Accounting

  • Most Topular Stories

  • Bipartisan Policy Center starts savings initiative

    CPA Letter Daily
    24 Apr 2014 | 6:09 am
    The Bipartisan Policy Center is hosting a new task force on savings and retirement called the Personal Savings Initiative.  -More- 
  • Reputation trumps referrals as driver of new business

    Financial Planning Digest
    24 Apr 2014 | 10:27 am
    A study from Cerulli Associates found that investors cited reputation over referrals as a key reason for choosing an adviser. -More- 
  • Culture of Purpose: Building Business Confidence; Driving Growth

    Deloitte U.S. Top Stories
    6 Apr 2014 | 5:00 pm
    The 2014 Deloitte Core Beliefs & Culture survey found that focusing on purpose rather than profits builds business confidence and drives investment.
  • Awards mount up for Deloitte’s cyber video

    Deloitte Global headlines
    18 Apr 2014 | 4:59 am
    Accolades continue to accumulate for Deloitte's video, “ Cyber Security. Evolved . ” After taking two prizes last month at the annual IVCA Awards in London, the video won another pair of medals at the New York Festivals TV and film awards on 8 April.
  • Duluth CPA Taking Christianity Into the World

    Accounting News and Notes
    John Dillard
    24 Apr 2014 | 3:27 pm
    Christian Living. It Ain’t Always Easy But It is ALWAYS Worth It! Our Faith Walk: “It Ain’t Over til the Fat Lady Sings” I am sure that all of you have heard the saying from the hall of fame catcher of the New York Yankees, Yogi Berra, “It ain’t over til it’s over.” Of course that is just one of his wise sayings. Then there is the old classic “It ain’t over til the fat lady sings.” Sorry for the appearance of a chauvinist saying but I do not believe there was any intention of such. Anyway the intention of each was to hold on to the fact that…
 
 
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    Accounting News and Notes

  • Duluth CPA Taking Christianity Into the World

    John Dillard
    24 Apr 2014 | 3:27 pm
    Christian Living. It Ain’t Always Easy But It is ALWAYS Worth It! Our Faith Walk: “It Ain’t Over til the Fat Lady Sings” I am sure that all of you have heard the saying from the hall of fame catcher of the New York Yankees, Yogi Berra, “It ain’t over til it’s over.” Of course that is just one of his wise sayings. Then there is the old classic “It ain’t over til the fat lady sings.” Sorry for the appearance of a chauvinist saying but I do not believe there was any intention of such. Anyway the intention of each was to hold on to the fact that…
  • Is Incorporating Your Business the MOST Important Tax Decision You Will Ever Make?

    John Dillard
    22 Apr 2014 | 11:15 am
    While evaluating what type of entity your business should be, we strive to balance the legal protection issues vs. the tax savings. Over the years, we have developed the mindset that there is no perfect election but there are ones that are better than others. The assumptions below are based upon the fact that my clients tell me that they want to pay as few tax dollars as legally possible. There are very specific rules, as well as some generalities. While considering incorporating in Georgia, we suggest that you sit down with a tax professional to see how these guidelines relate to you.
  • He IS Risen Indeed!!! Happy Easter!!!

    John Dillard
    18 Apr 2014 | 5:41 am
    Stop living in the world of the dead and start living in the world of Eternal Life I wonder what Jesus was thinking on Palm Sunday. What we often see as a celebration of His triumphant return to Jerusalem. He knew the truth. He was riding in to his destiny. An excruciating death. On a Cross where all He knew fled. While He bled. Where are You today in your walk? Are you seeking Christ? Or an Easy Way Out? Maybe this Easter it is Time. To Draw a Line in Concrete Rather than Sand!!! Today was the day he perished on a hill. So that we might all have the free gift of everlasting life. Choose…
  • Running a Business is an Art Based Upon the Science of Business

    John Dillard
    18 Apr 2014 | 5:38 am
    ALL honest business owners will tell you they struggle. What to do? What to do Next? How Hard to Work? What to Work On? What to Focus On? “For Running a Business is an Art Based Upon the Science of Business” – Duluth CPA, John Dillard Buying or Selling a Business? How to Determine Business Value Hi John, I’m seriously considering a change in my life.  With that I must decide if I am going to keep my business, sell it, or walk away.  I’ve been doing some reading on how to value a business for sale.  It’s overwhelming for me.  Having seen my tax forms over the…
  • 25 Christian Blogs You Should Be Reading

    John Dillard
    16 Apr 2014 | 7:17 am
    25 Christian Blogs You Should Be Reading
 
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    CPA ZONE

  • 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) http://www.youtube.com/watch?v=_I_R0zVQD9s and you can find REG Q1 here:http://www.cpanet.com/go/yaegercpa/sg/regknowledge001.asp 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: https://www.facebook.com/groups/222192327942043/ AUD: https://www.facebook.com/groups/175395602655535/ REG: https://www.facebook.com/groups/435141556592338/ BEC: https://www.facebook.com/groups/465025403615599/ 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
  • Bonds: Intro to Bonds & Relationship Between Bond Prices & Interest Rates - FAR Study Group

    Brenda Mizgorski
    25 Feb 2014 | 3:12 pm
    Introduction to Bonds (8:41) Relationship Between Bond Prices and Interest Rates (13:15)
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    A Counting School - Hardcore Chartered Accountancy

  • 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…
  • CA magazine: about to disappear

    Krupo
    16 Oct 2013 | 5:16 pm
    If you visit CAmagazine.com - at least between now and the end of 2013 - you'll be greeted with this cheerful message:Welcome to CPA Canada! The CICA and CMA Canada joined together January 1, 2013, to create CPA Canada as the national organization to support unification of the Canadian accounting profession under the CPA banner. Our integrated CPA Canada website will launch in January 2014. Until that time, all our existing resources, services and information are available through the CICA and CMA Canada legacy sites. This shouldn't come as much of a surprise to anyone: the first…
  • Hitting undo on your PDF files: software review

    Krupo
    15 Oct 2013 | 6:21 am
    I recall many instances where a colleague, client or other external auditor provided me with a PDF. And the partner I was working with would ask for one of the tables in that PDF, except they'd want to change a grand total of two or three words. Maybe the year, whatever. Unfortunately, PDF files are like a piece of paper. If you want to quickly swap out a word, it's like assembling a ransom note with words cut out from different magazines. Cumbersome, ugly, and perhaps even a little creepy.Adobe provides some very rudimentary solutions, but more specialized tools are generally called…
  • Like waking up from a nice long nap, in time for Thanksgiving

    Krupo
    14 Oct 2013 | 7:47 am
    The reasons aren't particularly important, but I'm going to acknowledge the fact that there's been an exceedingly long break between postings here. As a reminder, the original "scope" of this site, to use CA-speak, was to track notes and force myself to think more about the UFE. That milestone after three days of writing, and got validation along with an awesome victory poem from a friend along the way. I've meandered away from that core scope with various observations on the profession and whatever else seemed interesting at the time, but it's good to realize…
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    Mark Lee - all about accountants

