Accounting

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  • Nine Ways Successful People Defeat Stress

    CPA ZONE
    Brenda Mizgorski
    28 Jan 2015 | 2:43 pm
    If you feel like studying for and taking the CPA Exam ranks up there as one of the single most stressful times for you, you are certainly right.  Welcome to the life of a CPA candidate.  Here's a recap of nine scientifically-proven strategies for defeating stress with the hope of making the road to CPA a little more bearable.   #1    Have self-compassionLook at your mistakes or failures with kindness and understanding — without harsh criticism or defensiveness. #2    Remember the "Big Picture"Link one particular, often small action to a greater meaning or purpose.
  • Kill the CPE Hour

    CPA Trendlines
    CPA Trendlines
    2 Mar 2015 | 12:17 pm
    [CLICK TO PLAY] The post Kill the CPE Hour appeared first on CPA Trendlines.
  • Hidden Taxes in Divorce

    Forensic Perspectives
    Mark S. Gottlieb
    27 Feb 2015 | 12:38 pm
    When the CEO of Continental Resources, Harold Hamm, divorced from his wife, Forbes published an article about the possible tax consequences. The settlement ordered Hamm to pay his former wife $995.5 million. Forbes asked the obvious question: with this kind of hefty transaction, the tax man must surely get his share, right? Not quite. According to law, transfers of property between spouses during a divorce are virtually tax free. Good news for the Hamms. However, there are often unseen tax burdens later on. Code § 1041 of the U.S. Internal Revenue Code lays out the rules for the taxation of…
  • Success Begins With Accountability

    CPA Trendlines
    Beth Bellor
    1 Mar 2015 | 2:00 am
    8 key questions to get you started. By Martin Bissett Understanding Selling The secret to overcoming failure to correctly implement a successful business development strategy is by “winning your first client” and this starts by being accountable to someone for your performance. MORE ON SELLING: Do You Realize You’re Failing? | Winning Your First Client […] The post Success Begins With Accountability appeared first on CPA Trendlines.
  • [Infographic] 5 Tips for Studying More Effectively

    CPA ZONE
    Brenda Mizgorski
    27 Feb 2015 | 11:16 pm
 
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    re: The Auditors

  • Deloitte US First Female CEO; There’s More We Don’t Know

    Francine
    2 Mar 2015 | 4:29 pm
    Wouldn’t it be nice if investors and other interested parties could look up Cathy Engelbert in a public and easily accessible registry and find out about all the audit clients where she has been a lead partner or a Quality Control partner? Has she ever been named in a lawsuit or been sanctioned? Let’s hope not. Here’s what I think really matters about Engelbert’s appointment. From my piece at Medium.com. More important than being a woman is the fact that Engelbert is an audit leader rather than a consulting or tax leader. EY’s chose its new US CEO from its tax lobbying…
  • PwC Settles Campbell Overtime Case; Impact To Profession Is Happening Now

    Francine
    2 Mar 2015 | 4:22 pm
    PwC recently agreed to settle the Campbell v. PwC overtime class action lawsuit pending in California. Two former unlicensed PwC accounting associates, with the support of law firm Kershaw, Cutter & Ratinoff, filed a motion on October 24, 2007 that sought to certify a class of all associates and senior associates employed by PwC in California. I first wrote about the case on October 25, 2007. Here’s an excerpt from my wrap-up at Medium.com. The accounting profession wants to be elite, like law, even though the public accounting business model at the largest firms is built on the…
  • Speaking Engagements/Conferences

    Francine
    2 Mar 2015 | 4:40 am
    I’m on the road visiting universities, attending select conferences and forums and speaking to groups of all kinds. If you would like me to visit your university and your accounting/audit program, please write soon to lock in fall and winter dates. Contact me at fmckenna@mckennapartners.com to schedule a presentation at your university, conference, firm or for a private briefing. Coming Up: March 23-24, 2014, I’ve been asked again, my 5th year, to be a preliminary judge for the Gerald Loeb Awards for Distinguished Business and Financial Journalism. ( I am a two-time award…
  • When Auditors Get Mixed Up In M&A, Smaller Clients Get Hurt

    Francine
    3 Feb 2015 | 9:21 am
    Over at Medium.com I’ve written about a new academic study, Shared Auditors in Mergers and Acquisitionsto be published soon in the Journal of Accounting and Economics that documents an interesting, rarely commented on auditor conflict of interest. The data suggests that when an acquiring company and its target share the same auditor, the audit firms favor acquirers at the expense of the smaller target audit clients. The researchers are also more bold than I have ever seen in an academic study in alleging that auditors prioritize their own self-interest and larger clients by using…
  • Journalists’ Obligations In The Shareholder Value Maximization Debate

    Francine
    14 Jan 2015 | 2:53 pm
    I wrote at Medium.com on January 6 about two journalists, both at the New York Times, who penned sympathetic stories about shareholders and other stakeholders that were paid short shrift when dominant shareholders or corporate insiders dominate the agenda. These journalists, in service to shorter and simpler narratives, shortcut coverage of the active and contentious debate about shareholder value maximization. Nelson Schwartz’s December 6 piece, “How Wall Street Bent Steel: Timken Bows to Activist Investors, and Splits in Two” describes the crying shame in Ohio of “activist…
 
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    Deloitte Global headlines

  • European tax survey 2014: Rising to the challenge

    6 Feb 2015 | 6:27 am
    In order to understand the impact of economic and financial trends and the potential impact of change on the tax department of today, as viewed by tax professionals across Europe, Deloitte has undertaken its second annual European Tax Survey.
  • 2015 Global health care sector outlook

    6 Feb 2015 | 6:27 am
    This report examines the current issues impacting the global health care sector, provides a snapshot of activity in a number of geographic markets, and suggests considerations for stakeholders as they look ahead to 2015.
  • Directors' Alert

    6 Feb 2015 | 6:26 am
    Deloitte’s specialists and independent board directors share their insights into the challenges facing today’s board members and the strategies they can employ to overcome those issues.
  • Making an impact that matters

    6 Feb 2015 | 6:20 am
    This year's Global Report spotlights how we are making an impact that matters. We continue to redefine ourselves and set the bar higher to continually deliver quality for clients, our people, and the society in which we operate.
  • Tracking the trends 2015

    6 Feb 2015 | 6:19 am
    The 2015 edition of Tracking the trends takes a look at the issues that miners will face in the coming year and outlines a wealth of potential responses proposed from Deloitte member firm’s mining professionals.
 
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    CPA ZONE

  • [Infographic] 5 Tips for Studying More Effectively

    Brenda Mizgorski
    27 Feb 2015 | 11:16 pm
  • Uh, yeah...that's the CPA Exam for you!

    Brenda Mizgorski
    27 Feb 2015 | 10:58 pm
    Uh, yeah...sounds about right.
  • Nine Ways Successful People Defeat Stress

    Brenda Mizgorski
    28 Jan 2015 | 2:43 pm
    If you feel like studying for and taking the CPA Exam ranks up there as one of the single most stressful times for you, you are certainly right.  Welcome to the life of a CPA candidate.  Here's a recap of nine scientifically-proven strategies for defeating stress with the hope of making the road to CPA a little more bearable.   #1    Have self-compassionLook at your mistakes or failures with kindness and understanding — without harsh criticism or defensiveness. #2    Remember the "Big Picture"Link one particular, often small action to a greater meaning or purpose.
  • Yep, people watching me and waiting for me to pass

    Brenda Mizgorski
    23 Jan 2015 | 10:59 am
    Better get to it!
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    AccountingCoach

  • What is the difference between FIFO and LIFO?

    AccountingCoach.com
    24 Feb 2015 | 7:21 am
    The difference between FIFO and LIFO results from the order in which changing unit costs are removed from inventory and become the cost of goods sold. When the unit costs have increased, LIFO will result in a larger cost of goods sold and a smaller ending inventory compared with FIFO. If the unit costs are stable, there will be little or no difference between FIFO and LIFO. Also note that the order in which the costs are removed from inventory is independent of the order in which the physical units are removed from inventory. To illustrate the difference between FIFO and LIFO, let’s…
  • What is the difference between inventory and the cost of goods sold?

