Accounting

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  • 4 Reasons Why You Want to Integrate @QuickBooks…

    Energized Accounting
    Bill Kennedy
    14 Apr 2015 | 4:49 pm
    . @QuickBooksCA & Excel, an #accounting marriage, but NO MANUAL ENTRY SPREADSHEETS (MESS)! 4 Reasons Why You Want to Integrate @QuickBooks… I have heard so many people say: “I switched to QuickBooks® to get away from Excel,” but I do not understand in what universe these two tools are mutually exclusive. I … [Read More…] accountantvip The post 4 Reasons Why You Want to Integrate @QuickBooks… appeared first on Energized Accounting.
  • Americans' financial picture improving, according to AICPA index

    Financial Planning Digest
    16 Apr 2015 | 10:08 am
    Americans' financial well-being is improving, as indicated by a 6.5-point rise in the AICPA's Personal Financial Satisfaction -More- 
  • The 115th anniversary of the CPA profession in Maryland

    CPA Success
    9 Apr 2015 | 4:59 pm
    It was late in the evening on April 10, 1900 that Gov. John Walter Smith signed into law the "Act to regulate the Practice of the Profession of Public Accountant in Maryland." It was the third try in the legislature by a small group of accountants working to establish a new "profession" to help Maryland make the shift from the agricultural age to the industrial age. Maryland would be the third state in the nation to pass this law. This same group was involved in the first two states, New York and Pennsylvania, and the CPA profession as we know it was born.   Never doubt that a small…
  • Small Business Insurance – State the Importance of Insurance to A Small Scale Business

    Investment & Small Business Accountants
    chinweike
    12 Apr 2015 | 12:11 pm
    In this article, we will state the importance of insurance to a small scale business. I have been asked on several occasions if it is a legal requirement to have small scale business insurance. Well, the answer to this question is that it depends on the industry you operate in and your geographical location. If […]The post Small Business Insurance – State the Importance of Insurance to A Small Scale Business appeared first on Investment & Small Business Accountants.
  • Increase in U.S. housing starts falls short of forecast

    CPA Letter Daily
    17 Apr 2015 | 6:07 am
    Housing starts increased 2% last month to a seasonally adjusted annual rate of 926,000 units, according to the U.S.  -More- Energize Your Tax Practice with UltraTax CS®! Join us at a free seminar and see how UltraTax CS can help make your practice more efficient, productive, and profitable than ever before. It'll even help you achieve that elusive work-life balance. Seminars are happening online and in a city near you! SEE THE SCHEDULE ThomsonReuters.com/TaxAdrenaline
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    CPA Letter Daily

  • Increase in U.S. housing starts falls short of forecast

    17 Apr 2015 | 6:07 am
    Housing starts increased 2% last month to a seasonally adjusted annual rate of 926,000 units, according to the U.S.  -More- Energize Your Tax Practice with UltraTax CS®! Join us at a free seminar and see how UltraTax CS can help make your practice more efficient, productive, and profitable than ever before. It'll even help you achieve that elusive work-life balance. Seminars are happening online and in a city near you! SEE THE SCHEDULE ThomsonReuters.com/TaxAdrenaline
  • How do you and/or your firm celebrate the end of busy season?

    17 Apr 2015 | 6:07 am
    Move on to the next task on the list 32.23% Take time off 31.02% Plan a staff dinner, happy hour or party  -More- 
  • What a CFO should consider before a merger

    17 Apr 2015 | 6:07 am
    Mergers can be a powerful way to create growth, but CFOs should consider a few key factors when evaluating a deal, writes Jam -More- 4 must-read career articles This handy compilation looks at what to consider before making a career change, offers a seven-step career checkup, and outlines best practices for employers on getting new hires off to a smooth start and keeping top talent loyal. Free download.
  • What hiring managers are looking for in employees

    17 Apr 2015 | 6:07 am
    Regardless of the job for which a candidate is applying, hiring managers generally want to see certain fundamental characteri -More- 
  • FASB maintains focus on simplification with 2 new standards

    17 Apr 2015 | 6:07 am
    Separate accounting standards issued Wednesday by the Financial Accounting Standards Board provide a practical expedient for  -More- Hone the next phase of your career goals Whether you're a new or future firm leader, the AICPA Emerging Partner Training Forum can help develop your skill set and a roadmap for career success. Your registration includes bonus year-round training support. Register today and join us June 18-19 in Durham, N.C., or New York.
 
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    re: The Auditors

  • Speaking Engagements/Conferences

    Francine
    6 Apr 2015 | 5:40 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: May 2, 2015, Guest lecturer. Baruch College/CUNY, Zicklin School of Business, New York, NY, for an advanced auditing class at the invitation of Professor Doug Carmichael. May 4, 2015, Guest lecturer.
  • 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…
  • 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

  • 2015 Banking M&A Outlook

    6 Apr 2015 | 7:38 am
    Following a five-year slowdown in banking sector mergers and acquisitions (M&A), 2015 activity appears to be poised for a rebound across both small and large regional banks. At the same time, the global banking sector is expected to continue its pruning of non-strategic businesses and/or duplicative operational centers, creating opportunities for further business system rationalization and increasing focus on areas of specialization.
  • 2015 Insurance M&A Outlook

    6 Apr 2015 | 7:38 am
    Now that the insurance sector has come through the financial crisis and many companies are on better financial footing, C-suites and boards of directors are placing renewed attention on the quest for profitable growth. While growing organically is proving difficult, the strategy to deploy available capital to M&A continues to accelerate. This report highlights the current state of insurance industry M&A and examines the top issues facing companies in 2015.
  • Deloitte Client Spotlight

    6 Apr 2015 | 7:37 am
    Client Spotlight features Deloitte clients’ successes in an impactful and engaging storytelling format. The program allows clients to tell the story they want to tell—in their own words—and focus on how they’ve been able to improve the service they provide to their clients.
  • Asia Pacific Economic Outlook

    6 Apr 2015 | 6:58 am
    This edition gives a near-term outlook for China, Japan, Malaysia, and Singapore. China continues to implement short-term fixes to the economic slowdown. Japan is starting to ease policies in order to boost growth. Malaysia is on the path of fiscal reform. And Singapore faces subdued growth due to global volatility. Read the report online, or download the PDF.
  • The future of the global power sector

    6 Apr 2015 | 6:26 am
    Although no single vision exists for the way the global power sector will evolve in the future, one truth is clear: the industry sits on the cusp of massive change. The way power companies respond will depend on where they operate, their regulatory environment, the structure of their portfolio of assets, evolving customer demands, their economic maturity and the level of technology adoption they require.
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    Accounting News and Notes

  • The Day I Stopped Being Normal is THE Day I Started Being Magical

    John Dillard
    14 Apr 2015 | 9:32 am
    The Day I Stopped Being Normal is THE Day I Started Being Magical Therefore, if anyone is in Christ, the new creation has come: The old has gone, the new is here! — 2 Corinthians 5:17
  • Spring Cleaning…We Are Gathering Donations for Our Family Mission Trip to Navajo Indian Reservation

    John Dillard
    13 Apr 2015 | 10:58 am
    Spring Cleaning…We Are Gathering Donations for Our Family Mission Trip to Navajo Indian Reservation If you did a little spring cleaning during your spring break and found yourself with an abundance of “stuff”, please take a look at this list below and if you have anything to get rid of, please consider donating them to our Pueblo Pintado Navajo Indian Mission Trip.  We are always in need of things to help make this trip successful.  Please keep in mind that all items (except for baseball and golf equipment) should be VERY gently used or new. Baseball gear and golf gear (we…
  • Ever Leave Church Feeling Empty Inside? Is it the Fault of the Message or What You Left at Home?

