Purdy Powers & Company

"Incorrect positions." Yeah that cutline caught our attention too. We hope your short week went well and that the foibles you read here give you a smile. #TGIF #tax #taxfraud #taxcrime #darwinawards #accountingfails #darwinawardsforaccountants

You now what? Not only are you a whiz at taxes, tax planning, and crunching numbers for your clients, you're also an advisor. You can deepen your relationships with many of the people you work with to coach and guide. For example, have you ever been asked to fill in as a temporary #CFO while they implement a search for the ideal candidate to fill the role? If yes, then you're in a prime spot to help them understand what skills are needed as they vetted for the job. "The 2024 Corporate Finance Report, "CPAs in the C-Suite: Most Wanted Competencies for Finance Leaders," is based on a survey of more than 320 hiring executives, including CEOs, chief human resource officers and executive recruiters. The survey assessed eight major skill categories and over 80 specific subcompetencies, offering a detailed view of what hiring managers value most in CFO candidates." #csuite #cfojobs #HRtips #hr #accounting #practicemanagement

Finding employees for businesses across many sectors is challenging and costly. While a good number of larger employers can and sometimes do sweeten their #recruitment efforts with sign-on bonuses, #benefits, and maybe even added #PTO, smaller employers don't have that luxury. In fact, in #August hourly earnings dropped a bit which adds to the troubles. And as we know we can't and shouldn't take those numbers at face value but need to dig deeper into the issue. What can we do to help our clients facing these issues succeed? "One-month annualized hourly earnings growth also dropped to 1.91%. "The one thing I really watch closely is that one-month number, which, even though there's a lot of volatility in it, it's more of a leading indicator," said Frank Fiorille, vice president of risk management, compliance and data analytics at Paychex. "And at less than 2% that's pretty low. From an overall standpoint, going under 3% hasn't happened quite some time, since January 2021. These are the mom and pop, Main Street small businesses with under 50 [employees]. Clearly wages are slowing. They're still growing, but that growth is slowing." #hourlywages #personalfinance #income #clientnews #financialconsultants #buisnesscoaching

Credit Losses + Financial Statements + Audits = Today's News Equation "Credit losses represent a significant area of focus in financial statement audits. As economic conditions fluctuate and accounting standards evolve, auditors face increasing challenges in evaluating how organizations estimate and report credit losses, and in providing a comprehensive overview of credit loss assessment in financial statement audits. " #auditors #auditnews #financialstatements #cpanews #cpas #accountants #accounting

Well now this is a twist on a popular cliche that caught our eye and got us thinking... "home is where the scam is..." Enjoy the read, enjoy your #LaborDayWeekend. #TGIF #taxfraud #taxcrime #dummies

This is worth reading, noting and speaking with your clients about should they have received lien notices from the #IRS... (NOT that that would have happened under your watch.) "The number of notices of federal tax lien has declined significantly since 2010, according to a report from the Treasury Inspector General for Tax Administration. Last year, 179,000 NFTLs were filed, down roughly 84% from the high in 2010 of nearly 1.1 million. Since the peak, filings have generally declined, reaching a low of 157,000 in 2022. The Internal Revenue Service sometimes uses liens to collect delinquent taxes from taxpayers. When the IRS first files an NFTL, it must notify taxpayers in writing within five business days of their right to a hearing before the IRS's Office of Appeals. TIGTA found the IRS properly notified three out of four taxpayers, when analyzing a sample of more than 103,000 filings. Of that sample, 270 taxpayers were potentially not timely mailed a notice." #cpanews #accountingnews #irsupdates #tax #taxliens #practicemanagement #read #share

File this (after you #read it) under "new things to know about #Crypto #Taxes. "Digital asset and tax accounting platform TaxBit announced comprehensive support for the 1099-DA form, facilitating compliance with the newly released US Treasury and IRS Digital Asset Broker Regulations., which is set to go into effect for the 2025 tax year. "We were founded to solve the complexity of crypto taxes. Our platform combines the expertise of industry-leading tax professionals with cutting-edge technology. Having filed over 100 million forms, we are adept at managing the intricate demands of digital asset taxation," says Lindsey Argalas, CEO of Taxbit. "As global regulatory frameworks evolve, including forthcoming regimes in Europe like DAC8, Taxbit empowers brokers to adapt to these changes with confidence quickly, in markets around the world." #cryptocurrency #taxes #taxguidance #cpanews https://lnkd.in/gRJJerGa

How to trust your recommendations on trusts for high-net-worth clients. There's good information here as it relates to proposed changes in regulations. "The end of the "stretch" strategy, possible sunset of the Tax Cuts and Jobs Act and opportunities for qualified small business stock offer investors potential savings through trust strategies." #taxplanning #taxstrategy #wealthmanagement #cpanews #cpa #accountingnews #taxalert #accountants #accounting

Growth in an accounting firm can come in many forms. While expansion of more traditional and expected services like tax planning and preparation and bookkeeping help sustain practice growth, there are other options to consider. "Facing major changes to the profession, many small firm owners are shifting away from once-a-year audit and tax-compliance work. Instead, they’re building deeper, year-round relationships with clients by offering advisory services in specialized niches." #accounting #accountingpracticemanagement #cpanews #businessgrowth #accountants #cpas #consulting

During her speech last night, Vice President Kamala Harris briefly laid out some proposed policies including ideas on #taxes. Former President Donald Trump also has his proposed #tax #policies set. This article lays out the differences and what they could mean to #taxprofessionals. "Since President Joe Biden announced his decision not to seek reelection, the race to the White House has heated up, pushing tax practitioners to scrutinize the legislative track records of both candidates in the hopes of understanding what each potential administration could mean to the accounting profession at large." #election2024 #politics #taxpolicy #accountingnews