Sat.May 11, 2024 - Fri.May 17, 2024

article thumbnail

Growing Your Business With a New Partner: Here Are Some Tax Considerations

RogerRossmeisl

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 199
article thumbnail

Top 5 Best Accounting Softwares for Marketing Agencies

GrowthForceBlog

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.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Embracing the GenAI wave: Key insights for tax and accounting professionals

ThomsonReuters

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
article thumbnail

How Bookkeepers & Accountants Can Overcome Imposter Syndrome

Nancy McClelland, LLC

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

article thumbnail

Live Demo: How to Achieve Reconciliation Zen

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

article thumbnail

The Best Tech for Accounting Firms: CPAs Voted for Readers Choice Tech Awards

CPA Practice

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.

article thumbnail

Art of Accounting: Memoirs of a CPA

Accounting Today

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

CPA 114

More Trending

article thumbnail

Taxes for Early-Stage Startups: What Do I Have to Pay?

BurklandAssociates

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.

article thumbnail

How to Build Your Finance Team

Shay CPA

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
article thumbnail

How tax and accounting pros can navigate climate disclosures

Accounting Today

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 77
article thumbnail

Pay Attention to the Tax Rules if you Turn a Hobby Into a Business

RogerRossmeisl

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 218
article thumbnail

New DOL Final Overtime Rules: Quickstart Guide for Employers

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.

article thumbnail

Sales tax and Marketplaces: Who owns the responsibility?

TaxConnex

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 225
article thumbnail

Checklist for Small Business Startups

SMBAccountant

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.

article thumbnail

Streamline Talent Decisions With AI-Powered Workforce Planning Tools

Acterys

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.

article thumbnail

The Tax Advantages of Including Debt in a C Corporation Capital Structure

RogerRossmeisl

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 213
article thumbnail

Planning Your Restaurant's Path to Profitability

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.

article thumbnail

You can't maximize ROI without ROR

Accounting Today

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.

138
138
article thumbnail

Accountants Will Go Extinct in the Next Decade, Says Guy

Going Concern

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
article thumbnail

Updated CPA Pipeline Report Show Top Reasons Some Decide Not to Pursue Credential

CPA Practice

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 119
article thumbnail

California Short-Term Rentals Now Require a Business Personal Property Filing

RogerRossmeisl

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.

article thumbnail

How Automation is Driving Efficiency Through the Last Mile of Reporting

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

article thumbnail

CFOs seeking tech solutions need change management

Accounting Today

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.

article thumbnail

Future Forward is the Place to Be

Insightful Accountant

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.

article thumbnail

CPAs Provide Six Ways to Replenish the Talent Pipeline

CPA Practice

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 119
article thumbnail

Why Would Your Businesses Want “Know Your Customer” Policies?

RogerRossmeisl

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 194
article thumbnail

Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

article thumbnail

IRS warns of new tax scams spread by social media

Accounting Today

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 134
article thumbnail

Withum Team Members Honored at Innovate 100 by New Jersey Business Magazine

Withum

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

article thumbnail

IRS Adds Security Protections for CAF Program, Transcript Requests

CPA Practice

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.

article thumbnail

When Do Valuable Gifts to Charity Require an Appraisal?

RogerRossmeisl

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.

article thumbnail

How to Build the Ideal HR Team

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.

article thumbnail

Is the profession damaging its own pipeline?

Accounting Today

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 137
article thumbnail

What Is IRS Notice 2024-35?

Cherry Bekaert

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 105
article thumbnail

Avalara and Shopify Expand Partnership for Global Tax Compliance

CPA Practice

Avalara, Inc. , a provider of cloud-based tax compliance automation for businesses of all sizes, has expanded its partnership with Shopify Inc., a provider of essential internet infrastructure for commerce, by joining the Shopify Tax Platform. Through the expanded partnership, Shopify merchants of any size can easily manage and automate global tax compliance with Avalara.

Tax 110
article thumbnail

Navigating Potential Changes to Corporate Tax Rates

Insightful Accountant

Small business owners and tax practitioners are debating whether to elect S corporation status before the potential corporate tax rate increase in 2025 due to the expiration of TCJA provisions.

article thumbnail

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.