Eric Roark

Are you ready for the upcoming changes in California's sales tax rules? ⚠️ With the enactment of SB-167, retailers will face a shift in the tax landscape. Here's what you need to know: 🔹 Suspension Period: The bad debt deduction for sales and use tax purposes will be suspended from January 1, 2025, through December 31, 2027. 🔹Current Relief: Until December 31, 2024, retailers can still claim deductions for accounts written off as worthless. 🔹Definition Changes: The term "retailer" will be redefined, removing affiliated entities and lenders from eligibility for deduction purposes. 🔹Future Opportunities: As of January 1, 2028, retailers will once again qualify for bad debt deductions, though lenders will not be included. 🔹Action Required: It is crucial to evaluate your accounts and finalize any necessary write-offs before the end of 2024. Dive into our article to discover more: https://ow.ly/sRzP50TUFTx #California #SALT #SalesTax

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🚨 Hot off the press... 🚨 150-Hour Requirement Under Review in California The California Board of Accountancy is considering a significant change that could reshape the landscape for aspiring CPAs. They're exploring the possibility of eliminating the 150-hour educational requirement, with plans to discuss this at their July 2024 meeting. Yesterday, I received a survey from the CBA to gauge opinions on various aspects: 1) Would firms hire CPAs with only a bachelor's degree and not 150 hours of education? 2) Which college majors should be prerequisites for the CPA? 3) Most interestingly: Would we support reducing the 150-hour requirement if it meant CPAs couldn't easily transfer their license to other states? Interestingly, when I revisited the survey on a different computer to research for this post, I encountered a different set of questions. It seems the CBA is really trying to hone in on a potential new structure: Bachelor's degree: Requires 2 years of working experience Master's degree: Requires 1 year of working experience Let's be honest here - most associates hired right out of college don't know much about practical accounting. They may have some foundational knowledge, but they're not coming in with skills that make them immediately productive without significant on-the-job training. What are your thoughts on these potential changes? Could they make the CPA more accessible without compromising quality? Most importantly, is this the solution to the account shortage? Spoiler alert, no it’s not. #CPA #Accounting #CaliforniaCPA

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For those tax practitioners who are CPAs there has always been an unfair playing field on CPAs advertising, versus tax professionals in general. Tax professionals are unrestricted, able to make claims, as we can get you the highest refunds, at a minimum. But CPAs cannot make such claims. It appears that the AICPA and NATP have woken up and hopefully will address the disparity. Since I am not a tax practitioner, I hope all the CPAs who practice taxes can hold the AICPA and NATPs feet to the fire to help level the playing field. At C-Suite Support we can help you prepare tax packages and coordinate with your tax preparer to help them. We can also go through a checklist of items, based on your business, to make sure you are taking advantage of all the deductions available. Paul Whitley Taber Wetz Chris Gauvin Jayson Potts, MBA C-Suite Support

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CPA Exam Score Release Dates for 2025 CPA Exam scores are released on a rolling basis throughout the year. The AICPA shares when you can expect to receive your score after sitting for a section in 2025. This helps you to better plan your testing schedule. https://lnkd.in/gKtbM4-u #tipoftheweek #accounting #accountingstudents #cpa

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To my CPA friends...if you're looking for some free CPE go no further. ACCOUNTING FOR SHARE-BASED PAYMENTS WEBINAR Please join GAAP Dynamics and The Alliance Group to discuss the accounting for share-based payment awards under ASC 718 and deferred compensation under ASC 710. We'll cover classification, fair value measurement, and recognition of compensation expense, along with key concepts for deferred compensation. This complimentary 2.0 CPE-eligible webinar on September 19, from 11AM-1 PM will address how to: ✅ Distinguish between equity-classified and liability-classified share-based payment awards s ✅ Determine how to recognize compensation cost for awards with different vesting conditions ✅ Identify common inputs for pricing models in share-based payment awards ✅ Recall key accounting requirements for deferred compensation per ASC 710   Registration Link: Webinar-Accounting for Share-Based Payments (gaapdynamics.com) About us: Alliance Client Advisory, comprised of over 75 former Big 4 CPAs, partners with publicly traded and high growth PE backed companies to provide staff augmentation and advisory services in areas of financial reporting, technical accounting, operational accounting, and corporate transactions.  

