January, 2023

article thumbnail

What to know about responsible party laws

TaxConnex

We hear a lot about “sales tax obligations,” but who exactly in your company is “obligated?” You are, at least in many states. Since the Supreme Court’s 2018 Wayfair decision, many businesses are required to collect and remit sales tax in multiple states – more so than pre-Wayfair.

Wisconsin 207
article thumbnail

Changes to Lease Accounting Rules (ASC 842)

SMBAccountant

New rules are going into effect for lease accounting which may change how small businesses who follow Generally Accepted Accounting Principles (GAAP) think about and reporting leases.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

January is the Cruelest Month for Retail Refund Fraud

RogerRossmeisl

For many retailers, January isn’t just the first month of the year: It’s “return season,” when customers bring back their unwanted holiday gifts for refunds or exchanges. Return season can be fraught for businesses if, for example, a higher percentage of gifts are returned than stores expect.

Retail 179
article thumbnail

The benefits of the shared accounting inbox for AR and AP

Lockstep

If you manage accounts receivable (AR) and accounts payable (AP) for your business, you know how important it is to have a system in place to keep track of all incoming and outgoing payments.

article thumbnail

The CPA Firm Growth Strategy: From Compliance to Consulting

Speaker: Rita Keller - President of Keller Advisors, LLC

Join Rita Keller, seasoned CPA firm management strategist and consultant, for an insightful discussion on the importance of diversifying your accounting skills.

article thumbnail

New year tax resolution – resolve your tax problem today

MyIRSRelief

Types of IRS tax problems and how to resolve them. There are many types of IRS tax problems that individuals and businesses may encounter. Some common tax problems include: Failing to file a tax return: If you fail to file a tax return (1040, 1120, 1065, 941, etc.),

tax 141
article thumbnail

If This Person Can Pass the CPA Exam, So Can You

Going Concern

I was cleaning out pics on my phone and was reminded of something I saw on Reddit a few weeks back: a screenshot of someone’s many, many, MANY CPA exam attempts over twelve years. Most people would have given up around the tenth attempt but this person persisted. And persisted. And persisted.

cpa 91

More Trending

article thumbnail

An Important R&D Tax Credit Update Impacting Startups in 2023

BurklandAssociates

By Nancy Torretta and Sam Leon An update to IRC Section 174 took effect January 1, 2022 that will impact the R&D Tax Credit for startups. What is IRC Section Read More. The post An Important R&D Tax Credit Update Impacting Startups in 2023 appeared first on Burkland. Accounting Taxes

tax 141
article thumbnail

California Storm Victims Qualify for Extended Tax Filing Deadlines

RogerRossmeisl

On January 10, 2023, IRS news release IR-2023-03 announced that California storm victims now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA).

article thumbnail

Lockstep Inbox Product Updates 01.18.23

Lockstep

The Lockstep Team is excited to share some of the latest updates to the world’s first shared inbox designed for accounting, Lockstep Inbox.

account 174
article thumbnail

House Republicans aim to abolish IRS, replace income tax

Accounting Today

Income taxes Sales tax Biden Administration IRS Tax

article thumbnail

Book of Secrets for the Month-End Close

Developing a consistent month-end close doesn’t need to be a mystery. We’re sharing our top 10 secrets (plus one bonus!) for streamlining your close.

article thumbnail

Accountants Will Not Be Motivated to Get Back to the Office

Going Concern

Someone sent us this r/accounting thread on returning to the office the other day and wanted to make sure we call out one comment in particular. You’ll see why in a second.

account 95
article thumbnail

Economic nexus overview - all states with sales tax now active

TaxConnex

Next summer will mark five years since the Supreme Court ignited economic sales tax nexus with the South Dakota v. Wayfair, Inc et al decision.

Sales 207
article thumbnail

FP&A vs. CFO for Startups: What’s the Difference?

BurklandAssociates

FP&A provides data analysis and decision support to the entire organization, including the CFO who is responsible for strategic financial oversight. The post FP&A vs. CFO for Startups: What’s the Difference? appeared first on Burkland. CFO Insights Financial Modeling FP&A

130
130
article thumbnail

Sold Stock Before Year-End? Watch Out for the Wash Sale Rule

RogerRossmeisl

If you sold stock shares at a loss at the end of 2022 to offset gains that you’ve realized during 2022, it’s important to watch out for the “wash sale” rule.

