CPA Practice

JANUARY 13, 2023

State treasury officials estimate Michigan government will see a $9.2 billion surplus at the end of this fiscal year, increasing the likelihood that all that cash could trigger a permanent cut in the state income tax. Related: Democrats say 700,000 Michigan households could save thousands under tax cut plan.

Michigan 98

Michigan income tax Tax Government 98

ThomsonReuters

JUNE 28, 2023

If you’re a tax firm leader looking to differentiate yourself from the competition, providing your clients with insight into their ESG data is a great way to set your firm apart. When you look at ESG through the lens of a tax and accounting firm, reporting on environmental, social, and governance factors is enabled by data.

Tax 98

Tax auditor audit Technology 98

CPA Practice

MAY 30, 2023

The AICPA has a long history of advocating for and supporting legislation to benefit taxpayers and their advisors and improve tax administration,” said AICPA President and CEO Barry Melancon, CPA, CGMA. government’s financial statements.

cpas 116

cpas Washington Tax Account 116

Anders CPA

NOVEMBER 21, 2023

Year-end is approaching fast, which means this is the perfect time for businesses to make some final adjustments to their tax planning strategies. Exploring options such as a de minimis safe harbor election or purchasing assets to take advantage of 2023’s bonus depreciation of 80% could have a big impact on a business’s tax burden come April.

tax planning 64

tax planning Tax financial statements tax return 64

Going Concern

APRIL 12, 2024

ICYMI: These are the most-read articles on Going Concern this week: Tax Preparer Finds Out in the Worst Way Possible That ERC Wasn’t a Free Money Glitch Survey Says: Which Group of Auditors Are Most Satisfied With Their Salaries? the auditor of Tesla Korea, about the company’s financial statements for last year.

CPA 96

CPA auditor Tax audit 96

ThomsonReuters

MAY 16, 2024

These improvements aim to ensure the fairness of financial statements and boost stakeholder confidence. This includes ensuring that the audit is properly planned and performed to obtain reasonable assurance about whether the financial statements are free of material misstatement , whether due to error or fraud.

auditor 98

auditor audit financial statements Government 98

TaxConnex

JULY 6, 2023

In part 1, we looked at the mounting financial costs of maintaining sales tax compliance with the thousands of tax jurisdictions nationwide. Rolling the dice What have companies done to avoid complying with sales tax regs where they have economic or physical nexus? Do not collect sales tax and fail to remit it.

auditor 130

auditor audit Tax Sales 130

MyIRSRelief

OCTOBER 1, 2019

If you are facing payroll tax problems, then you have a serious issue on your hands. This is especially true for small business owners and entrepreneurs who may not have the knowledge, experience, or skill set to understand how tax issues with their 940/941payroll and employment got out of hand. 941/940 Payroll Tax Employment Issues.

payroll tax 100

payroll tax payroll Tax tax return 100

ThomsonReuters

FEBRUARY 8, 2024

Therefore, when serving business clients, it is important that accounting professionals have the right framework to ensure that proper financial reporting procedures are in place to help with accounting assumptions. There are four fundamental accounting assumptions that form the foundation of financial statement preparation.

Account 96

Account accountant accounted accounting principles 96

ThomsonReuters

APRIL 13, 2023

The reality of Global Minimum Tax (GMT) (GloBE or OECD BEPS 2.0 Pillar 2) is here, as South Korea steps forward to be the first country to enact laws associated the OECD’s newly approved tax regime going into effect in January 2024. What is Global Minimum Tax (GMT)? elections and carry forwards).

Tax 59

Tax Technology Government tax return 59

ThomsonReuters

APRIL 12, 2021

In a new episode of the Tax & Tech Talks podcast series, experts from KPMG and Thomson Reuters discuss how companies are turning to automation and analytics software to stay ahead of changes buffeting indirect tax management. _. Greater government scrutiny: Aggressive indirect tax audits are expected as soon as this year.

Tax 98

Tax Technology corporation tax audit 98

Going Concern

MARCH 17, 2023

“Designing a comprehensive program for financial planning or wealth management is a big ask for all but especially for the largest business schools because of the diverse set of skills (and specialized classes) required for either career path,” says Johnson. “On The rule would make the U.S.

