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Cameron Ford, UK general manager at Silverfin, thinks it will – provided firms include HR in their strategy. According to the ATT, the UK accounting industry will experience a shortage of 60,000 accountants by 2050, with areas like Manchester and Nottingham already feeling the pinch. From my experience including a stint at a big four firm, and providing accounting software to the sector, I can’t argue with the trajectory.
Workers’ compensation insurance can provide medical care and financial assistance to employees who are injured or incapacitated at work. However, this important benefit is also subject to fraud perpetrated by dishonest workers. The Coalition Against Insurance Fraud says that 16% of workers’ comp claims are fraudulent, adding up to $9 billion in annual losses.
Let’s say you own real estate that has been held for more than one year and is sold for a taxable gain. Perhaps this gain comes from indirect ownership of real estate via a pass-through entity such as an LLC, partnership or S corporation. You may expect to pay Uncle Sam the standard 15% or 20% federal income tax rate that usually applies to long-term capital gains from assets held for more than one year.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
Office supply scams are a tricky type of vendor fraud that generally use behavioral psychology and often depend on poor intraoffice communications for their “success.” Although they may not result in huge financial losses for defrauded companies, falsified invoices can add up to many thousands of dollars. Fortunately, you can help prevent them. How scams are perpetrated Office supply schemes typically begin as telemarketing fraud, with someone calling your business to obtain your street address
Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that qualify. However, some businesses may be better off using the accrual method. Therefore, you need to evaluate the tax accounting method for your business to ensure that it’s the most beneficial approach.
One of the best developments over the past few decades is the growing awareness and understanding of neurodiversity. Attention Deficit Hyperactivity Disorder (ADHD) is one such form of neurodiversity that affects many people in the world. While often associated with children (affects about 11.3% of children in the US from ages 5 – 17 years), ADHD persists into adulthood for many.
Navigating the complexities of tax law can be difficult, especially when faced with an unexpected tax bill due to the errors of a spouse or ex-spouse. The reason for such a bill has to do with the concept of “joint and several” liability. When a married couple files a joint tax return, each spouse is liable for the full amount of tax on the couple’s combined income.
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
Shareholders who own a minority interest in a business may not always agree with key decisions made by controlling shareholders. For instance, a minority shareholder might object to a stock-for-stock or “squeeze-out” merger. Or, if a proposed transaction will reduce a minority shareholder’s compensation or divert corporate assets, that individual may file an oppression suit.
By Nikki Buckelew, Ph.D. Accounting professionals are often called upon by their clients with questions concerning residential changes. Those nearing retirement or on a fixed income often need to know what the financial and tax implications might be should they sell a longtime family residence, a second home or real estate included in their portfolio.
Many employees began working remotely during the pandemic and continue doing so today. Remote work has many advantages for employers and employees, and as a result, it’s here to stay in many industries. But it may also lead to some tax surprises, especially if workers cross state lines. Double taxation may occur It’s not unusual for employees to work remotely for an employer in another state.
As seen on Australian Financial Review , a university is handing out a total of $10,000 ($6,659 in freedom bucks) in prize money to any students who can make a compelling case for accounting as a career in a TikTok or Instagram Reel. The pitch: View this post on Instagram A post shared by Paul Andon (@bized2052) The contest is open only to UNSW students over the age of 18 who reside in Australia so no one in our audience get any bright ideas.
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.
A recent U.S. Supreme Court ruling resolves a circuit split on a business valuation issue — and it could have a major impact on the value of many closely held companies going forward. In Connelly v. IRS (144 S. Ct. 1406, 2024), the Court held that corporate-owned life insurance (COLI) designed to fund the redemption of a deceased shareholder’s stock under a buy-sell agreement should be considered a corporate asset when calculating the value of the decedent’s shares for purposes of the federal es
Avalara, Inc. , a provider of tax compliance automation software for businesses of all sizes, has announced Kevin Sellers has been named Executive Vice President, Chief Marketing Officer. Sellers brings more than 25 years of broad-based global marketing expertise to Avalara with a proven track record of driving growth and relevance for world-class brands and moving buyers to action.
Partnerships are often used for business and investment activities. So are multi-member LLCs that are treated as partnerships for tax purposes. A major reason is that these entities offer federal income tax advantages, the most important of which is pass-through taxation. They also must follow some special and sometimes complicated federal income tax rules.
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?
Having a high income may mean you owe two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Let’s take a look at these taxes and what they could mean for you. 1. The NIIT In addition to income tax, this tax applies on your net investment income. The NIIT only affects taxpayers with adjusted gross incomes (AGIs) exceeding $250,000 for joint filers, $200,000 for single taxpayers and heads of household, and $125,000 for mar
Participants: Brittany Malidore, Co-Founder, Ledgerly Consulting Dr. Jackie Meyer, CPA, CCTA, President, TaxPlanIQ Matthew McComb, CPA, President, McComb & Company Are you ready for an electrifying discussion that will challenge the very foundations of the accounting world? Join us for our upcoming webinar, where two expert panelists will go head-to-head in a debate, tackling the hottest and most controversial topics in accounting today.
With Labor Day in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and next. The strategy of deferring income and accelerating deductions to minimize taxes can be effective for most businesses, as is the approach of bunching deductible expenses into this year or next to maximize their tax value.
The deadline for taxpayers to submit their third quarter estimated tax payment is one week from today. However, individuals and businesses affected by disasters in 17 states, Puerto Rico, and the Virgin Islands may automatically qualify for a delayed tax-payment deadline, the IRS said last week. Gig workers, sole proprietors, retirees, partners, and S corporation shareholders generally should make estimated tax payments if they expect to have a tax liability of $1,000 or more when they file thei
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.
Your business probably has a disaster plan — or a set of procedures for dealing with a fire, natural disaster, terrorist attack or other emergency that could disrupt operations and threaten lives. Although a fraud contingency plan probably isn’t as critical, it’s still important for most companies to have one. Here’s how to draft and put a fraud contingency plan in place.
Believe it or not, there are ways to collect tax-free income and gains. Here are some of the best opportunities to put money in your pocket without current federal income tax implications: Roth IRAs offer tax-free income accumulation and withdrawals. Unlike withdrawals from traditional IRAs, qualified Roth IRA withdrawals are free from federal income tax.
The SEC approved the PCAOB's QC 1000, which will require firms to identify risks to their practice and design quality control systems that can safeguard against those risks.
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!
Choosing the right business entity is a key decision for any business. The entity you pick can affect your tax bill, your personal liability and other issues. For many businesses, a limited liability company (LLC) is an attractive choice. It can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes.
The handoff of a company carries important tax implications alongside a plethora of succession challenges. Here's what financial advisors need to talk about with clients.
Forvis Mazars, LLP, one of the largest public accounting and consulting firms in the United States, is bolstering the services it offers clients in the construction industry through the launch of its Construction Technology Services consulting practice. The practice is designed to help construction companies move forward with digital-first strategies to streamline financial reporting and project operations, enhance communication and collaboration, and more easily access real-time data to make in
Menzies LLP - A leading chartered accountancy firm. Retiring and winding up a company is a significant transition that requires a lot of careful planning to ensure a smooth process. By addressing the key areas to manage, you can mitigate potential risks and costs. Here are our top tips to guide you through a solvent winding-up process. Shareholders Discussing strategy with shareholders, particularly if you’re retiring or the Company has served its purpose, is important.
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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