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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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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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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2025 Payroll Calendar Templates (Biweekly, Semi-Monthly, and Monthly)

Use these handy calendar templates to stay on top of payroll in 2025! Download them today to share with your HR team or post for employees. Whether your company has biweekly, semi-monthly, or monthly pay periods, Paycor has you covered. Get your templates today!

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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.

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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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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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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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IRS Provides Safe Harbors For the Clean Aviation Fuel Credit

CPA Practice

The big takeaway from the new guidance issued by the Treasury Department and the IRS on Tuesday regarding the Sustainable Aviation Fuel (SAF) credit is the role farmers will play in the production of clean jet fuels and reducing emissions from the aviation sector. “[This] is an important steppingstone as it acknowledges the important role farmers can play in lowering greenhouse gas emissions and begins to reward them through that contribution in the production of new fuels,” U.S.

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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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Less Stress, More Success: Accounting Best Practices & Processes for 2025

Speaker: Duke Heninger, Partner and Fractional CFO at Ampleo & Creator of CFO System

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Duke Heninger, a seasoned fractional CFO and CPA passionate about transforming back-office operations for finance teams. This session will cover critical best practices and process improvements tailored specifically for accounting professionals.

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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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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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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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Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors

Speaker: Abdi Ali, Sr. Lease Accounting Consultant

Join this insightful webinar with industry expert Abdi Ali, who will discuss the challenges that can arise from managing lease accounting with spreadsheets! He will share real-world examples of errors, compliance issues, and risks that may be present within your spreadsheets. Learn how these tools, while useful, can sometimes lead to inefficiencies that affect your time, resources, and peace of mind.

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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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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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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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Back to Basics with Reconciliations

Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.

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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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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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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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Usage-Based Monetization Musts: A Roadmap for Sustainable Revenue Growth

Speaker: David Warren and Kevin O'Neill Stoll

Transitioning to a usage-based business model offers powerful growth opportunities but comes with unique challenges. How do you validate strategies, reduce risks, and ensure alignment with customer value? Join us for a deep dive into designing effective pilots that test the waters and drive success in usage-based revenue. Discover how to develop a pilot that captures real customer feedback, aligns internal teams with usage metrics, and rethinks sales incentives to prioritize lasting customer eng

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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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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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Harness the Potential of Your Enterprise Knowledge

The first Market Momentum Index: AI and Unstructured Data Management, conducted by Deep Analysis with support from AIIM and M-Files, surveyed 500 enterprises across various industries to assess their readiness to employ AI. The results reveal that AI is already far more embedded into organizations' operations than previously realized. These findings and more insights have been brought to you in the "Market Momentum Index: AI and Unstructured Data Management.

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CohnReznick and Prevedere Forge Strategic Alliance

CPA Practice

CohnReznick LLP, an advisory, assurance, and tax firm, and Prevedere, a provider of external planning analytics software, have announced a strategic alliance designed to help organizations drive growth through comparative analytic insights and guidance. This collaboration will leverage Prevedere’s AI-powered platform to empower CohnReznick’s clients with global data, analytic models, and econometric context to revolutionize their business planning.

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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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‘Bitcoin Jesus’ Charged With Evading Nearly $50 Million in Taxes

CPA Practice

By Olga Kharif, Bloomberg News (TNS) 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 in order to avoid paying at least $48 million in U.S. taxes. Ver, who acquired the moniker after proselytizing about Bitcoin everywhere he went in the cryptocurrency’s early days, was arrested this weekend in Spain on U.S. criminal charges, according to the U.S.

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IRS Update on ERC Claims

Dent Moses

IRS Commissioner Danny Werfel reported to the Senate Finance Committee that even with the moratorium since September 2023 on processing previous and new claims for the ERC, the IRS averages 20,000 new applications weekly. The IRS recently announced ERC that claims processing could resume by late spring depending on whether Congress extends the statute of limitations for ERC claims.

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Solve Your Firms Automation Complexities Once and For All

Speaker: Mark Stovel

When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.