RogerRossmeisl

MAY 16, 2024

There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to the business. Assume that your basis in your partnership interests is sufficient so that the decrease in your portions of the partnership’s liabilities because of the new partner’s entry won’t reduce your basis

Tax 220

Tax Legal CPA business tax 220

GrowthForceBlog

MAY 14, 2024

8 min read May 14th, 2024 For the modern, growing marketing agency, accounting software is necessary for running a financially healthy, compliant, and successful business. Key Takeaways Project-Based Accounting: Marketing agencies generate revenue based on projects and individual client relationships. As a result, project or client-based accounting capabilities are a must… Sage Intacct: Sage Intacct is one of the most customizable accounting software suites available on the market.

accounting software 87

accounting software Account accountant accounted 87

ThomsonReuters

MAY 16, 2024

Jump to: The rise of GenAI in professional services GenAI’s potential in tax and accounting GenAI insights: Accuracy and data security are top concerns GenAI’s impact on business models and pricing strategies Training for the future: Preparing staff for GenAI GenAI and the road ahead For professionals across all industries, the advent of Generative AI (GenAI) has emerged as a transformative force, shifting the landscape and bringing with it both disruption and opportunity.

Tax 52

Tax Account accountant accounted 52

Nancy McClelland, LLC

MAY 14, 2024

Recently, I had the pleasure of joining Adam Lean of The CFO Project on his podcast, “ Escaping the Accountant’s Trap ,” to discuss imposter syndrome — what it really means, how to know if you have it (or are simply learning something new), and practical tips for overcoming those feelings of being a fraud. I also share my perspective on why imposter syndrome disproportionately affects women and minorities, the difference between self-doubt and truly being an imposter, and

bookkeeping 98

bookkeeping Account accountant accounted 98

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 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

CPA Practice

MAY 15, 2024

The technologies used in professional accounting firms continue to evolve and shape how practices function, from client service, to staffing issues, and overall management and growth. With AI, automation and other tools allowing professionals to be more productive than ever, which is essential for firm success, as well as to offset talent pipeline issues.

Technology 120

Technology accounting firms cpas Account 120

Accounting Today

MAY 13, 2024

The book tells the story of how Ed Mendowitz became a CPA, built his practice and shares many successes and some disappointments.

CPA 113

CPA Account accountant accounted 113

BurklandAssociates

MAY 14, 2024

Staying on top of corporate taxes, payroll taxes, sales tax, and other tax obligations is a vital aspect of running a successful startup. The post Taxes for Early-Stage Startups: What Do I Have to Pay? appeared first on Burkland.

payroll tax 159

payroll tax Tax corporation tax payroll 159

Shay CPA

MAY 15, 2024

In your early days, one person can probably handle the entirety of your startup’s finance function. The right person with the right level of expertise can stay on top of key areas like payroll and taxes. At the same time, they can help you forecast and make strategic decisions. As your company grows, though, the complexity of its finance needs scale up.

Finance 52

Finance Technology accounting and finance payroll 52

Accounting Today

MAY 14, 2024

Reliable data is the foundation of effective climate-related disclosures, and audit and tax professionals' experience is essential in supporting this data's integrity.

Tax 76

Tax audit Account accountant 76

RogerRossmeisl

MAY 16, 2024

Most business valuation assignments call for a conclusion of value. However, there may be times when a calculation of value can be a quicker, more cost-effective solution. Value conclusions When providing conclusions of value, valuators consider all approaches and procedures they deem appropriate for the circumstances. The valuation takes into account applicable valuation practices and standards, as well as any relevant legal precedents.

Legal 227

Legal CPA Account accountant 227

Advertiser: Paycor

There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.

TaxConnex

MAY 14, 2024

Once upon a time, selling online meant little more than setting up a website and sending both marketing efforts and sales direct to your customers from you. No more. Online selling today often involves relying on such household-name marketplaces as Amazon, Etsy, eBay and now even TikTok. But selling in U.S. jurisdictions also involves dealing with sales tax.

Sales 228

Sales South Carolina Tax Rhode Island 228

SMBAccountant

MAY 17, 2024

Are you a small business owner seeking expert guidance on accounting practices? Navigating the complexities of financial management is crucial to the success of any business. Establishing a core understanding of key accounting principles not only instills confidence but also ensures compliance with accounting and government regulations. Our checklist will guide you through some key items to consider when setting up your business and best practices for those already in operation.

accounting software 130

accounting software Legal tax return financial statements 130

MyIRSRelief

MAY 15, 2024

Nonprofit Tax Service by Mike Habib, EA Nonprofit organizations play a crucial role in society, offering valuable services and advocacy. However, managing tax compliance can be a significant challenge due to the complex nature of tax laws and regulations. This article explores common tax compliance issues faced by nonprofits and how an Enrolled Agent (EA) can help resolve these problems, with references to relevant Internal Revenue Code (IRC) sections, preparation, planning and compliance requir

Tax 130

Tax payroll tax payroll tax preparation 130

RogerRossmeisl

MAY 16, 2024

Financial institutions, investment service companies, insurers and creditors generally are required to implement and follow know-your-customer (KYC) policies as part of a larger anti-money laundering (AML) effort. Although most other nonregulated businesses don’t have a KYC mandate, such procedures can help prevent fraud and significant financial losses from criminal activity, among other benefits.

CPA 215

CPA 215

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

Acterys

MAY 15, 2024

Companies across industries use workforce planning tools to help them stay agile and responsive. While these tools are meant to help business leaders avoid common pitfalls like overstaffing or understaffing, there’s a notable disconnect in how they’re used. 67% of workforce planning leaders report that their organizations fail to effectively use data for workforce planning , according to research from Gartner.