    John Dillard
    13 Apr 2015 | 10:33 am
    Ever Leave Church Feeling Empty Inside? Is it the Fault of the Message or What You Left at Home? Have you ever attended church or met with your growth group or just studied the Bible and left feeling like maybe you should have gone fishing instead? I have and it is not a good feeling. I use to think the church body or maybe the pastor had let me down. After all are we not told that the best place to get your knowledge and understanding of our Lord God is to study with our other brothers and sisters in Christ Jesus? So when I leave church feeling like I did not get anything out of the pastors…
  • Some Times It Takes Time To Understand What We See/Visions

    John Dillard
    8 Apr 2015 | 8:51 am
    Some Times It Takes Time To Understand What We See/Visions I read something the other day where some parents were dealing with their daughter’s claim that she saw some angles across the room in their home. No matter what they said she was very emphatic about what she saw. I imagine that whoever the parents were telling this to we’re getting a big laugh or a least a big smile in their minds eye; Children see the darnd’est things! Well I can relate to the little girls situation personally and it is not a very good feeling when you are 10 years old, having to deal with adults. I know…
  • Tax DEADLINE Looming for Personal Income Tax Returns…April 15th

    John Dillard
    8 Apr 2015 | 6:53 am
    Tax DEADLINE Looming for Personal Income Tax Returns…April 15th Keep in mind the IRS DEADLINE for filing your taxes is just days/hours away. Be sure you file and pay by that date or the IRS dings you with BIG Penalties. If you cannot file by that date be sure to do IRS Form 4868 to extend the filing of your personal taxes for six months being sure to pay ALL you owe or the IRS will ding you again. Keep in Mind….an Extension to File is NOT an Extension to Pay www.HisCPA.com   Where Excellence Matters
 
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    CPA ZONE

  • Reduce Your CPA Exam Study Time While Increasing Your Scores

    Brenda Mizgorski
    17 Apr 2015 | 1:41 am
    After passing my first two CPA exams something hit me like a ton of bricks.. I was wasting an INSANE amount of time studying the wrong material and studying the wrong way. How much time am I talking about? Let me break it down for you like a true accountant, by the numbers. Let me preface this section by stating that I am a completely average accountant at best. My cumulative GPA was a mere 3.0 (minimum required to graduate was 2.9) and accounting has never come “naturally” to me unlike many people I’ve talked to. I was able to pass all four sections on the first try due to my strong…
  • [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.
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    A Counting School - Hardcore Chartered Accountancy

  • Google says this siye isn't mobile friendly

    Krupo
    3 Apr 2015 | 7:45 am
    Given that I haven't been posting much in the past four months, the fact that the site's still running on an old platform, and I've been very lazy about properly resizing images to smaller sizes, this doesn't surprise me at all. I cheered myself up, though, by checking large corporate sites and seeing that despite having professional teams doing their development, they score just as poorly in the mobile friendly tests. And if it's any consolation to me, I see this site rendering really well on BlackBerry 10 devices, so at least the business world can access this well.
  • There are exams harder than the UFE

    Krupo
    30 Nov 2014 | 7:24 pm
    The further you get away from the UFE, the less you think about the gruelling sequence of exams taken to become a Chartered Accountant. Hearing about other tough exams is definitely a memory trigger that can  bring back that experience. To become a London cabbie you have to pass “The Knowledge” which is arguably even harder than the UFE.The NY Times has a great read the Challenge. So glad I’m not planning a career change!
  • Misleading marketing leads to tears

    Krupo
    1 Nov 2014 | 9:23 pm
    I'm amused by junk mail sometimes. Especially when it comes from large reputable companies that don't know who I am, so they have to address their mail to "Resident."Oh yes, what is it you're offering me? A service for $50 per month, subject to 9 pieces of fine print? Well let's read those!To my amusement, there's actually 12 pieces of fine print, and they don't line up at all with the 9 on the big piece of marketing collateral. I'm not interested in actually buying the product, but like a good auditor, I've tried to tie to their "supporting…
  • Metrolinx: read their audit report and weep

    Krupo
    15 Oct 2014 | 6:43 pm
    Ontario's auditor general reviewed the provincial transit agency, Metrolinx, and their audit report's been around for a while. Here's a link to the PDF. It's a depressing read. I've heard many of the facts from the report in the media, which is no surprise given the report came out almost two years ago, Two of the most glaring red flags surround the airport express train, The UP Express (I guess PU Express doesn't sound much better), and the Presto fare card - not to be confused with a streaming movie service. For Presto, the people of Ontario have spent over $700…
  • I'm back to where I started

    Krupo
    9 Oct 2014 | 2:54 pm
    Longtime readers know this place came about because I returned home from audit orientation and explained that I was at "Accounting School," which is the easiest way to translate Big Four onboarding training sessions to a five-year old. In response, she said, "you were at a counting school?" And this site came into existence. I'm attending a special course devoted to internal audits right now. It's been a good day where we discussed synonyms for "audit finding". Like observation. Issues. Train wrecks. Failures. Chernobyls. The Ford brothers.
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    AccountingCoach

  • What are debits and credits?

    AccountingCoach.com
    18 Apr 2015 | 11:50 am
    Debits and credits are terms used in accounting and bookkeeping (and have been used for centuries). They are a key part of the double entry system, which means that every business transaction will affect a minimum of two accounts. One of the accounts will receive a debit entry and another account will receive a credit entry. The amounts entered as debits must be equal to the amounts entered as credits. To illustrate, let’s assume that a company borrows $10,000 from its bank. The company will record a debit of $10,000 in its Cash account, and a credit of $10,000 in its Notes Payable…
  • What are accounting principles?

    AccountingCoach.com
    17 Apr 2015 | 5:34 am
    Accounting principles are the common rules that must be followed when preparing financial statements that will be distributed to people outside of the company (or other organization). The accounting principles include the basic underlying guidelines and assumptions such as the cost principle, matching principle, full disclosure principle, revenue recognition principle, industry-specific regulatory rules, materiality, conservatism, consistency, and others. In the U.S. the accounting principles also include the many complex detailed rules that are established and maintained by the Financial…
  • What is the difference between periodic and perpetual inventory systems?

    AccountingCoach.com
    19 Mar 2015 | 10:41 am
    The difference between the periodic and perpetual inventory systems involves the general ledger account Inventory. In a periodic system the account Inventory will: have a constant balance (the ending balance from the previous period) not include the cost of purchases (they are recorded in a Purchases account) be adjusted at the end of the accounting period (so the balance reports the costs actually in inventory) require a physical inventory at least once per year (and estimates within the year) require a cost flow assumption (FIFO, LIFO, average) require a calculation of the cost of goods…
  • What is the difference between prime costs and conversion costs?

    AccountingCoach.com
    17 Mar 2015 | 7:04 am
    The difference between prime costs and conversion costs involves the three cost categories associated with manufacturing a product: direct materials direct labor and manufacturing overhead (also known as factory overhead, production overhead, burden, indirect product costs, etc.) Prime costs are the two direct product costs. (The indirect product cost manufacturing overhead is excluded.). Hence, the prime costs are: direct materials costs direct labor costs Conversion costs are the manufacturing costs needed to convert the direct materials into products. Hence, conversion costs exclude the…
  • What is the difference between a nominal account and a real account?

