CPA Practice
JULY 17, 2024
By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) A class action settlement involving the popular online tax preparation service, TaxAct, is underway. This legal settlement involves users of TaxAct’s online federal tax filing service between two and six years ago. The total settlement amount is about $14.95 million, and eligible customers may be entitled to compensation.
RogerRossmeisl
JULY 17, 2024
July 15 Employers should deposit Social Security, Medicare and withheld income taxes for June if the monthly deposit rule applies. They should also deposit non-payroll withheld income tax for June if the monthly deposit rule applies. July 31 Report income tax withholding and FICA taxes for second quarter 2024 (Form 941) and pay any tax due. (See the exception below, under “August 12.
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CPA Practice
JULY 17, 2024
By Ali Donaldson, Inc. (TNS) Where have all the accountants gone? Between 1990 and 2021, the number of people sitting for the Certified Public Accountant exam plunged by almost 50 percent , according to the Association of International Certified Professional Accountants. With fewer young people entering the profession and an increasing number of baby boomers, who account for three-quarters of CPAs, heading for retirement, a Bloomberg analysis of data from the Bureau of Labor Statistics found th
RogerRossmeisl
JULY 17, 2024
Whether your company acquires businesses that own real estate or you invest in real estate directly, fraud poses an ever-present threat. Buying and selling real estate is complicated, and it’s relatively easy for crooks to manipulate the process. To help mitigate real estate fraud threats, thorough due diligence is essential. Staying current on common schemes and red flags also may enable you to identify risky transactions before you put down any money. 5 schemes First, be aware of these five co
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Historical bookkeeping clean-up is like an archaeological dig for financial documents. It is a vigorous, systematic process that ensures thorough scrutiny of every document. From verifying inconsistencies to reconciling payments, each layer of exhaustive evaluation brings greater clarity into your company's financial past. In this article, we will walk through all that historical bookkeeping clean-up entails.
CPA Practice
JULY 17, 2024
By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) President Biden has unveiled a proposal to address the rising cost of housing in the United States. The plan would cap rent increases and potentially eliminate tax breaks for certain landlords. “I’m sending a clear message to corporate landlords: if you raise rents more than 5%, you should lose valuable tax breaks,” Biden said.
RogerRossmeisl
JULY 17, 2024
Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections. Our current situation The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made sweeping changes. Many of its provisions are set to expire on December 31, 2025. With this date getting closer each day, you may wonder how your federal tax bill will be affected in 2026.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
RogerRossmeisl
JULY 17, 2024
Some business owners may be considering donating corporate stock to charities in 2024. Donations of public stocks are generally easy to value because their prices are listed on public stock exchanges. But valuations of private business interests are typically more complicated. Here’s some guidance on how valuators determine the fair market value (FMV) of closely held business shares and why a formal valuation may be needed to support charitable contribution deductions for these gifts.
CPA Practice
JULY 17, 2024
Almost half (47%) of U.S. organizations report that their salary budgets for the 2024 cycle are lower than the previous year, as the overall median pay raise for 2024 fell to 4.1%, compared with 4.5% in 2023. That’s according to the latest Salary Budget Planning Report by WTW, a leading global advisory, broking and solutions company. The report found employers are being more conservative with their salary budgets as they anticipate lower demand resulting in longer-term stability in their employe
RogerRossmeisl
JULY 17, 2024
If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to avoid certain risks and charge an adequate interest rate. Basics of this strategy Interest rates have increased over the last couple years. As a result, shareholders may decide to take loans from their corporations rather than pay higher interest rates on bank loans.
CPA Practice
JULY 17, 2024
Docyt, a provider of AI-driven accounting automation technology, unveiled an AI bookkeeper called GARY ( G enerative A ccounting R etrieval s Y stem) for small and medium-sized businesses (SMBs). GARY combines precision and predictive AI models with generative AI tools that automate manual bookkeeping processes and accelerate the month-end close from a matter of weeks to just 45 minutes through continuous reconciliation.
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By ditching paper and manual checklists, UNIFY embraced ART’s cloud-based solution for seamless automation. The robust dashboards, exception reports, and completion date reports allowed the team to easily track progress and resolve bottlenecks. ART’s flexible access for auditors ensured tight deadlines were met effortlessly. With competitive pricing and a rapid setup, ART cut costs and minimized disruptions, enabling UNIFY’s team to concentrate on high-impact tasks.
