CPA Practice

SEPTEMBER 5, 2023

Joseph Graziano, CFP®. Accountants are part of an evolving industry where 82% of accountants agree that client expectations have widened. If you’re behind the trends, you risk becoming “obsolete.” Clients may still need your services, but they want an accountant to go the extra mile for them. Preparing for tomorrow can help you situate your firm to be: Streamlined Profitable today and in the future Sellable in the future (if that’s something you ever consider) You can begin prepping for the futu

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Account accounted accountant accounting and finance 135

Accounting Today

SEPTEMBER 5, 2023

The service's LB&I Division has expertise in training agents on examining high-income taxpayers, but the IRS doesn't appear to be leveraging this expertise.

audit 130

audit Tax 130

Insightful Accountant

SEPTEMBER 4, 2023

Murph clues you in on why the Top 100 2024 process will still award points for QuickBooks Desktop Point-of-sale ProAdvisor Certification even if Intuit drops the certification after it stops supporting QBPOS on Oct. 3, 2023.

quickbooks 116

quickbooks Sales 116

RogerRossmeisl

SEPTEMBER 4, 2023

More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not thinking about taxes. But there may be tax consequences. Let’s take a look at five possible tax breaks. 1. Long-term medical care The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other medical expenses, exceed 7.5% of adjusted gross income (AGI).

Tax 209

Tax Healthcare CPA 209

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

BurklandAssociates

SEPTEMBER 5, 2023

An active approach to treasury management can help startups reduce financial risk while putting excess cash to work. The post Dimensions of a Basic Treasury Policy for Venture-Backed Startups appeared first on Burkland.

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TaxConnex

SEPTEMBER 7, 2023

Nonprofits are often thought to be exempt from sales taxes, but is that correct? According to Statista , there are almost 750,000 public charities in the U.S. (most devoted to religion, human services and education). Other stats say more than 2 million charities exist that are tax-exempt according to Internal Revenue Service rules. And just like any other major sector of society, such entities consume large amounts of tangible personal property.

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Sales Tax Non-Profits North Carolina 147

CPA Practice

SEPTEMBER 6, 2023

By Elissa Miolene – Bay Area News Group (via TNS). More than 4 million student loan borrowers are enrolled in the Biden Administration’s new income-driven repayment plan, including nearly 332,000 borrowers in California. “We’re not just lowering payments for today’s borrowers,” said Education Department Under Secretary James Kvaal. “We’re making paying for college more affordable for millions of future students.

Education 19

Education California Legal Start-ups 19

RogerRossmeisl

SEPTEMBER 4, 2023

As reported in IRS News Release IR-2023-157 The Internal Revenue Service announced that starting 1/1/2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This new requirement follows final regulations amending e-filing rules for information returns, including Forms 8300.

CPA 234

CPA Government Finance Tax 234

CPA Practice

SEPTEMBER 4, 2023

Who says you can’t have “too much” money? The Internal Revenue Code imposes a little-known tax for accumulating too much in the way of earnings in a company’s coffers. However, you can avoid this so-called “accumulated earnings tax” if you keep a close watch on your cash flow during the year, The accumulated earnings tax must be paid in addition to the regular corporate income tax.

Tax 98

Tax income tax Technology business tax 98

Accounting Today

SEPTEMBER 6, 2023

The Financial Accounting Standards Board voted to adopt its eagerly awaited standard for cryptocurrency like Bitcoin held by companies.

accounting standards 141

accounting standards financial accounting accounted Account 141

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Technology

Going Concern

SEPTEMBER 8, 2023

We’ve received this tip a few times now from a few different people, time to throw it to dogs and see if anyone knows more. Here’s the original, slightly edited to protect anonymity: Plante Moran, CBIZ, Marcum, Armanino, and a couple of other large public firms will no longer be serving public clients. It does look like CBIZ has left or is leaving the space.

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audit Gaming Real Estate Construction 122

RogerRossmeisl

SEPTEMBER 4, 2023

Have you ever wondered whether the photo or video you’re viewing, the audio you’re listening to or the article you’re reading is real? Artificial intelligence (AI) can make the line between authentic and inauthentic hard to determine. For fraud perpetrators, the ability to create deepfakes, voice clones or machine-generated communications can make their scams far more compelling — and effective.

CPA 218

CPA Technology 218

CPA Practice

SEPTEMBER 7, 2023

A new report from Xero , the global small business platform, shows that 48% of U.S. small business owners have experienced an extreme or high impact from inflation on their cash flow over the past six months, and 44% expect inflation to continue to have a similar impact throughout the next six months. Xero’s report, titled “ Money Matters: The impact of economic conditions on the cash flow of US small businesses “, interviewed more than 500 small business owners across the United States on the

accounting software 124

accounting software Technology accounted Account 124

Accounting Today

SEPTEMBER 8, 2023

The SEC's recently finalized rule on private fund advisors will impose new requirements.

