CPA Practice

JUNE 10, 2024

By Matthew Chancey, CFP, Kiplinger Consumer News Service (TNS) Audit. The word strikes fear in many people. They dread the scrutiny, penalties and other unfortunate outcomes when the IRS questions the accuracy or the veracity of their tax return. The IRS recently announced its plans to significantly ramp up tax audits on the wealthiest taxpayers, large corporations and large, complex partnerships for tax year 2026.

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audit Real Estate Tax income tax 72

Xero

JUNE 10, 2024

What’s your practice doing to keep up with apps and AI? As the business landscape evolves, the accounting industry must adapt to remain competitive and meet the changing needs of clients. We recognise that one key area of focus is the integration of app stacks and artificial intelligence (AI) into accounting practices so as to support future productivity and growth.

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bookkeeping Account accounted accountant 79

Accounting Today

JUNE 11, 2024

The Internal Revenue Service has announced several new policy updates now that tax season has ended.

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Tax 124

ThomsonReuters

JUNE 11, 2024

Employers and payroll professionals face a complex web of challenges while managing remote and hybrid work arrangements, particularly concerning state income tax withholding and compliance with varying state labor laws. However, implementing clear policies, fostering effective communication, and leveraging technology can help organizations navigate the ever-evolving landscape of remote and hybrid work.

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accounting firms Account accounted accountant 59

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Change is difficult, whether in our private or work life. However, without change, growth and learning are difficult not to mention keeping up with the market and staying competitive. We have all worked for or ourselves are the bosses that prefer to keep the status quo. We will discuss how to address the "change challenge" to enable you to be a changemaker and a graceful recipient of change.

Insightful Accountant

JUNE 9, 2024

A new feature rolling out this month allows firms using QBO-Accountant to manage their team member's access to their client's books.

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Summit CPA

JUNE 13, 2024

What is the ideal client concentration? How high is too high of a concentration? What do you do if your concentration is too high? Find out in this post.

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CPA Account accountant accounted 52

Canopy Accounting

JUNE 10, 2024

The accounting talent shortage is impacting many firms, but that doesn’t mean it has to affect yours. Learn the simple system to go from, “Where can I find talent” to top talent asking you “How can I work for you?

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Account accounted accountant 76

Cherry Bekaert

JUNE 10, 2024

Contributor: Mollie Carroll Financial reporting is an essential process for companies of all sizes, whether you’re a Large-Accelerated Filer or an Emerging Growth Company (EGC). External financial reporting helps investors and leaders within the company make educated decisions that are supported by financial data and business operations. Financial reporting also has compliance aspects across industry regulations and accounting frameworks.

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financial statements audit auditor Technology 88

Insightful Accountant

JUNE 11, 2024

Intuit recently launched something they are calling Accountant Approved Apps; I must say that I was somewhat disappointed by these 'groupings.

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TaxConnex

JUNE 13, 2024

It seems like yesterday when only physical nexus ignited a company’s sales tax obligations in a state. Six years ago this month, that changed with one court decision. These days selling a certain amount remotely into a state or other tax jurisdiction (one that has a sales tax, anyway) means your company must collect and remit sales tax – a complication of doing business that’s probably going to only get more complicated in the years ahead.

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Setting the stage for successful organizational change always begins with clear, thoughtful communication. When it comes to rolling out a new travel and expense (T&E) policy, establishing a well-structured communication plan is key to ensuring that all employees understand the changes and their impact. By following a step-by-step approach, you can guide your organization through the transition, fostering smooth adoption from the outset and improving compliance.

BurklandAssociates

JUNE 11, 2024

A clear grasp of TAM can be the difference between securing essential funding and falling short. The post Estimating Your Startup’s Total Addressable Market (TAM) appeared first on Burkland.

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MyIRSRelief

JUNE 14, 2024

Receiving an audit notice from the Internal Revenue Service (IRS) can be a daunting experience for any taxpayer. However, understanding the audit process and knowing your rights and options can significantly ease the stress. This article will delve into the intricacies of IRS audits, outline the steps you should take upon receiving an audit notice, and explain how an Enrolled Agent (EA) can represent and assist you throughout the process.

