Tue.Sep 17, 2024

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4 questions to ask yourself before choosing a sales tax calculation engine

TaxConnex

Getting the right sales tax on your invoice is a pivotal step in managing your sales and use tax obligation. Sales and use tax is a tax imposed on the use or consumption of a product or service and meant to be paid by the end consumer. In certain situations (when you have sales tax nexus), it is your obligation to collect and remit it. Unfortunately, this is easier said than done.

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Annual Financial Planning Resources for Startups

BurklandAssociates

Build a solid financial foundation for your startup’s future with these annual financial planning resources from Burkland’s blog. The post Annual Financial Planning Resources for Startups appeared first on Burkland.

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Mother Pens Letter Calling Out EY After Her Overworked Daughter Suddenly Passed Away at 26

Going Concern

Various outlets in India have reported today that the mother of Anna Sebastian Perayil, a 26-year-old Chartered Accountant who tragically passed away on July 20, has sent a scathing email to EY India Chairman and Regional Managing Partner Rajiv Memani accusing the firm of callous indifference in the death of their young employee. The mom, Anita Augustine, said that her daughter, who “excelled in everything she did,” was too young to set boundaries and thus experienced an “overw

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PCAOB shares best auditor independence practices

Accounting Today

Auditor independence is an area of common deficiencies year after year, according to PCAOB inspections.

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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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AI Forecast to Contribute Nearly $20 Trillion to Global Economy in Next 6 Years

CPA Practice

New research from IDC entitled, The Global Impact of Artificial Intelligence on the Economy and Jobs , predicts that business spending to adopt artificial intelligence (AI), to use AI in existing business operations, and to deliver better products/services to business and consumer customers will have a cumulative global economic impact of $19.9 trillion through 2030 and drive 3.5% of global GDP in 2030.

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Tax planning for the unknown

Accounting Today

Between the coming sunset of the Tax Cuts and Jobs Act, the presidential election and a host of other factors, this is shaping up to be a tough year for advising clients.

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Tax Court Halts Deduction for Start-Up Costs in Some Cases

CPA Practice

The tax law allows a generous current deduction for start-up costs if the business begins to function before the close of the year. However, as shown in a new case, Eason, TC Summ. Op. 2024-17, 8/13/24 , you can’t deduct start-up expenses if you abandon the business before it ever gets off the ground. Background : Normally, a business is required to amortize start-up costs over a period of 180 months.

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The Federal Crackdown on Worker Misclassification: Understanding the Stakes and Taking Preventive Measures

Withum

Worker misclassification remains a significant issue in the U.S. labor market, with substantial implications for both workers and employers. Misclassification occurs when businesses improperly classify workers who should be employees as independent contractors. This can lead to severe penalties, legal challenges, and back taxes for businesses. Recent efforts by the IRS and the Department of Labor (DOL) highlight the growing scrutiny on this issue and the necessity for businesses to take proactiv

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[CPE] What to Expect in the Upcoming Tax Season

CPA Practice

Explore key topics for the upcoming tax season, including recent tax law changes, the impact of evolving technology, and adjustments to reporting requirements. Register now Program Level Basic Prerequisites None Field of Study Business Management and Organization Advance Preparation Needed None Delivery Method Group Internet-Based Recommended CPE Credit 1 Credit per 50-Minute Session Registration Instructions Register Online Cost Free Complaint Resolution editor@cpapracticeadvisor.com Presented

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Who's filing for the CTC?

Accounting Today

Those earning between $30,000 and $40,000 filed 3,160,016 refundable CTC claims and received a total of $6,561,128,000 in returns.

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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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A Tax-Friendly Way for Businesses to Help Teachers with Supplies

CPA Practice

By Gary C. Smith. There is a good chance that many teachers are paying for classroom supplies with their own money. In these days of shrinking school budgets, they have become an expert in doing more with less. Probably, no one has told them that many of these same classroom supplies are available at no cost to teachers through something called a gifts in kind organization.

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Client Accounting Services to Help Drive Your Business

AccountingDepartment

When you have a small or mid-size business, one of the issues you can run into is not having all the departments a larger company would have. In other words, you might not have dedicated employees for HR, accounting, and other areas. Fortunately, there are ways to outsource a number of services, including client accounting services. This helps keep your company growing and succeeding, without the need to bring on more employees or overwork yourself to get everything done.

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Intuit Launches AI-Enabled Intuit Enterprise Suite

CPA Practice

Intuit has launched Intuit Enterprise Suite , a configurable suite of integrated financial products designed to seamlessly scale and enhance productivity and profitability for businesses as they grow. Intuit is the financial technology platform that makes TurboTax , Credit Karma , QuickBooks , and Mailchimp , as well as solutions for accounting and tax professionals.

