• Most Topular Stories

  • SEC warns investors about social media scams

    CPA Letter Daily
    29 Jul 2014 | 6:44 am
  • Trusts, Section 469 & Section 1411: Material Participation After Frank Aragona Trust

    Financial Planning Digest
    28 Jul 2014 | 10:35 am
    On March 27, the U.S. Tax Court, in Frank Aragona Trust v.  -More- 
  • Deloitte Named the Leader in U.S. State and Local Government Consulting by Kennedy

    Deloitte U.S. Top Stories
    27 Jul 2014 | 5:00 pm
    Deloitte is pleased to announce that Kennedy Consulting Research & Advisory has named Deloitte the leader in U.S. state and local government consulting based on the breadth and depth of the organization’s capabilities.
  • 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.
  • Outlook on the Stock Market from Edward Jones

    Accounting News and Notes
    John Dillard
    29 Jul 2014 | 6:39 am
    Outlook on the Stock Market from Edward Jones Advice from His CPA PC -Be Sure You Spend Time Managing Your Portfolio with Your Investment Adviser -Though the general outlook is upbeat, Never Assume ALL is well for what you don’t know affect your investment performance. -Know your Investment Style and Be Sure you work with a well-experienced Financial Adviser/Certified Financial Planner
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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

  • Outlook on the Stock Market from Edward Jones

    John Dillard
    29 Jul 2014 | 6:39 am
    Outlook on the Stock Market from Edward Jones Advice from His CPA PC -Be Sure You Spend Time Managing Your Portfolio with Your Investment Adviser -Though the general outlook is upbeat, Never Assume ALL is well for what you don’t know affect your investment performance. -Know your Investment Style and Be Sure you work with a well-experienced Financial Adviser/Certified Financial Planner
  • IRS Tax Negotiations: Succeeding at IRS Tax Representation

    John Dillard
    29 Jul 2014 | 6:29 am
    Working with the IRS is NEVER easy and should NEVER be done by someone who is not either a CPA or a Tax Attorney. Be sure you work with a CPA who is well-versed in IRS Tax Representation Issues and has a History of Mitigation Success. The below is a sample letter we might send to the IRS addressing the timeliness of IRS tax filings and payments. NEVER do IRS tax representation for if you do “you will most assuredly have a fool for a client.”  Just as watching a video on open heart surgery will not make you a masterful surgeon NOR will reading an article on-line make you a seasoned CPA.
  • IRS 2014 Tax Deadline News… Personal Income Tax Returns Were Due April 15, 2014 for the 2013 Tax Years

    John Dillard
    29 Jul 2014 | 5:33 am
    Time is RUNNING OUT!!! 2014 Tax Deadline News… Personal Income Tax Returns, LLC’s, LLP’s and Partnership Returns were Due April 15, 2014 The original Tax Deadline for filing of your 2013 Personal Income Tax Return is April 15, 2014. Therefore all individual tax returns are due by that date. If for any reason you are not able to file your return by the due date both the IRS and state allows you to extend your return for six months. However don’t let the extension “fool you.” An extension to file is not an extension to pay as both the IRS and states require…
  • 2014 Navajo Family Mission Trip Reflections: Living Water of Christ

    John Dillard
    28 Jul 2014 | 5:38 am
    I have purposely taken some time before I send out an email about our trip. I wanted to process everything I saw. One of the most prophetic things I heard after I came back is that we should pray without ceasing/hourly for OUR Navajo brothers and sisters in Christ and each other. Prayer changes things! Just like when Adam walked in the Garden of Eden he was advised what his duties and responsibilities were. God left us HIS good and perfect word so we will never have to wonder what we should do and how we should do it. Regardless of how you felt or how you feel we all came back changed.
  • 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  A Christian…
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    A Counting School - Hardcore Chartered Accountancy

  • Big Four Summer Fashion Dress Code

    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?