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Do you invest for a 1.5 multiple or a 3.4 multiple? * we have been leaders in the "real" #impactinvesting space for four years now and this is what we have seen and learned from our journey. if a fund has "impact" in its name, there is more likely no real #socialimpact to its investment policy. #investmentalpha is a buzzword that asset and fund managers like to toss out to their investors which factors #systemicrisk but not #specificrisk or #industryrisk which are the real #riskfactors in any #realestate #investment. #taxefficiency is another overused marketing tool which overstates the benefits of a few basic yearend #taxplanning moves. Ellavoz Impact Capital has developed a new asset class that combines #economicincentives #tax #structuredalpha with a #strategy for minimizing specific and industry #risk in a fund investment which results in tax exemption for the gains recognized upon liquidation. READ MORE BELOW

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Looking grumpier than a stinky skunk. Visit Michael Wood and the Translucent team in the far back corner of the #Xerocon hall. Find out how Translucent can solve intercompany| multi company | group issues. #AccountingAndAccountants

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🔍 As we all know, the CPA profession faces a shortage of new CPAs and accounting graduates. A current shortage as well as a pipeline shortage. Last year the AICPA commissioned the National Pipeline Advisory Group (NPAG) to study this shortage and provide recommendations for enhancing the CPA pipeline. The NPAG is comprised of 22 professionals who are CPAs and accountants in the profession.💼 NPAG offered six draft recommendations to restock the talent pipeline. The NPAG's data-driven & inclusive approach hopes to bring about meaningful & long term change. From reshaping education to enhancing the employee experience, their recommendations aim to address critical challenges. NPAG's first recommendation focuses on addressing the time and cost of education. They propose three concepts emphasizing competency over academic experience, potentially revolutionizing CPA licensure requirements. 🎓💰 The second recommendation suggests making academic experiences more engaging. NPAG endorses efforts to retool introductory university courses and improve support for students progressing into more challenging coursework. 📚👩‍🏫 Enhancing the employee experience is another priority, with NPAG highlighting the need for competitive starting salaries and manageable workloads. They urge employers to make tasks more interesting and advancement opportunities clearer. 💼💡 NPAG stresses the importance of prioritizing strategies to expand access for underrepresented groups, advocating for targeted messages and closer relationships with minority-serving institutions. 🌍🤝 Support for CPA exam candidates is also crucial, with NPAG recommending addressing exam costs, simplifying the application process, and rewarding professionals for passing exam sections. 📝💼 Lastly, NPAG emphasizes the importance of telling a more compelling story about the accounting profession to attract talent. They also encourage all CPAs to take the Pipeline Pledge, by committing to participate in two groups/activities per year for the express purpose of nurturing new talent. 🚀💼 With less students enrolling and more analytical majors in the business curriculum than ever it will take concerted effort to keep our CPA pipeline full! 🌟 #Accounting #CPATalentPipeline #Innovation #warfortalent #FutureOfWork 🚀

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Is your business prepared for potential changes in California's business tax environment? 🏛️ Considering California's proposed changes to NOL deductions, tax credit limits, and apportionment rules, it's crucial for businesses to stay informed and proactive. California plans to suspend NOL deductions for incomes over $1M, cap business tax credits at $5M, and retroactively amend apportionment rules to address substantial budget gaps. These changes could lead to significant tax liabilities for affected businesses. Our SALT team is here to help you navigate these complex changes and optimize your apportionment to potentially reduce your California cash tax liabilities. Learn more: https://lnkd.in/gKTYp_SU #SALT #BusinessFinance #TaxCredits

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It is comforting to see that HMT are taking their time over this and not “rushing to legislate” against so-called Umbrella Payroll Companies” (an almost impossible thing to define). Legislation/regulation is not a panacea, indeed legislation can often make things worse and can lead to some terrible miscarriages of justice c/f the Managed Service Legislation. Those posting churlish messages about “inaction” when the authorities are actually demonstrating appropriate due care on a sensitive and delicate matter would do well to research (for example) the history of legislation against Employment Agencies -beginning with the 1973 Employment Agencies Act (effectively reversed in 1994) and the new Act in 2003 (prohibiting the charging of fees) which is what really gave rise to the Umbrella Payroll industry-the regulator (the ESA) has an extraordinarily difficult task. The responses to the Umbrella Consultation last summer must have provided a complex array of new information for consideration (for example the My Digital response ran to 30 pages -DM me if you would like a copy) so one can understand the need for a considered approach. Why not post your response to the Consultation and be professional rather than post lazy and fatuous content? 🙏🏼

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If you're interested in finding out more about navigating R&D Tax Credit changes, check out this great new blog post from the San Jose-based MTS Professional Tax Service Inc. Just click below.

