• Most Topular Stories

  • 15 Tasks Your Virtual Accounting and Bookkeeping Team Can Do To Save You Time AND Money

    Common Cents
    Joyce M. Washington, CPA
    22 Aug 2014 | 4:00 am
    I’m an accountant so I’m all about being frugal, saving time and money WITHOUT cutting corners when it comes to quality. A lot of times when we are making an effort to simplify our lives and build our team… we can’t seem to think of the things that our team member can do.  This can be especially hard when we are so used to doing everything ourselves. This is an issue that I’m working on myself.  How to stop being an entrepreneurial Superwoman.  I think it’s time to retire my cape… and maybe it’s about that time for you too so, here are a few tasks that you can have your…
  • FinCEN proposes tighter rules on customer ID

    CPA Letter Daily
    28 Aug 2014 | 5:52 am
    The U.S.  -More- 
  • TheStudentCPA.Com Regains its Voice

    The Student CPA
    10 Aug 2013 | 3:01 pm
    I  am very excited to be back blogging again. It has been a little over two years since I last penned a blog post. A lot of things have happened since then. For one thing, I managed to earn the CPA credential. Don’t I deserve a round of applause for this achievement? Additionally, the popularity […]
  • On My Way to a CPA: Tip # 4

    NJSCPA Exam Cram Blog
    Michael Palantone
    22 Aug 2014 | 7:18 pm
    Hey everyone, I hope all is well as we near the final week before the end of the testing quarter. Yesterday I found out that I am now half-way through my exam experience as I passed REG, and in just...
  • Understanding underpayments of tax

    Accounting Articles & Advice
    Karl Bilby
    22 Aug 2014 | 1:35 am
    It is possible to pay insufficient income tax during a financial year, which runs from 6th April to 5th April the following year. If you are employed, you will pay tax through the Pay As You Earn (PAYE) system using a tax code, which is calculated by HM Revenue and Customs (HMRC) and allocated to you. If you are self-employed, you will generally pay two Payments on Account during the year, which are paid on 31st January and 31st July. If any tax remains unpaid, HMRC will demand payment. PAYE underpayments To try and make sure that you will pay the correct amount of tax during the year, check…
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    Deloitte Global headlines

  • Five questions on compliance

    25 Aug 2014 | 6:41 am
    The compliance and risk management functions have grown much closer in recent years, to the point where conversations about compliance inevitably involve discussions of risk. Intensifying enforcement, the rising cost of compliance breaches, and the underlying risk of reputation damage are all forces Chief Compliance Officers must reckon with.
  • Deloitte Review Issue 15

    25 Aug 2014 | 6:40 am
    Is the romance gone? An extensive new study suggests that Gen Y takes a more pragmatic view of car ownership. Deloitte Review issue 15 also explores analytics and predicting behavior; new players in the intellectual property arena; the economics of additive manufacturing, and the persistent problem of labor abuse in supply chains.
  • Global Economic Outlook

    25 Aug 2014 | 6:38 am
    In spite of a period of pronounced geopolitical risks, developed economies are experiencing modest growth, and growth in developing economies is stabilizing.
  • Du press essay series

    22 Aug 2014 | 8:17 am
    Tom Davenport, a world-renowned thought leader and author, is the President’s Distinguished Professor of Information Technology and Management at Babson College, a Fellow of the MIT Center for Digital Business, and an independent senior advisor to Deloitte Analytics.
  • CFOs and Sustainability: Shaping their roles in an evolving environment

    22 Aug 2014 | 7:14 am
    With sustainability issues gaining increased attention from investors, regulators, activists, and the media, organizations can ill afford to ignore the topic.
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    Accounting News and Notes

  • Need Help NOW in Filing Of Your Old Back Taxes? (Video)

    John Dillard
    26 Aug 2014 | 8:09 am
    Got a Tax Problem that Will Not Seem to Go Away?  I am reminded of the old Pink Floyd song, Another Brick in the Wall, where the line says “How can you have any meat if you don’t eat your pudding” Tax law like life, takes a bit of getting used to. At His CPA we are committed to obtaining the very best financial resolution possible. But they can never be possible in situations where tax law is not followed. Just as Job in the Old Testament overcame issues over time, so do tax problems take time.  The below is a sample letter we might get from a client dealing with…
  • Using a Virtual CFO to Help Guide Your Business to the NEXT Level (Video)

    John Dillard
    25 Aug 2014 | 6:24 am
    Using a Virtual CFO to Help Guide Your Business to the NEXT Level (Video) Frequently the difference between your present and your business future is a bit of tweaking. Though you are an expert at the operational needs you NOW realize you need a CFO to help you fulfill your business destiny. A Virtual CFO allows you to have this talent and expertise at your beckon call without the full time burden of professional executive/VP. These resources are available 24/7: Strategic Business Concerns Checklist Recession Proof Your Finances Planning for Your Business Success Top Ten Reasons to Contact…
  • Do I Need to File a Tax Return This Year?

    John Dillard
    22 Aug 2014 | 5:20 am
    Do I Need to File a Tax Return This Year? Filing Personal Income Taxes One of most frequent questions we get asked as a #Duluth/Gwinnett CPA every year is “Do I Need to File a #PersonalTaxReturn This Year?” As with all tax questions there is usually an easy answer as regardless of what you might hear about the IRS tax code having been simplified, nothing could be further from the truth. For there are many reasons you might want to file a return even in your income is below a certain threshold as these limits vary based upon you age, your filing status, whether you want to file to gain a…
  • Just Incorporated Your Georgia Business and Need to Understanding Taxation of Varying Entity Types?

    John Dillard
    20 Aug 2014 | 6:19 am
    Should My New Business Be an LLC or an S Corporation? Just Incorporated Your Georgia Business and Need to Understanding Taxation of Varying Entity Types? Which Entity Best Fits My New GA Business? How Will my Entity Selection Affect My Personal Income Taxes? There is no such thing as a perfect entity type but you do want to be sure to make a wise and informed choice when deciding which entity type is best for your newly incorporated business. The below is a sample letter we might send to a newly incorporated company so they might be fully informed about the tax implications of choosing a C…
  • 9/11 Motorcycle Ride for Freedom

    John Dillard
    19 Aug 2014 | 10:49 am
    9/11 Motorcycle Ride for Freedom I just returned from a 2000 mile motorcycle ride leaving Atlanta GA and arriving at where Flight 93 Went Down, to Washington D.C. and the Pentagon and then to New York City Where the Twin Towers were fallen. Here are some of the better videos and pictures of our ride. Take a look at them all and especially the Marine who so reverently waited and acknowledged those all who gave so much for YOUR Freedom. We Must ALWAYS Remember the Victims of 9/11 and What This INCREDIBLE Country is About. New York CBS WJLA 911 Foundation Pictures & A Proud Marine Thought We…
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  • Buying Pirated Becker CPA Review Products is No Bueno

    Brenda Mizgorski
    3 Aug 2014 | 4:37 pm
    Post by CPA Exam Club. Here are the Links to CPA Exam Club's Private Facebook Study Groups Test your knowledge of corporate taxation with Phil Yaeger - REG Study Group at CPA Exam Club The CPA Exam Hack: Simple Tweaks to Conquer the Exam Yaeger CPA Review Provides Discounts to CPA Exam Club Members
  • Test your knowledge of corporate taxation with Phil Yaeger - REG Study Group at CPA Exam Club

    Brenda Mizgorski
    7 Apr 2014 | 2:04 pm
    Yaeger CPA Review has started up a new video series called "Test... Your...Knowledge". Say it with your game show voice Really it's no game, its all business...REG Question #2 cranks through a C Corp Schedule M-1 question. (7:04) and you can find REG Q1 here: Related articles Yaeger CPA Review Provides Discounts to CPA Exam Club Members Auditing Clarity Project with Gary B | Yaeger CPA Review Here are the Links to CPA Exam Club's Private Facebook Study Groups
  • Get the lowdown on the BEC exam with Cindy, she'll walk you through the 2014 updates.

