Accounting

  • Most Topular Stories

  • 5 Time Management Tips for an Overworked Accountant

    CPA Trendlines
    writer 12
    20 Jul 2014 | 9:11 pm
    QUESTION: I am sure you heard this before, but I just can’t seem to get on top of my work – I am always behind and in addition, my income has been dropping. I am a sole practitioner with no staff and don’t want any. I like what I do, but lately it seems I […]
  • Board members' biggest concerns rooted in technology

    CPA Letter Daily
    24 Jul 2014 | 6:02 am
    Reputational risk and cybersecurity are U.S.  -More- 
  • Analysis: How tax policy is changing

    Financial Planning Digest
    24 Jul 2014 | 10:11 am
     -More- 
  • Deloitte Corporate Finance LLC Advises Precision Hydraulic Cylinders Inc. in its Sale to Owner Resource Group, LLC

    Deloitte U.S. Top Stories
    24 Jul 2014 | 11:24 am
    Deloitte Corporate Finance LLC acted as financial advisor to Precision Hydraulic Cylinders Inc., a Beulaville, North Carolina-based portfolio company of BB&T Capital Partners, Inc. in its sale to Austin, Texas-based Owner Resource Group LLC.
  • Five questions on exercising risk oversight

    Deloitte Global headlines
    18 Jul 2014 | 7:59 am
    Boards of directors are working hard to define and fulfill their risk governance and risk oversight roles and responsibilities. The changing economic, business, competitive, and regulatory landscapes ensure that this work will continually evolve, so staying abreast (or ahead) of developments is the order of the day. Within that context, and given competing responsibilities, boards need to direct their risk oversight efforts toward the most productive areas and assist management in ways that most benefit shareholders and other stakeholders.
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    CPA Letter Daily

  • Board members' biggest concerns rooted in technology

    24 Jul 2014 | 6:02 am
    Reputational risk and cybersecurity are U.S.  -More- 
  • IRS provides simplified rules for calculating money market fund gains and losses

    24 Jul 2014 | 6:02 am
    To help taxpayers comply with new Securities and Exchange Commission rules on money market fund share prices, the Internal Re -More- 
  • IMF revises U.S. growth estimate down to 1.7% for the year

    24 Jul 2014 | 6:02 am
    The International Monetary Fund lowered its 2014 U.S. growth estimate to 1.7%, from a 2% projection in June.  -More- Learn to digitalize your tax workflow at our full-day event. Learn why a digitalized tax workflow is essential and build a plan to get there during a full day of high-level technology planning featuring Darren Root, CPA, CITP, CGMA. You'll get expert insight, an up-close look at the latest tax workflow technology, and up to 6 CPE credits. Choose from three dates in August and October. See the dates and cities.
  • The pros and cons of the IRS's new tax-exempt status application

    24 Jul 2014 | 6:02 am
    The Internal Revenue Service Exempt Organizations Division has debuted a shorter and easier application form for entities see -More- AICPA Women's Global Leadership Summit: October 23-24, 2014 | Mandarin Oriental, Washington DC This conference will provide sessions on leadership, boardroom diversity, and best practices to enhance the skills and potential of women leaders within the financial community.> Learn More
  • Order today: Get an update on A&A issues for local and state governments

    24 Jul 2014 | 6:02 am
    Order the "State and Local Government: Audit and Accounting Guide" as an online subscription, e-book or paperback to get crit -More- 
 
 
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    Deloitte Global headlines

  • Five questions on exercising risk oversight

    18 Jul 2014 | 7:59 am
    Boards of directors are working hard to define and fulfill their risk governance and risk oversight roles and responsibilities. The changing economic, business, competitive, and regulatory landscapes ensure that this work will continually evolve, so staying abreast (or ahead) of developments is the order of the day. Within that context, and given competing responsibilities, boards need to direct their risk oversight efforts toward the most productive areas and assist management in ways that most benefit shareholders and other stakeholders.
  • Five questions on social business

    18 Jul 2014 | 7:57 am
    Social business isn't limited to just marketing or PR. Today, it's a top driver of decisions that influence business outcomes in an organization, exposing it to drastically different, potentially disruptive ways to engage with, learn from, and collaborate with customers, suppliers, employees, and even the public.
  • Global Rewards Updates

    18 Jul 2014 | 3:42 am
    Updates on the treatment of equity
  • European A&D industry revenues gain momentum

    18 Jul 2014 | 3:41 am
    The European aerospace and defense (A&D) sector revenue growth rate of 5.4 percent outpaced the United States’ growth rate of 1.3 percent, mostly attributed to the negative revenue performance of the U.S. defense subsector and the strong revenue performance of key European commercial aerospace companies.
  • Indirect Tax Automation News

    18 Jul 2014 | 3:40 am
    Quarterly newsletter covering changes in the indirect tax laws in the EU impacting ERP and related systems and developments in the area of indirect tax automation.
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    Accounting News and Notes

  • www.HisCPA.com is where John Dillard CPA ALWAYS Lives Outside the Box!!!

    John Dillard
    24 Jul 2014 | 8:04 am
    Does your CPA Provide Tax Answers You Can Use: Not More Data That Needs Interpreting? Is Your CPA Creative? Is Your CPA Technically Wise & Business Savvy? Does your CPA “Think Outside the Box?” Does Your CPA Communicate Well & Often? Or Does Your CPA and Your Taxes Live Safely Inside the Box? Does Your CPA Seek to Plan for the Future and is Innovative and Insightful? Or Does Your CPA Simply Interpret the Past? Find a CPA Who is a Comfortable in the Warehouse as they are in the office!!! Learn more about addressing IRS Tax Issues and Back Tax Returns www.HisCPA.com  A Christian…
  • Do People Love to See You Coming or Prefer to See You Going

    John Dillard
    23 Jul 2014 | 12:25 pm
    All too often I see people who LOVE to judge others! Especially Christians! I say this NOT Lightly as this includes me. But if we are to be known as Believers “They Will Know Us By Our Love” Jesus said to love God with all your mind, heart, body, and strength or pretty much like that which I do as best as a sinner can. Then he said to love your neighbor as yourself as I think He meant the rest by doing this you fulfill the balance of the ten commandments. Jesus said this in response to the question as to what is the greatest commandment. Matthew 22:39 and the second is like it:…
  • Sugarloaf United Methodist Church 2014 Family Mission Trip to Navajo Indian Reservation in New Mexico

    John Dillard
    21 Jul 2014 | 5:21 am
    Well it sounds as though everyone is home safely!  Greg still has a journey to Florida ahead of him but other than that, everyone made it without incident and thank God for that. This week will be a week of adjustment, transition and getting back into “our norm”.  Just this morning driving to work, I kept thinking how nice it would be to move at a slower place, not have to fight to move into the next lane in traffic, take my time getting to work and appreciate the silence or lack of as I sit in my car.  But the truth is, it can’t be like that in our world…not like…
  • 7 Ways to Discover if You are an Asset or an Hindrance to the Kingdom

    John Dillard
    9 Jul 2014 | 12:15 pm
    7 Ways to Discover if You are an Asset or an Hindrance to the Kingdom I do not presume to have any idea to “know beyond a shadow of doubt”  the Top 7 Ways to Discover if You are an Asset or an Hindrance to the Kingdom but I do know what I have seen what does work well versus to what does not. The MOST important thing is NOT how you stack up to this list but how you stack up to God’s. 7 Ways to Discover if You are an Asset or an Hindrance to the Kingdom Sundays are Stressful.  Everybody has stress but if each and every Sunday you are challenged rather than refreshed you may be more…
  • Need Help With Your Atlanta Financial Statements or Bookkeeping?

