ThomsonReuters

AUGUST 3, 2023

In the rapidly evolving landscape of the tax and accounting industry, specialization has emerged as a solid differentiator, providing firms with a distinct competitive edge. As clients’ needs become more diverse and complex, offering cookie-cutter services is no longer sufficient. Instead, firms are embracing specialization to tailor their expertise and solutions to match the unique requirements of their target clients. 1.

accounting firms 98

accounting firms Account accountant accounted 98

Insightful Accountant

AUGUST 2, 2023

New Oracle NetSuite white paper not only provides a guide for CFOs about the topics of AI and Machine Learning, but also evaluates ChatGPT. Read our summary of how ChatGPT explained ASC 842 compliance.

NetSuite 91

NetSuite Account accountant accounted 91

Basis 365

AUGUST 3, 2023

In today's globalized business landscape, outsourcing has become a popular strategy for companies looking to streamline operations and reduce costs. One area that has seen significant outsourcing is accounting. Outsourced accounting models allow businesses to access specialized expertise, increase efficiency, and focus on core competencies. Regarding outsourced accounting, two prevalent models are offshore and onshore.

Account 52

Account accountant accounted 52

Insightful Accountant

JULY 31, 2023

A new webinar by LeaseCrunch will help guide attendees through preparing for the next chapter of ASC 842 lease accounting implementation. See how to sign up today.

Account 83

Account accountant accounted 83

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.

Account

Airbase

AUGUST 2, 2023

For many mid-market companies, it’s a little early to staff a procurement department. At Airbase, I’m the controller of a 300-person tech company without a dedicated procurement professional, so the responsibility to ensure that the procurement function is being fulfilled (policy compliance and vendor management) falls to me. Even in the absence of full procurement teams and legacy solutions, there are still steps that can help us controllers adhere to procurement best practices.

Spend Management 130

Spend Management Spend Management Tools Spend Management System accounts payable 130

Accounting Today

AUGUST 2, 2023

The Internal Revenue Service hopes to process all of the tax correspondence, notice responses and non-tax forms it receives digitally in the next two years in an effort to reduce the amount of time-consuming paper it receives in the mail.

Tax 98

Tax 98

TaxConnex

AUGUST 1, 2023

It seems like a simple part of selling online. You sell an item to a customer, they decide for whatever reason to return it, and you give them a refund. Simple. Except when sales tax becomes involved. One in every five … What are the odds your online company will have to deal with returns and make refunds? Pretty likely: At least one in every five products ordered online are returned, versus maybe one in 10 bought in a brick-and-mortar store.

Sales 130

Sales Rhode Island Tax Michigan 130

CPA Practice

AUGUST 2, 2023

Dear CPA Practice Advisor reader, We appreciate that you enjoy reading our free content, and we are committed to keeping it free. In order to do so, and to be able to expand content and add customization features, we will start requiring registration. Rest assured, the process and the content will still be free and unlimited. As you access content on cpapracticeadvisor.com , you may notice that you are being asked to either log in or sign up for an account.

CPA 97

CPA Start-ups Account accountant 97

Accounting Today

AUGUST 3, 2023

According to a plea agreement, Biden was well aware of his tax liabilities from an accountant he hired. The accountant prepared Biden's returns and sent them to him for review and signature. Despite repeated encouragement by his accountant, Biden never signed or submitted his returns.

Tax 19

Tax Account accountant accounted 19

RogerRossmeisl

AUGUST 4, 2023

There are many types of professional practices. Examples include medical, architecture, engineering, accounting, advertising, design and law. From a business valuation perspective, it’s important to recognize the common denominators these businesses share. Reliance on intangible assets Professional practices provide services rather than sell products (at least primarily).

Education 246

Education CPA Account accountant 246

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SMBAccountant

AUGUST 4, 2023

Internal audits play a crucial role in the success and sustainability of a company. They are systematic and independent evaluations of a company’s internal controls, financial reporting, and operational processes. Conducting regular internal audits helps identify potential risks, improve operational efficiency, and ensure compliance with laws and regulations.

audit 130

audit auditor Account accountant 130

BurklandAssociates

AUGUST 2, 2023

Build a file organization structure and be disciplined about saving your files to streamline future due diligence and seize the opportunity. The post Due Diligence Checklist for Startups appeared first on Burkland.

Tax 130

Tax Account accountant accounted 130

MyIRSRelief

AUGUST 1, 2023

Trucking companies form the backbone of the transportation industry, ensuring that goods are delivered efficiently and promptly across the country. However, with the increasing complexity of tax regulations, many of these companies find themselves struggling to maintain tax compliance. Non-compliance can lead to severe penalties and financial setbacks, posing a significant threat to their operations.

payroll tax 130

payroll tax Tax payroll audit 130

RogerRossmeisl

AUGUST 4, 2023

Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as simple as it may seem. Qualified improvement property For qualifying assets placed in service in tax years beginning in 2023, the maximum allowable first-year Section 179 depreciation deduction is $1.16 million.

Real Estate 245

Real Estate CPA Tax business tax 245

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.

Accounting Today

AUGUST 4, 2023

If you have clients with businesses in multiple states, product or service sales in different states, or employees in other states, they need to know a thing or two about nexus.

income tax 98

income tax Sales Tax 98

CPA Practice

AUGUST 4, 2023

By John M. Goralka, Kiplinger Consumer News Service (TNS) A buy-sell agreement is a key component of business succession planning, particularly for small businesses with two or more family groups in the ownership structure. This issue is applicable for both corporations and limited liability companies (LLCs). A buy-sell agreement provides for the possible or mandatory buyout of an owner’s interest in the business upon the occurrence of certain stated events such as death, disability, termination

Tax 98

Tax California Non-Profits income tax 98

Canopy Accounting

AUGUST 4, 2023

The accounting industry is undergoing significant changes in today's fast-paced and technology-driven world. Integrating AI and technological advancements presents challenges and opportunities for accountants and accounting firms. Remaining competitive and thriving in this evolving landscape means embracing the new — new ideas, new practices, and new technology.

