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ZipBooks has launched a standalone bookkeeping service that connect clients with live bookkeepers. The customer’s dedicated bookkeeper will perform bank reconciliations prepare income statements, balance sheets, and all financial reports, according to ZipBooks. Users who transition from a different bookkeeping service will have the data migration taken care of by ZipBooks. The accounting software company […]
Few professionals are as misunderstood as tax preparers – at least according to the tax preparers themselves. We asked a broad range of CPAs, Enrolled Agents and other preparers and practitioners what they think are their clients’ most common misconceptions about them; the top answers follow. (A text version of the most common misconceptions is […]
What does the average taxpayer think of tax preparers? According to a New York Times 2014 opinion piece, “When you hear the words ‘tax preparer,’ you may imagine a calculator-clutching accountant, carefully scrutinizing receipts beneath a green eyeshade. But the reality is that in most states nearly anyone can be a tax preparer … .” […]
The Treasury Department said Friday it will begin winding down the myRA retirement account savings program begun under President Obama, in a further sign of the Trump administration’s efforts to undo the legacy of its predecessor. Obama announced the creation of the myRA program during his State of the Union address in January 2014 as […]
CPA Ireland is absorbing the membership of the Institute of Incorporated Public Accountants as two of Ireland’s largest accounting professional bodies agreed to a permanent collaboration. As part of the deal, the IIPA plans to cease operations as a recognized accounting organization in September. Beginning Sept. 1, 2017, CPA Ireland (short for the Institute of […]
ReportAmigo, a Xero accounting software add-on designed to make reports easier to interact with and more engaging, has released several updates. The tool now offers aged payments, aged receivables, bank statement and budget summary reports. Added customization options include filtering by tracking categories, and cash-basis reporting. Users can also now preview reports directly from within […]
Extensible Business Reporting Language, the data-tagging code now required by the Securities and Exchange Commission for filing financial statements, has been making headway not only in the U.S., but in other parts of the world. “XBRL has been around for a long time,” said XBRL International CEO John Turner. “Although in the U.S. it’s best […]
Contingent consideration, also referred to as an earnout, is commonly used to bridge a valuation gap, provide continuing incentive to business sellers or account for the achievement of technical or other milestones. Under Statement of Financial Accounting Standards 141, the value wasn’t recognized until paid. Beginning with SFAS 141R and now under Accounting Standards Codification […]
The Treasury Department and the Internal Revenue Service have delayed implementation of the Obama administration’s Section 385 documentation regulations for discouraging corporate tax inversions and earnings stripping until 2019. In Notice 2017-36, the Treasury and the IRS said Friday they intend to amend Treas. Reg. § 1.385-2, also known as the “documentation regulations,” to apply […]
Poker winnings and taxes; the costs of valuation mistakes; and other highlights from our favorite tax bloggers. To have and withhold HR Block (http://blogs.hrblock.com/): Tax breaks for moms and dads, from credits to correctly declaring dependents. We thought every day was parents’ day? Liberty Tax Blog (https://www.libertytax.com/tax-lounge/): You can’t tell them often enough: Four tips […]
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