    AccountingCoach.com
    23 Feb 2015 | 6:15 am
    Inventory for a retailer or distributor is the merchandise that was purchased and has not yet been sold to customers. For a manufacturer, inventory consists of raw materials, packaging materials, work-in-process, and the finished goods that are owned and on hand. Inventory is generally valued at its cost. If a business has inventory it is often a major component of its current assets. The cost of goods sold is the cost of the merchandise or products that have been sold to customers during the period of the income statement. For a company that sells goods, the cost of goods sold is usually the…
  • What is the difference between adjusting entries and correcting entries?

    AccountingCoach.com
    19 Feb 2015 | 7:36 am
    Generally, adjusting entries are required every accounting period so that a company’s financial statements reflect the accrual method of accounting. It is typical for the adjusting entries to be dated as of the last day of the accounting period and to include an income statement account and a balance sheet account. Adjusting entries are necessary to: accrue expenses and losses and the related liabilities accrue revenues and gains and the related assets defer expenses and the related assets defer revenues and the related liabilities record depreciation expense or bad debts expense and…
  • What is the difference between the current ratio and the quick ratio?

    AccountingCoach.com
    18 Feb 2015 | 8:35 am
    The current ratio is the proportion (or quotient or fraction) of the amount of current assets divided by the amount of current liabilities. The quick ratio (or the acid test ratio) is the proportion of 1) only the most liquid current assets to 2) the amount of current liabilities. In other words, the quick ratio assumes that only the following current assets will turn to cash quickly: cash, cash equivalents, short-term marketable securities, and accounts receivable. Hence, the quick ratio does not include inventories, supplies, and prepaid expenses. To illustrate the difference between the…
  • What is the difference between the current ratio and working capital?

    AccountingCoach.com
    16 Feb 2015 | 6:36 am
    The current ratio is the proportion (or quotient or fraction) of the amount of current assets divided by the amount of current liabilities. Working capital is not a ratio, proportion or quotient, but rather it is an amount. Working capital is the amount remaining after current liabilities are subtracted from current assets. To illustrate the difference between the current ratio and working capital, let’s assume that a company’s balance sheet reports current assets of $60,000 and current liabilities of $40,000. The company’s current ratio is 1.5 to 1 (or 1.5:1, or simply 1.5)…
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    CPA Success

  • A Rising Tide - The Top 5 Finance Challenges from FEI/Protiviti

    28 Feb 2015 | 11:18 am
    Finance and accounting teams in corporations face a "rising tide of finance challenges according to the Financial Executives Research Foundation/Protiviti 2015 Finance Priorities Survey. Finance teams are extremely busy and trying to cope with the increasing waves of change and workload coming their way. In the midst of being busier than ever, they are challenged to find time to support the company's strategic growth initiatives and add insights to the operating and financial resuts of the business units. In fact the "busyness" factor showed up in our research in our townhall/PIUs over the…
  • New DLLR Secretary Kelly Schulz seeks “honest conversation” with CPAs

    23 Feb 2015 | 2:17 pm
    Any day when you can make a new friend is a good day. CPA Day was a very good day. A record CPA Day turnout of more than 200 MACPA members got a surprise visit from Kelly Schulz, the new secretary of Maryland’s Department of Labor, Licensing and Regulation — the body that oversees the state’s Board of Public Accountancy. Schulz, a former state delegate who represented Frederick and Carroll counties, was appointed DLLR secretary in December by newly elected Gov. Larry Hogan. While initially focused on the governor’s proposed budget and finding efficiencies throughout…
  • MACPA testifies in Annapolis on supersedeas (appeal) bond bill

    20 Feb 2015 | 2:18 am
    This is Week 5 of the 2015 Maryland General Assembly, and we testified in support of appeal (supersedeas) bonds (HB 164) before the House Judiciary Committee. MACPA member Mark Cissell, president and CEO of Maryland CPA firm KatzAbosch (pictured), took time out of his busy schedule to testify on a panel with the Maryland Tort Reform Coalition in support of this important legislation. This bill is important to CPAs and small businesses as it fixes a technicality in Maryland tort law that requires a defendant to post an appeal bond equal to the judgment in order to get access to an…
  • MACPA exec Tom Hood inducted into CPA Practice Advisor Accounting Hall of Fame

    18 Feb 2015 | 4:00 am
    I’m pretty sure Tom Hood (humble as he is) won’t write about this, so I’ll be the one to tell you that the MACPA’s intrepid leader has been inducted into CPA Practice Advisor’s Accounting Hall of Fame. The induction was part of the publication’s annual Thought Leader Symposium in Dallas. “I was surprised to be in the company of people who I look up to as icons in the accounting profession,” Hood told CPA Practice Advisor Managing Editor Isaac O’Bannon. “To be thought of as being in the same group as them is a remarkable honor.”…
  • IRS eases tangible property burden for small businesses

    13 Feb 2015 | 8:32 pm
    It might not be a resounding victory for the profession, but it's better than a resounding defeat. For weeks now, tax preparers and their clients have raised their voices with the AICPA, the MACPA, and other state CPA societies in a deafening and unmistakable message to the IRS: Revamp the onerous and confusing tangible property regulations. In Maryland alone, the MACPA’s federal tax listserv has been swamped with messages from CPAs seeking answers to a seemingly unending series of frustrating questions. The IRS apparently was listening. IRS officials have released a new revenue…
 
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    CPA Trendlines

  • Kill the CPE Hour

    CPA Trendlines
    2 Mar 2015 | 12:17 pm
    [CLICK TO PLAY] The post Kill the CPE Hour appeared first on CPA Trendlines.
  • How Much Should You Pay To Buy, Sell or Merge an Accounting Practice?

    Beth Bellor
    2 Mar 2015 | 2:00 am
    Here are just 19 factors. By Ed Mendlowitz The CPA Trendlines Practice Doctor QUESTION: I am in process of buying a practice and would like to know how much to pay. MORE PRACTICE DOCTOR Q&A: When Fees Don’t Keep Up With Cost Increases  | When Large (or Any) Clients Need Backup Assurances | 18 Ways […] The post How Much Should You Pay To Buy, Sell or Merge an Accounting Practice? appeared first on CPA Trendlines.
  • Success Begins With Accountability

    Beth Bellor
    1 Mar 2015 | 2:00 am
    8 key questions to get you started. By Martin Bissett Understanding Selling The secret to overcoming failure to correctly implement a successful business development strategy is by “winning your first client” and this starts by being accountable to someone for your performance. MORE ON SELLING: Do You Realize You’re Failing? | Winning Your First Client […] The post Success Begins With Accountability appeared first on CPA Trendlines.
  • 5 Ways to Roll With the Changes You Didn’t Want

    Beth Bellor
    1 Mar 2015 | 2:00 am
    Attitude is a big factor. Change, in business as in life, doesn’t always happen the way we want it. Especially in busy season. It’s at those times when we may need some help. Here, from “change expert” M.J. Ryan, author of “AdaptAbility: How to Survive Change You Didn’t Ask For,” are a few helpful thoughts… […] The post 5 Ways to Roll With the Changes You Didn’t Want appeared first on CPA Trendlines.
  • The First 3 Questions I Should Have Asked Before Starting My Own Practice

    CPA Trendlines
    28 Feb 2015 | 2:28 am
    And the 3 questions you should be asking yourself today. By Jody Padar The Radical CPA I had just come off a really bad tax season. This was about eight years ago now, and I knew there had to be a better way. I left a mid-sized firm, with seven partners and about 50 other […] The post The First 3 Questions I Should Have Asked Before Starting My Own Practice appeared first on CPA Trendlines.
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    Big4.com Blog

  • Big4.com in runnning For “Best Tax Blogs The Internet Has To Offer” Award

    2 Mar 2015 | 3:42 pm
    We've been nominated for an award for our tax interviews. WalletHub’s Editors have identified 50 finalists for the Best Tax Blogs The Internet Has To Offer and now it’s your job to vote. Please follow the link and cast your vote to help us win. Please don't forget to be sure to take a moment or two to reread some of the posts that got us noticed in the first place! Global Tax Management’s New Managing Director Talks About The Firm’s Unprecedented [caption id="attachment_40372" ali...Keep on reading: Big4.com in runnning For “Best Tax Blogs The Internet Has To Offer” Award
  • Five essentials you need to understand about your clients so they’ll be flocking to your door

