Tue.Oct 15, 2024

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Are you a specialist or a generalist accountant? Should You Stick or Switch?

Mark Lee

Most general practitioner accountants I talk with (and I talk with a lot of them) are, obviously, generalists rather than specialists. They typically started out as general practitioners and often stay that way as their client base has always been quite disparate. Many accountants who develop a specialisation do so only because they originally trained in firms that encouraged them to specialise – often quite early in their career.

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Compliance: The Silent Startup Killer

BurklandAssociates

Non-compliance can block capital raises, delay exits, and cost you and your investors significant time and money. The post Compliance: The Silent Startup Killer appeared first on Burkland.

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The Hidden World of Sales Tax Crimes

TaxConnex

Income tax often seems to grab most of the headlines, but sales tax can make for a hefty crime – and punishment – too. A famous case recently examined in the TaxConnex podcast It Depends episode, “Sales Tax Crimes - Pt. 2: The Eccentric TYCO CEO’s Sales Tax Scheme,” clearly shows how you shouldn’t do the sales tax crime if you can’t do the time. Big numbers, common crime Unscrupulous vendors often collect and not remit sales tax (as in one recent case with a juice store owner in the District of

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Intuit cuts TurboTax ad after tax pros object

Accounting Today

The National Association of Tax Professionals criticized an ad promoting Intuit's TurboTax full-service option, saying it encouraged taxpayers to leave their professional preparers.

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Confronting the Change Challenge

Change is difficult, whether in our private or work life. However, without change, growth and learning are difficult not to mention keeping up with the market and staying competitive. We have all worked for or ourselves are the bosses that prefer to keep the status quo. We will discuss how to address the "change challenge" to enable you to be a changemaker and a graceful recipient of change.

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IRS Warns of Hurricane Charity Scams

CPA Practice

Following Hurricanes Milton and Helene, many Americans are reaching out in various ways to assist. Unfortunately, there are some unsavory folks and organizations out there, so be careful when giving to charity drives. The Internal Revenue Service is also warning taxpayers of scammers who use fake charities to gather sensitive personal and financial data from unsuspecting donors.

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ADP buys WorkForce Software

Accounting Today

The payroll and HR services giant has acquired global enterprise-focused workforce management solution provider WorkForce Software, based in Michigan.

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More Trending

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Corporate AMT rules bring complications

Accounting Today

The IRS and the Treasury proposed regs on the corporate alternative minimum tax on companies with over $1 billion in income, but those rules could impact much smaller companies as well.

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Capital Expenditure vs. Operational Expenditure: Key Differences for CEOs

GrowthForceBlog

7 min read October 15th, 2024 All business expenses represent money out the door, but the way you categorize these expenses has greater implications than reduced net income. Key Takeaways How to Calculate and Identify a Capital Expenditure: CapEx = (Prior Period PP&E - Current Period PP&E) + Current Period Depreciation. The Key Differences Between CapEx and OpEx: For most businesses, both capital expenditures and operational expenditures are necessary for success, and finding the right b

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AICPA objects to IRS partnership basis-shifting guidance

Accounting Today

The American Institute of CPAs sent a comment letter to the Treasury Department and the Internal Revenue Service objecting to guidance on basis-shifting involving partnerships and related parties.

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The IRS Decided to Troll Tax Pros For 10/15

Going Concern

We realize the decision to run maintenance on IRS systems likely isn’t made by anyone who understands deadlines but surely someone who does could inform the IT department of these important dates to prevent shutdowns during critical time periods? No? It feels like this happens every year. Apparently they were planning to do a little maintenance on the Tax Pro Account systems from October 13-15.

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Travel and Expense Policy Success: Your Essential Checklist

Setting the stage for successful organizational change always begins with clear, thoughtful communication. When it comes to rolling out a new travel and expense (T&E) policy, establishing a well-structured communication plan is key to ensuring that all employees understand the changes and their impact. By following a step-by-step approach, you can guide your organization through the transition, fostering smooth adoption from the outset and improving compliance.

