Tue.Jan 21, 2025

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Drive Down Your Business Taxes with Local Transportation Cost Deductions

RogerRossmeisl

Understanding how to deduct transportation costs could significantly reduce the tax burden on your small business. You and your employees likely incur various local transportation expenses each year, and they have tax implications. Lets start by defining local transportation. It refers to travel when you arent away from your tax home long enough to require sleep or rest.

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How to validate a resale certificate

TaxConnex

An exemption certificate is one of the most useful tools that your online company has for sales tax. This little piece of paper is used to exempt an otherwise taxable transaction from sales tax. The overall concept is that the end user incurs sales tax and that all sales of tangible personal property are taxable unless specifically enumerated, usually in legislation.

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Beware of Overly Optimistic Projections Used to Value a Business

RogerRossmeisl

Business valuation experts often rely on prospective financial statements when applying the discounted cash flow (DCF) method to value a private business interest. However, when management prepares financial projections for another purpose such as a loan application repurposing them to estimate fair market value for litigation purposes may raise a red flag.

New York 173
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Accounting for R&D Costs in a Biotech Startup: Why It’s Important to Get it Right

BurklandAssociates

Accurate accounting for R&D expenses is critical for compliance and can have significant tax benefits as well as financial reporting and operational implications. The post Accounting for R&D Costs in a Biotech Startup: Why Its Important to Get it Right appeared first on Burkland.

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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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Your Guide to Medicare Premiums and Taxes

RogerRossmeisl

Medicare health insurance premiums can add up to big bucks especially if youre upper-income, married, and you and your spouse both pay premiums. Read on to understand how taxes fit in. Premiums for Part B coverage Medicare Part B coverage is commonly called Medicare medical insurance. Part B mainly covers doctors visits and outpatient services. Eligible individuals must pay monthly premiums for this benefit.

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KPMG aims to become a law firm too

Accounting Today

KPMG US has set up a subsidiary that has filed an application in Arizona to establish a law firm in the state, with hopes of going national.

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More Trending

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California extends tax relief to LA fire victims

Accounting Today

Affected taxpayers now have until Oct. 15 to file and pay their taxes, matching the federal relief from the IRS.

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Withholding Requirements for 401(k) Plan Distributions

Withum

Let’s examine the withholding requirements for 401(k) plan distributions. Distribution Withholding Requirements A participant may receive a distribution from their vested account balance when one of the following below occurs: Participant reaches the age of 59 The participant dies, becomes disabled, or terminates employment The Plan terminates and no successor defined contribution plan is established or is maintained by the Plan Sponsor The participant has a financial hardship and the Plan

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Taxpayers should oppose a strategic bitcoin reserve

Accounting Today

If we establish a Bitcoin reserve the US taxpayer loses and the wealthiest Bitcoin holders win.

Tax 66
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Why cybercrime is the silent threat targeting accountants—and how to stop hackers in their tracks

Mark Lee

A recent conversation with cybersecurity expert Francis West prompted me to revisit a previous discussion here about the risks of cybercrime affecting accountants in practice. Given the evolving threat landscape, I asked him to highlight the current challenges and solutions we need to keep in mind. Francis has been involved in the technology sector for over thirty years, providing IT and cybersecurity solutions to a range of industries, including finance, recruitment, and legal.

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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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Fair Value Update: The Impact of New Guidelines on Secondary Transactions

Withum

The updated guidance in Chapter 8 of the American Institute of Certified Public Accountants (AICPA) Accounting and Valuation Guide: Valuation of Privately-Held-Company Equity Securities Issued as Compensation, outlines a framework for using primary and secondary transactions in company securities to assess their impact on estimating the fair value of equity for stock-based compensation.

Sales 52
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Miami Lobbyist Charged with $600K Tax Evasion, Feds Say

CPA Practice

Both Eston Melton and his wife, who once worked as a secretary at Miami-Dade County Hall, are registered as lobbyists with the county.

Tax 59
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Caseware buys AI document management startup

Accounting Today

Accounting and auditing analytics software company Caseware announced that it has bought Extractly.ai, an Australian-based AI startup that offers intelligent document processing solutions.

