TaxConnex
MAY 24, 2022
Taxable sales of products direct to end users has been a staple of business for ages. One relatively new development is the complex overlay of sales tax on these transactions. Add internet sales to the mix and you’ve got sales tax obligations sprouting up these days more than ever. Nearly half the attendees of a recent TaxConnex webinar on multi-channel selling use direct/retail eCommerce as their main avenue of sales.
RogerRossmeisl
MAY 23, 2022
Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may provide tax advantages over C corporations, there are some potentially costly tax issues that you should assess before making a decision to switch. Here’s a quick rundown of the most important issues to consider when converting from a C corporation to an S corporation: Built-in gains tax Although S corporations generally aren’t subject to tax, those
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BurklandAssociates
MAY 24, 2022
Burkland’s Managing Director, Tax Practice, Ardy Esmaeili, CPA contributed an article to TechCrunch this month; Starting up remotely? Keep these labor laws and tax guidelines in mind. Our team has Read More. The post Our New TechCrunch Article on Remote Work Laws & Tax Guidelines for Startups appeared first on Burkland.
Accountant Advocate Submitted Articles
MAY 24, 2022
Decreasing MSP profits may be due to technical debt which can be resolved by improving service delivery and eliminating costly clients.
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.
TaxConnex
MAY 26, 2022
Sales of tangible personal property (TPP) are presumed to be taxable unless specifically identified as not taxable. However, certain exemptions could apply making the sale of TPP exempt from sales tax in some situations. An exemption could be related to the type of business that is buying the TPP – a non-profit or government entity in certain states for example.
RogerRossmeisl
MAY 23, 2022
When criminals steal an individual’s identity, the victim can take steps to minimize potential damage by, for example, notifying credit agencies and freezing bank accounts. But what happens if a cybercrook steals a company’s identity and uses it to engage in fraud? This situation can be more complicated — and expensive — to resolve. Fraudsters who use your business’s digital assets for their benefit are known as brandjackers.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Going Concern
MAY 25, 2022
One thing I have learned since finding out about the IRS and the FBI conducting a court-ordered raid of Alliantgroup’s Houston offices last Friday morning is that there are A LOT of horror stories from ex-Ag employees about their experience working at the management and tax consulting firm. If you have the time, check out these threads, posted after the raid went down, on Fishbowl , r/Houston , and from a former Alliantgroup employee on Twitter.
Xero
MAY 25, 2022
We know that mental wellbeing is vitally important, but for small business owners, striking a balance between work and mental health can feel almost impossible. . The past two years in particular have thrown up a previously unseen level of disruption and turmoil for small businesses. From the pandemic, to soaring inflation and energy prices, it’s no surprise that finding the time to invest in mental wellbeing is proving challenging. .
RogerRossmeisl
MAY 23, 2022
The tax filing deadline for 2021 has passed. Now that your tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations: 1. You can throw some tax records away now You should hang onto tax records related to your return for as long as the IRS can audit your return or assess additional taxes.
Withum
MAY 26, 2022
Stock market volatility has become a daily reality. Why, how and whether you invest in the stock market is your business. What I usually try to do is provide some information on suggested ways to consider stock market investing, and that is what I will be doing now. There are many things that affect the value of stocks — too many to sensibly grasp and use to determine what stocks to buy, so I suggest simplifying your decisions by investing through mutual funds.
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.
Going Concern
MAY 26, 2022
As public accountants pull the ripcord and bail out from their firms in droves for the greener grass of industry, government, and even the blissful quiet of unemployment so they can figure out what they really want to do with their lives there’s a lot of talk about the abandoned workloads being dumped on the fools loyal grunts who remain. Associates are doing senior work, seniors are involuntarily impersonating managers without manager pay , blah blah, none of this is news to any of you.
Ryan Lazanis
MAY 26, 2022
In this podcast episode, I shared my #1 strategy to combat scope creep and tips on how you can create a system to eliminate it in your firm. Listen below. 1:08 – Scope creep can cause disagreements with clients if you try to charge for out-of-scope work. 1: 30 – To eliminate scope creep, you should define the boundaries of your deliverables and ensure that your client understands them. 2:00 – A well-defined scope becomes extremely important because it helps protect the profitab
Snyder
MAY 27, 2022
When starting a business, all the paperwork and accounting may seem daunting. You have to analyze every step and decision you’ve made to plan where you want to be in the future and what you need to do right now. To achieve your goals, you’ll need to prepare numerous reports, establish, evaluate, and strengthen external partnerships that generate new growth, create a strategic mapping to increase confidence in your actions, and the list goes on!
Withum
MAY 27, 2022
Withum is proud to share that Jim Hannan , Partner and Practice Leader for Manufacturing, Distribution & Logistics , was recognized by ROI-NJ as a top influencer for 2022. Jim has over 30 years of experience in the industry, specializing in public offerings, SEC filings, international financial reporting standards and mergers and acquisitions. He oversees the MD&L Group at the Firm and has additional industry expertise in Wholesale Distribution Services , Life Sciences and Cannabis Secto
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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.
Anders CPA
MAY 24, 2022
A Missouri bill, HB 2400, could affect businesses across the state with several provisions impacting the R&D tax credit, Missouri Works program, the State and Local Tax Parity Act and more. The bill was recently voted on and now heads to Governor Parson’s desk for signature. New Missouri R&D Tax Credit. While Missouri offers a sales tax exemption for research and development (R&D) purchases made within the state, Missouri has been without a state R&D tax credit since the program
Ryan Lazanis
MAY 24, 2022
You may be wondering if social media for accountants is a good marketing tool for your firm. The answer is yes! There are many reasons why accountants should use social media to market their firms. In this blog post, I will discuss the seven reasons why having a social media presence is important. I will also give you 11 tips on how to use social media for your accounting firm’s marketing efforts.
