TaxConnex

NOVEMBER 14, 2024

Sales tax comes with a lot of important terms. One is “drop shipment.” Drop shipments are common in ecommerce and often occur when a seller uses a distributor for order fulfillment to a buyer. In such a transaction, a distributor must charge sales tax to the seller. Sounds simple – and in many ways it is, except that a drop shipment can often involve not two but three locations (usually states) where sales tax must be considered.

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South Carolina Sales Illinois Arkansas 162

BurklandAssociates

NOVEMBER 12, 2024

From cash flow hacks to cost-saving insights, learn how Fractional CFOs keep startups resilient. The post Smart Strategies Fractional CFOs Use to Stretch a Startup’s Cash appeared first on Burkland.

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CPA Practice

NOVEMBER 12, 2024

CPA Practice Advisor has opened the nomination period for one of its most prestigious awards. The Most Powerful Women in Accounting Awards , now in their 12th year, were created by CPA Practice Advisor to promote and support the success of women leaders as part of its broader mission of sustaining the profession. There are no costs associated with nominations or award recognition.

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accountant Account accounted CPA 134

Accounting Today

NOVEMBER 4, 2024

Stagnating wages and gaps in career path awareness have pushed young professionals away from accounting, leading to a dearth of candidates and leaving firms scrambling to find a solution.

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accounting firms accountant Account accounted 133

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

Withum

NOVEMBER 5, 2024

A recent alert from Maryland-based cybersecurity firm Huntress highlights a concerning vulnerability for construction companies using on-premise accounting and project management software with default login credentials. According to their report last month, a brute-force attack targeted users of a major construction accounting software vendor, exposing sensitive data due to default usernames and passwords being left unchanged.

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accounting software Construction accountant Account 130

Going Concern

NOVEMBER 4, 2024

You’ve likely heard of people in audit getting disappeared from KPMG in recent days, we certainly have. Anyone who tried to cope with a “they must have been low performers” might want to season their hat before they eat it. WSJ reports today that KPMG is laying off a few hundred people in audit “as it works to make up for lower levels of voluntary turnover.” Meaning attrition is still too low.

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audit accounting firms accountant Account 121

BurklandAssociates

NOVEMBER 4, 2024

Protect your startup from costly fraud with expert insights, tools, and resources designed to strengthen your defenses. The post Fraud Prevention Resources for Startups appeared first on Burkland.

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accountant accounted Account 147

CPA Practice

NOVEMBER 1, 2024

The contribution limit for 401(k) retirement plans is going up in 2025 — but not for individual retirement accounts, the IRS announced on Nov. 1. The amount individuals can contribute to their 401(k) plan in 2025 will increase to $23,500, up from $23,000 in 2024 , according to the tax agency. The increase covers those who participate in 403(b) and most 457 plans, as well as the federal government’s Thrift Savings Plan.

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accountant Account accounted Tax 135

Accounting Today

NOVEMBER 13, 2024

The Financial Accounting Standards Board issued a proposed accounting standards update that aims to improve the navigability of the disclosures that need to be provided for interim reporting periods.

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accounting standards financial accounting accountant Account 114

Withum

NOVEMBER 12, 2024

Warehouse and inventory management is at the heart of business operations across industries like distribution, manufacturing, retail and healthcare. Yet, many businesses still rely on manual processes that are prone to errors, inefficiencies and operational delays. Automated inventory management solutions can help address these issues, as inaccurate stock counts and shipping delays can directly impact a company’s bottom line and customer satisfaction.

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NetSuite Healthcare Manufacturing Retail 105

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.

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Going Concern

NOVEMBER 7, 2024

*Smaller shops, that is. We know Big 4 and mid-tiers have this pricing thing down. Ignition has released its 2024 US Accounting and Tax Pricing Benchmark report and it reveals that the 325 Ignition customers surveyed are going all-in on fee increases in 2025. Or at least half-in. 90% plan to increase fees for individual tax returns, 87% plan to increase fees for business tax returns, 85% plan to increase fees for bookkeeping and accounting, and 76% plan to increase fees for CFO and controller se

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cost accounting accounting firms accountant Account 115

Summit CPA

NOVEMBER 12, 2024

Mergers and acquisitions (commonly known as M&A) is on a lot of people's minds. Post-Covid, money dried up and EBITDA shrank, but today the market for agencies feels stronger than in 2023. Owners who had been sitting on the sidelines are now more likely to put themselves back in the M&A game.

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Sales Gaming CPA accountant 104

Accounting Insight

NOVEMBER 6, 2024

Callum is an experienced marketing leader with 14 years of B2B marketing expertise. Having led multi-channel strategies at IRIS, he’s an expert in driving growth through demand generation and strategic, creative campaigns. Now at JE Consulting, Callum applies his deep knowledge of SaaS, fintech, and professional services to create impactful marketing strategies.

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B2B accountant Account accounted 105

CPA Practice

NOVEMBER 11, 2024

The U.S. District Court for the Northern District of Texas entered permanent injunctions today against Charles Dombek and The Optimal Financial Group LLC barring them from promoting any tax plan that involves creating or using sham management companies, deducting personal non-deductible expenses as business expenses or assisting in the creation of “captive” insurance companies.

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Texas tax planning CPA Tax 126

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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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Accounting Today

NOVEMBER 8, 2024

National Taxpayer Advocate Erin Collins is objecting to proposed regulations that would enable the IRS to shorten its notice requirements from 45 days to as little as 10 days.