    John Dillard
    9 Jul 2014 | 9:55 am
    Duluth CPA Asks: Need Help With Your Atlanta Financial Statements or Bookkeeping? Atlanta accountant John Dillard CPA established a different kind of CPA firm – one that would bring the principles of Jesus Christ to the practice of Accounting. Since that time, his practice has been growing, as clients who are seeking a Christian accountant who believes in Christ’s principles take advantage of HIS CPA for their business accounting, personal financial planning, and tax preparation needs. John Dillard’s testimony is what led him to create a Christian CPA practice to serve…
 
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    A Counting School - Hardcore Chartered Accountancy

  • Big Four Summer Fashion Dress Code

    Krupo
    22 Jul 2014 | 7:20 pm
    If you're going to talk about how to dress in an accounting firm's office, you'll end up talking about how all accountants dress, whether they work in tax, audit, or in an actual "business" that does things other than deliver audits and other "value added services."I'm going to share one tip for guys: always tuck in your shirt.Is it summer and you feel like letting it hang loose? Don't.If you're working in North American cities, the loose carefree untucked polo shirt unfortunately doesn't work.For much more extensive snark, particularly in the…
  • Can I invest in my child's training as a tax deduction and then get a nice refund when she becomes a successful pro?

    Krupo
    7 Jul 2014 | 7:15 pm
    That's an easy question.The answer is no. Eugenie Bouchard's father thought he could create a partnership where the money he spent on training his daughter could be used to generate a tax loss. Unfortunately tax law in Canada doesn't allow you to enter into a contract with your 9-year-old daughter. To quote the article,"The investors in the partnership had intended to make their contributions in exchange for 10 per cent of Ms. Bouchard’s future tennis earnings, up to the amount they contributed, plus a 10-per-cent rate of return per year. But as the court ruling noted, Ms.
  • Intelligent and foolish ways of looking at renting vs buying a property

    Krupo
    6 Jul 2014 | 4:39 pm
    It's delightfully shocking to see the gap between people who are putting forth an intelligent and well-written argument, and those who would fail on any exam. The intelligent example is on the Toronto Realty Blog regarding buying or renting a property.In some situations - especially a short-term contract in a city you're merely visiting - it's a good idea to rent a home, since the transaction costs from buying and selling property will likely eat up any gain you might be lucky enough to enjoy if prices are shooting up.On the longer horizon, there are many factors to consider - and…
  • A 5 day tax holiday

    Krupo
    23 Apr 2014 | 5:11 am
    Thanks to this month's Heartbleed bug shutdown, Canadians get an extra 5 days to file their taxes - the revised deadline for 2014 is May 5 as the CRA announced.Despite what most people think, not all accountants do the same kind of work - I'm not a full-time tax accountant, though this was another season where I spent some quality time at the free CA tax clinics. The majority of the clinics run in March so if you qualify for them, plan ahead next year to take advantage of a really useful service. Much better than spending $60 when things are tight when that could go towards food or…
  • Taxes shouldn't be so complicated

    Krupo
    8 Nov 2013 | 7:50 pm
    Two general principles you should keep in mind:Society works well if there are rules in place, there's a cost to this.People respond to incentives.To run a society, you need a basic level of taxation to enforce the Rule of Law.In addition to your basic Rule of Law, there are activities that your community will decide are favourable or unfavourable. Polluting the air, we can generally agree, is a Bad Thing. Educating the children, by the same token, is a good thing.Charge a tax on activities that cause pollution, apply that to education and enforcement of law. Add on a basic level of…
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    NJSCPA Exam Cram Blog

  • Spain, here I come!

    Sophie de Koning-Teasdale
    1 Jul 2014 | 6:29 pm
    Six months of sitting behind my desk, pouring over Becker review books, and listening to "never-ending" lectures has finally come to an end. Looking back to that first day in January when I started studying, I remember staring out the...
  • One last push

    Sophie de Koning-Teasdale
    23 Jun 2014 | 5:32 pm
    As I approach my final week of review before my BEC exam next Tuesday, I am finding it pretty difficult to stay motivated. I think it is a combination of many factors, ranging from focusing on wrapping up my internship,...
  • Finito

    Taka Tanahashi
    17 Jun 2014 | 7:42 am
    Hello all, As you may know if you've kept up to date with this blog, I've successfully been able to pass the CPA exam, complete the other necessary requirements, and finalize the application on my way to becoming a CPA...
  • I'm done and it's over!!!

    Jessica Wolff
    11 Jun 2014 | 4:52 pm
    I received my REG score and I passed with an 89!! There will be no studying for me this summer!! This will be the first summer since 2011 that I haven't had to study for exams. I missed out on...
  • In the homestretch!

    Sophie de Koning-Teasdale
    10 Jun 2014 | 8:35 pm
    I passed REG!!! That's three down, one to go! To be honest, I left the testing center after this exam feeling pretty defeated after struggling through the simulations, so I was surprised when my score popped up on screen during...
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    AccountingCoach

  • What is a debit balance?

    AccountingCoach.com
    24 Jul 2014 | 1:49 pm
    In accounting, a debit balance is the ending amount found on the left side of a general ledger account or subsidiary ledger account. A debit balance is normal and expected for the following accounts: Asset accounts such as Cash, Accounts Receivable, Inventory, Prepaid Expenses, Buildings, Equipment, etc. For example, a debit balance in the Cash account indicates a positive amount of cash. (Therefore, a credit balance in Cash indicates a negative amount likely caused by writing checks for more than the amount of money currently on hand.) Expense accounts and loss accounts including Cost of…
  • What is interest payable?

    AccountingCoach.com
    23 Jul 2014 | 10:23 am
    Interest payable is the interest expense that has been incurred (has already occurred) but has not been paid as of the date of the balance sheet. (The interest payable amount does not include the interest for the periods of time which follow the date of the balance sheet.) To illustrate interest payable, let’s assume that on December 1 a company borrowed $100,000 at an annual interest rate of 12%. The company agrees to pay the principal and 9 months of interest when the note comes due on August 31. On December 31 the amount of interest payable is $1,000 ($100,000 X 12% X 1/12) and the…
  • What is a journal entry?

