CPA Practice

OCTOBER 17, 2024

State and local governments are being squeezed by a shortage of accounting professionals, making it difficult at times to find staff CPAs who can prepare critical financial information or outside firms to conduct audits. But accountants who do government work face unique challenges that require more specialized solutions.

cpas 119

cpas Government auditor accounted 119

Accounting Today

MAY 28, 2024

The Governmental Accounting Standards Board released an updated standard to improve some of the main components of the financial reporting model for state and local governments.

Government 124

Government accounting standards Maine Account 124

Accounting Today

JUNE 25, 2024

A coalition of accounting educators and tech leaders released a generative AI governance framework as a starting point for organizations.

Government 119

Government Education Technology accountant 119

SMBAccountant

OCTOBER 7, 2020

For small businesses working to attain contracts through the Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) programs, the first phase of the project is typically a firm fixed price (FFP) contract.

Account 246

Account accounted accountant accrual accounting 246

CPA Practice

JUNE 19, 2024

government contracts account for over $700 billion annually , a significant portion of which hinges on the ability for contractors to “establish and maintain an acceptable accounting system” which includes “timekeeping” and “labor distribution.” Government contracting timekeeping demands meticulous adherence to regulations and practices.

Government 115

Government general ledger audit accounting system 115

SMBAccountant

APRIL 2, 2024

Understanding these regulations early on is crucial for small businesses to secure and manage government funds effectively. Adhering to these rules ensures transparency, accountability, and responsible use of taxpayer dollars. Seeking guidance from experts can further enhance success rates in navigating grant-related challenges.

Government 130

Government Account accounted accountant 130

CPA Practice

NOVEMBER 19, 2024

A new proposal that would establish authoritative guidance on the accounting for government grants received by businesses was issued by the Financial Accounting Standards Board (FASB) on Nov. rules instead of analogizing to IAS 20 or other guidance, thus narrowing the variability in accounting for government grants, the FASB said.

Government 115

Government accounted Account accountant 115

CPA Practice

AUGUST 26, 2024

Forvis Mazars, LLP, ranked among the largest public accounting and consulting firms in the United States, is expanding its Public Sector Advisory Services practice by launching a new line of Government Outsourced Accounting Services (GOAS) for clients. Leading the new service line is Karen Kurtin. Leading the new service line is Karen Kurtin.

Government 110

Government accounting and finance Account accounted 110

CPA Practice

DECEMBER 21, 2024

The Senate cleared a stopgap funding extension early Saturday shortly after a midnight deadline, staving off a partial government shutdown and ending days of gridlock over a package whose contents seemed to change by the hour.

Government 111

Government business tax Tax 111

CPA Practice

AUGUST 19, 2024

CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, has announced its government contracting industry practice has released its 8th annual GAUGE Report. Key focus areas include government contract compliance, accounting, utilization, growth, and efficiencies.

Government 105

Government Technology accounting and finance Finance 105

Accounting Today

JUNE 4, 2024

The report highlights the International Ethics Standards Board for Accountants' yearly accomplishments and outlines future plans, like focusing on sustainability.

Government 128

Government accountant Account accounted 128

SMBAccountant

SEPTEMBER 9, 2022

by Chris Poponak – SMB Government Compliance Analyst. In order to enhance the competitiveness of women-owned small businesses (WOSB,) the federal government has enacted the Women-Owned Small Business Federal Contracting Program. These three sectors account for 47% of total industry employment by women-owned businesses.”

Government 49

Government accountant Account accounted 49

RogerRossmeisl

SEPTEMBER 4, 2023

government. The government can often trace money from these illegal activities through payments reported on Forms 8300 that are timely filed, complete and accurate. Businesses that receive more than $10,000 in cash must report transactions to the U.S.

CPA 241

CPA Government Finance Tax 241

RogerRossmeisl

SEPTEMBER 9, 2024

Governing documents A partnership is governed by a partnership agreement, which specifies the rights and obligations of the entity and its partners. Similarly, an LLC is governed by an operating agreement, which specifies the rights and obligations of the entity and its members. Partnership tax basics The tax numbers of a.

income tax 176

income tax Government CPA Tax 176

TaxConnex

JULY 20, 2021

Home rule jurisdictions are granted the authority by certain states’ constitutions to pass laws to self-govern. Alabama on the other hand, has a unified tax base, meaning localities cannot make their own choices about what to tax and what to exempt, but many local governments handle their own tax administration.

Sales 245

Sales Alaska Louisiana Tax 245

TaxConnex

JANUARY 2, 2024

Sales and use taxes collected on behalf of the government are considered government funds upon collection. You could be at risk for heavy penalty and fees depending on your sales tax exposure. How do you estimate your exposure, how do you rectify it and move forward to compliance?

Sales 264

Sales Tax financial statements audit 264

TaxConnex

AUGUST 20, 2024

In some states, the contractor may purchase tangible personal property exempt from sales and use tax when the contract is directly with a government agency or nonprofit exempt organization. This pass-through exemption typically flows down to subcontractors as well. The form of documentation varies by state.

Sales 264

Sales Tax Construction Education 264

SMBAccountant

AUGUST 30, 2021

When applying for government contracts, it’s important to understand the types of contract options that are available to you. Fixed-Price Contracts The majority of Small Business Innovation Research (SBIR) Phase I contracts issued by the government are Firm Fixed Price (FFP). The contractor bears all the cost risks in this scenario.

