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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Why are some states’ sale taxes higher than others?

TaxConnex

When you sell across multiple states – or even within various localities in a single state – one striking observation emerges: the consistent inconsistency of sales tax rates. Why? The federal income tax has just seven brackets to cover the whole span of what somebody can make. Why do the states with sales taxes have such a range, from the high combined state and local taxation (pushing 10%) of Louisiana, Tennessee, Arkansas and Washington to the lows of Alaska , Wyoming and Maine.

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Trending Sources

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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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Less Stress, More Success: Accounting Best Practices & Processes for 2025

Speaker: Amanda Adams, Fractional CFO, CPA

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Amanda Adams, a seasoned fractional CFO and CPA passionate about transforming back-office operations for finance teams. This session will cover critical best practices and process improvements tailored specifically for accounting professionals.

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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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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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More Trending

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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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Rising Cyber Threats Drive CFOs to Prioritize Data Security and Privacy, Increasing Focus on FP&A and Gen AI

CPA Practice

The pressure of new cybersecurity disclosure requirements and the rising threats of cyber warfare and extortion have pushed data security and privacy to the top of the priority list for finance leaders. The annual Global Finance Trends survey conducted by consulting firm Protiviti finds that 61% of CFOs and finance leaders rate data security and privacy as a high priority in the coming year, followed by financial planning and profitability analysis and strategic planning.

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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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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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Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors

Speaker: Abdi Ali, Sr. Lease Accounting Consultant

Join this insightful webinar with industry expert Abdi Ali, who will discuss the challenges that can arise from managing lease accounting with spreadsheets! He will share real-world examples of errors, compliance issues, and risks that may be present within your spreadsheets. Learn how these tools, while useful, can sometimes lead to inefficiencies that affect your time, resources, and peace of mind.

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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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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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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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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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Back to Basics with Reconciliations

Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.

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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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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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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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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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Usage-Based Monetization Musts: A Roadmap for Sustainable Revenue Growth

Speaker: David Warren and Kevin O’Neill Stoll

Transitioning to a usage-based business model offers powerful growth opportunities but comes with unique challenges. How do you validate strategies, reduce risks, and ensure alignment with customer value? Join us for a deep dive into designing effective pilots that test the waters and drive success in usage-based revenue. Discover how to develop a pilot that captures real customer feedback, aligns internal teams with usage metrics, and rethinks sales incentives to prioritize lasting customer eng

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In the blogs: Nothing but trouble

Accounting Today

Tax targets; getting creative; one SALT workaround; and other highlights from our favorite tax bloggers.

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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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Springline Advisory looks to expand

Accounting Today

Springline Advisory, a private equity-funded firm, is growing by bringing in accounting firms.

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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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Harness the Potential of Your Enterprise Knowledge

The first Market Momentum Index: AI and Unstructured Data Management, conducted by Deep Analysis with support from AIIM and M-Files, surveyed 500 enterprises across various industries to assess their readiness to employ AI. The results reveal that AI is already far more embedded into organizations' operations than previously realized. These findings and more insights have been brought to you in the "Market Momentum Index: AI and Unstructured Data Management.

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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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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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Solve Your Firm's Automation Complexities Once and For All

Speaker: Mark Stovel

When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.

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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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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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It Takes Two to Tango

With automation, you’ll reduce errors and save valuable time, allowing you to focus on what really matters: strategic analysis and insightful decision-making. Picture accurate financial reports ready at your fingertips, giving you the confidence to tackle business challenges head-on. Embracing automation not only boosts productivity but also elevates your role from number cruncher to closing rockstar.