January 9, 2018
2018 Tax Reform Law – Index of Articles
The new tax reform law covers many aspects, from business taxation to individuals and deductions, which can make it challenging for taxpayers and tax professionals to keep up with the changes.
January 9, 2018
How the New Tax Law Affects Cryptocurrency
In 2014, the IRS classified cryptocurrency as property, and not currency. How property is taxed is that if you hold an asset for less than a year, and you sell it, you pay ordinary income tax at your ordinary tax rate. If you hold that asset for a year ..
January 9, 2018
Accounting Firm Revenues and Profits Continue to Climb
Revenues were up a solid 7.8%, a tad less than the prior year’s 8.1%. Growth from mergers accounted for 26% of total growth compared to 28% the previous year and 30% the year before. So from that, one could conclude that the impact of mergers on ...
January 7, 2018
Cryptocurrency 101: What You Need to Know
Currently, the US treats cryptocurrency as property. The IRS requires that the value of cryptocurrency be reported in US dollars with the fair market value determined at the time of payment or receipt. This calls for specific record keeping ...
January 5, 2018
Finance Pros Preparing for Innovation and Disruption
While AI and robotics may represent the long-term future of treasury management, more than half of finance professionals surveyed (52 percent) expect faster or real-time processing to experience major growth in payments innovation in 2018.
December 21, 2017
5 Predictions for Accounting in 2018
Regardless of the source, there’s a lot in motion that’s going to shake up the profession in the coming year. In the spirit of helping out our fellow accountants, here are a few predictions for the accounting professional in 2018.
December 19, 2017
Cryptocurrency without a Blockchain: Is the Blockchain Bubble About to Burst?
Unless you’ve been living under a rock, you’ve probably heard of Bitcoins meteoric rise. At time of writing, BitCoin was sat at somewhere around $19,000 a unit. So popular is bitcoin that I wouldn’t be surprised if your grandparents brought it up at ...
December 19, 2017
2018 IT Predictions for Tax and Accounting Firms
University professor John M. Richardson summed up his view of the future by stating: “When it comes to the future, there are three kinds of people: those who let it happen, those who make it happen, and those who wonder what happened.”
December 18, 2017
December 2017 Tax Channel
In the case of cryptocurrency, we have a dichotomy where the IRS is treating the currency as property for income taxes, and then asking that the property be reported as a foreign bank account.
December 18, 2017
December 2017 Accounting Channel
Young finance professionals at small and medium-size practices are a mobile group who seek out professional development and are well-equipped to deal with changes being driven by globalization and technology, finds a new report by ACCA.
December 6, 2017
Pace of Technology Change Offers Great Opportunity to CPA Firms
Technology is rapidly transforming the practice of accounting, and there has never been a better opportunity for CPA firms to grow and thrive, the chief executive of CPA.com said in a keynote speech at the 2017 Digital CPA Conference.
December 4, 2017
Why You Need a Payments Strategy
This may come as news to accounts payable professionals: You need a payment strategy, and I don’t just mean getting rid of checks. Everybody's been trying to do that for a long time, with only moderate success. But, that’s not a complete strategy. It’s on