Tue.Sep 10, 2024

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Leveraging Financial Data to Drive Business Growth

IgniteSpot

In the rapidly evolving digital landscape, informed decision-making is essential for any small business aiming to excel. Financial data serves as more than mere numbers on a spreadsheet; it acts as a guiding compass, revealing growth opportunities and improving efficiencies. By understanding and utilizing this data effectively, businesses can transition from merely surviving to truly thriving.

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Celebrating 100 Episodes of Startup Success with Lessons from a $3.2 Billion Exit

BurklandAssociates

Peter Reinhardt and Jeff Burkland share the inside scoop on Segment’s growth journey. Plus, an exciting look at the future of carbon removal with Charm Industrial. The post Celebrating 100 Episodes of <i>Startup Success</i> with Lessons from a $3.2 Billion Exit appeared first on Burkland.

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New BOI guidance issued for short-lived entities and foreign cos.

Accounting Today

Understanding these updates is critical in guiding the tens of millions of LLCs, closely held businesses, and other small-business clients through the complexities of beneficial ownership compliance.

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Some Solutions for State and Local Tax Deductibility

CPA Practice

By Girard Miller Governing (TNS) To help pay for middle-class tax cuts in 2017, Congress put a $10,000 limit on itemized deductions for state and local taxes, known as the “SALT” deduction. Although only some 10 percent of federal income tax returns included itemized deductions last year, fewer yet exceed the SALT ceiling —mostly a subset of taxpayers with six-figure incomes.

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Business Travel Expense Strategies for Everybody

Global business travel is surging, with companies spending as much as or more than they did before the pandemic. This trend is expected to continue, with more growth on the horizon. The types of travelers are also changing, with millennials and Gen Zers taking on the majority of the load. Business travel is evolving, and younger generations expect less hassle, even though there are more ways to book and pay for travel than ever before.

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PwC Isn’t Used to Being Called Desperate But Here We Are

Going Concern

The news broke last week that PwC UK would start requiring its people in the office or at a client site for at least three days a week. Shortly after that came the extra detail that to ensure compliance with the policy, PwC would be gathering location data, including it in billable hour stats the firm already provides to its employees and passing this data along to career coaches.

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Tax Relief in Disaster Situations

Patriot Software

When disaster strikes, you have a lot on your mind. Your first thoughts might be of repairing damages and getting your business back up and running. But then, it hits you … Oh no, my taxes are due soon. Thankfully, there’s tax relief in disaster situations.

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SEC Green Lights New PCAOB Quality Control Standard

CPA Practice

Nearly three weeks after approving a batch of new Public Company Accounting Oversight Board (PCAOB) auditing standards , the Securities and Exchange Commission (SEC) on Sept. 9 OK’d another new rule from the audit regulator, this time on quality control. The SEC approved the quality control standard by a 3-2 vote. The PCAOB approved the updated quality control standard , QC 1000, A Firm’s System of Quality Control , last May.

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Do we need a paradigm shift to overcome the accountant shortage?

Accounting Today

Recent projections showing that we could have a deficit of up to 3.5 million accountants by 2025.

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IRS Extends Some Tax Filings For New York, Connecticut Flood Victims

CPA Practice

By Ken Dixon Journal Inquirer, Manchester, Conn. (TNS) Sep. 10—HARTFORD — Residents and business owners affected by the recent torrential storms and fatal flooding will have until Feb. 3, 2025, to submit a variety of tax filings and payments, the Internal Revenue Service announced on Tuesday. The extended deadlines are limited to flood-damaged areas of Fairfield, New Haven and Litchfield counties in Connecticut, as well as Suffolk County in New York that sustained damage in the historic Aug. 18

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4 Things Great Companies Do to Improve Cash Flow

Speaker: Indy Chakrabarti, Chief Marketing Officer at HighRadius

4 Case Studies to Optimize DSO 26 Days Sales Outstanding. Already better than most. But, should you improve on that? Why would 3 fewer days even matter? It matters because it fundamentally transforms business outcomes. Join this webinar to explore 4 things companies do to reclaim hard dollars - not just soft costs - and go from good to great! What You'll Learn 6 operational KPIs every AR manager should track: Define and track these metrics to enhance performance, drive efficiency, and make infor

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Dynamic Forecasting is Here to Keep Business Owners Informed

AccountingDepartment

Experienced business leaders know that accurately predicting future financial outcomes is a highly complex challenge. It’s a process not to be left only to logic that is based on reviews of combined financial reports from the past.

