House GOP Obamacare repeal bid dead after Ryan cancels vote

Mar 24 5:34pm Accounting Today: Feed
Republicans abandoned their efforts to repeal and partially replace the ACA and plan to move on to tax reform.
Read More

Working with Multiple Clients: 4 Tips To Reduce Stress

Mar 24 5:03pm Blog
Managing multiple clients can be an overwhelming experience, and can be stressful for a bookkeeper as your reputation is on the line constantly. The good news is, if you can design a system that works for you and implement certain tools to help stay organized, you'll have happy clients and your business will flourish. Here are 5 tips to get you on the road to success:...
Read More

Amazon prevails in high-stakes tax case with IRS

Mar 24 4:34pm Accounting Today: Feed
The Tax Court decided in favor of in an expensive transfer pricing dispute with the Internal Revenue Service involving intellectual property that the e-commerce giant assigned to a European subsidiary in Luxembourg.
Read More

IRS updates depreciation tables for cars, trucks and vans

Mar 24 3:34pm Accounting Today: Feed
The Internal Revenue Service has published its annual update on the depreciation and inclusion tables for owners and lessees of vehicles.
Read More

Outlook: Strong Future for Female Entrepreneurs

Mar 24 3:25pm Goldin, Peiser & Peiser, CPAs
According to data from 2015, over nine million U.S. businesses are now women owned. However, there are still hurdles women face as entrepreneurs, generally unique from their male counterparts. In a recent article for Business News Daily, Paula Fernandes puts forth seven challenges faced by women entrepreneurs. Interviews with female CEOs are incorporated to offer The post Outlook: Strong Future for Female Entrepreneurs appeared first on Goldin, Peiser & Peiser, CPAs.
Read More

The softer side of managing wealth

Mar 24 2:34pm Accounting Today: Feed
What you know isn’t as important as who you know – your clients...
Read More

H&R Block partners with Uber to offer drivers discounts

Mar 24 1:34pm Accounting Today: Feed
The tax prep chain is offering incentives both in its offices and online.
Read More earns Canadian patent for audit confirmation platform

Mar 24 12:34pm Accounting Today: Feed
The technology helps auditors and other respondents manage all confirmation requests in one place.
Read More

Practice Profile: Rise of the robot

Mar 24 11:34am Accounting Today: Feed
Navolio & Tallman’s electronic employee exceeds expectations...
Read More

Which Section of the CPA Exam is the Hardest?

Mar 24 9:03am CPA Exam Hub
It’s no secret: the CPA exam is hard. The CPA exam is divided into four sections, each focusing on different things. Because of this, a lot of CPA candidates find themselves wondering if any of the sections are harder than others. There are a couple reasons why many people want to take the hardest section of the exam first. First of... The post Which Section of the CPA Exam is the Hardest? appeared first on CPA Exam Hub.
Read More

How to Stay Healthy During Busy Season

Mar 24 9:00am Tax Pro Center | Intuit ProConnect
It’s 2 a.m. and you’re seriously contemplating laying out the sleeping bag on the office floor … again. You ate takeout for breakfast and lunch, and probably would have done the same for dinner – if you’d actually remembered to... Full Story...
Read More

How to Determine Profit Margins on Services

Mar 24 8:39am
Understanding your profit margins is a critical component of healthy financial management. With a product-oriented business, profit margins are often largely focused on tangible goods and materials that are easily quantifiable. However, if you are in a service-based business, understanding profit margins can become a bit trickier. For services, determining profit margins requires looking into more intangible factors and qualitative factors to figure out whether your business is really getting a good ROI or not.
Read More

Uncertain Tax Positions

Mar 24 3:00am Blum Shapiro Knowledege Center
In July 2006, the Financial Accounting Standard Board ( FASB ) issued Interpretation No. 48 ( FIN 48 ) – Accounting for Uncertain Tax Positions – to try and put all companies on the same playing field.
Read More

Tax Fraud Blotter: Bizman bilks millions in payroll taxes

Mar 23 9:34pm Accounting Today: Feed
Inflating and stealing refunds, three sentenced for faking Scheduled C figures; and other highlights of recent tax cases.
Read More

PwC settles lawsuit over MF Global audits

Mar 23 6:34pm Accounting Today: Feed
PricewaterhouseCoopers has settled a lawsuit with MF Global’s bankruptcy administrator for an undisclosed sum.
Read More

Building a better mentoring program

Mar 23 5:34pm Accounting Today: Feed
Many public accounting firms and corporations have embraced mentoring as a tool for employee retention.
Read More

Dispute over Arthur Andersen legacy continues

Mar 23 4:34pm Accounting Today: Feed
A French firm claims it is continuing to build its network in defiance of Andersen Tax's legal claims.
Read More

