Accounting Today
NOVEMBER 6, 2023
Accounting firms need to pay more to bring young people into the profession, as starting salaries are still lagging compared to other fields, and they have to make other changes in how the job is structured.
TaxConnex
NOVEMBER 14, 2023
A job as intimidating as setting up a system to handle your sales tax obligations can be a lot easier if you have an idea how long it will take. As with most aspects of sales tax, there are no fixed answers, but we can give you an idea. Depending on your business and where you are in your sales tax journey, it could take as little as a month or so or up to six months (or more).
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RogerRossmeisl
NOVEMBER 20, 2023
As reported via IR-2023-193 on 10/19/2023 Special initiative aimed at helping businesses concerned about an ineligible claim amid aggressive marketing, scams As part of a larger effort to protect small businesses and organizations from scams, the Internal Revenue Service announced the details of a special withdrawal process to help those who filed an Employee Retention Tax Credit (ERTC) claim and are concerned about its accuracy.
Accounting Today
NOVEMBER 15, 2023
While it initially garnered attention for its creative applications in content and image generation, the true potential of generative AI lies in its ability to unlock new ways of thinking in the business world.
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"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.
RogerRossmeisl
NOVEMBER 8, 2023
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have businesses in federally declared disaster areas.
CPA Practice
NOVEMBER 9, 2023
By Karin Price Mueller, nj.com (TNS) The IRS on Thursday released updated tax brackets and standard deductions for 2024. While the actual percentages of the tax brackets will remain the same until 2025 because of the Tax Cuts and Jobs Act of 2017, the income levels of each bracket change annually to adjust to inflation. These tax rates are for the 2024 tax year covering tax returns that will be filed in 2025.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Accounting Today
NOVEMBER 6, 2023
Delaying a payment or not paying an invoice and letting amounts pile up are a way for a client to give voice to a problem with your services without causing an immediate confrontation.
CPA Practice
NOVEMBER 16, 2023
Today, ensuring your firm delivers exceptional value and effectively captures that value through appropriate pricing is crucial. Traditional approaches to scoping and pricing jobs have often been fragmented and inconsistent. Partners and managers handle their own pricing on a client-by-client basis and often end up undercharging. The same client might get a quote from two offices for the same service priced drastically differently depending on who they call.
TaxConnex
NOVEMBER 28, 2023
Selling outside the U.S. does not free you from the complexities of sales tax. In many countries, you will run into some kind of sales tax – familiar if you’re used to selling in the U.S., but different, too. Europe’s value-added tax VAT is applied at each stage of the supply chain and is recoverable by most businesses and, similar to American sales tax, rates are generally applied at a local (in Europe’s case, usually by country) level with exceptions on certain products.
RogerRossmeisl
NOVEMBER 26, 2023
Taxpayers who make home energy improvements in 2023 may be able to benefit from tax credits for a portion of the qualifying expenses. The credit amounts have been increased, and types of qualifying expenses were expanded, by the Inflation Reduction Act of 2022. This post is intended to assist taxpayers in comparing the tax credits available for making energy home improvements.
Advertiser: Paycor
These calendars provide pay period dates and paydays for biweekly, semi-monthly, and monthly payroll in 2024. Use them as a reminder or share with employees so they can celebrate payday.
Going Concern
NOVEMBER 1, 2023
This is not the kind of behavior we expect from our friends in the north! CPA Ontario announced yesterday Deloitte will be paying $1.59 million ($1.15 million USD) in fines and costs for breaches of the CPA Ontario Code of Professional Conduct (Rule 501 and 502). 501 covers a firm’s maintenance of policies and procedures for compliance with professional standards and 502 a firm’s maintenance of policies and procedures: competence and conduct of firm members.