  • The Inner Circle – first meeting report

    bookmarklee
    22 Apr 2014 | 3:54 am
    The inaugural meeting of The Inner Circle for Accountants was evidently a success last week.  I have summarised below some of the key takeaways. We met at Soho House in London and Members clearly valued the mix of shared peer-led insights together with, as one said, “the independent common sense you always get from Mark Lee”. It was a diverse non-competing group of sole practitioner accountants from different areas around London (eg: Rickmansworth and Wandsworth). After members had introduced themselves we focused on two key areas: Making efficient use of social media; and…
  • 9 things to avoid doing on social media

    bookmarklee
    15 Apr 2014 | 12:46 am
    Too many people play at social networking and don’t really ‘get it’. Then they assert that ‘social networking’ doesn’t work – although the fault is not so much with the medium as with the way they used it. There are many posts on this blog that can help social media novices – and also more experienced users. This time though I have summarised nine things you would be well advised to avoid doing on social media – if you want to have a chance of using it successfully for business purposes. Don’t make it all about you. Self promoting is…
  • How to win at the Networking card games

    bookmarklee
    10 Apr 2014 | 1:14 am
    Popular business card games include the perennial classics: ‘How many can I give out in one night?’ And ‘How many can I collect?’ But what do you really win if you play these games? I’d suggest you are not so much a winner, more of a loser. Sorry to be harsh but if that’s how you play you are missing the point of Networking and so you are wasting your time. Just as if you wanted to play poker but spend your time visiting Bridge clubs. Actually, playing cards can provide a number of useful metaphors that can help us to remember what to do if we want our…
  • My Linkedin ‘Pom-Pon’ stick

    bookmarklee
    3 Apr 2014 | 11:10 am
    I’m a big fan of Linkedin as it can be a very effective online business networking tool. I always wince when I hear it being spoken of as a social networking site in the same breath as facebook, twitter and pinterest. It’s quite distinct and, in my experience, is generally used in a very different way from the more ‘social’ sites. My enthusiasm for Linkedin together with my long time love of magic has led me to coin a new acronym for my connections on Linkedin. People On My Perpetually Online Network (‘Pom-Pon’). Henceforth the magic PomPom stick I’m…
  • Lessons for accountants from…. Coffee enthusiasts

    bookmarklee
    25 Mar 2014 | 3:44 am
    During a trip to Cape Town I chanced upon the Espressolab in The Old Biscuit Mill at Woodstock. This is a fantastic little place where a range of bespoke coffees are also being roasted in a laboratory style environment. When we arrived the owner asked us what sort of coffee we liked. I admitted I was happy with Nescafé instant. He was visibly shocked and, I fear, a tad insulted that such a novice had entered his domain. I realised I’d been a tad foolish – allbeit honest. He asked what we’d like today and I said I’d chosen to try one of the half dozen specially…
 
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    NJSCPA Exam Cram Blog

  • Staying Focused

    Taka Tanahashi
    23 Apr 2014 | 9:55 pm
    Hi all! I just wanted to send a quick blurb out about keeping focused. It's self explanatory, but sometimes it's hard to walk the walk when so much is going on around you. You might be coming off a busy...
  • Busy season

    Timothy McMillan
    23 Apr 2014 | 10:45 am
    It's been a while since my last post- they're not kidding when they call it busy season. My first tax season was extremely educational, I wound up learning a lot. I got many different things thrown at me, and I...
  • Audit Round 2.

    Jaime Fitzpatrick
    23 Apr 2014 | 10:12 am
    Hello everyone!! My apologies for the long hiatus! This busy season, my first, was a tough one. I was doing a ton of traveling and working from another office that was a distance from my home which left hardly any...
  • 22 Apr 2014 | 2:49 pm

    Jessica Wolff
    22 Apr 2014 | 2:49 pm
    Busy season ended April 15th - finally. This one was wicked; they seem to get worse every year. I'm hoping I can get as much done as I can over the summer so that September/October season isn't as awful. With...
  • Spring has sprung

    Sophie de Koning-Teasdale
    13 Apr 2014 | 8:37 pm
    The one downfall of this gorgeous Spring weather is that I can't go outside and enjoy it as much as I would like. With my REG exam coming up in just over a month, I know I have to do...
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    AccountingCoach

  • What is a trial balance?

    AccountingCoach.com
    24 Apr 2014 | 11:42 am
    A trial balance is a bookkeeping or accounting report that lists the balances in each of an organization’s general ledger accounts. (Accounts with zero balances will likely be omitted.) The debit balance amounts are listed in a column with the heading “Debit balances” and the credit balance amounts are listed in another column with the heading “Credit balances.” The total of each of these two columns should be identical. In a manual system a trial balance was commonly prepared by the bookkeeper in order to discover whether math errors and/or some posting errors…
  • What is an overdraft?

    AccountingCoach.com
    11 Apr 2014 | 5:29 am
    An overdraft usually refers to a checking account where the amount of checks presented to the bank for payment exceeds the amount on deposit. When this occurs we say that the checking account customer has overdrawn its account. The overdraft means that the bank’s records indicate a negative checking account balance. A checking account overdraft will likely result in bank fees for either 1) returning the checks to the endorser or payee so that the account balance will not remain negative, or 2) not returning the checks and allowing the checking account balance to remain negative. If…
  • Why is income received in advance a liability?

    AccountingCoach.com
    9 Apr 2014 | 4:43 pm
    Under the accrual method of accounting, income that is received in advance is a liability because the company that received the money has not yet earned it and it has an obligation (a liability) to deliver the related goods or services in the future. Accountants may say that the income should be deferred to a balance sheet account until it is earned. Once the money is earned it will be moved from the balance sheet account to a revenue or income account. In terms of debits and credits, the company receiving the money in advance will debit the asset account Cash and will credit a liability…
  • What is a noncurrent asset?

    AccountingCoach.com
    8 Apr 2014 | 7:59 am
    A noncurrent asset is an asset that is not likely to turn to unrestricted cash within one year of the balance sheet date. (This assumes that the company has an operating cycle of less than one year.) A noncurrent asset is also referred to as a long-term asset. Noncurrent assets are reported under the following balance sheet headings: Investments (long-term) Property, plant and equipment Intangible assets Other assets Examples of noncurrent assets include the cash surrender value of life insurance, a bond sinking fund, certain investments in other corporations, land, buildings, construction in…
  • Should a cash discount be recorded as a reduction to an expense?

    AccountingCoach.com
    27 Mar 2014 | 7:00 am
    Yes, a cash discount should be a reduction to an expense. After all, accountants define cost as the cash amount (or cash equivalent amount) at the time of the transaction. To illustrate, let’s assume that your company receives marketing consulting services and is billed $10,000 with terms of 1/10, net 30. If the bill is paid within 10 days, the cost is $9,900 ($10,000 minus the 1% discount of $100). This means that Cash should be credited for $9,900 and that the account Marketing Consulting Expenses should be debited $9,900. The cost of the marketing services was the cash price of…
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    CPA Success

  • You’ll never guess the skill all future leaders need

    24 Apr 2014 | 4:00 am
    “Our job,” says American Society of Association Executives tech chief Reggie Henry, “is to make the future comfortable for others.” We couldn’t agree more. The idea is this: Leaders need to be early explorers of new frontiers, then help guide their clients there as well. It’s not a new idea. That notion has been bouncing around the thought leadership room for a while now. Futurist Andrew Zolli says detecting “weak signals” of disruptive change and acting on them early is the key to future-focused leadership.  “I need you,”…
  • Maryland’s senators earn praise for DATA Act passage

    21 Apr 2014 | 8:47 pm
    With the DATA Act approved by the U.S. Senate and on its way to the House, it’s time to hand out some well-deserved thanks to some folks who helped move the groundbreaking legislation forward. I’m talking about Maryland’s U.S. senators, Democrats Ben Cardin and Barbara Mikulski, whose support has been instrumental to the data transparency movement in Washington. “We wish to thank senators Cardin and Mikulski for their leadership in advancing the DATA Act,” said MACPA Executive Director Tom Hood. “This important legislation will help contribute to an…
  • Want people to be nice? Be nice first.

