Sat.Aug 27, 2022 - Fri.Sep 02, 2022

CFOs feeling gloomier about economy in Q3

Accounting Today

Economic indicators Inflation Accounting Deloitte

3 Tax Breaks for Small Businesses

RogerRossmeisl

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples.

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What is a SLAT?

KROST

A Spousal Lifetime Access Trust (SLAT) is a trust established between spouses. Essentially, one spouse gives the other spouse assets in an amount that uses up the unused Federal Estate Tax Exemption. The trust of one spouse must be materially different from the trust of the other spouse.

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When Should You Hire a Virtual CFO?

Summit CPA

When is the best time to fix the roof? Before the rain, right? Well, the same is true of your business. Your business needs a CFO before the figurative rain. And where do you look to check for rain? A forecast. That is exactly what a Virtual CFO (VCFO) provides to your business.

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Live Demo: Supercharge Your Month-End Close

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

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation like ART (a unique 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.

5 Things I Wish I Would Have Done Differently Running My Firm

Ryan Lazanis

As you grow and develop your own firm, mistakes will inevitably happen. That’s why in this podcast episode, I will share with you the 5 things I wish I would have done differently to help make your life easier during your firm-building journey. Listen Below.

What’s Included in Virtual CFO Services?

IgniteSpot

What Is a Virtual CFO? You’re probably familiar with the role of chief financial officer (CFO), but your company doesn’t have one. CFOs are usually high-level business executives, commanding high salaries to match. But small- and medium-sized businesses like yours might not be ready for that.

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More Trending

3 things to remember about economic nexus

TaxConnex

This June marked 4 years since the landmark Supreme Court decision that launched economic nexus, South Dakota v. Wayfair, Inc et al , but many businesses are still trying to figure out how to manage sales tax obligations brought on by this decision.

5 Qualities of the Best Fractional CFOs for Startups

BurklandAssociates

The best fractional CFOs for startups are trusted partners, excellent collaborators and communicators, and add exponential value. The post 5 Qualities of the Best Fractional CFOs for Startups appeared first on Burkland. CFO Insights

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Reconciliation: a Short Feature Overview

Snyder

Why is the Reconciliation feature so important? Reconciliation is the process of identifying and correcting accounting mistakes, omissions, or inconsistencies in financial records. It’s a process that every company must go through to ensure their books are balanced and accurate.

How to Avoid the Early Withdrawal Tax Penalty on IRA Distributions

RogerRossmeisl

When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early withdrawals depending on how old you are when you take them and what you do with the money.

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Virtual Cards — Everything You Need to Know

Speaker: Eoin Hession, Controller at Recharge

Even though virtual cards have been part of the payments system for over ten years, there remains a lack of clarity around how they work and their value to companies large and small. In this webinar, Eoin Hession, Controller at Recharge, talks about how his company uses virtual cards in their operations. Sign up today!

App purchases and sales and use tax

TaxConnex

Many tech companies consider themselves a service provider exempt from sales and use tax. But the 2018 Wayfair decision expanded the definition of nexus and and more of these businesses are now subject to sales and use tax collection, including on one of their product staples: apps.

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IRS Audit & Appeals Help – How the Inflation Reduction Act Affects

MyIRSRelief

Although the 2022 Inflation Reduction Act (IRA) was touted as being a bill designed to reduce inflation, it carries with it considerably more baggage.

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Why AI could be a financial director's best friend during busy season

Accounting Today

Artificial intelligence Fraud detection Audit software Analytics Technology

IRS Provides Simplified Method for Extending Portability Election

RogerRossmeisl

The IRS has released a procedure (Rev Proc 2022-32) that provides a new, simplified method for obtaining an extension of time to make a “portability” election.

How to Write OKRs: 45 Effective Examples

Many companies are embracing objectives and key results (OKRs) as the best practice for committing to goals and following through. Objectives are outcomes that reflect current company priorities. Each employee should write OKRs that roll up to larger company goals.

How to Gross up Payroll

Patriot Software

If you want to pay an employee supplemental compensation, such as a bonus or a relocation payment, you must withhold payroll taxes just like with regular wages. But, what if you want an employee to receive a specific amount after taxes? That is when you gross-up payroll figures.

Friday Footnotes: EY Split Drags Out; Advisory Firm Defrauds Clients; Student Loan Forgiveness and Taxes | 9.2.22

Going Concern

note: Although Going Concern observes Labor Day because our handlers are not monsters, we’ll be back Monday as usual. See you then and have a wonderful weekend (hopefully it’s a three-day one for at least some of you). Firm Watch.

