Xero announced the latest features added to their practice platform, Xero HQ -- and this time their focusing on enhancing customer engagements with contact and query templates, in hopes of making accountant-client communication a lot more easier!
February 28, 2018 -- Wednesday -- Xero HQ launched its latest integration with Google Hangouts Chat in order to improve the mode of communication between Xero advisors and small business owners.
Future of Accounting is Looking Up -- Xero Roadshow Asia 2018 was an incredible experience for all of us. It’s the second time that the team and I had attended these kinds of roadshows but it always feels like the first time, especially whenever we get to connect with our fellow CPAs, bookkeepers and Xero Partners from Asia.
Change is Upon Us -- This January, Xero returns to Asia to host its roadshow event that will happen at the Grand Hyatt in Hong Kong on the 23rd and the MES Theatre in Singapore on the 26th.
It was a cold yet sunny Wednesday morning at the Fair Market in Austin Texas as Xero held its grand spectacle known as Xerocon. Having attended six Xerocons (Australia and US included) and some Roadshows in Asia, my team and I were very excited to participate and learn more from the best in the industry.
During their recent global release update, Xero provided a list of features that were added to the accounting platform. Here is a roundup of the latest developments made for Xero accounting software as of November 2017.
November 29, 2017 -- Wednesday -- Xero accounting software launched Xero +C, a new reporting tool designed to help users in creating Schedule C reports for self-employed clients.
Xerocon Fever Ignites Austin! -- The biggest cloud accounting conference of the year will happen at the Fair Market in Austin, Texas on December 6 -7, 2017, with it’s pre-con happening at the Austin Convention Center on December 5, 2017.
One of the current trends in today’s world are companies using technology to fill out the role of actual assets in order for their business to move forward. Much like for example, companies like Uber were referred to as TNVS (Transport Network Vehicle Services) providers, despite the fact that they never own any actual transportation assets such as cars, and people.
“Nothing is certain but death and taxes” -- The 2018 tax season is just inches away before it reaches our desks, so it’s best for us to prepare.
October 28, 2017 - Saturday -- Double Rule conducted its annual Halloween celebration, and of course the party’s never complete without a halloween costume contest!
October 10, 2017 - Tuesday -- Xero officially launched Ask for Xero HQ, a new feature which allows accountants and bookkeepers to easily collect information and create effective collaborations with clients within the platform.
Tuesday, October 3, 2017 -- Double Rule kickstarted their series of computer literacy programs which aims to help kids in adapting with today’s technology and gain confidence as they face the modern world.
Xerocon Melbourne 2017 kicked off its first day with surprises, product announcements as well as inspiring keynotes from various speakers and industry leaders. At the end of the day, we could tell that all our expectations were truly fulfilled, and that we really had a good time at Xerocon!
September 14, 2017 - Thursday -- Xerocon makes its way to Melbourne, Australia once again for the biggest accounting conference of the year. I’m so glad that the team and I were part of the 3,000 attendees who participated at the event and got the chance to learn many exciting things about Xero and cloud accounting.
Xerocon is just around the corner! -- In September 12, 2017, the biggest cloud accounting conference of the year will happen at the Melbourne Convention and Exhibition Centre (MCEC), and as expected it will be filled with informative keynotes, exciting product releases and so much more! Getting ready for Xerocon Melbourne 2017? Then here are some things that you need to know.
Cases of assets being damaged or stolen is always an inescapable reality for most companies, and probably one of the best solutions an expert might suggest is asset tracking, or the process of monitoring the assets based on location and quantity.
Xero launched its newest initiative called Xero Connect, a new integration which was designed to simplify the flow of supplier invoices, and improve billing experience for its small business customers.
In their recent global product release update, Xero provided a list of the newest features added to the online accounting software. Here is a roundup of the latest developments for Xero that were released as of June 2017.
July 7, 2017 - Friday -- Xero and Stripe are working together on automating payments for the accounting software to help businesses get faster payments for online invoices.