    18 Apr 2014 | 4:00 am
    It was raining in New York. LaGuardia was mobbed, and one look at the “big board” told the story: Nearly every departing flight was delayed, and not just by a few minutes. We’re talking two-, maybe three-hour delays, the kind that make people really, really grumpy. Except almost no one was grumpy. They were sharing tables and chairs at the terminal’s lone, overcrowded bar. Air-travel veterans were plugging in multi-outlet chargers and making new friends of the strangers who stopped by to charge their iPhones. In line to board their flights, folks were joking about how…
  • Our DNA doesn’t want us to change. Time for some genetic engineering.

    14 Apr 2014 | 8:52 am
    We’ve spent a lot of time over the years asking how to battle change and complexity. Turns out we’ve had the answer all along. All we have to do is be ourselves. In his terrific new book You Are Now Less Dumb, David McRaney says humans are genetically hardwired “to be optimistic in the face of futility.” It keeps us from giving up when we encounter hardships. When the chips are down, McRaney says we are programmed to see the silver lining. It’s all thanks to “positive illusions” — unrealistically favorable opinions that…
  • Senate OKs data transparency legislation

    10 Apr 2014 | 2:56 pm
    Our dream of transparent federal spending data and government accountability is a step closer to reality. The U.S. Senate has unanimously passed the Digital Accountability and Transparency Act, or DATA Act. Nearly three years in the making, the legislation would standardize the ways in which federal spending information is reported and call for the creation of a searchable online database that would let all Americans see how the government is spending their money. The bill next moves to the House for final approval there. Passage by the House could come soon after the Congressional recess…
 
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    TSCPA Governmental Affairs

  • Who is Mike Collier?

    Bob Owen
    17 Apr 2014 | 11:44 am
    We've promised to pay close attention to the State Comptroller's race pitting Republican State Sen. Glenn Hegar against newcomer Democrat Mike Collier.  As reported before, Collier is a CPA,  a former partner in an international accounting firm and former CFO of an oil and gas business.  Who is this CPA whose first venture into politicis is to run for the State Comptroller's office?  Collier spent an hour being interviewed by Evan Grant in the Texas Tribune TribLive presentation.  This interview, which included some questions from the…
  • Sales Taxes on Accounting Services?

    Bob Owen
    11 Apr 2014 | 1:44 pm
    We've had several recent articles on the blog (just scroll down) about Sen. Glenn Hegar's idea to replace property taxes with sales taxes.  While it still may be a fantasy exercise, an article in the Fort Worth Star-Telegram caught my attention.  The article is weighing the pros and cons of the proposal.  The cons include a very high sales tax rate.  Article author Mike Norman says: "That [sales tax rate] might be brought down some by applying the tax to some goods and services that are not covered now. Taxes on legal services and even real estate…
  • It ain't goin' to happen!

    Bob Owen
    10 Apr 2014 | 7:31 am
    About the only continuing news in the state comptroller's race is the manufactured controversy over Republican nominee Sen. Glenn Hegar's comment before a Tea Party group that he would favor replacing the property tax with a sales tax.  I say manufactured controversy because Democratic nominee Mike Collier, CPA, has successfully generated numerous press articles, almost all critical Hegar's suggestion, by harping on an issue that any thinking Texas knows will not happen. The complications of replacing propert tax with a sales tax are so many and so frought with political…
  • Collier's first campaign ad continues to attack Hegar's property tax for sales tax idea

    Bob Owen
    2 Apr 2014 | 12:48 pm
    We mentioned last week that Democratic State Comptroller candidate Mike Collier, CPA has gained a little press notice by claiming his Republican opponent, Sen. Glenn Hegar, was proposing a 25% sales tax.  While that might be an overstatement, the press has continued to write about it.  Hegar has expressed the idea of swapping property taxes for sales taxes, although his campaign is quick to point out that won't be happening any time soon.  Collier must think it's still good campaign fodder because he uses the same line in his first campaign TV ad.  Read about…
  • Comptroller's race draws a little press attention

    Bob Owen
    28 Mar 2014 | 3:12 pm
    It's a long time until the November general election and normally you wouldn't be hearing much about the State Comptroller's race so early in the game.  But the press picked up on one candidates claim that the other candidate favors a 25% sales tax.  Is that true? Well, sorta. The Republican candidate, Sen. Glenn Hegar, did say he favored eliminating the property tax and replacing it with a consumption tax in a speech in February.  He's been known to make the suggestion before.  In fact, I believe it's one of the Republican Party…
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    CPA Trendlines

  • 16 Questions Before Merging Up

    writer 12
    23 Apr 2014 | 9:59 pm
    By Marc Rosenberg 1. Are there one or more partners at the larger firm who will be retiring in the next 5-10 years? 2. Will the retirement obligation to one dominating partner be so large that the firm cannot afford the payments? 3. Will the retirement of one or more key people in the next […]
  • Make Risk Work for You

    Rick Telberg
    23 Apr 2014 | 1:48 am
    How to turn risk into a business opportunity. By Sean Stein Smith, CPA, CMA, CGMA A Fresh Pair of Eyes Risk is an inevitable part of life, as well as being inherent in every business transaction that is undertaken, or not undertaken. Organizations have created chief risk officers and entire departments that are dedicated to […]
  • 6 Reasons to Keep Partners from Retiring

    cpaadmin
    22 Apr 2014 | 6:32 am
    And 4 ways to put them to good use. By August J. Aquila Creating the Effective Partnership There may be some senior partners who want to spend their remaining years basking in the sun or playing golf. But, given the negative and low returns of the stock market the last few years, more senior partners […]
  • The Top 10 CPA Firm Problems that Technology Can Address

    cpaadmin
    21 Apr 2014 | 10:44 pm
    New survey shows technology's role in turning challenges into opportunities...
  • Efiling by Tax Professionals Declines by 207,000 Returns

    cpaadmin
    21 Apr 2014 | 8:03 am
    Through April 12, with only days to go, the nation’s professional tax practitioners had efiled almost 62 million returns, down about 207,000 from the same time a year before, or 0.3%. That may represent something of a last-minute recovery, considering that at one point in the season the profession was behind by as much as […]
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    Success Starts Here

  • The McGladrey Baltimore office: Experience the Excitement!

