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Sales tax is not something top of mind for most executives, but it is something that the majority of businesses will have to manage at some level. No matter the size of your business, if you are selling a taxable product or service and establish nexus in specific states or jurisdictions, then you have a sales tax obligation. While it is not meant to be a burden on the seller, many businesses have been left scrambling to understand how to manage the complex process of sales tax compliance.
Accounting firms employing cloud-based technology solutions experience higher levels of growth, but many are still grappling with how to harness the full power of such tools for strategic benefit. This is according to the 2024 U.S. Accounting Industry Report, commissioned by Wolters Kluwer, which polled 1,776 tax and accounting firms of all sizes, also shows that modern accounting practices face a mix of internal and client facing challenges.
When talking with clients, I always like to know how their business is going. I love to hear about everything: their team, sales, challenges, etc. When asked the same question, I usually respond, “Business is great, and we’re looking for more.” However, one of the accounting profession’s biggest challenges is the need for more people to do the work.
The AICPA's professional liability insurer will cover client services related to the Corporate Transparency Act's beneficial ownership information reporting requirement.
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
The landscape of public accounting experienced an unprecedented shakeup in 2023, marked not by the usual suspects of annual updates or technological advancements, but by a surge of interest from an unexpected source: private equity (PE). With a series of high-profile investments in large accounting firms and a quieter but no less significant foray into the accounting software sector, PE firms have unmistakably cast their eyes towards an industry traditionally characterized by its cautious, measu
Sometimes divorcing spouses or sparring former business partners illegally hide assets to prevent their fair division. And fraud perpetrators almost always try to hide their ill-gotten gains. In such cases, sociological information — gathered as part of a lifestyle analysis — can be almost as revealing as financial data. Here’s what forensic accountants examine when they’re on the hunt for hidden assets.
Sometimes divorcing spouses or sparring former business partners illegally hide assets to prevent their fair division. And fraud perpetrators almost always try to hide their ill-gotten gains. In such cases, sociological information — gathered as part of a lifestyle analysis — can be almost as revealing as financial data. Here’s what forensic accountants examine when they’re on the hunt for hidden assets.
Financial professionals face significant workflow challenges, and have been increasingly adopting technologies that can help them overcome staffing shortages, remote workforces and increased workloads. A new report from Financial Cents that delves into the experiences and challenges faced by accounting, bookkeeping, and tax firm owners. The 2024 State of Accounting Workflow Automation Report provides invaluable insights from 367 respondents primarily located in North America, including firm owne
Sales tax compliance depends on many factors. One of the most important – and the most incessantly changing – is the tax rates that America’s thousands of jurisdictions impose. These rates change all the time – if not the actual percentage, then the exemptions and other special rules that can seem nothing short of picayune for a business just trying to stay on the right side of sales tax laws.
XBert, the future leading AI-powered software for bookkeeping and accounting teams, is now available in the UK. XBert helps bookkeepers and accountants work faster and smarter, thanks to its unique features that monitor data integrity, automate workflows, provide analytics and insights, and offer a white-labelled client portal. XBert’s co-founder, Troy Brown, said: “We are thrilled to launch XBert in the UK, one of the largest and most competitive markets for bookkeeping and accounting services.
Net Revenue Retention (NRR), also known as Net Dollar Retention (NDR) is a key metric for SaaS companies. Measuring NRR provides important insights into a SaaS startup’s retention and expansion Read More The post How to Measure Your SaaS Startup’s Net Revenue Retention (NRR) appeared first on Burkland.
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
If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is with a §1031 “like-kind” exchange. With this transaction, you exchange the property rather than sell it. Although the real estate market has been tough recently in some locations, there are still profitable opportunities (with high resulting tax bills) when the like-kind exchange strategy may be attractive.
When the Internal Revenue Service (IRS) imposes a wage or bank levy , it can create a significant financial strain on individuals and businesses alike. A levy is a legal seizure of property to satisfy a tax debt, and when it comes to wages or bank accounts, the impact is direct and immediate. However, there are avenues for obtaining relief from these levies, and understanding these options is crucial for those affected.
Successful planning, budgeting, and forecasting requires having the right strategy and tools to process and analyze vast amounts of data. That’s why Microsoft is constantly updating and expanding features of Power BI. Learn about recent platform updates that help financial professionals uncover insights quickly and efficiently. Plus, find out how to maximize your planning, budgeting, and forecasting processes with a unified approach to data and analytics.