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audit tax return Tax Education 130

Withum

JUNE 12, 2024

S Corporation shareholders and partners in a partnership could see their effective federal income tax rate increase by 30% by the end of December 31, 2025, due to the expiration of certain tax laws. With the sunsetting of the 199A deduction and an increase in individual federal income tax rates scheduled to occur as of December 31, 2025, the effective tax rate for pass-through entity owners will jump from 30% to 39.6%.

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TaxConnex

JUNE 11, 2024

Do you need a state sales tax permit? How about a sales tax license? How about a sales tax certificate of authority? Did you know they’re all the same thing? How do you spell “FEIN” anyway, and when do you need one to sell into a state? Collecting and remitting sales tax after you hit economic or physical nexus in a state comes with a lot of questions – and you usually answer no small number of questions to register for sales tax.

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Sales Tax North Dakota Nebraska 196

Speaker: Don Gallianza, Credit Manager at Chevron Phillips Chemical and Indy Chakrabarti, Chief Marketing Officer at HighRadius

4 Case Studies to Optimize DSO 26 Days Sales Outstanding. Already better than most. But, should you improve on that? Why would 3 fewer days even matter? It matters because it fundamentally transforms business outcomes. Join this webinar to explore 4 things companies do to reclaim hard dollars - not just soft costs - and go from good to great! What You'll Learn 6 operational KPIs every AR manager should track: Define and track these metrics to enhance performance, drive efficiency, and make infor

Finance

CPA Practice

JUNE 9, 2024

Rosie Manins, The Atlanta Journal-Constitution (via TNS) The trade association for online marketplaces including Google, Amazon and eBay is trying to void a new Georgia law that extends requirements for collecting seller information, alleging it will hurt Georgia businesses. NetChoice filed a lawsuit Thursday against Georgia Attorney General Chris Carr, claiming Georgia’s “Combating Organized Retail Crime Act” is unconstitutional and conflicts with a federal law that already requires online mark

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Accounting Today

JUNE 14, 2024

If you have clients with employees in more than one state, they must pay attention to the payroll-related rules and tax responsibilities in the states where those staff live and work.

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payroll Tax payroll tax 120

Going Concern

JUNE 13, 2024

At least they said “attractive” and not “sexy.” According to a press release they put out yesterday , EY plans to invest a billion dollars over three years on talent and technology “to revolutionize the experience of early career accounting professionals and improve the attractiveness of the profession.” Let’s see what exactly they think that looks like: This investment includes a significant increase in early career compensation, artificial intelligence

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Insightful Accountant

JUNE 13, 2024

The 2025 ProAdvisor Awards process will launch earlier than ever, so I can think of nothing to help motivate and prepare you than Matt Fulton's article setting forth the "right stuff" to becoming the 'Best of the Best.

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Speaker: Chandra McCormack, CPA, MBA, NACD.DC

Imagine being a financial leader who not only ensures the books are balanced but also shapes the future of your organization. 🤔 ✨ This session will take you beyond the routine reporting and into the realm of strategic financial leadership. We’ll explore how today’s finance professionals can juggle the day-to-day operations while also delivering the long term vision that drives growth.

accounting and finance

CPA Practice

JUNE 13, 2024

By Daniel F. Rahill, CPA/PFS, JD, LL.M., CGMA. The Tax Cuts and Jobs Act of 2017 (TCJA) brought about substantial changes to the tax landscape, significantly increasing the lifetime estate and gift tax exemption amounts ($13.61 million for individuals and $27.22 million for married couples). However, these exemption amounts are set to expire on Jan. 1, 2026, and—absent new legislation before then—will revert to approximately $7 million for individuals and $14 million for married couples, subject

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Real Estate Tax income tax Illinois 124

Accounting Today

JUNE 13, 2024

The Corporate Transparency Act, ostensibly meant to address scams and other crimes, has ironically opened the door to new kinds of scams directed at small-business owners.

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Going Concern

JUNE 12, 2024

Deloitte’s CFO Signals Survey 2Q 2024 is out and we were going to focus on how CFOs aren’t feeling very risky at the moment — only a little more than a quarter of them feel now is a good time to take risks — but instead we’re going to talk about succession matters because that’s probably more relevant to readers of Going Concern who aspire to one day fill their shoes.