KPMG names new Americas chair

Mar 23 2:34pm Accounting Today: Feed
U.S. deputy chairman and COO P. Scott Ozanus will head the region, and join the global board.
Read More

American Accounting Association expands research database

Mar 23 1:34pm Accounting Today: Feed
The online compendium now links to social media accounts and has a video walk-through.
Read More

How Sage Live Can Get You to Analytical Accounting

Mar 23 1:00pm Accountex Report
The ability to effectively track and report on revenue and costing is probably one of the pivotal requirements of any organization. But far too often, doing so proves difficult. The ability to report on and analyze your accounting data allows you to really understand the strengths and weaknesses of your business. This is where analytical accounting comes […] The post How Sage Live Can Get You to Analytical Accounting appeared first on Accountex Report.
Read More

Tax preparers are prime cybercrime targets

Mar 23 12:34pm Accounting Today: Feed
No matter how small your firm is, your clients’ information is very tempting to hackers.
Read More

Can my landlord get a tax deduction for the free rent he gives us?

Mar 23 11:58am
Can a landlord can claim a deduction for the reduced rent she gives to a homeschool group? Related posts: Accepting in-kind donations of equipment or services Got donations? Confirming contributions in a homeschool organization Accepting contributions for a needy family...
Read More

When Disaster Strikes, Take These Accounting Steps

Mar 23 10:45am
  When a flood, fire, hurricane or other disaster strikes your business, you may suffer heavy property damage along with lost sales during the time you're forced to close. Having a good understanding of the accounting rules related to natural disasters can help you fully account for your losses, reduce the economic harm to your business, and obtain financial relief through insurance, tax deductions and other sources. Accounting for Inventory Losses Conduct a manual count of your inventory as soon it is practical to do so. Even if items are obviously a total loss, it's a good practice to document the specific losses due to the disaster versus what you might have lost due to shrinkage or some other means before the disaster. This may also help with the insurance claims process. You will need to update your balance sheet to reflect the current value of your remaining inventory. You can generally include inventory losses as an expense when you prepare your financial statements and file your tax return. However, you will need to adjust for any insurance reimbursements — you cannot both claim a loss expense and exclude the insurance claim from your income. Accounting for Property Damage Damage to other assets, such as buildings or machinery, is handled in a similar manner to inventory. If the damage is so substantial that it causes a significant decrease in the asset's market value or prevents you from using the asset as you intended, you may be required to take an impairment loss and reduce the asset's value on your balance sheet. When you file your taxes, you may also be able to claim a deduction for any disaster-related decline in an asset's value that was not reimbursed by insurance. Calculating Payroll If your business closes or brings in additional employees during a disaster, carefully review federal law, your local laws and your employment agreements to determine whether you're legally obligated to pay your employees. Who Must Be Paid Under the Fair Labor Standards Act (FLSA), you may be required to pay exempt, salaried employees during a temporary closing. In that circumstance, you may require your employees to use their paid leave time but may not refuse to pay them if they have no available leave time. Under federal law, nonexempt employees are generally only paid according to th...
Read More

How to compare business loan options

Mar 23 10:30am Sage Blog
If you’re considering a business loan, it’s difficult to know what’s best for your firm - the right option depends many characteristics of your business. The post How to compare business loan options appeared first on Sage Blog.
Read More

Make Your Clients Aware of Last-Minute Phishing Email Scams

Mar 23 9:00am Tax Pro Center | Intuit ProConnect
Recently, the IRS released a bulletin warning tax professionals and taxpayers of last-minute phishing email scams, especially emails requesting last-minute deposit changes for refunds or account updates. You can advise your clients: Never open an attachment or link from an unknown... Full Story...
Read More

Business rates to rise in 2017: The ripple effect

Mar 23 5:05am Sage Blog
Business rates rises are expected to have serious consequences for many firms in London and the south-east, following a revaluation of business premises. The post Business rates to rise in 2017: The ripple effect appeared first on Sage Blog.
Read More

Bookkeepers: What to do when Clients Dont Value Services, part 2

Mar 22 7:31pm StacyK
As I mentioned in my last blog, there are two parts to solving the clients don’t value services dilemma.  The first, showing your value, you can find here.  In this blog, I’ll write about one of my favorite topics: finding better clients. This topic comes up a lot for me: in an interview with JetPack, […] The post Bookkeepers: What to do when Clients Don’t Value Services, part 2 appeared first on StacyK.
Read More

KPMG cooperating with MTA on probe of former transit official

Mar 22 6:34pm Accounting Today: Feed
KPMG said it has been cooperating with authorities on an investigation of a former official at New York’s Metropolitan Transit Authority who has been accused of steering work to the Big Four firm.
Read More