    AccountingCoach.com
    12 Mar 2015 | 7:08 am
    The difference between a nominal account and a real account has to do with the balances in the accounts at the end of the accounting year: The balance in a nominal account is closed at the end of the accounting year. As a result a nominal account begins each accounting year with a zero balance. Since the balance does not carry forward to the next accounting year, a nominal account is also referred to as a temporary account. The balance in a real account is not closed at the end of the accounting year. Instead, a real account begins each accounting year with its balance from the end of the…
 
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    CPA Success

  • Maryland's 2015 legislative victories underscore the value of associations

    17 Apr 2015 | 6:28 pm
    For anyone asking if associations are still relevant, the Maryland Association of CPAs has an emphatic, one-word answer: Yes. The MACPA and its members drove that point home during the 2015 session of Maryland’s General Assembly. With considerable support from the MACPA, the state’s lawmakers passed a pair of bills that were high on CPAs’ legislative agenda, each of which provides some important protections for CPAs who do work in Maryland. The first (House Bill 878 / Senate Bill 536) was a technical correction that updates and expands the definition of “attest,”…
  • Maryland CPAs declare victory for 2015 legislative session

    14 Apr 2015 | 4:10 am
    Last night at midnight, House Speaker, Michael Busch, proclaimed "sine die"  as the 2015 legislative session ended for another year. Confetti and ballons come down as the 435th session drew to a close and Maryland CPAs declared victory and a successful legislative agenda that started on Janurary 29th with record attendance at CPA Day. No man's life, liberty or happiness are safe when the legislature is in session. -Mark Twain Tom Hood and Mary Beth Halpern report on the 2015 Legislative Session on April 13th at midnight after sine die as Maryland CPAs declare victory with several…
  • Salisbury’s accounting department earns coveted AACSB accreditation

    13 Apr 2015 | 5:00 am
    Attention, please: Salisbury University is awesome. The university’s Department of Accounting and Legal Studies has earned the coveted accreditation from the Association to Advance Collegiate Schools of Business — better known as AACSB International. The department is part of Salisbury’s Franklin P. Perdue School of Business. "It takes a great deal of self-evaluation and determination to earn both accounting and business accreditation, and I commend Salisbury University for its dedication to management education, as well as its leadership in the community," said Robert D.
  • The 115th anniversary of the CPA profession in Maryland

    9 Apr 2015 | 4:59 pm
    It was late in the evening on April 10, 1900 that Gov. John Walter Smith signed into law the "Act to regulate the Practice of the Profession of Public Accountant in Maryland." It was the third try in the legislature by a small group of accountants working to establish a new "profession" to help Maryland make the shift from the agricultural age to the industrial age. Maryland would be the third state in the nation to pass this law. This same group was involved in the first two states, New York and Pennsylvania, and the CPA profession as we know it was born.   Never doubt that a small…
  • MACPA makes final push in last week of Maryland General Assembly

    9 Apr 2015 | 2:10 am
    With less than a week to go, the pace has moved into high gear in Annapolis as lawmakers finalize work on more than 2,200 pieces of legislation introduced this session. To date, we have achieved several successes related to the MACPA’s legislative agenda. Several bills have stalled in committee, which means they may not see the light of day this year.  With the support from many of our key contacts, the Senate bill to modify the definition of attest (SB 536) successfully passed both chambers. The House version (HB 878) has received a favorable vote in the Senate committee and is…
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    CPA Technology Blog

  • Who Will Be The Profession’s Digital Plumber?

    Brian Tankersley
    14 Apr 2015 | 7:57 am
    I’ve been using, supporting, and following accounting software developments since the 1990’s, and there’s a common problem which still needs to be solved: “How will I get (my)(my client’s) data from (application one) into (specialized application two) so I can...
  • Second Annual CPA Firm Operations and Technology Survey Released

    Brian Tankersley
    9 Apr 2015 | 10:32 am
    As many of you know, I do most of the data analysis and writing associated with the CPA Firm Operations and Technology Survey published by CPA Trendlines. My co-authors, Dr. Leslie Garrett and Randy Johnston, and I released the new...
  • Recent Reading and Writing, March News Update

    Brian Tankersley
    18 Mar 2015 | 7:14 am
    I’ve been quite busy over the last couple of months, but unfortunately, I don’t have a lot which I can show you, the gentle reader of this blog. A listing of some of the writings I’ve worked on in the...
  • I’m Back, Peeps!

    Brian Tankersley
    3 Mar 2015 | 10:00 am
    I was going through my e-mail this morning, and saw that one of my favorite blogs, Jr. Deputy Accountant (Rated R), was back online after an extended absence. This made me realize that I had left you, the gentle reader...
  • Sage Releases Sage View

    Brian Tankersley
    10 Nov 2014 | 2:16 pm
    (Press release is presented verbatim as it was published this morning) Sage View Enables Accountants to Deepen Client Relationships with High-Value Advice Sage and The Sleeter Group prove knowledge is the accountant’s superpower at the Solutions14 Conference LAS VEGAS (November...
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    CPA Trendlines

  • Refund Fraud Keeps IRS Busy

    Beth Bellor
    17 Apr 2015 | 2:00 am
    Identity theft also is part of the program. The IRS' Criminal Investigation Division is conducting fewer investigations with reduced staff, but there still is plenty of activity in its Refund Fraud Program, which includes the Return Preparer Program and the Questionable Refund Program. Return Preparer Program investigations involve the preparation and filing of false income […] The post Refund Fraud Keeps IRS Busy appeared first on CPA Trendlines.
  • IRS Criminal Investigations Drop with Staff Cuts

    Beth Bellor
    16 Apr 2015 | 2:00 am
    Investigations are down 20 percent. By CPA Trendlines Research Despite high-profile victories in the Credit Suisse and Bank Leumi cases, the IRS’ Criminal Investigation Division is struggling with lower staffing levels and a continuing decline in the number of cases pursued. “There is no doubt that we have had to be creative to overcome some […] The post IRS Criminal Investigations Drop with Staff Cuts appeared first on CPA Trendlines.
  • Two Ways to Retire, and One’s Not Pretty

    Beth Bellor
    16 Apr 2015 | 2:00 am
    The graceful way to slow down and phase out. By Marc Rosenberg Retirements & Buyouts There are two ways that partners slow down as they approach traditional retirement age: Announced – the “cooperative” way to slow down. The partner openly and willingly informs the partners that she wishes to slow down. This change in status […] The post Two Ways to Retire, and One’s Not Pretty appeared first on CPA Trendlines.
  • Busy Season 2015: Worse and Worser

    CPA Trendlines
    15 Apr 2015 | 7:53 am
    After a bad year for many practitioners, watch for the consolidation and shakeout to come. By Rick Telberg CPA Trendlines Research Before Busy Season 2015 had even begun, tax professionals were worrying most about the new rules and regulations they’d be facing, among them, the Affordable Care Act. Join the survey; get the results Indeed, […] The post Busy Season 2015: Worse and Worser appeared first on CPA Trendlines.
  • Gender Bias Still a Problem

    Beth Bellor
    15 Apr 2015 | 2:00 am
    5 ways men receive preferential treatment. By Ida O. Abbott Sponsoring Women: What Men Need to Know Gender bias reflects entrenched beliefs and assumptions about women based on stereotypes about appropriate roles and behaviors for women. Unconscious thoughts about the kinds of work women are and are not suited for, especially if they are mothers, […] The post Gender Bias Still a Problem appeared first on CPA Trendlines.
 
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    Big4.com Blog

  • EY Center for Board Matters 2015 proxy season insights tackles shareholder activism

    16 Apr 2015 | 3:04 pm
    By Rob Starr, Big4.com Content Manager. ...Keep on reading: EY Center for Board Matters 2015 proxy season insights tackles shareholder activism
  • Federal Agencies See Benefits of Digital Tools But Still Have Concerns: Accenture

    14 Apr 2015 | 7:38 pm
    By Rob Starr, Big4.com Content Manager According to survey research conducted by  Accenture Federal Services and Government Business Council, federal agencies report positive outcomes from digital services, but remain concerned over budget constraints and implementation costs. Chris Zinner, who leads Accenture’s digital work with federal agencies, supplied some answers to our questions recently. What was the impetus for Delivering on Digital Government? With the launch of the Digital Ser...Keep on reading: Federal Agencies See Benefits of Digital Tools But Still Have Concerns: Accenture
  • To Advance In Your Job Think And Work Beyond Your Job Description

    13 Apr 2015 | 4:03 pm
    By , Big4.com Guest Blogger Too much concern and focus on our job title and description, along with its compensation, can limit our professional and personal growth, and compensation.  How we go about our work should be grounded in what motivates us, who we are and want to be, how we are fulfilled.  With this perspective, job descriptions and compensation become the outcome of our work rather than the focal point. As we work we should strive to follow that which motivates us to expand...Keep on reading: To Advance In Your Job Think And Work Beyond Your Job Description
  • Deloitte’s CFO survey optimistic despite currency exposure, equity markets and global economic concerns

    12 Apr 2015 | 7:30 pm
    By Rob Starr, Big4.com Content Manager.  Deloitte released its first quarter 2015 CFO Signals survey recently highlighting a ninth-straight quarter of north American optimism  despite some rising uncertainties. Greg Dickinson is the leader of Deloitte LLP's CFO Signals™, a quarterly survey of CFOs from many of North America’s largest and most influential companies. He answered some of our questions about the mostly positive news via email. What's behind the overall positive attitude ...Keep on reading: Deloitte’s CFO survey optimistic despite currency exposure, equity markets and…
  • How Much Are You Willing to Pay for a Bottle of Mineral Water?

