Accounting Advices 

2 Ways You Can Avoid Penalties from the IRS

Don’t run the risk of being punished with harsh penalties from the IRS! Tax Day 2022 returns its original April 15th deadline. While that seems like it’s ages away, it’s a good idea to stay on top of your finances. Falling behind on tax payments (or even worse – outright dodging the taxes you are supposed to pay) can land you in some serious hot water. The Internal Revenue Service frowns on any misconduct of all descriptions. Don’t run the risk of being punished with harsh penalties. They’ll hamstring your…

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Accounting Services 

Get Your Precious ZZZZs and Let An Automated A/P Solution Handle Supplier Tax Compliance

Believe it or not, risks associated with tax and tax compliance still keep CEOs in the US and around the world up at night, even in these COVID times when supply chain issues, the Great Resignation, and cybersecurity incidents grab all the headlines. According to the KPMG 2021 CEO Outlook Pulse Survey, 14% of the 500 CEOs who were polled earlier this year said tax risk poses the greatest threat to their organization’s growth over the next three years—which was behind only cybersecurity risk at 18%. In its report, KPMG…

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Accounting Advices 

Compensation Watch ’21: Is Plante Moran Rolling Out Salary Adjustments For the Masses? (UPDATE)

[Updated with additional comp information at the bottom of article originally posted on Nov. 22.] The answer is YES according to a tip we received last week: A few weeks ago Plante Moran announced to its employees that everyone is getting a January 1 market increase (separate from the normal market and merit increases that come on July 1 following the March 31 performance year). Increases are across the board, everyone at a particular level gets the exact same percentage. Increases are same regardless of office or practice unit. Anecdotally…

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Accounting Newsletter 

KPMG Poaches Someone From EY and Issues a Press Release, Part VIII

Just like our waistlines over Thanksgiving weekend, the tax practice at the Queen’s KPMG got larger earlier this month with the addition of three new partners. Candice Nichol, a tax lawyer with 14 years of experience, joined KPMG as a deal advisory tax partner in London from international law firm Simmons & Simmons, while Justin LaHood was appointed to lead KPMG UK’s Financial Services Tax Transformation business. The third person, Mike Bolan, was poached from EY: KPMG has also hired Mike Bolan to head its UK-US Financial Services Corridor. Mike,…

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Accounting Advices 

Here’s How You Can Budget Your Small Business!

It’s possible to balance your budget. It’s possible to balance your budget. Although this prospect gets even harder when you run a business, you can do it without fear of breaking the bank. With a solid financial foundation in place, you can ensure that your startup or sole proprietorship survives. Being an entrepreneur is exceedingly difficult, but if you have a head for numbers, it’ll be somehow easier, at least in this respect.  ssemble Your Income Streams  The first thing you’ll want to do is gather all of your revenue…

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Accounting Services 

Tricky Business Questions: S Corporations and LLCs

Business owners often struggle with properly determining how to effectively and efficiently set up their overall business and tax structure. Business owners often struggle with properly determining how to effectively and efficiently set up their overall business and tax structure. There are so many different terms out there, from “sole proprietorships” and “limited liability partnerships” to “corporations” and “limited liability corporations.” Knowing the difference between these different companies can help you determine the best route to take for your business. Here are some helpful key terms to know and the…

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Accounting Advices 

How to Spot Accounting Discrepancies

Here are some helpful tips and useful tricks to help you accurately spot any accounting discrepancies — which can lead to lasting mistakes. Unfortunately, accounting errors are all too common. In fact, even the most educated accountant and the most experienced CPA can make minor mistakes. However, these mistakes could be detrimental, which is why you want to avoid making some of the most common accounting errors out there. Understanding the most common accounting errors will equip you with the tools to properly spot those errors effectively and efficiently. The…

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Accounting Newsletter 

Tax Changes – How Will Tax Season 2022 Look?

While, unlike 2020 and 2021, it seems that the deadline for the 2022 tax season won’t be pushed back, several other tax changes could impact you and your business. The 2022 tax season is the third one since the COVID-19 pandemic began, and as has been the trend, there are a lot of changes. It’s unlikely that the 2022 tax season will look like it did in past years, so business owners must be aware of tax changes that may impact how they file. These new complications are a sign…

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Accounting Advices 

Compensation Watch ’21: Did EY Redeem Itself In the Eyes of Their Employees? (UPDATE)

(Updated post from Aug. 18 with a comparison of average raise percentages per promotion from 2018 and 2016.) 2020 was a pretty ugly year for the Black and Yellow—and especially for EY employees. Let’s recap, shall we? No performance-based bonuses.Raises only to those who received a promotion.Lots and lots of layoffs.Unlimited PTO; no more accrued PTO payouts. And EY’s bad look continued into early 2021, with ultimatums being given to workplace services coordinators and on-site technology support employees, and a lame (and expensive) television ad that aired during the Super…

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Accounting Newsletter 

Black Friday Footnotes: Carillion Liquidator Wants Lots of KPMG Money; EY Can’t Handle the Truth; Mattel and PwC Settle with Investors | 11.26.21

Carillion Liquidator Seeks $336 Million From KPMG [Bloomberg] The U.K. government agency charged with liquidating Carillion Plc has lodged a claim at the high court against auditor KPMG, the Sunday Times reported. The official receiver has accused KPMG of negligence in its audit of the U.K. contractor and quantified claims of about 250 million pounds ($336 million) in dividends and advisory fees paid between 2014 and 2017, the newspaper reported. Full details of the legal claim are expected to be made public before the end of the year, it said.…

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