TaxConnex

FEBRUARY 13, 2024

To help financial leaders better understand what their peers are doing when it comes to sales and use tax in 2024, TaxConnex® conducted its fourth annual sales tax survey in November of 2023. More than 100 financial leaders from different industries and from a wide range of sizes responded. Their responses are included in the following blog. For the vast majority of organizations, managing the minutia of sales tax obligations can be described as clunky, cumbersome, and risky, with each state hav

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Sales Tax audit CPA 241

RogerRossmeisl

FEBRUARY 13, 2024

If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Credit fundamentals The FICA credit applies to tips that your staff members receive from customers when they buy food and beverages.

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Tax CPA business tax 153

Accounting Today

FEBRUARY 13, 2024

The Washington National Tax Office of Grant Thornton points out the most important state and local tax developments to keep an eye out for.

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Washington Tax 132

RogerRossmeisl

FEBRUARY 13, 2024

In today’s uncertain markets, the value of a business may change significantly over time. So it’s important to choose the valuation date carefully. Often, the date is prescribed by law or a judge. But sometimes attorneys or others, such as the executor in an estate valuation, are allowed to decide between different dates. A fundamental decision The valuation date serves as a cutoff for the information that can be used to estimate value.

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CPA Sales 148

Speaker: Amanda Adams, Fractional CFO, CPA

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Amanda Adams, 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.

Account

Going Concern

FEBRUARY 13, 2024

In “Employee well-being outcomes from individual-level mental health interventions: Cross-sectional evidence from the United Kingdom” published in Industrial Relations Journal , wellbeing enthusiast and researcher Dr. William Fleming has found that wellness programs in the workplace don’t actually improve employee wellbeing. Which confirms what we’ve all known for a while now, these programs are a mostly performative gesture to make leadership feel better about themselves

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Healthcare Start-ups 111

RogerRossmeisl

FEBRUARY 13, 2024

Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea. Tax-free treatment for eligible stock gains QSBCs are the same as garden-variety C corporations for tax and legal purposes — except QSBC shareholders are potentially eligible to exclude from federal income tax 100% of their stock sale gains. That translates into a 0% federal income tax rate on QSBC stock sale profits!

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Tax income tax Legal CPA 146

RogerRossmeisl

FEBRUARY 13, 2024

The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually much lower rates that a child would otherwise pay. For purposes of this federal income tax provision, a “child” can be up to 23 years old. So, the kiddie tax can potentially affect young adults as well as kids.

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Tax income tax CPA 143

Insightful Accountant

FEBRUARY 13, 2024

Based on the latest Intuit QuickBooks Small Business Index, employment for small businesses with one to nine employees decreased by 14,800 jobs in January, 2024.

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quickbooks 105

Cherry Bekaert

FEBRUARY 13, 2024

Governmental Accounting Standards Board (GASB) Statement No. 100, Accounting Changes and Error Corrections, an amendment of GASB Statement No. 62, is in effect for fiscal years beginning after June 15, 2023. This accounting pronouncement is intended to streamline the reporting of accounting changes and error corrections, as well as the related disclosures in governmental financial reporting.

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accounting principles accountant Account accounted 96

Accounting Today

FEBRUARY 13, 2024

The IRS wants to help businesses know when they don't qualify for an Employee Retention Credit.

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Tax 128

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.

Account

Withum

FEBRUARY 13, 2024

Explore Other Episodes #CivicWarriors #WithumImpact The post Let’s Learn More About Epilepsy appeared first on Withum.

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Accounting Today

FEBRUARY 13, 2024

While passage in the Senate is uncertain, many of the changes could impact 2023 tax returns.

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Tax tax return Finance 132

Withum

FEBRUARY 13, 2024

Government contracting can be a lucrative venture for businesses, but it comes with a host of regulatory and financial responsibilities. One of the critical elements in managing government contracts is the Incurred Cost Proposal (ICP) submissions. In this article, we will delve into what Incurred Cost Proposals are, why they matter, and how businesses can navigate this complex process effectively.

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Government audit accounting standards cost accounting 80

Going Concern

FEBRUARY 13, 2024

Across the pond, a batch of recent graduates who were no doubt thrilled to get picked up by PwC in 2022 are now discovering an important life lesson: When it comes down to it, partners don’t care about you. A recent FT piece says almost 100 baby consultants will not be getting the promotion they expected in July and will instead have to wait until January 2025.

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Start-ups Tax Sales 65

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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.

financial statements

Withum

FEBRUARY 13, 2024

Explore Other Episodes #CivicWarriors #WithumImpact The post Let’s Debunk Some Myths About Epilepsy appeared first on Withum.

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Accounting Today

FEBRUARY 13, 2024

The engagement partner and engagement quality review partner on the audit of Mexican steelmaker owe a combined $165,000.

