Thu.Aug 03, 2023

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IRS cracks down on monetized installment sale transactions

Accounting Today

The Internal Revenue Service and the Treasury want to curb the use of some types of monetized installment sale transactions by listing them as potentially abusive tax dodges.

Tax 246
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Intuit Named to FIDO Alliance Board in Recognition of Passwordless Authentication Standards Leadership

Intuit

Every day, our employees set out to solve customer problems and deliver seamless experiences, propelled by our AI-driven expert platform strategy and mission to power prosperity around the world. Part of delivering on this means delivering industry-leading customer experiences for more than 100 million consumer and small business customers with Intuit TurboTax , Credit Karma , QuickBooks , and Mailchimp.

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IRS loses track of tax info between processing centers

Accounting Today

The service isn't doing enough to safeguard sensitive information when it's shipped between tax processing centers, according to a new report.

Tax 246
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5 tips to get the best out of apps at Xerocon

Xero

Xerocon is fast approaching: the best forum to hear about the latest innovations within Xero, get inspired and connect with other accountants and bookkeepers. Plus, with more than 70 app partners from the Xero ecosystem exhibiting at Xerocon Sydney on 23-24 August, it’s also the best opportunity you’ll have all year to connect with and learn about apps that can take your practice to the next level.

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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Is it Time for an Outsourced Bookkeeper?

Accounting Department

Some business decisions are obvious. Others can seem like 50/50 propositions that make doing nothing a good third option. Deciding what to do about your bookkeeping, fortunately, is not a dilemma when you know what to factor into your considerations. So, how can you determine whether you would be better off with outsourced bookkeeping services or continuing it onsite at this stage of your growth?

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Taxpayers have trouble finding IRS assistance centers

Accounting Today

The service is trying to fully staff its in-person TACs around the country, but first it has to make them easier to locate.

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More Trending

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Tax Fraud Blotter: All that glitters

Accounting Today

Under the counter; a New Look but an old story; unAffordable behavior; and other highlights of recent tax cases.

Tax 246
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Maximize Profits With Smart Pricing And Strategic Plating

SLC Bookkeeping

In the dynamic and competitive restaurant business world, two essential elements play a significant role in captivating customers: smart pricing and food plating.

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Suspended Altice France executive denies wrongdoing amid probe

Accounting Today

Since Altice co-founder Armando Pereira was detained in Portugal as part of a criminal investigation into alleged corruption, tax fraud and money laundering, the company has suspended contracts with about 60 suppliers, launched internal audits, and has put its U.S. head of procurement on leave.

Auditing 130
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Payroll Deductions: What are they and how to calculate them

LedgerDocs

What is a Payroll Deduction Payroll deductions are an amount of money withheld from a paycheck by an employer to be used to pay taxes and cover any benefits that are provided such as retirement contributions or health insurance premiums. It is the responsibility of the employer to calculate and collect the correct amount from the employee’s gross pay before issuing a paycheck Common Types of Payroll Deductions: There are a few reasons why an employer may need to deduct money from an employeeR

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Predictions You Can Rely On: How Data Drives Successful Financial Forecasting

Speaker: Robbie Bhathal, Founder & CEO, and Matthew Acalin, Head of Credit Intelligence

In today's volatile financial environment, how confident are you in your company’s financial forecasting? To get the most accurate cash predictions that will lead to long-term financial survival, real-time data is critical. Innovative cash management strategies can lead to better credit opportunities, more sustainable growth, and long-term financial prosperity.

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What CPAs need to know about the Corporate Transparency Act

Accounting Today

Business entities subject to the CTA will face significant new reporting and related record-keeping obligations. There are several things advisors should consider.

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AICPA Takes Aim at ERC Accountability

Insightful Accountant

American Institute of CPAs pushes for more ERC accountability following Capitol Hill committee hearing.

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Leaders split on whether AI will reduce or expand headcount

Accounting Today

A recent KPMG survey shows that business leaders are split over whether mass adoption of generative AI will reduce or expand headcount at their organizations.

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The difference between expensing and capitalizing

Accounting Tools

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is Expensing? A cost is the expenditure required to create and sell products and services, or to acquire assets. When a cost is associated with an expenditure that is consumed at once, then it is charged to expense. When this happens, the expense is reported on the firm’s income statement.

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Your New & Improved Month-End Close Process Is Not So Far Out of Reach!

All accounting teams know what it is like to dread the inevitable month-end scaries. If there was a way to feel less burdened and maybe even a little enthusiastic to work on your month-end close and reconciliation process, would you do it? No, don't answer that, of course you would! Automate your month-end close process by up to 40% with SkyStem's ART and see how much more alive you feel!

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It's more than just lunch

Accounting Today

Get to know your best clients again.

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Breakeven formula definition

Accounting Tools

Related Courses Budgeting Cost Management Guidebook Financial Forecasting and Modeling What is the Breakeven Formula? Break even is the point at which a business generates enough sales to earn a profit of zero. This is an important concept, because managers need to know the threshold sales level above which a company will start to earn a profit. With this information, they can engage in activities to enhance profit levels, such as cutting fixed expenses or initiating marketing campaigns to incre

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AI Accounting

Tipalti

From invoice processing to supplier onboarding, learn how AI is revolutionizing accounting. We’ll walk through AI accounting use cases, software, and how to start using AI today.

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How to calculate shareholders' funds

Accounting Tools

Related Courses Bankruptcy Tax Guide Essentials of Corporate Bankruptcy Shareholders' funds refers to the amount of equity in a company, which belongs to the shareholders. The amount of shareholders' funds yields an approximation of theoretically how much the shareholders would receive if a business were to liquidate. The amount of shareholders' funds can be calculated by subtracting the total amount of liabilities on a company's balance sheet from the total amount of assets.