    Courtney
    9 Apr 2014 | 7:34 am
    By Marty BrunkOffice Managing Partner - Baltimore Visualize This: Situated in the robust Harbor East area of Baltimore with picturesque views of the waterfront. Surrounded by talented individuals striving to exceed client expectations. Working with many of the premier companies and their C-Level Executives. Serving the needs of the community with active involvement in charitable organizations and community efforts. You have just entered the McGladrey Baltimore Zone.Conference Room in BaltimoreOur people enjoy a diverse work experience and are constantly challenged by the complexities of…
  • The Final Stretch

    Courtney
    4 Apr 2014 | 11:58 am
    By Matt MatulaTax InternChicago, ILInterning at McGladrey has been quite the experience to say the least. I have made so many good friends and I learned more than I could possibly imagine in such a short time span. I feel as though I have become an integral part of a very close knit community of co-workers in my MWD department. Even though I still have so much more to learn, I definitely have noticed that I have become more helpful to the team rather than being the one who always needs help. However, this is to be expected after spending several weeks working 12 hours a day. Although 12 hours…
  • Hard Work, Done Well, Feels Great

    Courtney
    3 Apr 2014 | 2:42 pm
    By Joshua BensonAssurance InternPhoenix, AZAs my assurance internship comes to an end, I am reminded of my old swim coach’s saying: “hard work, done well, feels great.” Those words have never meant as much to me as they do now. The last three months have flown by, and I can’t imagine feeling any better about the work that I have put in, the people I have been able to meet and work with, or the company that I have been privileged to work for and represent. My internship experience has only solidified my choice to pursue a career in assurance, and I am very eager to take the skills and…
  • Memorable Experience

    Courtney
    3 Apr 2014 | 2:39 pm
    By Morgan Quesinberry Assurance Intern Orlando, FLThroughout my internship I have learned more than I ever could have imagined. I have learned about the people that make up McGladrey and the amazing opportunities McGladrey gives their interns. The perk of interning during busy season is you get to see everything! After my audit internship, there is no workpaper I can’t tackle. Within the internship I was able to work on several different types of clients and industries. With each client, you learn the ins and outs of the company. It was very interesting to see how different industries are…
  • Did that really just happen?

    Courtney
    3 Apr 2014 | 2:36 pm
    By Precious DannugAssurance InternChicago, ILAll of this learning, all of this hard work, all of this knowledge, all of this food —in a matter of 11 weeks?! My mind has been blown in the best way possible. McGladrey has provided me with an internship experience beyond my expectations and I wouldn’t go back to change a second of it. Saying that I learned a lot is an understatement. Sometimes you just have to dive into the water head first. To me, busy season was a huge body of water that was the complete unknown. But, with McGladrey, I nervously dove in head first, and came out being…
 
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    Jr Deputy Accountant

  • Dear Congressional Critters, Thanks But I Don't Need You to Tell My Boss to Pay Me What I Am Worth

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

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

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

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

    Jr Deputy Accountant
    14 Nov 2013 | 7:35 pm
    My actual DVR, don't judge meI was talking social media in North Carolina earlier today with other PR/media/social media hacks like myself (don't ask why I was there, I need to see the east coast I guess) and came home to find I had both Verizon FiOS remotes downstairs. This is distressing because one belongs to my badass 2003 Sharp Aquos 20" flat screen in my bedroom, it's an old workhorse I picked up cheap on San Francisco Craigslist before I moved out east. And it still works, while withstanding my army of cats. That says something.Anyway. NC was cool, this happened and it was great.BUT,…
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    One Accounting

  • Salary and Dividend Strategy 2014

    Chris Thomas
    18 Apr 2014 | 6:49 am
    As a director and shareholder of your own company you can decide how much salary to pay yourself each month in order to use your tax-free personal allowance in the most tax efficient way. Any further funds you need can be extracted as a dividend if the company is making a profit. If you are a director of your company and you don’t have a contract that sets out terms of employment with the company, you don’t have to pay yourself the national minimum wage. So how much should you pay yourself? For 2014/15 if you were born after 5 April 1948 you have a tax free personal allowance of…
  • Salaried Members of LLPs

    Chris Thomas
    9 Apr 2014 | 7:47 am
    Do you operate your business as an LLP? If you do, you need to be aware of the change in tax treatment of certain LLP members from 6 April 2014. Members who meet all of these conditions will be taxed as employees: A. works for the LLP as an LLP member and at least 80% of the amounts paid to him for that work are disguised salary; B. does not have significant influence over the affairs of the whole of the LLP; and C. is not required to contribute funds to the LLP (a capital contribution), or if he does contribute funds that contribution is less than 25% of his disguised salary for the…
  • Budget March 2014

    Chris Thomas
    21 Mar 2014 | 7:30 am
    This was a Budget for bingo-playing baby-boomers who have not started to draw their private pensions. George Osborne announced some sweeping reforms to the taxation of pensions and halved bingo duty. The traditional sin taxes on booze and fuel have largely been frozen or even reduced, although tobacco suffers a 2% above inflation tax rise. The new “sins” appear to be; owning a valuable home through a company and operating a high-stakes gaming machine. Most individuals aged under 67 will feel the benefit of an increase in personal allowance from £10,000 to £10,500 in 2015. A…
  • 2014 Budget Summary and 10 Ways To Reduce Your Income Tax Liability

    Chris Thomas
    20 Mar 2014 | 3:04 am
    THURSDAY 20/03 at 10.30AM Join our Director Chris Thomas for a very special and FREE 30 minute webinar this Thursday at 10.30 am. Chris will offer his analysis of the 2014 Budget speech which Chancellor George Osborne is making on Wednesday. The end of the 2013/14 tax year is less than 3 weeks away so Chris will also be highlighting 10 areas where you may be able to reduce your Income Tax liability. To attend the webinar please follow this link below 5 minutes before it starts. https://global.gotomeeting.com/join/804686005 Please feel free to invite as many colleagues as you would like by…
  • Business Journeys – Can you claim tax relief on your travel expenses?

    Chris Thomas
    11 Mar 2014 | 4:56 am
    A number of self-employed businesses have been waiting for a tax case to be decided which turned on the question of “what is a business journey?” The test case concerned a doctor who was both employed by the NHS and self-employed as a private consultant. The Upper Tax Tribunal decided that the doctor’s self-employed work started when he arrived at his private clinic, so the travel between his home and the clinic was not a business journey. This was in spite of the fact the doctor had an office at his home where he prepared his treatment plans. So what does this mean for you…
 
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    JonathanMilligan.com

  • 037: 3 Simple Actions to Simplify Your Life Today! [Podcast]

    Jonathan Milligan
    24 Apr 2014 | 4:22 am
    Today’s tips are not about how to better organize the garage or what you should do with your husband’s baseball card collection. I want to talk about you and what’s happening on the inside. Sure it is good to simplify your environment and the areas in which you live. Sometimes living in a messy environment adds to your psyche and can quickly discourage you. I want to talk today about simplifying life on the inside.  Which is the best way to simplify your life in general. Everything begins on the inside. How you view your life and if you have real joy is coming from the…
  • How to Stop Multitasking Once and For All

    Jonathan Milligan
    16 Apr 2014 | 5:00 am
    One of my favorite arcade games as a kid was “whack-a-mole.” Remember that game? You had a club in your hand and the object was for you to stare at 9 holes at the same time, while trying to hit a mole as it randomly popped up. Did I just describe your work day? I know mine has certainly felt like that at times. For a long time, experts claimed that those who are great at multitasking are the most productive employees. Not true. I want to share with you how to stop multitasking. Steve Uzzell said it best: “Multitasking is merely the opportunity to screw up more than one thing at a…
  • 036: 7 Reasons to Push Past Fear and Try Something New

    Jonathan Milligan
    11 Apr 2014 | 7:45 am
    When I was just 22 years of age, I was thrust into a speaking engagement with over 600 church pastors in attendance. What made this challenge even more scary is each had a grading sheet in hand. Talk about pressure. My college degree was in Church Ministries and one of the required classes was Homiletics, which is the art of speaking or delivering messages to an audience. I was selected as one of the top 3 in my class, which received the opportunity to be judged by over 600 pastors during the college graduation week festivities. Some reward, right? I still remember some of the thoughts that…
  • Anyone Can Be in Business – 3 Reasons You Should Start One Today!