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U.S. Household Income Rose 4 Percent in 2023, Median Level at $80,610

CPA Practice

The U.S. Census Bureau has announced that real median household income increased by 4.0% between 2022 and 2023. At the same time, the official poverty rate fell 0.4 percentage points, to 11.1%, in 2023. Meanwhile, 92.0% of the U.S. population had health insurance coverage for all or part of 2023, not statistically different from 2022. An estimated 26.4 million or 8.0% of people did not have health insurance at any point during 2023, according to the 2024 Current Population Survey Annual Social a

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Doing the Math on CPA Evolution: How Many Discipline Scores Have Been Released So Far This Year?

Going Concern

NASBA released CPA exam scores for discipline sections today and it must have been on time because there’s no one b g in their replies on Twitter. Well, one guy in California who hasn’t gotten his score yet is mildly complaining, wouldn’t call it b g per se. One person is a big improvement from last month’s “ the AICPA can eat a bag of dicks ” debacle and July’s unintentional candidate DDoS attack.

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The Tax Blotter – Sept 10, 2024

CPA Practice

The Tax Blotter is a collection of briefs of recent tax legislation and tax court decisions. Spurred on by recent legislative changes., more employers are offering Roth 401(k) plans as an alternative to regular 401(k) plans. Pay now, save later. The Roth 401(k) is essentially a combination of a regular 401(k) plan and a Roth IRA. In contrast to a regular 401(k), however, deferrals are made to your account on an after-tax basis.

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The Financial Leaders Playbook: How To Deliver Insight, Oversight, And Foresight

Speaker: Chandra McCormack, CPA, MBA, NACD.DC

Imagine being a financial leader who not only ensures the books are balanced but also shapes the future of your organization. 🤔 ✨ This session will take you beyond the routine reporting and into the realm of strategic financial leadership. We’ll explore how today’s finance professionals can juggle the day-to-day operations while also delivering the long term vision that drives growth.

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Dumbass Take of the Day: This Guy

Going Concern

Who else remembers when they said TurboTax would put tax preparers completely out of business? Tax preparers are still waiting. Imagine thinking this is true #TaxTwitter pic.twitter.com/ClJT86yG6Z — TaxBirdie (@tax_birdie) September 10, 2024 Thread The post Dumbass Take of the Day: This Guy appeared first on Going Concern.

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September Retail Imports Forecast to Remain High Ahead of Possible Port Strike

CPA Practice

The nation’s major container ports are expected to see another busy month in September ahead of a potential labor strike at East Coast and Gulf Coast ports, according to the Global Port Tracker report released by the National Retail Federation and Hackett Associates. “This is a critical time as retailers prepare for the all-important holiday season, and we need every port in the country working at full capacity,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said.

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Key Benefits to Outsourcing Managed Services for Industrial Manufacturing

Cherry Bekaert

As Industry 4.0, also known as the Fourth Industrial Revolution, progresses the manufacturing industry into a phase of increased digitization, companies must continue to invest in emerging technologies to differentiate their strategies and advance growth. Many manufacturers are now turning to Managed Service Providers (MSPs) to support their digital and strategic transformation efforts.

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Apple, Google lose multibillion dollar tax fights with EU

Accounting Today

Apple lost its court fight over a ($14.4 billion Irish tax bill and Google lost its challenge over a €2.4 billion fine for abusing its market power.

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A Quick Historical Bookkeeping Cleanup

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.

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SPECIAL EDITION: On The Brink With Castle Island

Withum

In this special edition of Cryptonomix, Mark Eckerle joins the On The Brink Podcast with Matt Walsh to discuss his digital asset and blockchain background and Withum’s journey into the digital asset space.