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Keeping them down on the firm

Accounting Today

What keeps employees engaged is changing rapidly, and accounting firms can't afford to fall behind, according to ADP's Tina Wang, and Darren Root.

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Navigating the Maze of Nonprofit Accounting Hurdles

AccountingDepartment

Navigating the complex world of non-profit accounting can feel like a daunting task for many non-profit managers. The stakes are high as effective accounting not only keeps the organization compliant but also plays a crucial role in fulfilling its mission. For non-profits striving to maximize their impact, understanding and overcoming common accounting challenges is essential.

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ADP Acquires WorkForce Software

CPA Practice

The payroll and benefits technology maker ADP has acquired WorkForce Software, a workforce management solutions provider that specializes in supporting large, global enterprises. This acquisition will expand ADP’s global offering of workforce management solutions and enable future innovation in the space. “As the needs of today’s global workforce continue to shift, employers need dynamic workforce management solutions that will help them maintain compliance and flexibility while engaging their e

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After Milton, IRS grants widespread tax relief

Accounting Today

In the wake of Hurricane Milton, the IRS is pushing back filing and payment deadlines.

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If It Aint Broke, Don’t Fix It: A Dangerous Mindset

Time and time again we tell ourselves and others NOT take action on something that is not "broken." We apply that mindset at home and at work. Sometimes, it doesn’t work out so well. Because when it's truly broken, it's usually an emergency, costs more and causes stress. Join us in this webinar where we share ways where you are able to anticipate your needs, understand benefits that you will get from getting better now instead of later, and relieving your team of tasks that they don't need to be

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SYNERGY 2024 Conference – Nov. 6-9, 2024

CPA Practice

The future of work is coming to Orlando this November for tax, audit, and accounting professionals. SYNERGY gives you an exclusive opportunity to discover innovative solutions, engage in collaborative discussions, exchange ideas, and forge new partnerships. From AI-driven solutions to cutting-edge advancements in digital transformation, find out what’s next from Thomson Reuters at SYNERGY 2024.

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Why do we rely on monthly reports to give us real-time information?

Accounting Today

If you don't report, you can't measure what was successful, and — as equally important — what wasn't.

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New financial penalties for non-compliance with company filings

Menzies

Menzies LLP - A leading chartered accountancy firm. Companies House will be cracking down on compliance by directors and will be imposing new penalties on the failure by directors, who are legally responsible for making sure that all filings and updated information is sent to Companies House on time for the following documents: the confirmation statement the annual accounts – even if the company is dormant any changes in company officers or their personal details – within 14 days of appoin

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"New" How to Intuit Enterprise Suite

Insightful Accountant

Murph is starting a new series on "How to" for various ERPs. In this first article he is looking at one of the reported features in the new Intuit Enterprise Suite. multi-entity access.

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Navigating Corporate Travel Changes Post-Pandemic

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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New financial penalties for non-compliance of filings and updates to company’s register

Menzies

Menzies LLP - A leading chartered accountancy firm. Companies House will be cracking down on compliance by directors and will be imposing new penalties on the failure by directors, who are legally responsible for making sure that all filings and updated information is sent to Companies House on time for the following documents: the confirmation statement the annual accounts – even if the company is dormant any changes in company officers or their personal details – within 14 days of appoin

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How a Forecast Helped One Agency Navigate Growth

Summit CPA

An agency makes a plan for massive growth: double from $10 to $20 million in one year, and then hit $30 million the next. They create a budget to support that ambitious forecast, with plans to do significant hiring and to throw major technology resources at their growing business.

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How Much Do You Need to Earn Annually to Afford a $1 Million Home?

CPA Practice

By Jessica Jones-Gorman Staten Island Advance, N.Y. (TNS) The number of homes in the United States valued at $1 million or more is at a record high. In fact, a recent report from Zillow shows there are approximately 550 “million-dollar” cities scattered throughout the country—locations where the typical home is worth $1 million or more. So what does it take to afford the mortgage on such a costly purchase?

