IRS makes more progress on tax return backlog
Accounting Today
JUNE 21, 2022
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Accountants as Advisors – and the Elephants in the Room!
PANALITIX
JUNE 22, 2022
RESOURCES / ARTICLES. Accountants as Advisors– and the Elephants in the Room! How do Accountants sell more advisory services? This is a question we get asked a lot… and the answer can be more complicated than it appears. For starters, WHY would Accountants WANT TO sell more advisory services? There could be good reasons like: They find advisory work fun and rewarding, perhaps because they get to work more deeply with clients who value their support.
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Four Things Startup Founders Should Do Now to Prepare for a Downturn
BurklandAssociates
JUNE 21, 2022
As noted in my May email, we recommend taking action from the downturn playbook now. In today’s article, I’ll share four things startup founders should do to prepare for a Read More. The post Four Things Startup Founders Should Do Now to Prepare for a Downturn appeared first on Burkland.
Four years since Wayfair: A trend takes hold
TaxConnex
JUNE 21, 2022
What a 48 months it’s been. The Supreme Court Wayfair decision four years ago gave tax jurisdictions the sudden power to require countless companies to collect and remit sales tax. Those governments jumped the on chance for such big revenue – and continue to do so. In many respects, Wayfair also opened the path to levying additional kinds of tax obligations on businesses that sell online as eCommerce becomes more and popular.
How Small Businesses Can Use Artificial Intelligence
VetCPA
JUNE 19, 2022
Science fiction movies and books may portray artificial intelligence as a human-like giant brain with thousands of wires coming from it that control whole cities and their populations. The reality today is that artificial intelligence is unobtrusive, everywhere, and we are interacting with it multiple times daily without always recognizing that we are.
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Partners Stand to Make Millions (Maybe) If EY Breaks Up
Going Concern
JUNE 21, 2022
The big hurdle in EY’s plan to split audit and consulting lies in whether or not its partners want to take the risk per earlier Wall Street Journal coverage in which people familiar with the matter told WSJ its roughly 12,000 partners will need to vote to approve the spinoff. Well according to this it probably won’t be too hard to get partners on board.
13 Accounting Influencers You Might Not Be Following | Canopy
Canopy Accounting
JUNE 21, 2022
These days, social media is a necessity in today's business world. It's a place to make connections, network and keep a pulse on your industry. Search algorithms have become more sophisticated over the years and content across social channels continues to be curated towards users’ specific interests and needs. Social media is a powerful source of industry information if you’re engaging with the right accounts.
I Sold My Small Business Stock After 4½ Years – Can I Qualify for the QSBS Exclusion?
Withum
JUNE 22, 2022
I receive at least 5 calls per year with some variation of this question. The callers are asking about the exclusion for capital gain on the sale of qualified small business stock (QSBS). By the time they reach me, the callers have already spoken with their local tax advisors and/or looked on the internet, and they know there is a 5-year holding period in order to qualify for the QSBS exclusion in section 1202.
Fall In Love With the Month-End Close
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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.
KPMG CEO Pats His Firm on the Back For Being So Behind the Times, Roasts EY While He Does It
Going Concern
JUNE 24, 2022
Sky News has obtained part of an internal memo KPMG Global Chairman and CEO Bill Thomas sent to firm partners earlier this month in which Mr. Thomas turns his nose up at EY’s plan to split consulting and audit practices. Some choice quotes from the memo: We are a partnership that has been strong and growing in some countries for over 150 years.
Taxpayers with Balances Due Have Been Put on Notice By the IRS
CPA Practice
JUNE 20, 2022
The IRS has begun mailing out CP14 notices to millions of taxpayers who have a balance of $5 or more in unpaid taxes, kindly reminding them that the federal government would like its money.
A Letter to a Dear Friend About His Lack of a Current Will
Withum
JUNE 22, 2022
About three years ago, a dear friend asked me for a checklist that he and his wife could fill out before they go to an attorney to get new wills and related documents. I saw him a few days ago and mentioned whether he ever got his wills done, and he sheepishly said he hadn’t. I dropped the matter. . I am using this blog to call his attention to the importance of getting it done and will be sending a link to him and his wife.
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.
Being Home During Lockdown Shifted Accountants’ Priorities, Says Lady
Going Concern
JUNE 24, 2022
Kristy Illuzzi, CPA, CGMA of International Federation of Accountants (IFAC) on why the Great Resignation is affecting the profession so acutely : I think the Great Resignation is interesting in that it has impacted almost every sector of our economy and every profession in some way, and it’s no different in the accounting industry. I think a lot of people during 2020, 2021, when we were on lockdown, we started doing things very differently.