Withum
NOVEMBER 30, 2023
1099 filing season is approaching, and now is the time to review your vendor information to ensure everything is in order come January. Let’s break down what you need to know ahead of time. First, you want to familiarize yourself with the standard 1099 forms that most companies must file. 1099 NEC (Non-employee Compensation) reports payments of at least $600 or more in the calendar year to non-employees for services rendered. 1099 MISC (Miscellaneous) reports miscellaneous payments such as ren
Accounting Today
NOVEMBER 27, 2023
The demands from various constituencies for tax breaks are not likely to stop lawmakers from proposing or introducing new legislation, if only to position themselves ahead of next November's election.
CPA Practice
NOVEMBER 27, 2023
By Joey Solitro, Kiplinger Consumer News Service (TNS) The Social Security Administration (SSA) released a report revealing its overpayment problem worsened in October, now standing at $23 billion. The newly released Agency Financial Report showed that the SSA made $11.1 billion in overpayments—accidentally paying beneficiaries too much—and $2.5 billion in underpayments to beneficiaries in fiscal year 2022, up from $6 billion in overpayments and $1.4 billion in underpayments in fiscal year 202
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
How do you know if your accounting team is ready to automate the month-end close? Join us in this informative webinar, where we share the top 8 signs that indicate that a team has outgrown all existing tools and may be ready to embark upon month-end close automation. We will examine the process clues that help determine whether your team would be a good candidate for automation.
TaxConnex
NOVEMBER 30, 2023
Blog authored by Scott Schwertner, National Director of Sales and Use Tax for Invoke Tax Partners. With extensive experience in both the industry and sales tax consulting side, Invoke Tax Partners National Director of Sales and Use Tax, Scott Schwertner, knows how difficult it can be for businesses to get sales tax right on every transaction. It is common for businesses across the United States to pay sales tax and accrue use tax on purchases that are not taxable, resulting in an unnecessary hit
RogerRossmeisl
NOVEMBER 6, 2023
The holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or gift tax. The exclusion amount for 2023 is $17,000. The exclusion covers gifts you make to each recipient each year.
Insightful Accountant
NOVEMBER 27, 2023
What does it take to be in the next Top 100. it takes You participating. The 2024 ProAdvisor Awards process begins today. ProAdvisors may nominate themselves or be nominated by another ProAdvisor.
Withum
NOVEMBER 29, 2023
Beginning January 1, 2024, the Corporate Transparency Act requires certain businesses to submit an online report to the Financial Crimes Enforcement Network (FinCEN), an arm of the U.S. Treasury Department. The report will require affected businesses to provide personal information about their legal entities, beneficial owners, and company applicants.
Speaker: Robbie Bhathal, Founder & CEO, and Matthew Acalin, Head of Credit Intelligence
In today's volatile financial environment, how confident are you in your company’s financial forecasting? To get the most accurate cash predictions that will lead to long-term financial survival, real-time data is critical. Innovative cash management strategies can lead to better credit opportunities, more sustainable growth, and long-term financial prosperity.
Accounting Today
NOVEMBER 30, 2023
A sizable proportion of businesses have yet to produce an emissions reduction plan and have no plans to do so, even as global temperatures have reached a record high this year, according to a new report.
CPA Practice
NOVEMBER 13, 2023
By Erik Wasson, Bloomberg News. (TNS) The U.S. still faces a risk of a government shutdown at the end of this week despite a new compromise plan by Speaker Mike Johnson that leaves out hardline conservative priorities like cutting spending and curtailing migration. A shutdown would threaten a downward U.S. credit rating adjustment by Moody’s Investors Service, which has cited political dysfunction as a growing risk to bond investors.
TaxConnex
NOVEMBER 16, 2023
At TaxConnex, we work with telecommunications service providers of all sizes. Many are existing MSPs (Managed Service Providers) or IT management companies that would like to expand their service offering and become “stickier” with their clients. They may have infrastructure in place to support the sales tax requirements of their existing business, but the telecommunications service presents a different set of issues.