    Jonathan Milligan
    9 Apr 2014 | 4:00 am
    When I was a Senior in high school, I spent an entire school day at my Grandfather’s hardware store in Indiana. It was “career shadow day” and I wanted to see what it was like to run a business. Since I was young, I had always been fascinated with what it was like to run a business. That day my Grandfather taught me many lessons. I remember learning for the first time about hard costs, profit margin, and managing inventory. “You must have a minimum of 33% profit margin if you ever hope to be successful in business,” my Grandfather replied. In many ways, I really…
  • 035: Chapter 2: From Bad to Worse – How to Overcome Your Downward Spiral

    Jonathan Milligan
    2 Apr 2014 | 1:00 am
    Mack rushed off the elevator of the 19th floor toward his cubicle. He arrived without anyone noticing that he was a few minutes late (or so he had hoped). He noticed that his voicemail light was bright red on his phone. Nothing unusual or so it seemed. He punched in his code and it was his boss asking him to stop by his office. Mack hung up the phone wondering what Ray, his boss, could possibly want. He recalled the day that Ray hired him over 5 years ago. It was a great day. Start from the beginning of this story by clicking here. Would you rather listen to Chapter 2? Click play below……
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    Invoice Factoring Companies | Factoring Invoice | Accounts Receivable Factoring for

  • When You Sell Invoices for Immediate Cash-That Means No More Late Payments and Fees

    Heather Burford
    24 Apr 2014 | 1:56 pm
    You are familiar with the concept of factoring invoices, but wonder if this approach will really benefit your business. After all, the decision to sell invoices does mean that the funding partner will want some sort of fee. Adding up … Continue reading →
  • Invoice Factoring – A Key Strategy for Cash Flow Management

    Heather Burford
    22 Apr 2014 | 10:11 am
    Invoice factoring is a financial strategy that involves the sale of a batch of invoices to a funding partner, known as a factor. This approach offers a number of benefits to everyone involved, including the company who chooses to factor … Continue reading →
  • How AR Factoring Works

    Heather Burford
    18 Apr 2014 | 9:32 am
    Even profitable businesses sometimes run short of cash. When that happens, and you need to raise funds to pay the bills quickly, factoring your accounts receivable may be a viable option. How factoring works Factoring AR involves selling your accounts … Continue reading →
  • Collect A/R Faster by Factoring Receivables

    Heather Burford
    15 Apr 2014 | 10:09 am
    Factoring receivables is a great way to make use of a financial resource sooner rather than later. By working with a funding company, it is possible to obtain a lump sum of cash shortly after delivering a product or completing … Continue reading →
  • Finance Your A/R by Factoring

    Heather Burford
    9 Apr 2014 | 3:10 pm
    There are several ways to get accounts receivable financing, with one of the most popular being factoring. Factoring may be a good form of financing for businesses that have a lot of accounts receivable, but are unable to get a … Continue reading →
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    Intuit News Central

  • Day 18: Calculating Cost Base and Capital Gains on Foreign Investments in Quicken®

    Eileen Reppenhagen
    24 Apr 2014 | 6:00 am
    Foreign reporting requires that taxpayers keep track of their adjusted cost base for all foreign investments. How does one do that? My solution is to recommend the use of Quicken Home and Business software because it includes an extensive investment tracking module. Here’s how. Before entering transactions, gather exchange rates for the date of each transaction. Access the 10-year converter provided by the Bank of Canada. Key in the transaction date, USD amount, choose to convert USD to Canadian to activate the calculation and print the report to keep with your tax records. Review the…
  • Why You Should Attend Scaling New Heights

    Scott Cytron
    23 Apr 2014 | 7:20 am
    Where will you want to be in June? If you’re one of more than 1,000 QuickBooks ProAdvisors, accountants and consultants, you’ll be at Scaling New Heights 2014, June 15-18 at the J.W. Marriott Hill Country Resort in San Antonio. I sat down with Joe Woodard, host of the conference, and president and CEO of Woodard Consulting Group, to find out more about this year’s conference. Scott Cytron: What’s new at this year’s SNH? Joe Woodard: Since many of our attendees are multi-year veterans of the conference, we work very hard to infuse each Scaling New Heights event with fresh training…
  • Day 17: Options to Claim One or the Other, But Not Both ….

    Eileen Reppenhagen
    23 Apr 2014 | 6:00 am
    TurboTax Online is not letting you claim the disability tax credit. You’ve claimed the first six months of care costs and it lets you claim $10,000. But, when you input the nursing home costs for the last six months at the full amount per the receipt, the system is saying you can’t claim the disability tax credit or the attendant care costs if you claim the nursing costs. If you’ve never used TurboTax Online, you can experiment with it for free. See my short video (YouTube) that explains how teachers can sign up high school students anonymously to learn about tax. The Canada Revenue…
  • Meet the Intuit® Team Face to Face in 2014

    Donna Duncan
    22 Apr 2014 | 7:36 am
    In 2014, the Intuit team will criss-cross the country to meet accounting professionals just like you. Check out our schedule and come see us if you get a chance. More dates are being added, so check back often to find out where we’re going to be. We love meeting our customers!   2014 Trade Show Schedule Click on any of the following shows for more information and a registration link: 2014 Accounting Technology New York Show & Conference April 30 — May 1, 2014 Pennsylvania Hotel, New York City New Jersey Accounting, Business and Technology Show May 14-15, 20214 Meadowlands…
  • Introducing a Single Destination for Everything-Certification

    Jyothiprakash Trishuleshwar
    22 Apr 2014 | 6:49 am
    Based on your feedback, we have launched a brand new Certification Center allowing you to access everything-certification in one place. The new Certification Center allows you to take all actions related to certification from one place within your QuickBooks ProAdvisor Member Website. Within one page, you will be able to:   Access Training for each certification (QuickBooks Online, QuickBooks Desktop, QuickBooks Enterprise Solutions, QuickBooks Point of Sale and Advanced QuickBooks). Take exams for each certification and view certification status. Access the ACE (Advanced Continuing…
 
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    AICPA Insights

  • 3 Tips to Find Your Professional True North

    Guest Blogger
    22 Apr 2014 | 4:35 am
    Finding your professional true north, a path you can be passionate about and one that will provide you with direction in the future, is attainable – when you have the right navigation. Whether it is honing your personal skill set, positioning your practice for growth or transforming your organization’s technology infrastructure, it is important that you be the navigator. There are endless possibilities to explore, pursue, master and achieve, and it is important you arrive exactly where you want to go. Keep in mind that finding your way often means asking for directions and talking with…
  • Succession Planning: The Talk You Need to Have

    William Balhoff, CPA, CGMA, CFF
    21 Apr 2014 | 4:00 am
    Strong planning skills are a must for anyone who wants to be at the top of their field. CPAs have these skills in spades. Our fingerprints can be found on the successful business plans of companies throughout the country—from the mom and pop store down the street, to the Fortune 500 company with thousands of employees, and everything in between. Helping organizations chart their long-term future makes us indispensable threads in the fabric of the U.S. economy. Why, then, do so many of us not engage in planning for the long-term future of our own firms? According to the 2013 Private…
  • In the News: It’s Never too Early to Think About Taxes

    James Schiavone
    18 Apr 2014 | 4:33 am
    The deadline to file your 2013 taxes – or file for an extension – passed earlier this week. What’s the significance of that? It’s time to think about planning for the 2014 filing season. As many CPAs will tell you – taxes are something to consider year round. And one of the best ways to ensure that you are best positioned to pay no more than you owe is by being meticulously organized throughout the year. Enterpreneur.com recently posted an article suggesting some technology tools that will keep you organized in advance of next tax season – and no, a shoebox to hold all your…
  • Tax Planning is a Critical Factor in Financial Planning