Intuitive Accountant
MAY 23, 2022
Our latest monthly Q&A Series with Paychex’s Frank Fiorille of the 'Paychex | IHS Markit Small Business Employment Watch' shows how wage gains are continuing for workers of US small businesses in April.
Withum
MAY 24, 2022
If you’re an investor in cryptocurrency, you understand the current market has not been friendly. Most cryptocurrencies are currently down over 50% from their all-time highs. The term diamond handing is the belief that one should hold onto an asset that is currently losing value – and gets thrown around a lot during bear and bull markets. It is important to understand the current cryptocurrency rules that can provide a tax advantage to those who wish to continually hold their assets.
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
Basis 365
MAY 25, 2022
It can be hard to let go of any aspect of your business, especially if it is a small business that you have grown. Even accounting can be complicated because it is not one of the most exciting aspects of owning a business. In addition, it can feel like you are losing control of the numbers. Is it better to outsource accounting? What are the benefits?
Inform Accounting
MAY 24, 2022
New emails and letters appearing to be from employees of the Government Legal Department / Bona Vacantia Division are in circulation. Emails are being sent from bogus email addresses purporting to be from members of the Bona Vacantia Division. These emails are not from the @governmentlegal.gov.uk address and may ask for confirmation of personal information or provide false links or download attachments.
Canopy Accounting
MAY 23, 2022
Tax preparers who deal with estate taxes and trusts are no doubt familiar with IRS Form 8855, Election to Treat a Qualified Revocable Trust as Part of an Estate. Using this form can be advantageous for some clients, while the disadvantages may prompt you to take a different direction for other clients. An understanding of Form 8855 can help you advise your clients on what will best meet their needs.
ThomsonReuters
MAY 26, 2022
Final Forms Revisions: Annual Information Return/Reports, 26 CFR Part 301; 29 CFR Part 2520; 29 CFR Part 4065, 87 Fed. Reg. 31133 (May 23, 2022). Available at [link]. The DOL, IRS, and PBGC have announced revisions to Forms 5500 and 5500-SF that apply to reporting for plan years beginning on or after January 1, 2022. The revisions finalize some of the changes proposed by the agencies in September 2021 (see our Checkpoint article ) to reflect Code and ERISA amendments made by the Setting Every
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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.
Intuitive Accountant
MAY 22, 2022
As people continue to return to office life, Basis 365 Accounting's Rhett Molitor examines what happens when calls for hybrid and remote options take hold.
Reckon
MAY 23, 2022
Well, there we have it folks, the nation spoke on Saturday and it spoke in a clear and resonant voice. We not only saw a convincing Labor win, with the party forming a majority government, we also saw a sizeable shift away from traditionally held Liberal seats toward both ‘teal’ independents and the Greens. For the past nine years, Australia has been governed by the Liberal/National coalition.
Accounting Insight
MAY 23, 2022
Two years of the pandemic disrupted how we work. It consolidated our digital dependence and showed many organisations their employees can work from anywhere there’s an internet connection. Undoubtedly working life has changed, but sadly many accountancy practices are finding it difficult or reluctant how to evolve. As such, some younger accountants are looking to join more modern, forward-thinking firms.
ThomsonReuters
MAY 26, 2022
IRS Notice 2022-28 (May 19, 2022). Available at [link]. The IRS has announced special tax relief for leave-based donation programs set up by employers to aid victims of the “further Russian invasion of Ukraine” that began on February 24, 2022. Under a leave-based donation program, an employer may permit its employees to give up their vacation, sick, or personal leave in exchange for cash payments by the employer to charitable organizations.
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.
Patriot Software
MAY 25, 2022
Here’s a number for you: 47.2%. That was the 2021 annual total separation rate (aka the number of total separations as a percent of annual average employment). And here’s one more number for you: 4,258,000. That’s the number of employees who quit their jobs in January 2022. Quits are happening in businesses nationwide like there’s […] READ MORE.
Reckon
MAY 23, 2022
Understanding how and where your super is invested has become an increasingly pivotal concern for Australian super holders. But what does the increased interest in environmentally conscious and ethically sound superannuation mean for Australian business owners? We share what we know…. What is ethical super? Great question. As the concept of ethical super is relatively new, no standard definition for ‘ethical super’ exists, but the implications are clear.
Xero
MAY 24, 2022
Sending a quote is often the first digital interaction you have with a potential customer, so it’s important to make the right impression. We’ve made it easy in Xero – you can create a beautiful online quote in minutes, get customers to accept it on the spot, and quickly convert it into an invoice. To continue improving your experience, we’re introducing an exciting new feature and fresh design to quotes in Xero.
ThomsonReuters
MAY 26, 2022
Kairys v. S. Pines Trucking, Inc., 2022 WL 969595 (3d Cir. 2022). A former employee brought an employment discrimination case contending, among other things, that he was terminated in retaliation for his large medical expense claims and anticipated future use of his employer’s self-insured health plan. He argued that his employer violated ERISA § 510, which makes it unlawful to discharge, fine, suspend, expel, discipline, or discriminate against a participant for exercising a right to which he i
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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.
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