The next step in our journey towards a unified client record
Xero
JUNE 21, 2022
If you’re an accountant or bookkeeper, you’ll know that having consistent information across your practice management tools is vital. That’s why we’re working hard to create a unified client record across Xero Practice Manager (XPM), Xero Tax, and Xero HQ. This will reduce double handling of data and give you confidence in the accuracy of your records, so you can become more efficient in your day-to-day work.
Bullet-Proof Your Accounts Payable with 3-Way Matching
xendoo
JUNE 22, 2022
The process of 3-way matching in accounts payable protects your business against incorrect or fraudulent invoices. It mitigates risks in your company’s spending by making sure you don’t overpay for services or fall for counterfeit invoices. It may sound like no one would fall for invoice fraud—when a scammer pretends to be a business partner or vendor and sends a company an invoice for services that they didn’t actually deliver.
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.
EY Throws a Fit When Your Job Circumstances Change
Going Concern
JUNE 23, 2022
I got an offer in a corporate role and turned in my two week notice at EY. Everything was fine: HR treated me well and wished me luck in the next chapter of my career. However, on my LAST DAY at EY, the new company rescinded their offer for reasons that I won’t get into here but were ridiculous (even the third-party recruiter agreed it was ridiculous).
Four ways to build a fighting fit practice in FY23
Xero
JUNE 22, 2022
The world of advisory has undoubtedly changed over recent years. Since the pandemic’s arrival, many practices have had no choice but to adapt to an environment where uncertainty is the new norm. And despite some persistent challenges – such as hiring staff and rapid regulatory changes – this evolution has also brought about countless chances to grow, connect and innovate. .
Tax Strategies for Selling an S Corporation: Failing the §302 Stock Sale Tests
CTP
JUNE 24, 2022
As a tax planner, when a client approaches you about selling their S corporation, one of the first questions to ask is whether they are selling the stock or the assets of the business. What is the difference from a tax perspective? An asset sale requires you to allocate the assets into different classes, which then determines your tax liabilities or deductions.
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.
“The digital future is already here. It’s way past time to fully adopt the cloud”
Reckon
JUNE 23, 2022
Once upon a time the cloud was new and strange, and you could exceed in business without paying it any mind. That time has long since passed. With the ATO embracing digital record keeping and compliance methods, it’s only a matter of time before we see a wholly digital business ecosystem. However, focusing merely on compliance is an incomplete view of the march toward the cloud, as the business opportunities and simplicity inherent in integrated cloud solutions are tantalising and inescapable.
QuickBooks Bank Feeds Enhancements
Intuitive Accountant
JUNE 23, 2022
QuickBooks Online Bank Feeds now import available check images and make them available in Accountant View or Business View.
HHS Announces New Version of Security Risk Assessment Tool to Help With HIPAA Security Rule Compliance
ThomsonReuters
JUNE 23, 2022
Security Risk Assessment Tool; Security Risk Assessment Tool v3.3 User Guide (May 5, 2022). Webpage. User Guide. HHS’s Office of the National Coordinator for Health Information Technology, in collaboration with its Office for Civil Rights, has announced an updated version of the interactive Security Risk Assessment (SRA) Tool. The SRA Tool, first developed in 2014 (see our Checkpoint article ), is designed to help healthcare providers conduct a security risk assessment as required by the HIPAA
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
Selling an S Corporation: Using a Stock Redemption for Tax Benefits
CTP
JUNE 24, 2022
As part of the tax planning process, business owners looking to sell their S corporation first need to establish whether they are selling the stock or the assets of the business. What is the difference from a tax perspective? An asset sale will involve assigning each business asset to an asset “class,” which then determines your tax liabilities or deductions.
Theresa Richardson Named 2022 Women Worth Watching Award Winner
Withum
JUNE 22, 2022
Withum is proud to share that Profiles in Diversity Journal named Theresa Richardson , Chief Talent Officer, a 2022 Women Worth Watching Award Winner. Theresa was acknowledged for her work with Withum’s Inclusion and Diversity initiatives, specifically with the Team Member Resource Groups and expanding the Firm’s team member benefits. She is a co-leader of Women of Withum , a Team Member Resource Group whose mission is to motivate, advocate and elevate women professionals with the tools they nee
Must a Health Plan’s TPA Honor a Provider’s Request to Use HIPAA Electronic Transaction Standards?
ThomsonReuters
JUNE 23, 2022
QUESTION: We are a TPA that administers claims for self-insured group health plans. If a health care provider asks us, acting on a health plan client’s behalf, to reimburse the provider for health care services using HIPAA’s electronic transaction standards, are we obligated to honor the request? ANSWER: If a health care provider requests that a health plan conduct a transaction subject to HIPAA’s electronic transaction standards as a standard transaction, then the health plan must do so.
Navigating Bleisure Travel: A Guide for Mid-Sized Companies
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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.
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