    Guest Blogger
    16 Apr 2014 | 4:00 am
    Congratulations on making it through another tax season! From those long hours, including rigorous reviews and meetings with clients, you’ve gained unique insight into their lives—insight into their incomes, spending habits, investments and life events. Income tax planning and estate planning elements have become a more critical part of overall personal financial planning with the enactment of the American Taxpayer Relief Act of 2012 and the Net Investment Income Tax. While reviewing those 1040s, you are able to envision potential tax impacts of financial decisions and begin considering…
  • 5 Tips for a Culture of Inclusivity

    Arleen Thomas, CPA, CGMA
    15 Apr 2014 | 11:19 am
    When it comes to success, we often see and hear more well-intentioned plans and how-tos than we could ever use. Websites, blogs, consultants, colleagues and for many of us, our friends and family, all have opinions on what can help businesses stay on course. But what if one of today’s best resources for success is right inside our own companies and it just isn’t being developed as strongly as it needs to be? I found some great insights into that issue recently when I attended Tomorrow’s Company’s launch of their report, Tomorrow’s Global Leaders: How to Build a Culture that Ensures…
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    OSYB Number Crunch! Bookkeeping Tips from Outsouce Your Books.

  • 5 Ways to Stay Within Your Budget When Buying a House

    OSYB Staff
    24 Apr 2014 | 10:00 pm
    If you are a prospective home buyer, hopefully you have a budget that will allow you to purchase and enjoy your home without financial stress. Keeping a good grasp on your budget is a must when making any large purchase. This article offers great tips on how to stay within your budget when buying a home. 
  • A WIN FOR STUDENT ATHLETES OR FOR THE IRS?

    OSYB Staff
    24 Apr 2014 | 10:00 pm
    Student athletes and fans alike are celebrating the shared profits for players. It was ruled that these players are employees and will be treated as such. But is this a real win for the players who get a share in the profits of their names? Or is it more of a win for the IRS?
  • Choosing Your Business Structure

    Ed Becker
    24 Apr 2014 | 9:55 am
    Whether you are just beginning your small business or are already established and considering your legal and tax obligations, deciding how to classify your business entity can be confusing. Knowing what your personal legality and financial risks are in each type of structure will help you decide what is best for the company and for you, as owner or a partner. Sole Proprietorship Is the most common type of business entity for unincorporated businesses run by a single owner. No official action needed, no legal distinction between personal and business income, debts or losses. May choose to use…
  • 4 Business Rules You Can Safely Break

    OSYB Staff
    23 Apr 2014 | 10:00 pm
    This article is giving you permission to be a rule breaker. There are so many rules and must-do things in running a business that it is nice to think about ways that you do not have to conform sometimes. You will read about four business rules that you can break here. 
  • How to Use LinkedIn to Generate Leads

    OSYB Staff
    23 Apr 2014 | 10:00 pm
    By using the context of professional networking on LinkedIn, the six-degrees of separation rule can help boost your profits by generating leads and converting into paying customers. There are many ways to use LinkedIn for marketing and networking. But this article offers you seven great ways to generate leads. Read more here. 
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    Common Cents

  • 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…
  • Budgeting 101

    Joyce M. Washington, CPA
    10 Feb 2014 | 8:33 am
    We’re a little over one month into the new year. How’s it going?  Are you on pace to meet your goals? Are you hitting your financial targets? Do you have a roadmap…aka a budget? No?  Well, it’s never too late to create a budget.   Budgeting 101 On this topic, I’m going to get a little old school.  I’m going to answer the 5 questions we were taught to answer in English class when relaying information on a topic or writing a research paper.  Consider this the Who, What, Where, Why and How? of Budgeting.  I think it will be a little more simple and easier to follow along…
  • The Goal-Setting Struggles of a Planner

    Joyce M. Washington, CPA
    17 Jan 2014 | 6:00 am
    I have a confession to make… we’re a little over 2 weeks into the year and I’ve been struggling.  Struggling with narrowing down my goals. What do I really want to accomplish this year, this quarter, this month, this week… today??? It’s hard for me to admit it but I don’t know. And for me, a planner’s planner, that’s a super scary thought. I mean…YIKES. No Plan, No Direction How can I ever know where I’m going if I don’t have a plan? Not to mention, how would I know when I’ve reached my destination? How do I know if I’ve taken a left and gone off course? How can…
  • Top 13 of 2013 on TheCommonCents Blog

    Joyce M. Washington, CPA
    27 Dec 2013 | 6:00 am
    Again with the year-endy stuff.  This time it’s a “just in case you missed it”. Here are the most popular TheCommonCents.com posts of 2013. Top 13 of 2013 The Top 13 of 2013 In reverse order… here are the top 13 of 2013.  Did your favorites make the cut? #13 – PayPal Alternatives [Video] #12 – Track Everything…Cloud Apps For Small Business #11 – Accounting Software Solutions, My Faves [Video] #10 – Out Of Thin Air: Packaging A Great Product #9 – Oh So Sexy: Goal Setting And Budgeting #8 – Do I REALLY Need A Separate Business Account? #7…
  • Year End …What To Do’s and How To Do It List

    Joyce M. Washington, CPA
    20 Dec 2013 | 6:00 am
    I’m definitely feeling year-endy right about now. (I made the word up last week, keep up people!) As an accountant, nothing makes me more happy than an organized client. So I’m guessing you want to make your accountant/tax person happy. Give them the gift of organization this holiday season. PLEASE! Anywho, here’s a quick list of Year End Stuff. What to do and how to do it (to keep your accountant & tax person smiling… and we want them to smile, right? RIGHT). Year End… What To Do (To Keep Your Sanity) & How To Do It The Paperwork Dude, you know it’s coming so just be…
 
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    Presti & Naegele

  • April 2014 Tax Compliance Calendar

    Wayne Naegele
    4 Apr 2014 | 8:10 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 federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of April 2014. April 2 Employers. Semi-weekly depositors must deposit employment taxes for payroll date March 26–28. April 4 Employers. Semi-weekly depositors must deposit employment taxes for payroll date March 29–April 1. April 9 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates April 2–4. April 10…
  • March 2014, Newsletter

    Alicia Fleri
    26 Mar 2014 | 6:41 am
    Steve Grgas explains ‘Treasury Set to Develop New Retirement Savings Vehicle’ Joe Romano discusses tax incentives in his FundingGates article ‘Tax Incentives are The Key to Managing Liabilities in 2014′ The post March 2014, Newsletter appeared first on Presti & Naegele.
  • FundingGates: Tax Incentives are The Key to Managing Liabilities in 2014

    Joseph Romano
    26 Mar 2014 | 6:11 am
    Looking for good news about your future income taxes? As a business owner, you probably won’t find a whole lot at first glance. 2013 and 2014 have brought new taxes, tax rate increases, and the reduction or elimination of some valuable incentives for small businesses. But don’t lose heart. While it is certainly possible that your taxes might go up, it’s also possible that you’ve previously overlooked some valuable incentives that could offset or even outweigh the coming tax hikes. Recent changes in the tax law make knowledge of opportunities and effective tax planning essential for…
  • Treasury set to develop new retirement savings vehicle: myRAs

    Steve Grgas
    26 Mar 2014 | 6:09 am
    In his January 2014 State of the Union address, President Obama instructed the Treasury Department to develop a new savings vehicle called “myRA.” The new savings arrangements share many similarities with Roth IRAs but also have some unique features. At press time, the Treasury Department is expected to roll out myRAs before year-end 2014. Certain details on how they will operate continue to unfold. Saving for retirement In his address, President Obama cautioned that Social Security, by itself, is often not enough to meet the financial needs of retirement. Many Americans…
  • FAQ: Does tax return identity theft spike at the start of the filing season?