Sales 175
article thumbnail

10 Ways to Keep Your Hourly Employees

Getting and keeping hourly workers is no longer as simple as offering them more cash. Employees have options. But this guide from Paycor will help you put your best foot forward to recruit, retain, and develop hourly workers so you can remain competitive.

article thumbnail

Role of Accounting in Customer Experience

Lockstep

Accounting is often thought of as a purely financial discipline, but its role in customer experience (CX) and providing customer delight should not be underestimated. In today’s competitive landscape, businesses need to go above and beyond to win customers over and keep them coming back.

account 137
article thumbnail

House Republicans reintroduce bill to rescind IRS funding

Accounting Today

IRS Tax Finance, investment and tax-related legislation Tax laws

article thumbnail

Monday Morning Accounting News Brief: PwC Partner Banned; Salary Predictions; Public Accountants Have Had It | 1.23.23

Going Concern

Last week someone complained about the format I’ve been using for this linkwrap since I started doing it many, many Mondays ago so just for them, here’s some bullet-free bullet points in lieu of one giant paragraph. Don’t say I never did anything for you.

article thumbnail

What was new in December for state sales and use taxes

TaxConnex

There’s always something changing in the world of tax, especially sales tax. Here’s a review of some of the recent changes and updates. Crystal ball time.

Sales 130
article thumbnail

Virtual Cards — Everything You Need to Know

Speaker: Eoin Hession, Controller at Recharge

Even though virtual cards have been part of the payments system for over ten years, there remains a lack of clarity around how they work and their value to companies large and small. In this webinar, Eoin Hession, Controller at Recharge, talks about how his company uses virtual cards in their operations. Sign up today!

article thumbnail

How Startups Can Make $1M Per Year Doing Nothing

BurklandAssociates

With interest rates up, startups should evaluate deploying capital they won’t need for a while into interest-bearing instruments. The post How Startups Can Make $1M Per Year Doing Nothing appeared first on Burkland. CFO Insights Financial Modeling Fintech Fundraising

130
130
article thumbnail

Unpacking the Clean Vehicle Credits under IRA ’22

RogerRossmeisl

The Clean Vehicle Credit, brought to you by the Inflation Reduction Act of 2022 (IRA ’22), is the successor to the New Qualified Plug-in Electric Drive Motor Vehicle Credit.

cpa firm 172
article thumbnail

Lockstep Inbox Product Updates 01.24.23

Lockstep

The Lockstep Team is excited to share some of the latest updates to the world’s first shared inbox designed for accounting, Lockstep Inbox.

article thumbnail

Tax season set to start Jan. 23

Accounting Today

Income taxes Tax preparation IRS Tax Tax season

tax 89
article thumbnail

Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by speeding up the month-end close and better managing your remote teams.

article thumbnail

Remote Accountant Who Billed Too Many Hours Owes Her Former Firm $2700 For ‘Time Theft’

Going Concern

NPR has a strange story of a Canadian accountant and a firm with time tracking software installed on work laptops that should give remote workers pause before submitting their next time sheet.

cpa 87
article thumbnail

The latest on sales tax on shipping charges (part 1)

TaxConnex

Online sales could not exist without shipping, and the charges associated with shipping are subject to sales tax in many states. Question is, who has to pay that sales tax these days, and where?

Sales 130
article thumbnail

Tax Deadlines for Startups in 2023

BurklandAssociates

Tax deadlines for startups in 2023, including federal filing dates and key dates for San Francisco, New York, and Seattle. The post Tax Deadlines for Startups in 2023 appeared first on Burkland. Taxes

New York 130
article thumbnail

Valuation Provisions to Incorporate into Buy-Sell Agreements

RogerRossmeisl

At the heart of every successful buy-sell agreement are well-reasoned business valuation provisions. By thinking through valuation matters and anticipating potential sticking points while the owners are on good terms, you can help facilitate future buyouts — when relations might be strained.

cpa 172
article thumbnail

The CFO Playbook: How to Decrease Costs & Increase Engagement

Learn how to reduce costs while simultaneously increasing employee morale.

article thumbnail

How to Improve Time Management in Your Tax Planning Business

CTP

As a business owner, how you view and allocate your time plays a major role in the success of your business. When your to-do list is unending and new tasks keep popping up left and right, you may find it difficult to intentionally plan out where you want to devote your time.

article thumbnail

House votes to strip IRS funds intended to catch tax cheats

Accounting Today

Tax audits IRS Tax Finance, investment and tax-related legislation Tax laws

article thumbnail

Even People Who Majored in Accounting Don’t Want To Be Accountants

Going Concern

Pay extra close attention to accounting firm press releases this year, they will be packed with claims of record applicants, excess hiring, and huge numbers of incoming interns.

article thumbnail

Sales tax and economic nexus in Puerto Rico

TaxConnex

Studies show that some 1.4 million people in the Commonwealth of Puerto Rico (more than a third of population) do their shopping online, with annual online purchases in the U.S. territory now at $458 million.

Sales 130
article thumbnail

How to Write OKRs: 45 Effective Examples

Many companies are embracing objectives and key results (OKRs) as the best practice for committing to goals and following through. Objectives are outcomes that reflect current company priorities. Each employee should write OKRs that roll up to larger company goals.