    AccountingCoach.com
    22 Jul 2014 | 10:20 am
    In manual accounting or bookkeeping systems, business transactions are first recorded in a journal…hence the term journal entry. A manual journal entry that is recorded in a company’s general journal will consist of the following: the appropriate date the amount(s) and account(s) that will be debited the amount(s) and account(s) that will be credited a short description/memo a reference such as a check number These journalized amounts (which will appear in the journal in order by date) are then posted to the accounts in the general ledger. Today, computerized accounting systems…
  • What is a liability account?

    AccountingCoach.com
    21 Jul 2014 | 7:28 am
    A liability account is a general ledger account in which a company records its debt, obligations, customer deposits and customer prepayments, certain deferred income taxes, etc. that are the result of a past transaction. Common liability accounts under the accrual method of accounting include Accounts Payable, Accrued Liabilities (amounts owed but not yet recorded in Accounts Payable), Notes Payable, Unearned Revenues, Deferred Income Taxes (certain temporary timing differences), etc. The balances in liability accounts are nearly always credit balances and will be reported on the balance…
  • What is net income?

    AccountingCoach.com
    16 Jul 2014 | 8:04 am
    In business, net income is the positive result of 1) revenues and gains minus 2) expenses and losses. A negative result is referred to as net loss. (Please note that some gains and losses are not included in the calculation of net income, but will be included in comprehensive income). Net income is also known as net earnings. The details of the net income calculation is reported in the business’s income statement. The income statement is also known as the statement of income, statement of earnings, and statement of operations. The net income of a regular U.S. corporation includes the…
 
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    CPA Success

  • CPAs and government accountants making a difference!

    24 Jul 2014 | 3:11 am
    Our work as CPAs is often hidden in spreadsheets, reports, and procedures, yet it supports almost everything. I recently had the honor of being with a group of CPAs and government accountants at the U.S. Department of Health and Human Services shortly after a ceremony celebrating their recognition by the Association of Government Accountants for winning the Certificate in Excellence in Accountability Reporting (CEAR) for their 2103 Agency Financial Report. In the recap of the award ceremony, AGA Executive Director Relmond Van Daniker said, “Given the fiscal status of the…
  • Here’s how to build a modern — and effective — personal learning network

    23 Jul 2014 | 4:00 am
    As CPAs, you learn for a living. Your license depends on it. But even you have to admit that our ability to learn — to continuously learn — has never been more important. We’ve spent a lot of time here talking about that — about the fact that the most important skill we’ll possess going forward is the ability to learn new skills. We even have a bunch of fancy new tools to help us on our way. They’re called “personal learning networks,” and they’re the latest in buzz-worthy trends designed to help us overcome near-constant change and…
  • Your customers are talking. Are you listening?

    9 Jul 2014 | 4:00 am
    Our daughter turned 12 this week. To help her celebrate, my wife and I did what all busy, modern parents do — we fired up Amazon and ordered some of the tween-ish gifts at the top of her wish list. The day before the big day, one of the gifts we ordered still hadn’t arrived. I received an e-mail from the good folks at UPS informing me that the package would arrive during a four-hour window the following afternoon. On her birthday, as I waited (and waited) for the package to arrive, my inner wise-ass got the better of me and I tweeted the following: “UPS sent me a note saying…
  • Happy birthday, America!

    4 Jul 2014 | 4:00 am
    "There is nothing wrong with Americathat cannot be cured by what is right with America."-- Bill Clinton Indeed. Have a fantastic Independence Day, friends!
  • Diversity: ‘It’s not just the right thing … it’s the smart thing’

    3 Jul 2014 | 4:00 am
    The world has changed radically in the 45 years since Cecil Flamer entered the CPA profession. Twelve men have walked on the moon. Eight presidents have occupied the Oval Office. We’ve witnessed astounding medical advances, horrifying wars and acts of terrorism, inspiring acts of service from people determined to make the world a better place, and mind-numbing technological advances that have put the world in the pockets and purses of nearly everyone we know. It’s a different world, and it continues to change each day. Here’s what hasn’t changed: African-Americans are…
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    TSCPA Governmental Affairs

  • Update on the State Comptroller race

    Bob Owen
    23 Jul 2014 | 10:00 am
    The June 30, 2014 campaign contribution reports have been filed.  Democratic candidate CPA and TSCPA member Mike Collier's report for the six months ended June 30, 2014 reported total polical contributions of $350,027, outstanding loans $600,000, total expenditures of $688,623 and cash on hand at $284,434.  Collier's biggest single contribution was $210,000.  Republican candidate Sen. Glenn Hegar reported total political contributions of over $2,000,000 during the first half of 2014.  His filing with the Texas Ethics Commission reporting from Feb.
  • Houston Chronicle endorses Creighton for Senate

    Bob Owen
    23 Jul 2014 | 9:03 am
    Conservative Republicans Brandon Creighton and Steve Toth face one another in the special election runoff Aug. 5, 2014 for State Senate District 4, formerly held by CPA Sen. Tommy Williams (R-The Woodlands).  Williams resigned the seat to become Vice Chancellor at Texas A & M last November. The Houston Chronicle announced their support for Creighton.  Creighton won 45% of the vote compared to Toth's 24% in the original special election.  Evidently the Chronicle approved of Creighton's approach to the boarder crises over Toth's rhetoric on the issue.  
  • Senate District 28 special election set for Sept. 9, 2014

    Bob Owen
    23 Jul 2014 | 8:37 am
    The special election to fill the vacant Senate seat created by Sen. Robert Duncan's resignation to become Texas Tech chancellor will be held Sept. 9, 2014.  Governor Perry made the announcement yesterday.  The early date surprised pundits and observers as most predicted Perry would set the date to coincide with the Nov. 4, 2014 general election. The early date means candidatse must file by Aug. 1st. CPA and TSCPA member Rep. Charles Perry (R-Lubbock) previously announced he would be running for the seat.  Now that the election has been set for…
  • Candidates eye Senate seat before it's vacant

    Bob Owen
    18 Jul 2014 | 8:39 am
    State Sen. Glenn Hegar is running for State Comptroller.  If he loses he will still be a state senator because his term does not expire until 2016.  But the sharks smell blood in the water with announcements and almost announcemnts already being made for the possiblity there will be vacant seat. Charles C. Gregory, III, a self styled "conservative Republican" (is there any other kind of Republican in Texas?) has kicked off his campaign already with a July fundraiser and a website.  Gregory is from Richmond, TX.  He is former Mayor Pro-tem for the city of…
  • Dewhurst appoints new finance chair and LBB members