Government 78

Government Gambling audit CPA 78

Going Concern

MAY 16, 2024

Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of skilled remote accountants without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

Real Estate 57

Real Estate Account accountant accounted 57

Nancy McClelland, LLC

APRIL 9, 2024

For years, we have stressed the importance to our clients of making quarterly estimated tax payments. And unlike many tax preparers, we also do bookkeeping, accounting, and consulting for our small business owners — so we’ve also encouraged them to have us do a quarter-by-quarter calculation of how much to pay.

Illinois 52

Illinois Tax tax preparation tax return 52

Going Concern

APRIL 30, 2024

It’s been almost six years since the Canadian government legalized recreational cannabis and ever since, a microcosm of financial reporting and auditing has been growing (no pun) beside it. The accounting firm confirmed the move in a statement to MJBizDaily , citing “elevated risk” in Canada’s adult-use cannabis industry.

auditor 97

auditor audit Legal Tax 97

Cherry Bekaert

NOVEMBER 28, 2023

There are several key tax considerations and tactical approaches for businesses to address while closing out 2023 and moving into 2024. From leveraging tax incentives to optimizing deductions, this guide offers insights into tax planning to help businesses make informed decisions and set a solid foundation for the upcoming year.

tax planning 65

tax planning Tax income tax tax return 65

MyIRSRelief

APRIL 3, 2023

Here are some ways an accountant can help small business owners: Bookkeeping and Accounting Services: An accountant can assist with bookkeeping and accounting tasks, such as recording transactions, reconciling accounts, and producing financial statements. Contact us today for all you tax and accounting needs.

Account 130

Account accountant accounted accounting and finance 130

SMBAccountant

NOVEMBER 21, 2022

Financials statements and performance are no different. If incorrect or inaccurate data is used or missing, the financial performance and indicators used to determine success, value, creditworthiness, and financial viability are also not correct. An owner wants to do some tax planning.

Account 130

Account accountant accounted bookkeeping 130

Going Concern

FEBRUARY 10, 2023

Talent As tax season approaches, accounting firms are short on staff [ Marketplace ] Oh hey! The gap came in part from supplier financing that wasn’t reflected the right way in the company’s financial statements, which have been audited by PwC since 2019.

Florida 93

Florida Tax North Dakota Account 93

Going Concern

MAY 23, 2024

Struggling to find remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can help! With our Always-On Recruiting service, access a pool of skilled remote accountants without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

Real Estate 57

Real Estate Account accountant accounted 57

ThomsonReuters

AUGUST 2, 2023

As the Organization for Economic Co-Operation and Development’s (OECD) ground-breaking Base Erosion Profit Shifting (BEPS) framework for taxing the digital economy is being implemented, countries around the globe are beginning to roll out the second of the OECD’s two BEPS pillars—Pillar 2.0. Unlike the OECD’s Pillar 1.0,

corporation tax 98

corporation tax Tax financial statements Government 98

Withum

NOVEMBER 17, 2022

2022 Tax Brackets and Rates. 2022 Long-Term Capital Gains Tax Bracket. Year-End Tax Strategies for Individuals. Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. DEDUCTION AMOUNT: $19,400. Taxable Income Over.

tax planning 98

tax planning Tax Construction income tax 98

Menzies

JANUARY 25, 2023

G20 and 136 OECD Members have agreed to reform global tax by establishing a 15% global minimum tax rate. The effective tax rate is calculated by a series of calculations for each of the relevant entities and permanent establishments. Monitor developments in global taxation to identify which territory any tax or reporting is due.

Tax 52

Tax chartered accountant financial statements Start-ups 52

Going Concern

MARCH 3, 2023

EY US launches Center for Government Modernization [ PR Newswire ] Side note: why are they still using Ernst & Young in press releases? Ernst & Young LLP (EY US) today launched the EY Center for Government Modernization (the Center), an initiative of the EY US Government & Public Sector. Marathon Digital Inc.

South Carolina 98

South Carolina Texas audit accounting and finance 98

Going Concern

FEBRUARY 27, 2023

. “IRS tech is so ‘archaic’ the agency struggles to find people to work it” from The Washington Post : The Internal Revenue Service, which funds nearly everything the federal government does, uses information technology that is creaking with old age. From FloQast : Six in ten (63%) U.K.

