CPA Practice

APRIL 9, 2024

In an email to tax professionals on April 5, the IRS said it’s making changes that will impact how practitioners obtain a client’s tax transcripts, as part of the agency’s efforts to combat identity theft and protect taxpayers’ personal information. Starting April 8, tax professionals must now call the Practitioner Priority Service (PPS) to request transcripts to be deposited into their Secure Object Repository (SOR).

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TaxConnex

APRIL 9, 2024

The common definition of dietary supplements and vitamins is a non-food item that includes a vitamin, mineral, herb, botanical, amino acid or dietary substance. For purposes of incurring sales tax in any state, that essentially translates into “sometimes.” Sometimes a state considers supplements and vitamins as drugs, groceries or food. Sometimes these products are taxable tangible personal property, sometimes not.

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Sales West Virginia Tax Virginia 264

Accounting Today

APRIL 9, 2024

At 90,315,000, the number of individual returns received this tax season finally surpassed the same period last year, up 0.2% as of March 29, 2024.

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Tax 137

BurklandAssociates

APRIL 9, 2024

HR recordkeeping is one of the last things most startup founders want to think about, but non-compliance can lead to major fines, reputation damage, and due diligence pitfalls. The post Navigating HR Compliance: Recordkeeping Essentials for Startups appeared first on Burkland.

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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.

Finance

Accounting Today

APRIL 9, 2024

A recent poll of U.S. and U.K. accountants has found that 59% say they use AI at work, and through AI have saved about 30 hours a week.

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Account accounted accountant Technology 131

Going Concern

APRIL 9, 2024

The annual 100 Best Companies to Work For list from Fortune and Great Place To Work® is out and once again a lil firm from Michigan has the honor of being best-er than the accounting firms that follow it. Everyone, let’s congratulate Plante Moran for another impressive showing and coming in 12th on the 2024 list. This year, they only narrowly beat out Deloitte again.

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CPA Practice

APRIL 9, 2024

By Irana Wasti. The adoption of a new product or technology tends to follow a familiar cycle. First, there is skepticism about whether it will live up to the hype. A few proven use cases later, people are talking about whether it will enhance or upend their professional lives. Before we reach the final stage where the technology is widely adopted, we pass through a period of uncertainty, where we wonder if this technology will be too helpful — to the point of being a threat to job security.

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Technology Account accounted accountant 119

Accounting Today

APRIL 9, 2024

The Public Company Accounting Oversight Board voted to propose an extensive set of new reporting requirements to impose on auditing firms.

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audit Account accountant accounted 128

CPA Practice

APRIL 9, 2024

By Oren Koren Tax season is underway, which means cyber criminals are hard at work. With the plethora of highly sensitive personal and financial data being shared between firms and clients, it’s the perfect time for bad actors to strike, especially as the April 15th deadline inches closer and CPAs push to get more done with less time. With an increase in activity from all sides – both to citizens who are filing taxes as well as CPAs looking for new clients – it’s critically important to underst

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cpas Tax cpa firm tax return 118

Accounting Today

APRIL 9, 2024

The Internal Revenue Service urged tax professionals to steer clear of so-called "spearphishing" scams from cybercriminals, including identity thieves posing as new clients.

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Tax 122

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Technology

CPA Practice

APRIL 9, 2024

By Leada Gore, al.com (TNS) Bogus claims on social media are nothing new. But when it comes to taxes, misleading information on social media can lead to financial or even legal problems, the IRS warns. Social media—things like Facebook, Instagram and TikTok—can be used to circulate “wildly inaccurate tax advice,” the agency said. Some claims involve urging people to misuse common tax documents like Form W-2 or more obscure ones like form 8944, a technical e-file form not commonly used by most fi

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Tax tax return tax preparation payroll 116

Going Concern

APRIL 9, 2024

I think I have something interesting for you today. Fresh academic research has found that audit seniors are more likely to offer better constructive feedback and coaching to their juniors via review comments if the seniors think they’ll be working with that staff again. The paper “ Coaching Today’s Auditors: What Causes Reviewers to Adopt a More Developmental Approach?

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auditor North Carolina audit Kansas 115

CPA Practice

APRIL 9, 2024

The IRS last week addressed the federal income tax treatment of amounts paid for the purchase of energy-efficient property and improvements. Taxpayers who receive “rebates”—described in 2022’s Inflation Reduction Act as performance-based incentives and electrification product subsidies—for the purchase of energy-efficient homes won’t include the value of those rebates as income on their tax returns, according to Announcement 2014-19 which was issued by the IRS on April 5.

