Accounting Today

JULY 18, 2023

The Internal Revenue Service wants practitioners, particularly in smaller tax practices, to use a new template to create a data security plan.

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BurklandAssociates

JULY 18, 2023

Mitigate the risk of fraud and embezzlement at your startup with these easy to implement financial controls. The post Key Financial Controls for Startups appeared first on Burkland.

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TaxConnex

JULY 18, 2023

We hear a lot about nexus and various thresholds but not as much as about tax situs. The situs is the location in which a taxing event occurs. It’s easy to determine when the entire transaction occurs at the point-of-sale but is more difficult when the transaction involves numerous sites. In direct retail, for instance, situs can influence sales tax obligations depending on where the tangible personal property is shipped from in origin states or where it’s shipped to in destination states (learn

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Cherry Bekaert

JULY 17, 2023

Everyone is talking about artificial intelligence (AI) these days, but did you know that it has been around for years in back-office settings like IT and finance? However, with the boom created by ChatGPT and generative AI, we’re starting to see applications sprouting up for new front-office settings. In this episode of Cherry Bekaert’s Digital Journeys podcast, Hisham Nabi , Managing Director of Digital Advisory, and Rashaad Balbale , Senior Manager of Strategic Growth and Innovation, will di

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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.

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CPA Practice

JULY 19, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The IRS allocated some of its funding from the Inflation Reduction Act to tax enforcement, and tax-evading millionaires and billionaires are targets. The agency has already closed approximately 175 delinquent tax cases, resulting in a $38 million payday for the U.S. government. With billions of dollars of potential IRS funding on the line (some of which Republican lawmakers have clawed back ), the agency is motivated to continue tax co

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Accounting Today

JULY 17, 2023

Today's new partners will be tomorrow's leaders, just as yesterday's new partners are today's leaders.

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RogerRossmeisl

JULY 16, 2023

If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in order to claim deductions, you must meet certain requirements for out-of-town business travel within the United States. The rules apply if the business conducted reasonably requires an overnight stay. Note: Under the Tax Cuts and Jobs Act, employees can’t deduct their unreimbursed travel expenses on their own tax returns through 2025.

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Accounting Today

JULY 17, 2023

Despite the return to the office following the easing of the COVID pandemic, some accountants who work with nonprofit organizations are still working remotely as well.

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Mark Lee

JULY 18, 2023

‘How to deliver advisory services for maximum success’ is the sub-title of a superb new book for accountants that I read recently. I’ll share the author and title later in this post. Let’s just say that I wish I had written this book, as I am already recommending it to accountants, without reservation. In her introduction, the author asks if, like her, you are sick of hearing “compliance is dead” and that all accountants should move into advisory work?

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TaxConnex

JULY 20, 2023

Maintaining current, valid exemption certificates is critical in managing your overall sales tax risk. Under audit, an otherwise exempt sale will be deemed taxable without such documentation from a customer – and just a few missing certificates can result in large penalties and interest. Properly documenting exempt sales is a hassle and a pain, but it matters.

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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.

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RogerRossmeisl

JULY 16, 2023

You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million for 2023 (effectively $25.84 million if you’re married). However, if you have significant assets, you should consider establishing a living trust to avoid probate. Probate is a court-supervised legal process intended to make sure a deceased person’s assets are properly distributed.

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Airbase

JULY 19, 2023

For most unicorns, the average time from initial concept to the coveted $1B+ valuation is about seven years. Over that time, these companies go through many rapid stages of evolution. In this often chaotic push for growth, the prime focus is on obvious revenue drivers, like product development and creating a scaled go-to-market motion. Unless they are a hardware company, having an optimum procurement system is not a typical priority in those early growth stages.

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MyIRSRelief

JULY 17, 2023

Tax planning is a vital aspect of financial management, both for individuals and businesses. It involves a proactive approach to legally reduce tax liabilities by optimizing financial decisions throughout the year. In this comprehensive guide, we will explore various tax planning techniques and strategies that can empower you to keep more of your hard-earned money while staying in full compliance with the tax laws.

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Accounting Today

JULY 21, 2023

The Internal Revenue Service is seeing a surge of tax scams this summer hitting taxpayers via email and text messages touting tax refunds and quick fixes to their tax problems.

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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.

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RogerRossmeisl

JULY 16, 2023

If you’re considering buying a company, fraud may be the last thing on your mind. Unfortunately, you can’t afford to ignore the possibility that your acquisition target is hiding something — possibly something that will have negative financial and legal implications after the deal is complete. To ensure the transaction is what it appears to be, acquaint yourself with the issues and include a forensic accounting expert on your deal team.

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Canopy Accounting

JULY 21, 2023

As the accounting industry evolves rapidly, so do the demands on accountants. The relentless pressure to meet deadlines, manage financial complexities, and adapt to technological advancements often takes a toll on their work-life balance. Enduring that imbalance is what often can lead to burnout — which, to the surprise of no one in accounting, 99% of accountants suffer from burnout.

