Canopy Accounting
FEBRUARY 25, 2024
Your clients count on you to handle their tax issues, and you’ve earned that trust through transparency, customer service, and demonstrating your expertise. When preparing a client’s tax return , you must exercise due diligence and good faith, all while staying up-to-date on all IRS policies and guidelines. If you do not follow the IRS rules for preparing returns, you could be liable for penalties and fines.
TaxConnex
FEBRUARY 27, 2024
Your sales tax obligations depend on knowledge and that knowledge often resides in a professional tax specialist (usually an accountant) who helps your company meet its sales tax obligations. This is a complicated time for sales tax obligations – and a terrible time to try to hire an accountant. Accounting is beset by a triple threat: a looming wave of retirement, a lingering great resignation of younger professionals and a talent pipeline of new graduates that’s slowing to a trickle.
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RogerRossmeisl
FEBRUARY 25, 2024
Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, though some may be better off using the accrual method. Thus, it may be prudent for your business to evaluate its method to ensure that it’s the most advantageous approach.
CPA Practice
FEBRUARY 28, 2024
Here’s some news from the labor market that’s both good and bad for CPA firm leaders and other employers of accounting and finance talent. A Robert Half survey found that only 27% of workers in the profession are planning to look for a new job in the next six months. In a similar survey our company conducted in mid-2023, that figure was significantly higher — 41%.
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.
Accounting Today
FEBRUARY 28, 2024
The 83 publicly disclosed accounting and auditing enforcement actions represented the highest number of actions initiated since FY 2019.
Insightful Accountant
FEBRUARY 26, 2024
Continuing education is essential for tax practitioners, not just for credits but for career success and organizational growth.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Canopy Accounting
FEBRUARY 28, 2024
In this episode of Canopy's Practice Success podcast, Liz Scott discusses the critical aspects of technology in accounting. She draws an analogy between selecting tech apps and shopping for shoes to emphasize the need for careful selection to ensure they meet the firm's needs. The conversation covers the evolving role of accountants as technology advisors and the significance of managing a tech stack effectively.
Insightful Accountant
FEBRUARY 28, 2024
With millions of tax refunds going out each week, the IRS reminded taxpayers today that recent improvements to “Where's My Refund?” on IRS.gov provide more information and remains the best way to check the status of a refund.
Going Concern
FEBRUARY 25, 2024
*and saleswomen This person on r/Big4 seems to have had an epiphany that partners are better at people-ing than they are at the technical aspects of the firm’s business. Quite the revelation! Why does it feel like the people who make it to partner are better at schmoozing than accounting? by u/TheU_isBack in Big4 Take note, overachievers and aspiring partners: Technical skill matters most when you’re in the trenches.
TaxConnex
FEBRUARY 29, 2024
Happy Leap Day! While not at all related to sales tax, we thought that as we spend a day to align our seasons and the Earth’s orbit of the sun, we should also discuss how to ensure your processes align with maintaining sales tax compliance in 2024! LEAP into compliance with us as we discuss 4 specifics that need to be considered in order to maintain your compliance in 2024, and beyond.
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RogerRossmeisl
FEBRUARY 25, 2024
When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks and your correct tax. The five filing statuses are: Single Married filing jointly, Married filing separately, Head of household, and Qualifying surviving spouse. If you’re married, you may wonder if you should file joint or separate tax returns.
BurklandAssociates
FEBRUARY 28, 2024
New specialty consulting area provides accounting expertise and financial guidance tailored to the needs of Clean Energy startups. The post Burkland Expands Services for Clean Energy Startups appeared first on Burkland.
Acterys
FEBRUARY 29, 2024
Power BI Integration and Enhancements Have Brought a New Perspective Into the Market (Chicago, Il., February 27, 2024) — Acterys, a leading provider of enterprise performance management (EPM) solutions, is proud to be selected as a challenger in the 2024 Hackett Digital World Class Matrix. This inclusion represents another significant step forward in Acterys’ journey to simplify the EPM landscape and provide customers with unparalleled efficiency, accuracy, and flexibility.
Going Concern
FEBRUARY 29, 2024
For posterity’s sake, here’s what the IRS says about its open Employee Retention Credit (ERC) investigations as of January 25: That’s nine open investigations, 123 under review, and anyone who comes forward to say they took ERC money they weren’t entitled to before the Voluntary Disclosure Program closes on March 22 will have to give up the name of the promoter that encouraged them to take the credits.
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.
RogerRossmeisl
FEBRUARY 25, 2024
Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases, it might be beneficial to file one — even if it’s not required. Who must file? The annual gift tax exclusion has increased in 2024 to $18,000 but was $17,000 for 2023. Generally, you must file a gift tax return for 2023 if, during the tax year, you made gifts: That exceeded the $17,000-per-recipient gift tax annual excl
Accounting Today
FEBRUARY 26, 2024
The lowest-ranked states have property and unemployment insurance taxes like every state, but significantly they also have complex, non-neutral taxes with comparatively high rates.
