When a family hires someone to work in their home, like a nanny, housekeeper or senior caregiver, they become an employer and have employment tax obligations. These are commonly called “nanny taxes” and include the employer portion of FICA (Social Security and Medicare) and federal and state unemployment insurance. The
Accountants need to remind clients that their day of reckoning with the IRS is happening in just a few weeks. This is the first article in a series on what to tell clients who need or want to postpone the inevitable. Remember that the IRS wants to help. The agency says there’s
We recenly spoke to Sage’s Ed Kless to talk about outcomes vs. outputs, why he joined the agenda at AccountingWEB Live Summit, and what you can expect from his revolutionary session on Selling Your Brain, Not Your Time on day two of the event. I met Ed very early on
The accounting and medical professions are similar in that practitioners in both need a good “bedside manner.” They need to gain the trust and support of their patient or client. In accounting, this is especially true when trying to get clients to discuss their financial fears, particularly when they think
The International Public Sector Accounting Standards Board released for public comment an exposure draft of a proposed standard for multi-employer retirement plan obligations. The goal is to increase the transparency and accountability of public sector entities when it comes to the measurement and recognition of retirement plan obligations, which can
The total value of goodwill impairments recorded by U.S. public companies more than doubled in 2020 during the first year of the COVID-19 pandemic, according to a new study, and the same may happen again this year as geopolitical tensions rise. The study, released Thursday by Kroll’s Valuation Advisory Services
The Governmental Accounting Standards Board set the effective date for the GASB 87 leases standard at June 15, 2021, after pushing it back by 18 months during the pandemic, but many state and local governments are apparently behind on implementing it. The standard in some ways parallels the ASC 842
Colorado is to become the latest state to accept crypticurrency for tax payments now, taking up the mantle. During a February 2022 interview, Governor Jared Polis told CoinDesk that “Colorado will start accepting cryptocurrencies for tax and other payments to the state by the end of the summer.” When asked
Susan Coffey, CPA, CGMA, has worked for the Association of International Certified Professional Accountants (the Association) for more than 30 years, but she never gets bored. Coffey has held many leadership roles at the Association over the years, and her newest role is perhaps a culmination of her expertise and
In addition to the fantastic networking opportunities and engaging content agenda you’ll find at the AccountingWEB Live Summit this May in San Diego, we also have exhibit halls filled with vendors who offer the latest technology that will solve your problems and help you work more efficiently. This week, we spoke with Veem