Sat.Feb 03, 2024 - Fri.Feb 09, 2024

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6 Sales Tax Filing Mistakes Businesses Commonly Make | TaxConnex

TaxConnex

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.

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Accounting Firms that Embrace Cloud Tech See Higher Growth, Says Survey

CPA Practice

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.

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Update on the CPA Profession

Dent Moses

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.

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CNA to provide CPA firms with BOI coverage

Accounting Today

The AICPA's professional liability insurer will cover client services related to the Corporate Transparency Act's beneficial ownership information reporting requirement.

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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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Private Equity in Public Accounting: Salvation or Ruination?

CPA Practice

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

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Accountants want to see different kinds of diversity in workplace

Accounting Today

A new survey from the ACCA looks at trends in DEI, AI, employee retention, hybrid work and mental health for accountants.

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More Trending

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State of Accounting Workflow Automation Report Shows Challenges of Profession

CPA Practice

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

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Hot Topics: Sales Tax Rates | TaxConnex

TaxConnex

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.

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XBert, the AI-powered work intelligence tool for Accountants and Bookkeepers, launches in the UK

Accounting Insight

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.

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How to Measure Your SaaS Startup’s Net Revenue Retention (NRR)

BurklandAssociates

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.

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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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It’s Possible (But Not Easy) to Claim a Medical Expense Tax Deduction

RogerRossmeisl

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.

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Tax levies, liens representation – getting professional tax relief help

MyIRSRelief

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.

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Minority CPAs deterred by 150-hour rule

Accounting Today

The 150-hour requirement for obtaining a CPA license has led to a decline in Black and Latino CPAs of up to 26%, according to a research study.

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Treasury: IRS Could Collect $561 Billion in Revenue Thanks to Inflation Reduction Act

CPA Practice

A new Treasury Department analysis says the IRS could turn the nearly $80 billion in funding it’s receiving from the Inflation Reduction Act into $561 billion in overdue and unpaid taxes collected over the next 10 years, higher than earlier estimates. In fact, the report states that if the Inflation Reduction Act funding is renewed after it runs out at the end of fiscal year 2031, estimated revenues could be as much as $851 billion.

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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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Defer a Current Tax Bill with a Like-Kind Exchange

RogerRossmeisl

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.

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Deloitte Has Out-Cringed Itself

Going Concern

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

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IRS warns tax pros about new EFIN scam

Accounting Today

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.

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Betting on the Super Bowl? Don’t Forget About Taxes

CPA Practice

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) The Kansas City Chiefs, making their second consecutive appearance, are set to play in Super Bowl LVIII against the San Francisco 49ers. As usual, fans are anticipating the commercials and Usher’s halftime show. And there’s also lots of talk about Taylor Swift and Travis Kelce. However, if you are among the 68 million people expected to place bets on the big game, you need to know that taxes are part of the equation.

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Guide to Business Writing

Everything you need to know about better business writing in one place. This is a complete guide to business writing — from a clear business writing definition to tips on how to hone your business writing skills.

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Mindfulness Practices for Busy Season: Alleviate Stress and Create Better Work Environments

Canopy Accounting

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

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Just Eliminate the Extra 30 For CPA Licensure Requirement!

Going Concern

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.

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Employer tax credit crackdown could hit industry — if it passes

Accounting Today

A provision paying for breaks for parents and business owners has earned widespread praise, but an expert says financial advisors should be on alert.

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Less Workers are Changing Jobs

CPA Practice

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

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Finding “The One:” The Ultimate Guide to Selecting Financial Software

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

As finance and accounting practitioners, you are expected to complete daily operations as well as to manage next generation tools and resources to support a business that is growing in complexity. Having the right software can be critical in juggling and meeting those high expectations. The path to the right software, however, is paved with challenging decisions.

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Exploring key 2024 tax bill proposals

ThomsonReuters

As we step into a new year, the taxation realm is abuzz with discussions surrounding the Tax Relief for American Families and Workers Act of 2024. However, amidst this spotlight, there are other tax proposals quietly gaining momentum. In this blog, we will dive into the details of four notable tax laws that have been introduced into legislation and deserve our attention.

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At This Point It’s Almost Like the Gatekeepers of the Profession Want to Keep Minorities Out

Going Concern

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

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FinCEN proposes rule to crack down on real estate money laundering

Accounting Today

The Treasury Department's Financial Crimes Enforcement Network hopes to deter money laundering in the residential real estate industry with a newly proposed rule.

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CLA Planning $10 Million ‘Connection Center’ in Minnesota

CPA Practice

By Erin Adler, Star Tribune (TNS) CliftonLarsonAllen (CLA) has signed a 16-year lease for a space to train employees at the Viking Lakes campus in Eagan, with plans to invest $10 million in its new “connection center.” CLA will be located near the e-sports space and the Longship at Viking Lakes co-working area and the Viking Lakes Innovation Center.

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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.

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Meet 2023 Top 25 Up-N-Coming ProAdvisor Kassandra Degus

Insightful Accountant

We sat down with Kassandra to get her thoughts on being a Top 25 Up-N-Coming ProAdvisor, her journey, path to success, and how she’s a support system for her clients.

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Let’s Discuss Bathroom Etiquette Now That We’re Returning to the Office

Going Concern

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.

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Deciding Which Entity Structure is Best

Nancy McClelland, LLC

(c) NATP If you’re a regular reader, you already know that I’m a huge fan of the National Association of Tax Professionals (NATP), for a bunch of reasons: Fabulous and affordable education with top-notch instructors Straightforward “how-to” resources Practical monthly newsletter with case-studies On-demand “pay as you go” research service And a very fun group of folks at the annual conference!

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Money is the Biggest Relationship Hurdle for 1 in 4 Couples, Survey Reveals

CPA Practice

By Shalene Gupta, Fast Company (TNS) Two forces move the world: love and money. Fidelity Investments surveyed 1,794 couples over the age of 18 in committed relationships to examine what happens when you combine them. Here are some of the key findings. Talking about money is challenging : More than 1 in 4 couples say money is their greatest relationship challenge.

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2024 Payroll Calendar Templates

These calendars provide pay period dates and paydays for biweekly, semi-monthly, and monthly payroll in 2024. Use them as a reminder or share with employees so they can celebrate payday.