There’s a war out there, and it’s not about guns and bullets -- It’s about businesses playing the modern day game of “tug of war” as they recruit the perfect candidate who’ll join the ranks of their company. Yes, there’s a war happening out there, and it’s called The War for Talent.
Xerocon Season is upon us! -- Considered as one of the biggest and most anticipated cloud accounting conference of the year, Xerocon will be heading its way to Australia once again! The event will take place at the Melbourne Convention and Exhibition Centre (MCEC) in September 12-14, 2017. Here are 5 reasons on why you and your team should attend this exciting event.
Monday, May 29, 2017 -- Users can now include payables as well as receivables in Xero reports. This feature is one of the latest additions to the Report Templates in Xero accounting software.
Wednesday, May 24, 2017 - Australia -- Xero announced their latest integration with BPAY to help customers in paying Xero online invoices using the bill payment system.
May 5, 2017 -- Xero provided an update regarding the latest releases and developments from their online accounting software as of April 2017.
One of the most common problems that startups face nowadays are issues in collecting payments. For a small business with just enough money to fund everyday business operations, a simple case of late payment can cut down the stream of money, and might cause collapse in a business’ cashflow.
Monday, May 1, 2017 -- Paypal, in partnership with WooCommerce and Xero, launched Business in a Box, a brand new business solutions platform that aims to help U.S startups in running their business, and attract more customers in using the renowned payment service system.
Accounting is a language -- Economically speaking, the term accounting is often considered as the “language of business”, for it records financial information and turns it into a data which can be easily understood by individuals and companies.
April 5, 2017, Wednesday -- Rod Drury, Founder and CEO of Xero made an appearance at the AWS Summit in Sydney, Australia. He also shared his insights on how earlier adaptation with technology could bring faster success to businesses.
Wednesday -- March 29, 2017 -- Xero announced that the online accounting platform had already reached one million subscribers! In only less than two years, Xero had already doubled the number of its users, as subscribers goes up to 300,000 in the past year.
Work Anytime, Anywhere -- One of the latest trends in today’s corporate world is the thing called “remote work”, in which companies are encouraging employees to choose their own place and time when it comes to work. With this option you can do many things besides working, like talk to the phone, hold the baby, make tea and so much more. But with this trend rapidly changing today’s workforce, how can businesses ensure the security and confidentiality of their data while leaving it out to remote workers?
Cash coding is a feature of Xero accounting software that was designed to help users code bulk transactions, and reconcile all of them at once. With cash coding, reconciling can be done with just one click of a button. Most accountants and bookkeepers who tried this feature consider cash coding as an essential need to their business, for not only this makes reconciling batch transactions faster, but this also saves time for most of them. Today, we will take a closer look at cash coding, and share some tips on how you could efficiently utilize this feature in Xero.
March 3, 2017 -- In a recent blog, Xero gave us an update of the latest product releases from their accounting software in the past few weeks. Here is a complete rundown of the latest developments for Xero that were released as per February 2017:
March 7, 2017 -- The Xero Roadshow kicked off with its first leg at the Four Seasons Hotel in Hong Kong. With more than 250 attendees, the event was filled with accountants, bookkeepers and Xero partners from different countries. As we made our way to the venue, we had high hopes of learning new things from the experiences that the speakers would share at the event, and after the roadshow we could tell that all our expectations are truly fulfilled! Here are some of the takeaways that we had after attending the Xero Roadshow Asia 2017!
Xero Roadshow 2017 is coming -- and this time the event returns to Asia! The roadshow will be taking place at the Four Seasons Hotel in Hong Kong (March 7), and The Star Performing Arts Centre in Malaysia (March 9).
Monday -- February 13, 2017 -- Xero accounting software announced their new quote feature on the Xero mobile app. Now, not only you could create Xero invoices in your mobile, but you also have the option to view and create quotes for your clients.