    Brenda Mizgorski
    7 Apr 2014 | 1:43 pm
    BEC 2014 Update (11:46) Want to know about the 2014 BEC updates? Look no further! Join Cindy from Yaeger CPA Review for a brief update on whats new. Related articles Here are the Links to CPA Exam Club's Private Facebook Study Groups The Silent Killer Just Days Away: The BEC Exam
  • Why practicing "tons" of MCQs can help rewire your brain to pass the CPA Exam and the science behind practice makes perfect

    Brenda Mizgorski
    2 Mar 2014 | 9:18 am
    "Growing up, we all heard the expression “practice makes perfect” from our high school coach/music teacher. Then Malcolm Gladwell went on to popularize the research that expertise developed over “10,000 hours” of deliberate practice. But how does that really work?" Read more →  via: Lifehacker
  • Here are the links to CPA Exam Club's private Facebook Study Groups

    Brenda Mizgorski
    28 Feb 2014 | 9:59 pm
    Here are the links to CPA Exam Club's private Facebook Study Groups, please share to spread the word! FAR: AUD: REG: BEC: Related articles What is the Difference Between CPA, CFA, and CFP? Roger CPA Review Announcement Life as a CPA (14): Now what? Is CPA a Career Option? Yaeger CPA Review Provides Discounts to CPA Exam Club Members The CPA Exam Hack: Simple Tweaks to Conquer the Exam
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    NJSCPA Exam Cram Blog

  • Carry On

    Joseph Zapf
    26 Aug 2014 | 10:47 am
    Hey all, I am back again here with another update on my CPA studies. Unfortunately, this time around the news is not as great as the last time. I got my AUD scores back and I failed. As so many...
  • Feeling the Pressure!

    Danielle Miller
    25 Aug 2014 | 3:20 pm
    The pressure of taking my exam this Friday has certainly been setting in! This past week I have been feeling really anxious and worried due to the volume and amount of material this exam actually covers. FAR literally contains everything...
  • On My Way to a CPA: Tip # 4

    Michael Palantone
    22 Aug 2014 | 7:18 pm
    Hey everyone, I hope all is well as we near the final week before the end of the testing quarter. Yesterday I found out that I am now half-way through my exam experience as I passed REG, and in just...
  • Productive Vacation

    Danielle Miller
    21 Aug 2014 | 4:47 pm
    Hello everyone! I have arrived back from my last vacation of the fleeting summer. I stuck to my word and studied while on vacation and still did not miss out on any of the fun activities. I worked on multiple...
  • Pushing Along

    Mark Eckerle
    21 Aug 2014 | 4:29 am
    Good Morning Everyone! So, yesterday I started a new job. It is a major difference from my previous job (corporate accounting to public accounting). I am excited about the new opportunity. I got home yesterday and I was exhausted! I...
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  • What is present value?
    28 Aug 2014 | 6:07 am
    In accounting, present value likely refers to the amount that remains after future cash amounts have been discounted to an earlier time. (The earlier time is depicted on a timeline as the point 0, which is the beginning of period 1.) The discounting process involves removing the time value of money, future interest, etc. which is contained within the future cash amounts. Accountants will record the present value when neither the cash amount, the cash equivalent amount, nor the fair market value of an item in a transaction is known. Accountants will also calculate a present value to determine…
  • What are direct materials?
    27 Aug 2014 | 5:00 am
    Direct materials are the traceable matter used in manufacturing a product. The direct materials for a manufacturer of dessert products will include flour, sugar, eggs, milk, vegetable oil, spices, and other ingredients in the recipes. In manufacturing, the direct materials are listed in each product’s bill of materials. (Indirect materials such as oil for greasing the baking pans, etc. will likely be viewed as part of the manufacturing supplies and will be allocated to products along with other manufacturing overhead.) The direct materials contained in manufactured products are also…
  • What are indirect manufacturing costs?
    26 Aug 2014 | 5:00 am
    Indirect manufacturing costs are a manufacturer’s product costs other than direct materials and direct labor. Indirect manufacturing costs are also referred to as manufacturing overhead, factory overhead, factory burden, or burden. Under traditional cost accounting, the indirect manufacturing costs are allocated (or spread) to the products manufactured based on direct labor hours, direct labor costs, or production machine hours. However, in recent decades the indirect manufacturing costs have increased significantly and are less likely to be caused by the quantity of direct labor or…
  • What is the coefficient of determination?
    25 Aug 2014 | 5:55 am
    The coefficient of determination is a statistic which indicates the percentage change in the amount of the dependent variable that is “explained by” the changes in the independent variables. For example, a manufacturer may have found through the regression analysis of 15 monthly observations that 64% of the change in the total cost of electricity (the dependent variable) was associated with the change in the monthly production machine hours (the independent variable). In this example the coefficient of determination is 0.64 or 64%. The coefficient of determination is symbolized by…
  • What is an independent variable?
    22 Aug 2014 | 6:12 am
    In accounting, an independent variable is ideally a factor that causes a change in the total amount of the dependent variable. In other words, an independent variable should be something that drives a mixed cost to increase or decrease. To illustrate, let’s assume that a manufacturer’s production equipment uses a significant amount of electricity. Hence, the monthly electricity cost (the dependent variable) will increase when there is an increase in the number of production machine hours (the independent variable). In reality there are likely to be many independent variables that…
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    CPA Success

  • It’s not vacation. It’s life. Go live it.

    28 Aug 2014 | 4:00 am
    You’ve got longevity, seniority, and a hell of a lot of vacation time socked away. Should you take it? It depends on which study you believe. EY — the firm formerly known as Ernst & Young — says absolutely. Research by the firm has found that employees who use most or all of their vacation time receive better performance reviews, which might translate into higher paychecks. Here’s how it works: The more vacation time you take, the better rested you are. The better rested you are, the healthier and more productive you are. The more productive you are, the more your…
  • The future of the CPA profession is ... fun!

    27 Aug 2014 | 4:00 am
    No, really ... it is! Two weeks ago I had the pleasure of attending the AICPA E.D.G.E. Conference in New Orleans. The conference is the brainchild of some of the AICPA Leadership Academy alums and is put on by the Young CPA Network. It's tag line says it all: "Leave all expectations of a traditional conference behind. That’s the best approach for embracing the benefits of the E.D.G.E. Conference. Evolve. Distinguish. Grow. Engage.” The conference was full of great content. Sessions like "The Bounce: Maximizing Your Career Trajectory,” "The Entrepreneurial CPA: More Than Just…
  • Generational encounters: A millennial's perspective

    26 Aug 2014 | 1:10 pm
    The title of the paper says it all, Generational Encounters: Goodbye Boomers, Welcome Millennials! What a treat when a student member from the University of Baltimore gets inspired from our NYPN Generational Symposium, gets approval to write a research paper on generations and then presents it to the MACPA Board of Directors in May, 2014. Pictured is MACPA Past-Chair Byron Patrick, Tanyeka Alexander (student), Tom Hood, and Professor Dalton Tong. She started her presentation with her story of why this topic intrigued her... Attending the Generational Symposium in July, 2013. Held by NYPN, a…
  • Maryland CPA firms featured in Inside Public Accounting lists

