Sat.Jun 18, 2022 - Fri.Jun 24, 2022

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IRS makes more progress on tax return backlog

Accounting Today

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Accountants as Advisors – and the Elephants in the Room!

PANALITIX

RESOURCES / ARTICLES. Accountants as Advisors– and the Elephants in the Room! How do Accountants sell more advisory services? This is a question we get asked a lot… and the answer can be more complicated than it appears. For starters, WHY would Accountants WANT TO sell more advisory services? There could be good reasons like: They find advisory work fun and rewarding, perhaps because they get to work more deeply with clients who value their support.

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Trending Sources

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Four Things Startup Founders Should Do Now to Prepare for a Downturn

BurklandAssociates

As noted in my May email, we recommend taking action from the downturn playbook now. In today’s article, I’ll share four things startup founders should do to prepare for a Read More. The post Four Things Startup Founders Should Do Now to Prepare for a Downturn appeared first on Burkland.

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Four years since Wayfair: A trend takes hold

TaxConnex

What a 48 months it’s been. The Supreme Court Wayfair decision four years ago gave tax jurisdictions the sudden power to require countless companies to collect and remit sales tax. Those governments jumped the on chance for such big revenue – and continue to do so. In many respects, Wayfair also opened the path to levying additional kinds of tax obligations on businesses that sell online as eCommerce becomes more and popular.

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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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How Small Businesses Can Use Artificial Intelligence

VetCPA

Science fiction movies and books may portray artificial intelligence as a human-like giant brain with thousands of wires coming from it that control whole cities and their populations. The reality today is that artificial intelligence is unobtrusive, everywhere, and we are interacting with it multiple times daily without always recognizing that we are.

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KPMG’s New Metaverse Space is Like the First-Person Shooters You Played in 1999 But Worse

Going Concern

14 or 15 years ago I trolled Bill Sheridan of the Maryland Association of CPAs on Twitter about uncovering a weapons cache they’d stashed on CPA Island, a then-revolutionary virtual space in the game Second Life MACPA had set up for…accounting things. Back in 2008 CPA Island was the first (only? It never really caught on IIRC) of its kind and promised to be an exciting hub of pixels for accounting professionals.

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13 Accounting Influencers You Might Not Be Following | Canopy

Canopy Accounting

These days, social media is a necessity in today's business world. It's a place to make connections, network and keep a pulse on your industry. Search algorithms have become more sophisticated over the years and content across social channels continues to be curated towards users’ specific interests and needs. Social media is a powerful source of industry information if you’re engaging with the right accounts.

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Bullet-Proof Your Accounts Payable with 3-Way Matching

xendoo

The process of 3-way matching in accounts payable protects your business against incorrect or fraudulent invoices. It mitigates risks in your company’s spending by making sure you don’t overpay for services or fall for counterfeit invoices. It may sound like no one would fall for invoice fraud—when a scammer pretends to be a business partner or vendor and sends a company an invoice for services that they didn’t actually deliver.

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Partners Stand to Make Millions (Maybe) If EY Breaks Up

Going Concern

The big hurdle in EY’s plan to split audit and consulting lies in whether or not its partners want to take the risk per earlier Wall Street Journal coverage in which people familiar with the matter told WSJ its roughly 12,000 partners will need to vote to approve the spinoff. Well according to this it probably won’t be too hard to get partners on board.

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I Sold My Small Business Stock After 4½ Years – Can I Qualify for the QSBS Exclusion?

Withum

I receive at least 5 calls per year with some variation of this question. The callers are asking about the exclusion for capital gain on the sale of qualified small business stock (QSBS). By the time they reach me, the callers have already spoken with their local tax advisors and/or looked on the internet, and they know there is a 5-year holding period in order to qualify for the QSBS exclusion in section 1202.

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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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Tax Strategies for Selling an S Corporation: Failing the §302 Stock Sale Tests

CTP

As a tax planner, when a client approaches you about selling their S corporation, one of the first questions to ask is whether they are selling the stock or the assets of the business. What is the difference from a tax perspective? An asset sale requires you to allocate the assets into different classes, which then determines your tax liabilities or deductions.

