MyIRSRelief

JULY 3, 2023

ERC IRS Audit Representation: Your Comprehensive FAQ Guide The Employee Retention Credit (ERC) has been a lifeline for many businesses during challenging times, providing substantial relief. However, with the IRS actively scrutinizing ERC claims, it’s crucial for businesses to understand their rights and options when facing an audit. In this FAQ article, we dive into the intricacies of ERC IRS audit representation , answering common questions and shedding light on the audit process, rights

audit 130

audit North Carolina Oklahoma Ohio 130

CPA Practice

JULY 3, 2023

By Kiplinger Consumer News Service (via TNS). The IRS has made significant progress processing its backlog of most tax returns and has cut telephone hold times, according to the Taxpayer Advocate Service (TAS). But other IRS services are still lacking. A review of the 2023 filing season identified the shortfalls. “The taxpayer experience vastly improved during the 2023 filing season.

tax return 108

tax return Tax Washington California 108

GrowthForceBlog

JULY 6, 2023

7 min read Business owners know that maintaining financial records is necessary for generating financial reports, budgeting, making payroll, and keeping up with the general requirements of operating a business. Key Takeaways How Long to Save Your Company's Financial Records: As a general rule of thumb, though, most businesses hold onto their financial records for seven years and their employee records for 10 years… Digitize Your Records: Office space is limited, secure storage is expensive, and

bookkeeping 75

bookkeeping accounting software payroll management accounts 75

Accounting Today

JULY 3, 2023

The Internal Revenue Service is cautioning taxpayers to beware of a new scam in which fraudsters are sending out cardboard envelopes from a delivery service asking for personal info.

Tax 130

Tax 130

Speaker: Amanda Adams, Fractional CFO, CPA

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Amanda Adams, 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.

Account

ThomsonReuters

JULY 6, 2023

If you are an accounting professional who has been contemplating a change in career path, you’re not alone. Accountants have the knowledge and experience necessary to work as trusted advisors to the public or within a company, so your certification qualifies you for a variety of career paths. From financial planner to investment banker to business analyst, there are many roles to consider if you find yourself looking for something new.

accountant 98

accountant Account accounted accounting and finance 98

TaxConnex

JULY 6, 2023

In part 1, we looked at the mounting financial costs of maintaining sales tax compliance with the thousands of tax jurisdictions nationwide. Now let’s look at how some companies have tried to game the system – and what to do so you don’t have to run that risk. Rolling the dice What have companies done to avoid complying with sales tax regs where they have economic or physical nexus?

auditor 130

auditor audit Sales Tax 130

ThomsonReuters

JULY 6, 2023

If you’re a leader within an accounting firm, you’ve likely heard of advisory services and their lucrative impact. This trend is picking up pace as traditional accounting firms seek more strategic and meaningful work that goes beyond just tax returns. Offering your clients proactive advice through accounting advisory services is especially important as the regulatory and legislative landscape continues to become increasingly complex.

accountant 98

accountant Account accounted tax return 98

CPA Practice

JULY 6, 2023

By Alexandra Francel, EA, MST. Whether it’s summer or any other time of the year when you feel as if you just have to get away, there’s a big question on the minds of employers and business owners. Can I mix my business travel and a vacation, and if so, am I allowed to deduct those expenses? Good news: Yes, it may be possible. With proper planning and recordkeeping, business expenses may be deducted, as long as certain requirements are met.

Entertainment 98

Entertainment Transportation Maine Tax 98

Anders CPA

JULY 5, 2023

In 2024, the IRS will launch a pilot test of its free, direct e-file system for individual tax returns. This would be the first time the IRS offers direct electronic filing, rather than having the filing administrated through a third-party. This comes as more taxpayers than ever have turned to e-filing software. The pilot program has sparked interest in taxpayers as shown by a poll conducted by the IRS, but there is still much to learn about this new program.

tax return 52

tax return CPA Tax accountant 52

BurklandAssociates

JULY 6, 2023

Essential onboarding activities should be concentrated in the first month and quarter, and gradually taper off over the next twelve months. The post Employee Onboarding Roadmap for Startups appeared first on Burkland.

