstances. Applying federal tax guidance The IRS is on the lookout for C corporations that pay employee/shareholders excessive salaries in place of dividends.

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Robert Minkler, Jr. Named a 2022 Managing Partner Elite by Accounting Today

Anders CPA

Anders Managing Partner Robert Minkler, Jr. has been recognized by Accounting Today as a 2022 Managing Partner Elite honoree. Each year, Accounting Today evaluates firm leaders who innovate and continue to move their firms and the industry forward. The MP Elite understands disruption and evolution is a key factor in their success. . According to Accounting Today, while the events of the last few years pushed many CPA firms out of their comfort zones, the 2022 Managing Partner Elite had marched t

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Channelling abundant creativity into your business

Reckon

“Stitchery & Co. has been around for five years. It started out as a small business, just me teaching sewing, and now it’s grown into something that is a creative hub for lots of people.”. Possessing creativity in a business setting is a highly prized soft skill. Having the ability to create meaningful connections and dream up solutions to obstacles will serve any business owner well.

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Tax Planning Software – Artificial Intelligence or Skill Saw?

CTP

By Dominique Molina, CPA MST CTS. Have you asked yourself, do I really have to study tax planning? Can’t I just select a software providing Artificial Intelligence to inform me what to do? If you’ve read my articles about tax planning before, no doubt you’ve read my description of tax planning software as an instrumental tool. It can provide valuable insights such as data extracted from your tax returns, calculation of minimum required estimated tax payments, and even a few tips to save annual

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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Practice Protect: IRS 4557 Compliance – A Cyber Security Synopsis

Intuitive Accountant

Are you fully compliant with IRS Guideline 4557? The updated form, W-12, is asking you to confirm the adequacy of your systems and procedures to protect against data breaches.

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IRS Extends SECURE Act and CARES Act Amendment Deadlines

ThomsonReuters

Notice 2022-33, 2022-34 I.R.B. __ (Aug. 22, 2022). Available at [link]. The IRS has extended the deadlines for adopting retirement plan amendments to reflect certain provisions of the SECURE Act and the CARES Act. As background, under the SECURE Act, the plan amendment deadline for most plans is the last day of the first plan year beginning on or after January 1, 2022 (2024 for governmental and applicable collectively bargained plans; see our Checkpoint article ).

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What are NFTs (Non-Fungible Tokens)?

Reckon

You’ve probably heard that the hot new ticket in town is the hard to pin down ‘NFT’ or non fungible token. If you’re confused about what NFTs are and why you should care, you’re not alone. So, let’s shed some light on the blockchain’s newest spawn – the non-fungible token! Are they art? Are they a new mode of ownership? Are they a type of cryptocurrency?

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Take Advantage of Increased Estate Tax Exemption and Gift Tax Exclusions in 2022

Anders CPA

Annual gifting is a valuable part of most estate plans. With increased gift and estate tax exclusions in 2022, now is a great time to review your estate plan to make sure you’re taking advantage of ways to lower your taxable estate. Below we cover the details of the current gift tax exclusions, increased exemptions for 2022, the limited application of anti-clawback rules and why you should consider gifting now.

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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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Why Should You Consider Outsourced CFO Services?

IgniteSpot

5 Reasons to Consider Outsourced CFO Services. Outsource or in-house ? Your company size, structure, and industry often dictate the right choice, but so do the potential benefits. As an outsourced accounting firm, we could give a laundry list of reasons to switch to outsourced services, but we’ll leave it at five. for now.

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Addressing Air Ambulance Services, Court Again Vacates Portions of No Surprises Act’s IDR Regulations

ThomsonReuters

LifeNet, Inc. v. HHS, 2022 WL 2959715 (E.D. Tex. 2022). A federal trial court has again vacated key portions of the interim final regulations implementing the independent dispute resolution (IDR) provisions of the No Surprises Act—this time relating to air ambulance services. As background, the No Surprises Act, enacted as part of the Consolidated Appropriations Act, 2021 (CAA), expanded patient protections to shield individuals from surprise bills for certain out-of-network emergency and non-em

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Number of the Day: $103,880

Going Concern

This is the salary Gen Z undergrads expect to earn in their first job right out of college, according to a recent survey by Real Estate Witch. The survey goes on to say: The average starting salary for recent graduates is $55,260 , but students expect to earn almost double that — $103,880 — one year out of college. That’s nearly $46,000 more than they expected to make just three years ago.

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Do You Need to Outsource Your Accounts Payable?

Basis 365

A provider that offers Accounts Payable automation could be the difference between success or failure when your company decides to outsource. Although outsourcing payables may not be for everyone, it is something that you should consider. Accounts Payable - A Quick Overview In a nutshell, accounts payable refers to money owed to vendors or suppliers.

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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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Should I Use Data-Driven Attribution?

Snyder

Marketing is expensive, and marketing insights are as crucial for your business as accounting insights. It is of utmost importance that you understand what’s working and what isn’t to make the best use of your resources–this is where data-driven attribution comes in. In this article, we’ll discuss what data-driven attribution is, its advantages, and who should use it.

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How Should Health Plans Implement Access Control Under the HIPAA Security Rule?

ThomsonReuters

QUESTION: Our company sponsors a self-insured health plan, and employees who perform plan administration functions have access to electronic protected health information (PHI). How do we control access to PHI to comply with the HIPAA security rule? ANSWER: The HIPAA security rule applies to electronic PHI created, received, maintained, or transmitted by health plans or their business associates.

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QBO Monday Minute: New QuickBooks Online Navigation View

Intuitive Accountant

With a QBO new menu set to roll out, Liz Scott takes a look at a couple of the features and how they will help benefit you in the long run.

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ICYMI: There Was an Excel All-Star Battle on ESPN

Going Concern

3 Excel tasks, 1 winner. All-star Excel esports battle! Excel esports on ESPN show world the pain of format errors [ Ars Technica ]. The post ICYMI: There Was an Excel All-Star Battle on ESPN appeared first on Going Concern.

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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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The 0.9% Additional Medicare Tax You May Need to Withhold

Patriot Software

Calculate wages. Withhold taxes. Repeat. That’s the cycle of running payroll for you. But every so often, you’ll get a curveball that changes tax rates. And if an employee earns beyond a certain amount, that curveball is the additional Medicare tax. So, how much do you know about the (spoiler alert) 0.9% Medicare additional tax? […] READ MORE.

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Superfund Chemical Excise Tax FAQ: What companies need to know

ThomsonReuters

Effective July 1, 2022, as required by the Infrastructure Investment and Jobs Act (IIJA) passed last November, the Internal Revenue Service (IRS) has reinstated the Superfund Chemical Excise Tax on a wide range of chemicals and substances. These taxes have not been in effect since 1995, so over the past 27 years are now scrambling to understand the complexities and requirements of this new iteration of the law.

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How to Help Your Client Sell Their Business

Intuitive Accountant

Eventually, every business owner either sells his business, hands it down to a trusted person or shut it down altogether. Hayden Nelson & Yoder's Christopher Hayden shows how you can help as a trusted advisor.

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Returning to the Office? Don’t Get Fat! (Again)

Going Concern

Creating the perfect mom/ dad bod takes time. My dad bod developed after years of slouching in an office chair, ignoring exercise, and eating and drinking pretty much everything in sight. By the ripe-old age of 3 5 , my once bulging biceps migrated to my backside and my powerful pecs placidly plunged to meet and merge with “the keg” (formerly a toned six-pack).

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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.