    28 Feb 2015 | 12:24 pm
    Need more clients? Heather Townsend, author of the best-selling and award-winning The FT Guide To Business Networking, and The Go-To Expert, explores what you need to know about your clients to effortless attract them. The top rainmakers tend to be talking to prospects before they are ready to buy. The reason for this is because the earlier you can get to a client, the more likely you will be the one they turn to later when they need help with a problem. To be able to do this successfu...Keep on reading: Five essentials you need to understand about your clients so they’ll be flocking…
  • A Time Management Primer

    26 Feb 2015 | 3:19 pm
    Jack Healey is CEO of Bear Hill Advisory Group, LLC in Marietta, Georgia, and runs the Business Crisis Predictive and Performance Group at Firestorm (firestorm.com). He is an expert in business crisis management, supply chain, financial and operational performance and has a background as a proven negotiator, an operational CFO of a public company, and a successful career as an audit and forensic partner in a public accounting firm. He took some time recently to answer some questions about the...Keep on reading: A Time Management Primer
  • Making those interviews connect

    26 Feb 2015 | 9:14 am
    By Rob Starr, Big4.com Content Manager Chad Thompson, Ph.D. leads the Consulting and Assessment practice at Taylor Strategy Partners, a talent acquisition and management consultancy based in Columbus, Ohio.  In this role, Chad works with clients to identify the competencies required for success and devises methods for measuring them in candidates and employees.  His research on pre-employment selection and Gen Y issues have been published in peer-reviewed journals and he is a frequent speak...Keep on reading: Making those interviews connect
  • The Most Important Phase Of Your Major Initiative Is Pre-Planning

    26 Feb 2015 | 7:17 am
    [caption id="attachment_40238" align="alignright" width="200"] Michael VanBruaene[/caption] By Michael VanBruaene, Big4.com Guest Blogger Many times we are too quick to jump to planning a new major initiative without adequately considering its key elements and our motivation for it.  Before we start to plan a complex major initiative we should clearly know what we want to achieve and why.  We also want to have a high level view of how it will be planned and implemented. And certainty ...Keep on reading: The Most Important Phase Of Your Major Initiative Is Pre-Planning
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    Success Starts Here

  • Celebrating Women’s History Month and Diversity

    Bailey Ribich
    2 Mar 2015 | 10:32 am
    Note to our readers: Some of the content in this blog update contains information from McGladrey: Beyond the Balance Sheet, Second Edition (1926-2013) by Kathleen Gilbert and Dan Deuel.March 2-8 is designated as 2015 National Women's History Week. This annual recognition of women's accomplishments always occurs during the first week of March. This years' theme, "Weaving the Stories of Women's Lives," presents an opportunity to weave women's stories - individually and collectively - into the essential fabric of our nation's history, and into the history of McGladrey.  Diane McNulty was an…
  • McGladrey Earns a Top 10 Spot in the LA Market

    Bailey Ribich
    26 Feb 2015 | 1:08 pm
    Maybe it's the sunshine. Or maybe it's just the payoff to a lot of hard work. In any case, McGladrey continues to thrive in Los Angeles and make significant progress toward the firm's location strategy change mission.The Los Angeles Business Journal recently released its list of the largest accounting firms in the city. McGladrey's LA office broke into the Top 10, moving up form No. 12 to No. 9.Office Managing Partner Joe Mazza says the LA office's rapid growth is confirmation that the firm's strategy is working in California. "We've put numerous programs in place this past year to position…
  • Stewardship in Action - Dress for Success

    Bailey Ribich
    23 Feb 2015 | 6:26 am
    McGladrey's Minneapolis Women's Leadership group held a clothing drive to benefit the Twin Cities Dress for Success organization throughout the month of January. This donation drive collected gently-used suits, other business-appropriate apparel, shoes and accessories like handbags and jewelry. This drive was McGladrey's way of supporting women in our community to help them take the crucial first step towards a better future.Dress for Success promotes the economic independency of disadvantaged women by providing professional attire, a network of support and the career development…
  • McGladrey Cracks the Top 25 in Atlanta Market

    Bailey Ribich
    19 Feb 2015 | 1:51 pm
    The Atlanta Business Chronicle announced the Atlanta Top 25 Accounting Firms last week. And McGladrey, which wasn’t ranked the previous year, has now cracked the list at No. 22.  But just as significant is the fact that McGladrey’s Atlanta office ranked No. 1 among the fastest growing firms by number of professionals and No. 3 among fastest growing firms by revenue.  “Breaking into the Top 25 was one of our goals this year,” says PartnerMike Anderson. “I could not be happier or more proud of our accomplishments. This was truly a team effort, and I want to thank…
  • Tips for Spring Recruiting Season

    Bailey Ribich
    16 Feb 2015 | 1:00 pm
    Now that second semester is in full swing, students are starting to become aware of their university's upcoming career fairs and various opportunities to meet potential employers. Accounting students, in particular, need to be aware of many firms' recruiting timelines. At McGladrey, we like to say we recruit a year in advance. Meaning, as we head out on campus this semester, our priority is to recruit Winter/Spring 2016 interns. Here are some tips to ensure that you have a successful day at your upcoming career fair:Updated Resume: Be sure to bring copies of your most current resume. This…
 
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    Jr Deputy Accountant

  • Miss Me?

    Jr Deputy Accountant
    2 Mar 2015 | 3:31 pm
    A little over 6 years after this obscure piece of financial trolling blew up like Megaton on a nasty villain run through of Fallout 3, it's become painfully obvious there's been nothing more than tumbleweeds blowing around here.There's a good reason for that. The economy started looking better (at least on paper), and I got tied up in things like cat rescue, writing full-time for Going Concern, and trying this whole "being an adult thing" I tried to put off for most of my 20s. And all that has been fulfilling in a bizarre way.But every now and then I'd be reminded of this piece of…
  • Dear Congressional Critters, Thanks But I Don't Need You to Tell My Boss to Pay Me What I Am Worth

    Jr Deputy Accountant
    10 Apr 2014 | 7:27 pm
    Didya hear?Senate Republicans on Wednesday blocked legislation meant to close the pay gap between men and women, framing an election-year fight between the parties over whose policies are friendlier to women.The bill was an attempt by Democrats to press what they see as their electoral advantage among women in the coming midterm elections, but they fell short of the 60 votes they needed to prevent a filibuster and advance the legislation.“For reasons known only to them, Senate Republicans don’t seem to be interested in closing wage gaps for working women,” Senator Harry Reid of Nevada,…
  • How Delta Airlines Almost Got Me Fired (and Blew Social Media Engagement in the Process)

    Jr Deputy Accountant
    27 Mar 2014 | 9:15 pm
    Alright, that headline is a little incendiary (shock that JDA would do such a thing, I know) but hey, let's pretend like I'm not irreplaceable and therefore almost unfireable for the sake of the following story I'm about to tell.As most of you know, I am Managing Editor of the #1 website among 18 - 34 year old accounting professionals in the US. What you don't know (unless you religiously stalk me on Twitter) is that I had to make a trip to Boston this week to meet up with my team and our UK handlers. Though most of us work remotely 99% of the time, meeting up as a team is really valuable,…
  • Let Us Discuss Glasshole "Hate Crime" Victim Sarah Slocum, Because She Wants Us To

    Jr Deputy Accountant
    19 Mar 2014 | 9:15 pm
    Hi, guys. Sorry I've been MIA, if you didn't get the news, I was promoted to Managing Editor of Going Concern late last year and that's a pretty time-intensive gig keeping accountants full up on news. Trust, I haven't forgotten the JDA faithful.I have been following the story of douchetacular Sarah Slocum "tech writer" since the moment she was "assaulted" in a San Francisco bar wearing her Google Glass and have to say, she was asking for it. As a former San Franciscan, I have to ask who the fuck walks into Molotovs drunk off her ass with a computer on her face expecting nothing less than what…
  • The Creepiest, Most Stalkery Government Agency You Never Heard Of