Government 246

Government audit accountant Account 246

RogerRossmeisl

AUGUST 4, 2021

Because taxes are considered property of the government, the employer holds them in “trust” on the government’s behalf until they’re paid over. It’s called the “Trust Fund Recovery Penalty” and it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages.

income tax 246

income tax CPA Tax Government 246

RogerRossmeisl

AUGUST 5, 2021

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification Number.

Start-ups 244

Start-ups tax return Tax CPA 244

RogerRossmeisl

OCTOBER 24, 2023

If you have family members with disabilities, there may be a tax-advantaged way to save for their needs — without having them lose eligibility for the government benefits to which they’re entitled.

accounted 238

accounted Account accountant CPA 238

RogerRossmeisl

JULY 13, 2021

Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child tax credits changed?

Tax 235

Tax CPA Government 235

TaxConnex

JULY 30, 2024

Exemption certificates are generally either entity-based (resellers, not-for-profits, federal and some state government agencies) or product-based. In New Mexico, the federal government exemption doesn’t always apply. It’s uncommon to have an exemption without a formal request and a formal document.

South Dakota 264

South Dakota Alaska New Hampshire Montana 264

TaxConnex

APRIL 19, 2022

Crypto appears to offer a hedge when economies wobble and recently captured headlines as a monetary rescue for a war-battered Ukrainian government. There’s similar interest in California, Arizona, New York, Hawaii and Massachusetts – not to mention the federal government, which may soon explore digital currency for the U.S.

Sales 246

Sales Tax Colorado New Jersey 246

RogerRossmeisl

DECEMBER 15, 2024

This contribution amount also applies to 403(b) plans, most 457 plans and the federal governments Thrift Savings Plan. With inflation easing, the amounts arent increasing as much as in recent years. 401(k) plans The 2025 contribution limit for employees who participate in 401(k) plans will increase to $23,500 (up from $23,000 in 2024).

CPA 222

CPA Government business tax Tax 222

RogerRossmeisl

AUGUST 3, 2021

In this scheme, a criminal calls, emails or texts potential victims and pretends to be working for the Veterans Administration or another government agency. Beware of imposters The greatest fraud threat to this group is “imposter” fraud.

CPA 224

CPA Government Account accounted 224

RogerRossmeisl

SEPTEMBER 18, 2023

permits a plan sponsor to amend its 401(k), 403(b) or government 457(b) plan to offer emergency savings accounts that are connected to the plan. This will be done through what the law calls “pension-linked emergency savings accounts.” Effective for plan years beginning January 1, 2024, SECURE 2.0

CPA 225

CPA Tax Government Account 225

RogerRossmeisl

SEPTEMBER 19, 2022

Receiving a tax refund essentially means you’re giving the government an interest-free loan. You might want to change your withholding so that this doesn’t happen again next year. You might even want to adjust your withholding if you got a big refund. The IRS has a withholding calculator to assist you in conducting a paycheck checkup.

income tax 218

income tax Tax tax return CPA 218

RogerRossmeisl

NOVEMBER 12, 2021

Recently, intellectual property theft by foreign governments and organized crime gangs has grabbed headlines — for good reason. Corporate espionage has long been a threat for U.S. According to the U.S. Justice Department, 80% of its economic espionage prosecutions target schemes that would benefit China.

CPA 43

CPA Government 43

TaxConnex

AUGUST 1, 2024

Studies have begun showing that cutting or eliminating transaction-based thresholds have little effect on tax revenue and that costs of government administration for such thresholds are high.

North Carolina 264

North Carolina Sales South Dakota North Dakota 264

RogerRossmeisl

APRIL 30, 2024

According to the Treasury, the US government has provided auto dealers with >$580 million in advance payments for consumer electric vehicle (EV) tax credits since 1/1/2024.

Tax 195

Tax tax return CPA Government 195

TaxConnex

JULY 29, 2021

Luckily as of July 1, a threshold of $100,000 (same as the state of Illinois) has been included in this standard so that the local government can only go after a remote seller who has made sales into the city that meets or exceeds the threshold.

Sales 246

Sales Tax Illinois audit 246

TaxConnex

JULY 6, 2021

Now, as businesses and governments alike, adapt to the aftermath and continued reeling of the pandemic, it has become even more evident that e-commerce and economic nexus are here to stay. States have generally set individual economic nexus triggers based on in-state transaction counts.

Missouri 246

Missouri South Dakota E-commerce Florida 246

RogerRossmeisl

JANUARY 14, 2024

Starting in 2024 newly formed, corporations, limited liability companies (LLCs), limited partnerships, and other entities that file formation papers with a state’s Secretary of State’s office (or similar government agency) must file a report with the U.S.

CPA 211

CPA Start-ups Government Tax 211

TaxConnex

MAY 26, 2022

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. The concept that enables state and local governments to require businesses to collect and remit sales tax on the products and services they sell. Assessing your footprint.

South Dakota 244

South Dakota South Carolina Sales Illinois 244

RogerRossmeisl

MAY 30, 2022

Government Accountability Office, the proportion of businesses adding cyber coverage increased from 26% in 2016 to 47% in 2020. These days, it’s common for businesses to purchase cyber insurance to help mitigate financial losses from network breaches. According to the U.S.

CPA 209

CPA Government Account accounted 209