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IRS finalizes rules on consistent basis reporting for estates

Accounting Today

The Internal Revenue Service issued final regulations on consistent basis reporting between an estate and a person acquiring property from a decedent.

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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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Trullion Releases AI-Powered Audit Suite Platform

CPA Practice

Accounting automation platform Trullion announced its Audit Suite, a cloud-based solution designed for auditors to leverage artificial intelligence to enhance accuracy and reduce human error in audits. With Audit Suite, Trullion enables audit teams to work within an AI-driven ecosystem that improves collaboration, mitigates errors, and enhances overall audit quality, the company said in a media release on Tuesday.

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ATA scores private equity investment

Accounting Today

The Regional Leader firm based in Jackson, Tennessee, has received a strategic investment from Copley Equity Partners LLC.

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Many Retirees Plan to Return to Workforce in 2025

CPA Practice

Thousands of retired seniors may soon be returning to the workforce, driven by various financial and personal factors. That’s according to a new survey from ResumeBuilder.com , a resource for professional resume templates and career advice, that looks at the employment status and plans of U.S. residents aged 65 to 85. Results showed that 13 percent of retired seniors say they’re likely to re-enter the job market next year.

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IASB looks to improve statement of cash flows

Accounting Today

The International Accounting Standards Board has begun a research project to review the requirements for the statement of cash flows and related matters.

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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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KPMG Is Ditching 38,000 Square Feet in San Francisco

Going Concern

As reported by San Francisco Chronicle , KPMG is downsizing its San Francisco office space when its lease runs out at 55 2nd Street where the firm occupies 138,000 square feet. Image: Google Wrote SFC: The deal comes after KPMG in March moved to extend its lease at its current office at 55 Second St., which it has occupied since 2003, on a short-term basis of less than three years.

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Xero to buy reporting and analytics platform Syft

Accounting Today

Business solutions platform Xero announced it will acquire cloud-based reporting, insights analytics platform Syft.

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Impact of Transferable Energy Tax Credits on Private Equity Investments

Cherry Bekaert

Discover how the Inflation Reduction Act (IRA) has revolutionized renewable energy tax credits, allowing them to be transferred or sold to qualified buyers, including private equity fund managers. This tax credit development offers a streamlined approach for taxpayers to monetize energy tax credits and a significant tax planning opportunity for private equity funds and their portfolio companies.

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Riveron acquires Effectus

Accounting Today

The business advisory and consulting firm is adding a San Jose-based accounting advisory and financial operations firm.

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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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Prager Metis to Pay $1.95 Million to Settle SEC Charges Over FTX Audits

CPA Practice

Top 60 accounting firm Prager Metis agreed to pay $1.95 million to the Securities and Exchange Commission (SEC) on Tuesday to settle charges that it bungled audits of failed crypto asset trading platform FTX. Prager Metis also settled separate charges that it violated SEC auditor independence rules. In addition, the firm agreed to be censured. Gurbir Grewal “Effective investor protection requires a collaborative approach that includes both regulators and gatekeepers, such as auditors.

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In the blogs: Nonsense

Accounting Today

Projected brackets; the remote debate; relief and refunds; and other highlights from our favorite tax bloggers.

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Xero Acquiring Syft

Insightful Accountant

Xero has just announced that they are acquiring Syft Analytics to enhance their reporting and insights capabilities.

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SEC charges tech execs with $1.3M fraud, lying to auditors

Accounting Today

The SEC alleges Kubient's two former execs and former audit committee chair artificially inflated the company's revenue and lied to auditors.

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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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Future Forward Webinar and Qvinci® help you 'Build Advisory'

Insightful Accountant

With the right tools at hand you can have the 'Advisory' service offerings you want to sustain your practice. Murph explains how Qvinci's Turnkey Advisory offering makes it possible.

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Prager Metis to pay $1.95M to SEC for FTX audits and independence violations

Accounting Today

The firm agreed to settle charges with the SEC over negligence for its work for the now shuttered crypto exchange.

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Reckon named “Great Place to Work”

Reckon

Is your small business a great place to work? Reckon is! For 2024-2025, Great Place To Work has stamped its seal of approval and determined that Reckon is an industry leader in nurturing our employees and providing a safe workplace. So, who is Great Place To Work, and how did Reckon measure up? About Great Place to Work Great Place To Work is an industry body that consults on workplace management and provides certifications for businesses of all sizes on their capacity to offer a great working e

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The future of group audit technology

Accounting Today

Emerging technologies are revolutionizing the group audit process with solutions to navigate the complexities and enhance audit quality.

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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.