“Cash is King” -- Cash itself plays a vital part in every business as it is being used in paying for things such as infrastructure, expenditures, salaries of employees and other raw materials so to speak, making cash a “king” amongst any other business factors.
The Earned Income Tax Credit (EITC), sometimes referred to as “Working Americans Credit” is a refundable tax credit which is designed to help low income taxpayers (generalized as individuals, married couples and those with children) save money from taxes. But there are times that these kinds of credits aren’t claimed because most taxpayers doesn’t fully understand this concept. This article will share 4 things that you should know about Earned Income Tax Credit.
February 20, 2017 -- Monday -- Xero accounting software announced the latest developments in their mobile application for iOS. Most of these improvements are designed to enhance invoice turnarounds, provide an easier way of navigating organization, and strengthen the security of the iOS app.
January 23, 2017 - Monday -- Double Rule was included in Hubdoc’s Top 50 list of the best Cloud Accountants for 2016 in North America. This marks Double Rule’s 3rd straight year as an accounting firm which is included in the list of Hubdoc’s selected companies.
January 13, 2017 - Friday -- The Internal Revenue Service launched the opening of their 2017 Free File Program. Partnering with the best tax service providers, the program aims to provide free preparation and filing of federal and state income taxes for eligible taxpayers.
2017 marks the start for another great year as new waves of technology makes its way to businesses. From text to speech, chatbots and augmented reality, last year was truly filled with glorious wonders, and this year never fails to disappoint as many gadgets and applications are being introduced into our midst.
“Tis the season to be jolly!” -- This phrase alone can simply describe the holidays itself. Probably at this point forward, the ambiance of the yuletide season can easily be felt everywhere. With several stores selling santa hats and toys, companies celebrating their own christmas parties as well as other year end celebration so to speak, and of course, the hums of christmas carols echoing on the air.
December 16, 2016 - Friday -- Gusto announced the latest changes to their Partner Program. These advancements are not only designed to further improve HR services for companies, but to also help customers and partners to further utilize the power of Gusto, and deliver its value to clients.
Monday - December 5, 2016 -- Xero accounting software launched their latest integration with Apple. Partnering with payment service company Stripe, Xero aims to allow small business users to view and pay invoices in Xero using Apple Pay through Stripe.
It’s that time of the year again! -- The holidays is just around the corner, and maybe at this moment, you're now busy buying gifts and planning your team’s christmas party. Sometimes, you might find it hard to organize these kinds of celebration due to the fact that you still have plenty of work to do before the end of the year and that those tasks have deadlines that you should catch up with. But don’t panic, for we will share 4 ideas on how you would efficiently engage with employees during the holiday season.
The world of online marketing just keeps getting bigger, and better -- 2016 was filled with new apps and trends that brought wonders to all sorts of life; and once we kick off the new year, expect that there would be more marketing strategies that businesses would utilize, which leads to the question: What are those marketing trends that would make the cut for 2017?
November 22, 2016 - Tuesday -- The implementation of the updated FLSA and overtime rules was halted after a federal judge from Texas blocked the Department of Labor’s intention to hike up the salary level exemptions for up to $47,476. The rules itself would have been implemented in the first day of December this year 2016.
November 18, 2016 -- As part of the IRS’s continuous effort on fighting tax evasion, the Internal Revenue Service worked with a federal court to force Coinbase, one of the largest bitcoin wallet service company, to hand over personal information of their users who had made transactions between the year 2013 to 2015.
December 1, 2016 marks the date for the implementation of the Fair Labor Standards Act, as well as the revised rules for overtime exemption. Time is truly running out as many companies are trying to beat the clock as per the impending deadline, and as you get your company ready for these rules while complying with all the requirements, here are 10 things that you need to know regarding the provisions of these overtime exemption laws.
An accounting firm should not only base its growth on excellence in handling financials, calculations, reporting and advisory, but it should also focus on client acquisition and retention. You should remember that in every generation, one thing that would connect your business with them is through proper engagement and creating strong relationships. Here are 6 ways on how you could attract clients especially on the millennial side, and build loyalty between both parties.
