RogerRossmeisl
FEBRUARY 18, 2024
Although traditional IRAs and Roth IRAs have been around for decades, the rules involved have changed many times. The Secure 2.0 law, which was enacted at the end of 2022, brought even more changes that made IRAs more advantageous for many taxpayers. What hasn’t changed is that they can help you save for retirement on a tax-favored basis. Here’s an overview of the basic rules and some of the recent changes.
Insightful Accountant
FEBRUARY 18, 2024
As a part of the Financial planning features available to QuickBooks Online Advanced users, a new 'Forecasts' functionality has been released. Presently it is available to all U.S. QBO-Advanced subscribers.
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RogerRossmeisl
FEBRUARY 18, 2024
As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency savings account (PLESA) and the provision authorizing it became effective for plan years beginning January 1, 2024. The IRS recently released guidance about the accounts (in Notice 2024-22) and the U.S. Department of Labor (DOL) published some frequently asked questions to help employers, plan sponsors, participants and others understand them.
Insightful Accountant
FEBRUARY 18, 2024
Xero and Mazars have announced a three-year global deal, bringing clients enriched data and insights.
Speaker: Melissa Hurrington
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
RogerRossmeisl
FEBRUARY 18, 2024
The IRS announced it opened the 2024 income tax return filing season on January 29. That’s when the tax agency began accepting and processing 2023 tax year returns. Here are answers to seven tax season questions we receive at this time of year. (1) What are this year’s deadlines? The filing deadline to submit 2023 returns or file an extension is Monday, April 15, 2024, for most taxpayers.
CPA Practice
FEBRUARY 18, 2024
The executive board of the Committee of Sponsoring Organizations of the Treadway Commission ( COSO ) has named chair Lucia M. Wind as COSO’s first-ever full-time chair and executive director, effective December 1, 2023. Since its inception, COSO has provided thought leadership and guidance for organizations in areas of internal control, enterprise risk management, fraud deterrence, and governance.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
RogerRossmeisl
FEBRUARY 18, 2024
You may already be familiar with artificial intelligence (AI) and even use it in business applications. What about generative AI (Gen AI)? Gen AI typically is used to create new content (such as text, images, code and video) from raw data and includes such popular systems as Grok, ChatGPT and DALL-E. Gen AI can also help reduce, uncover and combat fraud.
RogerRossmeisl
FEBRUARY 18, 2024
When the parties know what to expect at each phase of a business valuation project, it makes the process easier for everyone. This awareness promotes collaboration and timeliness, as well as minimizes potential surprises, misunderstandings and rework. Here’s the five-step process that’s used when valuing a business or interest in a business. Engaging a valuation expert The first step is retaining a business valuation professional and agreeing on the price, deliverables and scope of the assignmen
RogerRossmeisl
FEBRUARY 18, 2024
The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Even though the ERTC expired for most employers at the end of the third quarter of 2021, it could still be claimed on amended returns after that. According to the IRS, it began receiving a deluge of “questionable” ERTC claims as some unscrupulous promotors asserted that large tax refunds could easily
RogerRossmeisl
FEBRUARY 18, 2024
The restaurant business is notoriously tough — even without the many fraud threats. The fact is, when you’re operating on very thin profit margins, you can’t afford to lose a cent to thieves. To protect your business from ill-intentioned employees, customers and vendors, take steps to fortify your restaurant against fraud. Gaps for exploitation Your restaurant may have high transaction volumes but lack the technology linking point-of-sale, inventory and accounting systems.
Speaker: Yohan Lobo
In the accounting world, staying ahead means embracing the tools that allow you to work smarter, not harder. Outdated processes and disconnected systems can hold your organization back, but the right technologies can help you streamline operations, boost productivity, and improve client delivery. Dive into the strategies and innovations transforming accounting practices.
RogerRossmeisl
FEBRUARY 18, 2024
Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive such a letter, can you still claim a deduction for the gift on your 2023 income tax return? It depends. What the law requires To prove a charitable donation for which you claim a tax deduction, you must comply with IRS substantiation requirements.
RogerRossmeisl
FEBRUARY 18, 2024
There’s generally a trade-off between risk and return in business valuation. Investors expect to receive a higher return as a company exposes them to greater risk. Industry-specific risk is an important consideration when estimating an investor’s expected return. Here’s how valuators measure industry risk and factor it into their analyses. Key factors Virtually every business valuation report includes a section on industry risk.
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