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audit 78

CPA Practice

FEBRUARY 13, 2024

By Irina Anghel, Bloomberg News (TNS) Job vacancies at U.K. consultancies plummeted by more than 80% last year amid weak economic growth, a lack of deals in the City of London and the prospect of a general election. McKinsey and Co., Bain & Co., Boston Consulting Group and Accenture posted just 248 consulting jobs in 2023, down from 1,389 the prior year and 1,764 in 2021, according to data from labor market analytics firm Vacancysoft.

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audit Management Consulting accounting firms Government 59

Accounting Today

FEBRUARY 13, 2024

The IRS is warning practitioners about a tactic that recurs every tax season.

Tax 101

Tax tax preparation 101

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

Sales

CPA Practice

FEBRUARY 13, 2024

The American Institute of CPAs has submitted comments to the Department of the Treasury and Internal Revenue Service in response to Notice 2023-80, which provides guidance on the foreign tax credit and dual consolidated losses in relation to the Global Anti-Base Erosion Model Rules, or Pillar Two. The notice addresses the foreign tax credit rules and the dual consolidated loss rules, to certain types of taxes described in the Organisation for Economic Co-operation and Development GloBE Model Rul

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Tax cpas 59

Canopy Accounting

FEBRUARY 13, 2024

Canopy has secured a coveted spot in G2's "Top 100 Fastest Growing Softwares of 2024". As the only practice management software to achieve this recognition, we take immense pride in this accomplishment. This accolade highlights Canopy's remarkable growth and impact in the technology sector, solidifying our position as a leader in driving efficiency and productivity for the accounting industry.

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Technology accountant Account accounted 59

Accounting Today

FEBRUARY 13, 2024

The Internal Revenue Service is looking for both corporate income and employment taxes for a four-year period.

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Tax 78

Insightful Accountant

FEBRUARY 13, 2024

Early discussions on estate tax planning and planned giving are crucial for clients considering asset transitions later in life. They can lead to significant savings for clients and beneficiaries compared to delaying until after death.

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Tax tax planning 52

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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.

Accounting Today

FEBRUARY 13, 2024

Who owns the business and who is going to run it are separate — but equally important — questions.

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Insightful Accountant

FEBRUARY 13, 2024

There is one thing 'about time', it changes over time. and so too with our QB Talks monthly webinars. Please join our new host, Alicia Katz Pollock next Wednesday, February 21, 2024 as she presents the new 'QuickBooks Time' interface.

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quickbooks 52

CPA Practice

FEBRUARY 13, 2024

By Irina Anghel, Bloomberg News (TNS) KPMG’s U.K. partners made an average of £746,000 ($945,000) last year, but it wasn’t enough for them to avoid being the worst paid of the Big Four accounting firms. The firm delivered a 4% rise to its 833 U.K. partners, similar to last year’s levels, KPMG said, but it means they remain bottom of the pay table of Big Four firms, as the top audit firms are known.

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audit Legal accounting firms Tax 52

ThomsonReuters

FEBRUARY 13, 2024

Jump to: How to prepare a tax invoice for 1040 clients 3 ways to stay organized with invoices during busy season Review your tax return delivery and invoicing process 1040 client expectations have changed Save time with all-in-one tax preparation invoices Digital solutions for 1040 tax prep How to prepare a tax invoice for 1040 clients Creating a comprehensive tax preparation invoice is the first step toward timely and accurate payments.

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tax preparation Tax tax return cpa firm 52

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.

CPA Practice

FEBRUARY 13, 2024

Mazars reached global revenue of €2.8 billion ($2.998 billion) for its 2023 financial year, up from €2.45 billion ($2.63 billion) in 2022. 2023 was the third consecutive year that Mazars’ global network of firms has achieved double-digit growth across all services (both audit and non-audit). Hervé Hélias “It’s been another successful year with 13% growth demonstrating the strength and relevance of our unique integrated partnership model.

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audit auditor accounting firms accountant 52

Withum

FEBRUARY 13, 2024

Download a PDF of this case study. Executive Summary Our automotive accessories client was looking to evaluate their existing distribution center (DC) structure, assess its cost and performance and explore alternative structures for enhancing capabilities. The project with the Firm’s Manufacturing, Distribution and Logistics (MD&L) group encompassed both retail and wholesale operations – seeking answers to questions about viability, cost advantages and associated risks with migrating to an a

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Manufacturing Transportation Retail 52

CPA Practice

FEBRUARY 13, 2024

Global accounting and tax services firm Grant Thornton LLP has deployed a new tool to help its internal audit, compliance and other risk management professionals streamline their clients’ control design and assessment processes. The tool, which the firm calls Grant Thornton CompliAI, utilizes generative artificial intelligence (AI), and was developed using Microsoft technology, including Microsoft Azure OpenAI Service.

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audit tax services Technology Tax 52

ThomsonReuters

FEBRUARY 13, 2024

Artificial Intelligence (AI) is not a new concept, but since the emergence of ChatGPT last year, the advantages versus the risks it could present as it becomes smarter and more prevalent have been widely debated everywhere. When it comes to global trade, there are powerful arguments as to why AI should be embraced, and understandable concerns around the ethics, accuracy, and security of data.

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Technology Legal Government Tax 52

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