Sat.Jan 14, 2023 - Fri.Jan 20, 2023

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Accountants Will Not Be Motivated to Get Back to the Office

Going Concern

Someone sent us this r/accounting thread on returning to the office the other day and wanted to make sure we call out one comment in particular. You’ll see why in a second. The question of what would motivate you to go back to the office has been asked before, in a multitude of ways, and each time the answer(s) are along a predictable spectrum ranging from “nothing, I’m not going back” to “let’s see the partners return to office first.” This thread is no

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Accounts Receivable Reports That Get You Paid Faster

AccountingDepartment

As a business owner, getting paid in full and on time is crucial for a healthy cash flow. However, late payments and bad debts are a constant threat looming over an accounts receivables (AR) team. Accounts receivable reports are a key tool for businesses to manage their AR balances, forecast cash inflow, and stay on top of overdue payments.

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How to Survive Tax Busy Season: Tax Season Tips and Apps

Snyder

Tax season is the time when accounting firms and CPAs earn the biggest part of their profit. At the same time, it’s the most stressful period for them. The amount of work drastically increases, as well as the time pressure and mental load. Surviving tax season is a skill that any accountant has to develop, and the earlier, the better. The general workload of the busy period includes getting the end-of-year info from clients, reconciliation, working with tax receipts, income reporting slips, prep

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How Your Firm’s Digital Client Experience is Directly Related to Staff Happiness and Productivity

CPA Practice

By Chris Farrell, CPA. When asked why they went into the profession, most accounting professionals will answer, “Because I want to help my clients succeed.” It’s true that the accounting profession provides great career paths, with lots of interesting things to work on, but the biggest thing that motivates accounting professionals is their big hearts.

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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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We Had to Scroll Really Far Down to Find a Big 4 Firm on This Glassdoor Best Places to Work List

Going Concern

Life at Deloitte was trumpeting an appearance on Glassdoor’s latest Best Places to Work list yesterday so naturally we swung over to the list to see what’s what. At @Deloitte , we’re committed to our people’s professional & personal well-being. That’s why we’re thrilled our organization has been named one of the Best Places to Work in 2023 by @Glassdoor.

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5 Tips For Growing Businesses in 2023

AccountingDepartment

Smart financial planning is something that sets successful growing businesses apart from others. Whether a business is new or growing in size , these 5 tips can be used by business owners to smarten up their business finances and prepare themselves for a successful future.

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A Basic Guide to Using Email Marketing During Tax Season

Canopy Accounting

According to SUMO , the average financial return for email marketing is $44.25 for every $1 spent! Still think email marketing shouldn’t be a priority for your tax practice during tax season?

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The not-for-profit sector in numbers

Accounting for Good

The post The not-for-profit sector in numbers first appeared on ACCOUNTING FOR GOOD.

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61% of North American Workers More Stress Over Finances than Last Year

CPA Practice

61% of employed North Americans are more stressed about their finances today than they were a year ago – and are experiencing the highest level of financial stress since the financial crisis of 2008. That’s according to a new survey by Ceridian, a global leader in human capital management (HCM) technology. This study, created in partnership with the Financial Wellness Lab of Canada , surveyed more than 4,200 workers across the United States and Canada to analyze three clusters of people – Stress

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January is the Cruelest Month for Retail Refund Fraud

RogerRossmeisl

For many retailers, January isn’t just the first month of the year: It’s “return season,” when customers bring back their unwanted holiday gifts for refunds or exchanges. Return season can be fraught for businesses if, for example, a higher percentage of gifts are returned than stores expect. According to the National Retail Association, consumers are expected to have returned more than $816 billion of merchandise (almost 17% of goods sold) in 2022.

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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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What to know about responsible party laws

TaxConnex

We hear a lot about “sales tax obligations,” but who exactly in your company is “obligated?” You are, at least in many states. Since the Supreme Court’s 2018 Wayfair decision, many businesses are required to collect and remit sales tax in multiple states – more so than pre-Wayfair. Various “responsible party” laws across the country mean that a business itself is not the only one at risk: CEOs, CFOs, directors and other execs can be responsible for sales tax shortfalls.

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An Important R&D Tax Credit Update Impacting Startups in 2023

BurklandAssociates

By Nancy Torretta and Sam Leon An update to IRC Section 174 took effect January 1, 2022 that will impact the R&D Tax Credit for startups. What is IRC Section Read More. The post An Important R&D Tax Credit Update Impacting Startups in 2023 appeared first on Burkland.

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Using an Income Tax Preparation Service: Is It Worth the Cost?

MyIRSRelief

When it comes to tax season, many people are faced with the decision of whether to prepare their own taxes or use an income tax preparation service. While it may seem like an added expense, there are many benefits to using a professional tax preparation service that make it well worth the cost. One of the biggest advantages of using a tax preparation service is the level of expertise they bring to the table.

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Attributes of a Transformative Leader

CPA Practice

By Arianna Campbell. Are you the type of leader who inspires transformation in your firm? Do you believe in pushing the boundaries and challenging norms to propel your business operations forward? If so, you likely possess many attributes of a transformative leader. Transformative leaders understand what needs to be done and can identify unique opportunities as well as navigate complex issues within their organizations.