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The Definitive Guide to Spend Management

The status quo for AP in small and mid-market companies is broken. It consists of messy tech stacks of siloed solutions that give rise to manual work, a lack of control, wasted spend, and unnecessary risks. The benefits of shifting to spend management are tangible, measurable, and are felt across the whole organization. Spend management is a different way of thinking and an innovation whose time has come.

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What the Barbie movie gets wrong about her creator's “IRS” problems

Blake Oliver

Did you see the Barbie movie? In the movie, Barbie's creator Ruth Handler makes an off-hand mention of her IRS problems — but that’s wrong. The real-life Ruth Handler ran into legal issues with the SEC, not the IRS. And it wasn’t tax problems. The Securities and Exchange Commission came after the Barbie creator for financial fraud while she was president of Mattel.

Billing 52
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Wealth Management Partnerships and the 15 Hour Work Week

Jetpack Workflow

Podcast Summary Leveraging Insurance Products Establishing Wealth Management Partnerships Experiencing Time & Money Resources JEnsley Financial Cash Value Life Insurance Double Your Accounting Firm About John Ensley John is the president of JEnsley Financial , a fiduciary financial planning firm based out of Vancouver, WA. John started his firm in 2012 after a U-turn move from corporate America to financial services.

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Nancy McClelland on Finding Your Ideal Teammates

Insightful Accountant

The Dancing Accountant's Nancy McClelland joins Tax Practice News' Christine Gervais on this edition of the Accounting Insiders to discuss what makes her practice so unique.

Tax 52
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Hunter Biden plea deal outlines tax and accounting problems

Accounting Today

According to a plea agreement, Biden was well aware of his tax liabilities from an accountant he hired. The accountant prepared Biden's returns and sent them to him for review and signature. Despite repeated encouragement by his accountant, Biden never signed or submitted his returns.

Tax 49
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Navigating Financial Storms: Strategies for Building Resilient Balance Sheets

Speaker: Carolina Aponte - Owner and CEO, Caja Holdings LLC

In today's rapidly changing business environment, building a resilient balance sheet is crucial to the survival of any business. A resilient balance sheet allows a company to withstand financial shocks and adapt to changing market conditions. To achieve this, companies need to focus on key strategies such as maintaining adequate liquidity, managing debt levels, diversifying revenue streams, and prioritizing profitability over growth.

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The difference between paid-in capital and retained earnings

Accounting Tools

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is Paid-In Capital? Paid-in capital is a component of a company’s equity , and contains the amounts received from investors when they buy shares directly from the company. When investors buy these shares from other parties (frequently through a stock exchange ), the amounts paid do not go back to the company, and so have no impact on its paid-in capital account.

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Billing Software: What You Need to Know

Billing Platform

Described as software that enables companies to, at its most basic level, generate and send invoices, collect payments, and calculate taxes – billing software is now capable of so much more. Regardless of whether you run a small and-medium sized business (SMB), a large enterprise, or something in between – implementing the right billing solution enables you to drive operational efficiencies, reduce errors, and boost profitability.

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How to create a business budget

Accounting Tools

Related Courses Budgeting Capital Budgeting Effective Sales Forecasting A business may need a budget in order to model what its future results and cash flows will look like. Doing so gives management a reasonable idea of how much it can spend, and how much new revenue it should expect. This information can be used in the following ways: Management should only authorize that amount of expenditures for which there will be an offsetting amount of incoming cash flows.

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Trump-tied SPAC hits another snag as auditor abruptly resigns

Accounting Today

Digital World Acquisition Corp. blasted Marcum for not adhering to "requisite audit procedures" that would have identified the accounting errors sooner.

Auditing 130
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Putting the ‘Tech’ in Spend Management Techniques

Speaker: Wayne Spivak, President and CFO of SBA * Consulting Ltd., Industry Writer, Public Speaker

If you’re lost in the world of spend management needs and your GAP analysis is lacking perspective on the future state of your business performance, listen up! With the advancement of technology, the implementation of spend management best practices and concrete GAP analyses is more streamlined and accessible than ever before. And while this may sound like great news for you and your clients, it won’t be worthwhile unless you have the latest techniques to back up your ambitions!

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Quantitative analysis definition

Accounting Tools

Related Courses Effective Sales Forecasting Financial Analysis Financial Forecasting and Modeling What is Quantitative Analysis? Quantitative analysis is the use of mathematical models to analyze data points, with the intent of understanding a condition. This analysis is used to predict future outcomes, and is a key concept in financial modeling and other areas.

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Timeliness of accounting information

Accounting Tools

Related Courses Accountants' Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is the Timeliness of Accounting Information? The timeliness of accounting information refers to the provision of information to users quickly enough for them to take action. The timeliness concept is of particular importance in four areas of a business, which are noted below.

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The difference between assets and fixed assets

Accounting Tools

Related Courses Fixed Asset Accounting Fixed Asset Controls How to Audit Fixed Assets What are Assets? An asset is an expenditure that has utility through multiple future accounting periods. If an expenditure does not have such utility, it is instead considered an expense. Examples of assets are cash , trade receivables , inventory , and prepaid expenses.

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The difference between income and profit

Accounting Tools

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is Income? Income is the earnings gained from the provision of services or goods, or from the use of assets. What is Profit? Profit is the positive amount remaining after subtracting expenses incurred from the revenues generated over a designated period of time.

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Book of Secrets for the Month-End Close

Developing a consistent month-end close doesn’t need to be a mystery. We’re sharing our top 10 secrets (plus one bonus!) for streamlining your close.