a recent harris poll survey conducted on behalf of the american institute of cpas finds that individuals in business have more concerns about ethics than ever – and the trend is rising.
in that ethics often involve money and compliance, the trend in business intersects with accountancy and the kind of consulting that accountants often offer.
opinion elite – people in the general public who are active in civic activities and follow business issues.
business leaders – full-time corporate officers or high-level managers 28 years old or older who have decision-making responsibility in companies with 500 or more employees.
future talent – ages 20-30 pursuing or having a college degree and working less than 10 years. read more →
what do you consider the top issue facing your business? owners see economic uncertainty as the top issue and have started increasing cash reserves. from gusto.
some are side hustles that flourished. seven lessons for accountants.
by 卡塔尔世界杯常规比赛时间 research
new businesses are burgeoning. last year, 5 million new businesses entered the market, according to a survey from the gusto company. entrepreneurialism is 42 percent higher than it was just before covid-19 hit.
every one of these new businesses – and they include full-time leadership as well as part-time side hustles – is a potential client for a cpa practice. but the demographics – and thus the marketing strategies – are quite different from the historical white males who used to comprise most of the entrepreneurial cohort. read more →
six ways work becomes more engaging with the right tools.
by 卡塔尔世界杯常规比赛时间 research
one of the accounting industry’s most persistent and worsening problems is the difficulty in hiring and retaining professionals. according to the 卡塔尔世界杯常规比赛时间 business barometer, 48 percent cite staffing as a critically problematic issue.
the pipeline is part of the problem. the supply of graduates with majors in accountancy has been dropping since 2015.
accounting firms can’t do much about the dwindling supply of professionals, but they can take action to attract those who are new to the trade. read more →
but things seem to be settling down. covid-19 is waning a bit. the federal government didn’t issue any last-minute, mid-season tax edicts. firms are scooping up new clients. revenues and profits are up, and more than half of all practitioners are daring to admit a sense of optimism. read more →
even though inflation’s lessened substantially, supply chains are getting back in order and just about everybody who wants a job has a job, respondents to the survey are more pessimistic in the warm sunshine than in the dark days of late winter. read more →
strategic estate planning could save your clients millions.
by anthony venette, cpa/abv
we stand at the precipice of the largest wealth transfer in american history. millions of business owners are struggling to write the next chapter of their companies and their legacies. prudent gift and estate tax planning can be the difference between creating generational wealth and squandering it. gifting privately held business interests to a child or children can be an effective and tax-efficient way to maximize wealth transfer and achieve legacy planning goals.
that being said, many business owners are unaware of the benefits of gifting interests in their businesses rather than cash. here are four important reasons why gifting business interests can be advantageous:
some property owners pay inaccurate property tax levels by as much as 20% to 30%.
by josh malancuk with jm tax advocates
with cash-starved states and municipalities looking under every nook and cranny for revenue, manufacturers with lots of fixed assets and personal property are generally taking it on the chin when it comes to their property tax assessments.
many of your business clients, especially manufacturers, sense their assessments are too high. but most don’t have the time, resources or expertise to challenge their assessment through the protest or appeal process before the deadline. and so, overpayments continue for another cycle and then again, and again and again. that’s what assessors count on. but you owe it to your clients to keep your assessors accountable through available appeals and to help them avoid overpaying taxes year after year.
the internal revenue service recognizes that it cannot achieve effective tax administration alone, that it must include a broad ecosystem of stakeholders.
the avalara accountants confidence report points to difficulties ahead for small businesses to access capital, increase profits, raise revenues, hire new employees, and control costs.
looking ahead 12-18 months, accountants expect increasingly acute hardships, led by problems in accessing fresh capital, hiring, and managing labor costs. but new technology and automation could help cushion the pain for some.click to download (pdf 19 pages)
avalara, inc., a leading provider of cloud-based tax compliance automation for businesses of all sizes, released a new survey of over 500 main street accountants representing more than 100,000 small businesses.
survey responses revealed that looming economic headwinds could create challenges for small businesses in the next 12–18 months. the survey, conducted during the 2023 tax season, shows that accountants believe small businesses will face challenges in accessing fresh capital, increasing profits, managing payroll costs, weathering supply chain difficulties, and hiring new staff.
the 2023 avalara accountants confidence report, produced in conjunction with 卡塔尔世界杯常规比赛时间, queried trusted advisors with clear insights into the financial health of small business clients. the report measures accountants’ attitudes and outlook on a variety of pressing issues, leading with sentiment on the health of small business clients, and providing a read on the national economy and the state of smaller accounting practices. accountants were surveyed as they combed through business clients’ financials and prepared their tax returns.
americans are used to paying for things online, over the phone, through bank transfers, with automatic renewals, with credit cards, digital wallets and checks in the mail, not to mention a variety of specialized banks, such as paypal and venmo, and even good ol’-fashioned cash.
to the frustration of millions of american taxpayers, the internal revenue service, until recently, has accepted payments only with 19th-century technology. read more →
a lot of the backlog at the internal revenue service is because of simple errors that compound their own complications. arithmetic boo-boos too easily snowball into backlogs, bankruptcies and court cases.
funded with $80 billion in new appropriations, the irs has laid out detailed plans for overhauling the service with better customer service, more online options and a modernized information technology system.
it’s an ambitious – and necessary and long overdue – plan. can the irs pull it off?
we’ll know they can do it if they manage to hit the milestones they’ve set for the next few years. if they do, the united states may be on the road to a just and user-friendly system of tax collection. read more →
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