Sat.Feb 17, 2024 - Fri.Feb 23, 2024

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Art of Accounting: Top growth areas for CPAs

Accounting Today

Many services can be marketed to new clients as well as to existing clients. Once you begin adding services to your clients, more develop.

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IRS criminal investigators crack down on ERC claims

Accounting Today

The Internal Revenue Service's Criminal Investigation unit has been investigating bogus claims for the employee retention credit and educating tax professionals about the problems they can encounter.

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Keeping New Clients in the Pipeline

Insightful Accountant

For small tax practitioners, a consistent flow of new clients is vital for growth. Balancing return completion with lead generation during tax season is key. Building a client pipeline year-round ensures continuous business development.

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Accounting Thought Leaders Gather to Discuss Technology, Practice Trends, and Professional Challenges

CPA Practice

More than 20 of the accounting profession’s thought leaders convened in Dallas on February 20, 2024, for three days of discussions and panels focused on the key trends and most significant challenges currently faced by professionals and firms, as well as emerging issues that are likely to shape firms in the near future. Ed Kless. The initial discussion topic focused on how human nature is to adapt to overcome constraints on resources.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. 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 vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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Answers to Your Tax Season Questions

RogerRossmeisl

The IRS announced it opened the 2024 income tax return filing season on January 29. That’s when the tax agency began accepting and processing 2023 tax year returns. Here are answers to seven tax season questions we receive at this time of year. (1) What are this year’s deadlines? The filing deadline to submit 2023 returns or file an extension is Monday, April 15, 2024, for most taxpayers.

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How Much is Creativity Worth? 5 Reasons to Have Your Agency Valued

Anders CPA

The process of determining the value of an agency is a crucial step for any current owner, potential acquirer or agency merger partner. By determining your agency’s value, whether it’s a marketing, advertising, design or other creative agency, you gain practical and valuable insights. This awareness of your agency’s true value can inform negotiations and business decisions for transition planning, a possible sale or merger and securing financing.

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Beneficial Ownership Information: New Filing Requirement for Most Businesses

Shay CPA

The Financial Crimes Enforcement Network (FinCEN) wants to know who’s pulling the strings at companies operating in the U.S. As a result, they’ve instituted a new filing requirement. Starting January 2024 (read: this already applies), the vast majority of companies operating across the country need to submit an annual report called Beneficial Ownership Information (BOI).

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9 Tax Considerations if you’re Starting a Business as a Sole Proprietor

RogerRossmeisl

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here are nine considerations: 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you’re currently eligible to claim the 20% pass-through deduction, subject to limitations.

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Outsourced Accounting Services for Marketing Agencies

Summit CPA

Digital marketing agencies can refer to different kinds of businesses, including design-dev agencies, SEO-PPC agencies, as well as product-only. Usually founded by people with creative and technical expertise, these marketing businesses often grow out of a partnership, with one business owner leading the development efforts and the other in charge of sales.

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Demystifying Government Contract Requirements: A Guide for New Businesses.

SMBAccountant

Understanding the basics of government contracts is essential when engaging in contractual agreements with government entities. When reviewing such contracts, key considerations include a thorough examination of the scope of work, payment terms, performance metrics, and compliance with regulations. Utilizing tools like Suppl-O contract briefs can significantly aid in the efficient review process by highlighting changes, facilitating quick reference, and ensuring transparency.

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Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.

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5 Key Findings from Our Annual Survey of Financial Professionals and The Impact of Sales On Their Business

TaxConnex

At the beginning of January we announced the release of our annual sales tax survey. This year’s results provided insights into how businesses are managing the complexities of sales tax and how they are being impacted by economic and regulatory structures. The nationwide survey, conducted by In90Group in November of 2023, is composed of responses from 100 top finance professionals in a variety of industries regarding their thoughts and experiences in managing sales tax. 5 of our key findings are

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IRAs: Build a Tax-Favored Retirement Nest Egg

RogerRossmeisl

Although traditional IRAs and Roth IRAs have been around for decades, the rules involved have changed many times. The Secure 2.0 law, which was enacted at the end of 2022, brought even more changes that made IRAs more advantageous for many taxpayers. What hasn’t changed is that they can help you save for retirement on a tax-favored basis. Here’s an overview of the basic rules and some of the recent changes.

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Do Your Startup’s Employees Have a Sense of Purpose?

BurklandAssociates

Your people will drive your business to success when they are highly engaged and know where the ship is headed. The post Do Your Startup’s Employees Have a Sense of Purpose? appeared first on Burkland.

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The 20 best states for doing business

Accounting Today

While property and unemployment insurance taxes are universal in every state, many of the best states for doing business do not have corporate, sales or individual income taxes.

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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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The changing state of e-commerce

TaxConnex

Not long ago, clicking a computer mouse to buy something was an idea of science fiction. Today, of course, e-commerce is how a significant amount of shopping takes place in general. Capital One reports that global e-commerce retail sales will hit some $6.91 trillion this year, up 9.5% from total e-commerce retail sales in 2023. Projections indicate that value will increase to $8.03 trillion in 2027.

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Should Your Business Offer the New Emergency Savings Accounts to Employees?

RogerRossmeisl

As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency savings account (PLESA) and the provision authorizing it became effective for plan years beginning January 1, 2024. The IRS recently released guidance about the accounts (in Notice 2024-22) and the U.S. Department of Labor (DOL) published some frequently asked questions to help employers, plan sponsors, participants and others understand them.