Sometimes, with all the revisions and sudden updates that’s happening, it’s already getting difficult to keep up with the changes when it comes to taxes. But don’t worry, we got you covered! As the upcoming tax filing season comes in our way, we prepared a list of all the major updates that you should know. Here are 8 of the latest tax changes to watch out for 2017.
Medical costs can truly be devastating to your financials whenever someone is sick in the family and requires medical attention, for not only it affects your budget but it would also cost you further problems when emergency knocks on your doorstep in the midst of tax time. Fortunately, the Internal Revenue Service allows taxpayers to deduct medical-themed expenses that can lessen tax burdens.
The utilization of blockchain is one of the hottest business concepts that made heads turn this year, as it quickly makes its way to businesses such as financial sectors, entertainment industry, e-commerce and so much more. But not everyone is ready to embrace this kind of technology, as it gained contrasting opinions from different business sectors. In this article, we will explore the process of blockchain, and the mixed views that came along with this concept.
The name of the game is reducing taxes -- With thanksgiving and the holiday season fast approaching, now is the best time for you to make some changes and improvise strategies on paying taxes. Efficient year-end tax planning involves the proper application of exclusions, deductions and exemptions that can be used in lowering taxable income.
The end of a great season ushers in the beginning of another great year -- Holidays are quickly approaching in our midst, and along with it comes “crunch time” for businesses as they prepare year-end reports. Get yourself prepared for the year-end tax season with this checklist consisting of forms, as well as payroll information that you’ll be needing to complete your report and be able to sail your holiday boat with confidence and peace of mind.
October 28, 2016 -- Double Rule conducted it’s annual Halloween celebration, and as always it will never be complete without a costume competition. With many halloween costume ideas in mind, our crafty contestants totally brought the fight to the next level, well of cuteness of course!
July 6, 2016 - Wednesday -- The IRS (Internal Revenue Service) launched a campaign called Protect your Clients; Protect Yourself, a follow up to Taxes. Security. Together program, where leaders of federal government agencies, state tax agencies, and tax professional communities unite to raise awareness on identity theft amongst taxpayers and preparers, and wage war against this common threat which is now considered as one of the fastest-growing crimes in the U.S. In this article, we will share some tips on how tax preparers can successfully secure client data especially with the 2017 tax season coming up.
Phishing (often called as brand spoofing) is a type of internet fraud which had infiltrated computers and businesses for years, and when we say “businesses” it means no exceptions. Recently, Xero updated their security noticeboard with reports regarding Xero Invoice Phishing emails, and shared some ways on how to avoid becoming a victim of these kinds of email fraud.
In a recent statement given by the IRS, they believed that more than half of U.S taxpayers would always rely on professionals to do the handiwork and prepare their tax returns. Even in today’s digital era where many tax preparation software allows people to do taxes on their own, there are still some who tends to play safe and let the pros do their thing with these kinds of stuff. In this article, we will discuss the many reasons on why most individuals and business owners turn their attention to tax professionals especially whenever tax season comes into play.
You’ve got to admit that if you’re a business owner who is new to filing taxes, then preparing all the documents needed is a very tough chore to do. It’s like a puzzle, where you have to get all the pieces first before assembling them into one complete image. Sometimes, you might even find yourself clueless when it comes to what information or files should you keep for recording, not to mention the fact that time is running out on you while doing it. But don’t worry, we’ve got you covered! Here is a list of all things needed once you file your tax return.
Every business is a target -- All kinds of organization from the largest to unsuspectingly small ones can become a victim of data breach. With many incidents reported each year, the IRS continues to wage war against these kinds of intrusions by posting articles and other publications that could warn and raise awareness to their taxpayers, especially with the next tax season coming up. But even after all the precautionary measures said and done, there are some who still became unexpected victims of these kinds of issues which resulted from their carelessness of handling data.