    Jr Deputy Accountant
    23 Jan 2014 | 11:02 pm
    The NGA was cool before you ever heard of them.ABOUT NGA For those who may not know us well, NGA is both a Combat Support Agency AND a national intelligence agency. We have statutory responsibilities to support policymakers, warfighters, first responders, homeland security, and the greater Intelligence Community (IC). The very nature of what we do – geospatial intelligence – GEOINT – makes us a critical partner for everyone we serve. GEOINT not only tells you what is happening anywhere on earth, but we strive to reveal why it matters and what is likely to happen next. NGA has a…
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    One Accounting

  • RTI Reports and Penalties

    Chris Thomas
    10 Feb 2015 | 7:30 am
    Real time information (RTI) was supposed to make the reporting of PAYE easier for employers, but it has introduced more filing deadlines, and new penalties for missing those deadlines. Every employer must now send a full payment submission (FPS) report every time they pay employees, on or before the payment date. There is some relaxation for certain employers who have fewer than ten employees. If no payment has been made to employees in the tax month the employer should submit an employer payment summary (EPS) by 19th of the following tax month. Alternatively where the employees will be paid…
  • Are you thinking of incorporating your business?

    Chris Thomas
    20 Jan 2015 | 8:18 am
    When a business incorporates and transfers its trade and assets to a company controlled by the seller, the assets must be transferred at open market value for tax purposes. The assets may include “goodwill” which is defined as the business reputation or customer relationships, including the value of continuing contracts. The transfer of the assets may generate a taxable capital gain in the hands of the seller, as the assets will have appreciated in value during the time they were used or created by the first business. Capital gains tax will arise on those gains, but there are…
  • “Does goal-setting work?”

    Chris Thomas
    13 Jan 2015 | 8:29 am
    Readers of this blog will know how that I’m a fan of personal development books. A huge section of these are focused on setting personal and business goals, and then using an array of actions, strategies and habits to achieve these goals. All good stuff.  I am sure that part of the success of One Accounting and working with some great clients has come from setting goals about what we wanted to achieve as a business. However, something happened at our team Christmas party which made me realise that the unique things in life are mainly unplanned. And that memorable things happen more when…
  • The Two Greatest Words in the English language (and 2 Book Recommendations)

    Chris Thomas
    7 Jan 2015 | 8:39 am
    Here’s a quick tale of how a brief email led to an interaction with one of my business heroes this week. I think the phrase is “serendipity” or a happy accident that wasn’t planned for. The email was a one sentence request. A perfectly reasonable everyday request, in fact. However the sender hadn’t started off with a “Hi” or finished with a “Kind Regards” or even typed their name. And this wasn’t the first time. I know less is sometimes more, but business is all about relationships after all. And a little email courtesy goes a long way. I was a little bit miffed, but…
  • Autumn Statement: Pension and Tax Rate Changes

    Chris Thomas
    16 Dec 2014 | 2:56 am
    Income Tax Allowances The standard personal allowance will increase from £10,000 to £10,600 on 6 April 2015, but the personal allowances for those born before 6 April 1938 are frozen. From 6 April 2015 married couples and civil partners will be able to transfer £1,060 of their unused personal allowance to their spouse/ partner, if the recipient is taxed at no more than the basic rate for the year (20%). Tax Rates The income tax rates for 2015/16 on earnings and dividends are the same as apply in 2014/15. However, the savings rate is reduced from 10% to zero and the savings rate band is…
 
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    JonathanMilligan.com

  • The Day They Laughed at Walt Disney for His Dream

    Jonathan Milligan
    9 Feb 2015 | 9:00 pm
    Walt Disney had a movie executive laugh out loud at his dream. Early on in his business to bring cartoon animation to the movie theaters, Disney had what felt like an opportunity of a lifetime. Through much hard work, he had negotiated an appointment with one of the largest movie industry executives at the time. Walt’s plan was to show him his seven minute Mickey Mouse cartoon in hopes that he could secure a contract and have his short films shown in movie theaters across the United States. Walt was especially optimistic about this special meeting in the movie theater that day. He just…
  • The 80-10-10 Principle about Critics, Praise, and People

    Jonathan Milligan
    1 Feb 2015 | 9:00 pm
    When I was a young boy, my dad would share nuggets of wisdom with me. These life lessons have shaped my worldview today. If you have kids, they’re never too young to learn important life lessons from you. Not a week goes by that my two kids don’t here me say, “You know, there is an important life lesson in this and here it is…” How about you? Do you ever take the time to look at the big picture? There is a life lesson in almost everything we encounter in life. But we have to be willing to rise out of our current circumstances in order to see them. These life lessons can help us to…
  • The Secret to Getting Ahead According to Mark Twain

    Jonathan Milligan
    28 Jan 2015 | 4:00 am
    Are you frustrated by the lack of progress on your goals and projects? Are you the type of person who doesn’t like to set goals because you secretly think you’re just setting yourself up for disappointment? Mark Twain was one of the most successful authors of his day. When asked how he had been able to accomplish so much in his career he said: “The secret of getting ahead is getting started. The secret to getting started is breaking your complex overwhelming tasks into small manageable tasks and then starting on the first one.” “The secret of getting ahead is getting…
  • The Power of the Calendar To Do List

    Jonathan Milligan
    25 Jan 2015 | 9:00 pm
    If it’s true that what gets scheduled on the calendar gets done, then why don’t we treat our to do list this way? Most of us are aware of the appointments and events on our calendar, but our to do list often collects dust on a list or software we don’t review often enough. You can change that by implementing a calendar to do list. One simple way you can do this is by adding your to dos on your calendar. Crystal Paine from MoneySavingMom.com does this with her Google Calendar. If you already live by a calendar, it’s a great place to start. The Power of the Calendar To Do list For the…
  • How You Start Your Day Matters When You Work for Yourself

    Jonathan Milligan
    21 Jan 2015 | 7:09 am
    Mornings can be hectic to say the least. Most of us battle the morning rush, which includes getting the kids off to school and getting ready for the day ourselves. When you work at home, how you start your day matters more than anything else. When you work at home, how you start your day matters more than anything else.Click To Tweet In fact, how the first few hours of your morning goes is how the rest of your day goes. If you start lazy and unproductive, it will carry into the rest of your day. When you work for yourself, lazy work days are not optional. You work on “event” time and not…
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    Intuit News Central

  • Above the Forms: IRS Warns Against Filing Fake Documents to Hide Income

    CeCe Morken
    2 Mar 2015 | 5:00 am
    The IRS continues educating taxpayers on the “Dirty Dozen” most common tax scams during tax season. Next on their list: Filing Fake Documents to Hide Income. Hiding taxable income by filing false Form 1099s or W-2s is an illegal way of lowering the amount of taxes an individual owes and is a scam that taxpayers should always avoid and guard against, according to the IRS. These scofflaws use self-prepared, “corrected” or otherwise bogus forms that improperly report taxable income as zero. Some people also attempt fraud by using false Form 1099 refund claims, based on the bogus theory…
  • Above the Forms: 2014 Filing Requirements – Tangible Property Regulations/Change in Accounting Method

    Mike D'Avolio
    27 Feb 2015 | 5:00 am
    Are you up to speed on filing requirements for Tax Year 2014 as they relate to tangible property regulations and the change in accounting method for Form 3115? Here is some vital information you need to know. Tangible Property Regulations The IRS has issued regulations covering the tax treatment of amounts paid to acquire, produce or improve tangible property, as well as what amounts can be deducted versus capitalized. These recently released final regulations confirm many provisions from the temporary regulations that were issued in 2011. The final regulations also refine and simplify the…
  • Above the Forms: IRS Warns Against Fake Charities

    CeCe Morken
    26 Feb 2015 | 5:00 am
    The IRS continues educating taxpayers on the “Dirty Dozen” most common tax scams during tax season. Next on its list: Fake Charities. On average, more than one-fourth of all tax filers itemize charitable deductions on their returns. And, why not? Charitable deductions offer a way for them to reduce their taxable income, while also supporting organizations or causes that they believe in. But, don’t be surprised if it turns out that your client has been duped. There are plenty of groups out there that masquerade as charitable organizations, designed to attract “donations” from poorly…
  • 9 New Features in QuickBooks® Enterprise 15

