Sat.Aug 19, 2023 - Fri.Aug 25, 2023

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Five Ways to Secure Millennial and Gen Z Accounting Talent

CPA Practice

By David Osborne. A global accounting industry survey of more than 6,000 accountants and auditors conducted earlier this year revealed the No. 1 challenge respondents currently face is attracting and retaining skilled talent. Like most sectors, the accounting industry is feeling the effects of the shift in the labor market as workers quit their jobs in search of better roles and greater job satisfaction.

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Sales Tax Compliance - There Is No EASY Button

TaxConnex

Sales tax automation has come a long way since the Quill vs. North Dakota case in 1992. Now, even the smallest multi-state businesses and startups have access to sales tax automation options that lower costs and ease the burden of compliance. AI is even making it’s way into the sales tax world, but how much do you trust an automated bot or machine with your sales tax obligations?

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Managing AI & ChatGPT in the Workplace

BurklandAssociates

We are at a pivotal point in our lives technology-wise. Artificial Intelligence is taking the markets by storm and has become a tool that almost anyone can use with just Read More The post Managing AI & ChatGPT in the Workplace appeared first on Burkland.

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Tax Partner Matters More Than Firm on Business Taxes

CPA Practice

When it comes to a corporation’s relationship with its accounting firm, the firm itself is less important than the partner who leads its engagement team in lowering its tax rate, according to a new study from Iowa’s Tippie College of Business. The study found that the partner has twice as great an impact on the firm’s cash effective tax rate than did their firm.

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Which Month-End Close Automation Software is Right for You?

Companies are increasingly choosing to automate their month-end close process, hoping to get rid of manual activities, save time, and get control of the close. By allowing technology to take the wheel, finance leaders can streamline and optimize the close, leading to greater accuracy, reduced risk, and improved efficiency. This being said, it can still be difficult to find the best month-end close solution for your team.

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Art of Accounting: What happens to your practice when you die

Accounting Today

If partners do not have a buy-sell agreement and one of them dies or is suddenly disabled, there will be problems between the survivors and the family of the affected partner.

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Work Is Destroying Tax and Accounting Professionals’ Mental Health Much Less Than You’d Think

Going Concern

Thomson Reuters recently spit out its Future of Professionals special report , a survey of more than 1,200 professionals working in the legal, tax & accounting, global trade, risk, and compliance fields who are employed at firms, corporate in-house departments, and government agencies based in North America, South America, and the United Kingdom.

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More Trending

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Director Discusses Several Considerations Involved When Taking A Business Global

ThomsonReuters

Audio streaming and media services provider Spotify was founded in Stockholm, Sweden in the spring of 2006 and launched in the United States in 2011 after already solidifying a presence in the United Kingdom, Germany, France, Italy, Spain, Finland, and Norway. The company’s expansion continued rapidly with a global reach to 65 countries by March 2018 and further expansion to more than 80 markets in 2021, including locations across Africa, Asia, and the Caribbean.

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AICPA asks IRS for better trust forms, guidance on tax credits

Accounting Today

The institute sent comment letters requesting changes in two forms used to report on foreign trusts, and guidance on energy credits and advanced manufacturing investment credits.

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How Outsourced Client Accounting Services Support Expansion Strategies

AccountingDepartment

In the pursuit of business growth and expansion, establishing a strong and effective financial management system becomes imperative. This encompasses precise record-keeping, timely reporting, and adherence to regulatory obligations. To effectively navigate growth and focus on core business activities, many organizations are turning to outsourced client accounting services.

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Construction contractors and sales tax

TaxConnex

Construction contractors have a tough job these days, given labor shortages, supply-chain headaches and mushrooming regulation. If you’re in this industry, the last thing you need added to your load is sales tax. Generally, a business in the construction industry is performing a service, and most services are excluded from sales and use tax. But sales tax has to be your concern if you engage in contracts in different states.

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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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IRS Issues Table for Calculating Premium Tax Credit for 2024

CPA Practice

The IRS on Wednesday released an updated applicable percentage table used to determine a person’s premium tax credit for 2024. The Affordable Care Act’s premium tax credit was created to help lower- and middle-income Americans pay for health insurance purchased through the healthcare marketplace ( HealthCare.gov ). Health insurance can also be purchased through some state exchanges.

