June 2018

Accounting

Automating Sales and Marketing Tasks with Forms and Autoresponders

One of my personal goals this year is to increase the amount of automation I use in my work so that technology is working for me instead of me working to maintain the technology. I’ve used cloud-based accounting packages along with Receipt Bank, 1Tap ...

Digital Currency

The Taxability of Cryptocurrency When Used in A Business

For a cash basis taxpayer, each time he or she earns cryptocurrency through mining or providing goods or services, the U.S. fair market dollar value of the cryptocurrency earned must be recorded as of the date of receipt. This fair market value ...

Accounting

Accelerated QuickBooks Payroll Options for Employees and Contractors

As the pace of business accelerates, Intuit continues to empower small businesses to keep up. The QuickBooks Payroll team knows that for many small businesses, getting workers paid quickly and accurately is a huge pain point. Accordingly, two new ...

Accounting

CCH Axcess iQ: Wolters Kluwer Empowers Firms to Thrive in a World of Change

Wolters Kluwer has developed a new product called CCH Axcess iQ, described as a Predictive Intelligence tool. “We know about the trends,” said McGinnis. “People are moving from compliance to advisory services, moving up the value chain and creating ...

Accounting

The Sky Is Falling – But Don’t Give Up Your Spreadsheets Just Yet

Results of the AICPA 2017 PCPS CPA Firm Top Issues survey support the findings that accountants are striving, reaching, yearning, to be more tech savvy, frustrated that they don’t like any of the potential job candidates who come in for interviews ...

Firm Management

Apps We Love – Art

We are focusing on Artist clients in the niche practices area of this month’s magazine, and so we decided to go down the path of art creation and appreciation apps as a corollary to those articles. I like to think of Venus Paradise coloring sets as ...

Firm Management

Getting Artists to Buy-In to Your Accounting Firm’s Services

Marketing your firm’s accounting services to an artist may feel like an up-hill challenge, but a challenge, non the less, that can be conquered. By helping artists perceive the connection between their art and financial planning to help them be ...

Small Business

June 2018 Small Business Channel

Top Small Business Social Media: 5 TV Shows to Teach Kids About Business. AICPA Insights.https://bit.ly/2xBHIzp Business ID Theft is On the Rise? How to Help Your Clients. Firm of the Future.https://bit.ly/2L8NBps How Small Businesses Can Survive Sales Cycles. MarksNelson Blog.https://bit.ly/2kzjUmd Building a Network When Part of a Family Business. Harvard Business Review.https://bit.ly/2H3eVDe 4 Ways to […]

Accounting

June 2018 Accounting & Audit Channel

Top Accounting & Audit Social Media: How to Innovate Like Google. Tom Hood, via LinkedIn.https://bit.ly/2kAoOiM The Newest Audit Technologies: Are Your On Board? Wolters Kluwer Blog.https://bit.ly/2sjXARN The Endless Possibilities of Blockchain. Bloomberg Accounting Blog.https://bit.ly/2JdoAMD 5 Cloud Advantages for Accountants and Bookkeepers. Firm of the Future Blog.https://bit.ly/2H2ThPx Needed Now: Female Financial Planners. AICPA Insights.https://bit.ly/2J1C7Ud Top […]

Firm Management

June 2018 Firm Management Channel

Top Firm Management Social Media: What U.S. Firms Need to Know About GDPR. Canopy Blog.https://bit.ly/2H2uMC1 5 Ways to Project Confidence in Front of an Audience. Harvard Business Review.https://bit.ly/2LCHlax Business Development Strategies for Accounting Firms. Wolters Kluwer Blog.https://bit.ly/2Jh4IIs 10 Ways Your Firm Can Find New Clients. Xero Accountant Guides.https://bit.ly/2xrrTer What is Quality Content? Thomson Reuters Blog.https://tmsnrt.rs/2J3WzDT […]

Payroll

June 2018 Payroll Channel

Top Payroll Social Media: 3 Reasons Employees May be Disengaged. Maren Hogan, via LinkedIn.https://bit.ly/1P8iiqi Globetrotting Workers Complicate Payroll Taxes. Bloomberg Payroll Blog. https://bit.ly/2sokYNp How to Create a Successful Employee Referral Program. Patriot Software Blog. https://bit.ly/2J1GBtU The Pros and Cons of Unlimited PTO. Zenefits HR Blog.https://bit.ly/2kynWuW Why Giving Salary Ranges During Interviews is a Bad Idea. […]

Accounting

How Women Can Close the Confidence Gap to Get Ahead

A recent study from Pew Research found that, in 2017, women were paid 82 percent of what their male counterparts were. To make up this difference, women would need to work 47 extra days per year. And the gap is larger for women of color.

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Firm Management

Increase Your Firm’s Profits: Add Sales Tax Compliance to Your Services

For years, accountants have heard that our profession is changing. With the advent of new technology, we no longer will be data entry specialists or spend excess billable hours working on tax returns; instead, we have to morph ourselves into trusted ...

Accounting

Trends in CPE for Accountants: Hello Free and Online, Farewell to Fees

As a community of lifelong learners, accountants will benefit greatly from the current shift to online education, an innovation that saves students and presenters time and money. The accounting profession is not immune to such shifts in how people ...

Firm Management

A Quarterback and a Playbook: Your Firm’s Tools for Success

What are your firm’s two playbooks? Start by focusing on defining the goals of your current organization. Those goals probably include delivering outstanding client service by creating profit for your clients and yourself; the usual win/win.

Accounting

2018 Review of Travel & Expense Management Systems

Employee travel and expense is ripe for abuse; accidental or intentional. Even when a business sets travel and expense policy, once an employee is on the road, it can be very easy to randomly make purchases without considering that same policy.