    Bob Owen
    18 Jul 2014 | 7:55 am
    Last week Speaker Joe Straus appointed three new members to the Legislative Budget Board (LBB), including CPA and TSCPA member Rep. John Otto (R-Dayton).  This week Lt. Gov. David Dewhurst named Sen. Jane Nelson (R-Flower Mound) as Senate Finance Committee chair and appointed her along with Sens. Craig Estes (R-Wichita Falls) and Kevin Eltife (R-Tyler) to the LBB. The Senate's Finance Committee chair was vacant after last November's resingation from the Senate by CPA and TSCPA member Sen. Tommy Williams.  Williams took a vice-chancellor position with…
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    CPA Technology Blog

  • 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...
  • Index to 2013 CPA Practice Advisor Reviews

    Brian Tankersley
    2 Dec 2013 | 11:33 am
    I thought it might be helpful to post a topical index to the reviews we wrote over at The CPA Practice Advisor this year. If you click on the author's last name in the "2013" column, you will be taken...
  • Sage Summit 2013 Brings Focused Approach to Cloud and Mobile

    Brian Tankersley
    22 Jul 2013 | 12:02 pm
    National Harbor, Maryland - Sage North America formally kicked off its annual Sage Summit conference this morning. The convention, which brings thousands of Sage customers and business partners together every year, is being held at the Gaylord National Resort just...
 
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    CPA Trendlines

  • A Startling Revelation: 1 Times Fees is a Steal

    Rick Telberg
    24 Jul 2014 | 4:57 am
    Do the math and don’t be afraid to pay more or ask for more. By Marc Rosenberg, CPA CPA Firm Mergers Partners in accounting firms are familiar with the rule of thumb that a CPA firm’s goodwill is worth one times fees; however, like many other “rules of thumb,” this notion is often incorrect. When […]
  • Survey: How Accountants Keep Up with Tech Trends

    Rick Telberg
    23 Jul 2014 | 8:44 am
    Top strategy: Compare with peers. CPA Trendlines Exclusive The pace of change in technology is leaving accountants so dazed and confused that about half of all practitioners say merely “keeping up” is one of their biggest technology-related problems. Cost comes second. Accountants are so fed up with the staggering pace of developments that you couldn’t pay […]
  • 6 Steps to Handle Staffing Problems in a Merger

    cpaadmin
    22 Jul 2014 | 4:29 am
    And the top 8 questions every staffer will ask. By August Aquila Creating the Effective Partnership To get your employees’ commitment to the merger, they must understand how it impacts them personally and see the opportunities for themselves. Let’s assume that the announcement for the upcoming merger or sale is handled properly. In other words, […]
  • 5 Time Management Tips for an Overworked Accountant

    writer 12
    20 Jul 2014 | 9:11 pm
    QUESTION: I am sure you heard this before, but I just can’t seem to get on top of my work – I am always behind and in addition, my income has been dropping. I am a sole practitioner with no staff and don’t want any. I like what I do, but lately it seems I […]
  • Managing Knowledge as a Marketing and Management Tool

    writer 12
    20 Jul 2014 | 2:57 am
    What do we really know when we say we know? by Bruce W. Marcus Professional Services Marketing 3.0 The road to knowledge management, now well-traveled, seems to end with the science of acquiring and retrieving data. The end of that road, which was built mostly by the brilliance of computer scientists, stops where a clear […]
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    Big4.com Blog

  • PwC’s 2014 Patent Litigation Study notes new record high of 6,500 lawsuits filed and almost 300,000 patents issued in 2013

    24 Jul 2014 | 10:08 pm
    By Rob Starr, Big4.com Content Manager Chris Barry, PwC Advisory partner focused on Forensic Services, got directly to the point when we talked with him recently about the two metrics from this recent PwC report that stood out. “As far as the reasons for the spike in the cases filed and the patents granted,” he said, “there was a change in the procedure of how plaintiffs could bring actions in these cases as part of the [caption id="attachment_35922" align="alignright" width="200"...Keep on reading: PwC’s 2014 Patent Litigation Study notes new record high of 6,500 lawsuits filed and…
  • WEISERMAZARS LLP EXPANDS WATER & UTILITIES PRACTICE WITH ADDITION OF PARTNER ROBERT K. WILSON

    24 Jul 2014 | 3:42 pm
    Edison, NJ (July 24, 2014) – WeiserMazars LLP, a leading accounting, tax and advisory services firm, today announced that as of July 14th, Robert K. Wilson has joined as a Partner in the growing Water & Utilities Practice.  Based in New Jersey, he will primarily focus on delivering audit and consulting services in this important sector. Bob has over 30 years of experience, both in industry roles and as a consultant.  He has a deep background providing organizational transformation s...Keep on reading: WEISERMAZARS LLP EXPANDS WATER & UTILITIES PRACTICE WITH ADDITION OF PARTNER…
  • Accenture Lands New Work From U.S. Department of Treasury

    23 Jul 2014 | 10:56 pm
    By Rob Starr, Big4.com Content Manager Financial management services and IT will be the focus of the new $48 million contract. Ed Meehan, Managing Director, US Federal Civilian Portfolio at Accenture Federal Services, answers some questions.   Q: What’s the history between Accenture and the U.S. Department of Treasury?   A: Accenture has served as a trusted partner to the IRS, a bureau of the Treasury Department, for more than 25 years, helping the agency to redesign, de...Keep on reading: Accenture Lands New Work From U.S. Department of Treasury
  • Live Forward LLC’s Founder Provides A Quick Overview of Emotional Intelligence

    22 Jul 2014 | 10:54 pm
    By Rob Starr, Content Manager, Big4.com When the subject of career development in the Big4 comes up, Susan Cucuzza’s opinion ranks with the most credible and educated anywhere. Currently, she’s executive coach and founder of Live Forward LLC, and her impressive resume has many other different and relevant nuances. Susan had led HR programs nationally and internationally in Fortune 500 firms and is the Immediate Past President of the International Coach Federation – Cleveland Chapter....Keep on reading: Live Forward LLC’s Founder Provides A Quick Overview of Emotional Intelligence
  • Hybrid Clouds—the New IT Consulting Frontier

    22 Jul 2014 | 8:30 am
    Alan Radding, Big4.com guest blogger Your own book is the best way to build a consulting practice; ask me about ghostwriting your book The cloud has become so yesterday. By now every organization has some sort of cloud strategy. [caption id="attachment_37857" align="alignright" width="168"] Alan Radding[/caption] But what they don’t have is a hybrid cloud strategy, and that is where enterprise computing and cloud computing are going. By 2017, Gartner predicts that half of large enterp...Keep on reading: Hybrid Clouds—the New IT Consulting Frontier
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    Success Starts Here

  • McGladrey Junior Achievement Big Bowl Event

    Courtney
    15 Jul 2014 | 1:25 pm
    Recently, the Minneapolis office was able to support Junior Achievement of the Upper Midwest through our McGladrey JA BigBowl event. By participating in this event, we were able to raise close to $12,000 through online donations, casual day stickers, and an online auction. By supporting JA, we will help provide students in Minnesota, western Wisconsin and North Dakota with the skills they need to succeed in school and beyond. JA's financial literacy, college and career readiness and entrepreneurship programs provide students with real world opportunities that help them make a connection…
  • Interview with Minneapolis Office Managing Partner, Mike Nelson

    Courtney
    30 Jun 2014 | 1:57 pm
    Learn more about McGladrey's Minneapolis office from our interview with Office Managing Partner, Mike Nelson.What is the makeup of the Minneapolis office?McGladrey PlazaMinneapolis has assurance, tax and consulting professionals; all three Lines of Business. We are a hub for consulting, serving the needs of a large portion of our Central Region. Our size gives us the ability to specialize both functionally and with respect to industry, which is valuable to our clients. For example, we have many International Tax specialists, Business Valuation Specialists and strong industry groups. Also…
  • If you don't Own Your Future... Who Will?