Going Concern
NOVEMBER 12, 2023
Fresh off the rumor mill via the tip box: Forvis, in its laughable quest for global domination (WE DONT WANT TO BE THE BIG 4), is going to announce another merger/acquisition this week, presumably to leapfrog GT and BDO in the Americas or establish significant footing overseas. FORV/S (ugh why’d I type that) currently sits at #8 on the IPA Top 100 with $1.7 billion in revenue.
Speaker: Erika R. Bales, Esq.
When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.
Insightful Accountant
NOVEMBER 30, 2023
The Financial Crimes Enforcement Network, part of the U.S. Department of Treasury is set to begin Small Entity Compliance implementation and enforcement of provisions related to Beneficial Owners Reporting as of January 1, 2024.
Withum
NOVEMBER 14, 2023
The Internal Revenue Service (IRS) releases a list of inflation adjustments annually. The IRS has recently published the inflation adjustments for the 2024 tax year. It is crucial to monitor these updates in order to determine how they can impact you and your family. Key Figures – Estate and Gift Taxes Below is a summary of key figures related to Estate and Gift Taxes. 2024 2023 Lifetime Estate and Gift Tax Exclusion $13,610,000 $12,920,000 Lifetime Generation-Skipping Transfer (GST) Ta
Accounting Today
NOVEMBER 30, 2023
Corporate audit committees have been providing investors with a greater number of disclosures about their activities and responsibilities over the past 10 years, but there's still room for improvement.
CPA Practice
NOVEMBER 27, 2023
The Financial Accounting Standards Board (FASB) on Monday approved new rules that are expected to improve disclosures about a public company’s reportable segments and provide more information to investors about a segment’s expenses. The changes outlined in Accounting Standards Update (ASU) No. 2023-07 , Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , are the “most significant since 1997” when the board issued Statement 131 to improve the way public companies repor
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The status quo for AP in small and mid-market companies is broken. It consists of messy tech stacks of siloed solutions that give rise to manual work, a lack of control, wasted spend, and unnecessary risks. The benefits of shifting to spend management are tangible, measurable, and are felt across the whole organization. Spend management is a different way of thinking and an innovation whose time has come.
IgniteSpot
NOVEMBER 14, 2023
Intuit's upcoming changes to the existing four-tier ProAdvisor program promise to deliver significant value for accounting professionals. While maintaining the Silver, Gold, Platinum, and Elite tiers, Intuit is overhauling each level's points system and benefits. These updates will provide advisors and their firms substantial advantages.
Going Concern
NOVEMBER 9, 2023
A day after PwC Australia cut four percent of its workforce , EY Oceania made some cuts of its own. 232 people to be exact. That works out to more than two percent of its 10,700-person workforce. Reports AFR : The firm, which was the only big four giant to avoid cutting staff during the COVID-19 pandemic downturn, is also dealing with issues on two other fronts: the fallout of a scathing report into its culture , which found staff felt overworked, bullied and harassed and its own tax scandal inv
Insightful Accountant
NOVEMBER 23, 2023
As Intuit incorporates more of the QuickBooks Commerce inventory related functionality into various QuickBooks Online SKUs, they are adding some "Style" to QBO Advanced Inventory.
Withum
NOVEMBER 15, 2023
In a move aimed at modernizing and streamlining the interaction between the Internal Revenue Service (IRS) and taxpayers, the IRS has recently announced the launch of its new Online Document Upload Tool. This tool represents a significant shift from the traditional method of correspondence, which primarily involved sending paper documents via regular mail.
Speaker: Carolina Aponte - Owner and CEO, Caja Holdings LLC
In today's rapidly changing business environment, building a resilient balance sheet is crucial to the survival of any business. A resilient balance sheet allows a company to withstand financial shocks and adapt to changing market conditions. To achieve this, companies need to focus on key strategies such as maintaining adequate liquidity, managing debt levels, diversifying revenue streams, and prioritizing profitability over growth.
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