November, 2023

article thumbnail

Firms look at ways to attract young people to accounting

Accounting Today

Accounting firms need to pay more to bring young people into the profession, as starting salaries are still lagging compared to other fields, and they have to make other changes in how the job is structured.

Account 137
article thumbnail

A Strategic Timeline for Implementing a Sales Tax Strategy and Process - Part 2 | TaxConnex

TaxConnex

A job as intimidating as setting up a system to handle your sales tax obligations can be a lot easier if you have an idea how long it will take. As with most aspects of sales tax, there are no fixed answers, but we can give you an idea. Depending on your business and where you are in your sales tax journey, it could take as little as a month or so or up to six months (or more).

Sales 262
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The Benefits of Combining FP&A and Power BI

Acterys

Financial planning and analysis (FP&A) teams are critical for a business’ strategic foresight and its ability to navigate evolving market conditions. These teams are essential in parsing business performance data and crafting informed strategies. However, outdated systems and manual workflows can hinder their effectiveness, leading to issues with data access, accuracy and responsiveness.

article thumbnail

IRS Outlines Withdrawal Process for Employee Retention Tax Credit (ERTC) Claims

RogerRossmeisl

As reported via IR-2023-193 on 10/19/2023 Special initiative aimed at helping businesses concerned about an ineligible claim amid aggressive marketing, scams As part of a larger effort to protect small businesses and organizations from scams, the Internal Revenue Service announced the details of a special withdrawal process to help those who filed an Employee Retention Tax Credit (ERTC) claim and are concerned about its accuracy.

Tax 204
article thumbnail

Building a Business Case for Finance Automation

Speaker: Danny Gassaway and Wayne Richards

Finance leaders are prioritizing efficiency and digital transformation, yet many hesitate to automate due to uncertainty. Without a clear understanding of its impact, organizations risk falling behind competitors who are leveraging automation to drive productivity and cost savings. Join Wayne Richards and Danny Gassaway from AvidXchange for a practical guide on bringing accounts payable (AP) automation to your organization.

article thumbnail

Why 2024 will be the year of generative AI for investment accounting

Accounting Today

While it initially garnered attention for its creative applications in content and image generation, the true potential of generative AI lies in its ability to unlock new ways of thinking in the business world.

Account 130
article thumbnail

2023 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

RogerRossmeisl

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have businesses in federally declared disaster areas.

Tax 226

More Trending

article thumbnail

Understanding the Latest Accounting Standards Update 2023-01 Leases: Common Control Arrangements

Withum

The subject of accounting standards is of utmost importance in the business world. With the ever-evolving nature of the global economy, it becomes imperative to align accounting practices and regulations with the changing needs of organizations. To this end, the Accounting Standards Update 2023-01 Leases (Topic 842): Common Control Arrangements offers valuable insights and guidelines for entities involved in such transactions.

article thumbnail

Art of Accounting: Problems with accounts receivable besides collecting them

Accounting Today

Delaying a payment or not paying an invoice and letting amounts pile up are a way for a client to give voice to a problem with your services without causing an immediate confrontation.

Account 131
article thumbnail

Elevating Your Accounting Practice: The Critical Role of a Value Committee

CPA Practice

Today, ensuring your firm delivers exceptional value and effectively captures that value through appropriate pricing is crucial. Traditional approaches to scoping and pricing jobs have often been fragmented and inconsistent. Partners and managers handle their own pricing on a client-by-client basis and often end up undercharging. The same client might get a quote from two offices for the same service priced drastically differently depending on who they call.

Account 115
article thumbnail

How To Qualify For Telecommunications Tax Exemptions

TaxConnex

At TaxConnex, we work with telecommunications service providers  of all sizes.  Many are existing MSPs (Managed Service Providers) or IT management companies that would like to expand their service offering and become “stickier” with their clients. They may have infrastructure in place to support the sales tax requirements of their existing business, but the telecommunications service presents a different set of issues.

