CPA Practice

DECEMBER 13, 2023

Tax season can be exhilarating for its intensity but stressful if your firm has all its balls in one court. Diversifying with tax-adjacent advisory services can add value to your existing clients, build recurring revenue streams and increase the likelihood of your tax clients returning next season. By Alex Loewenstein.

Tax 105

Tax tax preparation managerial accounting bookkeeping 105

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 97

CPA auditor Tax audit 97

CPA Practice

MAY 7, 2023

Thinking that only dispensaries have to worry about taxes to their cannabusiness? Entrepreneurs, processors, and cultivators in the cannabis industry may be subject to taxation, and it’s important for them to understand the complexities around their tax implications. Do they have to pay tax on all gross revenue? Think again.

Tax 111

Tax income tax CPA audit 111

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

ThomsonReuters

AUGUST 2, 2022

With many tax and accounting professionals choosing to take a break or pursue other passions, smaller firms are finding that remaining team members are wearing multiple hats and are at risk of burnout. Increasing productivity with tax technology. So, how can tax technology boost the agility of your firm? Detect inaccuracies.

Technology 98

Technology Tax Non-Profits tax preparation 98

ThomsonReuters

SEPTEMBER 19, 2023

Jump to: Job security: AI is an enhancement, not a replacement Making AI work for you: Best practices for tax professionals A collaborative future with AI The dawn of artificial intelligence (AI) has sparked concerns across various industries about the potential replacement of human workers with machines. Scary, right?

Technology 52

Technology Tax tax preparation tax return 52

Accounting Insight

MAY 1, 2024

In modern accounting, AI is being used to automate several tasks, including data entry, invoice processing and financial statement analysis. Automation of these routine tasks has allowed accountants to focus on more complex financial analysis and strategic decision-making.

Account 64

Account accountant accounted bookkeeping 64

xendoo

DECEMBER 6, 2021

Review Financial Performance. To prepare for the future, take a look at the past year. Analyze your business’s performance from the previous year by reviewing your key financial statements. It can also be used to project and prepare for the cash needs of the business. Prepare for Tax Season Now.

bookkeeping 98

bookkeeping financial statements tax preparation online accounting 98

CPA Practice

JANUARY 9, 2024

Test-takers have to prove through doing, not just claiming on resumes, that they have must-have skills for things like bookkeeping, accounting, auditing or tax. For example, accountants may analyze financial statements, while tax preparers find errors on a return.

tax preparation 114

tax preparation bookkeeping financial statements audit 114

CPA Practice

JANUARY 31, 2024

By Lee Reams II The tax and accounting profession is undergoing a significant transformation as a wave of boomer partners leaving their posts ushers in the largest retirement exodus of our lifetime. The dual challenges of a talent shortage and increased demand have changed tax and accounting professionals’ roles entirely.

Tax 49

Tax Account accountant accounted 49

ThomsonReuters

JANUARY 18, 2024

Accountant vs. CPA vs. tax preparer: What are the differences? Accounting professionals are the financial backbone of a company and, in today’s complex environment, they are increasingly providing clients with strategic and forward-looking guidance. Preparing tax returns. How can accountants be more efficient?

Account 59

Account accountant accounted tax preparation 59

ThomsonReuters

FEBRUARY 28, 2024

Her firm is also staffed by four full-time employees and a few part-time positions that are outsourced. “I view the tax firm as my own Google experiment,” Shaul says. “I Clients were now offered bundled service packages which included quarterly or monthly financial statements and applicable payroll services.

cpa firm 98

cpa firm CPA Non-Profits financial statements 98

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 64

tax planning Tax income tax tax return 64

CPA Practice

JANUARY 3, 2024

WTD’s 47 years of expertise ranges from tax preparation and accounting services to more in-depth services, such as audits, financial statements, and financial planning. It also specializes in trust and estate tax reporting as well as audits for financial institutions. “We

cpas 59

cpas Tennessee Mississippi Arkansas 59

xendoo

SEPTEMBER 10, 2021

Financial statements . Corporate tax preparation . This is deeply problematic because it prevents entrepreneurs from knowing what’s really going on in their company since they lack access to current financial data. If you ever need a business loan, lenders will expect to see copies of recent financial statements.

