Sat.Jan 18, 2025 - Fri.Jan 24, 2025

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Ensuring Your Firm’s Future with Smart Technology Choices

CPA Practice

The pace of change in the accounting industry will never slow down, and technology will continue to be a primary driver of that change.

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When Is It Time to Start Your Own Practice?

Insightful Accountant

The current landscape presents a prime opportunity for launching your own tax practice, with retiring baby boomer CPAs creating market gaps and technology reducing startup costs.

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Beware of Overly Optimistic Projections Used to Value a Business

RogerRossmeisl

Business valuation experts often rely on prospective financial statements when applying the discounted cash flow (DCF) method to value a private business interest. However, when management prepares financial projections for another purpose such as a loan application repurposing them to estimate fair market value for litigation purposes may raise a red flag.

New York 235
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Why Real-Time Financial Reporting Is a Game-Changer

AccountingDepartment

Financial reporting has always been a critical pillar of effective business management. It's the roadmap that guides decisions, uncovers opportunities, and highlights risks. However, in a fast-evolving economic landscape, relying solely on monthly reports or quarterly financial statements is slowly becoming obsolete.

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Say ‘Goodbye’ to Clunky Spreadsheets and Say ‘Hello’ to Month-End Automation

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, emails, and shared drives no longer need to slow you down. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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California extends tax relief to LA fire victims

Accounting Today

Affected taxpayers now have until Oct. 15 to file and pay their taxes, matching the federal relief from the IRS.

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Accounting for R&D Costs in a Biotech Startup: Why It’s Important to Get it Right

BurklandAssociates

Accurate accounting for R&D expenses is critical for compliance and can have significant tax benefits as well as financial reporting and operational implications. The post Accounting for R&D Costs in a Biotech Startup: Why Its Important to Get it Right appeared first on Burkland.

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The future of accounting is semantic

Accounting Today

Charles Hoffman believes the accounting industry is poised for a major shift toward machine-understandable artifacts and semantic knowledge graphs.

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Outlook for 2025: A roadmap for small businesses

Reckon

Its a new year for businesses across Australia, and you may be looking to jump-start the engine that once ran smoothly in 2024. With 12 months ahead of you, the best way to get underway is through proper planning with a roadmap. For any roadmap, it is important to have clear and achievable goals for your business, with key dates and goals that will motivate you for the year ahead.

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State tax changes predicted for this year

Accounting Today

More states are expected to simplify their sales tax laws and leverage artificial intelligence for doing tax audits, according to a new report from Avalara.

Tax 122
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Your Guide to Medicare Premiums and Taxes

RogerRossmeisl

Medicare health insurance premiums can add up to big bucks especially if youre upper-income, married, and you and your spouse both pay premiums. Read on to understand how taxes fit in. Premiums for Part B coverage Medicare Part B coverage is commonly called Medicare medical insurance. Part B mainly covers doctors visits and outpatient services. Eligible individuals must pay monthly premiums for this benefit.

Tax 225
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Outsourcing Vs. In-House: The Ultimate Battle For Better Collections

Speaker: Susan Richards

Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.

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How to validate a resale certificate

TaxConnex

An exemption certificate is one of the most useful tools that your online company has for sales tax. This little piece of paper is used to exempt an otherwise taxable transaction from sales tax. The overall concept is that the end user incurs sales tax and that all sales of tangible personal property are taxable unless specifically enumerated, usually in legislation.

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IRS Revises FAQs on Home Energy Tax Credits

CPA Practice

The IRS updated frequently asked questions about the Energy Efficient Home Improvement Credit and the Residential Clean Energy Property Credit inFact Sheet 2025-01 on Jan. 17.

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KPMG aims to become a law firm too

Accounting Today

KPMG US has set up a subsidiary that has filed an application in Arizona to establish a law firm in the state, with hopes of going national.

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Drive Down Your Business Taxes with Local Transportation Cost Deductions

RogerRossmeisl

Understanding how to deduct transportation costs could significantly reduce the tax burden on your small business. You and your employees likely incur various local transportation expenses each year, and they have tax implications. Lets start by defining local transportation. It refers to travel when you arent away from your tax home long enough to require sleep or rest.

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Building a Business Case for Finance Automation

Speaker: Danny Gassaway and Wayne Richards

Finance leaders are prioritizing efficiency and digital transformation, yet many hesitate to automate due to uncertainty. Without a clear understanding of its impact, organizations risk falling behind competitors who are leveraging automation to drive productivity and cost savings. Join Wayne Richards and Danny Gassaway from AvidXchange for a practical guide on bringing accounts payable (AP) automation to your organization.

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Sales tax and real property improvement services (part 1)

TaxConnex

A new construction project, a renovation or expansion of a property, ongoing management of a property: All these and more can come with a ton of sales tax nuances. Particularly for those construction companies with projects beyond the borders of their home state, where they may have done well with sales tax compliance for many years. For sales tax purposes, a contractor is generally an entity or person engaged in the construction, alteration or improvement of real property.