    Courtney
    23 Jun 2014 | 6:36 am
    By Ken BansemerNational Talent Acquisition & Talent Management LeaderDenver, COWhen presenting to an audience, one of the best ways to capture attention and help others retain information is to tell stories. Using a single image that your audience can relate to, and then weave a good tale around it can help you avoid “death by PowerPoint.”  I was fortunate to be able to speak to a group of students recently, and share through stories, some guiding principles around Owning Your Future and career success. The stated agenda for my time with the group was as follows:·…
  • Working abroad in the Cayman Islands

    Courtney
    4 Jun 2014 | 6:58 am
    By Melissa K. BarkerAssurance SeniorPhoenix, AZIn January 2014, an email came into my Outlook requesting the assistance of two McGladrey seniors in the RSM Cayman office for a two and a half month period over the upcoming summer. As soon as I read the email, I jumped at the opportunity. I applied and found out within a couple weeks that I had been selected for one of the positions. I could not have been more ecstatic. I am now 6 weeks into my secondment with RSM Cayman and I can confidently say it has exceeded all of my expectations. To start with, since I joined McGladrey about 4 years…
  • Atlanta office teams with Easter Seals to bring joy to children

    Courtney
    29 May 2014 | 8:29 am
    On May 16, the McGladrey Atlanta office brought a carnival of fun to the Premier Academy, a day care operated by Easter Seals of North Georgia for underprivileged children ages five and under. The event was part of McGladrey’s Volunteer Day program. About 20 McGladrey employees descended upon the center to provide a day of entertainment. About 60 children between the ages of 2-5 years participated in the carnival including games, face painting, arts and crafts, story time, ring toss, bubbles, basketball and many other engaging activities for young children. Even SpongeBob Squarepants…
 
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    One Accounting

  • PAYE Reconciliations

    Chris Thomas
    23 Jul 2014 | 7:39 am
    If most of your income is taxed under PAYE (Pay As You Earn) you may soon receive a reconciliation of the income tax you have paid compared to the amount that was due to be paid for 2013/14. This calculation arrives on a form P800, which should be checked very carefully for errors and omissions. If mistakes are missed they can be carried forward for several years, resulting in escalating amounts of tax over or under-paid. For example the High Income Child Benefit Charge (HICBC) may be due where you earn over £50,000 and your family receives child benefit. But the HICBC will not be reflected…
  • VAT on Digital Services

    Chris Thomas
    9 Jul 2014 | 3:27 am
    Do you sell digital services such as: music or software downloads, e-books or online videos? If so, do you know where your customers are, and whether they are businesses or individuals? From 1st January 2015, when you sell digital services across international borders you will have to collect information about your customers to determine if they are businesses or not, and where they are based. Where your international sale is to a non-business customer, from 2015 you will have to charge that customer VAT of the country where he or she is located (if that’s in the EU). You will also…
  • Marginal Tax Rates

    Chris Thomas
    25 Jun 2014 | 7:00 am
    What rate of tax would you pay on an additional £1 of earnings? If your annual income is between £41,865 and £150,000 you may think the tax rate would be 40%, but the peculiarities of the UK tax system mean you could pay much more. To start with earned income above the 40% threshold carries a national insurance charge (NICs) of 2% so for every £1 you earn above £41,865 (for 2014/15) you will pay 42% in tax and NICs. Child benefit is withdrawn from the highest earner in the family at the rate of 1% of the benefit for each £100 of income exceeding £50,000 per year. This translates into…
  • Auto-enrolment (Qualifying for workplace pension scheme)

    Chris Thomas
    18 Jun 2014 | 3:35 am
    Auto-enrolment is the term for the law that requires all employers to register their employees into a qualifying workplace pension scheme. This requirement is being rolled-out to the largest employers first and will eventually apply to the smallest employers from June 2015 onwards. For example if you have 62 to 89 employees you have to apply auto-enrolment from 1 July 2014. Those with larger payrolls should already have auto-enrolment in place. There are let-outs; auto-enrolment only applies to employees working in the UK who are aged 22 to state pension age, and who earn more than the…
  • VAT and Discounts

    Chris Thomas
    5 Jun 2014 | 8:07 am
    Do you offer prompt payment discounts to your customers – known as PPDs? Under UK law VAT is payable on the net amount after deducting the discount, whether or not the customer takes advantage of the discount. Say you sell a carpet for £1,000 + VAT, and offer 3% discount if the customer pays within 10 days VAT is charged at 20% on £970 ie £194, rather than as 20% of £1,000 which is £200. Even if the customer takes two weeks to pay and thus doesn’t qualify for the PPD, the amount due will be £1194. This is a ripe loophole ready for blocking, and that is exactly what the…
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    JonathanMilligan.com

  • 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…
  • What to Do When You’ve Lost Your Passion [Podcast]

    Jonathan Milligan
    16 Jul 2014 | 4:00 am
    What do I do if I’ve lost my passion? Maybe that’s your question today. What do you do if you’ve lost the joy, passion, and zest for life? Maybe someone close to you has lost their passion. Maybe your husband has lost his passion. Maybe he lost his job recently and he’s just tired of looking for a new one. What do you do if you’ve lost your passion? How do you get it back? How do you get your mojo back? To subscribe to the podcast Subscribe with iTunes Subscribe via Email Subscribe via RSS What did you recently lose? The first question that I would ask if…
  • A Simple Guide to Indexing the Kindle Books You Read for Evernote

    Jonathan Milligan
    9 Jul 2014 | 4:00 am
    I received a ton of positive feedback on my recent post A Simple Guide to Indexing the Books You Read for Evernote. I believe in the art of preparing. You never know when your next opportunity might show up. By indexing and capturing the inspiring stories and quotes you read, you’ll be ready for that opportunity. If you have yet to read the post you can follow the steps by clicking here. My previous post focused on physical books you hold in your hand. But what about digital books like Kindle books? That was probably the most asked question I received after my first post. Today, I want…
  • The No Complaining 7 Day Challenge