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John Sheehy to Lead Investigative and Corporate Intelligence Services Group

Withum

Withum is excited to share that John Sheehy, JD, and Principal within the Forensics and Valuation Services Team, will lead the Firm’s Investigative and Corporate Intelligence Services Group. Formerly a Special Agent, Crisis Negotiator and Supervisor at the Federal Bureau of Investigation, John has a complex and comprehensive understanding of white-collar crime and fraud.

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IRS may have skirted rules on directly contacting represented taxpayers

Accounting Today

Internal Revenue Service employees weren't always following the proper rules when it came to directly contacting taxpayers instead of their representatives like accountants and attorneys.

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CPA Exam Changes and Pipeline Woes Are a Perfect Storm of Problems For the Profession

Going Concern

Ed. note: The following is a guest post by Liz Kolar, EVP at Surgent. It is of particular interest to professors, accounting department chairs, other assorted academics, and any accounting profession meteorologists who are tracking the perfect storm of pipeline problems and a completely revamped CPA exam debuting in just a few months. Comments from all perspectives are welcome.

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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.

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Business Travel Rebounds, Sees 46% Jump Even Over Pre-Pandemic Times

CPA Practice

Despite rocky economic conditions and pressures within organizations to cut down on travel costs, business travel is making an unexpected and robust comeback. According to Capterra’s 2023 Travel Survey, 46% of business travelers report going on more trips than before the pandemic—on average, they travel six times a year, with trips lasting about three days.

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SEC Announces New Anti-Money Laundering Requirements for Broker-Dealers in Risk Alert

Withum

On July 31, 2023, the U.S. Securities and Exchange Commission published a Risk Alert to their broker-dealer members regarding Anti-Money Laundering (AML) compliance examinations and related issues. The Division of Examinations’ Risk Alert reiterated the need for registered broker-dealers to establish and maintain sound AML programs for each firm designed to mitigate risks in the financial system.

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Exploring AI and machine learning in modern bookkeeping

Accounting Today

In an era where technological advancements redefine our day-to-day activities, artificial intelligence and machine learning have emerged as transformative forces in various sectors.

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How small businesses are navigating AI

Xero

The hype around artificial intelligence (AI) is making small businesses feel that its development and adoption is moving at lightning speed. In fact, our new research shows that 80% of small business owners globally are concerned that the fast pace and nature of AI is leaving regulation in the dust. They told us they want governments to do more, given the potential big impact to industries and the workforce.

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Predictions You Can Rely On: How Data Drives Successful Financial Forecasting

Speaker: Robbie Bhathal, Founder & CEO, and Matthew Acalin, Head of Credit Intelligence

In today's volatile financial environment, how confident are you in your company’s financial forecasting? To get the most accurate cash predictions that will lead to long-term financial survival, real-time data is critical. Innovative cash management strategies can lead to better credit opportunities, more sustainable growth, and long-term financial prosperity.

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IRS Hiking Interest Rates on Oct. 1

CPA Practice

The IRS said Friday that interest rates will go up for the fourth quarter of 2023 , which begins on Oct. 1. The last time the agency increased interest rates was for the first quarter of this year when the rate for tax overpayments and underpayments was 7% per year, compounded daily, up from 6% for Q4 2022. Interest rates had stayed the same in Q2 and Q3 of this year.

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My 9 Favorite Ways to Prevent Scope Creep

Ryan Lazanis

As new ideas and features emerge, it’s all too easy for the initial project boundaries to expand far beyond their intended limits. In this episode, I discussed nine key strategies that I have tested in the field to effectively prevent scope creep. Listen Below. 0:43 Scope creep or out-of-scope work is defined as performing tasks not outlined in the client agreement.

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Recession and hiring concerns ease among execs

Accounting Today

Only 17% of executives now anticipate a recession, according to a survey released Tuesday by PricewaterhouseCoopers, and 74% believe they can attract and retain the talent they need.

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ERC Success Story: Auto Dealerships Save Millions

Cherry Bekaert

Challenge Auto dealerships faced substantial challenges during the COVID-19 pandemic. With state government mandates and other countries closing manufacturing sites, international trade, production, and sales slowly came to a halt. As a result, many dealerships were faced with a tough decision: keep their employees on the payroll despite lower revenues, or risk permanently losing their investment in their staff with temporary layoffs.