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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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The latest on sales tax on shipping charges (part 1)

TaxConnex

Online sales could not exist without shipping, and the charges associated with shipping are subject to sales tax in many states. Question is, who has to pay that sales tax these days, and where? For sales tax purposes, you’ll see reference to “shipping,” “shipping and handling” (Arizona taxes these two, for instance) and “delivery”. Three terms with confusing differences as you try to meet sales tax obligations in states and jurisdictions where you have economic nexus.

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2023 Tax Pocket Guide

Withum

The goal of minimizing tax liability likely drives a desire to discover new advantages in the tax law. If this sounds familiar to you, when planning for the upcoming tax year, a great place to start is with the basics. We can help. As you navigate our complicated tax code, you need a partner and important information in order to make the appropriate adjustments.

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If Your Parents Were Poor, It Takes Longer to Climb the Ladder at KPMG (No Really)

Going Concern

Big 4 firms spit out all kinds of research — very little of which rates a mention beyond maybe somewhere in a linkwrap if that — but this research from KPMG we’re about to share with you (which we did bury in a linkwrap some weeks back ) deserves a callout of its own. Not because it’s so stupid or fluffed with buzzwords, as much as we enjoy calling both of those things out.

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State CPA Societies in Action: Illinois CPA Society

CPA Practice

Founded in 1903, the Illinois CPA Society (ICPAS) is one of the largest state CPA societies in the nation, with the core mission of “enhancing the value of the CPA profession” through meaningful and convenient education, timely and relevant information, influential advocacy, and countless opportunities to make powerful professional connections. ICPAS serves an extraordinary community of more than 22,600 accounting and finance professionals in a variety of CPA and non-CPA roles positioned through

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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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How to Manage Accounts for Logistics Business Today

Insightful Accountant

Everyone wants to streamline their logistics. To help out, PACK & SEND's Nicholas Woodward shares the seven best accounting practices for managing your accounts effectively.

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Tax Fraud – It’s Still Criminal

Withum

There are several actions that a taxpayer can take that may result in a criminal referral or perhaps just the imposition of the civil fraud penalty. These all fall under the umbrella of tax evasion, but it is broader than that. In fact, there are several different actions a taxpayer can take or fail to take that can result in them being on the wrong side of an IRS inquiry.

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Remembering the Time Everyone at PwC Had to Work on MLK Day As a Noble Gesture to Honor Dr. King

Going Concern

The following message we’re about to share with you was sent out as a firmwide email from then-Chairman Dennis Nally to everyone at PwC almost exactly 15 years ago to the day. To my knowledge it’s never been published here, because back when it went out to everyone working at PwC US in January 2008, Going Concern didn’t exist yet and wouldn’t for another year and a half.

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State CPA Society News & Updates

CPA Practice

State CPA Society Ne ws is a round-up of recent announcements and initiatives by CPA associations in the United States and its territories. Massachusetts: The Massachusetts Society of CPAs (MASSCPAs) wants members to prioritize their health this tax season. The Society is offering free wellness webinars to all of its members to help them prioritize both physical and mental health.

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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 100 Nomination Form Clarification and Deadline Reminder

Insightful Accountant

The deadline for Top 100 nominations is just under a month away, so now is a good time to head over to the nomination form. Speaking of our new form, we wanted to clarify a couple of questions we've been asked.

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How to Start a Charity

Withum

How to Start a Charity is the topic of my next webinar at the East Brunswick Public Library, to be presented Thursday, January 19, 2023, at Noon. I will cover 30 Steps involved in setting up a 501(c)(3) charity or not-for-profit (“NFP”) organization and how to start operating it. Included will be IRS and state filings, initial contribution deductibility before IRS approval is granted, methods of raising revenues and unrelated business activities, volunteer and paid staff, the public database, ta

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The Largest Accounting Firm in Kentucky Thinks a Tower Will Win the Talent War

Going Concern

You ever been in a position where you’re juggling a few different offers from roughly equivalent firms? Of course you have. What factors do you consider when making this important decision? Salary, obviously. Culture, perhaps. Was the guy who interviewed you a dick? That definitely rates. What about commercial real estate? Anyone? MCM CPAs & Advisors LLP has, to my knowledge, never been mentioned on this website in the 14 years we have existed.

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3 Tips to Avoid Tax Season Burnout

CPA Practice

Being an accountant means that work often comes in ebbs and flows. The tide moves in every quarter, and there is always tax season. It’s stressful; that’s just part of the business, right? Maybe. Yes, stress is expected, but burnout is entirely different. [From the Thomson Reuters blog. Republished with permission.] What is burnout? The fight against burnout starts with managing stress.

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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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January Brings Banking Enhancements to QuickBooks

Insightful Accountant

With the New Year comes change, and that means enhancements to QuickBooks. January is bringing banking enhancements with it for QBO and QBO-Accountant users.

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Building Playgrounds for Everybody With Build Jake’s Place

Withum

Explore Other Episodes. #CivicWarriors #WithumImpact. The post Building Playgrounds for Everybody With Build Jake’s Place appeared first on Withum.

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2023 Business Tax Updates

Canopy Accounting

There are many interesting changes in business taxation for the 2023 season! Since tax planning for businesses is an important part of our practice, there are several things we need to be aware of.

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The Tax Blotter – Jan. 20, 2023

CPA Practice

The Tax Blotter is a round-up of recent tax news. The tax law provides generous tax breaks to investors in real estate, but there are several key tax pitfalls to watch out for. Be more active. Generally, deductions resulting from passive activities are limited to the income received from passive activities, so you can’t write off a current loss. Real estate is automatically treated as a passive activity.

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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.