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HHS Announces New Version of Security Risk Assessment Tool to Help With HIPAA Security Rule Compliance

ThomsonReuters

Security Risk Assessment Tool; Security Risk Assessment Tool v3.3 User Guide (May 5, 2022). Webpage. User Guide. HHS’s Office of the National Coordinator for Health Information Technology, in collaboration with its Office for Civil Rights, has announced an updated version of the interactive Security Risk Assessment (SRA) Tool. The SRA Tool, first developed in 2014 (see our Checkpoint article ), is designed to help healthcare providers conduct a security risk assessment as required by the HIPAA

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KPMG CEO Pats His Firm on the Back For Being So Behind the Times, Roasts EY While He Does It

Going Concern

Sky News has obtained part of an internal memo KPMG Global Chairman and CEO Bill Thomas sent to firm partners earlier this month in which Mr. Thomas turns his nose up at EY’s plan to split consulting and audit practices. Some choice quotes from the memo: We are a partnership that has been strong and growing in some countries for over 150 years.

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A Letter to a Dear Friend About His Lack of a Current Will 

Withum

About three years ago, a dear friend asked me for a checklist that he and his wife could fill out before they go to an attorney to get new wills and related documents. I saw him a few days ago and mentioned whether he ever got his wills done, and he sheepishly said he hadn’t. I dropped the matter. . I am using this blog to call his attention to the importance of getting it done and will be sending a link to him and his wife.

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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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Selling an S Corporation: Using a Stock Redemption for Tax Benefits

CTP

As part of the tax planning process, business owners looking to sell their S corporation first need to establish whether they are selling the stock or the assets of the business. What is the difference from a tax perspective? An asset sale will involve assigning each business asset to an asset “class,” which then determines your tax liabilities or deductions.

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Must a Health Plan’s TPA Honor a Provider’s Request to Use HIPAA Electronic Transaction Standards?

ThomsonReuters

QUESTION: We are a TPA that administers claims for self-insured group health plans. If a health care provider asks us, acting on a health plan client’s behalf, to reimburse the provider for health care services using HIPAA’s electronic transaction standards, are we obligated to honor the request? ANSWER: If a health care provider requests that a health plan conduct a transaction subject to HIPAA’s electronic transaction standards as a standard transaction, then the health plan must do so.

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Being Home During Lockdown Shifted Accountants’ Priorities, Says Lady

Going Concern

Kristy Illuzzi, CPA, CGMA of International Federation of Accountants (IFAC) on why the Great Resignation is affecting the profession so acutely : I think the Great Resignation is interesting in that it has impacted almost every sector of our economy and every profession in some way, and it’s no different in the accounting industry. I think a lot of people during 2020, 2021, when we were on lockdown, we started doing things very differently.

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Theresa Richardson Named 2022 Women Worth Watching Award Winner

Withum

Withum is proud to share that Profiles in Diversity Journal named Theresa Richardson , Chief Talent Officer, a 2022 Women Worth Watching Award Winner. Theresa was acknowledged for her work with Withum’s Inclusion and Diversity initiatives, specifically with the Team Member Resource Groups and expanding the Firm’s team member benefits. She is a co-leader of Women of Withum , a Team Member Resource Group whose mission is to motivate, advocate and elevate women professionals with the tools they nee

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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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Downtown St. Louis Construction Update: Phase 2 of City Foundry, 21c Museum Hotel Opening and America’s Center Expansion

Anders CPA

As a firm born and raised in St. Louis, we’re always excited to share exciting construction projects happening in our own backyard. Below are a few downtown projects we have been keeping an eye on, including Phase 2 of the City Foundry, the 21c Museum Hotel opening, an expansion of the America’s Center and new luxury apartments by the CITY SC stadium.

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Are your clients crying out for advisory services?

