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.

Tax 98

Tax 98

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.

accountant 130

accountant accounted Account 130

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

Sales 130

Sales Tax Washington Retail 130

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

Start-ups 98

Start-ups Finance 98

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.

Finance

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

tax return 98

tax return audit Washington Tax 98

Accounting Today

JULY 17, 2023

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

Account 98

Account accounted accountant 98

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.

tax return 180

tax return CPA Tax business tax 180

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.

Account 97

Account accounted accountant Non-Profits 97

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?

tax return 40

tax return accounted Account accountant 40

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.

audit 130

audit Sales Tax auditor 130

Advertisement

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.

Technology

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.

Legal 210

Legal CPA Tax 210

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.

Legal 130

Legal audit Spend Management Finance 130

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.

tax planning 130

tax planning Tax income tax accounting and finance 130

Accounting Today

JULY 21, 2023

The CFO must play a crucial role in determining the strategy and tactics to automate and standardize key processes throughout the organization.

accounting and finance 98

accounting and finance Technology Finance Account 98

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.

payroll

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.

forensic accounting 170

forensic accounting financial statements Legal CPA 170

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.

Account 98

Account accountant accounted Technology 98

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.

quickbooks 98

quickbooks accounted Account accountant 98

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.

Tax 98

Tax 98

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.

Finance

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

income tax 151

income tax Tax CPA 151

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

auditor 98

auditor Legal audit Start-ups 98

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!

audit 98

audit Tax Manufacturing Government 98

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.

Washington 98

Washington accounting and finance Start-ups Finance 98

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.

CPA

Accounting Today

JULY 20, 2023

Recently appointed the president of the Information Technology Alliance, Geni Whitehouse wants to be a bridge between small and middle-market businesses.

Technology 98

Technology 98

Insightful Accountant

JULY 18, 2023

The newest email from Intuit QuickBooks is a Final Reminder to Become PCI Compliant Today. I have one and don't even have an active Payments Account.

quickbooks 98

quickbooks Account accountant accounted 98

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.

auditor 98

auditor Account accounted accountant 98

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.

Technology 98

Technology tax planning audit Start-ups 98

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

Spend Management

Accounting Today

JULY 20, 2023

Recent data says that companies spent significantly more on software over the past year, with finance departments' spending in particular seeing major spikes.

Finance 98

Finance Technology 98

Wellers Accounting

JULY 18, 2023

Tom Biggs answers the question, what is UK Inheritance Tax, and the potential strategies that can be implemented to help reduce this tax liability.

Tax 98

Tax Maine 98

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.

accounting firms 98

accounting firms Account accounted accountant 98

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.

Tax 98

Tax Legal Sales income tax 98

Advertisement

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.