Going Concern
JULY 17, 2024
INSIDE Public Accounting is due to release their Top 500 list soon and in the meantime, they’ve asked a very important question: Will 2024 show another big boost in compensation? Here they’ve compared compensation for equity and non-equity partners, managing partners, and professional staff at non-Big 4 IPA 100 firms for 2023 against 2019.
CPA Practice
JULY 17, 2024
The IRS said Wednesday it’s now requiring taxpayers and financial institutions to authenticate their identities when they log in to use the Foreign Account Tax Compliance Act (FATCA) website. As of July 14, taxpayers are required to sign in or register with either of the IRS’s credential service providers— Login.gov or ID.me —to access the FATCA registration system.
Canopy Accounting
JULY 17, 2024
Darren Root will be sitting down with Canopy CEO Davis Bell to discuss the future of accounting and most of all, answering your questions. You can submit questions for Darren as part of the registration process for the webinar.
CPA Practice
JULY 17, 2024
Andersen has expanded in central Florida by opening a new office in Tampa, where the top 25 firm has added more than 20 professionals from Reilly, Fisher & Solomon, a Tampa-based tax compliance and planning firm. Financial terms of the deal weren’t disclosed. Joining Andersen are 19 tax professionals and four managing directors from Reilly, Fisher & Solomon.
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Accounting firms must embrace digital transformation to stay competitive. From improving efficiency and client experience to ensuring data security, digital tools offer the edge needed in a digital-first world. Discover how Fincent can streamline your transition. The accounting industry faces a digital revolution. As technology reshapes business, firms must adapt or risk obsolescence.
Accounting Seed
JULY 17, 2024
The nonprofit puts time back in their hands to focus on what really matters: combating homelessness. –––––– Homelessness is a devastating and complicated issue plaguing many areas within the United States. According to United States Interagency Council on Homelessness , 1.25 million people experienced homelessness in 2020 alone—with California accounting for 28% of the homeless population in 2023.
Accounting Today
JULY 17, 2024
Tyler Otto, president and owner of Specialty Bookkeepers & Tax, turned his wife's side hustle into a full-fledged firm after losing his job.
Anders CPA
JULY 17, 2024
Anders Technology , an advisory service line of Anders, was named to Accounting Today’s VAR 100 list for 2024. The ranking recognizes the country’s leading value-added resellers in the accounting space by revenue. This is the second year in a row that Anders Technology earned a spot on the list. A Microsoft Solutions Partner with over 35 years of experience and a team of 30+ technology-focused advisors, Anders Technology is passionate about leveraging technology to reach business goals.
Accounting Today
JULY 17, 2024
Taxpayers and financial institutions now need to verify their identities when they sign in or register to use the system as an extra security measure.
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Uncover the latest trends in expense management for small and medium-sized businesses. Our 5th Annual Trends Survey reveals that corporate card use is skyrocketing, but expense software isn't keeping up. This mismatch is creating real challenges for finance teams, who now take an average of 14 days to close their books. Travel policies are shifting to accommodate hybrid work, but many companies are struggling with off-tool bookings.
Insightful Accountant
JULY 17, 2024
Ben Richmond, the Managing Director of Xero for North America, gives valuable insights into accounting firms providing 'Fractional CFO' services.
Withum
JULY 17, 2024
There’s a common misconception regarding how to assess the value of companies heavily reliant on an intangible asset for its revenue stream. It’s often assumed that the value of such assets should be added to the overall enterprise value. This would mean separately valuing the intangible asset and then combining it with the business’s going concern value.
Xero
JULY 17, 2024
On 9 July, we announced that the Xero Beautiful Business Fund is back for 2024. Just as we did last year, we’re giving away more than NZ$750,000 to eligible Xero small business customers across Australia, Canada (excluding Quebec), New Zealand, Singapore, South Africa, the UK, and the US. We want to recognise the role of our accounting and bookkeeping partners in driving small business success and we’d love your help to encourage your clients to enter the Xero Beautiful Business Fund.