    Andrew Presti
    26 Mar 2014 | 6:06 am
    Yes. Identity theft is a growing problem and the start of the return filing season is one of the peak times for identity thieves filing fraudulent returns. Criminals file false returns early to get refunds and unsuspecting taxpayers are unaware their identities have been stolen until they file their returns. Individuals who believe they have been victims of identity theft should immediately alert their tax professional and the IRS. The IRS has a number of programs in place to assist victims of identity theft. Identity theft Identity theft has been the number one consumer complaint to the…
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    PNATC » Get the news

  • QuickBooks SDK – The request has not been processed

    Travis Trudeau
    21 Apr 2014 | 7:10 am
    Just a quick post as I was having this problem when creating a custom program for a client using the QuickBooks SDK and I couldn’t find much help on this when I searched. I was trying to update the class field on transactions using a program, and everything was working fine until I got to Transfers. Transfers were added to the QuickBooks SDK in version 12. When I first started my program I used version 9, which of course would generate an error as that feature wasn’t supported in version 9. After switching the project to version 12, I started getting the error “3231 –…
  • QuickBooks Statement Writer Pane

    Alex Flores
    18 Mar 2014 | 9:45 am
    QuickBooks Statement Writer is an Excel Add-in and runs within Excel. The Statement Writer Pane is where you make changes to your financial report. In the Statement Writer pane, you can do the following: Open or close the five sections of the pane. Change specific properties within each section of the pane. Move or re-size the pane. Display the pane by clicking the Show Statement Writer Pane icon to restore it. Section Functions Report Properties: Change report date or basis Choose a header/footer setup Refresh from QuickBooks Edit the report appearance Statement Properties: Change the…
  • What is this QuickBooks in the Cloud we keep hearing so much about?

    Alicia Fleri
    4 Mar 2014 | 3:21 pm
    I was at the Intuit Reseller Conference a little over a week ago and as has been the case over the last few years, all roads led to the cloud. (A short sidebar: Can I tell you how much I hate the word cloud when used in technology circles. At the conference I began counting how many times the speakers used the word “cloud” and had to stop at 100 after only two hours. Not to mention that my 73-year-old mother, who now has a smart phone, keeps referring to her cloud. As if she walks around with one like a balloon.) So why are we talking about this you ask. Well, if you Google…
  • Workflow and reporting

    Alex Flores
    28 Feb 2014 | 1:23 pm
    Workflow and reporting We’ve discussed in the past the different ways to get reports out of QuickBooks that are not part of their out the box list. There are needs and quirks to each company that differentiate what they are looking for and having the options to pull data and compose it in a manner that makes sense to them and saves them time is extremely valuable. With that said, reporting on data can always be garbage in garbage out. Without ensuring certain workflows are followed within your database, any report you generate will be useless. Setting up the proper workflow is as important…
  • Invoicing from Sales Order – Zero Line Items

    Travis Trudeau
    24 Feb 2014 | 11:56 am
    One of my clients recently started using Sales Orders in QuickBooks to help manage their inventory levels. All new orders were placed in QuickBooks as a Sales Order, and as the order got shipped out, they would invoice for the portion that was mailed. This allowed them to easily see what was still left to ship, and they were able to invoice for the goods delivered to the customer, which is good accounting practice. However, when looking at the invoices, they did have some questions about the zero lines that get produced when doing a partial invoice. For those of you who don’t use Sales…
 
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    Investment and Small Business Accountants

  • Examples of performance management models

    chinweike
    1 Apr 2014 | 2:29 am
    This article is written to provide an answer to a question posed by one of the readers of this blog. He asked me to give example of performance management models and how managers use them to make managerial decisions. In common parlance, performance management models are those management accounting tools used by management accountants to […]
  • Why accountants become successful entrepreneur?

    chinweike
    20 Mar 2014 | 2:27 am
    Nowadays, more accountants and those with accounting background are finding solace in entrepreneurship than it used to be. Come to think of it, who do you think is better equipped with the required training to make a good accountant? The vocabulary ‘accountpreneur’ has suddenly found its way into many English dictionary because of the increased […]
  • Advantages and disadvantages of cloud accounting to a small business

    chinweike
    13 Mar 2014 | 4:51 am
    This article is written to highlight the advantages and disadvantages of cloud accounting because the time is now ripe for us to stop pretending that we cannot see the emerging accounting trend where cloud computing is constantly changing the way accountants and business owners process and exchange accounting information. Take it or leave, cloud accounting […]
  • Accountants Job Description for Small Businesses

    chinweike
    8 Mar 2014 | 2:18 pm
    The accountant job description for a small business is somewhat that of a generalist and demands more from an accountant than the job description of an accountant of a large company. Many factors including the fact that small businesses do not have fat budget is a major reason why the job description for small business […]
  • Dangers of Fraudulent Accounting Practices- why accountants should be ethical

    chinweike
    8 Mar 2014 | 1:14 am
    I bet you must have heard about fraudulent accounting practices and accounting fraud more times than you can imagine but do you actually appreciate the dangers of doctoring your book of accounts. This means that no meaningful economic activity will ever take place if all that consumers of accounting information can lay their hands are […]
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    Energized Accounting

  • Microsoft Dynamics GP vs NAV vs AX

    Bill Kennedy
    19 Apr 2014 | 2:58 pm
    Microsoft has three flavours of its Dynamics Accounting Enterprise Resource Planning (ERP) software:  GP – Great Plains, NAV – Navision and AX – Axapta.  A question that comes up regularly is which version of Dynamics to implement.   It’s a difficult question to answer in general, but here are some differences: AX is the premier product, meant to compete with the international ERP systems, like SAP and Peoplesoft.  It is significantly more extensive and expensive than the other two. GP and NAV compete head to head and were compared in this post.  They are aimed…
  • Director Level Finance Position – Entry Level Software

    Bill Kennedy
    29 Mar 2014 | 11:47 am
    Source: http://tinyurl.com/AbacusHand Here’s the job: The Director, Finance and Administration plays both a strategic role in the overall management of the company’s finances ; managing the accounting operations and developing the infrastructure, analysis and processes from finance to office management; including IT to support business decisions needed to drive business growth across the Company. This role ensures that the organization develops and maintains the proper financial policies, procedures, controls and compliance. Here’s the accounting system:  Simply Accounting As…
  • How Do You FEEL About Your System?

    Bill Kennedy
    29 Mar 2014 | 9:35 am
    “Angry Teenager” by David Castillo Dominici – http://www.freedigitalphotos.net/images/Younger_Women_g57-Angry_Teenager_p67283.html “I hate this system!” I had been just making conversation (in an accounting kind of way). The person behind the counter was entering my order and I happened to recognize the system she was using. Well, I got an earful about how long it took her to enter orders, the problems that came up if she forgot anything or did the steps in the wrong order. She had been using the system for three years and she had gotten used to it but still…
  • Should We Claw Back Government Pensions?