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🔍✨ Unlock the Secrets to Innovation Savings! ✨🔍 🌟 Struggling with the California R&D Sales and Use Tax Exemption? We've got you covered! Our comprehensive step-by-step guide will demystify the process and help you save big on your groundbreaking projects. 🚀💰 Read more. Tap into expert insights and streamline your R&D journey. Ready to boost your bottom line? Dive in now and make your innovation dreams a reality! 📚🔧 @hitollc.com | 949.876.8420 #TaxTips #Innovation #California #RDSalesTax #SaveMoney #ResearchAndDevelopment

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Ready to connect with the next wave of top accounting talent? Get your firm in front of 2,500+ of California’s best and brightest aspiring accountants in this year's CalCPA Career Guide. This is your chance to elevate your firm's presence and snag the future stars of accounting. Don't wait! Contact Michael Wong at [email protected] by August 2. #CalCPA #AccountingCareers #FutureCPAs #CareerGuide #AccountingFirms #AspiringCPA #Accounting

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Happy Tax day to all my tax CPA connections! Wishing you a speedy recovery and some downtime with friends and family. #taxday #CPA #tax

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Is your business prepared for potential changes in California's business tax environment? 🏛️ Considering California's proposed changes to NOL deductions, tax credit limits, and apportionment rules, it's crucial for businesses to stay informed and proactive. California plans to suspend NOL deductions for incomes over $1M, cap business tax credits at $5M, and retroactively amend apportionment rules to address substantial budget gaps. These changes could lead to significant tax liabilities for affected businesses. Our SALT team is here to help you navigate these complex changes and optimize your apportionment to potentially reduce your California cash tax liabilities. Learn more: https://lnkd.in/g5zAg9pf #SALT #BusinessFinance #TaxCredits

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Tired of earning useless CE that doesn’t move the needle? 🙄 Take your practice from standard to stand out with Mark J. Kohler’s 5 LIVE Tax Pro Talks sessions and earn 5 CE credits that will actually make you money. 💯 ✅ 5 weeks of live, actionable training ✅ Proven strategies that you can immediately implement for clients ✅ CE credits to boost your earnings, expertise, and client experience Bundle all 5 courses before 10/22 and save $100!👍 ENROLL NOW - https://bit.ly/4gX0RwZ #cpa #taxes #CE #taxprotalks #sessions #courses #credit #business #strategies

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S Corporation shareholders and partners in a partnership could see their effective federal income tax rate increase by 30% by the end of December 31, 2025, due to the expiration of certain tax laws. With the sunsetting of the 199A deduction and an increase in individual federal income tax rates scheduled to occur as of December 31, 2025, the effective tax rate for pass-through entity owners will jump from 30% to 39.6%. https://lnkd.in/gNtg7uPe

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How much do you know about the Research & Development (R&D) tax credit? >> What Is The Research & Development (R&D) Tax Credit? The R&D tax credit is a federal incentive offering a dollar-for-dollar reduction in a company's tax liability, aiming to encourage research and development activities. It is calculated based on a company's eligible wage, supply, and contract research expenses. >> Do I Qualify? R&D incentives are available for a variety of activities and expenses. These include software development, payroll expenses related to R&D activities, the creation of new manufacturing processes, and product innovation, among others. Activities that would otherwise be considered “day-to-day operations,” such as designing new products or analyzing market trends, are eligible under this credit! >> Does my industry qualify? Companies of all sizes and industries can qualify for this tax credit. Curious if your business may qualify for the Research & Development (R&D) tax credit? Then I invite you to fill out the form here: https://lnkd.in/dfJUr7UD #business #future #success

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