    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

    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

    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

    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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  • What is the break-even point?
    29 Jul 2014 | 5:45 am
    In accounting, the break-even point refers to the revenues needed to cover a company’s total amount of fixed and variable expenses during a specified period of time. The revenues could be stated in dollars (or other currencies), in units, hours of services provided, etc. The break-even calculations are based on the assumption that the change in a company’s expenses is related to the change in revenues. This assumption may not hold true for the following reasons: A company is likely to have many diverse products with varying degrees of profitability. A company may have many diverse…
  • What is a debit balance?
    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?
    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?
    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?
    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…
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    CPA Success

  • Want your business to thrive? Let a woman lead the way

    25 Jul 2014 | 8:26 pm
    If there’s a woman at or near the top of your org chart, your business is probably booming. There’s nothing new there. A boatload of studies in recent years have hinted that businesses with women helping to call the shots outperform their competition by significant margins. A new study out of Canada, however, finds that even a single woman sitting among a sea of male leaders helps boost a business’s bottom line. Here’s how NBC News covered the study: “Corporate boards with greater gender diversity function better, and it takes just one woman to make a difference.
  • 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!
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    TSCPA Governmental Affairs

  • Charles Perry to resign from House District 83

    Bob Owen
    29 Jul 2014 | 11:29 am
    The Quorum Report just published that CPA and TSCPA member Rep. Charles Perry will resign his House seat before the Senate District 29 special election on Sept. 9th.  Perry announced his intention to run for the Senate seat a while back and at that time said he would resign his House District 83 seat; but when Gov. Perry (no relation) announced Sept. 9th as the special elecion date it gave Charles Perry the opportunity to run in the Senate special election without resigning, assuring himself of a seat in the House if he loses the special election. In a Lubbock…
  • Senate District 28 race gets more crowded

    Bob Owen
    28 Jul 2014 | 2:25 pm
    Former State Rep. Delwin Jones announced his candidacy for the Senate District 28 special election contest.  That makes five announced candidates and the filing deadline is still three days away.  Jones joins CPA and TSCPA member Rep. Charles Perry (who defeated Jones to gain his current House seat),  former Texas Tech chancellor Jodey Arrington, former Sweetwater mayor Greg Wortham and Wolfforth resident Epifano Garza in the race to replace Sen. Duncan.  Duncan resigned the seat to become the Texas Tech chancellor.  Pundits are speculating there will be a…

    Bob Owen
    28 Jul 2014 | 12:56 pm
    The Texas Taxpayers and Research Association issued a press release today announcing a sudy titled APPRAISING THE APPRAISALS:  LOCAL VALUES AND PROPERTY TAXES.  The press release and study set out to demonstarte that homeowners are not subsidizing the below market values of a handful of commercial properties.  The study is in reaction to a number or stories in the press using anecdotal evidence to try to demonstrate that some big business are paying lower property taxes than appropriate due to challenged appraisal values at the expense of homeowners. …
  • Campaigning on Gobbler's Knob Road

    Bob Owen
    28 Jul 2014 | 8:39 am
    CPA and TSCPA member Mike Collier embarked on a 36 city two week campaign tour last week and it took him to Lufkin where he met with "dozens of community members" at "the Lufkin Labor Temple on Gobbler’s Knob Road," according to the Lufkin News.  If you want to read more about it, and are a Lufkin News subscriber, here's the link.  Without at subscription, it costs you $.99, but for that $.99 you read all the Lufkin News for 24 hours!
  • Let's end the week with a little humor

    Bob Owen
    25 Jul 2014 | 11:01 am
    I'm off to see a movie this afternoon.  The movie is playing at a Regal Cinema which is the chain that starts showing Greg Abbott's groundbreaking political ad today, so maybe I'll get to see it.  Or maybe, if I'm lucky, I won't!  Since I don't much like political ads anywhere, I hope this movie thing doesn't catch on.  Evidently the Alamo Draft House movie chain doesn't like them either, although one could suspect they are just miffed because they are not getting paid to run the ad as is their competitor. Nevertheless,…
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    CPA Technology Blog

  • State Sales Tax Holidays Infographic

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

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

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

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

  • Soloists Drive Mobile Tech Trend in Accounting

    29 Jul 2014 | 5:45 pm
    Smallest practices find new profits in going virtual as larger firms would prefer to cut staff and delay tech upgrades. CPA Trendlines Exclusive If you’re a sole practitioner, there’s a 4 in 10 chance you’re reading this outside the office – at home, on the bus, maybe while waiting in line at the DMV, according […]
  • Are Bad Clients Driving You Crazy?