    Hector Garcia
    24 Feb 2015 | 7:09 am
    QuickBooks Enterprise 15 now offers a bevy of new features, creating a simpler, more convenient and more effective way for customers to operate. Here are nine of those new features: Disallow Negative Quantity on Items: For the first time, you can disallow users to sell (invoice or sales receipt) items that have less quantity than the amount being sold. This is a very important feature! Accompanying Negative Item Listing Report: With all the items that are currently on negative quantity on hand, this is great for catching inventory errors, eliminating mistakes that could escalate. Shortage…
  • QB PowerHour: Pre-Payments in QuickBooks® Online and Vendor Pre-Payments in QuickBooks Desktop

    Bryan Cytron
    24 Feb 2015 | 7:01 am
    The February 19 installment of QB PowerHour presented by QuickBooks ProAdvisors’ Hector Garcia and Michelle Long, is now available for viewing. Whether you attended and want to see the webinar again – or couldn’t attend due to a conflict – here’s a video you can watch. Click on the box below or here to start the video, and be sure to register for other QB PowerHour webinars. Sessions will be held every other week. Share and Enjoy:
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    AICPA Insights

  • AICPA Announces 2015-2016 Legacy Scholarship Award Applications

    James Schiavone
    12 Feb 2015 | 4:00 am
    The American Institute of CPAs recently announced that the AICPA Legacy Scholarship application is now available on ThisWayToCPA.com for the 2015-2016 academic year. The AICPA Legacy Scholars Program will provide more than 100 scholarships for the 2015-2016 academic year, totaling more than $380,000, to deserving undergraduate and graduate accounting students from across the nation. New this year is a more convenient, streamlined application process which allows students to fill out a single application for all four AICPA Legacy Scholarship awards. “The AICPA has a long history…
  • Due Diligence and ACA: A CPA Raises Some Tough Questions

    Guest Blogger
    11 Feb 2015 | 4:00 am
    Editor’s Note: Last January, Janet Hagy, CPA (and AICPA Tax Section volunteer) wrote a popular blog about her concerns regarding new rules for health reimbursement arrangements and their impact on her staff. We asked Ms. Hagy to give us an update and also discuss the Affordable Healthcare Act compliance concerns she has as a practitioner for the current tax season. What I have learned in the last year about the ACA adds extra concerns to this already complicated tax season. We have two major compliance challenges right now – coverage documentation and standalone health reimbursement…
  • 10 Simple Tips Any CPA Can Use to Strengthen Client Relationships

    Guest Blogger
    9 Feb 2015 | 4:00 am
    Do you remember a time when sending a note meant writing a handwritten letter? When speaking on the phone always meant calling a landline? Today, email and smartphones often replace those forms of communication. Don’t get me wrong – it is great to be able to reach someone in a moment’s notice, but there is something to be said about the personal touch associated with those other methods of communication. With all my reliance on digital communications, I sometimes have to remind myself of the value of returning a client’s call rather than sending them a quick email. Although the latter…
  • Big Changes Facing Your Firm? New MAP Survey Results Can Help

    Guest Blogger
    4 Feb 2015 | 4:00 am
    Imagine your firm’s future if your monthly partner meetings become challenging. What if everyone offers different ideas about what your firm should be spending on office space or disparate opinions about compensation, billing and utilization rates going forward? What if you’ve got a merger, a retirement and the buy-in of two new partners on the table? Sounds like you need sound benchmarking data to help you make some important decisions Fortunately, results of the 2014 National Management of an Accounting Practice (MAP) Survey conducted by the AICPA Private Companies Practice Section…
  • How the New Congress Might Affect the CPA Profession

    Barry Melancon, CPA
    2 Feb 2015 | 4:00 am
    Meet the new Congress. Same as the old Congress? That remains to be seen. The 114th Congress opened on January 6 with 74 new members of the House and Senate, 104 women – more than ever before, and the largest House Republican majority since 1929. Those are the numbers, but let’s look at what they mean for the CPA profession. Our profession’s core services are greatly impacted by the legislators and regulators who set policy and standards. The November election brought many changes and several new faces to Washington. One thing that did not change, however, was a strong CPA presence. I…
 
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    OSYB Number Crunch! Bookkeeping Tips from Outsouce Your Books.

  • Brian Williams’ $5 Million Fib: 4 Little Lies that Can Cost You Your Job

    OSYB Staff
    2 Mar 2015 | 9:00 pm
    We’re all prone to tell a “harmless” little falsehood now and then. Your baby is so cute! No, those pants don’t make your butt look big. The check is in the mail. We all know the routine. And it’s something we do at work, too. Read about how lies could cost you.   
  • Biz journalism legend Sloan has left Fortune

    OSYB Staff
    2 Mar 2015 | 9:00 pm
    Allan Sloan, considered one of the top business journalists of the past 50 years, has left Fortune magazine, where he was a senior editor at large. Sloan, however, has been continuing to write a column for the Washington Post since then that runs on Fridays. Read more about Allan Sloan. 
  • Best Money Tips: Ways You’re Being Tricked to Spend More

    OSYB Staff
    1 Mar 2015 | 9:01 pm
    Some great articles on the ways you’re being tricked into spending more, how to decorate on a budget, and the ways your employer can help you save money. A listing of the top 5 articles for saving money and some other essential reading for your week. See titles here. 
  • 3 Ways to Get Publicity for Your Small Business

    OSYB Staff
    1 Mar 2015 | 9:01 pm
    Michelle Tennant says there are three types of publicity. The two you can control are owned media, which is your website or social media accounts, and paid media, which is your paid advertising. You receive the third type, earned media, when you catch the attention of a media outlet. Read more. 
  • Tips for Keeping Your Small Business Data Safe in 2015

    OSYB Staff
    28 Feb 2015 | 9:00 pm
    While security is essential for firms of all sizes, small businesses should be particularly vigilant to the devastating effects of a data hack. In fact, a 2009 study claimed that 40 to 60% of small businesses never reopen after suffering a security breach or other disaster. Read some security tips here. 
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    Presti & Naegele

  • How Do I? Compute a late payment penalty

    Joseph Romano
    12 Feb 2015 | 6:10 am
    The tax code imposes a penalty on taxes that are paid after the due date (generally April 15). Taxpayers may wonder whether to save, to pay their taxes on time and avoid the penalty, or delay payment and owe a penalty. While this is a personal decision, and will vary with the taxpayer’s circumstances, a taxpayer may prefer to use their funds for other purposes and delay the tax payment, especially where the penalty is relatively small. General penalty If an individual files a return on pay but fails to pay all of the tax shown on the return, there is a penalty of 0.5 percent of the unpaid…
  • FAQs: How are qualified longevity annuity contracts reported?

    Andrew Presti
    12 Feb 2015 | 6:08 am
    The required minimum distribution (RMD) rules require participants to start taking distributions when they turn age 70½. Treasury and the IRS have developed a new concept to enable retirees to preserve some of their retirement assets and to protect them from outliving their assets – the qualified longevity annuity contract or QLAC. At the same time, QLACS will help retirees to avoid limiting their retirement spending unnecessarily. QLAC-eligible plans A QLAC is a deferred annuity that will start paying benefits for life at an advanced age (up to 85 under IRS rules). Participants in defined…
  • More information coming to help taxpayers with ACA requirements

    Wayne Naegele
    12 Feb 2015 | 5:59 am
    The IRS and the U.S. Department of Health and Human Services (HHS) are planning outreach efforts during filing season to remind taxpayers about new requirements under the Affordable Care Act. These projects will highlight the individual shared responsibility requirement, exemptions to the individual mandate, and more. The IRS has already posted information about the Affordable Care Act on its website for taxpayers and tax professionals. The agency reported it will continue to work with tax professionals to give individuals the information they need to file their returns. Shared responsibility…
  • Filing season opens, IRS budget cuts may impair taxpayer services

    Steve Grgas
    12 Feb 2015 | 5:56 am
    The 2015 filing season is now underway and the IRS, taxpayers and tax professionals are expecting some challenges. In addition to the huge number of returns the IRS must process, the agency also must ensure that individuals are in compliance with new requirements under the Affordable Care Act and prevent the growing problem of refund fraud. The IRS has cautioned that its resources this filing season are stretched thin because of budget cuts. Filing season As 2014 drew to a close, there was concern that the filing season would be delayed because of late tax legislation. In past years, the IRS…
  • January 2015 Newsletter

    Scott
    14 Jan 2015 | 12:50 am
    Andy Presti reviews the top 10 tax developments of 2014 that will have an impact on 2015.  Also Steve Grgas discusses the eleventh-hour vote by Congress to renew a tax package of tax extenders for 2014. The post January 2015 Newsletter appeared first on Presti & Naegele.
 
