Trending Articles

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Anders Voted to 2024 Best Accounting Firms List by St. Louis Small Business Monthly  

Anders CPA

Anders has been honored on St. Louis Small Business Monthly’s list of Best Accounting Firms for 2024. The Best Accounting Firms were nominated by St. Louis area businesses. As part of Small Business Monthly’s Best in Business Awards, the Best Accounting Firms were nominated by St. Louis area businesses and winners were selected by vote. A full list of Best Accounting Firms can be found in the May 2024 issue of St.

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A No-fuss Record-keeping Guide For Your Construction Business

Randal DeHart

Managing a hectic schedule and complex projects can be challenging if you're a contractor. You must also ensure that your paperwork, documents, and contracts are in order. It's essential to keep a paper trail of your work and practice due diligence. Keeping all your working documents in order shows that you treat your business, customers, and subcontractors responsibly.

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NPAG shares pipeline survey results and solutions

Accounting Today

The National Pipeline Advisory Group identified six recommendations based on survey data to a address accounting's talent shortage, including rethinking CPA licensure requirements.

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AICPA News – May 2024

CPA Practice

AICPA News is a recap of recent announcements from the American Institute of CPAs. Innovative Program to Ease Attainment of CPA Education Requirement Gets Off to Quick Start AICPA reports that a pilot program to help accounting graduates earn the required academic credits for CPA licensure is off to a quick start and has earned positive reviews in limited feedback so far from students and the accounting firms that employ them.

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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.

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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?

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Intuit Appoints Vasant Prabhu to Board of Directors

Insightful Accountant

Intuit, Inc. has appointed Vasant Prabhu, former Chief Financial Officer and Vice Chairman of Visa, to its board of directors.

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Retention Period Requirements for Preservation of Records

KROST

As featured by the California Restaurant Association as an Industry Insight. Below is a summary of the record-retention requirements for sales and use tax, federal and state income tax, federal and state employment tax, and federal and state requirements for various other employment-related records. This article was written in partnership with Zaller Law Group.

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PCAOB OKs auditor responsibility and quality control standards

Accounting Today

The Public Company Accounting Oversight Board approved two new standards on a firm's system of quality control and the general responsibilities of the auditor in conducting an audit, albeit with pushback on the QC standard from one board member.

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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.

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Some Americans Plan a ‘Slow-Roll’ Into Retirement

CPA Practice

Tim Grant Pittsburgh Post-Gazette (TNS) Often when people aged 50 or older contact her, Pittsburgh financial coach Shay Port said the conversation starts with them declaring that they will never be able to retire. “They say things like, ‘I know I will have to work the rest of my life,'” Port said. “And that’s what I try to help them with — actually being able to retire at some point.

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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.

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2 Promotions to Associate at Wellers

Wellers Accounting

Simon Smith FCCA celebrates the promotion of Mike Webb and Doug Saunders to the position of Associate.

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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.

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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

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IRS cuts PTIN fees

Accounting Today

The Internal Revenue Service published final regulations officially lowering the fees for new Preparer Tax Identification Numbers and renewed PTINs.

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Amazon Adds New Fees for Online Sellers

CPA Practice

Spencer Soper Bloomberg News (TNS) Amazon.com Inc. merchants have found themselves caught in an economic vice. Earlier this year, the e-commerce giant rolled out changes to the fees its charges them — essentially shifting more of its operating costs onto the small businesses that account for most of the products sold on the site. Making matters worse for merchants, shoppers are trading down.

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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.

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Monday Morning Accounting News Brief: Details on Grant Thornton’s PE Deal; What Is ‘Presented Fairly’ Anyway? | 5.13.24

Going Concern

Hey, people. Monday! Woo. Let’s get this over with. Look out, Big 4. AT&T is coming for your recruits : AT&T Woos Accounting Students, Bypasses Big Four Training Ground AT&T Inc.’s top accountant is confronting a competitive job market by rethinking the company’s traditional reliance on large CPA firms as a training ground for new hires, taking her recruiting pitch on-campus instead.

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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.

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Recognizing Our Military Spouses - Happy 2024 MilSpouse Appreciation Day!

AccountingDepartment

Our AccountingDepartment.com family is proud of its vibrant and diverse “cast of characters”—we span the country with our team members coming from all backgrounds and personalities. Included among our team are some amazing Military Spouses whose hard work, dedication, and contributions are part of what makes our family so strong—and theirs as well.

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Businesses worry about bribery and corruption impact

Accounting Today

Small and midsized business owners and their financial advisors have deep concerns about the damaging impact of bribery and corruption, according to a new survey.

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NYU to Host Federal Real Estate and Partnerships Tax Conference

CPA Practice

The NYU School of Professional Studies Division of Programs in Business will host the 2024 Federal Real Estate and Partnerships Tax Conference at the Mayflower Hotel in Washington, DC, from June 6 to 7. Attendees engage in two full days of advanced-level learning designed for accountants, attorneys, and tax and real estate professionals involved in the planning and transactional work related to partnership and real estate taxation.

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Press Release: KROST Acts as the Exclusive Financial Advisor to United Filters International in its Sale to ENPRESS LLC.

KROST

Los Angeles, May 13, 2024 – United Filters International (UFI), a recognized leader in the design and manufacture of an expansive range of liquid filtration solutions, was recently sold to ENPRESS LLC, a leading manufacturer of composite pressure vessels and water filtration technologies. KROST was as the exclusive financial advisor and the terms of the Read the full article.

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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.

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Flush With PE Cash, Baker Tilly Buys the Bay Area’s Seiler

Going Concern

Only a few months after announcing a large “strategic investment” deal with not one but two private equity firms , Baker Tilly has gobbled up its first medium-sized fish. Announced today, they’re buying Seiler (IPA Top 500 #69, $86.9 million in revenue) effective July 1. The press release reveals a clue to Baker Tilly’s big plan: get in on that sweet Bay Area tech money.

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Navigating the Hidden Costs of Business Decisions: The Crucial Role of Opportunity Cost

AccountingDepartment

In the dynamic world of entrepreneurship and business management, every decision you make can significantly impact your business's trajectory. Whether it's choosing between investing in new technology or expanding your product line, the choices are endless and often complex.

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Baker Tilly merges in Seiler

Accounting Today

The Top 10 Firm based in Chicago is adding a Top 75 Firm headquartered in Redwood City, California in July, only a few months after receiving private equity funding.

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AICPA Auditing Standards Board Approves Revisions to Attestation Standards

CPA Practice

The AICPA Auditing Standards Board has voted to approve revisions to the standards pertaining to attestation engagements. The changes are intended to align them with the AICPA standards pertaining to quality management, and related financial statement audit and non-audit standards. The most significant change introduced by SSAE No. 23 is the deletion of the defined term “other practitioner” and replacing it with two new terms, “participating practitioner” and “referred-to practitioner.

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

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.