CPA Practice
MARCH 1, 2024
With a lot of unreliable information on social media, the IRS has issued list of myths and facts about 1099-K forms to help taxpayers with filing: what to do with Form 1099-K. Following feedback from partners and to help avoid taxpayer confusion, the IRS announced in Nov. 2023, that the reporting threshold for Form 1099-K, Payment Card and Third Party Network Transactions , would not change for 2023.
Going Concern
FEBRUARY 29, 2024
What the f**k is this?? 2022 PCAOB Inspection of KPMG LLP [ PDF ] WSJ doesn’t know why it was redacted either. NO ONE DOES. We’ve got some more inspection reports to dig into shortly, lots of them. EY, PwC, Deloitte, GT, BDO, RSM, Moss Adams…does anyone want to know all that? We were warned last year that this batch of PCAOB inspection reports would be “completely unacceptable” but no one said they would be completely unknowable.
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
RogerRossmeisl
FEBRUARY 25, 2024
Although financial statement fraud is the least common form of occupational theft (9% of incidents), it costs organizations the most in financial losses, according to the Association of Certified Fraud Examiners. Businesses defrauded by financial statement schemes had median losses of $593,000. Early revenue recognition, which distorts profits and can artificially boost a business’s financial profile, is popular among financial statement fraud perpetrators.
Accounting Today
FEBRUARY 26, 2024
The Federal Trade Commission filed a complaint against tax prep giant H&R Block accusing the company of deceptively marketing "free" online tax filing when its products often were not free and deleting consumers' data when they tried to downgrade to less expensive products.
Anders CPA
FEBRUARY 26, 2024
Face your Retail Lending Test with confidence backed by to-the-minute research on an evolving regulation Wednesday, March 27 at 10:00am CT The new Retail Lending Test was introduced as part of the Community Reinvestment Act (CRA) final rule and its implementation will have considerable impact on large and intermediate-sized banks, in addition to the small banks who opt-in.
CPA Practice
MARCH 1, 2024
The Internal Revenue Service has announced a new effort focused on high-income taxpayers who have failed to file federal income tax returns in more than 125,000 instances since 2017. The new initiative, made possible by Inflation Reduction Act funding, begins with IRS compliance letters going out this week on more than 125,000 cases where tax returns haven’t been filed since 2017.
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.
Withum
FEBRUARY 29, 2024
Withum is excited to share that local business publication NJBI Z has named Alexander Smit , Associate Investment Advisor, on the 2024 Leaders in Finance list. The NJBI Z Leaders in Finance Awards celebrate local finance professionals with outstanding reputations in the industry and in their communities. Lex is part of the Withum Wealth Management Team, specializing in Financial Planning.
Going Concern
FEBRUARY 27, 2024
If you’re a high school student and future accounting major hoping to receive your undergraduate education from a friendly chatbot, we’re sorry to say that won’t be happening any time soon. A study authored by Charles Darwin University Professor of Accounting Indra Abeysekera and published in Journal of Open Innovation: Technology, Market, and Complexity examined how well ChatGPT can explain the solutions to problems and found it’s about as good as a terrible professor.
Accounting Today
MARCH 1, 2024
The lack of help means current accountants' hours and workloads can be grueling, upping the odds of mistakes and burnout.
CPA Practice
MARCH 1, 2024
By Amrita Choudhary, Kiplinger Consumer News Service (TNS) In recent years, lease accounting standard ASC 842 has replaced the ASC 840 standard. As per the Financial Accounting Standards Board updated accounting standards, ASC 842 requires that all leases, whether operating or finance, be recognized on a company’s balance sheet as right-of-use assets and corresponding liabilities.
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
ThomsonReuters
MARCH 1, 2024
In a world where data breaches are becoming all too common, President Biden’s recent Executive Order to protect Americans’ sensitive personal data marks a pivotal moment for tax and accounting professionals. With the proliferation of cyber threats, the role of accountants to serve as protectors of clients’ most confidential financial information has become more significant than ever.
Going Concern
FEBRUARY 26, 2024
As mentioned in today’s Monday Morning Accounting News Brief and first spotted on Canadian Accountant , a shout-out is in order for this person who bailed on EY Canada to go work for the client and scored themselves a mention in the firm’s 2022 PCAOB inspection report: The firm reported one instance of potential non-compliance with PCAOB Rule 3500T regarding firm personnel negotiating prospective employment with an audit client.
Accounting Today
FEBRUARY 26, 2024
Planners who recommend the increasingly popular charitable vehicles could face penalties for what's currently a pretty common practice in the industry, experts say.
CPA Practice
MARCH 1, 2024
A new study from Paychex, Inc. reveals the benefits and challenges of artificial intelligence in the human resources industry, and how opinions on its use and effectiveness differ between HR professionals and employees. The first in a new series of 2024 Pulse of HR Reports entitled “Balancing Tech and Touch in Human Resources,” found that 41% of employees surveyed prefer less AI involvement in their company’s HR processes, while more than half are content with the current (39%) or an increased (
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