    26 Aug 2014 | 7:02 am
    Inside Public Accounting has released three of its popular lists identifying top CPA firms in the United States. The "Top 100," "Top 200" and "Best of the Best" lists featured a nice crop of Maryland-based firms. These firms averaged a 6.3 percent growth rate and 27.3 percent profitability, with the 100th largest firm reporting $32.5 million in net revenue and the 200th largest firm at $14.2 million. Our congratulations to the following Maryland-based CPA firms: No. 59: SC&H Group in Sparks No. 66: Aronson LLC in Rockville No. 71: Watkins Meegan LLC in Bethesda No. 150: Gelman…
  • Cross-country CPA: ‘One act of kindness is phenomenal’

    25 Aug 2014 | 4:00 am
    If you weren’t paying attention — and chances are you weren’t — you probably missed the story of the season for CPAs. In a summer filled with screaming headlines about racial tensions, ice bucket challenges and terrorist horror shows, you’d be forgiven. But on Aug. 9, a lone CPA quietly strolled onto the beach in Ocean City, Md., and stepped into the surf of the Atlantic Ocean. In that moment, two coasts were connected and an epic cross-country journey came to a close. Frank Ryan had made it. The 62-year-old Business Learning Institute instructor had logged 148…
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    TSCPA Governmental Affairs

  • Texas School Finance System Unconstitutional - Again

    Bob Owen
    28 Aug 2014 | 2:48 pm
    Judge Dietz's long awaited ruling was issued today confirming that the state's school funding system is unconstitutional.  It looks like the Plaintiffs won on all major counts.  The ruling says the funding is unconstitutional in four ways: The system effectively imposes an unconstitutional state property tax The legislature failed to meet its constitutional duty to provide a constitutionally adequate education for all Texas school children The system has not accomplished a general diffusion of knowledge for all students All Texas students do not have substantially…
  • Business not paying their fair share of property tax?

    Bob Owen
    8 Aug 2014 | 8:59 am
    That's an ongoing cry from property tax reform advocates and the press.  Today the San Antonio Express News penned an editorial claiming commercial property owners are not paying their fair share.  The editorial seems to be a rebuttal to the Texas Taxpayers and Research Association's recent study that says the larger burden that homeowners are carrying in taxation is not because of commercial property owners.  We reported on that study last week.  While the editorial does not take issue with the conclusions of the study, it claims the study "misses the…
  • Rep. Kolkhorst announces for yet to be vacated Senate District 18

    Bob Owen
    7 Aug 2014 | 12:34 pm
    If Sen. Glenn Hegar loses his bid for State Comptroller, he won't be the only one dissappointed.  Rep. Lois Kolkhorst (R-Brenham) has announced that she will announce for the seat on Tuesday, Aug. 12th, reported the Fort Bend Herald.  Should we call that a pre-announcement? Here's Kolkhorst's statement as reported by the Quorum Report: "It is with a humble heart that I invite you to join me on Tuesday, August 12, when I'll make a public announcement of my plans to run for the Texas Senate. As you know, State Senator Glenn Hegar won the Republican nomination to…
  • Lt. Gov. Dewhurst Announces Final Round of Interim Charges

    Bob Owen
    7 Aug 2014 | 12:05 pm
    The Interim, the time between sessions, started about a year ago.  The Lt. Gov. and Speaker issue chages to committees to study issues to prepare for the next session.  Those charges have been emerging slowly and now Dewhurst has issued the "final round" for Senate committees.  That leaves about four months to comply with the charges. The charges include: Looking into the operations of the Public Utitlity Commission and the Electric Reliabiity Commission of Texas. Evaluating the Penal Code value ladder of offenses and studying the 1,500 non-traditional criminal…
  • Comptroller's race goes to Alpine

    Bob Owen
    7 Aug 2014 | 8:50 am
    Democratic candidate for State Comptroller, CPA and TSCPA member Mike Collier, stopped in Alpine as part of his two-week 36 city tour.  We've seen press reports from Gobbler's Road in Lufkin and Midland and now Alpine.  In each city Collier is received by "a small group of supporters."  According to the Alpine Avalanche "Collier wants 'professionalism' in government." According to the news report, Collier said the projected $8 billion budget surplus in Texas should go for “schools, roads and infrastructure” rather than business…
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    CPA Technology Blog

  • CPA Firm App Compatibility With Office 2013

    Brian Tankersley
    4 Aug 2014 | 1:01 pm
    My “crib notes” on compatibility of key accounting firm apps with Office 2013 – and the related vendor web pages which provided the data are as follows: · QuickBooks (Source: Back year versions of QB have issues – especially...
  • State Sales Tax Holidays Infographic

    Brian Tankersley
    25 Jul 2014 | 9:37 am
    A summary of the state Sales Tax holidays appears below, courtesy my friends at CCH/Wolters Kluwer. Let’s be careful out there, people – shopping is NOT a contact sport.
  • Guest Blog Post: “The Tale of the Shark and the Minnow”

    Brian Tankersley
    24 Jul 2014 | 5:10 am
    The Tale of the Shark and the Minnow - a guest post from Sage where you have a chance to win some pampering and SPA TIME paid for with OPM - "Other People's Money". Spend wisely, people.
  • Shocker: TrueCrypt Discontinued, Official Page Says It Has Security Issues

    Brian Tankersley
    28 May 2014 | 6:39 pm
    Open source drive encryption tool Truecrypt announced that the product is discontinued on its main website today, and the official website has been replaced with directions for getting any encrypted data moved to Bitlocker-protected drives. The website says that “Using...
  • #CES2014 Kickoff Event: #Drones #Cloud #POS #Wearables #FuelCells #HomeAutomation

    Brian Tankersley
    6 Jan 2014 | 6:58 am
    #CES2014 kicked off last night with the “CES Unveiled” event. I attended, and as it’s not my first trip to CES, it seemed like there was a good mix of evolution and revolution in the products on display. Some of...
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    CPA Trendlines

  • The 21 Steps in Every Merger Deal

    writer 12
    28 Aug 2014 | 2:32 am
    Checklist: For every step in the merger negotiations, there’s a possible misstep. By Marc Rosenberg CPA Firm Mergers It’s important to understand the flow of the entire merger process. Every merger has its unique aspects. It’s impossible to choreograph, from A to Z, exactly how the process for all mergers will work. Most steps occur […]
  • True Cost of Moving to the Cloud

    Beth Bellor
    27 Aug 2014 | 2:07 am
    Debate erupts at CPA Trendlines Linkedin group...
  • 8 Seconds into the Future: Meet Generation Z

    26 Aug 2014 | 8:27 am
    Your new clients, new staff, new partners. By Hitendra Patil Pransform Inc. Have you ever watched a 5-year-old play on a tablet? It’s effortless. To them, it’s second nature. Born in 1995 or later, Generation Z makes up 26 percent of the United States population and is responsible for yearly spending of $44 billion. But […]
  • When to Adopt Microsoft’s New Office Apps

    25 Aug 2014 | 10:37 pm
    If your firm is on Office 2007 or older...
  • Making Meetings More Productive

    writer 12
    24 Aug 2014 | 9:32 pm
    QUESTION: We have a lot of meetings where great ideas are exchanged and then...
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  • Anthony G. (Tony) Santiago Brings His 34 Years of Experience To Our Career Development Table