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Revolutionize Your Tax Practice: Embracing Technology for Success

Insightful Accountant

Small tax practices face the ever-increasing challenge of staying competitive and efficient. The key to success? Embracing the right technology. But with so many options available, how do you know which solutions are best for your firm?

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4 Things Great Companies Do to Improve Cash Flow

Speaker: Don Gallianza, Credit Manager at Chevron Phillips Chemical and 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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Pivot Payables Joins American Express Sync

CPA Practice

Pivot Payables, a fintech company delivering corporate financial operations solutions, announced on Oct. 15 a new integration with American Express, enabling American Express U.S. Business and Corporate Card members the ability to generate virtual cards within PivotLynx , Pivot Payables’ accounting automation application, ensuring requests are routed to managers for budget approval and cost accounting.

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CFPB’s Proposed EWA Rule Sparks Debate

ThomsonReuters

At the end of August 2024, the comment period ended for the Consumer Financial Protection Bureau’s (CFPB) proposed rule to clarify when certain paycheck advance products, including those marketed as “earned wage access,” are subject to Truth in Lending Act (TILA) and Regulation Z requirements. Jump to ↓ EWA market growth and adoption CRS insights on EWA regulation Industry response and perspective on CFPB’s proposal Critiques of CFPB’s interpretation of EWA EWA in t

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ContractPodAi and KPMG Announce Strategic Alliance to Transform Managed Legal Services with AI

CPA Practice

ContractPodAi , the leader in legal AI and contract lifecycle management, today announced a new strategic alliance with KPMG. KPMG has selected Leah, ContractPodAi’s generative AI platform for lawyers, to power its new managed legal services capability, serving clients in the US, UK, Germany and other key global markets. This collaboration marks a significant milestone in the adoption of advanced technological solutions within the legal industry.

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Powers to investigate can bring rewards

Menzies

Menzies LLP - A leading chartered accountancy firm. The first sign that a business is struggling could be as simple as a late payment or a request for longer payment terms. It could also indicate that the company is about to enter insolvency. In some instances, you may be left with an unpaid invoice and feel powerless to do much about it. However, seeking advice from an Insolvency Practitioner (IP) could provide insight into what has happened within the business, and potentially recover some of

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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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Tax Court Delivers Mixed News on Charitable Appraisals

CPA Practice

If you or your business donate a conservation easement to a qualified charitable organization, you may be able to claim a deduction reaching into six or seven figures. However, as shown in a new case involving a limited liability company (LLC), Savannah Shoals, LLC, Green Creek Resources, LLC , TC Memo 2024-35, 3/26/24 , the claim must be supported by a valid independent appraisal.

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Looming new financial penalties for non-compliance of filings and updates to company’s register

Menzies

Menzies LLP - A leading chartered accountancy firm. Companies House will be cracking down on compliance by directors and will be imposing new penalties on the failure by directors, who are legally responsible for making sure that all filings and updated information is sent to Companies House on time for the following documents: the of the confirmation statement the annual accounts – even if the company is dormant any changes in company officers or their personal details – within 14 days of

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2024 Holiday Retail Spending Forecast to Grow Up to 3.5 Percent

CPA Practice

The National Retail Federation is forecasting that 2024 holiday spending is expected to grow between 2.5% and 3.5% over 2023. That equates to between $979.5 billion and $989 billion in total holiday spending in November and December, compared with $955.6 billion during the same timeframe last year. “The economy remains fundamentally healthy and continues to maintain its momentum heading into the final months of the year,” NRF President and CEO Matthew Shay said.

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In the blogs: Through the roof

Accounting Today

Tax cuts and Mickey's slice; avoiding FBARs; COLA wars; and other highlights from our favorite tax bloggers.

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Best Practices to Streamline Compensation Management: A Foundation for Growth

Speaker: Joe Sharpe and James Carlson

Payroll optimization can be one of the most time-consuming and complex factors of small business management. Yet, organizations that crack the code on streamlining employee compensation often discover innovative avenues for growth. With the right strategies in place, outsourcing and streamlining payroll processes can result in substantial time and resource savings.