Accounting Today

AUGUST 29, 2022

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accountant accounted Account 98

RogerRossmeisl

AUGUST 28, 2022

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. QBI deduction For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts and estates. But it’s not available to C corporations or their shareholders.

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Tax income tax CPA business tax 191

KROST

AUGUST 30, 2022

A Spousal Lifetime Access Trust (SLAT) is a trust established between spouses. Essentially, one spouse gives the other spouse assets in an amount that uses up the unused Federal Estate Tax Exemption. The trust of one spouse must be materially different from the trust of the other spouse. The reciprocal trust doctrine allows the IRS Read the full article.

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Tax 71

Summit CPA

AUGUST 31, 2022

When is the best time to fix the roof? Before the rain, right? Well, the same is true of your business. Your business needs a CFO before the figurative rain. And where do you look to check for rain? A forecast. That is exactly what a Virtual CFO (VCFO) provides to your business. Using advisory services and a forecast, they make sure your business can weather any storm.

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CPA accountant accounted Account 52

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

Ryan Lazanis

SEPTEMBER 1, 2022

As you grow and develop your own firm, mistakes will inevitably happen. That’s why in this podcast episode, I will share with you the 5 things I wish I would have done differently to help make your life easier during your firm-building journey. Listen Below. 0:55 – The first thing I would have done differently would have been to delegate more. 1:43 – So many firm owners I see are involved with all areas of the business when in actuality they can hire and delegate. 2:09 –

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Education accountant Account accounted 98

IgniteSpot

AUGUST 29, 2022

What Is a Virtual CFO? You’re probably familiar with the role of chief financial officer (CFO), but your company doesn’t have one. yet. CFOs are usually high-level business executives, commanding high salaries to match. But small- and medium-sized businesses like yours might not be ready for that. Virtual CFO services provide an alternative to in-house financial expertise as you continue to scale.

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TaxConnex

SEPTEMBER 1, 2022

This June marked 4 years since the landmark Supreme Court decision that launched economic nexus, South Dakota v. Wayfair, Inc et al , but many businesses are still trying to figure out how to manage sales tax obligations brought on by this decision. The following is a list of 3 things you need to know to get started in understanding your economic nexus footprint. 1.

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BurklandAssociates

AUGUST 30, 2022

The best fractional CFOs for startups are trusted partners, excellent collaborators and communicators, and add exponential value. The post 5 Qualities of the Best Fractional CFOs for Startups appeared first on Burkland.

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Snyder

AUGUST 29, 2022

Why is the Reconciliation feature so important? Reconciliation is the process of identifying and correcting accounting mistakes, omissions, or inconsistencies in financial records. It’s a process that every company must go through to ensure their books are balanced and accurate. Having an organized reconciliation system can save you time and money by reducing manual intervention and minimizing the risk of error.

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RogerRossmeisl

AUGUST 28, 2022

When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early withdrawals depending on how old you are when you take them and what you do with the money. Important: Once you reach a certain age, you must start taking required minimum distributions from your traditional IRAs to avoid a different tax penalty.

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Tax CPA 195

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

TaxConnex

AUGUST 30, 2022

Many tech companies consider themselves a service provider exempt from sales and use tax. But the 2018 Wayfair decision expanded the definition of nexus and and more of these businesses are now subject to sales and use tax collection, including on one of their product staples: apps. A mobile application, or app, is a program or software application to run on a mobile device.

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MyIRSRelief

SEPTEMBER 1, 2022

Although the 2022 Inflation Reduction Act (IRA) was touted as being a bill designed to reduce inflation, it carries with it considerably more baggage. In particular, the expansion of the IRS and it tax enforcement arm will result in more taxpayers seeking IRS audit & appeals help as it comes into effect starting next year. Understanding the expansion of the IRS and how it affects you will assist in reducing the chances that you will be audited.

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audit tax return Tax Education 130

Withum

AUGUST 30, 2022

On July 8, 2022, the IRS issued a simplified method for taxpayers to obtain an extension to make a portability election. This new publication, Rev. Proc. 2022-3,2022-1 IRB 144 , has superseded the 2017 publication, Rev. Proc. 2017-34,2017-26 IRB 1282. A portability election is an election that allows a surviving spouse to apply a deceased spouse’s unused exclusion, also known as their “DSUE” amount, to be transferred to the surviving spouse for any Federal estate and gift tax purposes during th

tax return 122

tax return Tax 122

RogerRossmeisl

AUGUST 28, 2022

The IRS has released a procedure (Rev Proc 2022-32) that provides a new, simplified method for obtaining an extension of time to make a “portability” election. A portability election allows a surviving spouse to apply a deceased spouse’s unused exclusion (DSUE) amount to their own transfers during life or at death. New simplified method The new procedure allows certain estates to use to obtain an extension of time to elect portability of a DSUE amount.

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tax return CPA Tax 178

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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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Intuitive Accountant

AUGUST 30, 2022

If you've ever listened to business radio very long, you most likely have heard ads for Patriot Payroll. Along with payroll and integration with QuickBooks and QuickBooks Time, it offers time-keeping and HR.

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payroll quickbooks 112

Patriot Software

AUGUST 31, 2022

If you want to pay an employee supplemental compensation, such as a bonus or a relocation payment, you must withhold payroll taxes just like with regular wages. But, what if you want an employee to receive a specific amount after taxes? That is when you gross-up payroll figures. And to do that, you need to […] READ MORE.