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BOI Reporting Still Voluntary Despite Supreme Court Decision

CPA Practice

For now, business information ownership reporting requirements under the Corporate Transparency Act remain voluntary despite the U.S. Supreme Court on Thursday overturning an order from a Texas federal appeals court in December that had halted mandated BOI report filing with FinCEN.

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SEC withdraws accounting guidance on safeguarding crypto assets

Accounting Today

The Securities and Exchange Commission has rescinded a Staff Accounting Bulletin on safeguarding cryptocurrency assets that had been criticized by the industry and even by some of its own commissioners.

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How Health Care Savings Can Lead to Tax Savings: When to Recommend an HRA

CTP

Saving for retirement is one arena where tax planners can provide value to their clients. Even your financially savvy clients may not be aware of the strategies they can use to increase the amount of money available during retirement and decrease the amount lost to taxes. One underutilized strategy is to leverage health care savings tools. According to the Fidelity Retiree Health Care Cost Estimate, the average 65-year-old will need about $165,000 to cover health care expenses during retirement.

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Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape

Speaker: Jennifer Hill

Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.

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Intuit Payments Reminder - Attention Primary & Company Admins

Insightful Accountant

Intuit is expanding access to QuickBooks Payments for some of QuickBooks users. This change will happen by the end of January. It's therefore important that Admins review roles and permissions related to payment authorization and processing.

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CPE Webcast – Jan. 29, 2025: New Year, New Legal Entity

CPA Practice

Clients just starting out need insight on which legal structure to select for their business. Seasoned entrepreneurs may need insight as their company grows and the entity once selected may not be as advantageous as it once was. The New Year is an ideal time to get a refresh on business entity options for your clients.

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Tech news: CPAClub launches AI-powered CPAClub Coach

Accounting Today

Plus, FloQuast achieves ISO 42001 certification on AI systems; and other accounting tech news and updates.

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Fair Value Update: The Impact of New Guidelines on Secondary Transactions

Withum

The updated guidance in Chapter 8 of the American Institute of Certified Public Accountants (AICPA) Accounting and Valuation Guide: Valuation of Privately-Held-Company Equity Securities Issued as Compensation, outlines a framework for using primary and secondary transactions in company securities to assess their impact on estimating the fair value of equity for stock-based compensation.

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Fall In Love With the Month-End Close

It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.

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Top Challenges Nonprofits Face with Financial Management (and How to Overcome Them)

GrowthForceBlog

8 min read January 21st, 2024 Every nonprofit leader has a duty to be a responsible, honest, and trustworthy steward of their financial resources. Key Takeaways Foster Financial Transparency: The need for financial transparency in a nonprofit is paramount. Not only does financial transparency support and strengthen donor trust, but it also creates accountability.

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Where Do I Belong? Fostering Connection in an Ever-Changing World

CPA Practice

Dont let another year go by feeling like youre on the outside. Take the first step toward belongingand watch how it transforms everything.

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On the move: MACPA holds annual CPA Day

Accounting Today

KPMG appoints new global head of audit; Weaver launches health care advisory practice; and more news from across the profession.

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Employment Tax Reporting: 2025 Due Dates and Best Practices for Healthcare Entities

Withum

Employment taxes are always scrutinized by the IRS and state taxing authorities, particularly in the healthcare industry. Audit issues include reclassification of workers from independent contractor to employee; an individual receiving both a Form W-2 and Form 1099 in the same calendar year; incorrect employment tax forms preparation; the failure to issue Forms 1099; and general non-compliance with Form W-9 record-keeping.

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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.

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BDO Gets Accused of Inflating Revenue Ahead of the ESOP Again, This Time in a Class Action Lawsuit

Going Concern

We knew it was only a matter of time before someone filed a class action lawsuit against BDO USA for all that ESOP stuff. Pretty much ever since the secret partner meeting happened back in 2023 we’ve heard from countless current and former partners saying “Gee I wish someone would sue the s**t out of BDO” (paraphrasing) for everything related to BDO’s deal with Apollo and the ESOP.

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TikTok Goes Offline in U.S.

CPA Practice

Users in the U.S. have reported that the popular social media site TikTok has gone offline as of Saturday evening (Jan. 18, 2025). The app was at the center of a recent U.S. Supreme Court case that involved a law passed by Congress last year.

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How HSAs pay off in retirement — with caveats

Accounting Today

A client's immediate health needs make saving their accounts until they're 65 or over a difficult endeavor, and the accounts carry some highly specific rules.

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5 Signs Your Accounting Service is Putting Your Business at Risk

AccountingDepartment

For entrepreneurs and SMB owners, accounting is the backbone of a healthy business. Without accurate and reliable accounting practices, even the most successful companies can find themselves in turmoil.

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Cash Flow Secrets Every Upskilled CPA Should Know

Speaker: Debra L. Robinson

CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.