Sat.Dec 21, 2024 - Fri.Dec 27, 2024

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Avoid Holiday Accounting Pitfalls with Outsourced Bookkeeping

Basis 365

The holiday season is a time for businesses to capitalize on increased consumer spending, yet despite the cheery holiday decoration, this period can be rife with accounting challenges for businesses. From managing cash flow to preparing for year-end reporting, the pressure on your accounting needs can quickly escalate during the holidays. Lets take a look into why businesses struggle with their accounting during the holidays, the common mistakes they make, and how outsourced bookkeeping and outs

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Unlocking Growth: How Accurate Financial Reporting Can Propel Your Business Forward

AccountingDepartment

In the dynamic world of medium-sized businesses, growth isn't just a goalit's a necessity for survival and success. Yet, achieving sustainable growth requires more than just ambition; it demands a strategic approach powered by accurate financial insights. This is where precise financial reporting becomes a game-changer, offering a roadmap to navigate the complexities of business expansion.

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5 changes for IRAs and 401(k)s in 2025

Accounting Today

The SECURE 2.0 Act contained changes to traditional and Roth individual retirement accounts and 401(k) plans that are being phased in over several years.

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The Hidden Costs of In-House Accounting: Is Outsourcing the Answer?

AccountingDepartment

For many medium-sized businesses, the decision to maintain an in-house accounting team seems like a straightforward choice. After all, having an on-site dedicated team can seem beneficial for managing financial operations closely. However, beneath the surface lies a myriad of hidden costs that can significantly impact your bottom line. This blog post explores these hidden costs and examines whether outsourcing accounting functions might be a smarter, more efficient alternative.

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The Human Side of Finance: The Intersectionality of People, Culture, Adaptability, and Resilience

Speaker: Melissa Hurrington

Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.

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Does Your Firm Have a Data Strategy?

CPA Practice

Data is at the core of incorporating AI and automation into your firms workflows. Without a deliberate data strategy, these initiatives can fall short.

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IRS proposes new requirements for tax pros

Accounting Today

If enacted, the regs would require practitioners to maintain a certain level of technological competence, among other things.

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IRS to Issue Special Payments to 1 Million Taxpayers

CPA Practice

The Internal Revenue Service has announced plans to issue automatic payments later this month to eligible people who did not claim the Recovery Rebate Credit on their 2021 tax returns.

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FinCEN Extends BOI Reporting Deadline to 1/13/2025

RogerRossmeisl

Following a significant federal Court of Appeals decision on December 23, 2024, the Financial Crimes Enforcement Network (FinCEN) has once again mandated that reporting companies file Beneficial Ownership Information (BOI). However, recognizing the confusion and delay caused by a recent preliminary injunction, FinCEN has graciously extended the deadline for compliance.

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The Return to Work Controversy: What’s the Right Decision for Your Accounting Firm?

CPA Practice

If youve settled into a hybrid environment, you may hear some backlash, but you may also have some excited staff members who enjoy being in the office.

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Burkland’s Top Startup Blog Articles of 2024

BurklandAssociates

From best practices for board reporting to election year insights, explore Burklands most popular startup blog articles of 2024. The post Burklands Top Startup Blog Articles of 2024 appeared first on Burkland.

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Maximizing Profit and Productivity: The New Era of AI-Powered Accounting

Speaker: Yohan Lobo

In the accounting world, staying ahead means embracing the tools that allow you to work smarter, not harder. Outdated processes and disconnected systems can hold your organization back, but the right technologies can help you streamline operations, boost productivity, and improve client delivery. Dive into the strategies and innovations transforming accounting practices.

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Navigating IRS Tax Audits: Audit Representation by Mike Habib, EA

MyIRSRelief

When the IRS decides to audit your tax returns, the experience can be daunting and stressful. An IRS tax audit is essentially a review of an individual’s or organization’s accounts and financial information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is accurate. The process involves meticulous examination of financial documents and can result in significant financial and legal consequences if discrepancies are found.

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Appeals court reinstates injunction on beneficial ownership reporting

Accounting Today

A federal appeals court has reversed itself, reinstating an injunction on beneficial ownership information reporting by businesses only days after lifting it.

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Beneficial Ownership Information Reporting Enforcement on Hold Yet Again After Appeals Court Reinstates Injunction

CPA Practice

The roller coaster continues, as the 5th U.S. Circuit Court's decision on Dec. 26 suspends the deadline once again for most reporting companies to file BOI reports with the Financial Crimes Enforcement Network.

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Power BI Financial Reporting: Making Data-Driven Decisions

Acterys

Financial reporting plays a crucial role in enabling organizations to make informed decisions. Yet for many businesses, this process is fraught with challenges such as disjointed systems, lack of real-time updates, and inefficient workflows. Microsoft Power BI addresses these challenges with its robust tools for data integration, modeling, and visualization, transforming financial data into valuable insights.

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Smarter Card Solutions: Meeting the Challenges of Mid-Market Travel & Expense

Our 2025 Center Travel Survey is clear: as corporate travel increases, so does corporate credit cards distribution, and a rise in off-platform travel booking. This 61% rise causes various challenges: compliance, spend control, reporting problems, and a lack of visibility across organizations. To evolve with the ever-changing needs of travelers, decision-makers need a better solution.