bookkeeping 98

bookkeeping bookkeeping services tax preparation bookkeeping software 98

SMBAccountant

NOVEMBER 17, 2021

This typically happens in at least 2 withdrawals; net pay and payroll taxes. You would post the net pay to a labor expense account and the payroll taxes to a payroll expense account. This is incorrect and causes labor to be understated and taxes to be overstated. 190 would be withdrawn for taxes. Many do nothing.

payroll 130

payroll payroll tax income tax Expense Reimbursements 130

Steve Feinberg

DECEMBER 22, 2023

Analyzing the Financial Statements of Your Business: Creative professionals are often focused on their craft and may find the financial aspects of their business challenging or overwhelming. However, a basic understanding of financial statements is crucial for the success of any enterprise.

accounting and finance 52

accounting and finance financial statements tax preparation Tax 52

ThomsonReuters

JULY 6, 2023

There are several different areas of advisory to investigate, such as tax advisory , business advisory , M&A advisory , and accounting advisory. Not so long ago, manual data entry dominated an entry-level accountant’s day—from formatting financial statements to entering trial balance data.

Account 98

Account accountant accounted accounting and finance 98

CPA Practice

NOVEMBER 14, 2023

Features include automated bank feeds, bank reconciliation, financial statements, 1099 tracking, and a seamless transition to tax preparation. New discounts and benefits for full-service accounting firms that also use Intuit ProConnect Tax. Learn more about QuickBooks Ledger.

quickbooks 119

quickbooks E-commerce Approval Workflows Account 119

Steve Feinberg

AUGUST 9, 2023

In addition to creating visually stunning websites for clients, business owners must also manage the financial side of operations. From invoicing to income tracking, bookkeeping, and tax preparation, the financial aspects of running a web design business can be time-consuming and complicated, even for the most organized business owners.

quickbooks 52

quickbooks bookkeeping accounting and finance tax preparation 52

MyIRSRelief

MARCH 1, 2022

Bookkeeping is a very important part of any business and unless you have a dedicated department to handle yours, you should consider hiring an outside tax/accounting firm. Get a free evaluation by calling us at 1-877-78-TAXES [1-877-788-2937]. Top 5 Reasons to hire a tax/accounting firm to service your businesses bookkeeping needs.

bookkeeping services 100

bookkeeping services bookkeeping Real Estate Non-Profits 100

LyfeAccounting

MARCH 10, 2021

CPA accounting services most commonly include compilations, reviews, audits of financial information, and certain tax services. Compilations are basically financial statements that are prepared by an outside accountant. Reviews are where a CPA merely reviews financial statements for accuracy.

CPA 52

CPA cpas bookkeeping tax preparation 52

Going Concern

JANUARY 4, 2024

Tax Credits & Incentive Services). Antonache manages federal and state tax consulting and compliance matters related to incentives for renewable energy development. International Tax Services). Financial Services Practice). Mo Huda (Dallas, Texas, State & Local Tax Services). Financial Services Practice).

Real Estate 59

Real Estate Hospitality Construction audit 59

CPA Practice

DECEMBER 11, 2023

AI-powered algorithms will analyze large datasets and identify anomalies and potential risks more precisely, leading to more accurate and reliable financial statements. Source: [link] Personalized Tax Compliance and Advisory Services : AI will enable accountants to offer clients personalized tax compliance and advisory services.

Technology 124

Technology audit E-commerce accounting principles 124

xendoo

AUGUST 2, 2021

For example, some companies might have a greater need for professional help when preparing their taxes, but less during the remainder of the year. . You may soon discover that tax preparation takes a considerable amount of time and attention, both of which could be better spent on growing your business. IT auditing.

