Going Concern
JULY 17, 2024
INSIDE Public Accounting is due to release their Top 500 list soon and in the meantime, they’ve asked a very important question: Will 2024 show another big boost in compensation? Here they’ve compared compensation for equity and non-equity partners, managing partners, and professional staff at non-Big 4 IPA 100 firms for 2023 against 2019.
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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CPA Practice
JULY 26, 2024
The IRS on July 26 provided five additional red flags of incorrect Employee Retention Credit (ERC) claims by businesses, as the agency continues to scrutinize requests for the pandemic-era tax credit. The new warning signs come from common issues that IRS compliance teams have seen while analyzing and processing ERC claims. These five red flags are in addition to seven problem areas the IRS highlighted last March.
TaxConnex
JULY 18, 2024
Maintaining compliance documentation is crucial for businesses to ensure smooth and successful audits. Proper documentation allows auditors to interpret and verify your financial transactions accurately. Unfortunately, many businesses find themselves unprepared when faced with an audit, lacking the necessary documentation. This can lead to auditors assuming transactions are taxable, or making historical projections or arbitrary assessments of taxable sales.
Speaker: Ashley Harlan, MBA
What if your role as a fractional CFO went beyond operational support to actively shaping the future of your clients’ businesses? 💼 ✨ In this session, discover how fractional finance professionals can position themselves as architects of growth, guiding their clients toward sustainable success and preparing them for full-time financial leadership.
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
TaxConnex
JULY 23, 2024
The nature of sales tax audits has changed over the last several years, post-Wayfair. Prior to Wayfair, a significant component of sales tax audits was focused on use tax. Specifically, tax due on purchases that were not charged since the vendor did not have nexus in the state of the sale. Today, more and more companies have an obligation to charge sales tax, and use tax is less of an issue.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Ronika Khanna CPA,CA
JULY 26, 2024
Any sales that occur within a business where payment is not made up front (eg. retail) or in advance of the sale (eg. down payment for a car), is reflected as an “Accounts Receivable”, which is accounting terminology for amounts owing by customers to a business. It is good to have accounts receivable, as this means you are generating sales. The downside, however, of having accounts receivable is that it represents cash that you don't have now, and along with that comes the possibility that your
Going Concern
JULY 26, 2024
Sage (yes, that Sage), a “dynamic ‘think-and-do’ tank” called Demos , and the Association of Chartered Certified Accountants (ACCA) over in the UK have released a “groundbreaking study” in which 1,126 accountants and bookkeepers in senior roles were surveyed to harvest their thoughts on AI in the profession. “The accounting industry is on the brink of significant transformation as widespread AI adoption in UK accounting practices could add £2 billion to
CPA Practice
JULY 16, 2024
By Davis Bell. In business, as in life, change is the only true constant. From mitigating unprecedented business disruptors to adapting to new operational paradigms, professionals in all industries find themselves dealing with major changes — many of them driven by emerging technologies. [Go to Part II of this two-part series.] Accounting is no exception.
RogerRossmeisl
JULY 15, 2024
For many businesses, such as retailers, manufacturers and contractors, strict inventory control is central to operations. If you don’t track inventory accurately, you can’t effectively produce goods, meet customer demand and realize profits. Let’s say you’re performing a year-end inventory count and you come up short. Have you miscounted or have the items been misplaced?
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Use these handy calendar templates to stay on top of payroll in 2025! Download them today to share with your HR team or post for employees. Whether your company has biweekly, semi-monthly, or monthly pay periods, Paycor has you covered. Get your templates today!
TaxConnex
JULY 30, 2024
Sales tax isn’t simple. Here’s a step-by-step overview of various complications of sales tax compliance – and how to handle them. Nexus Historically this connection between a company and a tax jurisdiction has been primarily physical , meaning that a company had an office, employees, trade show exhibits, inventory, contractors and so on in a state. Then came 2018’s South Dakota vs.
BurklandAssociates
JULY 30, 2024
You can expect to receive your first communications from benefits providers before the start of fall, and will most likely see a price increase for 2025, so it’s time to start preparing now. The post Healthcare Open Enrollment Support for Startups appeared first on Burkland.
Accounting Today
JULY 10, 2024
Some of Accounting Today's fastest-growing firms share what turbo-charged their expansion over the past year.
Acterys
JULY 30, 2024
Acterys 24.1 Offers Planning and Solution Deployment at Unprecedented Speeds (Chicago, Illinois., July 31, 2024) — Acterys, a leading provider of AI-driven business planning and intelligence solutions, has released Acterys 24.1, which combines the power of AI with the robust functionality of Power BI and Excel to set new standards in speed, efficiency, and security.
Speaker: Duke Heninger, Partner and Fractional CFO at Ampleo & Creator of CFO System
Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Duke Heninger, a seasoned fractional CFO and CPA passionate about transforming back-office operations for finance teams. This session will cover critical best practices and process improvements tailored specifically for accounting professionals.
CPA Practice
JULY 16, 2024
Chicago-based RSM US brought in $4 billion in revenue during the firm’s most recent fiscal year, with consulting driving business growth, according to its FY 2024 Impact Report. The firm reached the $4 billion mark after a nearly 8% increase in revenue in FY 2024, up from $3.7 billion in FY 2023. “We have made significant progress during the last year in our journey to become an even more compelling, digital and global organization committed to leading the middle market into the future,” Brian B
RogerRossmeisl
JULY 15, 2024
With school out, you might be hiring your child to work at your company. In addition to giving your son or daughter some business knowledge, you and your child could reap some tax advantages. Benefits for your child There are special tax breaks for hiring your offspring if you operate your business as one of the following: A sole proprietorship, A partnership owned by both spouses, A single-member LLC that’s treated as a sole proprietorship for tax purposes, or An LLC that’s treated as a partner
TaxConnex
JULY 9, 2024
Sales tax compliance has many moving parts, not just in the filing but in everything that goes into making sure you stay on the legal side of the jurisdictions where you have sales tax nexus. Just remember, a lot can go wrong along the way. 1. Billing systems You charge the customers sales tax for online purchases, they pay and you remit the money to the tax jurisdictions.