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CPA Practice

JULY 21, 2023

Siegel Solutions, a provider of outsourced accounting, and a QuickBooks Solutions Provider, has partnered with NE Paradigm, full-service marketing solutions team. NE Paradigm has been selected as the trusted marketing partner to further enhance Siegel Solutions’ brand presence and expand its reach in the market. By joining forces with NE Paradigm, Siegel Solutions aims to leverage their expertise in strategic marketing, digital advertising, content creation, and brand development.

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Withum

JULY 21, 2023

The IRS released a general legal advice memorandum, or GLAM, addressing the employee retention credit (ERC) and supply chain disruptions on July 20, 2023. The GLAM discusses five scenarios where taxpayers might qualify for the ERC on the basis of a supply chain disruption, and then it dismisses each of the claims in order. While the specific principles that can be distilled from the GLAM are discussed below, we believe it is telling that the IRS issued a pronouncement on supply chain disruptions

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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

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RogerRossmeisl

JULY 16, 2023

High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some ways you may be able to reduce its impact. Affected taxpayers The NIIT applies to you only if modified adjusted gross income (MAGI) exceeds: $250,000 for married taxpayers filing jointly and surviving spouses, $125,000 for married taxpayers filing separately, $200,000 for unmarried t

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Going Concern

JULY 21, 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. News Battle accountancy firm urges others to offer opportunities to Ukrainian professionals after successful placement [ SussexWorld via Yahoo!

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CPA Practice

JULY 21, 2023

By Angela Ruth, Kiplinger Consumer News Service (TNS) Small businesses have a huge economic impact in the United States. Today, they account for 99.9% of all companies , according to the U.S. Chamber of Commerce. As such, they’re major contributors to the economy. However, it’s not always easy to be a smaller player. When you’re the head of a small business, you’re constantly consumed by the need to steward your finances.

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Accounting Today

JULY 21, 2023

With increasing demands from regulators and investors to provide some form of sustainability reporting and climate-related disclosures, companies pursuing mergers and acquisitions need to vet their potential targets more closely.

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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.

Nancy McClelland, LLC

JULY 16, 2023

Nancy modeling at the Beehive In Bloom Fashion Show | photo by Zak Jacobson It’s not often I am described as either brilliant or insightful — so it’s a banner day when referred to as both. And what better day than today, the 22nd anniversary of starting my own accounting firm? To celebrate, I am delighted to share a recent interview with CanvasRebel , an online magazine and podcast that highlights voices of small business owners — in their words, “stories about our

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Going Concern

JULY 19, 2023

Hong Kong is suffering from “a serious talent shortage” according to an article today in South China Morning Post and The Hong Kong Association of Registered Public Interest Entity Auditors (PIEAA) says accounting firms should start looking overseas. Who knows, maybe they’ll find a hidden cache of accountants and auditors stashed away on North Sentinel Island.

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CPA Practice

JULY 20, 2023

A Top Technology Initiative Article. June 2023. With the spring conference season wrapping up, watching the frenzy around Artificial Intelligence (AI) and its applicability in the profession has been amazing. As noted in my April column , there are various innovative uses of AI and privacy risks for your client data. Recently, Google released its SAIF (Secure AI Framework) regulations based on six principles to enable the creation of high-quality, secure artificial intelligence.

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Accounting Today

JULY 18, 2023

A recent study said that the Great Recession caused not just economic pain but long term physical pain in certain individuals as well, an effect that persists well into the present day.

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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.

Canopy Accounting

JULY 18, 2023

With reports of data breaches appearing on the news more frequently than ever, companies across the country are seeking increased security measures to protect the highly sensitive private information of their clients.

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Going Concern

JULY 19, 2023

Milwaukee’s Wipfli — one of the only top 25 firms on Accounting Today’s 2023 Top 100 to have lost partners — announced on Monday it has entered into a merger agreement with Clayton & McKervey, the itty bitty Southfield, MI firm we mentioned in January for their partnership with Adrian College to help unlicensed staff pursue a master’s.

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CPA Practice

JULY 19, 2023

What are the tax consequences regarding a home sale if you and your spouse split up or divorce? The home sale exclusion remains one of the biggest and best tax breaks on the books. If a married couple filing jointly qualifies, they can exclude from tax up to a half million dollars of their profit when they sell their principal residence. However, you must meet certain requirements spelled out in the tax law.

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Accounting Seed

JULY 16, 2023

CRMIT Solutions, a certified Salesforce and Accounting Seed partner, was founded in 2003 as a Salesforce services company focused on digital transformation to deliver Customer 360. With over 1500 successful implementations under their belt, CRMIT specializes in Salesforce CRM (Customer Relationship Management), business insights, field transformations, and much more.

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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.