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Technology Account accounted accountant 113

Cherry Bekaert

JUNE 10, 2024

For fast-growing companies, becoming a C corporation for income tax purposes can offer significant tax savings for their shareholders. Section 1202 of the Internal Revenue Code (IRC) is a powerful tool for attracting investors with funds to fuel a company’s growth. To qualify for these tax benefits, both the company and shareholder must meet specific requirements, and non-compliance can result in missed opportunities for savings.

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Tax income tax 105

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Time and time again we tell ourselves and others NOT take action on something that is not "broken." We apply that mindset at home and at work. Sometimes, it doesn’t work out so well. Because when it's truly broken, it's usually an emergency, costs more and causes stress. Join us in this webinar where we share ways where you are able to anticipate your needs, understand benefits that you will get from getting better now instead of later, and relieving your team of tasks that they don't need to be

accounting and finance

CPA Practice

JUNE 12, 2024

By Morgan Haefner, Quartz (TNS) Out of the 813 billionaires in the U.S. , nearly a fifth of them went to just a handful of colleges. Forbes published its “ Top Colleges for Billionaires ” list June 9 that ranks American universities by the number of undergraduate alumni that have gone on to become billionaires. Take a look at the top five schools in the ranking, which have collectively graduated 126 billionaires with a total net worth of $927.4 billion. 5.

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Accounting Today

JUNE 11, 2024

A new PricewaterhouseCoopers survey reveals executives think reinventing the business model is essential for companies' survival amid an increasingly risky business environment.

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Going Concern

JUNE 11, 2024

So FT ran this yesterday: ‘ Private equity groups poised to own one in three top US accounting firms ‘ and in it, they paraphrased people familiar with the matter as saying “ten of the 30 largest US accounting firms could soon be in private equity hands.” The article goes on to say: The acquisitions by financial buyers of those two top-10 firms by revenue opened the floodgates to other deals, the people said, positioning private equity to increase its influence over the U

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Alabama accounting firms Account accounted 85

Withum

JUNE 14, 2024

Tips are a staple of the restaurant industry and are currently under scrutiny as there is a wave of frustration with customers that is resulting in less tipping or no tipping at all. This has a wide array of impact to restaurants, from the employees, in both the front and back of the house, all the way up to the owners and investors of the restaurant.

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income tax Tax payroll 98

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Global business travel is surging, with companies spending as much as or more than they did before the pandemic. This trend is expected to continue, with more growth on the horizon. The types of travelers are also changing, with millennials and Gen Zers taking on the majority of the load. Business travel is evolving, and younger generations expect less hassle, even though there are more ways to book and pay for travel than ever before.

Account

CPA Practice

JUNE 14, 2024

The Internal Revenue Service has issued a renewed warning about the rising threat of impersonation scams, which often target older adults by pretending to be government officials, in an attempt to steal sensitive personal information and money. By posing as representatives from agencies such as the IRS, or other government agencies, these fraudsters use fear and deceit to exploit their victims.

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Accounting Today

JUNE 14, 2024

The Institute of Management Accountants held its annual conference this week in San Antonio, Texas, where it discussed ways to attract more people to join the profession.

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Going Concern

JUNE 13, 2024

ConvergenceCoaching has opened up responses for their Anytime, Anywhere Work survey and you are invited to contribute. The survey is open to either of these: The Firm Leadership portion of the survey is designed for completion by one person for each accounting and consulting firm — usually the Managing Partner or a top HR professional. Those leaders are asked to provide information about their firm’s remote and flex work practices.

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Account accounted accountant 104

CTP

JUNE 13, 2024

In a recent blog , we discussed the tax implications of converting a residence to a rental property. Once that rental property begins generating income, what else does a taxpayer need to consider for effective tax planning? First, real estate rentals classify as either long-term or short-term rentals. Long-term rentals typically qualify for traditional real estate tax deductions from mortgage interest, property taxes, insurance, and property management fees.

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Real Estate Tax tax planning Account 98

Speaker: Joe Sharpe and James Carlson

Payroll optimization can be one of the most time-consuming and complex factors of small business management. Yet, organizations that crack the code on streamlining employee compensation often discover innovative avenues for growth. With the right strategies in place, outsourcing and streamlining payroll processes can result in substantial time and resource savings.

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