Monday - October 3, 2016 -- The IRS had finalized the provisions on the rules of research tax credit for internal use software. At first you might see this as a new opportunity to neutralize liabilities in your taxes as it allows credit for development of internal use applications, but technically, the main purpose of this rule is to set some limits when it comes to eligibility in claiming tax credits.
The road to 2017 tax season is almost here, and it’s time to get ready! -- Wait, so since you may have already expressed your relief after the previous tax year ended without any complications from the IRS, or in other cases you had successfully filed the return in a given extension time, now it's time to welcome the new year by preparing for the next tax season, and we are here to share 5 tips that will help you get a jumpstart for the 2017 tax year!
Improvement is one thing which keeps mankind surviving in this ever changing world. There are no how-to manuals on achieving it, the only thing to do is for one to start thinking of concepts based on what outputs he wanted to see, and utilize the things present in front of him.
The accounting practice of tomorrow is constantly affected by the latest technologies as well as evolving client expectations and regulations. With bigger competition brewing between large CPA firms, not only is the landscape of the accounting industry is drastically changing, but it also makes the future uncertain for medium and smaller accounting firms as many clients are choosing to work with much larger companies, stressing the question: “Would there be any room for small CPA firms in the future?”
Thursday - September 22, 2016 -- Xero announced the newest developments present in the Xero Touch Android application. All of these improvements are part of Xero’s continuous dedication in bringing the best mobile experience for the users of Xero accounting software.
The world as we know it is changing and it’s moving really fast -- Ever since the existence of cloud technology in the accounting industry, not only did it made a huge impact to the processes of several CPA firms, but it also played a huge part in today’s workforce as it raised their expectations and motivated accountants on having a higher purpose.
Document Management is one of the most crucial aspects that should be considered when it comes to most CPA firms. Since it involves private information concerning every day client activities, accountants must make sure that all transaction documents, from bank statements, invoices, quotes, to expense documents like receipts are monitored and properly liquidated. The needs for an efficient document management system is continuously evolving, and thanks to technology, many applications can now be used to ease the hardships in organizing paper documents.
Brisbane, Australia -- Aiming to bring the best experience for subscribers of the accounting software, Xero teams up with Facebook to create an application which will connect small businesses with the ever growing Xero ecosystem. Presenting Hey Xero, a one of a kind Xero chatbot for Messenger dedicated for the users of Xero accounting software.
Xerocon South Brisbane 2016 marked another milestone in the world of digital accounting as Xero unveiled its newest platform Xero HQ. Serving as a successor to Practice Studio, Xero HQ brings all the features of Xero Practice Manager, Tax and Workpapers in one great seamless paradigm.
When it comes to accounting firms, especially in this digital world where many accounting solutions are being introduced, it’s up to millennials to become the best candidates for the position of being a frontline accountant who would apply their knowledge in using technology with accounting procedures and analyze business processes. If you’re a millennial who is looking forward to have a good career in crunching numbers, then here are 5 tips for you to be successful in a profession like accounting.
Xerocon 2016 made it’s way to San Francisco, and our team had the chance and the utmost pleasure of attending this exciting event. Aside from Xero and the add-ons being showcased at Xerocon, It also became an inspiring and informative session, thanks to various speakers, and participants who shared their thoughts to everyone. Here is an article where we will take a closer look on what happened during Xerocon San Francisco 2016.
ACH and Check 21 are two of the most popular methods of check electronification. Whenever checks are being scanned and deposited, most of them undergo either of these processes. Here is an article where we will take a look on both methods, share some tips on how you can distinguish checks that were processed either via ACH or Check 21, and see which is the better method.
Xerocon San Francisco 2016 is here! -- and Day 1 turned out to be another huge success as many CPA firms, accountants, bookkeepers, and Xero partners were present at the event. Aside from the pioneers of Xero sharing the latest additions to the accounting software’s wide array of features, many guest speakers also discussed their experiences at Xerocon.