    Rick Telberg
    29 Jul 2014 | 2:02 am
    16 ways to tweak your compensation systems to get and keep the right clients. If your partners are putting up a fight to keep clients who should be let go, take a look at your compensation system. It’s not just about billable hours. August Aquila, Creating the Effective Partnership, suggests 16 tweaks to your firm’s […]
  • Why I Don’t Hire on Experience

    writer 12
    27 Jul 2014 | 9:14 pm
    QUESTION: I know you advocate for hiring entry-level staff, but is there a situation when an experienced person should be hired? ANSWER: Obviously there are exceptions – but I believe they are few and far between and not worth the overall effort of only hiring experienced staff, which many small firms only hire, and occasionally […]
  • Can You Hear Me Now?

    writer 12
    27 Jul 2014 | 2:59 am
    Eight reasons why accounting firms need to work on internal communications first. By Bruce W. Marcus Professional Services Marketing 3.0 A terrific definition of chaos is when a client asks two different people in your firm the same question – and gets two different and conflicting answers. More for PRO members: Managing Knowledge as a Growth […]
  • Your Clients Love You? What If You’re Wrong?

    writer 12
    26 Jul 2014 | 9:58 pm
    A short discourse on random and statistical risk. By Bruce W. Marcus Professional Services Marketing 3.0 Risks are different in context and magnitude. A good mathematician can often statistically quantify the boundaries of risk, such as telling you that one in every hundred people will slip in the bathtub and break a bone, but that […]
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  • Accenture Interactive Research shows CMOs and CIOs working together.

    29 Jul 2014 | 10:04 pm
    By Rob Starr, Content Manager Our questions from The CMO-CIO Alignment 2014 report are answered by Nan Nayak, managing director of Customer Experience and Social Practice, Accenture Interactive.   What, specifically, is it about digital disruption that’s fostering the new collaboration between CMOs and CIOs? Per Accenture’s recent report, the top reason among marketing and IT executives for stronger [caption id="attachment_39077" align="alignright" width="290"] Nan...Keep on reading: Accenture Interactive Research shows CMOs and CIOs working together.
  • New Deloitte study finds 80 percent of advanced companies analyze social data

    28 Jul 2014 | 10:17 pm
    By Rob Starr, Content Manager. Moving Beyond Marketing: Generating Social Business Value Across the Enterprise, is a new MIT Sloan Management Review and Deloitte study showing  nearly two thirds of surveyed companies find social business initiatives positive. Douglas Palmer, principal, Deloitte Consulting, answered some questions for us.        Can you define the term social business “maturity,” as it relates to the study? Maturity in the MIT SMR Deloitte socia...Keep on reading: New Deloitte study finds 80 percent of advanced companies analyze social data
  • KPMG Corporate Finance LLC acquires boutique investment bank providing M&A and capital advisory services for mid-market companies in America

    27 Jul 2014 | 10:29 pm
    By Rob Starr, Content Manager   Recently, KPMG Corporate Finance LLC announced they had acquired substantially all of the assets of St. Charles Capital, and talked with Phil Isom, Head of KPMG Corporate Finance LLC, about the transaction's importance to the organization’s M&A and capital advisory services for mid-market companies. He started by supplying a little background for the transaction that will garner, among other [caption id="attachment_39199" a...Keep on reading: KPMG Corporate Finance LLC acquires boutique investment bank providing M&A and capital…
  • 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, 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…

    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…
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    Success Starts Here

  • McGladrey Junior Achievement Big Bowl Event

    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

    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?

    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

    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

    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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    The Student CPAThe Student CPA

  • It’s good to be back … yet again

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

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

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

    Nichole Knupp
    4 Mar 2013 | 8:40 am
    This is a sponsored blog post by Nichole Knupp, an Independent Internet Marketer. The views presented herein are hers solely and do not represent those of Narcisse Dansou, the author and editor of the Accountancy was once considered the most down-to-earth profession in the world. Today, bean counters and pencil pushers are soaring with […]
  • A Group of Accounting Firms That Deserves More Publicity

    22 May 2011 | 3:13 pm
    Most people interested in a career in public accounting have heard about the Big 4 firms, the National firms, and the Super Regional firms. In the public accounting industry and in most other industries,  the notoriety of a company is more often than not a function  of its size. Therefore, the largest accounting firms tend […]
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    One Accounting

