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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.
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
By Ting Song. Accounting is often one of the last areas a company invests in because it’s traditionally seen as a cost center rather than a revenue generator. As teams grow, the straightforward solution might seem to be adding more staff. But do companies typically increase headcount in proportion to revenue growth? This tends to be the case in departments like sales or marketing, but not in areas like accounting, HR, or operations.
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
Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.
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.
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.
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.
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.
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.
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?
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
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
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.
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.
Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
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.
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.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
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.
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?
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.
Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.
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
Top Technology Initiative Article – October 2024 Well, that’s a wrap on another tax season. This year was one of the most normal tax years in some time. The IRS granted tax relief for MI storms , tornados in OH , hurricanes Beryl in TX , and Debby in NC. Otherwise, tax deadlines were normal in most places. But wait! Along came the devastation of Hurricane Helene and the appropriate extensions granted in seven jurisdictions, including the entire states of Alabama, Georgia, North Carolina, and Sou
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
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.
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
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
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.
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
Audit automation platform DataSnipper announced on Oct. 15 the acquisition of AI-native UpLink, a cloud-based secure document request portal, and the launch of DocuMine, a new AI-powered document validator. The move dramatically expands DataSnipper’s goal of building a comprehensive AI-powered audit ecosystem with global impact, the Amsterdam-based company said in a media release.
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
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