Sat.Jun 04, 2022 - Fri.Jun 10, 2022

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Calculating Corporate Estimated Tax

RogerRossmeisl

The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum amount of estimated taxes without triggering the penalty for underpayment of estimated tax. Four methods The required installment of estimated tax that a corporation must pay to avoid a penalty is the lowest amount determined under each of the following four methods: Under

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Email is Not an Accounting Tool

Lockstep

Email is not meant to solve your accounting workflow management challenges.

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The 3 C’s of Downturn Planning: Cash, Communication, Contingency

BurklandAssociates

This conversation is from an episode of Startup Success. In this special episode, Burkland’s Steve Lord, CFO Fintech Practice Lead, and Daniel Rosenbaum, Burkland Consulting CFO, give candid advice on Read More. The post The 3 C’s of Downturn Planning: Cash, Communication, Contingency appeared first on Burkland.

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What's new in May for state sales and use taxes

TaxConnex

What’s new in May for state sales and use taxes. There’s always something changing in the world of tax, especially sales tax. Here’s a review of some of the recent changes and updates. Food for thought. Exempting groceries from sales tax as American families struggle with inflation and other economic woes is politically tempting. Kansas and Tennessee just became the latest states to green light such exemptions.

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You upgrade everything else. Why not your close process?

You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes? It’s time for an upgrade. SkyStem's Guide to Month-End Close Software walks you through what today’s best tools can do (and what your team shouldn’t have to deal with anymore). Get smart, fast, and a whole lot less stressed when it’s time to close the books.

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A Compensation Plan That Rewards Top Talent

RogerRossmeisl

(This is Blog Post #1222). The post A Compensation Plan That Rewards Top Talent appeared first on Roger Rossmeisl, CPA.

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The Average Cost of Living by State, and Why Ignoring it Could Sink Your Business

Patriot Software

You hear about it all the time in the news—Cost of living rising! Maybe you think about it on a daily basis—Do I earn enough to cover my standard of living? But, how often have you thought about the relationship between the cost of living and your business? If it’s crossed your mind before, then […] READ MORE.

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Multi-channel selling sales tax: Marketplace facilitators

TaxConnex

The exploding world of eCommerce has put a new player front and center: the marketplace facilitator. They’re platforms where third-party sellers of any size and geographic area can facilitate retail sales, including the collection/processing of payments, in exchange for compensation. They’ve been around for years, and today some of the biggest names are Amazon, eBay and Etsy.

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Inflation Enhances the 2023 Amounts for Health Savings Accounts

RogerRossmeisl

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years. HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.

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How to keep up to date with accounting standards

ThomsonReuters

The reality is, technical competence still lies at the heart of adding value. When you can flag changes in accounting, auditing, and tax that clients didn’t know about, and help them manage commercial impacts with innovative solutions, then you’re well on your way to gaining their trust. But how do you stay current on accounting and auditing standards when there are new developments happening all the time?

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How accounting can adopt a ‘work smarter’ mentality through workflow automation

Accounting Today

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AI In Accounting: A Practical Roadmap For Smarter AP

Speaker: Gerald Ratigan

The accounts payable (AP) function is evolving and AI is leading the charge. As finance teams face rising invoice volumes and expectations for speed and accuracy, AI-powered automation has shifted from a futuristic concept to the most practical solution. But for finance leaders, success isn’t just about selecting the right tools, it’s about implementing the right strategy.

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IRS Issues Favorable QSBS Tax Ruling for Businesses

Withum

On May 27, 2022, the IRS released its sixth pronouncement regarding the types of businesses that can qualify for the qualified small business stock (QSBS) exclusion. The ruling is the fourth time the IRS has addressed the health exclusion in section 1202(e)(3) , the third time it has addressed the exclusion for businesses where the principal asset is the reputation or skill of one or more of its employees, and the first time the IRS has opened the door for pharmacy businesses to qualify for the

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Preparing for the Lower 1099-K Filing Threshold

RogerRossmeisl

Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required range of income to be reported. Beginning this year, the threshold has dropped significantly for the filing of Form 1099-K, “Payment Card and Third-Party Network Transactions.” Businesses and workers in certain industries may receive more of these forms and some people may even get them based on personal transactions.

CPA 245
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Compensation Watch ’22: Deloitte Lifts the Lid on Raises

Going Concern

Big 4 compensation season kicked off a little more than a week ago when Deloitte employees got their comp statements and then proceeded to head over to r/accounting to whip it out and show it off for all to see. Since the last time Deloitters got their comp statements in May 2021 , the firm in December bumped up base pay for employees whose salaries were below market rates.

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A modern accountant’s guide to client accounting services

Accounting Today

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Stop Budget Burnout: A Better Way to Grow Your Nonprofit in 2026

Speaker: Sean Yoder

Nonprofits are under more pressure than ever to demonstrate financial accountability while continuing to expand their impact. Traditional budgeting models often fall short, reinforcing silos, limiting flexibility, and stalling growth. Enter collaborative budgeting: a dynamic, team-driven process that enables smarter resource allocation and builds financial resilience at scale.

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Superfund Excise Taxes Reinstated July 1, 2022

Withum

The Infrastructure Investment and Jobs Act (IIJA), enacted into law on November 15, 2021, reinstated and modified two Superfund excise taxes, effective July 1, 2022. The first is the tax on chemicals under section 4661 and the second is the tax on imported substances under section 4671. These excise taxes were initially introduced in 1980 and expired in 1995.