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payroll payroll tax Tax 110

Going Concern

SEPTEMBER 1, 2022

Last week, we published a letter written to Fortune by a former CPA who pivoted to driving 18-wheelers and found far more career happiness than he ever would have in accounting (good for him). It seems his words resonated with a few people who felt compelled to reach out and offer their own perspectives. Here are two of the emails we received in response to that article.

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cpas cma Real Estate accounting and finance 98

RogerRossmeisl

AUGUST 28, 2022

Within a relatively short period, corporate environmental, social and governance (ESG) initiatives evolved from a disjointed and confusing set of goals to a more unified business imperative. This is largely because investors, employees, customers and other stakeholders have demanded it. But as companies ramp up ESG spending and require executives to meet ESG objectives, the likelihood of fraud also increases.

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CPA Government accountant Account 175

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

Intuitive Accountant

SEPTEMBER 1, 2022

WholesalePayroll is a different way to think about payroll. It's a product you can brand with your own identity, even a solution you can embed—an opportunity you should consider exploring.

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payroll 105

Patriot Software

AUGUST 30, 2022

Employees love raises. Regular raises can improve employee happiness and put them in a better financial position. And, raises can reduce your employee turnover. You can give raises for merit or increasing job value. You might also give a cost of living raise. Employee raise expectations and employer plans are out of sync. Our free […] READ MORE.

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payroll 105

Going Concern

AUGUST 31, 2022

Whenever I meet someone who grew up on the east coast in the late 70s or early 80s, I ask if they remember Crazy Eddie. I have yet to hear a response other than, “Of course!”. To many, the story of Crazy Eddie is a story of loving to hate a television commercial. The Crazy Eddie pitchman, Jerry Carroll, typically wore a turtleneck under a dark blazer or a Santa Claus suit, sans the fake beard.

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accounting and finance Start-ups New York Sales 98

Anders CPA

AUGUST 30, 2022

The interim Name, Image and Likeness (NIL) Policy has opened many doors for college athletes – including the door that requires annual income tax filings for NIL deals. To deduct some of their expenses against this new form of income, many college athletes have set up LLC’s making their income reportable on Schedule C on their tax return. As self-employed individuals, they are also searching for ways to begin saving for their future retirement.

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income tax Entertainment Sports tax return 98

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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

SEPTEMBER 1, 2022

Since you are your clients’ trusted advisor, you should continually remind them that the best way to avoid being unprepared is to get ready. Insightful Accountant Publisher Gary DeHart explains why.

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accountant Account accounted 105

Basis 365

AUGUST 30, 2022

Outsourcing accounting services allows you to focus on running your business while letting an expert handle all the bookkeeping details. Why Should You Hire an Outsourced Accountant? If you're looking for ways to save money, consider hiring an outsourced accountant. An outsourced accountant will help you keep track of your finances so you can make better decisions about how to spend your money.

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accountant Account accounted payroll tax 98

AccountingDepartment

SEPTEMBER 1, 2022

In the months or years since you first became a business owner, how many times have you been told you need bookkeeping services? How many times have you quietly wondered to yourself if there isn't a better, easier, or more efficient way to manage your accounting? If you’re like most business owners, the answer is probably, “A lot.” From the time you first opened your doors and collected your very first dollar, advisors, partners, and other well-meaning associates have undoubtedly weighed in and

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bookkeeping services bookkeeping accounting and finance payroll 96

Patriot Software

AUGUST 31, 2022

Canton, OH Patriot Software, an accounting and payroll software provider for American businesses and accountants, stands out in SoftwareReviews’ 2022 Emotional FootPrint awards after ranking first in key categories like “Business Value Created,” “Vendor Support,” and more. SoftwareReviews, an in-depth source of buyer data and insights for the enterprise software market, selects its annual award […] READ MORE.

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payroll accountant Account accounted 96

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.

Intuitive Accountant

AUGUST 28, 2022

Liz Scott takes you through Quickbooks Online Accountant's new section, sharing the pros, the cons and why Quickbooks continues to adapt features to the needs of today’s accountants.

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quickbooks online accounting accountant Account 105

Going Concern

AUGUST 30, 2022

Tragic news coming out of Sydney, a 33-year-old woman working for EY died at the office over the weekend. The original Australian report is behind a paywall so we’re getting some details from Daily Mail , sorry. The Guardian also has some info. Unfortunately details are a bit sparse at this time and her identity and position at the firm have not been revealed.

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GrowthForceBlog

AUGUST 31, 2022

5 min read. 41% of companies that use peer-to-peer recognition have seen positive increases in customer satisfaction [1]. Companies with recognition programs that are highly effective at improving employee engagement have 31% lower voluntary turnover [2]. Key Takeaways. Provides You With a Dedicated Team : Our outsourced bookkeeping services provides you with a U.S.

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Patriot Software

SEPTEMBER 2, 2022

Everybody makes mistakes. And if you’re an employer, you’ve probably made (or will make) a payroll mistake at some point. If you make a mistake or forget to pay an employee certain wages (e.g., bonus), you might need to provide retroactive or back pay. Read on to get the scoop on back pay vs. retro […] READ MORE.

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payroll 96

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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.