Employment tax noncompliance grows to $45.6B

Mar 22 5:34pm Accounting Today: Feed
More businesses are failing to remit payroll taxes, with 1.4 million employers owing approximately $45.6 billion in unpaid employment taxes, interest and penalties as of December 2015.
Read More

SEC proposes switch to Inline XBRL

Mar 22 4:34pm Accounting Today: Feed
The Securities and Exchange Commission has proposed a rule to require companies and mutual funds to use Inline XBRL, a version of Extensible Business Reporting Language, in their operating company financial statement information and mutual fund risk/return summaries.
Read More

AICPA asks Congress to pass tax corrections legislation

Mar 22 2:34pm Accounting Today: Feed
The American Institute of CPAs wants lawmakers to reintroduce a bill to make various fixes to the tax laws.
Read More

Lawmakers introduce bill to fund infrastructure through corporate tax reform

Mar 22 1:34pm Accounting Today: Feed
Rep. John Delaney, D-Md., has introduced two pieces of bipartisan legislation to rebuild roads and bridges by encouraging U.S.-based multinational companies to repatriate the profits they hold abroad.
Read More

A Winning Combination for Preparing 1099s

Mar 22 1:00pm Accountex Report
We just made it to our deadline to send out 1099s to our vendors on January 31! Phew! I learned a tremendous amount and I am very proud to share the combination of apps that I put in place this year to help streamline the process. Even though we are done with 1099s for this […] The post A Winning Combination for Preparing 1099s appeared first on Accountex Report.
Read More

Obamacare failure could endanger tax goals, some in GOP warn

Mar 22 12:34pm Accounting Today: Feed
Top Republicans are warning their fellow party members that failing to repeal Obamacare could imperil the goal of a massive tax cut—and perhaps more of President Donald Trump’s legislative agenda.
Read More

4 tech considerations in preparing for new rev rec standard

Mar 22 9:34am Accounting Today: Feed
A controller shares the lessons learned as she readied her own company.
Read More

Help Your Schedule C Clients Discover More Deductions This Tax Season With QuickBooks Self-Employed Expense Finder

Mar 22 9:00am Tax Pro Center | Intuit ProConnect
Ah, the humble shoebox. To the average person, it’s merely a home to a favorite pair of sneakers, but to your Schedule C clients, this shoebox serves a different purpose. It has become the place to store piles of business-related... Full Story...
Read More

Are you a parent? What are your childcare choices?

Mar 22 8:40am
In our Winter 2016 newsletter we led with an article about the new Tax-Free Childcare scheme that was expected to be launched in early 2017. HM Revenue and Customs have today launched the Childcare Choices website which can be reached from the related article: The article also gives details of the availability of up […]...
Read More

Business Owner Mistakes: Not Keeping Company Books and Records Up-to-Date

Mar 22 8:21am
  It’s an all too common problem. Despite the importance of up-to-date bookkeeping, I often see small and mid-market companies, startup companies, and medical and dental practices that don’t keep their books 100\% up to-date and 100\% accurate. They have no ‘formal’ month-end financial close processes in place and do not review their financial metrics. This […] The post Business Owner Mistakes: Not Keeping Company Books and Records Up-to-Date appeared first on .
Read More

Ten Signs Your Organization Needs Outsourced Accounting and Finance

Mar 22 3:00am Blum Shapiro Knowledege Center
You’ve heard about outsourced back office and accounting, but do you know what it really means? How do you know if outsourcing is right for your organization? Our list below highlights the reasons why your organization should think about making the move to outsourced accounting and finance and how it can benefit your organization.
Read More

In the blogs: Finish the season strong

Mar 22 1:34am Accounting Today: Feed
Return changes in FAFSA; Trump and the AMT; charitable donation overstatements; and other highlights from our favorite tax bloggers.
Read More

What I Wish I Knew Before Becoming an Accountant

Mar 21 5:42pm CPA Exam Hub
Hindsight is 20/20.  The good news is that if you heed the advice and lessons of others who have already dealt with what you’re going through you can significantly improve your current vision.  So let us now apply this to the field of accounting by sharing some thoughts from people who’ve been out in the working world. Salary May Not... The post What I Wish I Knew Before Becoming an Accountant appeared first on CPA Exam Hub.
Read More

BST acquires CFO for Hire

Mar 21 3:34pm Accounting Today: Feed
BST & Co. CPAs LLP has acquired CFO for Hire LLC, a finance, management and accounting services company also based in Albany, N.Y.
Read More

SEC regulators should adopt global financial reporting language for better business

Mar 21 2:34pm Accounting Today: Feed
While issues of immigration, trade and freedom of the Fourth Estate are dominating the media cycle, there are other significant areas of policy flux worthy of consideration as President Donald Trump’s term gathers momentum.
Read More

What Homeschool Leaders Dont Know About Worker Classification

Mar 21 2:00pm
Helping homeschool leaders understand how to classify their workers correctly as employees or independent contractors. Related posts: What are the consequences of misclassifying a worker? IRS auditors crackdown on independent contractors Paying Workers update will be available November 1...
Read More

I Love Webinars. I Hate Webinars.