ThomsonReuters

Most business owners have a traditional understanding of what an accountant does. File taxes. Prepare financial statements. But are your clients asking you for more? In the latest episode of Pulse of the Practice, “ A Small Business Owner’s Cry for Advisory Help ”, Paul Miller, Owner of Business by Design , and I sat down with Majaliwa Bass, founder and owner of Pooters Diapers , to discuss how her call for advisory help went unnoticed—and her quest to find a trusted advisor dedicated to helpin

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The golden rules to avoid a massive tax bill as a sole trader

Reckon

It happens every year. Sole traders around the country tread steadily toward the end of financial year on 1 July, until suddenly, their chest tightens with panic. Hot on their lips is the nail-biting question: what if I don’t have enough coin in the bank to pay my tax bill? Most sole traders will know that they’ll need to file their business tax return to the ATO between 1 July and 31 October.

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Withum Expands Transaction Advisory Practice with Investment Banking Services

Withum

Withum is excited to announce the expansion of its Advisory Practice to include Investment Banking Services. Kevin Bodnar joins the Firm as a Principal and leader of the new practice. With over 30 years of experience in Investment Banking and Financial Services, Kevin works with privately-held middle-market companies across numerous industries helping them grow, enhance value, and achieve their short and long-term goals.

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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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Top 5 Ways to Manage Workflow at Your Accounting Firm | Canopy

Canopy Accounting

Without the right processes in place, an office’s organization can quickly devolve into chaos, leaving employees feeling overwhelmed and scatter-brained. Implementing the best accounting workflow software will increase productivity and efficiency at your accounting firm. Here are the top 5 ways your organization can manage workflow.

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HHS Chart Summarizes Applicability of State and Other Surprise Billing IDR Processes

ThomsonReuters

Chart for Determining the Applicability for the Federal Independent Dispute Resolution (IDR) Process. Available at [link]. HHS has provided a variety of resources relating to the surprise medical billing protections of the No Surprises Act (enacted as part of the Consolidated Appropriations Act, 2021 (CAA)), including a chart summarizing when a state or other independent dispute resolution (IDR) process applies rather than the federal process.

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Taxpayers with Balances Due Have Been Put on Notice By the IRS

CPA Practice

The IRS has begun mailing out CP14 notices to millions of taxpayers who have a balance of $5 or more in unpaid taxes, kindly reminding them that the federal government would like its money.

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Where’s my ERC refund?

Dent Moses

Many businesses filed for employee retention credits. Unfortunately, the IRS has a staggering backlog of Form 941’s to process as a result of ERC filings along with normal quarterly filings. Below is an excerpt from the IRS website – IRS Operations During COVID-19: The IRS is now opening mail within normal timeframes. As of June 15, 2022, we had 3.7 million unprocessed Forms 941.

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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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How to Handle Stripe Disputes in E-commerce

Snyder

As your online store grows and attracts more customers, so does the risk of facing Stripe disputes. Disputes can lead to discrepancies and add more challenges to your accounting routine. How to deal with the dispute depends on the payment processor you use. With Stripe being among the most popular sales channels for e-commerce businesses globally, the question of resolving Stripe disputes is worth your attention.

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U.S. Supreme Court: MSP Rules Do Not Preclude Limited Coverage for Outpatient Dialysis

ThomsonReuters

Marietta Mem’l Hosp. Emp. Health Benefit Plan v. DaVita Inc., 2022 WL 2203328 (U.S. 2022). Available at [link]. The U.S. Supreme Court has ruled that a group health plan does not violate the Medicare Secondary Payer (MSP) rules by limiting coverage for outpatient dialysis—a treatment used almost exclusively for patients with end-stage renal disease (ESRD).

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CalCPA BUZZ: CalSavers Compliance Deadline June 30

CalCPA

State law now requires all businesses with five or more employees to participate in CalSavers if they do not offer a qualified retirement. The post CalCPA BUZZ: CalSavers Compliance Deadline June 30 appeared first on Hot Topics.

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“The First State” Becomes the 11th: Delaware Paid Family Leave Coming Soon

Patriot Software

With the passage of the Healthy Delaware Families Act (the Act), Delaware became the 11th state to guarantee paid parental, medical, and military leave for employees. Delaware paid family leave (PFL) touches the lives of both employees and their employers. While the Act won’t go into effect until 2025, there are a number of things […] 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.