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8 Signs Your Accounting Team Is Ready to Automate Month-End Close

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

How do you know if your accounting team is ready to automate the month-end close? Join us in this informative webinar, where we share the top 8 signs that indicate that a team has outgrown all existing tools and may be ready to embark upon month-end close automation. We will examine the process clues that help determine whether your team would be a good candidate for automation.

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Treasury, IRS Unveil Long-Delayed Crypto Tax Reporting Rules

CPA Practice

By CQ-Roll Call staff, CQ-Roll Call (TNS) The Biden administration on Friday issued proposed regulations to implement a key revenue-raiser from the 2021 infrastructure law that would require additional reporting of cryptocurrency transactions to the IRS. The infrastructure package initially required the Treasury Department and IRS to finalize the rules by the end of this year, in time to start collecting more revenue as soon as 2024.

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Is Business Rent Tax Deductible?

inDinero Tax Tips

Is business rent tax deductible? Yes, business rent is tax deductible under qualifying circumstances. That’s a good thing too, since rent is often among an organization’s largest overhead expenses. As part of our ultimate guide to business expenses and tax deductions , this article will run through different types of rental tax deductions, who qualifies, what to avoid, and ultimately how to claim the deduction.

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Tax trading scam made my life a 'shambles,' Duet Group founder Gabay says

Accounting Today

Henry Gabay, founder of a now defunct London-based asset manager, told a German court that he's innocent and that the "devastating" Cum-Ex charges against him are built on lies by his former business associates.

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IRS Update on ERC Eligibility: 5 Scenarios That Do Not Qualify as Supply Chain Disruptions

Cherry Bekaert

New IRS General Legal Advice Memorandum The Internal Revenue Services (IRS) released a general legal advice memorandum (GLAM) that lists additional guidance on whether supply chain disruptions can create a partial suspension of operations on employers for purposes of the Employee Retention Credit (ERC). The IRS has been dealing with fraudulent and misguided applications surrounding a partial suspension of operations, including those caused by supply chain disruptions.

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From Complexity to Clarity: Strategies for Effective Compliance and Security Measures

Speaker: Erika R. Bales, Esq.

When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.

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Accounting Marketer Release Book: “The B2B Marketer’s Guide to AI: Strategies, Tactics & Tools for Success”

CPA Practice

Becky Livingston has unveiled her latest book, “The B2B Marketer’s Guide to AI: Strategies, Tactics & Tools for Success.” This insightful and timely work marks the author’s fourth published title and aims to bridge the knowledge gap in the intersection of B2B marketing and the ever-evolving world of artificial intelligence. With AI transforming industries at an unprecedented pace, business-to-business marketers can no longer afford to stay on the sidelines.

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Xero Beautiful Business Fund applications open for small business customers

Xero

Today marks day one of Xerocon Sydney and I’m so excited to share more details on a global initiative called the Xero Beautiful Business Fund. Last month on Xero Day, the anniversary of the day where it all started for us 17 years ago, we announced the Xero Beautiful Business Fund as a way to help our small business customers boost their growth plans and drive future success.

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Lawmakers push IRS to account for lost taxpayer records

Accounting Today

Two Republican lawmakers are asking the Internal Revenue Service to explain what happened to microfilm cartridges filled with years' worth of taxpayer data that appear to have vanished.

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SBA 8(a) Business Development Program Application Suspension: Updates & Changes

Cherry Bekaert

For decades the Federal Government has provided a nine-year Small Business Administration (SBA) 8(a) Business Development Program to assist socially and economically disadvantaged entrepreneurs access to the Federal marketplace. The 8(a) program allowed for disadvantaged businesses that qualify a specific set-aside to seek out government sole source contracts under $7 million for manufacturing requirements and $4.5 million for goods and services.

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DOL Final Overtime Rules: Quickstart Guide for Employers

On August 30, 2023, the DOL unveiled a proposed overtime rule that would raise the weekly salary threshold under the Federal Labor Standards Act. Paycor is closely monitoring the proposal and will provide updates as new information becomes available.