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The IRS has hit the restart button on sending out automated collection notices, ending a two-year hiatus because of the COVID-19 pandemic, the agency said on Tuesday. Because automated collection notices were paused during that two-year span, the IRS also said today it will be providing about $1 billion in penalty relief to approximately 4.7 million individuals, businesses, and tax-exempt organizations that weren’t sent collection reminders about their overdue taxes during the pandemic.
Time and again, retaining talent is ranked as a top challenge among leaders in the accounting and finance profession. To better understand what drives the profession’s perpetually high turnover, the Illinois CPA Society (ICPAS)—one of the largest state societies serving the certified public accountant (CPA) community—has gathered new survey data that sheds light on this trending topic.
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
It’s the end of the year and as we all start to think about our New Year’s resolutions, it’s also a good time to start thinking about correcting any sales tax missteps your business may be facing. Maybe you’ve just figured out that you have nexus and were non-compliant without realizing it, or maybe you’ve been rolling the dice and crossing your fingers you won’t get audited but your liability is growing and you’re ready to make a change – no matter your situation, if you have established nexus,
Preparing, filing, and correcting 1099s is now easier than ever in QuickBooks Online. New workflow, reporting, free e-file of corrections and E-file payment flexibility and will be available for the 2023 filing period.
Preparing, filing, and correcting 1099s is now easier than ever in QuickBooks Online. New workflow, reporting, free e-file of corrections and E-file payment flexibility and will be available for the 2023 filing period.
Reports play a crucial role in managing a business effectively, and QuickBooks provides a wide range of reports that can help small and medium-sized businesses track their financial performance and make informed decisions. These reports provide valuable insights into various aspects of the business, such as income, expenses, sales, inventory, and payroll.
The National Association of State Boards of Accountancy and the American Institute of CPAs have approved revisions to the Statement on Standards for Continuing Professional Education Programs, as well as the NASBA Fields of Study document. The Standards changes, which include additional options for virtual learning, are effective Jan. 1, 2024. Published jointly by NASBA and the AICPA, the CPE Standards provide the framework for the development, presentation, measurement and reporting of CPE prog
From startups to multinationals, Microsoft Excel is at the core of countless organization’s reporting and financial planning and analysis (FP&A). IDC reveals that 64% of businesses still lean on spreadsheets for their financial operations. Excel’s appeal lies in its simplicity and cost-effectiveness, but it’s not without limitations.
2023 was another interesting and challenging year for startups and investors. Our readers found these blog articles to be especially helpful. The post Readers’ Favorites: Our Top Blog Posts of 2023 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
This blog is an excerpt from our eBook with The CommLaw Group. As a communications company, you face some of the most complex tax and regulatory rules of any industry. Whether you run an established business or you’re thinking about entering the VoIP, UCaaS, or other telecom market, it is important to understand your compliance obligations. Just as important … you need to comply while keeping your price competitive.
By Gail Cole. Firearms and ammunition are already subject to New York sales tax. If New York State Senate Bill 7733 is enacted, it will place an additional excise tax on the sale of firearms and ammunition in the Empire State. The rate would be 11% to match the federal firearms and ammunition excise tax as well as the new California tax on guns and ammo dealers.
Businesses need data backups for all sorts of crucial information, including popular tools like Xero’s accounting software. Without the ability to back up data, your business is more vulnerable to natural disasters, human error, cyberattacks and other unplanned events. Xero backups are one way organizations can protect critical information, ensure data accuracy and preserve business continuity.
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.
On December 21, 2023, the IRS released details about its second settlement initiative relating to the employee retention credit (ERC). See IR-2023-247 , Announcement 2024-3 , general information , and FAQs. The IRS previously released a withdrawal option on October 19, 2023, for taxpayers who either did not receive their ERC checks or did not cash them.
By Anik Jain. Continued economic uncertainty, geopolitical tensions, stubborn inflationary trends and high interest rates are impacting everything from supply chains and vendor relationships to the labor force and the workplace. As a result, finance leaders find their departments squarely in the spotlight—keeping a closer eye on their balance sheets, taking fewer risks, and focusing more on efficiency and value over growth.
Accounting firms provide financial management services to businesses, including advisory services, bookkeeping, tax preparation, and auditing. As demand increases for real-time financial data, many accounting firms are embracing finance digital transformation to gain a holistic view of the businesses they serve, automate manual processes, and deliver instant reporting and insights.
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.
Although hiring a former PCAOB staffer and using their insider knowledge to improve your inspection rate is highly frowned upon as KPMG learned in 2019 , the PCAOB does throw audit firms a bone and release things like the December 20th “Staff Priorities for 2024 Inspections and Interactions With Audit Committees” spotlight [ PDF ] to warn them what to look out for in future inspections.
The Internal Revenue Service has launched the second phase of a new online self-service tool for businesses that expands business tax account capabilities and eligible entity types. As a result, individual partners of partnerships and individual shareholders of S corporation businesses are now eligible for a business tax account in addition to sole proprietors.
As the end of the year approaches, Withum is excited to share a round-up of the Firm’s giving efforts for 2023. From large, organized projects to hyper-localized volunteerism and individual philanthropy, it is safe to say that Withum team members from all over the world live the Withum Way every day and give back to their communities and causes close to their hearts at every opportunity.
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.
Last week, CPA Ontario announced a settled disciplinary matter with PwC Canada , the matter being cheating and the settlement being $1.45 million CAD ($1.09 million USD) in fines for breaches of the CPA Ontario code of conduct. Here’s what happened. 445 professional staff — 93 percent auditors and seven percent tax and advisory — participated in answer sharing during mandatory, open-book internal training assessments between 2016 and 2020.
In an era where AI, particularly generative AI, is reshaping industries, small accounting firms stand at a crossroads. As we approach 2024, the integration of AI into accounting practices is not just an opportunity for an advantage, but a necessity. This guide aims to demystify AI for small accounting firms, providing actionable insights into adopting this transformative technology to enhance efficiency, accuracy and value in your services.
We know the insights you get out of Xero are only as good as the data that goes in. That’s why we’re committed to improving both the number and quality of bank feeds across Canada and the US. It’s something we promised you we would focus on, and we’re excited to share that we’ve made some great progress. Today, we’ve announced a new partnership with Flinks , which will give you access to more than 20 high-quality bank feeds in Xero.
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.
Outsourcing can offer a range of advantages for small construction businesses in today's competitive market. Not only does it reduce costs and free up valuable time for owners to focus on growing their business, but it also provides access to skills and expertise that may be unavailable in-house. Small construction businesses can streamline operations, increase productivity, and scale faster than ever by working with external professionals or firms who work in certain areas.
By Adam Lean. In my role as CEO of The CFO Project , a community that helps accountants start and scale CFO/Advisory practices, I’ve noticed that many accounting and bookkeeping firm owners are stuck in what we call The Accountant’s Trap. Its where financial professionals are trapped working long hours for low fees, are forced to deal with high-demanding clients, all the while being burnt out on compliance and transactional work.
Programming note: we’ll be putting some things up next week (posts, not Christmas trees) so should you swing by you’ll have something new to read. Barring any huge incident like an accounting firm getting raided by the FBI on Christmas Day, there will not be any breaking news. Tips are still welcome , nay, encouraged , and we’ll be monitoring the tipline.
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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