    Jonathan Milligan
    2 Jul 2014 | 4:00 am
    How often do you complain about others to others? How often do you complain to yourself about your day, your life or your circumstances? Probably way more often than you realize. I want to offer you a 7 day challenge that can change your life. It’s called the “No Complaining 7 Day Challenge.” I want you to consciously avoid complaining for a whole week. It will be both the hardest thing you’ve ever done and the most rewarding. I recently challenged myself to a “no complaining week” and the results were phenomenal. Here are a few lessons I learned: I had…
 
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    Invoice Factoring Companies | Factoring Invoice | Accounts Receivable Factoring for

  • Top Factoring Companies for SMEs

    Heather Burford
    23 Jul 2014 | 2:51 pm
    As an owner of an SME (small to medium sized entity), you understand the importance of timing and taking advantage of opportunities as they present themselves to you. As a small business owner, you also understand that these opportunities rarely … Continue reading →
  • Sell Invoices to Alleviate Cash Flow Problems

    Heather Burford
    21 Jul 2014 | 2:20 pm
    Do you have cash flow problems that are plaguing your business? Is a shortage of cash keeping you from growing your business and taking on customers that can take you to the next level? If so, you are not alone. … Continue reading →
  • Expedite Cash Flow

    Heather Burford
    16 Jul 2014 | 10:05 am
    Cash management is one of the most critical aspects to any company’s longevity in the marketplace. No matter how long a company has been in business or how profitable they are, an operation can all go south very quickly if … Continue reading →
  • Cash Flow Solutions – An Ancient Finance Method for Modern Businesses

    Heather Burford
    16 Jul 2014 | 10:04 am
    Believe it or not, invoice factoring has been around for nearly 4,000 years. Businessmen in Mesopotamia routinely exchanged IOUs for goods and services as an early form of commercial financing arrangements. However, when it comes to invoice factoring in the … Continue reading →
  • Is Invoice Factoring Expensive?

    Heather Burford
    11 Jul 2014 | 4:01 pm
    So, how do you use invoice factoring correctly so that it isn’t too expensive for your business? Each factoring company uses a complex algorithm to determine how much an invoice is worth to them. At the end of the day, … Continue reading →
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    Intuit News Central

  • Keeping Up With the Pace of Technology

    KEY Accounting Group
    24 Jul 2014 | 6:00 am
    Technology is advancing faster than ever. Although we are living in an exciting era, it can be discouraging. As soon as you purchase the newest, best form of technology, it will be replaced by something better in a matter of months or less! It is difficult to keep up with technology, and yet, the adoption rate is increasing. Below, you can see a graph by Nicholas Felton from The New York Times that shows the adoption rate of unique products in the United States. The positive thing about the direction of technology is that the navigation usability is becoming more and more simple, and…
  • Why Accountants Should Tap the Small Business Manufacturing and Wholesale Distribution Industry

    Steve Leavitt
    23 Jul 2014 | 6:00 am
    As the vital signs of the U.S. economy point to steady and sustained recovery, driven in large part by U.S. small business manufacturers and wholesale distributors, it’s becoming clear that accountants who get involved and position themselves ahead of this trend stand to benefit tremendously. The rise in U.S. manufacturing and entrepreneurship presents an unprecedented opportunity for accountants to differentiate themselves, expand their client base, experience growth and play a role in the continued U.S. economic resurgence. With even the smallest manufacturers, wholesalers and…
  • How to Use a Hashtag in Twitter

    Bryan Cytron
    22 Jul 2014 | 7:57 am
    Committing to social media marketing is a challenge for many businesses, no matter the size. According to a new article on the Intuit Small Business Blog, hashtags are a smart way to go, but must be used with purpose and be relevant. Read “How to Use Hashtags on Twitter and Other Social Networks” and discover when hashtags are appropriate and how they can add value to your marketing efforts. Share and Enjoy:
  • Surviving an IVI Audit

    Eileen Reppenhagen
    22 Jul 2014 | 6:00 am
    What’s IVI? It’s Independent Verification of Income. The auditor adds up your deposits, and compares them to your income and revenue reported on the tax return. If they don’t agree, you’d better have a really good reason, or you may end up on the list of ‘Convictions’ on the CRA website. Over the past 28 years in practice, I have learned that when I deviate from the principles listed in this article, I usually have trouble with a client file. So, I would like to share these principles for successful processing and storage of client documents with you today.
  • Top Professional Tax Solutions for Practices on a Budget

    Isaac OBannon
    22 Jul 2014 | 6:00 am
    To paraphrase Ben Franklin, there are few things in life as certain as death and taxes. For tax and accounting firms, however, the certainty of tax law changes also means the annual necessity of renewing or changing their professional tax preparation system. Whether the professionals and partners at these firms are enthusiastic about their tax system, more than 90% choose to renew, often because of early renewal discounts that are usually offered immediately after tax season. But, if your firm has been using the same software for years, you may be missing out on some of the latest new…
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    AICPA Insights

  • How the IRS Revamped Tax-Exempt Applications

    Amy Wang, CPA
    23 Jul 2014 | 4:00 am
    With a new leadership team in place, the Internal Revenue Service Exempt Organizations Division has swiftly come together to introduce a shorter and easier application form (Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code) for organizations seeking section 501(c)(3) tax-exempt status. The IRS estimates up to 70% of all applicants will qualify to use the new streamlined approach. Prior to the form’s July release, Tamera Ripperda, IRS Exempt Organizations Division’s newly appointed director, shared insights with CPAs at…
  • 7 Keys to a Successful Blog

    Guest Blogger
    21 Jul 2014 | 4:00 am
    We’re halfway through the year and while there are many areas you can focus on to further develop your CPA practice, now is a great time to think about how you’re marketing your firm. It’s natural to think that effective marketing requires a commitment of extensive resources, but that isn’t necessarily true. A corporate blog is a marketing vehicle that can be managed by your existing staff. A blog offers many opportunities: it allows you to demonstrate the expertise of you and your staff; it lets you showcase your values as a firm and convey your firm’s personality so you can…
  • Bitcoin: Mystery Currency or Real Money?