Real Estate 130

Real Estate Technology Hospitality Healthcare 130

Accounting Today

MAY 15, 2024

As the cornerstone of the "Return on Relationship" methodology, a holistic financial plan unlocks a deep and meaningful understanding of a client's personal and business realities and goals.

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138

Going Concern

MAY 17, 2024

Sad? Sad prediction: AI and offshoring are going to wreck the accounting profession in the next decade. Combine that with the pain every company has with this function and it’s a recipe for economic disaster. — Michael Girdley (@girdley) May 14, 2024 There are two types of people: those who don’t find this sad (only accountants fall into this category) and those outside of the profession who think bookkeepers and payroll clerks (RIP) are what make up “the accounting profession.

Account 125

Account accountant accounted institute of chartered accountants 125

RogerRossmeisl

MAY 16, 2024

Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn your sewing or photography skills into an income-producing business. You probably won’t have any tax headaches if your new business is profitable over a certain period of time. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on your tax return?

Tax 210

Tax tax return CPA 210

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

Technology

CPA Practice

MAY 16, 2024

Unveiling the findings of its previously announced research into the decreasing supply of new certified public accountants (CPAs), the Illinois CPA Society (ICPAS)—one of the largest state CPA societies in the nation—is pleased to release its 2024 Insight Special Feature, “Re-Decoding the Decline: An Updated CPA Pipeline Report.” In October 2023, ICPAS, in partnership with the Center for Accounting Transformation, convened a coalition of 27 additional research partners—including the American Acc

CPA 120

CPA cpas accounting degree Illinois 120

Accounting Today

MAY 16, 2024

Partly in response to the talent crunch, CFOs are reaching for digital platforms to automate, streamline and spare the highest-value talent for highest-value work.

Technology 137

Technology 137

Insightful Accountant

MAY 16, 2024

Insightful Accountant is hosting Future Forward 2024 next Tuesday and Wednesday. If you are a QuickBooks Pro or Premier user you will want to attend my two sessions on Migration from those products.

quickbooks 105

quickbooks Account accountant accounted 105

RogerRossmeisl

MAY 17, 2024

Commencing in 2024, individuals who possess short-term rentals (such as rentals facilitated by platforms like Airbnb) will be required to fill out the newly introduced Form BOE-571-STR, known as the Short Term Rental Property Statement, in order to disclose their business personal property. Business personal property is typically subject to annual reappraisal, unlike real property.

California 207

California CPA Tax business tax 207

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CPA Practice

MAY 14, 2024

As the accounting profession continues to grapple with a shortage of new CPAs and fewer accounting graduates , an independent national advisory group has published six draft recommendations in a new report on what the profession can do to restock its pipeline with young talent. “The talent shortages of the past several years, coupled with strong demand for professional accountants, have created challenges throughout the profession.

cpas 120

cpas CPA Education accounting and finance 120

Accounting Today

MAY 17, 2024

The Illinois CPA Society's "Re-Decoding the Decline" report shows that time is the top barrier to CPA licensure, not the 150 credit-hour rule.

Illinois 135

Illinois CPA cpas Account 135

Cherry Bekaert

MAY 15, 2024

On April 16, 2024, the Internal Revenue Services (IRS) released Notice 2024-35 , granting relief for failure to make requirement minimum distributions (RMD) from a deceased individual’s Qualified Retirement Plan (QRP) accounts and inherited Individual Retirement Accounts (IRAs). How Beneficiaries Can Manage Retirement Account Distributions Most Americans own some kind of qualified retirement account (e.g., IRA, 401(k), 403(b) annuity) and leave the remaining balance in those accounts to their b

Tax 106

Tax Account accountant accounted 106

RogerRossmeisl

MAY 16, 2024

Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corporation that needs more capital. You should know that the federal tax code treats corporate debt more favorably than corporate equity. So for shareholders of closely held C corporations, it can be a tax-smart move to include in the corporation’s capital structure: Some third-party debt (owed to outside lenders), and/or Some owner debt.

Tax 201

Tax income tax CPA business tax 201

Advertiser: Paycor

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

CPA Practice

MAY 15, 2024

In its continuing effort to thwart identity theft refund fraud, the IRS last week highlighted additional protections being put in place for tax professionals to increase security for the Centralized Authorization File (CAF) program, as well as new guidelines for requesting client transcripts by phone. “Tax professionals continue to present a tempting target to identity thieves and fraudsters,” James Clifford, director of IRS Return Integrity and Compliance Services, said in a statement.

tax preparation 113

tax preparation Tax 113

Accounting Today

MAY 14, 2024

The Internal Revenue Service cautioned consumers to beware of inaccurate advice which prompted thousands of taxpayers to file overblown claims and held up their refunds.

Tax 133

Tax 133

Withum

MAY 15, 2024

Withum is proud to share that Jim Bourke and Chris DeMayo were honored by New Jersey Business Magazine as part of their NJ Innovate 100 Celebration. The inaugural NJ Innovate 100 Celebration spotlights professionals dedicated to the progression of their industries and the overall innovative ecosystem in New Jersey. Innovation+, along with assistance from local business associations, compiled the lists to highlight professionals who value and utilize collaboration, and serve as catalysts for prog

New Jersey 105

New Jersey audit financial statements Account 105

RogerRossmeisl

MAY 16, 2024

If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. How can you protect your deduction? First, be aware that in order to deduct charitable donations, you must itemize deductions.

tax return 167

tax return CPA Tax 167

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