Wed.May 01, 2024

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Why Hiring a Tax Pro Boosts Your Small Business (and Saves You Money)

MyIRSRelief

Running a small business is an exhilarating rollercoaster. You’re passionate about your product or service, constantly innovating, and striving for growth. Yet, amidst the excitement lurks a dark alley – the realm of taxes. Navigating complex tax codes, understanding specific forms like 1120, 1120S, and 1065, and ensuring compliance can feel like deciphering ancient scrolls.

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Biden poised to finalize new electric vehicle tax credit rules

Accounting Today

The U.S. Treasury Department will unveil the final version of new rules limiting a popular tax credit for electric car buyers as soon as Friday as the Biden administration races to complete regulations ahead of the November election.

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Financial Accounting Foundation Seeks Nominations for the Financial Accounting Standards Advisory Council

CPA Practice

The Board of Trustees of the Financial Accounting Foundation ( FAF ) is seeking nominations for new members to join the Financial Accounting Standards Advisory Council ( FASAC ) for an initial one-year term beginning January 1, 2025. The FASAC is the primary advisory body to the Financial Accounting Standards Board ( FASB ). The FASAC consists of approximately 35 members who represent a broad cross section of the FASB’s constituency.

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AI and accounting: What's next?

Accounting Today

After the recent transformative changes in artificial intelligence, tax and accounting has been frequently cited as one of the most immediate areas for disruption.

Account 109
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Building a Business Case for Finance Automation

Speaker: Danny Gassaway and Wayne Richards

Finance leaders are prioritizing efficiency and digital transformation, yet many hesitate to automate due to uncertainty. Without a clear understanding of its impact, organizations risk falling behind competitors who are leveraging automation to drive productivity and cost savings. Join Wayne Richards and Danny Gassaway from AvidXchange for a practical guide on bringing accounts payable (AP) automation to your organization.

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Workers at U.S. Unions Saw Record Pay Increases Over Past 12 Months

CPA Practice

Alex Tanzi Bloomberg News ( via TNS) Unionized workers in the U.S. saw record raises, while nonunion workers’ pay barely beat inflation over the past 12 months, the latest government data show. Wages of private sector union workers rose 6.3% in the year ended in March, the largest increase in data back to 2001, according to Bureau of Labor Statistics employment cost figures released Tuesday.

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Consistent Financial Reporting for Small Businesses

inDinero Accounting

You’ve put effort into managing your small business, but are you truly aware of your company’s financial pulse? Consistent financial reporting can be the difference between merely surviving and thriving in the competitive business landscape. These reports offer a window into your business’s financial health, guiding you to make well-informed decisions that could shape your company’s future.

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Tax Technology Outlook for 2024

Insightful Accountant

In 2024, tax tech is evolving rapidly with AI, data analytics, and blockchain. Tax pros need to adapt to these innovations for effective use.

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M&A roundup: EY, CLA, Wipfli and Avantax expand

Accounting Today

Ernst & Young acquired Nuvalence; CliftonLarsonAllen bought Ronald Blue; Wipfli added Harbour Results; and Avantax acquires wealth management business from Integrated Tax & Wealth Strategies.

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QuickBooks and Mailchimp Recognize Small Business Success Month

Insightful Accountant

Intuit will feature a series of activities to recognize small businesses and entrepreneurs' success as part of Small Business Success Month.

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The Importance of Adaptability in Successful Leadership

GrowthForceBlog

8 min read April 30th, 2024 As a business leader, your job is not only to make decisions on behalf of your company. Your job also entails leading the people in your company. Key Takeaways What Is the Adaptive Leadership Style: In adaptive leadership, problems or challenges are separated into two different categories, technical problems and adaptive problems.

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Fall In Love With the Month-End Close

It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.

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Measuring the Success of Your DE&I Strategy

Insightful Accountant

MassCPA's report highlights DE&I disparities in accounting. 80% of leaders are white, 60% male. Perception gap: 68% of leaders vs. 36% of employees feel empowered. 1 in 10 left due to lack of inclusion measures. Read more about it!

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Grants open for tax help for the poor and underserved

Accounting Today

The IRS is taking applications for funds for its Tax Counseling for the Elderly and VITA programs.

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Lawsuit Counterclaim By an Ex-Partner Accuses BDO of Shady Behavior Around the ESOP, PE Deal, and Corporation Conversion

Going Concern

Warning: long. Hopefully this helps: BDO has sued yet another defector (see earlier: BDO Lawsuit Alleges a Defector Took the Team With Him When He Jumped Ship to Another Firm ) and this time the defector, one Caleb Crandell, is fighting back. The full counterclaim is embedded at the bottom, let’s start with the basics. Also, here’s a copy of the original complaint on Scribd and a Justia link for BDO USA P.C. v.

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Nominations open for Women Who Count Awards

Accounting Today

The deadline for nominations is Aug. 1, and winners will be announced at the Accounting & Financial Women's Alliance's annual Women Who Count conference.

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Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape

Speaker: Jennifer Hill

Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.

