Accounting Insight

SEPTEMBER 9, 2024

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.

Technology 59

Technology Account accounted accountant 59

RogerRossmeisl

SEPTEMBER 9, 2024

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.

Real Estate 245

Real Estate Tax income tax CPA 245

CPA Practice

SEPTEMBER 9, 2024

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.

CPA 126

CPA bookkeeping accounted Account 126

RogerRossmeisl

SEPTEMBER 9, 2024

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.

accrual accounting 236

accrual accounting Tax Account accounted 236

Speaker: 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

SEPTEMBER 9, 2024

By Gary C. Smith. There is a good chance that many teachers are paying for classroom supplies with their own money. In these days of shrinking school budgets, they have become an expert in doing more with less. Probably, no one has told them that many of these same classroom supplies are available at no cost to teachers through something called a gifts in kind organization.

Tax 124

Tax Sports Education 124

CPA Practice

SEPTEMBER 9, 2024

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.

Real Estate 114

Real Estate cpas Sales Education 114

RogerRossmeisl

SEPTEMBER 9, 2024

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.

Tax 221

Tax tax return audit CPA 221

Going Concern

SEPTEMBER 9, 2024

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.

Account 107

Account accounted accountant 107

RogerRossmeisl

SEPTEMBER 9, 2024

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.

CPA 197

CPA 197

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

Accounting Today

SEPTEMBER 9, 2024

The Internal Revenue Service is more diverse than many workplaces, but more can be done, especially in the upper echelons, according to a new report.

Tax 115

Tax 115

RogerRossmeisl

SEPTEMBER 9, 2024

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.

Tax 173

Tax CPA 173

Accounting Today

SEPTEMBER 9, 2024

The annual list recognizes thought leaders, decision-makers, standard-setters and others who are shaping the future of the profession.

Account 122

Account accounted accountant cpas 122

RogerRossmeisl

SEPTEMBER 9, 2024

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.

CPA 147

CPA 147

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Historical bookkeeping clean-up is like an archaeological dig for financial documents. It is a vigorous, systematic process that ensures thorough scrutiny of every document. From verifying inconsistencies to reconciling payments, each layer of exhaustive evaluation brings greater clarity into your company's financial past. In this article, we will walk through all that historical bookkeeping clean-up entails.

bookkeeping

CPA Practice

SEPTEMBER 9, 2024

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.

Technology 102

Technology Finance Tax 102

RogerRossmeisl

SEPTEMBER 9, 2024

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.

CPA 130

CPA 130

CPA Practice

SEPTEMBER 9, 2024

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

West Virginia 95

West Virginia South Dakota South Carolina Tax 95

RogerRossmeisl

SEPTEMBER 9, 2024

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.

tax planning 130

tax planning Tax CPA business tax 130

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By ditching paper and manual checklists, UNIFY embraced ART’s cloud-based solution for seamless automation. The robust dashboards, exception reports, and completion date reports allowed the team to easily track progress and resolve bottlenecks. ART’s flexible access for auditors ensured tight deadlines were met effortlessly. With competitive pricing and a rapid setup, ART cut costs and minimized disruptions, enabling UNIFY’s team to concentrate on high-impact tasks.

auditor

Accounting Today

SEPTEMBER 9, 2024

The Public Company Accounting Oversight Board staff released a report Monday on last year's banking crisis.

audit 120

audit accounted Account accountant 120

RogerRossmeisl

SEPTEMBER 9, 2024

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.

income tax 130

income tax Government CPA Tax 130

Accounting Today

SEPTEMBER 9, 2024

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.

accounting standards 75

accounting standards audit Account accounted 75

RogerRossmeisl

SEPTEMBER 9, 2024

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.

Tax 130

Tax income tax CPA Sales 130

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Accounting firms must embrace digital transformation to stay competitive. From improving efficiency and client experience to ensuring data security, digital tools offer the edge needed in a digital-first world. Discover how Fincent can streamline your transition. The accounting industry faces a digital revolution. As technology reshapes business, firms must adapt or risk obsolescence.

Tax

Accounting Today

SEPTEMBER 9, 2024

The Eleventh Circuit splits with the First Circuit and reduces an FBAR penalty under the Constitution's Excessive Fines Clause.

Tax 94

Tax 94

RogerRossmeisl

SEPTEMBER 9, 2024

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

CPA 130

CPA Tax 130

Accounting Today

SEPTEMBER 9, 2024

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.

Tax 73

Tax 73

RogerRossmeisl

SEPTEMBER 9, 2024

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.

CPA 130

CPA Tax accounted Account 130

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Uncover the latest trends in expense management for small and medium-sized businesses. Our 5th Annual Trends Survey reveals that corporate card use is skyrocketing, but expense software isn't keeping up. This mismatch is creating real challenges for finance teams, who now take an average of 14 days to close their books. Travel policies are shifting to accommodate hybrid work, but many companies are struggling with off-tool bookings.

Expense Management

CPA Practice

SEPTEMBER 9, 2024

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

Construction 64

Construction Technology North Carolina Real Estate 64

Accounting Today

SEPTEMBER 9, 2024

Michael Bannon explains which accounting firms might want to look into employee stock ownership plans — and why,

accounting firms 77

accounting firms accounted Account accountant 77

Menzies

SEPTEMBER 9, 2024

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.

chartered accountant 59

chartered accountant Tax accounting firms accounted 59