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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
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.
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.
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).
Your financial statements hold powerful insights—but are you truly paying attention? Many finance professionals focus on the income statement while overlooking key signals hidden in the balance sheet and cash flow statement. Understanding these numbers can unlock smarter decision-making, uncover risks, and drive long-term success. Join David Worrell, accomplished CFO, finance expert, and author, for an engaging, nontraditional take on reading financial statements.
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.
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.
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.
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.
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.
Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.
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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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
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
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.
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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.
Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
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
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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?
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
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.
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.
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.
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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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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