  • 5 Ways to get the best from a recruitment agency

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

  • Invoice Factoring on the Rise

    Heather Burford
    29 Jul 2014 | 2:56 pm
    Invoice factoring used to be relatively unknown way of keeping a business financially afloat. However, in today’s economy, invoice factoring is becoming more the norm and many businesses are foregoing getting traditional business loans in favor of this versatile and … Continue reading →
  • Factoring Companies Help Resolve Cash Flow Issues

    Heather Burford
    25 Jul 2014 | 12:53 pm
    When it comes to finding ways to quickly address cash flow shortages, many businesses turn to the services of factoring companies because they can provide fast cash without the time consuming process of qualifying for a loan. The reason for … Continue reading →
  • 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 →
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    Intuit News Central

  • Can You Really Expect the Results to Be Different?

    M. Darren Root
    29 Jul 2014 | 6:00 am
    According to Albert Einstein, insanity is “doing the same thing over and over and expecting different results.” Can you relate to this statement? Have you ever felt trapped by the business you created? You got into your practice with the best of intentions, whether that was running a CPA firm, a bookkeeping and tax practice, or maybe a QuickBooks consulting business, and now you’re frustrated. You’re frustrated because you keep doing the same thing over and over again and expecting different results. While knowing how you got to where you are is important, the real question is, “how…
  • QuickBooks® Connect: An Awesome Conference Experience

    Jim McGinnis
    28 Jul 2014 | 8:00 am
    So far, the buzz and response for QuickBooks Connect, Oct. 21-23 in San Jose, has been terrific from small business owners, entrepreneurs, developers – and especially, accountants. At QuickBooks Connect, you will meet the people, see the cloud technology and get the advice you need to run and grow your practice. We see this gathering as an experience far beyond a traditional conference by bringing together the ecosystem of small business owners, entrepreneurs, developers and of course, accountants, through an engaging and memorable experience that: connects attendees to those who can help…
  • QuickBooks® Tools to Help You Manage Different Rates for Customers

    Monica Muir
    28 Jul 2014 | 6:00 am
    Do some of your customers get different rates? I’ve talked with several landscapers and have noticed many similar issues. One was how they handled the different rates their various customers got in QuickBooks. Some did it by having multiple Items at different rates specific for the customers. I almost never recommend that – your Items list will get too complicated! Some were doing it manually. The problem with this method is, what if someone forgets? And I saw other variations. Here a few ways that might simplify this issue: Use Price Levels. You’ll find these in the List menu. With…
  • 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…
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    OSYB Number Crunch! Bookkeeping Tips from Outsouce Your Books.

  • Tax preparer oversight goes to court again: AICPA vs. IRS

    OSYB Staff
    29 Jul 2014 | 10:00 pm
    “More than 140 million individual taxpayers each year file tax returns, and well over half use return preparers. Yet there are currently no standards for hanging out a shingle and preparing returns.” says Olson. There is a legal battle between the IRS and the AICPA about voluntary certification of tax preparers. Read more here. 
  • Mid-Year Tax Planning Tips

    OSYB Staff
    29 Jul 2014 | 10:00 pm
    Planning for taxes mid-year is a great idea. Getting ready for year-end early gives you time to identify and plan strategies and have time to implement them before year end. Did you know that if your child goes to day camp in the summer, you can take the child care credit? Read more here. 
  • How to Reward Startup Workers With a Stake in the Business

    OSYB Staff
    28 Jul 2014 | 10:00 pm
    Awarding equity to start up workers, is it a good idea? Is it common in your industry or area? If it is not a common practice then it may be poor idea, or you may want to approach it as an option. Some start up workers do not want the risk. Read more here. 
  • The Only Reason to Hire an Employee!

    OSYB Staff
    27 Jul 2014 | 10:00 pm
    There is only one reason to hire an employee. Do you know what it is? Most small business owners have several reasons they think they need to hire an employee, and they may all be good reasons, but not the right reason. Read here to find out the right reason to hire. 
  • 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. 
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    Common Cents

  • Numbers To Grow On: The KPIs Every Business Owner Needs To Know

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

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

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

  • July 2014, Newsletter

    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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    Energized Accounting

  • Has the CRA Called Your Charity?