Technology 101

Technology Account accountant accounted 101

Cherry Bekaert

JANUARY 29, 2024

The Financial Accounting Standards Board (FASB) issued nine Accounting Standard Updates (ASUs), and the Government Accounting Standards Board (GASB) issued only one new GASB Statement in 2023. The latest issue of the Rundown features a summary of the new standards issued in the fourth quarter 2023.

income tax 93

income tax Tax financial statements accounting standards 93

Cherry Bekaert

AUGUST 2, 2023

System Development Fees System Development Fees was a hot topic relating to water and sewer capacity and future connection fees charged by local governments. Local governments must make sure they adhere to what is explicitly allowed under State Statutes, as any charges not conforming with State Statute may not be legal.

North Carolina 92

North Carolina accounting and finance financial statements Government 92

Cherry Bekaert

FEBRUARY 19, 2024

Contributor: Anthony Walsh The Governmental Accounting Standards Board (GASB) has issued Statement No. 101, Compensated Absences , to update the recognition, measurement and disclosure requirements for compensated absences in state and local governments. This new guidance supersedes GASB Statement No. The goal of Statement No.

financial statements 55

financial statements Government payroll payroll tax 55

Withum

JANUARY 25, 2023

The inability of Congress to include key tax extenders in the Consolidated Appropriations Act of 2023, signed into law on December 29, 2022, will increase the federal income tax bill for the majority of U.S. Coming into the new year, business owners likely breathed a sigh of relief that no major tax legislation was passed.

Tax 81

Tax income tax Real Estate Start-ups 81

ThomsonReuters

DECEMBER 6, 2022

The spotlight on environmental, social, and governance (ESG) continues to intensify as businesses are increasingly being called upon to disclose more about their ESG performance and strategies. Risks and opportunities related to ESG matters may have an unfavorable, favorable, or neutral effect on financial statements.

auditor 59

auditor Account accountant accounted 59

CPA Practice

FEBRUARY 15, 2023

The CAP program began in 2005 as a way to resolve tax issues through open, cooperative and transparent interactions between the IRS and taxpayers before the filing of a return. The IRS made significant changes to the program in 2019 to improve its operation and to ensure the best use of limited government resources.

financial statements 76

financial statements audit Tax Government 76

LyfeAccounting

JANUARY 13, 2021

People are paying WAY too much in taxes because they are missing out on tax deductions. More than 2 million people overpay on their income taxes every year because they are missing out on tax deductions that can LEGALLY lower their tax liability. How Taxes Work? Without taxes, we’d have no government.

CPA 52

CPA Tax income tax bookkeeping 52

Going Concern

APRIL 14, 2023

EY Decision to Call Off Auditing Split Leaves Investors Stranded [ Bloomberg Tax ] Now that EY has deserted any plans to assuage these concerns through a thoughtful split, it’s created a contentious environment for other firms to pursue well-advised efforts to separate their business lines. .

Tax 100

Tax auditor audit accounting firms 100

inDinero Accounting

JUNE 29, 2023

Its purpose is to ensure that financial statements provide an accurate and transparent view of the company’s financial condition and operations. The primary purposes of GAAP are to ensure consistency, transparency, comparability, and accuracy in preparing financial statements.

accrual accounting 98

accrual accounting accounting principles accounts payable accounting standards 98

Going Concern

JANUARY 20, 2023

The US Securities and Exchange Commission is finalising a rule to require audited emissions data be included in corporate financial reports, while accounting standards setters in Europe are close to publishing new climate reporting guidelines. billion in fraudulent tax deductions supposedly aimed at preserving green space.

auditor 94

auditor Technology audit financial statements 94

Going Concern

OCTOBER 7, 2022

Accounting’s Big Lie — and How to Fix It [ Project on Government Oversight ] A colossal conflict of interest compromises the auditing of public companies and the financial security of everyone who depends on them. The Project On Government Oversight is planning a conference on what to do about it. Attorney Nick Brown.

Illinois 91

Illinois CPA audit tax return 91

Withum

JANUARY 30, 2024

For governments around the world, they are an attractive option to create a seamless cross-border payment system. CBDCs enable real time reporting of transactions and balances, which can improve the accuracy and timeliness of financial statements. Meanwhile, over a hundred nations are researching and experimenting with CBDCs.

CPA 59

CPA Tax accounting software financial statements 59