RogerRossmeisl

JULY 22, 2024

(As appearing in IR 2024-186) IRS reminds car dealers and sellers to be aware of phishing scams The Internal Revenue Service would like to remind car dealers and sellers to be aware of evolving phishing and smishing scams that could impact day-to-day operations of the business. In light of the recent ransomware attack against CDK, the IRS is warning individuals and businesses to remain vigilant against these attacks.

CPA 235

CPA cpa firm business tax Tax 235

CPA Practice

JULY 22, 2024

Traditional accounting roles are evolving, now more than ever, as client needs change. Ask ten of your friends, and most will assume that an accountant is a number cruncher and focuses on compliance issues. And, to some degree, these people are correct. Certified public accountants know a lot about numbers, they analyze them, forecast them, and “crunch them,” but over 50% of firms now offer client advisory services and have become strategic partners with clients.

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Account accountant accounted Technology 130

RogerRossmeisl

JULY 22, 2024

Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things: Transform your business ownership interest into a more liquid asset, Prevent unwanted ownership changes, and Avoid hassles with the IRS.

CPA 208

CPA business tax Tax 208

CPA Practice

JULY 22, 2024

New research by international telecommunications provider TollFreeForwarding.com reveals that accounting and tax is the second-happiest industry to work in. The Los Angeles-based company analyzed Glassdoor review data for 200 companies across 10 industries and ranked them based on the following six criteria: Culture and values Diversity and inclusion Work-life balance Compensation Career opportunities Senior management satisfaction Each industry was scored on a scale of 1 to 100 for each categor

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Construction Account accountant accounted 125

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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.

Accounting Today

JULY 22, 2024

Daniel Dustin has named Kent Absec, Brenner Allen, William Emmer and Sedrik Newbern to key leadership roles at the National Association of State Boards of Accountancy, effective Aug. 1.

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Account accountant accounted cpas 112

CPA Practice

JULY 22, 2024

By Bruce Crumley, Inc. (TNS) The Supreme Court has issued a number of controversial decisions in its most recent term. But one that was barely noticed when it was delivered in June ends the strategy of closely held companies using life insurance-based methods to reallocate ownership stakes—tax-free—when a major shareholder dies. The generally overlooked high court decision in Connelly v.

Tax 120

Tax Legal Florida audit 120

CPA Practice

JULY 22, 2024

By Sarah Lynch, Inc. (TNS) Health insurance matters greatly to employees. And now, in smaller companies, millions more workers have coverage than they did a decade ago. According to the Center on Budget and Policy Priorities, a research organization and policy institute, the Affordable Care Act has been the difference maker. In 2013, about a quarter of employees at small businesses—those with fewer than 100 employees—were uninsured.

Maine 119

Maine Tax 119

Accounting Today

JULY 22, 2024

Test your accounting knowledge on chief AI officers, Operation Hidden Treasure, and more. No. 2 pencil not required!

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Account accountant accounted 124

CPA Practice

JULY 22, 2024

Avalara, Inc. and KPMG LLP have announced a strategic alliance to deliver greater value to enterprise businesses, the companies have announced. Avalara is a provider of tax compliance automation software for businesses of all sizes, and KPMG is one of the world’s largest audit, tax, and advisory firms. The new alliance allows organizations to leverage the combined power of Avalara’s compliance automation technology – including indirect tax calculation, returns, exemption certificate management,

Technology 116

Technology Tax tax consultant audit 116

Insightful Accountant

JULY 22, 2024

Retirement savings plans, particularly a 401(k), are a major consideration for many workers. Financial professionals can play a key role in helping businesses establish these plans, but the process can often be complex and time-consuming.

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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.

CPA Practice

JULY 22, 2024

Jeff Ostrowski Bankrate.com (TNS) Mortgage rates broke below the 7% barrier this week, according to Bankrate’s latest lender survey. It was the first time since February that the average 30-year rate was in the sub-7 range. The reason: optimism that the Federal Reserve might cut rates in the near future. The 30-year mortgage rate fell to 6.92%. The 15-year rate fell to 6.92% and the 30-year jumbo to 6.92%.

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Oklahoma 115

Accounting Today

JULY 22, 2024

There is a tendency to keep the clients we have, whether they are overgrown or not, or whether or not they still fit.

Account 120

Account accountant accounted 120

CPA Practice

JULY 22, 2024

By Melvin Backman, Quartz (TNS) Business class is back in session. In a report released this week , the consulting firm Deloitte said that American business travel could soon exceed where it was before the COVID-19 pandemic, a sign that frequent-flyer “road warriors” are continuing their return to the skies. Of those surveyed, 73% expect to be traveling more this year, a 15-point jump from 2023.

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Insightful Accountant

JULY 22, 2024

We made a slight change in the minimum qualifications for the 2025 ProAdvisor Awards, but it could significantly impact qualified applicants.

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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

accounting and finance

CPA Practice

JULY 22, 2024

Forwardly, a modern payment solution for small businesses, announced on July 16 the launch of its integration with FreshBooks, offering FreshBooks clients in the U.S. faster payment options like instant payments and same-day ACH along with automatic reconciliation. With this integration, FreshBooks users will be able to receive funds instantly from their clients, pay vendor bills on time, and experience a seamless four-way sync feature, automatically syncing all their financial data—including in

accounting software 111

accounting software Account accountant accounted 111

Accounting Today

JULY 22, 2024

It's all too easy to become consumed by our screens, losing touch with the human connections that are vital to our work.