    Guest Blogger
    16 Jul 2014 | 4:00 am
    No matter what you might have heard about the risks and long-term value of bitcoin, chances are good that your clients and employers will want to know more about how the adoption and use of digital currencies as a means of commerce may affect the way they do business. Although bitcoin is still very much in its infancy, its impact should not be underestimated or ignored just because it is new and somewhat mysterious. Described by bitcoin.org as “a consensus network that enables a new payment system and a completely digital money,” bitcoin is not the only digital currency in today’s…
  • Walk the Talk and Break the Desk-bound Habit

    Arleen Thomas, CPA, CGMA
    15 Jul 2014 | 4:00 am
    Chocolate is actually good for us? A glass of red wine per the doctor’s orders? These are just a few examples of seemingly incompatible matches that come together to deliver the most unexpected benefits. Balancing work commitments and a lifestyle that builds a healthy mind and body can be surprisingly symbiotic.   There’s no shortage of research reports and studies advising us of the need to exercise regularly.  On the other hand, job responsibilities continue to broaden due to higher performance standards and greater unpredictability in the marketplace. The result is a…
  • Staying Ahead of the ATRA and NIIT Curve

    Guest Blogger
    10 Jul 2014 | 6:51 am
    Due to the American Taxpayer Relief Act of 2012 and the net investment income tax, many clients have no doubt experienced the impact of the new multi-layered tax environment. According to a panel of leading CPA financial planners, clients ranging from those with high net worth to those with middle income were shocked to be hit with the NIIT and higher tax rates this tax season, and have been receptive to proactive planning to mitigate in future years. Consequently, 2014 is the year to sit down with your clients and provide proactive guidance, education, planning and expertise. Here are a few…
 
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    OSYB Number Crunch! Bookkeeping Tips from Outsouce Your Books.

  • Auditors and the Financial Crisis: Part of the Solution or Part of the Problem?

    OSYB Staff
    21 Jul 2014 | 10:00 pm
    Auditors have been weak, complacent and, in some cases, complicit in the recent failures and frauds, as well as the illegal acts such as money laundering, foreign bribery and corruption, tax evasion and Libor-fixing we have seen perpetrated by public companies, especially banks, after Sarbanes-Oxley, during the financial crisis and since the crisis.  Read more here. 
  • What Does it Really Cost to Hire an Employee?

    Ed Becker
    21 Jul 2014 | 9:56 am
    If you are a newer small business you most likely have been doing everything on your own, or have family that helps work the business. At some point there may simply be too much to do or something that requires a skill set you do not have. You will have to consider hiring an employee, or hiring out work to a private contractor. Do you know what it actually costs to hire an employee? What are the expenses of hiring a new employee? Advertisement- help wanted ads, videos, brochures HR salaries- interviews, reference checks, orientation Job fair expenses Postage, office supplies for recruitment…
  • How to Deduct Charitable Contributions for Your Small Business

    OSYB Staff
    20 Jul 2014 | 10:01 pm
    Deducting charitable contributions you make from your small business. Donating to charity can be a great marketing tool. But claiming and deducting your contributions can be much more complicated. If you want to deduct you have to plan ahead. Only donate to qualified charities to ensure that it’s deductible. Read more here. 
  • One More Note on Failure

    OSYB Staff
    20 Jul 2014 | 10:01 pm
    As Warren Buffett has said (something like), “We get paid to think about the things that can’t happen.”  Multiple failures leading to large bad results are worth thinking about.  So what aren’t we thinking about now? Failures in retirement securities, failures in government debt, rising inflations. Read more here. 
  • Innovative Bike Light Company Swims With Sharks and Comes Out a Winner

    OSYB Staff
    19 Jul 2014 | 10:00 pm
    If you believe you have a great idea for a product to market, you may have to take a lot of risks to get funding and make it through to being actually a product on the shelf. Kickstarter has become an important tool for many product ideas. Read more here. 
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    Common Cents

  • 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…
  • Cashflow 101

    Joyce M. Washington, CPA
    9 May 2014 | 6:00 am
    Where are you in your business? Are you still sitting at the kiddie table? Or have you and your business grown up? If you’re still at the kiddie table and you want to play with the big boys (and girls), it’s time for your business to grow up. Otherwise what’s the point? Growing A “Real” Business From Nothing There are stages to being in business. The more traditional ones go something like this… Startup, Growth, Mature. The less traditional one, at least the one in my head, goes something like this… hobby (making no money), hobby (making a little money), hobby/business…
  • Accounts Payable 101

    Joyce M. Washington, CPA
    25 Apr 2014 | 6:00 am
    As promised, let’s continue the modified cash basis conversation. We started talking about it here, in the Accounts Receivable 101 convo… If you want better picture than a cash-basis** financial statement can give, in additional to tracking what your customers owe you (accounts receivable), you should track what you owe your vendors and suppliers (accounts payable). Most small businesses don’t need to go full throttle with an accrual basis accounting system… a modified cash-basis/modified accrual-basis system will work just as well. To achieve a modified basis system, track your cash…
  • Accounts Receivable 101

    Joyce M. Washington, CPA
    19 Apr 2014 | 6:00 am
    I see it all the time. New business owners want to get paid so desperately that they don’t set up a proper income tracking system… namely “accounts receivable”. Even if you have a “cash basis”** type business, it may be smart(er) for you set up a somewhat modified “accrual basis”** system. Basically, take elements from both systems and smush them together. How I do that and advise my clients to do that is to invoice clients (even if it’s a cash transaction, this is accounts receivable) and document what you owe (this is accounts payable – we’ll discuss this in a…
 
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    Presti & Naegele

  • July 2014, Newsletter

    pntsuper
    24 Jul 2014 | 7:10 am
    Annemarie Aguanno discusses financial audits and reviews and why they are a necessary evil. The post July 2014, Newsletter appeared first on Presti & Naegele.
  • July 2014 Tax Compliance Calendar

    Wayne Naegele
    18 Jul 2014 | 8:40 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 July 2014. July 2 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates June 25–27. July 7 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates June 28–July 1. July 9 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates July 2–4. July 10 Employees who work…
  • FAQ: What is Self-Employment Tax

    Joseph Romano
    18 Jul 2014 | 8:39 am
    Taxpayers who are self-employed must pay self-employment tax on their income from self-employment. The self-employment tax applies in lieu of Federal Insurance Contributions Act (FICA) taxes paid by employees and employers on compensation from employment. Like FICA taxes, the self-employment tax consists of taxes collected for Social Security and for Medicare (hospital insurance or HI). The self-employment tax is levied and collected as part of the income tax. The tax must be taken into account in determining an individual’s estimated taxes. The self-employed taxpayer is responsible for…
  • IRS Unveils Taxpayer Bill of Rights

    Andrew Presti
    18 Jul 2014 | 8:28 am
    The Tax Code contains many taxpayer rights and protections. However, because the Tax Code is so large and complex, many taxpayers, who do not have the advice of a tax professional, are unaware of their rights. To clarify these protections, the IRS recently announced a Taxpayer Bill of Rights, describing 10 rights taxpayers have when dealing with the agency. Taxpayer education The idea for a Taxpayer Bill of Rights has been percolating for several years. One of the leading proponents has been National Taxpayer Advocate Nina Olson. In January 2014, Olson told Congress that a Taxpayer Bill of…
  • Financial Audits and Reviews – More than a Necessary Evil