CPA 88

CPA forensic accounting bookkeeping tax preparation 88

Withum

APRIL 27, 2022

The accounting system is the basis for reports that must be provided to grant agencies, prospective donors, lenders, its independent auditors, tax preparers, the Board of directors and management. . Accurate and timely financial statements are vital to making informed business decisions. Contact Us. Let’s Chat.

general ledger 119

general ledger audit auditor accounting and finance 119

CPA Practice

APRIL 30, 2024

Many have now adopted intelligent process automation (IPA) — RPA enhanced with AI and machine learning — to streamline and improve the quality of more complex work like tax preparation and payroll processing.

Technology 52

Technology CPA cpa firm accounting and finance 52

ThomsonReuters

JANUARY 12, 2023

Adding to the complexity is the fact that most taxpayers are unaware of the potential tax consequences of crypto. . Significantly intensifying this need is the formation of a dedicated IRS team of criminal investigation professionals tasked with targeting taxpayers who do not report cryptocurrency transactions on their tax returns.

audit 52

audit tax preparation Technology tax planning 52

Basis 365

JANUARY 13, 2023

A business owner might choose to outsource their bookkeeper if they are overwhelmed by the financial work. The complexity of financial statements and business operations can lead to increased business operations. What are the best times to outsource bookkeeping services? Sometimes, these processes may need help.

bookkeeping 98

bookkeeping bookkeeping services tax preparation accounting and finance 98

CPA Practice

JUNE 20, 2023

Is it tax firms only, or, do firms who do CAS (with or without Payroll) need to comply as well? All firms who provide tax prep services for their clients are subject to both because providing paid tax preparation services is called out specifically in both publications.

payroll 98

payroll CPA tax preparation auditor 98

LyfeAccounting

FEBRUARY 14, 2021

In Fortune 500 corporations, CPAs might help prepare annual reports for shareholders and record very complex financial transactions. In small businesses, CPAs might help you select the best entity, hire your first employee, tax plan, create a budget, set your pricing, prepare financial projections, or oversee your books.

CPA 52

CPA cpas tax preparation bookkeeping 52

Going Concern

JULY 28, 2023

The combination of too few professionals and high demand is pushing firm leaders to merge up, outsource tax work and hire non-CPAs, among other strategies. They seem to be working so far, as firms are growing fast and producing impressive financial results. I hope I haven’t missed anyone who was part of this great effort.”

Gambling 84

Gambling audit Technology accounting firms 84

Going Concern

OCTOBER 7, 2022

Financial Reporting Council (FRC) on Thursday announced it opened an investigation into accounting firm Mazars regarding its audit of financial statements at Studio Retail Group. City Accountants Are Trying to Clean Up Their Books So Now San Francisco Is Sending People 30-Year-Old Tax Bills [ SFist ]. Attorney Nick Brown.

Illinois 91

Illinois CPA audit tax return 91

KROST

APRIL 12, 2022

After many years of public comment on the challenges of presenting GAAP financial statements for small businesses, the AICPA issued the Financial Reporting Framework for Small and Medium-Sized Entities. If the cost of your financial statements is greater than the benefits gained.

accrual accounting 52

accrual accounting financial statements accounting and finance auditor 52

ThomsonReuters

JANUARY 12, 2023

The primary role of an accountant is to handle a variety of tasks including tax preparation, financial planning and audits. . The purpose of conducting an audit is to obtain an independent opinion about a company’s financial statements. Financial statements (i.e.,

audit 59

audit auditor Account accountant 59

xendoo

MARCH 18, 2021

So, accountants with the title of CPA offer a higher level of financial analysis for you and your business and can act as a fiduciary on your behalf. At that same time, an accountant can give you tax savings advice, such as when to make capital purchases, what you can deduct, and how to reduce taxes on capital gains.

CPA 52

CPA bookkeeping tax return cpas 52

ThomsonReuters

OCTOBER 31, 2023

While 51% of accounting professionals believe that ChatGPT and generative AI should be applied to tax, accounting, and audit work, opinions are divided about the usefulness of AI tools. One of the primary concerns centers on how AI will affect accounting jobs and the career outlook for tax professionals. Can AI do accounting?

accounting jobs 52

accounting jobs accountant jobs accounts jobs Account 52