Paperworks is regarded by many as one of the biggest challenges and main reasons for companies on switching to digital apps. Papers played a vital part when it comes to business process over the years, that’s why some companies are hesitating to switch, since they think it would be risky to trade paper with electronic documents. But even though the use of paper can’t entirely be removed, at least there are ways on how to reduce the use of it. Here are 6 tips on how you could start implementing seamless process in your firm, and get rid of those nasty paperworks.
The December 1, 2016 effectivity of the FLSA Overtime Rules will soon be upon us, and as this law is seen by many as a new beginning that is approaching for employees, businesses see it as a deadline for them to comply with all of the requirements needed, and accomplish the things and measures that has to be done once this law take effect. Here are 9 ways on how you could comply with the requirements and protect your company from penalties under these rules.
Mobile application is the current trend when it comes to business. With its convenient features, it naturally fits with today’s clients who are always on the move and likes to spend their time using mobile devices. Even most accounting firms as of late are trying to gamble, and develop their own mobile application in hopes to evolve their way of doing business, since expectations among mobile users are growing as time changes. Here are 4 reasons on why your accounting firm should also develop a mobile app, and join the revolution.
As an accountant, there’s always a time when you might come across difficult clients. With all those nasty remarks being thrown at you, sometimes it’s just hard to keep your cool while speaking with these types of customers -- it’s like wildfire, slowly spreading. But there are some things that you can do to lessen the tension. Here are 4 tips on how you can efficiently handle difficult clients and have the fire under control.
Most B2Bs are seeing social media as the next big thing in the world of marketing, since it can help you expand, gain new clients and lets you create effective business propagandas with less budget.
As of now, social media platforms can also be used for businesses such as accounting firms, since today’s accountants are often considered as millennials who combines their accounting approach with the presence of technology. Here are 4 of the best social media platforms that you can use to expand your accounting firm.
Fans of the hit Japanese video game turned anime Pokémon, were crazed when Niantic released Pokémon Go, an interactive mobile app which uses GPS (Global Positioning System) on locating these pocket monsters and catching them using mobile phones. Here are 10 of the latest headlines in the world of Pokémon Go.
Data breach is one of the worst challenges that accounting firms are still struggling to overcome. As an accountant, one of your prime responsibilities is to manage your client’s financial information, and once it’s breached, then it could spell danger for your firm. Like the two sides of a coin, an evolving technology can always become a friend or foe, as there would be applications that can lessen the company’s manual burdens, but of course since you’re using data with those applications, there would also be newer ways on how someone can steal your firm’s most confidential data.
Firms and several SMEs (Small and Medium Enterprises) are becoming meticulous when it comes to applications that they will use. In this growing era of technology where the cloud software industry is becoming popular to organizations around the world, and various types of cloud based applications existing, it is somewhat hard to look for the best solution that may fit your business. You know you had picked the right software if it follows your expectations, especially on criterias like location, security, support and user access, and to have all that you must ask the right questions to your cloud service provider.
Cloud technology provides new and exciting ways on how you can re-imagine your firm and make more money. And while there are companies out there who had felt the benefits of this sudden technology shift, there are those who neglects the privilege that they get in the cloud, thus making them unsuspecting victims of unwanted issues. This article will discuss the traps that all firms should watch out for when it comes to implementation of cloud computing.
Ever since the emergence of the internet, people get to connect their lives and stories to the world. Businesses see social media as a great marketing tool, since it can help on increasing return on investment (ROI) without spending huge amounts of money. But there are times that no one sees it or even worse, people skips it because they don’t want to be bothered. The only way for us to avoid those consequences is to have an efficient social media schedule.
Xerocon 2016 is fast approaching! -- Have you already made a checklist for the places you’re planning to visit, or the foods that you’re about to eat? Have you already planned the things that you should bring once you register for this event or you still need approval from your superior?