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    It's Taxing - Bond Beebe

  • New Guidance from IRS is Great News for Small Businesses

    24 Feb 2015 | 12:11 pm
    The IRS Provides New Guidance on Tangible Property Regulations The New Repair Rules have been a hot topic in the tax community since their release. While they provided much needed guidance regarding the capitalization and disposal of tangible property, they also required businesses to file numerous change of accounting method forms (3115) in order to adapt them. This put a significant burden on businesses. Fortunately, the IRS released Rev. Proc. 2015-20 a few days ago. This revenue procedure eases the process of adopting the new regulations for small business. Essentially, the IRS will now…
  • New Applicable Federal Rates Released for March by IRS

    20 Feb 2015 | 10:43 am
    Each month, the IRS provides various prescribed rates for federal income tax purposes. These rates, known as Applicable Federal Rates (AFRs), are regularly published as revenue rulings. The AFRs for March 2015 are as follows: Annual Semi-Annual Quarterly Monthly Short-Term: 1-3 years 0.40% 0.40% 0.40% 0.40% Mid-Term: >3 & up to 9 years 1.47% 1.46% 1.46% 1.46% Long-Term: >9 years 2.19% 2.18% 2.17% 2.17%
  • Dirty Dozen Tax Schemes: Scam Phone Calls

    16 Feb 2015 | 7:33 am
    Posting by John Merchant The Internal Revenue Service (IRS) recently released its annual “dirty dozen” tax related scams that they find are being perpetrated on unsuspecting victims. This year phone scams were at the top of the list. According to the IRS, scam artists will call on the telephone pretending to be IRS collection agents and demanding payment on an outstanding tax bill that is totally phony. They may demand that the taxpayer give them a credit card number to be used for payment or suggest that the taxpayer mail a prepaid debit card to some address. If the taxpayer is
  • Qualified Charitable Distributions in 2015 Uncertain, but There is an Option!

    29 Jan 2015 | 10:09 am
    Capitol Hill provided an excellent holiday gift in late-December 2014 with the Tax Extenders Package, otherwise known as The Tax Increase Prevention Act. One of the most talked about provisions of the Act was the extension of tax-free distributions from an Individual Retirement Account (IRA) for charitable purposes through December 31, 2014. This is called a Qualified Charitable Distribution (QCD) in tax terms. A QCD is a very common tax savings strategy. Essentially, a taxpayer who is 70 ½ is subject to required minimum distribution rules and must take at least a specific and calculated…
  • Virginia Adopts a First Time Home Buyer's Savings Program

    27 Jan 2015 | 11:00 am
    Beginning in 2014, Virginia has adopted a program (FHSP) that allows a taxpayer to designate an account as a first time homebuyer savings account and subtract the income from that account from their VA taxable income. (Section 58.1-322) The account can only be used to pay the down payment or closing costs for a single family home (includes condos and co-ops, but not a multi-family building or land) in VA for someone who has never owned a home before. This can include a couple where one person was a prior homeowner but one was not. VA law allows you to
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    Investment & Small Business Accountants

  • ROLE OF CUSTOMERS IN SMALL BUSINESS SURVIVAL

    chinweike
    1 Mar 2015 | 4:30 am
    The roles of customers in small business survival is what you do not hear so often but this should be discussed more often as the survival of any small business is hugely hinged on the roles played by customers. Customers should be a cheap way of getting more customers for any business but this in […]The post ROLE OF CUSTOMERS IN SMALL BUSINESS SURVIVAL appeared first on Investment & Small Business Accountants.
  • SMALL BUSINESS BLOGGER OUTREACH STRATEGY

    chinweike
    28 Feb 2015 | 4:57 am
    Small business blogger outreach strategy is one of the google age marketing activities that every modern small business must proactive engage in if they are to be ahead of the ever intense small business competition. In this post, I will be giving you some useful tips that can yield results that you never would have […]The post SMALL BUSINESS BLOGGER OUTREACH STRATEGY appeared first on Investment & Small Business Accountants.
  • Small Business Accountants | When Should Entrepreneurs Hire A Finance Professional?

    chinweike
    25 Feb 2015 | 12:22 pm
    Small business accountants are no doubt very important to the success of an enterprise that is just starting up but they are not cheap to acquire. There are many reasons why a small business should hire an accountant during the early stages of operation but the cost benefit analysis needs to be done so as […]The post Small Business Accountants | When Should Entrepreneurs Hire A Finance Professional? appeared first on Investment & Small Business Accountants.
  • Advantages and Disadvantages of a Mission Statement

    chinweike
    22 Feb 2015 | 12:50 am
    The advantages and disadvantages of a mission statement must be known by small business owners that are either just starting up or have been running a small business for a while- just like every other things in life you ask; what is in it for me? Not minding if you understand the answer that will […]The post Advantages and Disadvantages of a Mission Statement appeared first on Investment & Small Business Accountants.
  • Small Businesses Competition | How to Compete in this Modern Days

    chinweike
    20 Feb 2015 | 1:39 pm
    COMPETING THE RIGHT WAY Small business competition is not all about price war and price cutting the supermarkets do in the UK. It is a lot more than that. The recent Tesco saga could have been avoided if excessive price war was not over stretched. The ideal small business competition should be more of a […]The post Small Businesses Competition | How to Compete in this Modern Days appeared first on Investment & Small Business Accountants.
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    Goldin Peiser & Peiser, LLP

  • Marketing to Seniors

    27 Feb 2015 | 9:24 am
    Do you know which demographic controls 85% of the country’s wealth, and are now the fastest growing user group of social media?
  • Tax Return Delays, and How to Prevent Them

    26 Feb 2015 | 6:00 am
    Tax season has arrived, but chances are you have not yet begun to prepare your documents for filing. Every year, thousands of Americans find themselves frustrated that their tax returns were not approved in the time they expected. Usually, these delays result from errors or misstatements on an individual’s tax return. Even the time you choose to file your return can cause your return take longer to process. But, with these handy tips, you can avoid the most common sources of delay, and ensure speedy processing for your tax return this year.
  • IRS Issues issued the final Tangible Property “Repair” regulations and Disposition Regulations

    25 Feb 2015 | 11:58 am
    Last week, the IRS and the U.S. Treasury issued the final Tangible Property "Repair" regulations and Disposition Regulations ("Regulations"), which will impact some taxpayers in all industries.
  • IRS Resources for this Year’s Tax Season

    24 Feb 2015 | 7:59 am
    As a trusted advisor, the team at Goldin Peiser & Peiser, LLP wants to ensure that you have the most up-to-date information regarding your taxes. The IRS has recently issued a number of important tax tips and notices that may be of interest to you. To that end, below you will find links to the most recent IRS tax information. If you have any questions or concerns regarding the below items, please contact a GPP professional at 972-818-5300.
  • Bogus IRS Calls and Emails

    20 Feb 2015 | 7:24 am
    Topping the IRS list of “Dirty Dozen” tax scams this year are fraudulent calls from phone scammers posing as IRS agents.
 