    27 Aug 2014 | 8:21 pm
    By Rob Starr, Content Manager One of the foremost authorities on tax careers talks about the contemporary landscape and getting ahead in tax. You can’t look at Tony Santiago’s website without getting the impression that here’s a professional that gets straight to the point and means business. Take Control of Your Tax Career is one of the first encouraging headlines and the text goes on to highlight Santiago’s companies, TaxSearch, Inc. and TaxTalent and how they provide tax pr...Keep on reading: Anthony G. (Tony) Santiago Brings His 34 Years of Experience To Our Career…
  • The Three Types Of Independence You Must Cultivate With Clients

    27 Aug 2014 | 8:01 am
    By Andrew Sobel, Big4 Guest Blogger You need to cultivate and exercise three kinds of independence from your clients: Intellectual independence. Sometimes, advisors and service providers forget that one of the reasons they are being employed is to provide independent perspectives. They want to be supportive of a client at every stage of the relationship, and sometimes this desire compromises intellectual integrity. If you’re just starting the engagement, you may be afraid that you’ll ...Keep on reading: The Three Types Of Independence You Must Cultivate With Clients
  • Confidence in Retirement Savings Renewed By Economic Stability: Deloitte Survey

    26 Aug 2014 | 7:05 pm
    By Rob Starr, Content Manager Stacy Sandler, principal, Human Capital, Deloitte Consulting LLP, recently took the time to respond to a few questions had about Deloitte’s 13th Annual Defined Contribution Benchmarking Survey. The survey found, among other things, that the economic uptick over the past year has led to renewed interest in retirement savings. 1. Can you explain these defined contribution plans? A defined contribution plan is a type of retirement plan in which...Keep on reading: Confidence in Retirement Savings Renewed By Economic Stability: Deloitte Survey
  • Accenture Releases Enhanced Human Services Software for Government Agencies

    26 Aug 2014 | 9:26 am
    Supports caseworker efficiency and single citizen applications for multiple assistance programs   ARLINGTON, Va; August 26, 2014 – Accenture (NYSE: ACN) has released version 6.1 of its Human Services Software Suite, enhancing its capabilities to support state agencies’ modernization of eligibility systems, integration across programs and compliance with federal requirements including the Affordable Care Act.   The Accenture Human Services Suite, including Accenture’s ...Keep on reading: Accenture Releases Enhanced Human Services Software for Government Agencies
  • Live Forward LLC Founder Talks About The Three Legs of The Management Stool

    26 Aug 2014 | 4:21 am
    By Rob Starr,   As an executive coach and founder of Live Forward LLC, Susan Cucuzza, ACC, BCC, CLC, has made a business coaching executives on leadership effectiveness. Before launching her own company, Susan led HR programs focusing on leadership and talent development in several Fortune 500 companies both nationally and internationally. She’s also worked at both Deloitte and KPMG. Recently, she took some time out from her busy schedule to add some much valued input to...Keep on reading: Live Forward LLC Founder Talks About The Three Legs of The Management Stool
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    Success Starts Here

  • McGladrey kicks off Birdies Fore Love

    26 Aug 2014 | 10:52 am
    By Teresa Carlin National Leader of McGladrey’s Birdies Fore Love programTeresa CarlinI have played golf since I was 5 years old and have been around the game my whole life. Most of my family vacations have centered around either playing or watching golf, from the junior and collegiate levels to the pros. One of the things that I have always witnessed as a theme of the sport is philanthropy. The McGladrey Classic was one of my very first and strong attractions to McGladrey as a company. Not only does the tournament provide a terrific platform for playing and watching a game I love, but…
  • International Tax Intern's Summer Video Blog

    21 Aug 2014 | 7:57 am
    Vikas Tailor is an International Tax Intern in McGladrey's Schaumburg office this summer. Learn about the details of his internships and his four tips for future interns.
  • Irvine Assurance Intern's Video Blog

    20 Aug 2014 | 9:51 am
    Alex Gao interned at McGladey this summer in our Irvine office. Check out how his summer went and his tips for future interns (and some of the awesome views!).
  • Kansas City Assurance Intern's Video Blog

    15 Aug 2014 | 8:39 am
    Henry Cargill was an assurance intern this summer at McGladrey's Kansas City office. Check out his video below summarizing what his did this summer at McGladrey.
  • NY Assurance Intern's Video Blog

    14 Aug 2014 | 6:38 am
    Patrick Geraghty was recently an assurance summer intern at McGladrey's New York office. Check out his "Real World McGladrey" video blog and hear what him and the other New York interns were up to this summer.
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    The Student CPA

  • CPA Exam Review Spotlight (FAR): Installment Sales Method

    26 Aug 2014 | 6:30 pm
    Based on some of the accounting literature I reviewed in preparation of this spotlight on the installment sales method, one of the most challenging issues accountants deal with is the proper recognition of revenue related to the operations of a business concern. While a good number of general rules and guidelines have been developed to […]
  • CPA Exam Review Focal Point (FAR): Converting from Cash to Accrual Accounting

    22 Aug 2014 | 4:00 am
    “Converting from Cash Basis to Accrual Basis Accounting” is the first installment in a long series of blog posts geared toward deconstructing the most likely topics you may be tested on when you take the Financial Accounting and Reporting (FAR) section of the Uniform CPA Exam. Candidates are likely to get questions about this topic […]
  • It’s good to be back … yet again

    27 Jul 2014 | 8:00 pm
    It’s been almost a year since I last announced with great fanfare, via this post, my return to blogging on a regular basis.  As most of the site’s frequent visitors may have noticed, I was only able to pen one blog post ever since I made that infamous announcement. I tried coming up with attenuating […]
  • Assumptions, Concepts, and Principles of Accounting

    25 Aug 2013 | 11:14 am
    Accounting, like most any other field of study, is anchored in a set of broad assumptions, concepts, and principles from which all rules are derived. It is almost impossible to develop an expertise in accounting without being cognizant of those fundamental precepts. Once you comprehend the essence of that set of broad accounting assumptions, concepts, […]
  • TheStudentCPA.Com Regains its Voice

    10 Aug 2013 | 3:01 pm
    I  am very excited to be back blogging again. It has been a little over two years since I last penned a blog post. A lot of things have happened since then. For one thing, I managed to earn the CPA credential. Don’t I deserve a round of applause for this achievement? Additionally, the popularity […]
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    One Accounting

  • Commission Refunds

    Chris Thomas
    19 Aug 2014 | 7:32 am
    If you invest through a firm of financial advisers, you may well receive a repayment of commission from that firm each year. In previous years any refunded commission was rolled into the earnings from your investments or set against charges, so you may not have been aware of it. However, from 6 April 2013 the financial adviser must deduct tax from any refunded commission and show the amounts paid and deducted separately on your annual statement . You should look out for these refunded amounts on your investment statement for 2013/14, as it must be declared on your 2013/14 tax return. However,…
  • EC Sales Lists (Vat 101)

    Chris Thomas
    12 Aug 2014 | 7:27 am
    If your business is VAT registered and you sell goods or services into other European countries you must generally also submit an additional form to the Government called an EC Sales List (ESL also known as form VAT101). There are no payments to be made or reclaimed with the ESL, as you do on your quarterly VAT return form, but you must submit the ESL on time or HMRC will charge a penalty for late submission. If you export goods worth more than £35,000 per year you will need to complete a monthly ESL, otherwise it’s a quarterly task. However, where your total turnover is less than…
  • Maximising Statutory Maternity Pay