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income tax tax return Tax Sales 115

Withum

APRIL 9, 2024

Withum is proud to announce that Chris has earned a spot on the Inside The Valley’s list for the second consecutive year. Chris is Partner-in-Charge of Withum’s Los Angeles office and has over 24 years of experience in the industry specializing in assurance and business consulting services to emerging and middle-market companies. As a prominent networker and influencer, Chris reaches a broad professional audience through his work as the Social Media CPA and as an active member of ProVisors and t

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CPA 111

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.

payroll

Cherry Bekaert

APRIL 9, 2024

On campuses around the country, the name, image and likeness (NIL) policy is revolutionizing the way student-athletes can obtain benefits while attending a college or university. As of July 2021, student-athletes can enter NIL deals if they comply with state law and the NCAA’s rules. Essentially, NIL allows college athletes to monetize their personal brand by profiting from their name, image and likeness through various opportunities such as endorsements, sponsorships, social media posts and mor

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Sports Government 111

CPA Practice

APRIL 9, 2024

By Nellie Akalp. As accountants and CPAs, dealing with payroll taxes is essential to managing finances for your business clients. Understanding the details of payroll taxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. The ever-changing complexities of payroll taxes can often seem overwhelming, especially for business owners, so we’ve compiled an easy guide you can share with them.

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payroll tax West Virginia payroll cpas 110

Insightful Accountant

APRIL 9, 2024

New QuickBooks Online Payroll feature lets you quickly create and assign payroll items to multiple employees.

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payroll quickbooks 105

CPA Practice

APRIL 9, 2024

A new study by WalletHub revealed that residents of New York state are burdened by taxes the most among the 50 states, while Alaska residents have the lowest tax burden. Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub.

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Rhode Island Alaska New Hampshire Tax 105

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.

Finance

Mark Lee

APRIL 9, 2024

When we go to see our local GP we expect them to fulfil 3 primary roles. We need them to diagnose our problems, to prescribe solutions and to care for us. There is a direct parallel with the role of accountants. And, as this decade continues to generate new tools and resources, so there is the prospect of patients/clients adopting AI solutions to address 2 of those 3 roles.

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Account accounted accountant tax return 104

Xero

APRIL 9, 2024

If you or your clients are looking for ways to grow profits, drop prices or pay staff more, then one strategy is to lift productivity in your business. But what is productivity exactly (hint: it’s not about working longer hours), and how can you lift it in your small business or practice? What is small business productivity? Small business productivity is the measure of how much value a business can produce using the resources it has at its disposal (ie staff, capital, materials).

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Technology bookkeeping Sales Government 98

Accounting Today

APRIL 9, 2024

The Internal Revenue Service and the Treasury Department issued proposed rules for the stock buyback tax for large corporations.

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Tax corporation tax 94

KROST

APRIL 9, 2024

KROST offers a comprehensive suite of buy-side services tailored to meet the unique needs of fund managers and investors. Our team provides dedicated support throughout the Mergers & Acquisitions transaction process, from deal sourcing and quality of earnings reports to valuations, tax planning, and transaction structuring. We leverage our industry knowledge and experience to empower Read the full article.

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tax planning Tax 87

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.

CPA

Accounting Today

APRIL 9, 2024

Registrations are open for the 2024 Accounting MOVE Project, with a focus on private equity's impact on accounting career paths.

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accounting careers Account accounted accountant 83

CPA Practice

APRIL 9, 2024

Reid, ranked as one of the top 20 accounting firms on Long Island, has partnered with Tampa, FL-based accounting platform Crete Professionals Alliance. Established in 2023 to provide an alternative to the traditional exit options for accounting and professional services firm owners, Crete PA partners with firms across the country, keeping their leadership, brand, and culture independent while providing access to its national back-office resources and financial backing.

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cpas cpa firm accounting and finance CPA 59

Accounting Today

APRIL 9, 2024

The free tax program will now import a taxpayer's information from the previous year, as a report finds the program could cost the IRS considerably more than the estimated $249 million per year to maintain.

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Tax 75

Withum

APRIL 9, 2024

In this article, we will explore the pivotal role of Enterprise Resource Planning (ERP) systems in preparing businesses for mergers and acquisitions (M&A). M&A transactions cannot be effective if an ERP strategy is not well thought out and implemented. ERP is a system that integrates different business functions and processes, including accounting, finance, sales and supply chain management, into one platform.

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accounting and finance Finance Sales accountant 59

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

Spend Management

Accounting Today

APRIL 9, 2024

Here's why it's helpful to keep a big multifunction printer with lots of extra printing capacity and even fax capability.

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Technology 60

Summit CPA

APRIL 9, 2024

Jay Owen, Founder of Business Builders, joins this episode with insightful wisdom of agency ownership and the power of attending events.

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Anders CPA

APRIL 9, 2024

Missouri Senate Bill 190, signed into law by Governor Mike Parson in 2023, aims to provide tax relief for seniors by expanding deductions for retirement and Social Security benefits. Under current law, eligible taxpayers can deduct a percentage of these benefits based on their filing status and adjusted gross income. This new legislation will allow all taxpayers, regardless of income level or filing status, to take advantage of the maximum deduction starting in tax year 2024.

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Missouri Tax Legal CPA 59

Accounting Today

APRIL 9, 2024

Chief obstacles; tax illiteracy; what makes a great preparer; and other highlights from our favorite tax bloggers.

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Tax tax preparation audit Sales 58

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