    12 Apr 2015 | 12:20 pm
    By Andrew Sobel, Big4 Guest Blogger. I was at a concert the other night at Avery Fisher Hall at New York City’s Lincoln Center, and decided to buy a bottle of mineral water at the bar. An 18-ounce, medium bottle was $4.00. I really didn’t think twice about the price (hey, this is New York!), although my wife suggested that the water fountain was a lot cheaper.  Avery Fisher Hall, New York Intrigued by the ease at which the bar sold $4.00 bottles of Evian, I subsequently checked out...Keep on reading: How Much Are You Willing to Pay for a Bottle of Mineral Water?
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    Success Starts Here

  • Life After Busy Season

    Bailey Ribich
    16 Apr 2015 | 8:23 am
    Nicole NegliaRecruiting SpecialistNew York, NYIt’s April 15th and you’ve made it!  Another busy season in the books and the only thing you want to think about is what you’re going to do with all that extra time – spend time with friends and family that thought you fell off the face of the earth.  Maybe go on vacation.  Or even have a staycation and just enjoy the spring weather.  Whatever the case may be, the last thing you want to think about is your next move, right?  Wrong!  Most people feel that they have the luxury of waiting until the fall to start…
  • 2015 Trailblazer Award Recipient

    Bailey Ribich
    16 Apr 2015 | 7:01 am
    Kara TrahanAssurance ManagerOklahoma City, OKAssurance manager, Kara Trahan has been recognized by the Oklahoma Society of CPAs (OSCPA) as a recipient of the 2015 "Trailblazer" award. The OSCPA Trailblazers program pays tribute to the professional dedication, innovation and community commitment of new OSCPA members who are under the age of 40 or who have five or fewer years of CPA experience."Kara is an outstanding professional who is an excellent leader within the profession and the community. She has definitely earned this opportunity to be recognized as one of the leading new CPA's in…
  • First Busy Season

    Bailey Ribich
    13 Apr 2015 | 8:15 am
    by Munir Ahamed, Assurance AssociateChicago, IllinoisYou can mentally prepare all you want. You can ask all your friends already in public accounting. You can ask every experienced associate you meet at new hire orientation. But there is no better teacher than experience. This definitely applies to the question, "so what is busy season really like?"During new hire orientation, the common consensus seemed to be "it all depends on what clients you're on". This definitely wound up being true, however at the time it didn't help much for what lie ahead. I was also told that your first busy season…
  • AICPA Recognizes Four from McGladrey with 2014 Elijah Watt Sells Award

    Bailey Ribich
    10 Apr 2015 | 6:52 am
    McGladrey is pleased to announce that four of its employees were recently named by the American Institute of CPAs (AICPA) as winners of its 2014 Elijah Watt Sells Award.According to the AICPA’s news release, the award is bestowed upon candidates who have obtained a cumulative average score above 95.50 across all four sections of the Uniform CPA Examination, passed all four sections of the exam on their first attempt and completed testing in 2014. A total of 91,384 individuals sat for the exam in 2014, with only 60 of them meeting the criteria to receive the Elijah Watt Sells Award.The…
  • Busy Season Fun!

    Bailey Ribich
    3 Apr 2015 | 8:28 am
    by Katie Hull, Campus Talent Acquisition Associate Kansas City, MissouriThe McGladrey Davenport, Iowa office is having some fun this busy season! This past month, during Take-A-Break, employees were challenged with a Lego project. Sounds easy, right? Not so fast... we threw in a twist! Teams were broke up into 6 players, half the team was in one room with a completed Lego project - the other half in another room with just the Lego pieces. One team member was appointed as the Go Between Runner who had to relay instructions from the team with the completed object to the builders with the…
 
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    Jr Deputy Accountant

  • Getting Your News by Meme Only Makes You Look Stupid, As Evidenced By This Stupid Ass Ted Cruz Meme

    Jr Deputy Accountant
    18 Apr 2015 | 6:09 pm
    So a "friend" posted this other day, accompanied with a bunch of expletives about what a toolbag Ted Cruz is. While I may not find Ted Cruz to be an upstanding, awesome individual, I don't think it's fair to put words in his mouth either.Let's see the meme:Yeah, cool story bro but he never actually said that.Was his talk SUPER Christ-y and a bit douchey? Sure it was. You can read the whole transcript yourself and just find me a mention of GAYS or ATHEISTS. I didn't see one. Please, by all means, correct me if I'm wrong. I can wait.Now he did make the mistake of implying that this country is…
  • Ben Bernanke Blogging Is the Greatest Thing I've Seen All Day

    Jr Deputy Accountant
    30 Mar 2015 | 10:17 am
    Alright, so the day isn't over yet but when I saw Ben Bernanke has started blogging, I squealed with schoolgirl joy.Even better that the esteemed former Chief Executive Moneyfucker over at the Fed decided to defend impossibly low interest rates for his debut entry. Oh, Ben, you make it so easy. Literally.Why are interest rates so low? Will they remain low? What are the implications for the economy of low interest rates? If you asked the person in the street, “Why are interest rates so low?”, he or she would likely answer that the Fed is keeping them low. That’s true only in a very…
  • Janet Yellen Wants You to Take the New Normal or Else

    Jr Deputy Accountant
    27 Mar 2015 | 2:30 pm
    Today, my arch nemesis and holy leader of the Federal Reserve System Janet Yellen spoke at her alma mater SF Fed, the very same place I picketed years back.I could predict what she said before I even read her prepared remarks but let's look at it anyway, shall we?As you know, last week the Federal Open Market Committee (FOMC) changed its forward guidance pertaining to the federal funds rate. With continued improvement in economic conditions, an increase in the target range for that rate may well be warranted later this year. Of course, the timing of the first increase in the federal funds…
  • Richmond Fed Finally Realized Their Fed Experience Slogan Was Kinda Pervy

    Jr Deputy Accountant
    26 Mar 2015 | 6:36 pm
    I'm a little late to the party since Richmond Fed killed this catch phrase last year or so according to my source but I only noticed the other night as I was making my 6 mile workout loop through downtown Richmond the other day that the old banners were gone. I was kinda hurt they didn't offer me one, really.Kinda disappointed no one at @RichmondFed saved me the old "where you and the economy come together" Fed Experience banners *chortle*— Adrienne Gonzalez (@adrigonzo) March 24, 2015 When Richmond Fed first launched The Fed Experience, someone over there came up with a terrible catch…
  • Certain Senators Think Pesky Student Loan Debt Is Getting in the Way of Home Debt, So Let's Just Discharge It

    Jr Deputy Accountant
    16 Mar 2015 | 9:50 am
    You know, if you can't afford your student loans, you probably can't afford a mortgage or kids either. According to Illinois Senator Dick Durbin, the solution is to allow you to discharge your private student loans in bankruptcy so you can get on with "buying" that house you can't afford. Only a politician would think that's a good idea.Consumerist reports:The Fairness for Struggling Students Act of 2015 [PDF] would amend the current bankruptcy code, restoring the availability of bankruptcy relief for private student loans.The act, which was introduced by Illinois Senator Dick Durbin, and…
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    One Accounting

  • Charities and tax

    Chris Thomas
    8 Apr 2015 | 7:59 am
    If you help to run a charity you need to keep on top of the tax and audit regulations that apply to charities, and the gift aid scheme. A person with earnings or pension income of less than £10,600 and interest of up to £5,000 will pay no income tax in 2015/16. These individuals should not make gift aid declarations for donations made on or after 6 April 2015, as they do not pay the income tax which the charity reclaims in respect of that donation. As a charity you can reclaim tax online which has been deducted from bank interest, or is due back under the gift aid scheme or gift aid small…
  • How Can I Give My Money Away?