    Chris Thomas
    5 Aug 2014 | 8:11 am
    Paying Statutory Maternity Pay (SMP) is not optional. It must be paid if your employee qualifies, but the good news is that a small business can recover 103% of the SMP paid from HMRC. A business that pays less than £45,000 of class 1 NICs in one tax year it is defined as “small” for this purpose. In a family business there may be scope for maximising the SMP payable for the first six weeks of maternity leave, and hence getting the Government to refund that SMP with a bit extra to cover the employer’s NICs due. Let’s see how this could work. Where the employee earns…
  • Design briefs: 7 key things your designer needs to know

    Chris Thomas
    4 Aug 2014 | 6:04 am
    Tuesday 5th of August at 9.30am Join us for our second joint webinar with 39steps. In this 20 minutes session Julie Diver will list the essential information you need to communicate to your design team in order to ensure the best outcome for your project. Tips and advice from the design agency that’s been making businesses across Scotland look good for years! To attend the webinar please follow this link below 5 minutes before it starts. Please feel free to invite as many colleagues as you would like by sending them the above link.
  • 5 Ways to get the best from a recruitment agency

    Chris Thomas
    28 Jul 2014 | 8:19 am
    Tuesday 29/07/2014 at 12.00pm            Join our first shared webinar with iMultiply resourcing for a very special 20 minutes session full of information and tips on how to get the best from a recruitment agency. Tips and advice from one of the most successful finance and accountancy recruiters in Edinburgh. To attend the webinar please follow this link below 5 minutes before it starts. Please feel free to invite as many colleagues as you would like by sending them the above link.
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  • Declare a Fix Broken Bridges Day!

    Jonathan Milligan
    25 Aug 2014 | 5:00 am
    Are you a starter or a finisher? Are you a builder or a maintainer (not even sure if that is a word)? I love to start things. I love to run with new ideas because it seems more exciting than what I’m currently working on. However, over time you will become overwhelmed with the “pot holes” in your work. You need to declare a “fix the broken bridges day.” Broken bridges are anything in your work that need to be fixed, repaired, or finished. Fix your broken bridges! Broken bridges are anything in your work that need to be fixed, repaired,...Click To Tweet - Powered…
  • How to Create Guiding Principles to Design a Life and Work You Love

    Jonathan Milligan
    20 Aug 2014 | 7:45 am
    Back in early 2010, I quickly became overwhelmed. I was figuring out how to earn money blogging while still having a day job. I saw a new opportunity to make money so I went for it. The worse thing happened next. It was a huge success.  I was not prepared for how I was going to fulfill all the orders personally. I was going to have to hire people to help keep up. Only one problem – I didn’t build in enough profit margin to justify hiring someone else to help complete the work. This new business was being a ghost writer for other content marketers. I loved to learn and write so I…
  • The Main Reason You Should Start Before You’re Ready

    Jonathan Milligan
    13 Aug 2014 | 7:30 am
    Are you failing to start? Are you sitting on the sidelines waiting for permission to get in the game? Well, can I infuse a truth into your life today? You’ll never be fully ready. The only solution is to start before you’re ready. I know that’s painful to hear. I know that means you may not put your best foot forward. The secret of champions is they start before they’re ready. The secret of champions is they start before they're ready.Click To Tweet - Powered By CoSchedule Let me give you a personal example. I just recently got back from a trip to Tennessee where I had…
  • How to Immediately Eliminate the Clutter in Your Life

    Jonathan Milligan
    23 Jul 2014 | 4:00 am
    Have you ever started a project at home which led to another project and then another? Before you knew it, you had an endless sea of home projects all going on at once. Why am I telling you all this? Because that’s been my summer. We’ve been involved in doing many, many projects at home from painting, removing flooring, and redecorating rooms. In fact, we even made our way into the garage. A few days ago, I was organizing my garage and deciding what am I was going to drag out to the street to get rid of and what I was going to keep. To subscribe to the podcast Subscribe with…
  • Stop Trying to Be a More Disciplined Person [Podcast]

    Jonathan Milligan
    18 Jul 2014 | 4:00 am
    There’s a lie out there I want to tackle today, and the lie, the myth is this; that a successful person is a disciplined person, who leads a very disciplined life. Is that true? Many times we get discouraged when: we’re not as disciplined as other people appear to be when we’re not productive from 6:00 A.M all the way to 10:00 P.M When we see areas where we’ve wasted time When we’ve not accomplished all the things that we want to accomplish in a day And so we think our answer is just to buckle down and be more disciplined. But I want to show you today why…
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    Invoice Factoring Companies | Factoring Invoice | Accounts Receivable Factoring for

  • Invoice Factoring Gives you Piece of Mind

    Heather Burford
    27 Aug 2014 | 5:15 pm
    Invoice factoring is a great way to raise the capital you need to grow your business. Whether you need to cover the expense of meeting a large order, need to purchase new equipment to expand production, need to hire new … Continue reading →
  • Top Rated Factoring Company

    Heather Burford
    22 Aug 2014 | 9:57 am
    A factoring company is a funding company that purchases the open invoices of companies that need fast access to usable cash in exchange for an advance. They will purchase most invoices, regardless of the amount, – and will buy invoices … Continue reading →
  • Factoring Receivables –Using Invoices as Financial Instruments

    Heather Burford
    21 Aug 2014 | 9:52 am
    Factoring receivables is a term used to refer to the process where companies can sell their open invoices to receivable factoring companies in exchange for an advance, typically worth 70-90% of the value of each invoice. Financing accounts receivable is … Continue reading →
  • Top Invoice Factoring Companies

    Heather Burford
    18 Aug 2014 | 9:57 am
    When it comes to running a business, and maintaining working capital, invoice factoring companies can be real life savers. Business owners and managers know that timing is everything: getting a new product to market, buying raw materials, taking advantage of … Continue reading →
  • Competitive Factoring Rates

    Heather Burford
    15 Aug 2014 | 1:53 pm
    Most factoring companies will charge a variable rate due to how big an invoice is and how trust worthy the debtor is in regards to paying their Accounts Payable. The accounts receivable factoring rates used by Universal Funding do not … Continue reading →
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    Intuit News Central

  • How Many Monitors Are Enough?

    KEY Accounting Group
    28 Aug 2014 | 6:00 am
    Remember the days when we worked on one 14″ Cathode Ray Tube (CRT)? Then, we went to 15″ monitors and could get “yellow” letters instead of the proverbial “green?” Then, COLOR … wow! Seems like a long time ago, especially when I look at my current monitor configuration, a 22,” HD flat screen with full color. Some monitors are landscape, while others are portrait. I have five of them, plus my iPad to run my email and FaceTime (does that make 5 ½? How many do you need? Well, if you need one more, you can’t have mine! I need all five of them (or 5…
  • Enhance Your Workflow with Client Portals

    Eric Pulaski
    26 Aug 2014 | 12:19 pm
    Intuit recently made the decision to sunset its current DMS offering, in favor of partnering with SmartVault and offering a connected service that extends the capabilities of the Lacerte and ProSeries desktop to deliver more robust document management capabilities, as well as a fully integrated, secure client portal to share files with clients. Known as SmartVault for Intuit Lacerte and SmartVault for Intuit ProSeries, the pairing of these technologies fully automates tax preparation workflow, from receiving source files securely from clients to printing and sharing final tax returns with…
  • Why I’m Going to QuickBooks® Connect

    Kathy McQuiggan
    25 Aug 2014 | 8:57 am
    I’m a CPA and own a busy and growing accounting firm that consists of clients from medical practices, law offices, real estate, property management companies and families that need accounting services. I’m also a wife and a mom of two kids and have plenty of responsibilities to juggle outside of work, so I only attend conferences that are going to offer me the most value for my investment of time and money. The QuickBooks Connect conference in San Jose this October is one conference I will definitely be attending! I’ve been to enough Intuit conferences that I don’t even need to…
  • Doug Sleeter and Joe Woodard Kick Off QuickBooks® Connect

