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Month: December 2021

Accounting Services 

CCAB releases Economic Crime Manifesto calling for more measures to ‘maintain the UK’s resilience’

Christina Lane

The Consultative Committee of Accountancy Bodies (CCAB) publishes its manifesto today outlining what more must be done to build and maintain the UK’s resilience against economic crime. The Manifesto calls for four clear areas for change including SARs (Suspicious Activity Reporting) reform and intelligence sharing, ongoing funding of the UK’s Economic Crime Plan, more action to eliminate modern day slavery from supply chains and the need for public education on fraud risk and personal finance. Angela Foyle, Chair of the CCAB Economic Crime Panel says: ‘Our first economic crime manifesto…

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Accounting Newsletter 

Strategic Resourcing: Solving Staffing Issues and Driving Transformation through Outsourcing  

Christina Lane

It is a tough job. Not just finding the right talent but also retaining them. And it’s not just you. Accounting firms across the country are facing capacity challenges like never before. Globally, accounting and finance roles ranked seventh out of 10 positions that are the hardest to fill. This staffing issue is especially aggravating during the tax season when you have a million things to do and not enough time for meaningful work such as client meetings and advisory. The mundane, repetitive work, extra hours, and the nightmares of…

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Accounting Advices 

A Few EY Partners Didn’t Get the Auditor Independence Rules Right

Christina Lane

The SEC on Dec. 10 decided that two EY partners and one principal didn’t take the auditor independence rules seriously and doled out a few fines and sanctions. And like many of these auditor independence violations that get firms in hot water with the SEC or the PCAOB, the flagrant rules bending by EY had to do with providing non-audit services to an audit client. In this particular instance, the audit client was Cintas Corp: This matter involves aiding and abetting and causing violations of the auditor independence rules arising…

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Accounting Newsletter 

How can firms remain competitive alongside cloud-native practices?

Christina Lane

Like many other industries, the pandemic forced practices to think on their feet and adapt. Many adopted digital, automated cloud-based tools tailored specifically to the needs of accountants to consolidate their operations. The ease of use and scalability of these tools also gave rise to hundreds of new firms. In just the month of March 2020, a record 636 new accountancy practices were founded. These ‘cloud-native’ firms can streamline lengthy processes and tasks, becoming the de facto standard of any practice starting out due to their affordable pricing, ease of…

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Accounting Services 

Steps for Initiating Your Startup Business

Christina Lane

Starting your own business is a daunting task. So how can you get your startup off the ground? Starting your own business is a daunting task. Entrepreneurs will need the proper planning and strategizing to get any business off the ground successfully. There are a few key steps that any new business owner will need to tackle before launching their own business. No matter what type of business it is, these steps will usually be quite similar. Here are the initial steps that any entrepreneur needs to take to thrive…

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Accounting Advices 

Your Guide to Decoding Complex Cryptocurrency and Crypto Tax Concerns

Christina Lane

Irrespective of your feelings on the matter, crypto could very well prove that it is here to stay. There’s little doubt that cryptocurrency represents one wave of the future. Bitcoin and Blockchain have changed the way we see traditional paper-based money and metallic coinage. Savvy investors are getting in “on the bottom floor,” as the saying goes. Virtual currencies don’t need to feel like a gamble or a fade. Irrespective of your feelings on the matter, crypto could very well prove that it is here to stay. All kinds of…

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Accounting Advices 

Is Accounting an Obsolete Major?

Christina Lane

Is accounting an obsolete major? That’s the question posed by John “Jack” Castonguay, PhD, CPA, in the August/September 2021 CPA Journal. He writes: Accounting — at least as an independent field of study — is becoming obsolete in today’s technology- and analytics-focused world. Its value lies in its interdisciplinary applicability and position as a foundational business curriculum. In recognition of that reality — and to maintain a pipeline of candidates open to CPA licensure, increase the number of engaged accounting students, and keep the profession relevant to the next generation…

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Accounting Services 

How Are You Supposed to Dissolve an S-Corporation?

Christina Lane

So how do you dissolve an S-Corporation? Ending your business is an unfortunate experience. Every entrepreneur fears their venture failing. Even if it was thriving before, your business model might be outdated. A sole proprietorship can only go so far. But even with a solid core of partners, coworkers, or employees, termination could be your company’s ultimate fate. So how do you dissolve an S-Corporation?  Why Does This Become Necessary?  Even though your S-Corporation has gone under, you’re still on the hook. The IRS will still demand you pay your…

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Accounting Services 

Grant Thornton Is Trying to Keep Heinies In Seats By Giving Raises Enhancing Benefits

Christina Lane

Aw, better luck next time, GTers. Maybe some good news on Dec. 17? Anyway, here’s what Grant Thornton sent out on Dec. 1: Grant Thornton has further embraced the changing nature of benefits by taking its traditional benefits package — which includes items such as retirement plans and medical insurance — and layering on a host of newer offerings, including: Flexible work arrangements such as reduced-work schedules, compressed work weeks and flexible days — regardless of level;Flexible time off that allows employees to disconnect from work as needed instead of…

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Accounting Services 

More Advice for Correctly Claiming Tax Dependents

Christina Lane

With that in mind, we have created this list of tips for properly claiming tax dependents when the time comes. Taxes are no joke. There’s a reason why they are included in a popular joke about the only constants in life. Whenever you go to fill out and file tax-related paperwork, you must do so with caution. The IRS doesn’t consider mistakes to be accidental. As such, any perceived infractions could result in harsh fines, claims denials, and even refusal of tax refunds. With that in mind, we have created…

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