    Chris Thomas
    31 Mar 2015 | 6:26 am
    An unusual question for this weeks’ blog post, but not an uncommon one. A client called to say that he wanted to give some money away to a friend, but was unsure of the tax consequences. Would the friend have to pay tax on the money? Would the client have to pay tax? Or does the payment fall outside of the tax system? The Basics Straightforward cash gifts between two individuals do not usually attract a tax liability. The theory is that whatever money you have in your bank account has had tax paid on it. For example, your salary will be paid to you after deduction of PAYE/NIC, and if you…
  • Auto Enrolment – FAQ’s

    Chris Thomas
    25 Mar 2015 | 7:05 am
    In the second of our auto enrolment newsletters we are going to look at the terminology of auto enrolment and also some of the key facts. As an employer it is important that you understand your obligations, as ultimately it is you that is required to make sure that you meet them. Although you may enlist the help of a 3rd party (such as ourselves) in order to help you ensure you comply, ultimately the buck stops with you. What is a staging date? This refers to the date when legal duties come into effect requiring an employer to enrol some or all of their workers into a qualifying pension…
  • How to claim the new marriage allowance and save up to £212 in tax

    Chris Thomas
    18 Mar 2015 | 9:45 am
    A new tax allowance is available from 5th April 2015 for married couples and those in a civil partnership. But to claim the allowance, one partner must have total taxable income of less than £10,600 in the 2015/16 tax year. Total income includes employment income, pension income, rental income, and money you receive from bank interest and share dividends. If both partners have income above £10,600, then the Marriage Allowance cannot be claimed. How It Works From April, anything you earn up to £10,600 will be tax free. Up to £1,060 or 10% of this allowance can be transferred from a low…
  • Auto enrolment – We’re here to help

    Chris Thomas
    6 Mar 2015 | 7:23 am
    Pensions legislation is undergoing one of the most significant changes in its history and as an employer you will be involved whether you want to be or not! As with recent changes such as RTI the burden of change is being hoisted on to the employer. For large employers, with significant resources, this can increase the costs of compliance, but for the smaller employer it can mean that already scarce resources are stretched to breaking point, or you as the employer have to add yet another task to an already full workweek. Regardless of whether you agree with the auto enrolment initiative or…
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    JonathanMilligan.com

  • How to Pick Up and Dust Off Your Broken Dreams

    Jonathan Milligan
    12 Apr 2015 | 9:00 pm
    Broken dreams. Broken goals. We all have them. We desperately want to see change in our lives, yet we remain the same year after year. What if I told you there is one contributing factor as to why you haven’t changed? This factor is simple in concept, but difficult in practice. You’ve probably heard it before, but never noticed the incredible power it holds in your life. It’s the reason you haven’t seen your breakthrough or inflection point. The principle is simple. In fact, I invite you to write this next statement down on paper and carry it with you for the day. “You…
  • The Biggest Secret to Becoming a Successful Achiever

    Jonathan Milligan
    2 Apr 2015 | 7:57 am
    As a Senior in high school, one of our class assignments was to “shadow” someone at their workplace for a day. I’d always admired my Grandfather’s business so I decided to learn from him for a day. He owned a few small hardware stores in rural parts of Indiana. I still remember that day vividly. He taught me how to put together an “end of the row” sales display. He showed me how to use the “pricing sticker gun” and most importantly he taught me how to price a product for profit. I was only 17 at the time, but I took his advice and applied it to my baseball card selling…
  • 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…
 
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    Intuit News Central

  • Why Joining Peer Support Groups Pays Off

    Shelly Robbins
    16 Apr 2015 | 7:30 am
    When someone says, “that kind of thing isn’t for me,” I know they haven’t been to a meetup. That’s because meetups are for everybody, something they’ll realize when they get their first chance to introduce themselves at one. And, when local groups grow from just 4 or 5 members to 200+ members across several locations, the group’s influence can make big things happen. Take the annual Seattle Accounting Technology Boot Camps, for example, where this year brings big sponsors, such as Intuit, to team up with local meetup groups on June 30th to let members duke it out, and then party…
  • TSheets Unveils White Glove Service for QuickBooks ProAdvisors®

    Scott Cytron
    16 Apr 2015 | 6:08 am
    A productivity tool to streamline payroll, billing, invoicing and labor costing, QuickBooks ProAdvisors can now receive the exclusive TSheets PRO program at no charge for life. The TSheets PRO Program for ProAdvisors includes: A lifetime, unlimited TSheets account Dedicated support for ProAdvisors and their clients 10% exclusive discount for ProAdvisor clients, and 20% commission on all referrals Marketing collateral Business promotion through social media and blog posts To take advantage of these platinum level benefits, ProAdvisors only need to register for the exclusive TSheets PRO…
  • Intuit® ProFile Tips to Increase Your Efficiency, Part 9

    Franca Spano
    16 Apr 2015 | 6:00 am
    It’s time to get more efficient and productive with Intuit ProFile! Here are more tips the ProFile Team has compiled to help: Optimization Using Error Codes to Troubleshoot EFILE Errors Use Error Codes to Troubleshoot EFILE Errors When electronically filing a return, returns are sometimes rejected with an EFILE error. The ProFile Auditor can assist with identifying and fixing the error. In fact, you can avoid most EFILE errors early on by making sure the Auditor is active at all time: the Auditor instantly flags errors and omissions, as well as providing detailed explanations of how…
  • Latest QuickBooks’® Updates

    Scott Cytron
    15 Apr 2015 | 6:00 am
    Our March QuickBooks update was driven by your feedback, so thank you! Here’s what we updated: Show related details on the Customers page. Click the  estimates,  unbilled activities and  open invoices bars to see related columns of information in the table. (This already happens for overdue invoices1). Show/hide deposits in customer detail view. Based on your feedback, we made two changes. First, the default view won’t show deposits. Second, if you want to show deposits, click Filter and choose  All plus deposits. Customers > click a customer in the list. Hide sensitive data…
  • Above the Forms: Advising Clients on Type of Entity

    Pam Welch
    14 Apr 2015 | 12:26 pm
    One of the common questions a client may ask you is whether they should incorporate their business. Or perhaps, your client saw an article online about the advantages of LLCs, and now seeks your guidance on if they should create one for their business. Let’s explore, at a basic level, some of the advantages and disadvantages of some of the more common business entity types. Sole Proprietorships A sole proprietorship is the simplest and most common business structure. This is an unincorporated business with one owner. There is no legal distinction between the business and the owner. Here are…
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    AICPA Insights

  • Tax Season Wrap Up: How to Recharge, Regroup and Move Forward

    Guest Blogger
    17 Apr 2015 | 4:00 am
    Yesterday we asked CPA Letter Daily readers: “How do you celebrate the end of tax season?” More than a majority of the respondents stated that they would celebrate by either taking time off or planning a staff dinner, happy hour or party. Another 32 percent plan to continue working by moving on to the next task on their list. Here we share tips for how to rejuvenate, plan and prioritize the next steps for your practice. Recharge Figuring out how to rest can be stressful in itself, especially if you have a larger than expected backlog of work…
  • Broadening Our Definition of Financial Literacy

    Guest Blogger
    15 Apr 2015 | 4:00 am
    Here at the Michigan Association of CPAs, we’ve embarked on some projects that go beyond the traditional approach to financial literacy. We’ve had the fantastic opportunity to work with Michigan’s Governor Rick Snyder, CPA on several initiatives aimed at our most vulnerable populations, including Reinventing Mi Retirement and the Detroit Income Stabilization Fund Program.   The Reinventing Mi Retirement initiative was introduced by Governor Snyder in June 2014, and it focuses on providing financial education to help Michiganders better prepare for retirement. The initiative…
  • The Secret to Retaining Top Talent? Development