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Withum Enhances ESG & Sustainability Services Offering Through Strategic Alliance With Good.Lab

Withum

Withum is excited to announce a strategic alliance with Good.Lab , a leader in sustainability and ESG solutions that empower companies to achieve their climate and sustainability objectives by building a foundational strategy for ESG along with quantified performance metrics. We’re excited to work with Good.Lab and continue to bring the most innovative solutions to our clients.

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IRS accelerates audits of business jet usage

Accounting Today

The Internal Revenue Service will be scrutinizing the use of corporate jets for personal travel more closely, focusing on big corporations and partnerships, as well as high-income taxpayers.

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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"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.

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How Work From Home Will Save More Small Business Owners on Taxes This Filing Season

CPA Practice

By Ali Donaldson, Inc. (TNS) This tax season, more entrepreneurs are looking to cash in on their work-from-home habit. Since the pandemic, many founders have embraced a hybrid schedule or decided to ditch their offices altogether. Now, after investing in at-home monitors, standing desks, and Zoom-background-worthy bookshelves, they are discovering there’s a tax break for that—and giving their accountants a call.

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Generative AI Can Help Prevent, Detect and Investigate Fraud

RogerRossmeisl

You may already be familiar with artificial intelligence (AI) and even use it in business applications. What about generative AI (Gen AI)? Gen AI typically is used to create new content (such as text, images, code and video) from raw data and includes such popular systems as Grok, ChatGPT and DALL-E. Gen AI can also help reduce, uncover and combat fraud.

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Rethink Your Sales Approach with Diane Helbig

Summit CPA

Virtual CPA Success Show Podcast Episode 111 Jody and Jamie welcome author and business advisor, Diane Helbig. Diane shares her expertise in sales, emphasizing the need for a shift from traditional sales techniques to a more comfortable, trust-building approach. The conversation covers the importance of being a trusted resource, hiring strategies, transitioning from traditional sales models, and the value of curiosity and learning new skills.

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Washington, Lincoln and the U.S. tax system

Accounting Today

In the wake of President's Day, and in the midst of tax season, take a minute to learn about Washington's and Lincoln's key contributions to the U.S. tax system.

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Finding “The One:” The Ultimate Guide to Selecting Financial Software

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

As finance and accounting practitioners, you are expected to complete daily operations as well as to manage next generation tools and resources to support a business that is growing in complexity. Having the right software can be critical in juggling and meeting those high expectations. The path to the right software, however, is paved with challenging decisions.

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IRS Isn’t Raising Tax Interest Rates in Q2 2024

CPA Practice

Interest rates will remain the same for the calendar quarter beginning on April 1, the IRS said on Wednesday. The interest rate for tax overpayments and underpayments for individuals will be 8% per year and 7% for corporations, compounded daily. Interest rates have stayed at their current levels since the fourth quarter of 2023 , when they increased from 7% for individuals and 6% for corporations.

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Ready, Set, Value!

RogerRossmeisl

When the parties know what to expect at each phase of a business valuation project, it makes the process easier for everyone. This awareness promotes collaboration and timeliness, as well as minimizes potential surprises, misunderstandings and rework. Here’s the five-step process that’s used when valuing a business or interest in a business. Engaging a valuation expert The first step is retaining a business valuation professional and agreeing on the price, deliverables and scope of the assignmen

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2024 Tax Pocket Guide

Withum

The goal of minimizing tax liability likely drives a desire to discover new advantages in the tax law. If this sounds familiar to you, when planning for the upcoming tax year, a great place to start is with the basics. We can help. As you navigate our complicated tax code, you need a partner and important information in order to make the appropriate adjustments.

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Firms grapple with sustainability reporting and assurance

Accounting Today

Most companies are providing some disclosures about their sustainability efforts, but not as many are getting assurance on their numbers from auditing firms.

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2024 Payroll Calendar Templates

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.

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Withum Gets Marcum’d By the PCAOB

Going Concern

The Public Company Accounting Oversight Board (PCAOB) announced today it sanctioned WithumSmith+Brown for violations of PCAOB rules and quality control standards related to those goddamn SPACs to the tune of $2 million. Not quite as costly as Marcum’s gargantuan SPAC penalties but Withum earned a good lecturing about “growth at any cost” regardless.

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Update on IRS Efforts to Combat Questionable ERTC Claims

RogerRossmeisl

The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Even though the ERTC expired for most employers at the end of the third quarter of 2021, it could still be claimed on amended returns after that. According to the IRS, it began receiving a deluge of “questionable” ERTC claims as some unscrupulous promotors asserted that large tax refunds could easily

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IRS Stresses It Will Issue More Refunds If Child Tax Credit Bill Passes

CPA Practice

By Matt Durr, mlive.com (TNS) IRS Commissioner Daniel Werfel says millions of parents in America don’t need to wait to file their 2024 tax return due to a possible increase in refundable value of the Child Tax Credit. Earlier this month, the House passed the Tax Relief for American Families and Workers Act and sent the bill to the Senate for possible approval.

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With Staffing Challenges And Remote/Hybrid Work Here to Stay, Finance Leaders Embrace Back-Office Automation

Insightful Accountant

Businesses are prioritizing efficiency and savings over growth due to uncertain economic conditions. Finance leaders are seeking ways to operate profitably and improve cash flow control.

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Predictions You Can Rely On: How Data Drives Successful Financial Forecasting

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.