Account 98

Account accountant accounted accounting firms 98

RogerRossmeisl

AUGUST 4, 2023

Expanding operations into foreign countries can help U.S. businesses reduce labor and operating costs. It can also provide them with access to new markets and potentially higher profits. You may be attracted to a country by a plentiful labor supply, significant tax benefits or government incentives. But, beware: Some foreign business environments present serious fraud risks.

CPA 245

CPA Government Tax 245

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

Accounting Today

AUGUST 4, 2023

The Internal Revenue Service and the Treasury Department said Friday they will be issuing rules for prescription drug makers and importers about a new tax imposed by a provision in last year's Inflation Reduction Act to allow Medicare to negotiate on the prices of many medications.

Tax 98

Tax 98

CPA Practice

AUGUST 4, 2023

The IRS on Aug. 4 provided guidance to taxpayers on the requirements for home energy audits in order to claim the energy efficient home improvement tax credit. Created by last year’s Inflation Reduction Act, the nonrefundable energy efficient home improvement credit is available to taxpayers who purchase and install certain energy efficient improvements in their principal residences.

audit 98

audit auditor Tax Start-ups 98

Going Concern

AUGUST 3, 2023

In what must surely be an oversight, mandatorily retired PwC Australia partner Peter van Dongen (again, great name) neglected to mention that he was forced out of the firm, saying he “agreed with PwC to bring forward my planned retirement by a few months.” AFR columnist Joe Aston writes : A month ago, embattled consultancy giant PwC announced it was booting eight partners, including Sydney-based Peter van Dongen, following an internal investigation into its tax leak scandal.

Government 98

Government Tax Start-ups public accounting 98

RogerRossmeisl

AUGUST 4, 2023

If you’re age 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially for married couples with both spouses paying them. But there may be an advantage: You may qualify for a tax break for paying the premiums. Premiums count as medical expenses For purposes of claiming an itemized deduction for medical expenses on your tax return, you can combine premiums for Medicare health insurance wit

tax return 241

tax return Tax CPA 241

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Finance

Canopy Accounting

AUGUST 3, 2023

Many of our clients are heavily invested in the stock market. While we count on the brokerage statements to help us report their income correctly, it’s imperative that we have a good working knowledge of the type of income these investments produce and how to correctly report them on the tax return.

tax return 98

tax return Tax 98

CPA Practice

AUGUST 4, 2023

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) There’s another Mega Millions drawing Aug. 4 (that’s tonight!) and the advertised jackpot has climbed to $1.25 billion. That’s an estimated cash payout of about $625.3 million, which is the fourth-largest prize in Mega Millions history. However, the Mega Millions winner will have to pay considerable federal taxes.

South Dakota 98

South Dakota New Hampshire Wyoming income tax 98

Going Concern

AUGUST 4, 2023

Thomson Reuters put out a quick guide on recruiting accounting talent in current year based on responses gleaned from their 2023 State of the Tax Professionals Report and you know what it’s not bad. It’s a refreshing break from the articles that imply ESG is more important to young people than being able to pay rent. Nope, this one has it all — competitive salary, the first date size-up, flexible working arrangements, transparency in interviewing.

accounting firms 98

accounting firms Account accountant accounted 98

ThomsonReuters

AUGUST 3, 2023

These questions can be related to changes in regulatory and compliance standards , ESG , and general business advice. As a result of the explosion of new tools and software available, accounting firms have a significant opportunity to improve their reputational status through enhanced advisory service offerings. The industry is already seeing a trend toward client service expanding beyond the scope of tax reporting to stakeholder reporting, tax optimization advice, and business performance analy

Technology 98

Technology accounting firms Tax Account 98

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Accounting Today

AUGUST 1, 2023

Hourly earnings growth for small business employees declined 0.07% to 3.95% and fell below 4% for the first time in more than two years, while hiring also moderated, according to Paychex.

payroll 98

payroll Account accountant accounted 98

CPA Practice

AUGUST 2, 2023

Treasury Secretary Janet Yellen announced on Wednesday that the IRS has set a goal to go paperless by 2025. The new initiative “marks a significant step in our efforts to digitalize IRS operations,” Yellen said. “Today, we are announcing that, by the next filing season, taxpayers will be able to digitally submit all correspondence, non-tax forms, and notice responses to the IRS.

Tax 98

Tax tax return Technology income tax 98

Going Concern

AUGUST 2, 2023

Audit Analytics has released “ A Twenty-Year Review of Audit Fees ,” an in-depth look at audit fee trends from 2002 to 2022 and there are some fun charts inside. Mainly we care about this one: In FY2003, average audit fees were $681,000; in FY2022, this number was $2,243,000. A few more factoids: The average audit fees paid by SEC registrants reached an all-time high in FY2022 at $2,242,980—representing an 11% increase from FY2021 Average total fees paid grew nearly 10% in FY2022 to

audit 98

audit auditor Agriculture accounting standards 98

ThomsonReuters

AUGUST 2, 2023

It takes a combination of insight and determination to recruit the right talent for your accounting firm. Recently, respondents to the 2023 State of the Tax Professionals Report shared their top ten tips for a successful accounting firm recruitment strategy. If you also want to ensure that your firm is staffed with the most capable and experienced professionals, here are some priorities to keep in mind. 1.

accounting firms 98

accounting firms Account accountant accounted 98

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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.

cpa firm