Tax 264
article thumbnail

Fall In Love With the Month-End Close

It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.

article thumbnail

Plan Now for Year-End Gifts with the Gift Tax Annual Exclusion

RogerRossmeisl

The holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or gift tax. The exclusion amount for 2023 is $17,000. The exclusion covers gifts you make to each recipient each year.

Tax 271
article thumbnail

Private Equity Insights for Startup Founders from Gaurav Bhasin

BurklandAssociates

During our recent interview, Gaurav Bhasin shared valuable insights and tips for founders considering a private equity deal. The post Private Equity Insights for Startup Founders from Gaurav Bhasin appeared first on Burkland.

147
147
article thumbnail

AP automation best practices for 2024 and beyond.

Airbase

Implementing accounts payable best practices can help your organization reduce risk, save time and money, foster strong vendor relationships, and create a better spend culture. You can better identify the best AP automation solution for your organization by following accounts payable best practices. Table of Contents FirstHeading Finding a system to support accounts payable.

article thumbnail

The 20 worst states to be a property owner

Accounting Today

The five states with the highest real-estate taxes have an average rate of 2.17%.

article thumbnail

Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape

Speaker: Jennifer Hill

Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.

article thumbnail

Boost Your Financial Performance: Reports Your FP&A Team Needs

Acterys

In a rapidly changing business environment, companies turn to financial planning and analysis (‌FP&A) reports for a holistic understanding of business conditions and performance. For FP&A teams to be most effective, they need powerful, easy-to-use tools that help them quickly analyze data, create financial reports and distribute that information among stakeholders.

article thumbnail

Don't Forget Sales Tax When It Comes to Year-End Planning for Your Clients!

TaxConnex

October 15 th ended the last major income tax due dates in 2023. Most CPAs use the fourth quarter of the year for audit and tax planning for clients, strategic planning for the firm and of course, CPE. (Look out for our December webinar for an additional CPE credit!)  As you are contemplating your clients’ needs and identifying tax planning for them, don’t forget about sales tax planning as well.

Sales 263
article thumbnail

IRS Opens Clean Vehicle Tax Credit Tool to Auto Dealers

RogerRossmeisl

As reported via IR-2023-202 on 11/1/2023 IRS opens free Energy Credit Online tool for sellers of clean vehicles to register for time-of-sale reporting and dealer advance payments for the Clean Vehicle Credit The Internal Revenue Service announced today that sellers of clean vehicles can now register using the new IRS Energy Credits Online tool, available free from the IRS.

Tax 220
article thumbnail

Two Paths Forward: AI in Startup Finance

BurklandAssociates

Back office solutions and decision support solutions will both be natural beneficiaries of AI’s core promise. The post Two Paths Forward: AI in Startup Finance appeared first on Burkland.

Finance 130
article thumbnail

Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.

article thumbnail

S Corporation Tax Savings: Frequently Asked Questions

MyIRSRelief

S Corporations are a popular choice for many business owners due to their unique tax benefits. This article will answer some of the most frequently asked questions about S Corporation tax savings. What is an S Corporation? An S Corporation is a type of corporation that meets specific Internal Revenue Service (IRS) tax code requirements. The biggest feature of an S Corporation is that it provides its owners with limited liability protection, while allowing income and losses to be passed through t

article thumbnail

Art of Accounting: Managing strategic growth

Accounting Today

Strategic growth requires a plan, execution and something new to present to potential clients.

article thumbnail

How to Use Power BI With a HubSpot Data Warehouse

Acterys

HubSpot is an all-in-one marketing technology solution that provides software, tools and other resources to support vital business functions, including sales, marketing and customer service. As businesses using HubSpot scale up and add technology, they find themselves needing to consolidate data sources and extract more value from existing systems. One way to do this is by using Power BI with a HubSpot data warehouse.