June 2018 Tax Channel

Top Tax Social Media: New Scam Targets International Taxpayers. Taxing Subjects Blog.https://bit.ly/2xoTz3G Digital Marketing & Your Tax Practice. Canopy Tax Blog.https://bit.ly/2AkjzxA Debunking 4 Myths About Voluntary Disclosure Agreements. Avalara Blog.https://bit.ly/2sovioD Lesson From the Tax Court: A Tax Truism. Bryan Camp, via TaxProf Blog.https://bit.ly/2H3EZxV The Complicated Taxation of Retirement Accounts. Tax Foundation.https://bit.ly/2sqbEIO Top Tax News: […]

Firm Management

The Ideal Hire? Sometimes it’s Not an Accountant

As I’ve written about previously, many firms are expanding into technology consulting, either by buying an existing technology consulting firm or building it from scratch. So it’s no surprise that one of the major skillsets for non-accountant hires is ...

Firm Management

Mentorship Programs: How to Make Them Work for Your Firm

Even though your recent graduates have just spent the last several years preparing for their first job, there’s still so much more they need to know. It can be jarring to go straight from school to the fast pace of a public accounting firm.

Accounting

Smart Spend Analysis is Easy When Finance and IT Work Together

When finance leaders collaborate more closely with IT, businesses can more proficiently identify the right user-friendly tools to save money, create efficiencies and improve overall spend analysis. And with the right solutions at hand, finance and IT ...

Benefits

3 Benefits of Flexible Workplace Arrangements

82 percent of U.S. workers surveyed say the ability to work from anywhere at any time allows them to maintain a healthy work-life balance, yet more than half (62%) still prefer to work in the office — and this number is even higher among ...

Taxes

The 20% Pass-Through Deduction for Musicians

As a tax professional, you surely know about the new 20% tax deduction for “Pass Through” entities under the Tax Cuts and Jobs Act (TCJA). If you have musician and other performing art clients, you may have wondered if (and how) they qualify.

Legislation

A Lesson in Tax Basis Taught to us by Almond Trees, of All Things

I keep in touch with an ex-bookkeeper that I sort of mentored. She decided to take the Enrolled Agent Exam but ended up failing Part I and must take it again. When I asked her what she got wrong, she mentioned basis. Basis is a hard concept to ...

Payroll

A Look at Deferred Compensation Plans

For many employees, generous benefits are more important than pay raises. There are many benefits options you can offer to attract and retain employees, including deferred compensation plans.

Firm Management

Top 10 Accounting Firm IT Survey Surprises

The upcoming conference season and lull before the extension season provides a great opportunity for firms to evaluate the current status of their production processes and target areas for improvement. The above highlighted findings of the ...

Accounting

Dry-Docking: A Ship-Owner’s Accounting Dilemma

The accounting treatment for the dry-docking process has been debated for a long time may be because of the complications associated with the nature of the process. The debate mainly revolved around whether to capitalize the dry-docking costs or to ...

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Accounting

What AI Means for the Accounting Profession: Part II

We see a number of products that are running crude AI today and vendors that are pretty far along in their use of AI. Getting products that apply to small and medium businesses are more of a challenge, but we see efforts at Intuit, Xero, BQE Core, ...

Payroll

Gender Wage Gap is 10% Larger for Self-Employed

While there is an extensive body of research that focuses on workers in corporate America, little is known about the millions of Americans that work for themselves. As more employees plan to leave their 9-5s in pursuit of self-employment the world is ...

Sales Tax

How Real Estate Giant Zillow Handles Sales and Use Tax Compliance — Part 1

While many of us use Zillow as a resource for up-to-date home-related information, the company’s story of maintaining sales tax compliance and transitioning to automated accounting solutions provides insights for accountants supporting growing clients.

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Firm Management

How to Build a Talented Bench of Workers

It’s important to reward employees for their achievements and encourage them to learn more skills they can put to use at your company. Even if you can’t promote them right now, be sure to recognize their achievements. At CorpNet, for instance, we ...

In this issue

Automating Sales and Marketing Tasks with Forms and Autoresponders

The Taxability of Cryptocurrency When Used in A Business

Accelerated QuickBooks Payroll Options for Employees and Contractors

CCH Axcess iQ: Wolters Kluwer Empowers Firms to Thrive in a World of Change

The Sky Is Falling – But Don’t Give Up Your Spreadsheets Just Yet

Apps We Love – Art

Getting Artists to Buy-In to Your Accounting Firm’s Services

June 2018 Small Business Channel

June 2018 Accounting & Audit Channel

June 2018 Firm Management Channel

June 2018 Payroll Channel

How Women Can Close the Confidence Gap to Get Ahead

Increase Your Firm’s Profits: Add Sales Tax Compliance to Your Services

Trends in CPE for Accountants: Hello Free and Online, Farewell to Fees

A Quarterback and a Playbook: Your Firm’s Tools for Success

2018 Review of Travel & Expense Management Systems

June 2018 Tax Channel

The Ideal Hire? Sometimes it’s Not an Accountant

Mentorship Programs: How to Make Them Work for Your Firm

Smart Spend Analysis is Easy When Finance and IT Work Together

3 Benefits of Flexible Workplace Arrangements

The 20% Pass-Through Deduction for Musicians

A Lesson in Tax Basis Taught to us by Almond Trees, of All Things

A Look at Deferred Compensation Plans

Top 10 Accounting Firm IT Survey Surprises

Dry-Docking: A Ship-Owner’s Accounting Dilemma

What AI Means for the Accounting Profession: Part II

Gender Wage Gap is 10% Larger for Self-Employed

How Real Estate Giant Zillow Handles Sales and Use Tax Compliance — Part 1

How to Build a Talented Bench of Workers