IRS exposed about 120K people's information online

Accounting Today

Tax exemptions Tax returns Cyber security IRS Tax

Do Your ESG Initiatives Open the Door to Fraud?

RogerRossmeisl

Within a relatively short period, corporate environmental, social and governance (ESG) initiatives evolved from a disjointed and confusing set of goals to a more unified business imperative. This is largely because investors, employees, customers and other stakeholders have demanded it.

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Building Smart with Distributed Teams

Speaker: Sam Ross, General Counsel at Remote; Jenny Bloom, former CFO at Zapier & Darren Murph, Head of Remote at GitLab

It’s clear that distributed teams are here to stay in some form or another. Adapting to this reality means finding the right systems and processes that support remote workers — including international ones — while controlling for risks and communication challenges. Watch to find out more!

Can You Spot the Differences Between Back Pay vs. Retro Pay?

Patriot Software

Everybody makes mistakes. And if you’re an employer, you’ve probably made (or will make) a payroll mistake at some point. If you make a mistake or forget to pay an employee certain wages (e.g., bonus), you might need to provide retroactive or back pay.

Letters to the Editor: CPAs Give Their Perspectives on Why No One Wants to Be an Accountant Anymore

Going Concern

Last week, we published a letter written to Fortune by a former CPA who pivoted to driving 18-wheelers and found far more career happiness than he ever would have in accounting (good for him).

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How student loan relief can turbo-charge retirement savings

Accounting Today

Tax planning Retirement Tax Student loan debt Politics and policy RIAs

Speed up Customer Payments With an Early Payment Discount

Patriot Software

Ever feel like getting customers to pay is like pulling teeth? If you’re in business and invoice customers, the answer is likely a resounding yes. Many customers wait until the due date to pay (who hasn’t?). Other customers still don’t pay even after the deadline has passed.

Management Techniques for Offshore Employees

This whitepaper looks at the changes and challenges that stem from remote hiring and current HR trends that address them. Download this comprehensive guide to learn more!

How a Solo 401(k) Plan Can Help College Athletes Win in Retirement

Anders CPA

The interim Name, Image and Likeness (NIL) Policy has opened many doors for college athletes – including the door that requires annual income tax filings for NIL deals.

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Crazy Eddie: They Don’t Fraud ’Em Like That Anymore

Going Concern

Whenever I meet someone who grew up on the east coast in the late 70s or early 80s, I ask if they remember Crazy Eddie. I have yet to hear a response other than, “Of course!”. To many, the story of Crazy Eddie is a story of loving to hate a television commercial.

3 proven data visualization methods for CPAs

Accounting Today

Data visualization Financial reporting Apps Technology

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Patriot Tops the List for Business Value, Support, & More in SoftwareReviews’ 2022 Report

Patriot Software

Canton, OH Patriot Software, an accounting and payroll software provider for American businesses and accountants, stands out in SoftwareReviews’ 2022 Emotional FootPrint awards after ranking first in key categories like “Business Value Created,” “Vendor Support,” and more.

Telling a Great Story with Data

Speaker: Jeff Epstein, Operating Partner at Bessemer Venture Partners, & Aneal Vallurupalli, CFO at Airbase

Data can create and even change a story — this is a key theme in an enlightening discussion between Jeff Epstein, Operating Partner at Bessemer Venture Partners, and Aneal Vallurupalli, CFO at Airbase. Watch the video to discover how!

What Is a Cost of Living Raise?

Patriot Software

Employees love raises. Regular raises can improve employee happiness and put them in a better financial position. And, raises can reduce your employee turnover. You can give raises for merit or increasing job value. You might also give a cost of living raise.

What Are Bookkeeping Services, Exactly? Let Us Explain.

AccountingDepartment

In the months or years since you first became a business owner, how many times have you been told you need bookkeeping services? How many times have you quietly wondered to yourself if there isn't a better, easier, or more efficient way to manage your accounting?

AICPA proposes revisions to tax standards and 1040 crypto question

Accounting Today

Cryptocurrency IRS Tax AICPA Tax forms

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A 33-Year-Old Woman Working For EY Died at the Office Over the Weekend in Australia

Going Concern

Tragic news coming out of Sydney, a 33-year-old woman working for EY died at the office over the weekend. The original Australian report is behind a paywall so we’re getting some details from Daily Mail , sorry. The Guardian also has some info.

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The First 90 Days: Onboarding Checklist

Connect with your people from day one with this development and engagement checklist.