    Arleen Thomas, CPA, CGMA
    14 Apr 2015 | 4:00 am
    What keeps CFOs up at night? Quite a few things, as it turns out. Increased global competition, the volatile economy, cybersecurity risks and an overwhelming amount of big data—to name a few topics. But it’s another subject which consistently comes up in my conversations with CFOs and other finance leaders, that hits even closer to home: talent. Today’s finance departments have a real need for the right team with the right mix of skills and competencies, not only in accounting, but in business, leadership, communications and other non-financial disciplines. I’ve spoken to many…
  • Potential State Tax Law Changes on the Horizon

    Eileen Sherr, CPA, M.T.
    8 Apr 2015 | 6:50 am
    As we get ready to put away our snow shovels, gloves and winter coats, and take out the sandals and sunscreen (yes – we probably should be using it all year), Congress and many state legislatures are considering some important tax changes. The AICPA and state societies are closely monitoring these issues and ensuring that the profession’s voice is heard: State Sales Tax on Professional (Accounting) Services With states searching to either expand their revenue base or reduce reliance on income taxes, several states are considering proposals to expand their sales tax to cover professional…
  • An (Instagram) Picture is Worth a Thousand Words: Tips for CPAs

    Guest Blogger
    6 Apr 2015 | 4:00 am
    In the world of social media, new applications come and go every day. With all the different sites and apps out there, it can be hard to figure out which ones to use and how to use them. Instagram has taken the social world by storm and created a footprint that rivals big names like Facebook and Twitter. When Instagram launched in 2010, it was unclear how successful it was going to be. In December of 2014, Instagram announced that its worldwide user base passed 300 million accounts, putting it ahead of Twitter and proving that it isn’t going anywhere anytime soon. It’s especially popular…
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    OSYB Number Crunch! Bookkeeping Tips from Outsouce Your Books.

  • How To “Commit” and Accomplish Your Business Goals

    OSYB Staff
    17 Apr 2015 | 10:00 pm
    Many business owners already have a good idea of what’s holding them back from committing, but they don’t do anything about it. The biggest problem, she says, is the initial resistance people feel before setting out to accomplish a task or goal. Read more here. 
  • 7 Signs Your Company Has Poor Financial Health

    OSYB Staff
    17 Apr 2015 | 10:00 pm
    As a business owner, your company’s financial health is of the utmost importance. Keeping your business healthy and viable might seem like an overwhelming task. But by staying up-to-date on a few key financial indicators, however, you can easily track your business and avoid fiscal pitfalls. Read more here. 
  • 6 Shining Examples of 21st Century Guerrilla Marketing

    OSYB Staff
    16 Apr 2015 | 10:00 pm
    “Guerilla marketing” was referring to low-cost, high-value marketing techniques usable by small businesses looking for big profits. Since then, the term has expanded to also include impactful, creative campaigns at any price point, and everybody from corner shops to international brands is getting in on the act. Read more. 
  • 7 Signs Your Company Has Good Financial Health

    OSYB Staff
    16 Apr 2015 | 10:00 pm
    Measuring the health of your business’ finances can be as simple as reviewing a profit-and-loss statement or as complicated as analyzing all the different elements of your business. However, there is very little doubt that fully understanding your business’ finances is a sure way to remain successful and profitable. Read more. 
  • 8 Ways to Bootstrap Your Small Business

    OSYB Staff
    15 Apr 2015 | 10:01 pm
    You need more money. If you’ve already secured multiple loans or you’re just trying to avoid incurring more debt, you do have another option. It’s called bootstrapping, and it’s pretty common. When done prudently, bootstrapping your business is a very effective and financially responsible way of profitably sustaining your business.
 
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    Presti & Naegele

  • March 2015 Newsletter

    pntsuper
    23 Mar 2015 | 1:30 am
    Joe Romano discusses Rev. Proc. 2015-20 and how the IRS provides repair regulations relief for small businesses. Andy Presti talks about tax legislation and reform cautiously move forward in new Congress. The post March 2015 Newsletter appeared first on Presti & Naegele.
  • FAQ: What is new Form 1095-A, Health Insurance Marketplace Statement

    Steve Grgas
    13 Mar 2015 | 10:23 am
    Form 1095-A, Health Insurance Marketplace Statement, is a new information return. The IRS requires the Health Insurance Marketplace to report certain information about every individual who receives health insurance coverage through the Marketplace to the agency and also to the enrollee. Form 1095-A reports information about the individual(s) covered by Marketplace coverage, the starting and ending dates of coverage, and the insurer that provided coverage. Form 1095-A also reports the cost of coverage, the plan’s total monthly payment, any advance payment, and more. Copies to IRS and…
  • March 2015 tax compliance calendar

    Wayne Naegele
    13 Mar 2015 | 10:18 am
    As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of March 2015. March 2 Employers. File Forms 1097, 1098, 1099, 3921, 3922, and W2G with the IRS for certain payments made in 2014. Such payments may include, but are not limited to, the following: cash payments for fish purchased from anyone engaged in the trade or business of catching fish; compensation for workers who are not considered employees;…
  • Tax legislation and reform cautiously move forward in new Congress

    Andrew Presti
    13 Mar 2015 | 9:59 am
    The White House and the new Congress continue to look for common ground on tax legislation and tax reform in 2015. Both sides say tax reform is possible in 2015 and behind the usual rhetoric there seems to be a real drive to move tax reform in the 114th Congress. Reform could be similar to the comprehensive package moved nearly 30 years ago in the Tax Reform Act of 1986, or, as many observers predict, will take a new track to reflect a vastly different economy and Tax Code compared to 1986. Tax bills The two tax writing committees-House Ways and Means and Senate Finance-have so far approved a…
  • IRS provides repair regulations relief for small businesses

    Joseph Romano
    13 Mar 2015 | 9:56 am
    In Rev. Proc. 2015-20, the IRS substantially simplified the requirements for small businesses to adopt the tangible property regulations (the “repair regulations”) for 2014. The relief allows small businesses to change their accounting methods, to comply with the regulations, without having to apply Code Sec. 481 and without having to file Form 3115, Application for Change in Accounting Method. The repair regulations are broad and comprehensive, applying to any business that uses tangible property. The regulations totally redo the rules for deducting and capitalizing expenses…
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    It's Taxing - Bond Beebe

  • Maryland Tax Amnesty Program

    15 Apr 2015 | 10:34 am
    For Maryland individuals and corporations past due on filing Maryland tax returns and paying Maryland taxes, the Maryland legislature has passed a tax amnesty bill which is awaiting the governor’s signature.  The amnesty will apply to corporate and individual income taxes, withholding tax, sales and use tax or admissions and amusement tax and will waive all penalties and one half of the interest due.  Although the bill takes effect June 1, 2015, the amnesty period will be starting on September 1, 2015 and run through October 31, 2015.  See Senate Bill 763 for more…
  • New Guidance from IRS is Great News for Small Businesses

    26 Mar 2015 | 12:42 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 adopt 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 April by IRS

    26 Mar 2015 | 10:19 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 April 2015 are as follows:   Annual Semi-Annual Quarterly Monthly Short-Term: 1-3 years 0.48% 0.48% 0.48% 0.48% Mid-Term: >3 & up to 9 years 1.70% 1.69% 1.69% 1.68% Long-Term: >9 years 2.47% 2.45% 2.44% 2.44%
  • The IRS Dirty Dozen: Unscrupulous Tax Preparers

    18 Mar 2015 | 11:22 am
    Posting by John Merchant The Internal Revenue Service (IRS) has released its annual “dirty dozen” for 2015. The annual dirty dozen are the top twelve tax related scams that IRS has found are being perpetrated on unsuspecting victims each year. Once again, Unscrupulous Tax Preparers are on the list. The IRS reports that approximately 60% of all taxpayers use a paid preparer. While IRS acknowledges that most preparers provide very good service, every year there are some that run scams to defraud the government or to cheat their clients. Either way, the results can be devastating as these…
  • Everyone wants it now! - A Summary of the 2015 Annual Gift Tax Exclusion & Other Non-Taxable Gifts