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    Energized Accounting

  • 8 Conversational Habits That Kill Credibility

    Bill Kennedy
    2 Mar 2015 | 6:48 am
    Do you get nervous making presentations? Bad habits to watch out for. 8 Conversational Habits That Kill Credibility If you avoid these common errors, you’ll be more believable and command more respect. Geoffrey James, a contributing editor for Inc.com, is an author and professional speaker whose award-winning blog, Sales Source, appears daily on Inc.com. His most recent book is Business Without the Bullsh*t: 49 Secrets and Shortcuts You Need to Know. To get your sales message critiqued for free, subscribe to his free weekly Sales Source newsletter. Contributing editor,…
  • QB PowerHour: Pre-Payments in @QuickBooks…

    Bill Kennedy
    2 Mar 2015 | 6:37 am
    Practical QuickBooks help – Recording Prepayments in your #accounting system QB PowerHour: Pre-Payments in @QuickBooks… The February 19 installment of QB PowerHour presented by QuickBooks ProAdvisors’® Hector Garcia and Michelle Long, is now available for viewing. Whether you attended and want to see the webinar again – or couldn’t … [Read More…] accountantvip The post QB PowerHour: Pre-Payments in @QuickBooks… appeared first on Energized Accounting.
  • .@QuickBooks Online Update #2 Feb 2015

    Bill Kennedy
    1 Mar 2015 | 2:30 pm
    QuickBooks Online continues to develop and grow. This time it’s bank rules .@QuickBooks Online Update #2 Feb 2015 QuickBooks Online has released a second update this February. As with most of their monthly updates, this one’s full of minor improvements and fixes. QuickBooks Online Bank Rules When you’re creating a rule, you can now choose which Transaction Type to use, such as a transfer. I think this is a very useful change, since I […] The post QuickBooks Online Update #2 for February 2015 appeared first on QuickBooks and Beyond . accountantvip The post .@QuickBooks Online…
  • Forbes: Will @QuickBooks Be Your Accounting…

    Bill Kennedy
    1 Mar 2015 | 11:01 am
    Interesting that Forbes is interested in Quickbooks! Forbes: Will @QuickBooks Be Your Accounting… I just got back from QuickBooks Connect, the first ever Intuit conference for the entire QuickBooks ecosystem , including small business owners, accountants and app developers. I attended the conference because I wanted to assess the relevance of this 30-year-old company in the age of the cloud. Given the current […] accountantvip The post Forbes: Will @QuickBooks Be Your Accounting… appeared first on Energized Accounting.
  • 5 Technology Innovations Supporting Outsourced…

    Bill Kennedy
    28 Feb 2015 | 10:40 am
    Full time accounting jobs are disappearing in the mid-market. Get your #consultant hat on! 5 Technology Innovations Supporting Outsourced… Posted byDennis Najjar on Fri, Feb 20, 02015 Effectively outsourcing bookkeeping requires a significant amount of transitioning to electronic and cloud-based systems. If you’ve been heavily reliant on paper reporting, hand-keyed entry and snail mail invoicing, making the transition to outsourced bookkeeping will change all of this. In part because it is simply more effective to automate your accounting systems and also because engaging with an…
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    The Accountancy Partnership

  • Hull butty shop owner jailed for tax fraud after serving HMRC workers

    kbilby
    2 Mar 2015 | 2:21 am
    The owner of a sandwich firm in Hull has been sent to prison after failing to declare any income for several years. John Baker, aged 62, bought the business in 2006. Officers from HM Revenue & Customs (HMRC) contacted his daughter Amy, who was running Amy’s Sandwich Bar, as she hadn’t declared any income from the firm. In response, Amy said that the business hadn’t commenced trading until 2010. Unfortunately for her, HMRC had an office around the corner and officers bought from the sandwich shop on a regular basis. John Baker and his partner, Tracey Walmsley, had allegedly…
  • Millions to miss out on upcoming tax allowance

    kbilby
    26 Feb 2015 | 5:50 am
    Set to be introduced from 6th April 2015, a new tax allowance sees eligible couples invited to register online. However, the tax break has been widely criticised as millions won’t be eligible to apply. Any couple where one spouse or civil partner is a higher rate taxpayer earning £42,386 or more a year will be ineligible for the break, even if the remaining spouse or civil partner has unused tax allowances. According to the government, the aim of the measure is to initiate “recognition of marriage into our tax system”. The government also stated that the tax allowance would help…
  • HMRC demonstrates lenience towards small businesses

    kbilby
    24 Feb 2015 | 1:27 am
    HM Revenue & Customs (HMRC) has announced that a grace period of several days will be granted to firms with 50 or fewer employees, if they have late Pay As You Earn (PAYE) submissions. Rather than automatic penalties being issued for the late filing of PAYE submissions, three days will be allowed before a penalty is charged. Companies with a workforce of 50 or less, will be subjected to late filing penalties from 6th March 2015. HMRC has confirmed that the penalties will be issued on a risk assessed basis. The organisation will also be taking action to prevent penalties being issued to…
  • Who knows about your business?

    kbilby
    23 Feb 2015 | 5:12 am
    You run a small business. Great! You’re doing well and things are slowly ticking over; orders are coming through the door and business isn’t bad at all. But what would your reaction be if somebody said you could be doing better? Would you agree – or vehemently deny that you could be working harder to grow your business? It’s normal for those running a small business to find a groove, maybe after a few years, and stay in it. You’ve got over the one year hump unscathed, and now you feel you can take your foot off the gas a little. If you have customers coming through the door at…
  • UK small businesses fight back against large corporations

    kbilby
    19 Feb 2015 | 2:56 am
    The Forum of Private Business (FPB) has called for a strict regime to be put in place by the next government, to ensure fair and ethical behaviour. A survey of 2,000 people has revealed how 76 per cent believe profits are the main focus for large companies, ahead of an ethical code of practice. Respondents also believe that penalties should be issued to those companies that have acted in an unfair manner towards small businesses. The general opinion, as indicated by the survey, is that large corporations don’t appear to be concerned about small firms. According to Phil Orford, the chief…
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    The Cheap Accountants

  • Five Ways to Get The Most From Your Accountant

    admin
    23 Feb 2015 | 2:32 am
    It is a personal choice to do your own taxes, and one of the main factors that influence your decision will be how many income streams you have and what kinds of income you earn. If you have income from multiple sources, then having an accountant to handle  your taxes for you and complete your tax return may save you much more than it costs – and save you precious time, too. Often, sole traders and small businesses see accountants as an inconvenience; someone they have to speak to once a year when sorting out those annoying tax forms! However, good accountants can be used as a key tool…
  • What skills do I need to be self-employed?

    admin
    20 Feb 2015 | 1:46 am
    As well as the relevant qualifications or certifications for specialist professions, to start your own business you’ll need to possess most, if not all of these traits in order to succeed as self-employed. Passion Being passionate about what you’re doing is key to the success and personality of your business. If you’re not really that bothered about it, you won’t feel motivated to succeed which will inevitably cause your business to fail. It can be hard to stay motivated to succeed which will cause your business to fail. During times of stress and insecurity it can be hard to stay…
  • A Guide for Startups: Building Relationships with Big Brands

    admin
    17 Feb 2015 | 2:29 am
    Startups often create fresh and innovative ways to reach customers that big brands crave, while big brands have the financial resources and wide reach that small start-ups can only dream of. Although some startups shy away from working with larger organisations and revel in serving a community of their peers, they’re missing a great opportunity; the opportunity to work with larger organisations, establish a strong relationship with a big brand, and drive their own growth. Here’s our advice for startups seeking a partnership with branded giants: Be clear about what your offer  Ultimately…
  • Is 2015 a ‘golden age’ for small businesses?  

    admin
    12 Feb 2015 | 6:51 am
    Is 2015 a ‘golden age’ for small businesses? A new report published today shows that small businesses are entering a ‘golden age’. Complied by the Prime Minister’s Enterprise Advisor, Lord Young, the report reviews the changing face of business over the past 5 years. The current number of small firms now established in the UK stands at a record number of approximately 5.2 million. This is an increase of 760,000 in the last 5 years. As part of the government’s long term plan to support businesses, create jobs and build a more resilient economy, Lord Young was appointed as the Prime…
  • Increasing Growth in Small Business Optimism

    admin
    27 Jan 2015 | 6:02 am
      According to a recent survey by Kabbage, access to capital is amongst the top growth concerns for nearly half of small businesses. However, small business optimism is at a 3 year high, with 95 percent of small business owners expecting to increase their revenue in 2015. According to Kabbage half of these businesses expect to grow by more than 20 percent. Top issues surrounding growth for more than 800 companies surveyed include access to capital and ongoing cash flow management. According to Jon Parise, director of customer marketing at Kabbage “Many small businesses need a fast…
 