    Scott Cytron
    25 Aug 2014 | 6:30 am
    Want another reason to attend QuickBooks Connect? How about a special kickoff, over lunch, with accounting gurus Doug Sleeter and Joe Woodard?! This unique event, on Tuesday, Oct. 21 from 12-1:40 pm, is part of QuickBooks Connect, an entire set of learning and activities specially designed for accounting professionals. In addition to their keynotes, Doug and Joe will have a fireside chat and host a Q&A with attendees. Whether you’ve attended Joe’s Scaling New Heights and/or Doug’s Accounting Solutions Conference – or if it’s your very first time seeing Joe and Doug live and…
  • September Tax Compliance and Due Dates

    Dorinda DeScherer
    25 Aug 2014 | 6:13 am
    The kids are back in school … so it’s time to get back to business. Here are key tax compliance and due dates for September. Intuit Accountants is pleased to offer guidance and information to all tax practitioners. In September, it is recommended that you: Schedule appointments with individual clients for yearend tax planning sessions. Remind individual clients on automatic six-month extensions of October 15 filing deadline for 2012 returns. File returns for calendar-year corporations and partnerships that obtained automatic extensions. Key Compliance Dates: Thursday, September 4 -…
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    AICPA Insights

  • The Evolution of Corporate Reporting: A Shift to Value Non-Financial Information

    Amy Pawlicki
    25 Aug 2014 | 4:00 am
    When I tell people that I work on improving the relevance of corporate reporting, I often get asked about the value of reporting on non-financial information. I remind them that not all aspects of a company’s value can be ascertained from historical financial statements, which is why it’s important to consider a company’s intellectual, human, natural and social and relationship capital in addition to its financial and manufactured capital. In recent years, there has been a shift as investors and other users of corporate reports are beginning to consider more than just financial…
  • Audit Quality: The Profession Benefits from Every CPA’s Contribution

    Susan S. Coffey, CPA, CGMA
    22 Aug 2014 | 4:00 am
    When I was in public practice, I audited both small and large entities, in both the public and private markets. Regardless of the client’s size or its stakeholders, the success of an audit depends on the dedicated efforts of numerous professionals. One or two people may oversee an engagement and chart its course, but its ultimate quality reflects each individual’s contribution and how well the team pulls together to maintain high standards. In essence, everyone has to step up to make sure the team succeeds. The AICPA recently launched its own team effort: the Enhancing Audit Quality…
  • ACA: A Maze of Rules and Reporting Requirements

    Kristin Esposito, CPA
    20 Aug 2014 | 4:00 am
    My daughter, her fiancé and I were recently looking for something fun to do in Washington, D.C.  As we were poking around, we found a special attraction at the National Building Museum – a maze.  When we took our first steps into the maze, we felt excited but a little apprehensive. We knew there would be twists and turns to weave through. We wondered, would it be easy to navigate or would we get lost in a sea of offshoots and dead ends? But as we made our way through, apprehension gave way to pure fun! Sorting through the rules and reporting requirements of the Affordable Care…
  • Ethics, Legality and the Role of the Management Accountant

    Arleen Thomas, CPA, CGMA
    18 Aug 2014 | 4:00 am
    Ethics is on the agenda at the 2014 World Congress of Accountants this November, a good reminder of the global nature of this subject. Every day, accountants in both business and public practice face challenges that require ethical decision-making. At the same time, they must adapt to a changing regulatory landscape, cooperate with government agencies, and respond to legislation on fraud and corruption. A solid foundation in ethics helps them prepare for the next critical decision. For AICPA and Chartered Institute of Management Accountants members, that foundation has several layers. Each…
  • In the News: CPA Award Season

    James Schiavone
    15 Aug 2014 | 4:00 am
    Each year, the AICPA honors our members and other key stakeholders for their contributions to the accounting profession. In this post, I’ve highlighted a number of recent awards and the impressive contributions of those who have earned them. Michigan Governor Rick Snyder, CPA, was honored with the Outstanding CPA in Government Impact Award: State Level. The award recognizes CPAs working in state government who have contributed significantly to increased efficiency and effectiveness of government organizations and to the growth and enhancement of the CPA profession. To lessen the financial…
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    OSYB Number Crunch! Bookkeeping Tips from Outsouce Your Books.

  • The Best Personal Finance Apps

    Ed Becker
    28 Aug 2014 | 9:20 am
    We tend to be addicted to our smartphones. There is an app for nearly everything you could possibly think of, and then some that you’d never think about. We have calorie counting apps, exercise apps, games and social media apps. But what about budgeting or finance apps to help you see what you are spending? There are many of those too. Finance apps are getting much more useful and are even being designed better. Plus, many great finance apps are free. There are some apps that are exclusively for the Android or Apple iOS, and some for both, as well as others that also have web based…
  • Would you trust your taxes to a robot?

    OSYB Staff
    25 Aug 2014 | 10:01 pm
    Living in the age of advancing technology, we expect that machines or robots may take over many things in our lifetimes. We actually already have that technology in some things. But would you trust your taxes to a robot? Robots or computer generated devices could be taking over very soon. Read more here. 
  • Living the Dream: How a Traveling Career Could Save You Money

    OSYB Staff
    25 Aug 2014 | 10:01 pm
    Have you always dreamed of travelling to exotic places? Or at least seeing much of your own country? But expense and time off from work makes it impossible? What if you could work and travel very cheaply all at once? Check out some of these travelling jobs, maybe one fits. 
  • Actor Robert Redford sues NY tax office over $1.6 million bill

    OSYB Staff
    24 Aug 2014 | 10:00 pm
    Robert Redford is suing the New York State Department of Taxation and Finance for the $1.57 million in taxes they claim he owes to New York State. Redford sold his ownership interest in the cable television channel Sundance and says he has already paid the taxes in Utah where he lives. Read more here. 
  • School’s back. So are some, but not all, education tax breaks

    OSYB Staff
    24 Aug 2014 | 10:00 pm
    Many students are college bound very soon. With rising educational costs and families trying to foot the bills, or students paying on their own, they are looking for any kind of break they can find. There are many tax breaks and deductions available to students and/or parents. Read more here. 
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    Common Cents

  • 15 Tasks Your Virtual Accounting and Bookkeeping Team Can Do To Save You Time AND Money

    Joyce M. Washington, CPA
    22 Aug 2014 | 4:00 am
    I’m an accountant so I’m all about being frugal, saving time and money WITHOUT cutting corners when it comes to quality. A lot of times when we are making an effort to simplify our lives and build our team… we can’t seem to think of the things that our team member can do.  This can be especially hard when we are so used to doing everything ourselves. This is an issue that I’m working on myself.  How to stop being an entrepreneurial Superwoman.  I think it’s time to retire my cape… and maybe it’s about that time for you too so, here are a few tasks that you can have your…
  • 3 Things You Need To Know When Selecting A Virtual Accountant

    Joyce M. Washington, CPA
    8 Aug 2014 | 4:00 am
    Hiring someone to help you in your business is a big step. Having that person work virtually, is another layer of “caution” or “concern” for most…and an extra layer of “worry”. But it doesn’t have to be. Here are a few things to consider when hiring virtual assistance, more specifically, when hiring a virtual accountant. Bookkeeping Versus Accounting Before we get to the three things… just a little note of differentiation. There is a difference between bookkeeping and accounting.  One is basic recordkeeping and data-entry (bookkeeping).  The other is more analysis and…
  • Numbers To Grow On: The KPIs Every Business Owner Needs To Know