Accounting Today
JULY 17, 2024
The Big Four firm named Dan Priest as its chief AI officer for the U.S.
Speaker: Duke Heninger
With the rise of fractional finance roles, many CFOs, FP&A professionals, controllers, and accountants are stepping into independent consulting. The expansion of fractional services presents new opportunities for finance professionals, but many face challenges in navigating this transition, finding it daunting. Whether you’re new to fractional work or refining your approach, this webinar will equip you with a repeatable system for success.
Going Concern
JULY 17, 2024
KPMG Australia has been busy doing some decluttering this year. First a “radical restructuring” that meant shunning a lot of the traditional advisory work — which has dried up of late anyway — and going all in on “tech-related advisory and software installation.” That move is supposed to save the firm $80 million AUD ($53.8 million USD), part of that coming from not having to pay the salaries of the 200 senior consultants and above it laid off.
Withum
JULY 17, 2024
New Jersey implemented a new law that requires employers with 25 or more employees to implement a retirement plan. Employees must participate in (i) the state-sponsored plan called the Secure Choice Program; or (ii) their employer’s qualified retirement plan. Penalties apply for non-compliance. Who It Applies To Businesses with 25 OR MORE employees in the ENTIRE PREVIOUS YEAR; That does NOT currently have a “qualified” retirement plan; and Have conducted business in New Jersey for AT LEAST 2 YEA
Cherry Bekaert
JULY 17, 2024
With the rapid growth of ecommerce, cross-border buying and selling is more accessible than ever before, and businesses can now reach consumers far beyond their national borders. While selling in the U.S. is often a strategic growth opportunity for international companies, businesses need to be knowledgeable about navigating a complex U.S. tax landscape.
Reckon
JULY 17, 2024
Guest Post by Maya Kirianova When we think about a new business, we believe it is an exciting journey full of innovation, creativity, and prosperity. However, a startup owner must first consider where to get financial backing. According to SmallBizTrends , one-third of startup businesses begin their operation with less than five thousand dollars, and as the World Metrics ‘ research shows, around 30% of startups fail because they run out of cash.
Speaker: Igli Laci, Strategic Finance Leader
In today’s competitive market, pricing is more than just a number — it’s the cornerstone of profitability. The right pricing strategy ensures that you capture the true value of your offering, paving the way for sustainable growth and long-term success. Join Igli Laci, Strategic Finance Leader, in this exclusive session where he will explore how a well-crafted pricing approach balances customer perception with business objectives, creating a powerful tool for securing both competitive advantage a
Ryan Lazanis
JULY 17, 2024
Leveraging partnerships can grow your business fast if done right. Follow these steps to improve your chances of landing more partnerships. The post 4 Steps to More Partnerships appeared first on Future Firm.
CPA Practice
JULY 17, 2024
This webinar will be held on Thursday, August 15, 2024 at 2:00pm ET Sponsor: IRIS Payroll Duration: 1 Hour Register Now In today’s competitive market, your choice of payroll technology can significantly impact your firm’s success. This webinar is designed for accounting firms and payroll service bureaus looking to optimize their payroll processes to enhance revenue, improve staff workload, increase client retention, and enable growth.
LSLCPAs
JULY 17, 2024
LSL Webinar “Back to Basics | Mastering Accounts Receivable Reconciliations,” presented by Amber Haston and Samantha Asbra led you through what a reconciliation entails, a step-by-step approach to performing AR reconciliations efficiently and accurately each year, and best practices for documentation and audit preparation. In case you missed it – this article will overview best.
CPA Practice
JULY 17, 2024
Avantax Inc., a unique community within Cetera Holdings and a leader in tax-focused financial planning and wealth management, welcomes financial advisors John Surace, Kelly Powers and their S&P Financial Services team, based in Hauppauge, New York, in the heart of Long Island. Transferring to Avantax from Osaic, the team has approximately $150 million in client assets under administration as of June 2024.
Advertiser: Paycor
Year-end can be a hectic time for HR professionals, but with proper planning and organization, you can navigate it smoothly. Learn the main watch outs for year-end HR prep with Paycor’s helpful checklist covering employee data, wage and tax information, and special situations. Ensure compliance and efficiency by downloading today!
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