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Sales Tax Holidays Are Not Profitable for Most Small Business Retailers, Says Report

CPA Practice

Small and midsize U.S. retailers face significant challenges when navigating sales tax holidays, according to a new report from Avalara, Inc. , a provider of tax compliance automation software for businesses of all sizes. While these holidays are designed to boost consumer spending and businesses’ sales, the complexities involved have actually left nearly 60% of retailers struggling to make a profit.

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Future Forward Webinar and Qvinci® simplify 'Generating Reports' for Advisory Services

Insightful Accountant

It's time to get beyond 'number crunching' and start providing the 'advisory' services your clients want. Murph shares how simple Qvinci® makes to 'generate and share' the reports clients are seeking.

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Missing super contributions: what small business owners need to know

Reckon

Over the last decade, over $41 billion dollars of superannuation payments have gone unpaid. Australian workers rely on their super to enjoy retirement and be financially independent, so businesses across Australia are legally obligated to provide super guarantees for their employees; it is part of the trust between workers and business owners. So, what’s gone wrong, and how do you, as a small business owner, ensure that your payroll and super obligations are compliant?

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How Unify Turned Month-End Mayhem Into a Growth Party With Automation!

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.

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BILL Hires Ariege Mishergi as New SVP & GM of Accounts Payable, Accounts Receivable and Accountant Channel

Insightful Accountant

BILL, a leading financial operations platform for small and midsize businesses, announced last week that Ariege Mishergi has joined as SVP & GM of Accounts Payable, Accounts Receivable, and Accountant Channel.

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Eide Bailly’s Wealth Management Practice Joins Sequoia Financial Group

CPA Practice

Eide Bailly, a national certified public accounting and business advisory firm has announced that Eide Bailly Advisors, LLC’s wealth management team will join Sequoia Financial Group on November 1, 2024, and both firms will collaborate to deliver expanded client services. Sequoia Financial Group is a wealth manager with more than $19.3 billion in assets under management.

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Capital Assets in Action: A Crash Course with Examples for Audit Prep

LSLCPAs

LSL Webinar “Back to Basics | Capital Assets Crash Course” presented Noah Daniels, CPA, CPFO, and James Butera, MBA, CPA, broke down the lifecycle of capital assets for local government finance departments. In case you missed it – being audit-ready is essential for maintaining transparency, ensuring compliance with accounting standards, and fostering public trust.

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Landmark CPAs Adds Garland & Greenwood CPAs in Arkansas

CPA Practice

Fort Smith, AR-based Landmark CPAs will be adding new offices in Jonesboro and Conway, AR, after it merges in Garland & Greenwood CPAs on Jan. 1, 2025. Garland & Greenwood partners John Brock, Jake Froemsdorf, Rocky Goodman, and Greg Schichtl, along with 36 staff members, will join Landmark CPAs, expanding the accounting firm’s headcount to more than 200 professionals across eight locations in Arkansas and Arizona.

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Digital Transformation in Accounting: Why It’s Essential for Modern Firms

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.

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Capital Assets Crash Course: Handbook for Local Government Finance

LSLCPAs

LSL Webinar “Back to Basics | Capital Assets Crash Course” presented Noah Daniels, CPA, CPFO, and James Butera, MBA, CPA, broke down the lifecycle of capital assets for local government finance departments. In case you missed it – here, we’ll walk you through everything you need to know: from the importance of capital asset management. The post Capital Assets Crash Course: Handbook for Local Government Finance appeared first on LSL CPAs.

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Federal Estate and Gift Tax Exemption Will Sunset After 2025

Cherry Bekaert

The federal estate and gift tax exemption is scheduled to sunset by the end of 2025, and it is imperative to begin planning today in order to protect your assets and minimize tax burdens in your estate plan. The first step is to receive an initial assessment of your current situation, which will help determine the impact of the sunset or current exemption on your estate.

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IRS Issues Additional Guidance for Inherited IRAs

Dent Moses

On July 19, 2024, the IRS issued new regulations clarifying the rules surrounding inherited IRAs, providing essential guidance for beneficiaries and financial planners. These updates primarily focus on implementing the SECURE Act’s provisions and the adjustments beneficiaries must make to comply with the new requirements. Key Clarifications on the 10-Year Rule The SECURE Act’s 10-year Rule mandates that non-spouse beneficiaries deplete inherited IRAs within ten years of the original

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