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Everything Retirement Plans Need to Know About Hardship Distributions

Withum

A retirement plan may allow participants to access their accounts while still employed via a hardship distribution when there is an immediate and heavy financial need, whether it was incurred deliberately or unintentionally. Immediate and heavy financial need would include any of the following listed below: Medical care expenses for the employee, the employees spouse, dependents or beneficiary Tuition and related educational fees and room and board expenses for the next 12 months of postsecondar

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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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The power of immediate feedback

Accounting Today

As a firm leader you have hundreds of opportunities every week to give positive feedback to your team.

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Why Real-Time Financial Reporting Is a Game-Changer

AccountingDepartment

Financial reporting has always been a critical pillar of effective business management. It's the roadmap that guides decisions, uncovers opportunities, and highlights risks. However, in a fast-evolving economic landscape, relying solely on monthly reports or quarterly financial statements is slowly becoming obsolete.

Gaming 59
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AI-powered risk assessment: The game-changer in modern auditing

ThomsonReuters

Blog home In the ever-evolving landscape of auditing, the integration of artificial intelligence (AI) has emerged as a transformative force. AI-powered risk identification tools are revolutionizing the audit process, enhancing efficiency, accuracy, and overall effectiveness. Mercadien , a leading accounting and advisory firm, has experienced firsthand the benefits of AI-powered risk identification tools.

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Charts Summarizing Inherited IRA Minimum Distribution Rules

Dent Moses

There seems to be a great deal of confusion about the required minimum distributions from inherited IRAs. A wide variety of factual situations can occur, making a simple explanation impossible. The following chart attempts to summarize the new rules for inherited IRA distributions. Due to confusion, the IRS has provided relief for beneficiaries who inherited IRAs between 2020 and 2025.

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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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QBO Payroll Class and Project Enhancements

Insightful Accountant

Intuit continues to make enhancements to their QuickBooks Online Payroll options. Here is one that may have gone unrecognized.

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In the blogs: To be continued?

Accounting Today

TikTok and taxes; future of L.A. revenues; engagement limits; and other highlights from our favorite tax bloggers.

Tax 52
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Avalara Report Shows Sales Tax Simplification Efforts, States Eyeing AI to Shore Up Audit Teams, and E-Invoicing Growth in 2025

CPA Practice

A handful of home rule states Colorado, Alabama, Louisiana, Arizona, and Alaska are making moves toward simplification. Still, businesses selling into home rule states continue to face an onerous tax compliance burden.

Alaska 52
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CRI merges in CapinCrouse

Accounting Today

Carr, Riggs & Ingram, a Top 25 Firm based in Enterprise, Alabama, has added CapinCrouse, a Regional Leader based in Indianapolis, effective Jan. 17, 2025.

Alabama 52
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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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How Agencies Can Thrive During Downtimes with Business Systems

Summit CPA

Like many small businesses , agencies are cyclical. Nobody knows this better than Tom Conlon, Founder and CEO of North Street Creative, a branding and design agency serving a variety of businesses going through moments of business change.

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Economic confidence grows among US accountants but plummets globally

Accounting Today

Accountants and other financial professionals in the U.S. are showing more signs of confidence in the economy, but optimism is waning elsewhere.

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IRS Revises FAQs on Home Energy Tax Credits

CPA Practice

The IRS updated frequently asked questions about the Energy Efficient Home Improvement Credit and the Residential Clean Energy Property Credit inFact Sheet 2025-01 on Jan. 17.

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SEC charges GrubMarket for overstating revenue by $550M

Accounting Today

The Securities and Exchange Commission settled charges against the California-based e-commerce food distributor for overstating revenue to Series D investors.

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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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IRS Issues Guidance on State Paid Family and Medical Leave Programs

CPA Practice

The IRS recently released guidance on the income and employment tax treatment of contributions and benefits paid in certain situations under a state paid family and medical leave program, as well as the related reporting requirements.

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RSM forms audit quality board

Accounting Today

RSM formed an advisory body composed of three independent board members responsible for evaluating quality control and quality management within the firm's assurance practice.

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IRS Probes Financial Firm That Was Focus of Pandora Papers Investigation

CPA Practice

The tax agency has launched a probe into whether financial services firm Trident Trust Group helped well-heeled Americans evade taxes.

Tax 52
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A $500M ETF will be next big launch in tax-busting trend

Accounting Today

A Missouri-based wealth manager is poised to join the small but growing list of firms who have flipped assets into exchange-traded funds to help investors slash their tax bills, prepping one of the largest launches of its kind.

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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.