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audit 139

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

Going Concern

SEPTEMBER 7, 2023

Business growth is always a high priority for accounting firms, especially small-to-midsize practices. Take care, though, because growth can be a double-edged sword. If your firm expands too quickly or without the right strategy, it can ramp up costs faster than you can handle, lower the quality of your services—and put so much stress on your staff that every day starts to feel like the height of tax season.

accounting firms 122

accounting firms Technology Account accounted 122

RogerRossmeisl

SEPTEMBER 4, 2023

If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why it might be a good choice for your business. An LLC is a bit of a hybrid entity because it can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purpose

CPA 212

CPA Tax business tax 212

CPA Practice

SEPTEMBER 6, 2023

In just a year, the promise of artificial intelligence has grown from a topic of science fiction movies into practical business applications. From the advent of first-to-market generative AI systems like ChatGPT, to highly specialized, accounting-focused systems, proponents of AI are fervent in their belief that the technologies will dramatically improve client services, firm management, small business accounting and many other areas of operations.

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Technology accounting and finance Tax CPA 122

Accounting Today

SEPTEMBER 7, 2023

An introduction to the members of Accounting Today's annual ranking of the top workplaces in the profession.

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accounted Account accountant accounting firms 138

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

Going Concern

SEPTEMBER 8, 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 KPMG halves pay for US partners on gardening leave amid poaching war [ Financial Times ] KPMG’s US partners have been told that they will be put on 50 per cent pay during six months of gardening leave if they quit t

Tax 119

Tax Kansas Arkansas Real Estate 119

RogerRossmeisl

SEPTEMBER 4, 2023

Do-it-yourself business valuations and the use of unqualified financial experts can increase the odds of making an error, misstatement or erroneous deviation from customary valuation practice. These faux pas could trigger (or worsen) an IRS inquiry or perhaps lead to an embarrassing courtroom mishap. Here are three common valuation pitfalls that qualified valuation professionals are specifically trained to avoid.

CPA 201

CPA 201

CPA Practice

SEPTEMBER 6, 2023

By Gail Cole. Not many people had heard of a non-fungible token (NFT) a decade ago, yet by 2021, NFT art was selling for millions. Everydays: The First 5000 Days sold for $69.3 million in March 2021, The Merge for a whopping $91.8 million nine months later. That kind of money could turn any tax official’s head. But is the sale of an NFT subject to tax?

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Washington Pennsylvania Technology Tax 121

Accounting Today

SEPTEMBER 7, 2023

An introduction to the members of Accounting Today's annual ranking of the top workplaces in the profession.

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accounted Account accountant accounting firms 137

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

Insightful Accountant

SEPTEMBER 7, 2023

Intuit increased QuickBooks Payments rates for QuickBooks Desktop users this past June. Now, it is making increases for Payments Customers using QBO effective in October.

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quickbooks 119

RogerRossmeisl

SEPTEMBER 4, 2023

An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home more energy efficient — and there’s a cool tax break that may apply. Thanks to the Inflation Reduction Act of 2022, you may be able to benefit from an enhanced residential energy tax credit to help defray the cost.

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Tax CPA 196

CPA Practice

SEPTEMBER 8, 2023

In an initial decision announced on Sept 8, 2023 , the Federal Trade Commission’s chief administrative law judge, D. Michael Chappell, ruled that Intuit Inc., the maker of the popular TurboTax tax filing software, “… engaged in deceptive advertising in violation of Section 5 of the FTC Act” and deceived consumers when it ran ads for “free” tax products and services for which many consumers were ineligible.

tax preparation 119

tax preparation Tax income tax 119

Accounting Today

SEPTEMBER 8, 2023

Following a top-to-bottom review of enforcement efforts, the agency is shifting more attention from working-class taxpayers to high-income earners, partnerships, large corporations and promoters of abusive tax shelters.

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Tax tax accountant audit accountant 133

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

Going Concern

SEPTEMBER 6, 2023

Amanda Iacone at Bloomberg Tax has written the accounting niche’s 1,735th article about the accountant shortage and this time, as is often the case, the focus is 150 hours. Rather, how dueling factions within the profession are fighting for and against keeping it as the only option to CPA licensure. Let’s note here quickly that many of the “anti-150” folks aren’t lobbying to abolish it completely but to offer alternative pathways such as Minnesota’s proposal

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Minnesota South Carolina auditor Education 119

Insightful Accountant

SEPTEMBER 6, 2023

Intuit’s new Generative AI-Powered Assistant for consumers and small businesses was introduced during its Innovation Day Event on Sept. 6, 2023.

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CPA Practice

SEPTEMBER 7, 2023

Technologists Randy Johnston and Brian Tankersley, CPA, discuss the most recent and urgent security and technology risks that accounting, tax, and other financial firms face. Use the podcast player below to listen.

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Technology CPA Tax accounted 119

Accounting Today

SEPTEMBER 6, 2023

The ADP Research Institute released a report on how worker promotions can affect businesses and employee retention and debuted a new index for tracking employee motivation and commitment.

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payroll 133

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