130

130

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.

Account

Going Concern

JULY 3, 2023

We had to go way back in the archive for this image. In a LinkedIn post on Friday , Becker superinstructor and the man single-handedly propping up the coffee shop industry Peter Olinto announced that he is leaving Becker. “I am NOT RETIRING!!” he said in a follow-up comment. He writes: Hello LinkedIn connections and current/former students.

CPA 128

CPA Sales 128

CPA Practice

JULY 5, 2023

By Mia Gindis, Bloomberg News (TNS) A recent study of students attending four-year colleges and universities in 2022 found that two-thirds of the graduating male respondents received paid internships compared to less than half of women, despite women representing 70% of the 2,140 seniors surveyed. The research, conducted by the National Association of Colleges and Employers, is in line with other findings from previous years, suggesting that undergraduate work experiences might set the stage for

Non-Profits 130

Non-Profits Massachusetts audit Start-ups 130

Insightful Accountant

JULY 2, 2023

Effective Aug. 1, 2023, the noted thought leader will take the reins of the North American independent membership association of leading mid-market technology professionals, consultants and product/service providers.

Technology 111

Technology 111

Accounting Today

JULY 5, 2023

CPA firms have been recruiting more people without accounting degrees and backgrounds as a way to fill their open jobs while expanding diversity in their workforce.

accounting firms 114

accounting firms accounting degree cpa firm accountant 114

Advertisement

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.

financial statements

Going Concern

JULY 7, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. See ya. Talent Dear Recent Grads: Accounting is Cooler Than You Think [ LinkedIn ] A tipster sent in this recent LinkedIn post by CBIZ president Chris Spurio, calling it “tone deaf” and “dishonest.” Added

audit 106

audit accountant Account accounted 106

CPA Practice

JULY 6, 2023

Private sector employment increased by 497,000 jobs in June and annual pay was up 6.4 percent year-over-year, according to the June ADP National Employment Report produced by the ADP Research Institute in collaboration with the Stanford Digital Economy Lab. The jobs report and pay insights use ADP’s fine-grained anonymized and aggregated payroll data of over 25 million U.S. employees to provide a representative picture of the labor market.

Hospitality 119

Hospitality Transportation Construction Manufacturing 119

Insightful Accountant

JULY 5, 2023

In this second part of Murph's mini-series on "clues to Top 100 from 2023 Aware Recipients', he provides valuable insight into how maximized 'App engagement' is the key to scoring in many different award categories.

104

104

Accounting Today

JULY 6, 2023

The firm reports a substantial revenue increase to $2.82 billion as it transitions from a partnership to a professional service corporation.

accounting firms 119

accounting firms accountant accounted Account 119

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

Sales

Going Concern

JULY 6, 2023

When PwC Australia CEO Tom Seymour stepped down in May after it was confirmed he’d received tainted emails containing confidential government tax intel leaked by former partner Peter Collins, it seems the firm hoped sacrificing him was enough to settle the matter and move on. Spoiler: it was not. While us Yanks were picking up hot dog buns and fireworks in preparation for the 4th, PwC Australia was pushing out a press release to announce eight partners connected to the tax scandal were on

Tax 105

Tax corporation tax Government Legal 105

CPA Practice

JULY 5, 2023

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) There’s a new IRS scam to watch out for. Some people are receiving cardboard envelopes in the mail containing the IRS masthead and the wording: “in relation to your unclaimed refund.” Monday, the agency warned that the mailings are a scam to trick taxpayers into providing sensitive information to thieves.

Tax 119

Tax tax return income tax Washington 119

Insightful Accountant

JULY 4, 2023

If your QBO Company-file is less than 60 days old, you can simply purge all the data from it and start over. Otherwise, you must cancel your subscription and start a new one.

quickbooks 103

quickbooks 103

Withum

JULY 6, 2023

Withum is proud to share that the Los Angeles Business Journal has named Kim Ravenell as a finalist for their Mentor of the Year award as part of their annual Women’s Symposium. Kim is a Tax Partner in Withum’s Encino office with over 25 years of experience providing tax planning and compliance services for high-net-worth individuals and closely held businesses of all sizes.

tax planning 98

tax planning Tax 98

Advertisement

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.

