Fri.Dec 13, 2024

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10 Year End Financial and Tax Tips for Your Small Business

Ronika Khanna CPA,CA

As the end of the year approaches, some of us find ourselves overwhelmed by top 10 lists, the hordes of shoppers and endless renditions of Christmas Music. Businesses tend to experience a slowdown, which makes it the perfect time for small business owners to take a closer look at their overall business, financial and tax situation. When you are not buying gifts for your customers , family and friends, a review and analysis of your business will allow you to optimize your current financial situat

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How Mike Habib, EA Collaborates with CPAs and Lawyers for Tax Representation Referrals

MyIRSRelief

How CPAs and Lawyers Can Collaborate with Mike Habib, EA for Tax Representation Referrals Mike Habib, EA, is a trusted tax resolution expert with extensive experience helping individuals and businesses resolve complicated tax issues. His expertise includes representing clients before the IRS and state agencies such as the FTB, EDD, and CDTFA. Mike partners with CPAs and lawyers to address clients facing tax audits, levies, liens, employment 941 payroll tax controversies, non-filers and unpaid ba

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AICPA releases valuation guide for business combinations

Accounting Today

The American Institute of CPAs has published a new guide with information on best practices for the accounting and valuation of business combinations such as mergers and acquisitions.

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Wendy Terry Appointed to City of Orlando Finance Committee

Withum

Withum is proud to announce that Wendy Terry , Partner and Practice Leader of the Firms Professional Services Industry Team , has been appointed to serve on the City of Orlando Finance Committee. The appointment by Orlando Mayor Buddy Dyer reflects Wendys extensive experience in the accounting profession and commitment to serving the local Central Florida community.

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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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Hedge fund founder jailed over $1.3B tax scam

Accounting Today

Sanjay Shah was sentenced to 12 years in prison, the heaviest jail term handed down so far in Europe's sprawling Cum-Ex trading scandal.

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Bill Launches 1099 Filing Solution

CPA Practice

The 1099 filing offering from BILL is an all-in-one solution that enables businesses to manage their AP needs and 1099-NEC and 1099-MISC forms together from a single platform.

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The Accountant Trust Quotient: How Accountants Can Help Clients Build Trust in New Technology

CPA Practice

The 'trust equation,' outlined in The Trusted Advisor by David Maister, Charles Green, and Robert Galford, is a formula that quantifies trust in professional relationships: take a persons credibility, reliability, and intimacy and divides it by their self-interest.

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Construction Business Review: What Went Right Or Wrong This Year?

Randal DeHart

The construction industry is dynamic and challenging, and a business's success or failure can hinge on various factors. As we approach the end of another year, it's essential to take a step back and assess your company's successes and challenges. Contracting is notorious for its complexities and ever-changing landscape. It is crucial to evaluate what worked well, what didn't, and what lessons we can carry into the following year.

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5 Ways to Help Clients Prepare for Busy Season

CPA Practice

Timely and effective communication is key to helping create a path to busy season success for both you and the client. Here are five ways to help your clients prepare.

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Geotagging Employee Attendance: Is Your Team Working? 

Patriot Software

You might already be tagging geographical locations when you share Facebook posts. But did you know you can use geotagging to tag your employees location when they clock in and out for work? Geotagging is a time and attendance software feature that can help mitigate time theft and improve time and attendance accuracy.

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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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Overview of 2024 Thomson Reuters Synergy Conference- The Accounting Technology Lab Podcast – Nov. 2024

CPA Practice

Brian Tankersley, CPA, and Randy Johnston continue their travels to the largest conference for accounting professionals, and provide a recap of the 2024 Thomson Reuters Synergy user conference.

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Death to A/R

Accounting Today

Professionals should never be bill collectors.

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Business Experimentation with Gen AI Grows but Full Implementation Remains Rare, AICPA & CIMA Survey Finds

CPA Practice

While 30% said they were experimenting with Gen AI in business applications, up from only 23% last year, the percentage of companies that are fully using Gen AI in key operations hasnt budged much.

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Stop trying to engage your employees

Accounting Today

Equip employees to self-engage.

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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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Millennials to the Rescue? Bridging the Generational Divide in Accounting Leadership

CPA Practice

Alright, fellow Millennialsremember when we were the young ones shaking things up, pushing for work-life balance, and making remote work sound like an innovation? Fast forward, and now were stepping into leadership roles. And suddenly, were not the fresh faces anymore.

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Mortgage Interest Basics

Withum

With federal interest rates slowly on the decline, it may be a good opportunity to consider whether you should refinance your mortgage or purchase a home. During the pandemic, interest rates were at their lowest; many took advantage of these rates to purchase homes. Later, with the impending recession, the housing market took a hit as interest rates rose significantly in hopes of preventing a recession.

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On the move: INCPAS bestows annual awards

Accounting Today

GRI appoints new CEO; Tennessee Society of CPAs celebrates Accounting Opportunities Month; and more from across the profession.

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3 ways to strengthen your corporate tax compliance

ThomsonReuters

In todays fast-moving global business landscape, the complexities faced by corporate tax and trade departments continue to multiply. With supply chains continually threatened by international conflicts, the almost constant disruption hinders global-trade efforts. This hampers regulatory cooperation and exacerbates internal conflicts and challenges for many businesses.

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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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Business News: Intuit QuickBooks and Professional Women's Hockey League

Insightful Accountant

Intuit QuickBooks and the Professional Women's Hockey League have announced a multi-year Canadian partnership. The partnership will help Intuit QuickBooks reach Canadian women in business through the game-changing women's hockey league.

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Tech News: Protiviti awarded patent on automated audit artifact reconciliation process

Accounting Today

Plus, Avalara named leader in three IDC MarketScape reports; LeaseCrunch to hold webinar; and other accounting tech updates.

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Planning for your Annual CASS Audit

Menzies

Menzies LLP - A leading chartered accountancy firm. I understand no one looks forward to their CASS audit being carried out. Whats to like about someone diving into your systems and controls and checking everything has gone to plan? The tight deadlines dont help either! The best you can do is to try and make it as painless as possible by being well prepared, the following is a CASS auditors suggestions on steps to ensure a smooth process.

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Friday Footnotes: Private Equity Explains Their Accounting Endgame; Overworked Auditors and Their Wandering Eyes; Gen AI Use Ramps Up | 12.13.24

Going Concern

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

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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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Bitcoin Hits 100k: How a Crypto-Friendly America Could Dominate the Digital Era

Withum

Bitcoins price is trending again, breaking through $100,000 for the first time. This increase is mainly due to the president-elects view on cryptocurrencies and the thought that he will bring crypto to the mainstream of finance. President Trump has proposed several projects to boost the crypto sector. These include dispensing capital gains tax for Bitcoin transactions and building a centralized Bitcoin holding account.

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Trump's tax cuts may fail to boost economy

Accounting Today

A new analysis from the Committee for a Responsible Federal Budget warns that extending the expiring tax cuts could do almost nothing to grow the economy.

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Trump woos Wall Street with corporate tax cuts at NYSE visit

Accounting Today

The president-elect vowed to lower the corporate rate to 15% from 21% and is talking with his advisors about cutting levies on capital gains and dividends.