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.
One of your New Year’s resolutions may be to pay more attention to your health. Of course, that may cost you. Can you deduct your out-of-pocket medical costs on your tax return? It depends. Many expenses are tax deductible, but there are several requirements and limitations that make it difficult for many taxpayers to actually claim a deduction. The rules Medical expenses can be claimed as a deduction only to the extent your unreimbursed costs exceed 7.5% of your adjusted gross income.
The Aussie Corporate ( Insta ) recently shared some uniquely Deloitte motivation attempts and we must warn you, it’s bad. Why are firms like this? HAHAHAHA because we make you work too much LOL aren’t we funny!! But wait! There’s more! Ten posters to be exact, nine of which are terrible. View this post on Instagram A post shared by The Aussie Corporate (@theaussiecorporate) This set includes: Don’t “circle back” Do Talk straight [Take your own advice here, Big
Successful planning, budgeting, and forecasting requires having the right strategy and tools to process and analyze vast amounts of data. That’s why Microsoft is constantly updating and expanding features of Power BI. Learn about recent platform updates that help financial professionals uncover insights quickly and efficiently. Plus, find out how to maximize your planning, budgeting, and forecasting processes with a unified approach to data and analytics.
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.
Busy season is upon us. Every year you may be saying the same things…"I start off sticking to a routine but it quickly falls off and I start feeling burned out and tired". Make this the year you are going to make small changes that make a big impact through incorporating mindfulness practices at work. During this session, we will experience practices we can put in place in our day to gain a better understanding of where we are off-balance internally so we can show up better for ourselves and tho
The Internal Revenue Service issued a warning about a new scam email this tax season pretending to come from tax software providers asking for the preparer's Electronic Filing Identification Number.
State and local taxes, also often referred to as SALT, are one of the most dynamic areas of tax practice, with thousands of jurisdictions across the U.S. imposing increases or newly-created taxes on real or other property. The SALT professionals at Grant Thornton have compiled it’s top predictions for what it expects to see in the coming year in this volatile space. 1.
By Sharon Lassar, PhD, CPA (Florida) John J. Gilbert Professor and Director of the School of Accountancy, University of Denver Thank goodness for the Connecticut Society of CPAs! Without their posting , it would have taken me longer to learn about the latest half-baked idea by NASBA regarding the education requirements to become a CPA. It seems NASBA wants to keep this under wraps.
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
As a construction business owner, improving productivity is essential to your company's success. But you may often find yourself pulled in different directions by competing responsibilities. At some point, we all experience that. Classifying tasks and tackling the most time-consuming ones can feel daunting. But why is it so hard for us to start – or even finish – seemingly insignificant tasks?
Every year, millions of businesses and other entities have a mini tax season before the real tax season, and many turn to their accounting firm advisors or tax professionals for help. Due to changes in reporting requirements, the 2024 filings became a little more challenging: The years ahead may be even more so. These companies are required to file a Form 1099-MISC or 1099-NEC for any persons that are considered contractors or vendors to whom they paid $600 or more in the previous calendar year.
Hey guess what, everyone? We have fresh research that shows the 150 hour CPA licensure rule decreases the number of Black and Hispanic entrants to the profession. In this case, a 26% drop. Add this to the existing body of evidence that demonstrates two things: the 150 hour rule does not improve the quality of licensed CPAs (“ Occupational Licensing and Accountant Quality: Evidence from the 15 -Hour Rule ” by John Barrios) and the 150 hour rule is actively preventing minorities from p
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
Payroll software makes paying employees a breeze by calculating federal, state, and local taxes. If you’ve decided you want to use software to run payroll, you can put away your calculator and income tax withholding tables (hooray!). But, do you know how to choose a payroll service?
While job openings remain elevated and talent shortages persist, there is less attrition in the labor force with fewer workers planning to change jobs this year. According to new research from talent solutions and business consulting firm Robert Half, only 36% of workers plan to look for a new job in the next six months, down from 49% in July 2023. Professionals Most Likely to Make a Move (By Generation and Specialization) Generation February 2024 July 2023 Gen Z 55 % 74 % Millenni
Perhaps this post is long overdue and should have been written at least two years ago when the professional workforce began returning to the office post-pandemic but better late than never eh? Take notes, slobs. Over the years, we have covered various incidents of college-educated professionals behaving as though they were raised in a barn when utilizing the office restroom.
Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.
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