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Mental Health Awareness With The Wake Up Project

Withum

Explore Other Episodes #CivicWarriors #WithumImpact The post Mental Health Awareness With The Wake Up Project appeared first on Withum.

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Small things to show clients some love

Accounting Today

What accounting firms can learn from Chick-fil-A and Maya Angelou.

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Let’s Meet NASBA’s Next President and CEO

Going Concern

Longtime National Association of State Boards of Accountancy (NASBA) President and CEO — and author of amazing President’s memos — Ken Bishop announced at NASBA’s annual meeting in late fall of 2023 that he’d be retiring and thus July 31 of this year is his last day. In seeking someone qualified to replace him, NASBA was looking for “a visionary, one who possesses strong financial and business acumen, executive decision-making abilities, dynamic public speakin

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'Bitcoin Jesus' charged with evading almost $50M in taxes

Accounting Today

Roger Ver, an early crypto investor who was sometimes referred to as Bitcoin Jesus, has been charged with mail fraud, tax evasion and filing false returns.

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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.

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Graduation Speech 2024

Withum

This is yet another year that I haven’t been invited to give a graduation address. Perhaps I should be grateful for this, but I still wish I had that opportunity. Anyway, I prepared the following presentation I would have provided had I been asked. My responsibility is to inspire you and send you off charged up and raring to go. You are graduating and going out into the world to make your mark.

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Biden paves way for corn to profit from green jet fuel

Accounting Today

The Treasury Department released guidance on the tax credit available for producers of sustainable aviation fuel, a measure established as part of Biden's landmark climate law.

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Understanding AI and automation in accounting

Accounting Insight

It’s safe to say that artificial intelligence (AI) and automation have penetrated every industry out there. And accounting software is no exception. Before delving into the potential impact of AI in accounting, it’s essential to understand the role AI plays in modern accounting practices. In modern accounting, AI is being used to automate several tasks, including data entry, invoice processing and financial statement analysis.

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Private sector added 192K jobs in April

Accounting Today

Annual pay increased 5.0% year over year, ADP reported.

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Cash Flow Secrets Every Upskilled CPA Should Know

Speaker: Debra L. Robinson

CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.

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IRS: Applications For TCE and VITA Grants Can Be Submitted Through End of May

CPA Practice

The IRS is now accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs, the agency said. Grants for the two programs will be accepted beginning today through May 31. The programs allow eligible organizations to apply for annual funding to provide free federal tax return preparation assistance to elderly and low-income taxpayers for up to three years.

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Best in bookkeeping: How you can be at the forefront of an evolving role

Accounting Insight

The responsibilities of a bookkeeper have been undergoing a significant transformation in recent years, marking an exciting evolution. While traditionally centred on transactional tasks, today’s bookkeepers are embracing a more strategic and advisory role with enthusiasm. The same core tasks remain, but understanding financial analysis, budgeting and forecasting has grown in importance, particularly with access to larger swathes of data.

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LogicGate aims to tame AI with new software

Accounting Today

LogicGate released AI governance software to help entities govern and manage implementation of the technology in their organizations.

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Tax Deferral Strategies for Real Estate: The Four Types of 1031 Exchanges

CTP

Taxpayers often make the mistake of focusing on the potential payout from an investment without considering how much of that will disappear to taxes. A classic example is real estate. Owning a business or investment property can result in significant profits, but when it comes time to sell that property, taxpayers may be unprepared for the massive capital gains tax attached.

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Profit in the Details: Rethinking Spend for Monumental Impact

Speaker: Aaron Berson

Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g

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FieldGuide releases AI 'Insights' solution for accountants

Accounting Today

The AI-driven analytics solution is specifically for accounting firms.

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Small Business Success Month Survey Findings

Insightful Accountant

Intuit QuickBooks has issued their findings from a recent Small Business Success Month Survey. Accountants, Bookkeepers and ProAdvisors can be proud of how much emphasis SB owners place on their relationship with you.

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Perfection Doesn’t Scale

Ryan Lazanis

Perfectionism is a common pitfall for accountants, but it stunts business growth. In this episode, I'll share practical tips to overcome it. The post Perfection Doesn’t Scale appeared first on Future Firm.

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The CannaBiz Success Show: Pricing, Profitability and Branding Insights from MJ Unpacked’s George Jage

Anders CPA

In this not-to-be missed episode, Guillermo connects with George Jage, Cofounder and CEO of MJ Unpacked —one of the industry’s most well-known and best-attended conferences. George discusses complexities of the cannabis industry, including pricing, profitability, and branding. The conversation details the evolution of cannabis consumption, the emergence of fast-acting products, and the significance of social settings in product development.

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Navigating Bleisure Travel: A Guide for Mid-Sized Companies

Bleisure travel — where employees combine work and leisure — has been around since the advent of corporate travel and is here to stay. Successful bleisure policies strike a balance between employee preferences and company goals — workers report a 64% improvement in work-life balance, while companies benefit from reduced travel costs and increased workforce innovation.