    Annemarie Aguanno
    18 Jul 2014 | 8:24 am
    Dealing with financial audits and reviews may not be the most exciting part of running a business, but each of these accounting engagements can bring considerable value to management. Whether you are a business owner or an external stakeholder, getting reliable, accurate and meaningful financial information is critical to your ability to protect your investment and maximize the value of your company. Many business owners view a third party audit or review as a necessary evil – something that banks and investors require that brings little value to your actual business operations. In fact,…
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    Accounting Articles & Advice

  • Keeping records for PAYE

    Karl Bilby
    24 Jul 2014 | 5:32 am
    Employers are required to retain records for all employees, outlining the gross amounts of pay and all deductions. PAYE records have to be kept for a specified period of time. They must also be accurate, so HMRC will be able to check that the correct amount of income tax and National Insurance is being deducted from the pay of employees. Reasons to keep PAYE records Accurate records have to be kept by employers in order to remain compliant with HMRC regulations. It is also easier for HMRC to check that your employees have paid the correct amount of tax and National Insurance at the end of the…
  • Complaints against HMRC

    Karl Bilby
    22 Jul 2014 | 1:37 am
    Complaints submitted to HM Revenue & Customs are all treated with impartiality and fairness, while being kept confidential. HMRC welcomes complaints, as they provide an opportunity for the organisation to improve the services offered to all its customers. Reasons for complaints against HMRC There are many reasons why you may wish to make a complaint. For instance, you may not be happy about the way that a member of HMRC dealt with your phone call, or there has been a lengthy delay in dealing with a letter you have sent. Although HMRC officers try to get it right the first time, there are…
  • Payroll tasks through the year

    Karl Bilby
    21 Jul 2014 | 3:05 am
    If you operate a Pay As You Earn scheme, you will now be submitting details to HMRC every time you make a payment to an employee as part of Real Time Information, which was introduced for employers from April 2013. Previously, you would send information to HMRC at the year end. As part of operating a payroll, you will have tasks to complete throughout the year to ensure that your employees are paid the correct amount, the right amount is deducted, and you make the correct payments to HMRC. Preparing for the new tax year The different payroll tasks All employees must have a payroll record set…
  • What is Alternative Dispute Resolution?

    Karl Bilby
    17 Jul 2014 | 7:00 am
    If you have a dispute with HM Revenue & Customs about your tax, you could try Alternative Dispute Resolution to help resolve an issue or reach agreement on a matter. You can apply for Alternative Dispute Resolution (ADR) through HMRC, and it doesn’t affect your right to request an independent review or appeal to the tribunal. Find out about ADR What is Alternative Dispute Resolution You could consider ADR if you are in a dispute with HMRC and feel that you aren’t progressing, perhaps when a compliance check is being conducted. The person who will work with you during ADR will…
  • VAT securities

    Karl Bilby
    15 Jul 2014 | 4:46 am
    If there is a risk of a business not paying its VAT to HMRC, or if the repayment of a VAT claim is a risk to HMRC, it is possible that the company will be asked to pay a security. If a claim for a VAT refund is going to take time to verify, or if a claim appears to be large or unusual, HMRC may issue a Notice of Requirement to the business asking for a security. Similarly, if there is any risk that VAT won’t be paid to HMRC by a company or trader, a Notice of Requirement will be issued. Security requested when a claim has been submitted If a VAT claim is received and there is reason to…
 
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    Advice for Tax Preparers

  • 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....]
  • The Definition of a Secret in a Public Accounting Firm Tax Department

    Bill Meador, CPA, JD
    2 Apr 2014 | 3:28 pm
    I could not find who originally said it. But the following quote is one that I heard from a management consultant friend of mine on a regular basis. He said the definition of a secret is “merely information that is passed one person at a time”. His point was that any information you give or action you take in front of anyone at the firm is at risk of being communicated to another person in the firm. It does not matter if the information is personal or professional or if the information was given accidentally or on purpose. Therefore, you should keep to yourself anything that you do not…
  • Tax Preparers: Learn about Four Professions that Create Problem Clients for CPA firms.

    Bill Meador, CPA, JD
    2 Apr 2014 | 10:29 am
    Tax accountants might work with numbers, but we are in a people business. You will run into good and bad clients in all professions. But the following professions tend to cause CPA firms more grief on average than others. If you are assigned a client in one of these area then look at the prior year files to see if the client tends to cause a problem for the firm. [click to keep reading...]
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    thecheapaccountants.com

  • PayPal to start advancing cash to UK small businesses

    admin
    24 Jul 2014 | 7:17 am
    The online payments firm PayPal has announced it is to start advancing cash to UK small businesses. The PayPal Working Capital fund is set to launch later this yearThe company is owned by eBay and claims that it would only recoup money when firms sell through PayPal services. However, recent complaints from customers in the US have highlighted that unauthorised repayments have been taken from accounts. PayPal has said that the payments were taken in error, and would be credited back to customers. ‘Funding in minutes’ PayPal states that it will approve advances based on customer history,…
  • UK broadband is not ‘sufficiently ambitious’

    admin
    21 Jul 2014 | 6:55 am
    In a recent report The Federation of Small Businesses (FSB) has criticised the UK Government’s current broadband policy as ‘not sufficiently ambitious’. The FSB stated that UK broadband is severely lacking, with an estimated 45,000 firms still on dial up. It is clear to see that while consumers may be noticing the benefits of high speed broadband, small businesses are missing out. Despite the recent claims by the FSB, the government and BT have said that the findings do not match reality. Small Businesses Small firms are increasingly acknowledging that access to high-quality broadband…
  • Finding your business feet

    admin
    18 Jul 2014 | 3:52 am
    Starting out with a new business venture can be enough to give even the most hardened business person sleepless nights. The run up before a new business launch can be a time filled with self doubt and last minute decisions, excitement and anticipation. Even if you have successfully set up and ran a new business, a new venture can be like the first time. Of course you will have done plenty of research and learnt as much as you can about your particular market and environment. You will have fully researched your competition and sampled their business services to see what is working and what you…
  • Your work has value.

    admin
    10 Jul 2014 | 7:09 am
    Hey, do you feel undervalued? Constantly being shorted changed for your hard work? Are you a Freelance inbound marketing SEO specialist? (Or Ivan from the USSR) well it may be time to take a real look at you, your business and how you deal with clients. As a freelancer, you have to take personal responsibility for every aspect of your own business, so if you’re having to plead for $50 on a 500 word post about cheese… Then you – maybe the problem. Now before you write me off simply as “mean” hear me out. Keep Occam’s razor in mind, when I ask the question: “Which is more…
  • The history of IR35

    admin
    4 Jul 2014 | 3:02 am
    The legislation for IR35 was first introduced in a Press Release issued 9th March, 1999, which outlined the changes that would be made to the provision of personal service. The Government had become aware of contractors providing services through limited companies in order to maximise their income. Although there are legitimate benefits to forming a limited company, Whitehall was concerned as many of the roles performed were similar to those of permanent employees. What is IR35? The legislation was so named as it was number 35 of the press releases that had been delivered during that year. IR…
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