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BOI Reporting Is Back — Most Filings Now Due January 13, 2025

Nancy McClelland, LLC

My feelings regarding how FinCEN has handled Beneficial Ownership information (BOI) under the Corporate Transparency Act (CTA) are best left unexpressed. With all the insanity about Beneficial Ownership Information (BOI) reporting these past few weeks — first the nationwide injunction preventing FinCEN from enforcing the Corporate Transparency Act (CTA)… then the House passing a Continuing Resolution (CR) that would give us all a year-long delay while the various court challenges mad

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The best and worst states for individual taxes in 2025

Accounting Today

From those with no individual income tax at all, to those with complex tax structures a guide to most and least competitive states when it comes to individual income taxes.

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BOI Reporting Injunction Lifted; FinCEN Extends Deadline to Jan. 13

CPA Practice

FinCEN has extended the Jan. 1, 2025, deadline for most reporting companies to file beneficial ownership information reports with the Treasury Department until Jan. 13, 2025, after a federal court of appeals lifted an injunction on Dec. 23 that had halted the new law.

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How to Fill Out Form W-4: Helping Your Employees

Patriot Software

When you hire a new employee, you must collect a completed Form W-4, Employees Withholding Certificate. This is how you determine federal income tax withholding. At some point in the onboarding process, an employee may ask you how to fill out Form W-4. Do you know the answer?

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Say ‘Goodbye’ to Clunky Spreadsheets and Say ‘Hello’ to Month-End Automation

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, emails, and shared drives no longer need to slow you down. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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Year-End Financial Checklist for Construction Business Owners

Randal DeHart

As the year draws to a close, construction business owners find themselves in a critical period of reflection and preparation. The year's end is a time to celebrate past successes and an opportunity to assess financial health and strategize for the coming year. A thorough year-end financial checklist can help ensure your business is on solid footing as you move forward.

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IRS to send out $2.4B for unclaimed credits

Accounting Today

The agency will send out checks for up to $1,400 to taxpayers who didn't claim the Recovery Rebate Credit.

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7 Tips to Prepare for Next Year’s Taxes Now

CPA Practice

As the end of the year approaches, nows the time to start preparing for filing your 2024 tax return in 2025. Here are tips and strategies to prepare now for the 2025 tax-filing deadline.

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Updates to Beneficial Ownership Information (BOI) Reporting Deadlines

Anders CPA

Entities that are considered reporting companies, with some exceptions, are once again required to file beneficial ownership information (BOI) with FinCEN , a federal Court of Appeals ruled on December 23, 2024. Reporting companies have new deadlines to file based on their creation or registration date. Originally, the first wave of reporting companies was expected to file their reports by January 1, 2025, but the Department of the Treasury has granted additional time to comply.

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Outsourcing Vs. In-House: The Ultimate Battle For Better Collections

Speaker: Susan Richards

Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.

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A Fresh Look at Fixed and Variable Costs

Basis 365

In the world of accounting and financial analysis, the traditional approach to expenses usually revolves around grouping them according to categories like cost of goods sold (COGS), operating expenses (OpEx), selling, general and administrative expenses (SG&A). While this structure is unquestionably valuable for standard financial reporting, it can often obscure a critical piece of information for those who are trying to project future performance or control their margins: whether each expen

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If accounting is transforming, CPE should too

Accounting Today

Is most CPE content not good because nobody cares enough to make investing in it worthwhile, or does nobody care about CPE?

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Top Year-End Tax Planning Strategies

CPA Practice

With a thorough understanding of their unique circumstances and the latest tax regulations, you can transform complex tax challenges into clear, actionable solutionssetting the stage for your clients financial success in 2025 and beyond.

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The Year-End Financial Checklist For Construction Business Owners

Randal DeHart

As the year draws to a close, construction business owners find themselves in a critical period of reflection and preparation. The year's end is a time to celebrate past successes and an opportunity to assess financial health and strategize for the coming year. A thorough year-end financial checklist can help ensure your business is on solid footing as you move forward.

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AP Automation: The Competitive Advantage Your Business Needs

Speaker: Danny Gassaway and Wayne Richards

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Dunno Who Needs to Read This Today, It’s Probably You

Going Concern

Stop normalizing overwork. Related: Your Suffering Is Not Noble So Let That Sh*t Go Merry Christmas, everyone. Log off. The post Dunno Who Needs to Read This Today, It’s Probably You appeared first on Going Concern.

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Aiwyn raises $113M in funding

Accounting Today

The money will help it expand from payments and collections to a broader practice management platform, and to develop a tax solution.

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6 in 10 U.S. Companies Plan to Add New Positions in the First Half of 2025

CPA Practice

34% plan to staff vacated positions, while 63% will increase the number of contract professionals on their teams. Robert Half is a talent solutions and business consulting firm.

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What is Economic Nexus? Key Definitions and How it Affects Your Business

Anders CPA

Nexus is the connection between a business and a state that allows the state to impose tax on the business. Economic nexus has gained particular importance in the years following the South Dakota v. Wayfair decision , which created a precedent for states imposing sales tax on out-of-state businesses selling in their state. Additionally, online sales pose new challenges for businesses in determining where they have triggered nexus.

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Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape

Speaker: Jennifer Hill