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Tax 113

Withum

NOVEMBER 4, 2024

Withum is excited to welcome Steven Menna as a Partner in our Financial Services Team. Menna, who brings extensive experience and innovative leadership, will spearhead the firm’s national alternative investments expansion, focusing on the Southeast and Southwest regions. “I’m thrilled to be joining Withum’s dynamic team and advancing the firm’s presence and success nationally with concentrations from the southeast to the Southwest.

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Texas cpa firm CPA accountant 105

Going Concern

NOVEMBER 8, 2024

This Journal of Accountancy article was mentioned in last Friday’s Footnotes (*ahem* Footnotes a wrap-up of the week’s accounting news from other sources without the sassy GC commentary and is published every Friday at 5 pm Eastern) but honestly it deserves its own article in case anyone missed it. In “Offshoring for CPA firms: The hows and whys,” JofA throws out some figures on outsourcing — both foreign and domestic — based on responses from its MAP survey a

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tax return CPA cpa firm Tax 105

Inform Accounting

NOVEMBER 1, 2024

We have been made aware of the start of criminal activity using both text messages and emails to try and steal bank details by playing on older people's concerns about the Winter Fuel Payment.

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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

Xero

NOVEMBER 10, 2024

Earlier this year we announced the farewell of our classic invoicing product to pave the way for something new, and to allow us to build more of the invoicing features you have been asking for, on a single platform going forward. We’re confident that this change is the right move longer term for you and your business to gain more invoicing features faster.

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Education 97

CPA Practice

NOVEMBER 11, 2024

By Rachel Christian Bankrate.com (TNS) If you’re retired or planning to retire soon, it’s important to have a plan for your retirement income. For most people, Social Security will play a significant role in this plan, so staying up to date on the latest benefits information is crucial. More than 72.5 million people depend on one of Social Security’s benefit programs , so annual changes to the program and its payouts are always highly anticipated.

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Tax 122

Accounting Today

NOVEMBER 1, 2024

The amount individuals can contribute to their 401(k) plans in 2025 has increased by $500 to $23,500, up from $23,000 for 2024, but the IRA limit remains $7,000.

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Tax 122

Withum

NOVEMBER 4, 2024

The cannabis industry has waited with bated breath for the December 2nd hearing, where many anticipated that final testimony in favor of rescheduling would be heard by the Drug Enforcement Agency (DEA). The hope was that this would lead to an expedited rescheduling, and perhaps IRC §280E might not apply to the tax year ending 2024 (or at least all twelve months of 2025).

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income tax Tax Legal CPA 105

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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.

Going Concern

NOVEMBER 4, 2024

Well the year is just chugging along, here we are at the first Monday news brief of November. I trust you had your fill of candy the past few days. Now gorge on some news! The Aussie feds are swarming PwC Australia HQ , staff have been advised to “please carry on as usual.” Australian federal police officers have commenced a search for documents at the headquarters of PwC Australia in response to the damaging tax leaks scandal.

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accountant Account accounted auditor 106

AccountingDepartment

NOVEMBER 14, 2024

Last week, AccountingDepartment.com Co-Founder, Bill Gerber, and Business Development Representative, Shawn Marcum hit the road and attended the Genius Network Annual Event in Scottsdale, AZ.

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Randal DeHart

NOVEMBER 15, 2024

Setting financial goals for your construction business may be one of your most important responsibilities as a leader and business owner. Your financial goals serve as far more than wishful projections; they form the backbone of your road map for success, both internal and external. Financial goals are something that every single business should possess regardless of its market, model, or size.

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Construction financial statements quickbooks Finance 92

CPA Practice

NOVEMBER 14, 2024

Enrolled agents who have a Social Security number ending in 0, 1, 2, or 3 must renew their EA status by Jan. 31, 2025, to ensure they receive their new enrollment card before their current enrollment expires on March 31, 2025, according to the IRS. Per Circular 230 , EAs are required to renew their EA status every three years, and the time frame for renewal is based on the last digit of their Social Security number.

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Education Tax 116

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.

Accounting Today

NOVEMBER 5, 2024

Nearly three-quarters of U.S. masters of accounting programs reported application growth, according to a report by the Graduate Management Admission Council.

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accountant Account accounted Education 119

Insightful Accountant

NOVEMBER 3, 2024

When processing payroll using QuickBooks Desktop you notice that the paycheck taxes are not computing (at all or correctly). Murph takes you through a simple steps to return paycheck tax computation to normal.

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Tax quickbooks payroll 96

Going Concern

NOVEMBER 8, 2024

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. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

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Florida Mississippi audit auditor 98

AccountingDepartment

NOVEMBER 7, 2024

Our final Entrepreneurs' Organization (EO) event of the year, EO XCentric, took place in Fort Worth last week and ADC's Shawn Marcum, fresh off of EO Alchemy, set out to Texas and spend some time with all of the great event attendees.

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Texas 94

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Setting the stage for successful organizational change always begins with clear, thoughtful communication. When it comes to rolling out a new travel and expense (T&E) policy, establishing a well-structured communication plan is key to ensuring that all employees understand the changes and their impact. By following a step-by-step approach, you can guide your organization through the transition, fostering smooth adoption from the outset and improving compliance.