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The Ins and Outs of Series EE Savings Bond Taxation

RogerRossmeisl

Many people own Series E and Series EE bonds that were bought many years ago. They may rarely look at them or think about them except on occasional trips to a file cabinet or safe deposit box. One of the main reasons for buying U.S. savings bonds (such as Series EE bonds) is the fact that interest can build up without the need to currently report or pay tax on it.

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The Audit Profession’s Inability to Retain Talent Poses a Serious Threat to Audit Quality

Going Concern

Just about every e mployer in corporate America is singing the blues about talent shortages caused by the Great Reset and the Great Resignation. However, these effects are not being felt uniformly across all businesses. Those employers with a history of mismanaging their human capital , like the largest audit firms, are being hit the hardest. The public accounting business model has relied excessively on its ability to counter the effects of massive turnover with its ability to hire and train ma

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Innovation and integrity are key to accounting’s future

Accounting Today

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Why Tech-Forward Tax and Accounting Firms Have the Inside Track to the Future

Speaker: Joe Wroblewski, Sales Engineer Manager

Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te

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Monetized Installment Sales: The Newest Member of the IRS’ “Dirty Dozen”

Withum

The IRS’ “Dirty Dozen ” is an annual list warning taxpayers of abusive tax arrangements, schemes, scams, and shams. It’s no surprise to see “Monetized Installment Sales” (“M453”) join the “bad boys” of tax schemes as the IRS has recently alluded to its problematic structure (including the investigation of M453 promoters and the release of Chief Counsel Advice 202118016).

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3 Approaches to Valuing a Business

RogerRossmeisl

Valuing a private business is a complex endeavor. But, when all is said and done, valuation analyses boil down to three general approaches. 1. Market approach Under this approach, valuators derive pricing multiples from public or private comparable transactions. These pricing multiples are then applied to the subject company to derive its value. For example, an expert might calculate a median price-to-earnings multiple of 4.5 based on a sample of six comparable transactions.

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Corporate Overlords Try to Scare Us Back Into the Office With Figures on How Much WFH is Costing You

Going Concern

As we watch gas prices tick higher and higher, commercial lessors and middle managers everywhere are anxious to get people back in chairs. Their chairs. Gross, old, shared-space, contains-the-farts-of-coworkers-past chairs. Nothing at all like the luxurious gaming chair your firm WFH stipend covered, though let’s be honest that one is harboring some ghost farts too.

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Keys to driving through change: Managing change

Accounting Today

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Live Demo - Supercharge your Month End Close

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i

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Advance Your Knowledge With a Fintech 201 Guide

Accounting Web

Growth Advance Your Knowledge With a Fintech 201 Guide.

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Caring for an Elderly Relative? You May Be Eligible for Tax Breaks

RogerRossmeisl

Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. Medical expenses. If the individual qualifies as your “medical dependent,” and you itemize deductions on your tax return, you can include any medical expenses you incur for the individual along with your own when determining your medical deduction.

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SEC Slaps CohnReznick and Three Partners with Improper Professional Conduct

Going Concern

This press release from the SEC is wayyyy too boring to be rewritten in an interesting way on a sunny Friday afternoon so have some copy paste instead: The Securities and Exchange Commission today charged audit firm CohnReznick LLP with improper professional conduct on engagements for two clients in 2017. The two clients, Sequential Brands Group, Inc. and Longfin Corp., previously were charged by the SEC for filing fraudulent financial statements prior to their bankruptcies and Nasdaq delisting.

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Jumps at the pump prompt IRS mileage rate increase 

Accounting Today

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Mid-Year Review: How to Ignite Employee Potential Through Meaningful Feedback

Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.

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10 Rules of Business

Withum

Here are ten well-used and time-tested “rules” or principles of business. I abbreviated them and added some comments, and chose ones I like and think about and apply often. Each has expanded versions and come from books that should be read, but this list is a pretty good way to start thinking in a more focused way, enjoy! Comment: I dispensed with the quotation marks and paraphrased some, but none are original thoughts of mine except those from my Power Bites book.

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6 Tips for Foiling Fake Suppliers in Online Marketplaces

RogerRossmeisl

Supply chain issues continue to hurt many U.S. businesses — possibly in more ways than you think. Not only do supply shortages and delays make it difficult for companies to ramp up business and recover from the pandemic slowdown, but they also make some fraud schemes easier to perpetrate. For example, criminals might advertise hard-to-get goods, then ship defective products — or no products at all — to unsuspecting buyers.

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Can Our DCAP Reimburse a “Hold-the-Spot” Fee?

ThomsonReuters

QUESTION: One of our DCAP participants will soon take a ten-week maternity leave, following the birth of her second child. Her two-year-old child will be at home during this time instead of attending day care, but the provider will charge her half of the regular monthly fee to hold the child’s spot during the leave. Can our DCAP reimburse this fee?

Tax 105
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Whitehouse: A future without busy season

Accounting Today

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Your Accounting Expertise Will Only Get You So Far: What Really Matters

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. If you’re aiming for the summit, the air gets thinner—and what got you here won’t be enough to get you to the top (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level.