    Joyce M. Washington, CPA
    25 Jul 2014 | 6:00 am
    What are the warning signs in your business? What are the growth indicators? The numbers that show you’re doing well and your business is healthy? Do you know what to look for? There are a tons of key performing indicators, or KPIs, that you could follow but just like vanity metrics in social media and website traffic, etc… there are a few core KPIs that you want to monitor that really give you the insight that you’re looking for. Because at the end of the day, the number that means the most is the bottom line – are you making money in your business or not? Period. Numbers To Grow…
  • Mid-Year Checklist for Small Business

    Joyce M. Washington, CPA
    11 Jul 2014 | 12:59 pm
    It’s mid-year. The year is half over.  But we still have half a year to go. It’s time to re-evaluate and recharge. We still have time to achieve our goals by the end of the year. So let’s get started with the mid-year checklist. Mid-Year Checklist Financial/Money Stuff Recordkeeping (paper) – organize your documents.  If you still have paper around for your income and expenses, organize them and file them in an orderly fashion.  You don’t need to be extra fancy.  You’re filing system can be as simple as monthly envelopes for your bank deposit receipts and…
  • Budget Versus Actual …How Are You Really Doing?

    Joyce M. Washington, CPA
    23 May 2014 | 6:00 am
    How can you tell if your business is performing the way you want to it? Want to know how your business is really doing? Set some goals and then go after them. Go a step further and create a budget from those goals then periodically check in on your business using this “magic” report…the Budget Versus Actual Income Statement. Over the past few posts we have run the gamut. We’ve discussed budgeting, accounts receivable, accounts payable and cashflow (links). I’m hoping that this post will bring all of that together to give you a better picture of the health of your business and…
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    Presti & Naegele

  • August 2014 Newsletter

    26 Aug 2014 | 2:01 am
    Joe Romano discusses professional employer organization. The post August 2014 Newsletter appeared first on Presti & Naegele.
  • Appeals courts split on tax credits for ACA Marketplaces

    Steve Grgas
    19 Aug 2014 | 8:40 am
    Employers may be able to claim a tax credit for a portion of their expenses for providing child care to their employees. Code Sec. 45F allows a employer-provided child care credit, which is a part of the general business credit. Businesses calculate the credit using Form 8882, Credit for Employer-Provided Childcare Facilities and Service, and enter any credit amount on Form 3800, General Business Credit, which must be attached to an employer’s tax return. Amount of the credit The amount of the credit is the sum of 25 percent of an employer’s “qualified childcare facility…
  • FAQ: Why use a partnership instead of an S corporation?

    Andrew Presti
    19 Aug 2014 | 8:38 am
    Taxpayers that plan to operate a business have a variety of choices. A single individual can operate as a C corporation, an S corporation, a limited liability company (LLC), or a sole proprietorship. Two or more individuals can form a partnership, a corporation (C or S), or an LLC. Nontax considerations State law and nontax considerations are an important consideration in choosing the form of the business and may play a decisive role. A general partner of a partnership has unlimited liability for the debts of the business. This can be modified by using a limited partnership (LP), which must…
  • Is a Professional Employer Organization Right for Your Company?

    Joseph Romano
    19 Aug 2014 | 8:32 am
    What you need to know when considering a PEO If you’ve read much about Professional Employer Organizations (PEOs), you’ve probably heard them described as everything from the best to the worst decision a business could make. So where does the truth lie? Are PEOs valuable tools for small businesses, or are they a bundle of services that you don’t really need? In most cases, the answer doesn’t lie with the PEO, but within your own organization. Understanding your own needs, both present and future, will allow you to determine whether a PEO may be a valuable solution for your company.
  • August 2014 Tax Compliance Calendar

    Wayne Naegele
    4 Aug 2014 | 8:41 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 August 2014. August 1 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates July 26-29. August 6 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates July 30-August 1. August 8 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates August 2-5. August 10…
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    It's Taxing - Bond Beebe

  • Inherited IRA's Not Protected from Bankruptcy

    25 Aug 2014 | 6:53 am
    It is now official that inherited IRAs are not considered “retirement funds” within the meaning of federal bankruptcy law and therefore are not exempt from a bankruptcy estate. This ruling was handed down by the Supreme Court in the case of Clark, et ux v. Rameker on June 12, 2014. Typically, retirement funds (IRAs and Roth IRAs) are exempt from a bankruptcy estate and therefore shielded from creditors in bankruptcy. This was done to help debtors to provide for their retirement, even after bankruptcy. However, the Supreme Court ruled that inherited IRAs do not qualify as retirement funds.
  • Retirement Planning: Roth vs. Traditional 401(k) Plans

    23 Jun 2014 | 8:04 am
    This post was written with the assistance of Ashleigh Zeller from the Firm's Benefit Plan sector.  With many employers now offering a Roth 401(k) component with their retirement benefits, you may be wondering which option works best for your retirement planning purposes. Like most questions involving tax planning matters, the answer is rarely straightforward. In this post, we’ll look at the differences between Roth and traditional 401(k) plans, as well as Roth IRA and Roth 401(k) plans, and cover some of the tax consequences you
  • Hiring your Children in your Business – It’s Not So Taxing

    18 Jun 2014 | 7:30 am
    If you own a business, employing your child can be a great opportunity to teach valuable lessons about earning, saving and hard work. It is also an excellent tax-savings strategy for you and your child. However, before you bring your college kid on your payroll for the summer, there are a number of regulations and savings strategies to keep in mind.
  • Maryland State & County Tax Credit Ruling - Wynne v. Comptroller Update

    10 Jun 2014 | 8:29 am
    The U.S. Supreme Court has agreed to hear the case of Md. Comptroller of Treasury v. Wynne, (U.S., No. 13-485, cert. granted, 5/27/14) on whether a taxpayer’s resident municipality can tax all of a resident's income or if it must provide a credit for taxes that person paid to other states. This case specifically addresses Maryland’s denial of credits against the MD county income tax; full details are available in our previous post on this case.
  • IRS Announces New Payment System: IRS Direct Pay

    5 Jun 2014 | 5:05 am
    In an effort to provide taxpayers with more service options, the IRS has announced the start of a new web-based based payment system called IRS Direct Pay. Individual taxpayers filing 1040 return series can use IRS Direct Pay 24 hours a day, 7 days a week to pay any balance due on their tax returns or make estimated payments without incurring any additional fees or having to pre-register. Some of the key features provided by IRS Direct Pay include: Identity verification using information from prior year tax return Instant confirmation that the payment has been submitted 30-day
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    Accounting Articles & Advice

  • Why you may become the subject of a tax investigation

    Karl Bilby
    26 Aug 2014 | 4:39 am
    It is the responsibility of HM Revenue & Customs to make sure that people pay the correct amount of tax in a timely manner, and that they are given the relief and allowances for which they are eligible. This is done by carrying out compliance checks. A tax investigation may be routine, or it may be that HMRC believes your returns are incorrect. An investigation can be a time consuming and stressful period, so you may want to obtain advice from a professional if it happens to you. Routine checks If you are registered for VAT or have a Pay As You Earn (PAYE) scheme, you are more likely to…
  • Understanding underpayments of tax