Welcome to the fifth and last part of our Xerocon Preppers article series, and today we will share the reasons on why you and your team should register and join Xerocon San Francisco 2016.
Over the years, from simple reconciliation, bookkeeping and calculation, the term “accounting” had truly evolved, with firms automating their working process, collaborating with clients in an interactive fashion, and so much more! Cloud technology helped several CPA firms to grow and move forward.
Xerocon is undoubtedly one of the biggest and most anticipated happenings in today’s accounting industry. Before getting yourself amped up, you should prepare the things needed to get the most out of this spectacular event. Here is part 4 of our Xerocon Preppers article series, and today we’ll be sharing tips on how to prepare for Xerocon 2016.
As years gone by, there are many changes that took place ever since businesses crossed paths with cloud technology. From solving basic needs like manual encoding of data, to enhanced customization and organization of documents, automatic calculation and online accounting, the cloud opened new doors for possibilities, and spawned hundreds of genres for every business processes. This article will discuss 4 of the biggest changes that cloud technology brought to modern day business tasks, and the people using it.
If you want to be “in the know” of the latest improvements made to Xero accounting software, then Xerocon is the perfect event to watch out for. This is where you can learn, interact with the minds that kickstarted this helpful accounting application and have fun! Here is part 3 of our Xerocon Preppers article series, and today we’ll be discussing top 5 things to enjoy in Xerocon.
San Francisco is not only filled with wonders due to it’s perfect tourist spots and fantastic heritage sites, but it’s also known for having the finest cuisines adapted from all parts of the world -- and a perfect getaway for foodies! Welcome to part 2 of our Xerocon Preppers article series, and today we’ll be counting down our picks for the top 5 places where you can eat, drink, and discover the taste of San Francisco.
Modern day businesses think of ideas that will attract customers to buy products or avail services. The world is filled with competitive businesses struggling to be the best: This is a race to success where the one who’s coming out on top will be the winner! Below is a list of strategies that will help your business leave your competitors behind, and win the race!
“If you’re going to San Francisco, be sure to wear some flowers in your hair -- you’re gonna meet some gentle people there. - Scott Mckenzie”
May 18, 2016 - The U.S Department of Labor released the final updated overtime rules, which is signed by U.S President Barack Obama, and Labor Secretary Tom Perez. These updated rules sets to help workers on becoming eligible for overtime pay.
Risk is a great motivator for business on making the best decisions. It’s always present in every businesses, even in accounting firms which is no stranger to this, since CPA professionals also take risks in solving a certain problem. Here are 5 known risks that most CPA firms are facing in today’s accounting world.
May 16, 2016 - The House passed H.R. 3832, or the The Stolen Identity Refund Fraud Prevention Act of 2016. This bipartisan bill was first proposed by Rep. Jim Renacci in October of 2015 as a way of protecting american taxpayers from identity theft tax fraud. This bill was co-sponsored by Rep. John Lewis and is currently making its way to the senate
S-Corporation (referred to as S-Corp), is a special structure of corporation which exists through IRS tax election. This business entity has a federal tax status in which companies can “pass through” taxable income or losses to the owners, as well as investors of the business. Electing your company as an S-Corp can help you eliminate “double taxation”, which is one of the outstanding features of this business entity.
Whenever employees encounter unexpected health problems, the first thing that comes to their mind is to stick with health benefits in times of need. Utilizing those benefits can spare them from paying large expenses to hospitals and clinics. But the problem is enrolling for these benefits is a big hassle, since it consumes lots of time not only on filing and signing forms but also on going to offices of insurance providers. Another thing is that it takes a lot of paperwork before those benefits are being processed. If only they could find a solution for those problems to become automated.
Now that the 2016 tax year came to an end, it’s time for you to plan and make the earliest of preparations for the next tax year, and the best way to start is by reviewing your 2016 tax return. One of the things you should watch out for are tax return carryovers, for it can help you claim some deductions and mitigate your taxes.