Going Concern

JULY 7, 2023

While we’re on the topic of the CPA exam, this is your eleventy billionth reminder to sit for BEC before the CPA Evolution disciplines replace it in 2024. If you have passing credit for BEC before 2024 hits then you don’t have to worry about choosing one of the new disciplines assuming you pass the other sections before that credit expires.

cpas 98

cpas CPA New Jersey Education 98

CPA Practice

JULY 6, 2023

By Jenna Anderson, Inc. (TNS). Despite concerns about inflation and interest rates, small business owners were more optimistic about the national economic outlook in the second quarter of 2023, according to a recent survey. The latest Small Business Index , a survey of small businesses from MetLife and the U.S. Chamber of Commerce, shows an increase in overall confidence from 60 to 63.1 since the first quarter of the year.

113

113

ThomsonReuters

JULY 6, 2023

If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. Whether it’s advising on residential energy tax credits or restructuring a partnership, your knowledge and expertise beyond the tax return are valuable. That’s why many accountants are embracing the profitable shift to tax advisory services.

Tax 98

Tax tax return income tax audit 98

Withum

JULY 6, 2023

Withum is proud to share that Stephanie Mansour was honored by Providence Business News on its 2023 40 Under 40 List. Stephanie is a Senior Manager of audit and accounting, specializing in manufacturing and distribution, not-for-profit, healthcare, and employee benefit plans. She has a talent for strategic thinking, an ability that allows her to identify areas of business risk and perform in-depth internal control testing and analysis for clients.

Rhode Island 98

Rhode Island Healthcare Manufacturing audit 98

Speaker: Mark Stovel

When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.

Going Concern

JULY 6, 2023

Unbothered with American federal holidays, EY UK announced on Tuesday (July 4) that the firm has appointed 267 new partners, marking a 10 percent increase and bringing the total EY partner population in the UK to 1683 from 1553 the year prior. These figures include those moving from non-equity partner to equity partner. More than 60 percent (161) are internal promotions and 106 are external hires.

audit 98

audit Technology 98

CPA Practice

JULY 6, 2023

By Lindsay N. Graves, Esq., Kiplinger Consumer News Service (TNS) In March, the IRS issued Revenue Ruling 2023-2 , which had a substantial impact on estate planning, particularly where an irrevocable trust is involved. In the last decade or so, more families have begun utilizing irrevocable trusts to protect their assets from spend-down in order to qualify for government benefits, such as Medicaid and VA Aid and Attendance.

Tax 111

Tax Washington Legal Government 111

ThomsonReuters

JULY 6, 2023

As accounting firms look to differentiate themselves from the competition, one trend is leading the way: business advisory. From advising on mergers and acquisitions to specializing in accounting and advisory in your clients’ specific industry, there are many ways to take advantage of this unique opportunity. What are business advisory services? Business advisory services capitalize on the unique insight of accounting firms to make a profitable shift from serving clients as a once-a-year tax com

accounting firms 98

accounting firms accountant Account accounted 98

Withum

JULY 5, 2023

Withum is proud to share that four partners, including Managing Partner and CEO Pat Walsh, were named to the 2023 Edition of NJBIZ’s Accounting Power 50 List. In the Number 7 spot, Pat Walsh is praised for his experience and seamless transition to CEO earlier this year. The publication also noted his extensive philanthropic initiatives, noting his trustee position at the Boys and Girls Club of Newark and his leadership position on the council for his local Habitat for Humanity chapters.

accountant 98

accountant Account accounted Technology 98

Advertisement

With automation, you’ll reduce errors and save valuable time, allowing you to focus on what really matters: strategic analysis and insightful decision-making. Picture accurate financial reports ready at your fingertips, giving you the confidence to tackle business challenges head-on. Embracing automation not only boosts productivity but also elevates your role from number cruncher to closing rockstar.