    Karl Bilby
    22 Aug 2014 | 1:35 am
    It is possible to pay insufficient income tax during a financial year, which runs from 6th April to 5th April the following year. If you are employed, you will pay tax through the Pay As You Earn (PAYE) system using a tax code, which is calculated by HM Revenue and Customs (HMRC) and allocated to you. If you are self-employed, you will generally pay two Payments on Account during the year, which are paid on 31st January and 31st July. If any tax remains unpaid, HMRC will demand payment. PAYE underpayments To try and make sure that you will pay the correct amount of tax during the year, check…
  • VAT accounting schemes

    Karl Bilby
    21 Aug 2014 | 1:28 am
    Once a business is registered for VAT, records must be kept of purchases and sales. A summary of your tax must also be kept separately as a VAT account. Although there is no particular method for keeping these documents, they must be legible and easily understood by HM Revenue and Customs (HMRC) officers during an inspection of your VAT records. The accounts will be used by you to calculate the amount of tax that must be paid to HMRC, or that you need to reclaim from them. All papers that relate to your VAT accounting must be retained for up to six years, either electronically or in paper…
  • An overview of National Insurance

    Karl Bilby
    14 Aug 2014 | 5:44 am
    Once a person reaches the age of 16, they will start to make National Insurance contributions. The contributions are paid so that you will qualify for some state benefits, which includes the state retirement pension. You will only make contributions once your weekly income is above £153. If you are self employed, you will still pay the contributions but only when profits exceed £5,885 annually. Payment amounts will depend according to your earnings amount, and whether you are employed or self employed. You will continue to pay National Insurance contributions until you reach the state…
  • What to do if you can’t pay your VAT

    Karl Bilby
    13 Aug 2014 | 2:03 am
    If your business is value-added tax registered, it is important to make payments of VAT on time, in addition to submitting VAT returns in a timely manner. Failure to do this could mean that you receive a surcharge. If you believe that you will have difficulty making your payment by the due date, you should immediately contact HMRC, which may be able to help. You can also take steps to help yourself.   Claim back VAT on bad debts If you have clients who have failed to make payment for goods and services provided by your business, you may be able to claim back the VAT paid. There are…
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    Advice for Tax Preparers

  • Learn Why New Accounting Staff Eat Time & How to Fix The Problem

    Bill Meador, CPA, JD
    12 Aug 2014 | 12:17 pm
      Accountants by the nature of our profession want to follow rules. Therefore, we like it when we have guidelines such as an employee handbook that tell us how to respond in an accounting firm to a particular situation. However, new accountants soon find out that the firm grapevine provides unwritten rules to be followed as well. One example is in the area of the billable hours (the time each person charges to the job for preparing and reviewing the tax return or audit) that a staff should put on his timesheet. If the staff person talks to people in the firm they will get one or more of…
  • Why Should You Take a CPA Exam Review Course?

    Bill Meador, CPA, JD
    29 Jul 2014 | 11:22 am
    I recently published an article with several tips to help people pass the CPA exam. (See 4 Tips from a 20 Year CPA to Pass the CPA Exam). One of the tips I mentioned in the article was that they should take a review course for at least auditing, but I believe they should take one for all of the courses. Most of the responses I received on that point were positive, but I had one person ask me why anyone should bother taking a review course. They noted that they had bought a couple of review books and some test questions and done just fine on the CPA exam. I figured that there might be others…
  • How to Get an Accounting Job Using LinkedIn

    Bill Meador, CPA, JD
    22 Jul 2014 | 4:52 pm
      This is the big one isn't it? Most of us get plenty of articles in our inbox and social media from sources such as Accounting Today, CPA Trendlines, Going Concern, AccountingWeb, Journal of Accountancy, etc., on the latest updates in the profession. But we are really only looking for a few things. How do I get my first accounting job? How do I make my current job easier? What do I need to do to get promoted? Can I quit and get a better job or move to a better CPA firm?  [click to keep reading...]
  • Learn How CPA Firms Will Increase Their Net Income on 1040 Tax Returns Without Raising Fees or Reducing Expenses.

    Bill Meador, CPA, JD
    15 Jun 2014 | 11:02 pm
    One of the constant problems for CPA firms with individual clients is getting all of their information in time to prepare, review and file their return before the October 15th deadline no matter how many times they are asked for their information. I once worked at a firm that had an individual client that was the last tax return the firm filed by the October 15th deadline three years in a row. When clients delay providing their personal tax information until after August 1st, the extra time and expense spent on the tax return can turn a profitable job into a loss for the firm. At a minimum,…
  • 4 Tips from a 20 Year CPA on Passing the CPA Exam

    Bill Meador, CPA, JD
    23 Apr 2014 | 8:54 pm
    As noted in the title, I have worked on the tax side of the public accounting business for over twenty years. The part not in the title is that I am the second generation of my family to work in public accounting. My father has been in the business for over forty years. Therefore, between the two of us, we have seen decades of tax and audit staff passing and failing the exam. Although there are plenty of places to learn about the subject matter of each exam section, I wanted to pass along a few points you might not hear from other people. [click to keep reading....]
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  • 2.9 million SME’s intend to invest in their businesses in the next 3 months

    28 Aug 2014 | 5:31 am
    The majority of small and medium sized enterprises in the UK expect to invest in their businesses over the next three months according to research from Bibby Financial Services (BFS). The independent funder surveyed 1,000 businesses with a turnover of up to £25 million in June as part of its SME Tracker, and 59% said they will invest in the three months up to October. It is estimated that over a quarter plan to invest in technology and equipment (27%) – one in five (20%) said they will recruit new staff and a quarter (23%) said they would invest in employee training. When asked about…
  • Small businesses are hit by late payments

    27 Aug 2014 | 5:53 am
    Over a quarter of small businesses in the region are hit by late payments, a new survey has revealed. Of those businesses that have experienced problems due to late payments, 71% said that it impacts on their day to day cash flow management. A further 7 % have said that they have had to rein in necessary spending, and an additional 7% say it threatens their ability to trade. The figures come from the latest Close Brothers Business Barometer, a quarterly survey that canvasses the opinion of business owners and managers. Regional sales director for Close Brothers Asset Finance said: “This…
  • Small businesses across Britain set to create 1.9 million new jobs in 2014

    26 Aug 2014 | 1:40 am
    Britain’s small businesses are set to create 1.9 million new jobs by the end of 2014, potentially adding up to £27 billion to the economy in new small business wages, according to recent findings from Direct Line for Business (DL4B). The research, which was conducted by Consumer Intelligence among a sample of 401 start-ups with up to 100 employees, also revealed that over 400,000 home-based businesses intend to take on their first employee this year. This study suggests that new employees joining small firms in 2014 will be required to work an average of 28 hours a week, with those looking…
  • Government broadband vouchers to boost small businesses

    21 Aug 2014 | 6:48 am
    One in ten homes in the UK now acting as the base for at least one business, contributing around £300 billion to the country’s economy. As a result the government has announced it will be giving them an extra boost by offering free broadband connectivity vouchers to small firms, self-employed individuals and start-ups. “The home is now the most popular place to start and grow a business” says Emma Jones MBE, founder of Enterprise Nation. “These are not people starting businesses out of necessity through lack of jobs, they are part of a growing movement that is responding to the new…
  • Small businesses unaware of new flexible working law

    21 Aug 2014 | 6:40 am
    The statuary right to request flexible working was significantly extended on 30th Jun 2014. However, research by Sage UK has shown that 10 per cent of small businesses are completely unaware of this new regulation, while a third are still not complying with the changes. Changes The right to request flexible working was available only to parents with children under 17 – or under 18 if the children were disabled, and those with caring responsibilities for adults. However with the recent changes, the right to request flexible working applies to all employees, on the basis that they have at…
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