    Bill Kennedy
    7 Feb 2014 | 6:48 am
    In a recent article in the Toronto Globe and Mail newspaper, CD Howe President Bill Robson makes the case for reining in the cost of government pension costs.  Here is the article. Bill makes some excellent points. I would only add that there is an accounting side to this issue: pension costs are extraordinarily sensitive to changes in interest rates. A decrease in rates not only reduces the current investment income of the pension fund, but it also magnifies the plan liabilities that stretch indefinitely into the future. We have seen this recently in defined benefit plans (including many…
  • Do you want to make an accountant cry?

    Bill Kennedy
    26 Jan 2014 | 5:57 pm
    The production of the movie Toy Story was almost halted by one little command.  Here’s the story: If there ever was a reason to test that the backups are working, this was it!  So, if you really want to see an accountant cry, just wait until the accounts are reconciled and the financial statements done and tell them that the system died, including the back up. The post Do you want to make an accountant cry? appeared first on Energized Accounting.
 
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    Accountancy Articles for Contractors, Sole Traders and Small Business

  • Who is affected by IR35 legislation?

    Karl Bilby
    24 Apr 2014 | 2:58 am
    The IR35 legislation was introduced by the Chancellor during the 1999 Budget, putting measures in place to prevent personal service companies or intermediaries avoiding the payment of tax and national insurance. The intermediaries legislation came into force in April 2000. Under the legislation, if HMRC can show that worker is operating as a ‘disguised employee’, they can be forced to pay the tax and national insurance that would have been due if they had been an employee. Who may be affected by IR35 legislation? Potentially, anyone who operates using an intermediary, like a personal…
  • What are the benefits of outsourcing payroll?

    Karl Bilby
    22 Apr 2014 | 3:38 am
    Running a small business typically involves a host of time-consuming, complex administrative duties and constantly changing regulations. One of the main duties for a business owner is the payroll, as employees expect to be paid the correct amount of money in a timely manner. With the introduction of Real Time Information, this process has become a little more complicated for some small companies. To ensure that the payroll is run correctly and stays within regulations, many choose to outsource to a professional. Free up resources Rather than spend time and money on a payroll system, outsource…
  • Reasons to outsource bookkeeping

    Karl Bilby
    17 Apr 2014 | 1:57 am
    Basic bookkeeping skills are essential for a small business when it comes to keeping accurate records and maintaining financial security. Unless you are in business as a bookkeeper or accountant, it may be advisable to outsource to a professional. Outsourcing has a number of benefits for all companies, and bookkeeping is just one aspect of running a company that is often outsourced. Focus on your company If you aren’t an experienced bookkeeper, you may find balancing the books a complex task. Time spent on record keeping and accounting for all income and expenditure will take you away from…
  • An overview of compliance checks

    Karl Bilby
    11 Apr 2014 | 2:57 am
    HMRC is responsible for ensuring that businesses and individuals pay the right amount of tax in a timely manner. Compliance checks are carried out to make sure that the correct tax is paid, and to spot any potential errors. There are many reasons to conduct inquiries, including the completion of tax returns and to discourage evasion. A compliance check may be initiated by a specific action, perhaps a tax return that appears to have been completed incorrectly or a claim for VAT that appears to be excessive. A compliance check is the simplest way to find out whether there is a problem or not.
  • An overview of appeals and tribunals

    Karl Bilby
    10 Apr 2014 | 3:14 am
    If a decision is made by HMRC and you disagree with it, you can appeal against it in most cases. Very often, a dispute about a decision is settled between you, HMRC and your agent, if you have one. You can also ask for a review of the decision to be carried out by an independent officer, providing reasons for your disagreement. If you fail to reach an agreement with HMRC, you can appeal to a tribunal. Submitting an appeal Once a decision has been issued by HMRC, the letter will contain details of how to request an independent review or how to appeal to a tribunal. You will also be told how…
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    Advice for Tax Preparers

  • 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...]
  • Accounting Majors: The Three Tax Books Used by CPA Firms Every Day that Colleges Do Not Give You

    Bill Meador, CPA, JD
    2 Apr 2014 | 10:04 am
    College tax textbooks do provide good information. But they are rarely used in a public accounting firm's tax department. The reason is that these books are usually designed to discuss basic tax theory rather than to discuss the day-to-day items that you will run into in a typical public accounting tax practice. Therefore, a tax textbook has the luxury of spending several chapters discussing tax reorganizations even if you might not see one for the first several years of your career (if at all). But in the real world, you want practical tax information that is easily accessed. You want to…
  • Tax Preparers: A Free Program to Stop Losing Important Notes

    Bill Meador, CPA, JD
    2 Apr 2014 | 12:50 am
    How many times have you written down a quick note or phone number from your boss or client and then you can’t find it? The answer is too many. It can drive you crazy. Most tax preparers have used paper Post-it Notes to leave a reminder for family, friends or even ourselves. But we know that Post-it notes can be a problem in a public accounting firm. By design they are very flimsy and easy to lose. The phone number that was given to you by your boss or client is now buried below a stack of files that you put on top it. Yes, you might find the number eventually. But you want to call that…
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    The Cheap Accountants

  • How to complete a tax return

    admin
    24 Apr 2014 | 3:07 am
    If you fulfil any of the self assessment criteria, you may have received a tax return that needs to be completed and returned to HMRC. There are many reasons why you need to complete a tax return – including being self employed, having an income above £100,000, or getting expenses or benefits above a specified amount. Filing a paper form or online You can choose whether to complete a paper tax return or complete it online. There are deadlines that must be adhered to or you will be charged a penalty. The deadline for submitting a paper return is 31st October, while online submission has to…
  • Does a sole trader need an accountant?

    admin
    22 Apr 2014 | 3:17 am
    Normally when people start working independently they start off operating as a sole trader. Getting set up as a sole trader means you can provide services to lots of different companies, it is you that is the asset. Most work and build up business and when profit starts to meet a certain level, they then form a limited company. sole traders: do you need an accountant? Starting out and setting up as a sole trader you can often miss the importance of an accountant to help you with bookkeeping and also dealing with HMRC. Another good reason to bring on board an accountant is that they will know…
  • How outsourcing can help your small business

    admin
    17 Apr 2014 | 2:06 am
    Owning a small business often involves dealing with every aspect of the company, even those areas which you have little knowledge of, like payroll. There are many tasks to be dealt with on a regular basis that require specialist knowledge in order to comply with legislation, most of which changes frequently. The administration of a company is time-consuming and can prevent you spending time finding new clients and building the business. Reasons to outsource Outsourcing to a professional can free up your time to deal with other aspects of the company. Running a start-up is time-consuming, as…
  • A good time to start a small business

    admin
    16 Apr 2014 | 6:58 am
    Already into April and all signs are still pointing to economic recovery. We heard news of an upturn at the start of the year, but quite rightly people didn’t leap at the optimism that was being reported by certain media channels. Although a slow recovery, it has sustained since the start of the year which normally means it’s the real deal and we are coming out of the dip. It’s an ideal time to start a small business; when money is starting to become available and sometimes there maybe less competition around. Jumping on board now, starting your business and growing your…
  • Time to go freelance?

    admin
    15 Apr 2014 | 3:14 am
    There are many reasons why people choose to head out into the freelance world. A lot of people make the decision to freelance their skills because it offers more flexibility and freedom around working hours which can often suit a busy family life. Having the option of choosing your working hours can really be an attractive option. Some people find that their skills are in demand and it can be more beneficial in terms of what they can earn to offer their skills to companies direct rather than a permanent organisation. Whatever the reason is to go freelance it can be a daunting decision.  If…
 
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