BurklandAssociates
JULY 10, 2024
A guide to the tax tools in Burkland’s startup tax toolkit, grouped by the type of tax obligations they address. The post Tax Tools for Startups: Ensuring Compliance and Maximizing Benefits appeared first on Burkland.
Speaker: Abdi Ali, Sr. Lease Accounting Consultant
Join this insightful webinar with industry expert Abdi Ali, who will discuss the challenges that can arise from managing lease accounting with spreadsheets! He will share real-world examples of errors, compliance issues, and risks that may be present within your spreadsheets. Learn how these tools, while useful, can sometimes lead to inefficiencies that affect your time, resources, and peace of mind.
Accounting Today
JULY 24, 2024
The CPA industry is undergoing profound change, reshaping the landscape of professional services.
Acterys
JULY 17, 2024
We are beyond thrilled to announce the release of Acterys’ latest version, 24.1. The launch of Acterys 24.1 heralds a transformative era in business intelligence and planning, blending the power of AI with the robust functionality of Power BI. This release marks a significant milestone, embodying our commitment to revolutionizing enterprise planning through cutting-edge technology, all underpinned by our strategic partnership with Microsoft.
CPA Practice
JULY 2, 2024
By Sandi Smith Leyva. One of my favorite ways to use ChatGPT is for suggesting titles for articles, blogs, and email subject lines. Of course, it can also write articles, blog posts, email event notices, client correspondence, and social media posts, to name a few. In this article, I’ll focus on its ability to write good titles and subject lines as well as end with a somewhat creative approach to generating blog posts.
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.
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Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.
TaxConnex
JULY 16, 2024
Knowing when and where you have sales tax obligations is a key part of compliance. And understanding your taxability – especially if you don’t sell just tangible personal property (TPP) – is key to getting the right sales tax rates on transactions. Tax mapping helps you determine how items are taxed in a jurisdiction. Anything not tagged to a tax code in mapping is taxed as TTP, which may not be the best or correct sales tax rate.
BurklandAssociates
JULY 23, 2024
It’s not just hackers taking notice. Customers, partners, investors, regulators, and insurers are all keeping a close eye on your cybersecurity controls. The post Why Cybersecurity is an Essential Investment in Your Startup’s Future appeared first on Burkland.
Accounting Today
JULY 31, 2024
What accountants are making in salary and bonuses, and other results of our inaugural compensation survey.
MyIRSRelief
JULY 12, 2024
Understanding IRS Letter 725-B: Notice of Appointment to a Field Revenue Officer for Investigation The IRS Letter 725-B, also known as the Notice of Appointment to a Field Revenue Officer (RO) for Investigation, is a formal communication from the Internal Revenue Service (IRS) indicating that a taxpayer’s case has been assigned to a revenue officer for further investigation.
Speaker: David Warren and Kevin O'Neill Stoll
Transitioning to a usage-based business model offers powerful growth opportunities but comes with unique challenges. How do you validate strategies, reduce risks, and ensure alignment with customer value? Join us for a deep dive into designing effective pilots that test the waters and drive success in usage-based revenue. Discover how to develop a pilot that captures real customer feedback, aligns internal teams with usage metrics, and rethinks sales incentives to prioritize lasting customer eng
CPA Practice
JULY 3, 2024
By Brad Barkin Small accounting and financial services firms are facing escalating operation threats and vulnerabilities. Cybercrime is on the rise, with PwC reporting a 30% higher risk of cybersecurity attacks for financial firms. Additionally, accounting, tax preparation, and bookkeeping firms are navigating a growing staffing shortage. Technology can address both of these problems, from improved cybersecurity platforms to artificial intelligence-based tools to take over the routine processes
RogerRossmeisl
JULY 17, 2024
July 15 Employers should deposit Social Security, Medicare and withheld income taxes for June if the monthly deposit rule applies. They should also deposit non-payroll withheld income tax for June if the monthly deposit rule applies. July 31 Report income tax withholding and FICA taxes for second quarter 2024 (Form 941) and pay any tax due. (See the exception below, under “August 12.
Withum
JULY 31, 2024
Everyone wants to know why it is taking so long for the IRS to pay their claims for the employee retention credit (ERC) and what they can do about it. There are steps that businesses can take today, but let’s first review why the IRS is slow-paying these claims. The IRS has an estimated 1,400,000 ERC claims in its backlog. Last year, when the IRS announced a moratorium on the processing of ERC claims filed after September 14, 2023, its backlog was about 600,000 claims.
BurklandAssociates
JULY 16, 2024
Investing in employee retention makes financial sense and builds a foundation for sustained success and growth. The post Employee Retention Strategies for Startups: Keeping Your Best Talent Engaged appeared first on Burkland.
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The first Market Momentum Index: AI and Unstructured Data Management, conducted by Deep Analysis with support from AIIM and M-Files, surveyed 500 enterprises across various industries to assess their readiness to employ AI. The results reveal that AI is already far more embedded into organizations' operations than previously realized. These findings and more insights have been brought to you in the "Market Momentum Index: AI and Unstructured Data Management.
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