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    Jetpack Workflow » Blog

  • Creating 5 Star Service & Scaling Excellence: The Angie Grissom Interview

    Jetpack Workflow
    12 Feb 2015 | 6:39 am
    This week we’re excited to have Angie Grissom, President of the Rainmaker Companies, on the show. In this interview, we cover: How to Implement 5 Star Service in Your Firm How to Generate Honest, Constructive Feedback from Your Team How to Empower Your Team to Grow with the Firm And so much more… Click below... Read more » The post Creating 5 Star Service & Scaling Excellence: The Angie Grissom Interview appeared first on Jetpack Workflow.
  • Lesson Three: No More Guessing! How to Use Numbers in Your Marketing

    Jetpack Workflow
    11 Feb 2015 | 7:09 am
    Often when it comes to marketing, many succumb to “hoping” to build their brand through wide distributed, “feel good” and “clever” campaigns. More often than not, this results in spending a lot of money, without ever knowing if a single.dollar.was.worth.spending. It’s a horrible standard to run marketing by, but unfortunately, many fall into the trap... Read more » The post Lesson Three: No More Guessing! How to Use Numbers in Your Marketing appeared first on Jetpack Workflow.
  • Marketing “Must Have”: Google Places for Accountants & CPA Practices

    Jetpack Workflow
    10 Feb 2015 | 5:03 am
    Don’t you wish there was a magic marketing bullet that would catapult you to the top of search results? No… I’m not pitching some mysterious search engine services. But there is a simple, 5 minute update you can make to your firm or practice to help accelerate your local search rankings. Now some of the... Read more » The post Marketing “Must Have”: Google Places for Accountants & CPA Practices appeared first on Jetpack Workflow.
  • Lesson Two: How to Write and Speak in a Way that Connects

    Jetpack Workflow
    4 Feb 2015 | 8:35 am
    Ever get the feeling that your words (or conversation) simply isn’t connecting with your prospect or client? You’re not alone. Everyday we show up, and work on and in our firm. And to outside world, what accounting professionals do might seem “magical”, but to those who practice it day and in day, it can seem... Read more » The post Lesson Two: How to Write and Speak in a Way that Connects appeared first on Jetpack Workflow.
  • Building the 21st Century Firm: The Ron Baker Interview

    Jetpack Workflow
    3 Feb 2015 | 5:31 am
    This week we’re excited to release our interview with Ron Baker. He’s been our *most requested* guest for quite some time, and now we have the full, one hour interview live! In this interview, we cover: The foundation of time based billing, it’s origin, and where it falls short The new formula for creating a... Read more » The post Building the 21st Century Firm: The Ron Baker Interview appeared first on Jetpack Workflow.
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    Forensic Perspectives

  • Hidden Taxes in Divorce

    Mark S. Gottlieb
    27 Feb 2015 | 12:38 pm
    When the CEO of Continental Resources, Harold Hamm, divorced from his wife, Forbes published an article about the possible tax consequences. The settlement ordered Hamm to pay his former wife $995.5 million. Forbes asked the obvious question: with this kind of hefty transaction, the tax man must surely get his share, right? Not quite. According to law, transfers of property between spouses during a divorce are virtually tax free. Good news for the Hamms. However, there are often unseen tax burdens later on. Code § 1041 of the U.S. Internal Revenue Code lays out the rules for the taxation of…
  • 5 Services Forensic Accountants Provide During a Matrimonial Dispute That May Surprise You

    Mark S. Gottlieb
    25 Feb 2015 | 2:09 pm
    Perhaps the most expensive divorce in history occurred when Russian billionaire Dmitry Rybolovlev was ordered to pay $4.5 billion to his ex-wife Elena. One of the charges Elena made against her husband was that he had attempted to hide assets in property bought hastily before his divorce. Even in cases where there is less money at stake, an attorney needs help in going through these financial matters. That is where the aid of a forensic accountant comes in. Below are five surprising services a forensic expert can offer during a matrimonial dispute. Preparation of a Net-Worth Statement  A…
  • Estate Tax Strategies for Second Marriages

    Mark S. Gottlieb
    25 Feb 2015 | 11:00 am
    Second marriages are not only for Hollywood celebrities like Brad Pitt or Reese Witherspoon. According to the Pew Research Center, 40 percent of marriages today are second marriages. Often second marriages face many complications. Whether it is the terms of a prior divorce, finding a way to harmonize their two career paths, or children from a previous marriage, the situation can become very complex. A necessary thing to consider during a second marriage is estate planning. Usually, in a first marriage, the estate planning is straight forward. However, in a second marriage, especially one with…
  • Why You Should Farm Out Business Valuation to Specialty Firms

    Mark S. Gottlieb
    28 Jan 2015 | 11:17 am
    A 2014 Grant Thornton International Business Report indicates that 29% of privately-held businesses worldwide expect to transfer ownership within the next ten years. This points to the significance of accurate business valuations. Whether or not a business anticipates a change of hands or is trying to get a better understanding of the marketplace, proper business valuation is crucial. Accounting services are often branded under a sole, universal category. Nonetheless, different levels of certification allow CPAs and specialty firms the opportunity to work together in a team-oriented fashion…
  • Cross-Examining a Financial Expert – Part I

    Mark S. Gottlieb
    25 Nov 2014 | 6:58 am
    We’ve seen it in the movies. A cross-examination where an attorney seeks to identify weaknesses in an opposing side’s conclusions by questioning a witness. Often an entire case can hinge on a cross-examination. As opposed to direct examination, where the exchange between lawyer and witness is warm and fuzzy, cross-examination is often hostile. In financial litigation, expert witnesses are often certified forensic accountants. If the opposing side is using a forensic accounting expert as a witness, it is important to retain one as well. In their role as a litigation support analyst, the…
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    truthbehindnumbers.com

  • Economic Damages Calculation Services in Wrongful Death Cases

    Veriti 2014
    24 Feb 2015 | 1:05 am
    When a loved one dies, you will face one of the most difficult times in your life.  There is no way to avoid death; it is an unfortunate part of life.  If the loss of your loved one will harm you financially, you might file a “wrongful […] The post Economic Damages Calculation Services in Wrongful Death Cases appeared first on .
  • 4 Most Common Forensic Accounting Investigation Cases

    Veriti 2014
    17 Feb 2015 | 12:20 am
    If you have questions about where some money came from or went to, how can you find out?  What if you notice some strange transactions and suspect criminal activity?  How can you be sure of what happened?  In cases like these, a forensic accounting investigation is the […] The post 4 Most Common Forensic Accounting Investigation Cases appeared first on .
  • Using A Forensic Accounting Expert In A Fraud Investigation

    Veriti 2014
    10 Feb 2015 | 12:13 am
    If you suspect that you or your business has been the victim of fraud, you or the authorities may begin a fraud investigation.  There are many ways to defraud people and businesses, but they all have one thing in common: in the end, all fraud is about […] The post Using A Forensic Accounting Expert In A Fraud Investigation appeared first on .
  • 7 Reasons To Hire A Workers’ Compensation Fraud Investigator

    Veriti 2014
    2 Feb 2015 | 11:49 pm
    A workers’ compensation fraud investigator can be extremely important for those who believe they are being taken advantage of by a person or organization misrepresenting their insurance. Insurance fraud is a significant issue that costs Americans billions of dollars per year, according to the FBI’s workers’ compensation […] The post 7 Reasons To Hire A Workers’ Compensation Fraud Investigator appeared first on .
  • The Role of Forensic Accounting In Divorce

    Veriti 2014
    27 Jan 2015 | 1:00 am
    Forensic accountants are people who specialize in getting to the bottom of financial matters. From hidden assets to property infringement to record reviews, a good forensic accountant has many skills that can be applied in a variety of ways. While divorce cases might not be the most […] The post The Role of Forensic Accounting In Divorce appeared first on .
 
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