    Bill Kennedy
    28 Jul 2014 | 1:27 pm
    The Canada Revenue Agency (CRA) has received a lot of attention recently.  There are accusations of political interference.  The Federal Government has been accused of using CRA audits to stifle opposition in such areas as the environment and human rights.  But whatever your position on this issue, when the CRA calls, you have to put it aside.  A CRA audit is no place for a policy debate and the auditor who calls is just there to do a job.  You need to have your ducks in a row. What can the CRA do? If the CRA believes that your charity is not complying with the Income Tax Act, it can…
  • When There’s No Money Left in the Bank

    Bill Kennedy
    20 Jun 2014 | 12:49 pm
    This wonderful, pragmatic post by Joan Garry says it all.  What to do when you owe more than you have, when you go to the cupboard and it’s bare, when you can’t even make payroll. Accounting figures heavily in the list, of course.  Having a clear picture of the numbers.  Being honest with staff and the Board.  Doing projections and cash flow reports.  It’s all bread and butter to accountants. But there’s something that accountants often miss.  I don’t know how often I have sat in annual meetings and watched an accountant talk about the organization being…
  • 2014 Accounting Grads: A Challenge

    Bill Kennedy
    13 Jun 2014 | 5:55 am
    Yesterday was convocation at my son’s university.  Sitting watching all the Commerce grads, I remembered my own graduation, and the guy sitting next to me saying, “We’re done.  If I learn anything more in the rest of my life, it will be by accident!” Now, over 30 years later, I’m still learning.  Accounting is still an evolving profession, part art, part science.  We have not yet discovered how to capture a snapshot of a business on a piece of paper, in an understandable way, that allows different organizations to be compared by a reasonably informed…
  • Good News for Accounting Students

    Bill Kennedy
    5 Jun 2014 | 8:07 am
    Peter Paulson, from Ranstad USA, just forwarded me this infographic.  It confirms what I have seen elsewhere.  Simply put, more accountants are retiring than graduating, particularly in the audit field.  This is a bright spot in a world filled with economic bad news. What are you experiencing? The post Good News for Accounting Students appeared first on Energized Accounting.
  • Are You a SETuP – Self-Employed-Tax-Procrastinator?

    Bill Kennedy
    30 Apr 2014 | 8:07 am
    It’s April 30 (or April 15 if you’re American) and your tax return isn’t done.  Again.  Maybe you’ve got that sick feeling in the pit of your stomach.  Maybe you’re clinging to the hope that the deadline is really June 15 or that you don’t owe much. It’s got to stop.  Promise yourself that 2014 is going to be different.  Then do something to make it different.  Start by getting out your calendar.  We’re going to book some deadlines. The CRA is Not Your Friend . . . . . . but the Canada Revenue Agency is not your enemy either.  While…
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    Accounting Articles & Advice

  • An explanation of tax codes

    Karl Bilby
    28 Jul 2014 | 1:09 am
    Tax codes consist of numbers and a letter, and are used to provide information to employers so they can deduct the correct amount of tax through the Pay As You Earn system. It is important that people understand their tax code, so that they can check they are paying the right amount. Numbers The numbers that make up your tax code signify the amount you are allowed to earn tax free in a year. Multiply the amount shown by 10, and you will have the annual amount of tax free allowances. The sum may not be the full annual amount according to the Chancellor’s Budget, as you may have benefits, a…
  • 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…
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    Advice for Tax Preparers

  • Why Should You Take a CPA Exam Review Course?

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

    Bill Meador, CPA, JD
    29 Jul 2014 | 11:12 am
    I recently published an article with several tips to help people pass the CPA exam. (See 4 Tips from a 20 Year CPA to Pass the CPA Exam). One of the tips I mentioned in the article was that they should take a review course for at least auditing, but I believe they should take one for all of the courses. Most of the responses I received on that point were positive, but I had one person ask me why anyone should bother taking a review course. They noted that they had bought a couple of review books and some test questions and done just fine on the CPA exam. I figured that there might be others…
  • How to Get an Accounting Job Using LinkedIn

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

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

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

    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’

    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

    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.

    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

    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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