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112

CPA Practice

JULY 22, 2024

By Melvin Backman, Quartz (TNS) Working one job is becoming an increasingly difficult way to fund the average American lifestyle. Financial advice site Bankrate recently revealed the results of a poll conducted by the firm YouGov, which found that one-third of all adults in the U.S. are taking on second-job “side hustles” in order to pay bills and fund discretionary extras.

Maine 111

Maine 111

Accounting Today

JULY 22, 2024

Social engineering raises some serious questions about data protection and compliance of accounting firms.

accounting firms 88

accounting firms Account accountant accounted 88

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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.

Account

CPA Practice

JULY 22, 2024

By Jarrell Dillard, Bloomberg News (TNS) Initial applications for U.S. unemployment benefits rose last week by the most since early May and continuing claims jumped, adding to evidence of a softening labor market. Initial claims increased by 20,000 to 243,000 in the week ended July 13, matching the highest level since August 2023, according to Labor Department data released Thursday.

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Missouri Georgia Pennsylvania Texas 110

Accounting Insight

JULY 22, 2024

Pass rates have been announced by ACCA (the Association of Chartered Certified Accountants) for students who sat their exams in June 2024. 107,506 entered for the June sitting, which saw 124,727 exams completed. Alan Hatfield, executive director – content, quality and innovation, said: ‘As we reach the midpoint of the year, I’m delighted to see such a strong set of results and would like to congratulate the students who have achieved success in this session.

accounting and finance 59

accounting and finance audit management accounts management accounting 59

CPA Practice

JULY 22, 2024

By Ava Mandoli, Inc. (TNS) Rudeness, hostility, and negativity: probably not words you’d want a worker to associate your business with, even after they leave. Yet, a quarter of workers said their managers responded in one of those three ways when they chose to leave their company, according to new data from research firm Gallup. Another 10 percent of workers said they were met with indifference or a total lack of acknowledgement.

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Insightful Accountant

JULY 22, 2024

The recent case of Gagliardi v. Prager Metis CPAs LLC (No. 1:23-cv-07454, S.D.N.Y. 2024) has sent ripples through the tax preparation community, serving as a stark reminder of the potential consequences for practitioners to file on time.

Tax 52

Tax tax preparation cpas 52

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

Finance

CPA Practice

JULY 22, 2024

In a letter of support to Congressman Darin LaHood (R-IL), the American Institute of CPAs (AICPA) expressed its endorsement of provisions of H.R. 8864, the Tax Administration Simplification Act, which would apply the mailbox rule to electronically submitted tax returns and payments and would revise the estimated tax payments deadline to fall on a true quarterly interval.

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Tax tax return cpas 59

LSLCPAs

JULY 22, 2024

As we approach the end of 2025 (which will be here before we know it!), significant changes to the estate tax law are on the horizon, which could greatly affect your tax planning strategies. Currently, the estate tax exemption stands at approximately $14 million, but on January 1st, 2026, it is scheduled to be slashed. The post Estate Tax Law Sunsets December 2025: Build the Right Estate Planning Team Now to Protect Your Wealth appeared first on LSL CPAs.

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Tax cpas tax planning 52

CPA Practice

JULY 22, 2024

Equity partner compensation at the top 100 accounting firms (excluding the Big Four) was $839,687 in 2023, up from $620,936 in 2019, according to data from INSIDE Public Accounting (IPA). Ahead of releasing its top 500 accounting firm rankings for 2024 and new analysis of the top 100 firms next month, IPA published stats showing how much staff and partner compensation has risen in the past four to five years.

top accounting firms 59

top accounting firms accounting firms public accounting Account 59

FraudFiles

JULY 22, 2024

Defenders of multi-level marketing (MLM) are often heard saying that it’s a legitimate business method! Even government regulators say MLM is legitimate. And it is true that state and federal governments in the United States generally allow multi-level marketing companies to operate with little oversight. This is despite the fact that structurally and operationally, MLMs [.

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Government 52

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.

accounting and finance

CPA Practice

JULY 22, 2024

The CEO and president elect of the National Association of State Boards of Accountancy (NASBA) has selected four people to join the leadership team once current NASBA President and CEO Ken Bishop retires later this month. Daniel Dustin, who was selected to succeed Bishop last April , chose Kent Absec, Brenner (Brie) Allen, William (Bill) Emmer, and Sedrik Newbern as new members of the leadership team, effective on Aug. 1.

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North Carolina Idaho Kentucky CPA 52

Accounting for Good

JULY 22, 2024

Expsoure directly influences the financial health of NFPs. In challenging financial climates, NFPs must look to enterprising decision-making.

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CPA Practice

JULY 22, 2024

The content and technology company Thomson Reuters has announced the launch of Checkpoint Edge with CoCounsel, which is now generally available in the United States. The enhanced solution features a new AI-Assisted Research skill, and is designed to help today’s tax professionals get trusted answers to complex tax research questions using CoCounsel, the professional-grade GenAI assistant from Thomson Reuters.

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Nevada Texas Tax CPA 52

Insightful Accountant

JULY 22, 2024

Thomson Reuters has launched a new AI-assisted research skill for Checkpoint Edge with CoCounsel to save users time on complex tax research.

Tax 52

Tax 52

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.

payroll