Mar 21 1:58pm Communication for Accountants
As a bit of a learning junkie, I attend a lot of webinars, particularly on marketing subjects. I do pay for some, but most are free because, of course, the host and guest have something to promote. That’s fair, and in fact I sometimes promote my own programs this way. However, as a communication specialist, […]...
Read More

CPA business executives favor Obamacare repeal

Mar 21 1:34pm Accounting Today: Feed
A majority of CPA senior business executives would like to have the Affordable Care Act repealed and replaced, according to a new poll by the American Institute of CPAs.
Read More

NJCPA seeks nominations for 2017 'Diversity and Inclusion' award

Mar 21 12:34pm Accounting Today: Feed
The New Jersey Society of CPAs is calling for exemplary CPAs and the people who champion them by May 19.
Read More

Trump says GOP must pass Obamacare bill or risk losing seats

Mar 21 11:34am Accounting Today: Feed
The president warned House Republicans in a closed-door meeting Tuesday that many of them could be fired in the 2018 elections if they don’t approve legislation to replace the ACA.
Read More

4 Tips to Help Your Clients Avoid Tax Season Phishing Scams

Mar 21 9:00am Tax Pro Center | Intuit ProConnect
It’s tax season and the phishing is … easy? Unfortunately, yes, it is. Despite all the warnings about fraud at this time of year, the IRS still reports phishing as the number one tax scam that many people – including... Full Story...
Read More

Overhyping IBMs Watson Is Dangerous

Mar 21 7:00am CPA Trendlines technology
Watson is the Chuck Norris of cognitive computing. By Rick Richardson Technology This Week The post Overhyping IBM’s Watson Is Dangerous appeared first on CPA Trendlines.
Read More

Time to Replace a Server? Consider the Cloud

Mar 21 5:00am CPA Trendlines technology
You may need to partner with an external integrator, not just rely on your IT team. Roman H. Kepczyk Quantum of Paperless The post Time to Replace a Server? Consider the Cloud appeared first on CPA Trendlines.
Read More

With Tax Day looming, maximize your individual and business tax deductions

Mar 21 3:00am Blum Shapiro Knowledege Center
As individuals and businesses prepare to file their 2016 tax returns by April 18th, this could prove to be something of an end of an era in terms of tax policy. President Trump has talked about proposing sweeping changes to the nation’s tax code—including condensing tax brackets, eliminating the estate tax, eliminating the Alternate Minimum Tax and reducing the corporate tax rate—so at this time next year, the landscape could look dramatically different.
Read More

Cyber Security at Scaling New Heights 2017

Mar 20 8:05pm Training Center/Scaling New Heights
Like all good instructors of Scaling New Heights 2017, Murph is publishing a brief write-up on one of the many classes he will be teaching. This class covers 'Cyber Security for You and Your Clients', here is a sample of the content.
Read More

GASB addresses various accounting issues in omnibus statement

Mar 20 5:34pm Accounting Today: Feed
The Governmental Accounting Standards Board has released an “omnibus” statement providing guidance on a wide range of accounting and financial reporting issues that have been uncovered during the implementation and application of some of GASB’s earlier pronouncements for state and local governments.
Read More

Tax season by the numbers

Mar 20 4:34pm Accounting Today: Feed
This year’s filings are still behind last year; more and more tax pros won’t be vacationing after April 18; and other statistics as of the middle of the this year's filing period.
Read More

RubinBrown merges in Stewart Archibald & Barney

Mar 20 3:34pm Accounting Today: Feed
St. Louis-based Top 100 firm RubinBrown is expanding into Las Vegas by combining with Stewart Archibald & Barney, the sixth largest accounting firm in Vegas, effective June 1, 2017.
Read More

Confessions of a Millennial CPA: Millennials are the most productive generation

Mar 20 2:34pm Accounting Today: Feed
Wealth advisor and CPA David Isaacs defends his misunderstood peers.
Read More

Zuora establishes developer site, adds 30 apps to marketplace

Mar 20 1:34pm Accounting Today: Feed
New on the company’s online market are connectors to banks, app stores and tax management solutions.
Read More

Introducing Microsoft Dynamics 365 for Financials

Mar 20 1:00pm Accountex Report
There is an important new development in the accounting software space: In November 2016, Microsoft entered the small and medium-sized business (SMB) financial software market with the introduction of Microsoft Dynamics 365 for Financials. Many who have been around the industry for some time know well that this is not Microsoft’s first entry into the […] The post Introducing Microsoft Dynamics 365 for Financials appeared first on Accountex Report.
Read More