    4 Mar 2015 | 12:09 pm
    The Federal gift tax return (Form 709) is a function of the overall Federal transfer tax system. Excluding any discussion on the Generation-Skipping Transfer tax for now, the rules just to report gifts on a gift tax return are very complex. All gifts are not reportable on a Federal gift tax return, however it is important to understand what the IRS considers a gift: A gift is the transfer of a beneficial interest in certain property in exchange for something less than full and adequate consideration. Common examples would include cash gifts for life
 
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    Investment & Small Business Accountants

  • Small Business Insurance – State the Importance of Insurance to A Small Scale Business

    chinweike
    12 Apr 2015 | 12:11 pm
    In this article, we will state the importance of insurance to a small scale business. I have been asked on several occasions if it is a legal requirement to have small scale business insurance. Well, the answer to this question is that it depends on the industry you operate in and your geographical location. If […]The post Small Business Insurance – State the Importance of Insurance to A Small Scale Business appeared first on Investment & Small Business Accountants.
  • Reasons for Variance Analysis

    chinweike
    7 Apr 2015 | 10:03 pm
    We constantly seek explanations for everything that we do to ensure that we are not just wasting our precious time and resources. Good management practice requires that managers understand the reasons for variance analysis just like every other aspects of business management. We have previously discussed the benefits and drawbacks of variance analysis so now […]The post Reasons for Variance Analysis appeared first on Investment & Small Business Accountants.
  • Accountants are problem solvers and not number crunchers

    chinweike
    4 Apr 2015 | 2:40 am
    Yes, you read the title of this article right. Accountants are problem solvers and not number crunchers. Many young people that would have made good accountants get scared by the mere thought of crunching some numbers. Most of them end up studying non quantitative courses and end up regretting it by the time they realise […]The post Accountants are problem solvers and not number crunchers appeared first on Investment & Small Business Accountants.
  • Small business success triangle

    chinweike
    31 Mar 2015 | 5:10 pm
    Small businesses strive on their ability to get things right within these components of small business success triangle that you are about to read in this article. Just like a stool cannot stand without its three legs, a small entity cannot survive without getting the three components of thing success triangle spot on. Small business […]The post Small business success triangle appeared first on Investment & Small Business Accountants.
  • SMALL BUSINESS SUCCESSES DON’T JUST HAPPEN, WE MAKE IT HAPPEN

    chinweike
    29 Mar 2015 | 9:14 am
    Small business successes don’t just happen as it takes smart work to make it happen as we all know. The only problem is that a lot of people think that it takes hard work to make a small business succeed when in fact it only takes smart work to successfully manage a small business. In […]The post SMALL BUSINESS SUCCESSES DON’T JUST HAPPEN, WE MAKE IT HAPPEN appeared first on Investment & Small Business Accountants.
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    Energized Accounting

  • Why Joining Peer Support Groups Pays Off

    Bill Kennedy
    18 Apr 2015 | 1:31 pm
    Agree! MT Why Joining Peer Support Groups Pays Off, like @StartUp_Tor for entrepreneurs Why Joining Peer Support Groups Pays Off When someone says, “that kind of thing isn’t for me,” I know they haven’t been to a meetup. That’s because meetups are for everybody, something they’ll realize when they get … [Read More…] accountantvip The post Why Joining Peer Support Groups Pays Off appeared first on Energized Accounting.
  • March @QuickBooks Online Updates

    Bill Kennedy
    18 Apr 2015 | 5:31 am
    @QuickBooksCA Online gets better every month. Watch for the right time for you to convert March @QuickBooks Online Updates Our March QuickBooks® update was driven by your feedback, so thank you! Here’s what we updated: Show related details on the Customers page. Click the estimates, unbilled activities and open invoices bars to see related columns … [Read More…] accountantvip The post March @QuickBooks Online Updates appeared first on Energized Accounting.
  • The Best Employers In The U.S. Tech Sector…

    Bill Kennedy
    15 Apr 2015 | 5:58 am
    Intuit named 3rd best US Tech Employer by @Forbes after Google and Facebook. The Best Employers In The U.S. Tech Sector… Silicon Valley companies are known far and wide for their extraordinary perks and benefits, but which employer in America’s technology sector is rated the highest by its workforce? Forbes and Statista asked over 20,000 American workers at large U.S. companies, nonprofit institutions, government agencies, and U.S. divisions of multinationals this question: how likely would […] accountantvip The post The Best Employers In The U.S. Tech Sector… appeared…
  • 4 Reasons Why You Want to Integrate @QuickBooks…

    Bill Kennedy
    14 Apr 2015 | 4:49 pm
    . @QuickBooksCA & Excel, an #accounting marriage, but NO MANUAL ENTRY SPREADSHEETS (MESS)! 4 Reasons Why You Want to Integrate @QuickBooks… I have heard so many people say: “I switched to QuickBooks® to get away from Excel,” but I do not understand in what universe these two tools are mutually exclusive. I … [Read More…] accountantvip The post 4 Reasons Why You Want to Integrate @QuickBooks… appeared first on Energized Accounting.
  • How to pre-fill forms in @QuickBooks Online

    Bill Kennedy
    14 Apr 2015 | 12:16 pm
    Looking to save time? Pre-fill forms in @QuickBooksCA Online How to pre-fill forms in @QuickBooks Online Entering the same data over and over again? Here’s how to pre-fill QuickBooks forms, with expert tips and examples. accountantvip The post How to pre-fill forms in @QuickBooks Online appeared first on Energized Accounting.
 
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    The Accountancy Partnership

  • UK taxpayers face 60% income tax charge

    kbilby
    16 Apr 2015 | 2:17 am
    Over a million British taxpayers will face being caught in a tax “trap” in 2018-19, as their income exceeds £100,000 and they lose the benefit of their tax-free allowances.   Once an individual has taxable income above £100,000, they lose their tax-free personal allowance, which pushes their marginal tax rate to 60%. The number of individuals who are caught in the “tax trap” has increased by a third since the coalition government came into power. The figures have risen from 588,000 people in 2010-11 to an estimated 791,000 in 2014-15, according to official figures. If the…
  • New law passed to help small businesses

    kbilby
    13 Apr 2015 | 2:08 am
    Entrepreneurs who want to start and grow new commercial ventures will be helped by a law that was passed on 26th March. The Small Business, Enterprise and Employment Act 2015 has been designed to provide support for those companies that want to grow and innovate, providing employment for people in the UK. The act was also formed to make the UK the world’s leader in providing an ideal environment for those who want to set up a new company. Vince Cable, the business secretary, has backed the new law, stating that the measures will make it easier for smaller businesses to thrive in this…
  • Increase in self-employment due to ageing workforce

    kbilby
    9 Apr 2015 | 1:49 am
    According to data released by Bank of England, the rise in self-employment figures is down to people working longer and the higher number of women in the workplace. Although the increased number of people who are self-employed has been attributed to those who are struggling to find work, the information provided by Bank of England indicates that it is due to a flexible economy. The recently published report states that a large percentage is due to trends that commenced before the recession. The Bank of England figures show that 50 per cent of the increase since 2004 is due to ‘silver…
  • HMRC causing ‘Real Time’ confusion, say finance professionals

    kbilby
    7 Apr 2015 | 2:05 am
    According to experts, HM Revenue & Customs, is the main cause of confusion for small companies trying to remain complaint with Real Time Information. Businesses which have 50 or fewer employees are required to submit real time pay information to HMRC, each time a payroll is processed. Failure to do so results in a £100 penalty, which can soon add up over the course of a year.   One payroll and accounting expert, Stuart Hall, blames some of the reporting failures on poor communication from the tax organisation. One example of lack of communication by HMRC provided by Hall was that…
  • Why is IR35 important to contractors?