article thumbnail

5 Benefits of Sales and Use Tax Overpayment Reviews | TaxConnex

TaxConnex

Blog authored by Scott Schwertner, National Director of Sales and Use Tax for Invoke Tax Partners. With extensive experience in both the industry and sales tax consulting side, Invoke Tax Partners National Director of Sales and Use Tax, Scott Schwertner, knows how difficult it can be for businesses to get sales tax right on every transaction. It is common for businesses across the United States to pay sales tax and accrue use tax on purchases that are not taxable, resulting in an unnecessary hit

Sales 256
article thumbnail

Cash Flow Secrets Every Upskilled CPA Should Know

Speaker: Debra L. Robinson

CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.

article thumbnail

Individual Home Energy Tax Credits for 2023

RogerRossmeisl

Taxpayers who make home energy improvements in 2023 may be able to benefit from tax credits for a portion of the qualifying expenses. The credit amounts have been increased, and types of qualifying expenses were expanded, by the Inflation Reduction Act of 2022. This post is intended to assist taxpayers in comparing the tax credits available for making energy home improvements.

Tax 207
article thumbnail

State Sales Tax Liability Continues to Evolve for US Startups

BurklandAssociates

As of 2023, all states have enacted economic nexus legislation. Every business must understand state requirements and evaluate the tax implications. The post State Sales Tax Liability Continues to Evolve for US Startups appeared first on Burkland.

Sales 130
article thumbnail

Rumor: There Might Be a Big Merger in the Works For FORVIS

Going Concern

Fresh off the rumor mill via the tip box: Forvis, in its laughable quest for global domination (WE DONT WANT TO BE THE BIG 4), is going to announce another merger/acquisition this week, presumably to leapfrog GT and BDO in the Americas or establish significant footing overseas. FORV/S (ugh why’d I type that) currently sits at #8 on the IPA Top 100 with $1.7 billion in revenue.

Missouri 130
article thumbnail

CFOs should embrace digital transformation or risk irrelevance

Accounting Today

In an ever-shifting global landscape full of economic uncertainties, the traditional role of chief financial officers is undergoing a seismic evolution.

article thumbnail

Profit in the Details: Rethinking Spend for Monumental Impact

Speaker: Aaron Berson

Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g

article thumbnail

How to Use Power BI With a HubSpot Data Warehouse

Acterys

HubSpot is an all-in-one marketing technology solution that provides software, tools and other resources to support vital business functions, including sales, marketing and customer service. As businesses using HubSpot scale up and add technology, they find themselves needing to consolidate data sources and extract more value from existing systems. One way to do this is by using Power BI with a HubSpot data warehouse.

article thumbnail

5 Situations CPAs Need to Watch for in Managing Their Clients' Sales & Use Tax Risk | TaxConnex

TaxConnex

In the world of accounting and tax, CPAs, accounting firms, and advisory firms play a vital role in helping individuals and businesses manage their finances and stay within the rules. But one tricky area that often causes headaches is sales and use tax. Whether you’re managing sales and use tax for your clients or not, you've most likely come across situations where your clients want to sell their businesses, secure outside capital, or ensure they’re not at risk from previous exposure.

cpas 147
article thumbnail

Investment Swings: What’s the Tax Impact?

RogerRossmeisl

If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year-end when the final results of your trades will reveal your 2023 tax situation. Here’s what you need to know to avoid tax surprises. Tax-favored retirement accounts and taxable accounts If you’ve had wild swings in the value of investments held in a tax-favored 401(k), traditional IRA, Roth IRA or self-employed SEP account, there’s no

Tax 204
article thumbnail

The major benefits of AP Automation.

Airbase

Accounts payable (AP) refers to the series of steps that companies take to pay their bills. It requires the safe handling and recording of funds transferring from the company’s bank account to suppliers and vendors. Automation replaces the manual accounts payable process with software that can make everyone more efficient and lead to cost savings.

article thumbnail

Navigating Bleisure Travel: A Guide for Mid-Sized Companies

Bleisure travel — where employees combine work and leisure — has been around since the advent of corporate travel and is here to stay. Successful bleisure policies strike a balance between employee preferences and company goals — workers report a 64% improvement in work-life balance, while companies benefit from reduced travel costs and increased workforce innovation.