    kbilby
    2 Apr 2015 | 1:44 am
    If you’re a contractor, then Jessie J was right. It’s not all about the money. Listen carefully and you’ll hear she later tells us that she “just wants to get her IR35 right.” Sensible girl. Anyone like Jessie who isn’t conventionally employed should be aware of IR35 regulations and how they could affect them. What’s the purpose of IR35? IR35 is the nickname for intermediaries legislation, which can apply to your tax and National Insurance contributions if you’re working for someone through an intermediary. IR35 was introduced to tackle the problem of workers who work or…
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    The Cheap Accountants

  • Small Business Act Paves the way for improved SME finance

    admin
    17 Apr 2015 | 2:46 am
    Small businesses are expected to benefit from improved access to finance as a result of the Small Business Enterprise and Employment Act, which received Royal Assent last week. Whilst the wide-ranging small business act covers everything from zero-hours contracts to director qualifications, one of the core components deals with the availability of finance for SMEs and start-ups. Under this new legislation, 10 of the UK’s largest lenders will be required to refer the details of any SME whose loan application is denied, with the SMEs permission, to an online platform that can help match them…
  • Fresh penalties introduced to tackle tax evasion and avoidance

    admin
    13 Apr 2015 | 6:44 am
    Between now and 2020, the Treasury is set to focus on the collection of £3.1bn as tough new sanctions are introduced by the Chancellor, George Osborne. Currently, arrangements for disclosure are lenient, with prosecution immunity and lower penalties offered to those who choose to disclose tax evasion. During the 2015 Budget, the Chancellor announced changes to existing procedures, saying that immunity from facing prosecution will be withdrawn and penalties will be higher. An announcement was recently made by the Treasury’s chief secretary, Danny Alexander, who explained that tax evasion is…
  • HMRC criticised for failing to monitor tax reliefs

    admin
    9 Apr 2015 | 5:10 am
    The Public Accounts Committee has delivered accusations that HMRC doesn’t know how many tax reliefs are in existence, and whether they are being used as they were originally intended to be. The Crown Prosecution Service (CPS) has also come under fire, as the PAC said that the organisation, along with HMRC, needs to do more to prosecute the serious cases of tax evasion. According to a report published by the PAC, HMRC doesn’t monitor the use of tax relief and how much it costs the public purse. Monitoring would also provide an indication of whether the relief was being abused for…
  • Time to take action against big business bullies, say SMEs

    admin
    7 Apr 2015 | 3:25 am
    A recent poll of over 4,000 UK SMEs undertaken by the Forum of Private Business shows there is a crisis of trust in big business. The poll revealed that 76% are calling for punitive measures for those involved in abusive or excessive tax avoidance. Half of SMEs said that they have experienced significant problems with late payments and 46% feel powerless to negotiate supplier terms, while the vast majority of small businesses stated that behavioural late payments has also been a problem in the last 12 months. The growth of UK based SMEs is being undermined by spiralling costs of doing…
  • What does George Osborne’s Budget mean for entrepreneurs?

    admin
    2 Apr 2015 | 1:13 am
    Small businesses favour certainty over circus tricks, and the announcements made in last week’s Budget have received a generally positive response from entrepreneurs, especially in the context of a growing economy.   Changes for the entrepreneur Many will be happy that Entrepreneur’s Relief remained largely unchanged, providing a 10% capital gains tax rate on disposal of qualifying shares and assets up to a lifetime limit of £10million. There has been political and media scrutiny of the relief since a report from the National Audit Office last November suggested that its cost had…
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    Jetpack Workflow » Blog

  • 7 Ways Accountants Can De-Stress After Busy Season Burnout

    Jetpack Workflow
    9 Apr 2015 | 6:16 am
    It’s no secret that busy season burnout is a common occurrence across many firms, and at the end of the day, a successful busy season will always be… well… busy! Which means finding ways to reenergize yourself shortly thereafter is critical to regrouping everyone’s energy and focus. With that in mind, we put together 7 ways... Read more » The post 7 Ways Accountants Can De-Stress After Busy Season Burnout appeared first on Jetpack Workflow.
  • Latest Product Updates: Turn Around Time Tracking, Task Dependencies, Historical Data Tracking

    Jetpack Workflow
    3 Apr 2015 | 5:05 am
    This week we’re excited to release 3, brand new updates inside of Jetpack Workflow. They are: Automated turn around time tracking Task dependencies (sync with task tab and email notifications) Historical tracking to show who completed which task and when And to see who has completed work in the archives, you can hover over the... Read more » The post Latest Product Updates: Turn Around Time Tracking, Task Dependencies, Historical Data Tracking appeared first on Jetpack Workflow.
  • Value vs Fixed Fee Billing: Can Accountants Eliminate Accounts Receivable?

    Jetpack Workflow
    1 Apr 2015 | 6:01 am
    As soon as you start running your firm or practice, there’s one thing that undoubtedly comes up as you start to grow… the number of accounts receivable and invoices that you now have to track. For many, this is common place, but in this article, I want to explore the option to remove AR once... Read more » The post Value vs Fixed Fee Billing: Can Accountants Eliminate Accounts Receivable? appeared first on Jetpack Workflow.
  • CRM vs Recurring Client Management? (RCM)

    Jetpack Workflow
    26 Mar 2015 | 5:57 am
    Many of us know the benefits of using a robust Client Relationship Management (CRM) software for your accounting firm or practice. But as accountants, CPA’s, and bookkeepers, CRM’s fall short in one critical approach … They’re built for salespeople.  And while it’s a great tool for managing a sales pipeline (leads, prospects, etc), things can... Read more » The post CRM vs Recurring Client Management? (RCM) appeared first on Jetpack Workflow.
  • Metrics & KPI’s for Accountants … what to track?

    Jetpack Workflow
    23 Mar 2015 | 2:36 pm
    It’s common for many CPA Firms, Accountants, and Accounting Practices to have no shortage of metrics and KPI’s to track… but the biggest issue is what are important metrics vs vanity metrics? Vanity Metrics would be anything that is measurable (a common example might be website visitors) but do not correlate with actual growth. Proper... Read more » The post Metrics & KPI’s for Accountants … what to track? appeared first on Jetpack Workflow.
 
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    truthbehindnumbers.com

  • Accounting Expert Witnesses in Shareholder Disputes

    Veriti 2014
    14 Apr 2015 | 1:19 am
    Businesses need money to operate.  Without money, a business is unable to purchase equipment or facilities.  Many people start businesses using their own money, but most people do not have the personal resources to get anything but a very small business off the ground.  Some business owners […] The post Accounting Expert Witnesses in Shareholder Disputes appeared first on .
  • 3 Reasons You Need Insurance Fraud Investigation Services

    Veriti 2014
    7 Apr 2015 | 2:01 am
    Insurance is designed to protect you from risk.  The world is an unpredictable place; you could be affected by a car accident, natural disaster, medical emergency or any of hundreds of other calamities without warning.  When you purchase insurance, you make an agreement with your insurance provider to […] The post 3 Reasons You Need Insurance Fraud Investigation Services appeared first on .
  • Entrepreneur Tips: How to Find a Business Valuation Firm

    Veriti 2014
    31 Mar 2015 | 2:33 am
    Do you own a business?  Are you certain of your business’s net worth?  Perhaps you are considering investing in a business and want to be certain that the owners are fairly representing what the business is worth.  Maybe you are involved in a dispute with other parties […] The post Entrepreneur Tips: How to Find a Business Valuation Firm appeared first on .
  • Fraud Detection Services in Elder Financial Abuse Cases

    Veriti 2014
    24 Mar 2015 | 3:18 am
    In the United States, there are over 40 million people over the age of 65, making up 13% of the population.  By 2020, people over the age of 65 are projected to comprise 20% of the population.  Advances in medicine are allowing senior citizens to live much […] The post Fraud Detection Services in Elder Financial Abuse Cases appeared first on .
  • 4 Tips on Finding an Economic Damages Expert

    Veriti 2014
    16 Mar 2015 | 6:11 pm
    If you are involved in a lawsuit, and you are seeking damages, how do you know how much money you will receive?  What you need is objective evidence that demonstrates your losses.  To get this type of evidence, you need an economic damages expert. An economic damages […] The post 4 Tips on Finding an Economic Damages Expert appeared first on .
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