Tom Brehmer

Join us on May 21, 2024, from 10:00 - 11:00 AM for a live webinar that's a game-changer for solo practitioners and small accounting & tax firm owners. "Application Stacking for Solo and Small Firm Efficiency" is here to revolutionize your workflow! 🎤 Featuring Kelly Rohrs, CPA, a seasoned expert passionate about tech in accounting, this one-hour course is specifically designed to help you streamline your operations and supercharge your productivity. You'll learn: ✅ The art of application stacking: what it is and how to do it effectively. ✅ How to identify the right tools that work together seamlessly. ✅ Strategies to integrate applications into your business for maximum impact. Whether you're a solo entrepreneur or run a small firm, this webinar will equip you with the insights to build a robust digital infrastructure that propels your business forward. 🔗 Reserve your spot at https://ow.ly/OFSA50QFUSe and get ready to transform your business operations with the power of technology!

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What is a 351 Transfer? 🏢 💵 - A 351 transfer, also known as a Section 351 transfer, is a provision in the U.S. tax code that allows individuals or entities to transfer property to a corporation without triggering immediate tax consequences. Section 351 transfer is not limited to C corporations. It applies to both C corporations and S corporations. - This tax-deferral mechanism is often used when a person or group of individuals is forming a corporation or contributing additional assets to an existing corporation. - The primary idea behind a 351 transfer is that, when done correctly, the transferors (those providing the assets) do not have to recognize any gain or loss at the time of the transfer. 📖 In our recent blog, we explore what the requirements are, the advantages, and the disadvantages. Click the link below to read and feel free to contact us with any questions! https://lnkd.in/eAcjee7T Asset Strategy #TaxPlanning #351Transfer #TaxStrategy

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🚀 Attention Accounting Professionals! 🚀 Join David Leary and Blake Oliver, CPA, from The Accounting Podcast, for a live Lendflow app demo tailored for accountants. Lendflow's CEO and Co-Founder Jon Fry will showcase Lendflow's Embedded Lending Platform while David and Blake provide insights and engage in thoughtful conversation, making this session perfect for boosting your offerings to clients and generating new revenue for your practice.  Register below to take your practice to the next level! #Accounting #FinTech #Lendflow #Webinar #CPAs

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🚀 Level Up Your Accounting Game with Levvy's Free Workflow Templates! 🚀 Elevate your efficiency and client satisfaction with Levvy’s top five workflow templates. These templates are Crafted by industry pros and tailored for outsourced accounting firms like you. And the best part? They’re FREE! 🙌 Don't miss out! Click below to get your free workflow templates and start optimizing your accounting processes today. 🚀 https://1l.ink/F6NXT55 #Accounting # AccountingWorkflows #EfficiencyBoost #LevvyTemplates

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Did you know that balancing salary structures can significantly impact both tax savings and take-home income? ➡️ Adjusting salary vs. bonus can reduce overall tax liabilities. ➡️ Optimizing salary distribution helps clients qualify for key deductions and credits. ➡️ Strategic salary planning can lower taxable income while maximizing retirement contributions. By using tax professionals’ software, you can streamline this process and provide clients with the best solutions. Want to know how to get started? This article breaks it down: https://lnkd.in/eCy7j7Bi #TaxPlanning #IncomeOptimization #AccountingSoftware #ClientAdvisory

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CFOs Struggle to Manage Complexities of State Tax Filings Tax season might be over. But then again, there’s always next year. As Wendy Walker, solution principal at Sovos, told PYMNTS, the complexities of tax reporting will still demand that organizations of all sizes gear up for changes in the tax code and rigorous reporting requirements that will always be fluid and complex. But one thing is simpler: The IRS’ Combined Federal and State Filing program seeks to simplify some of that complexity by taking things online. As Walker told PYMNTS, direct state reporting takes place — as the name implies — when an enterprise files 1099 tax information directly with a state government. “Generally speaking, if you are required to issue a 1099 to the IRS, there is going to be a state requirement as well,” she said. Tax laws require that states use most of the information contained in 1099s, W-2s and other returns that are filed with the IRS to compare income and withholding amounts on state income returns. Enforcement Is Ramping Up Although state tax reporting is nothing new — it’s been around for decades — Walker noted that enforcement has seen some renewed vigor in terms of making sure that all the information matches up. Missteps or failure to file those forms with the states winds up having consequences, chiefly in the form of penalties. “Sometimes states have a per-failure penalty rate, so they will charge a certain dollar amount for each information return that has not been filed,” she said. “Other states will levy penalties based on the income reported on the returns that were not filed.” “There can be pretty stiff penalties, depending on the state,” she added. Amid the stepped-up enforcement, complexity reigns too. This is becoming more apparent as states lower direct-reporting requirements below IRS thresholds. Walker offered the example where some states now require direct reporting of Form 1099-K for transactions done through online apps such as Uber and DoorDash at a $600 threshold, while the IRS only plans to lower the federal threshold to $5,000 for 2024 reporting. Although the IRS’ combined filing program seeks to allow states to file information with the IRS — and the IRS shares the info with the states — the fact remains that the IRS does not (yet) support all the information that states require. California, in just one instance, requires information returns for cancellation of debt that are not included in the combined program. “So, if you are in California, you would have to file those returns directly with the state instead of being able to rely on the IRS,” Walker said. In other cases, some states are listed as participating in the combined program, but their websites say that companies must file directly. “This can all get a bit confusing,” Walker said. News credit PYMNTS #news #fintechnews #finance #financenews #trendingnews #viralnews #dailynewsupdates #dailynewsletter

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QuickBooks to NetSuite: Why Businesses are Making the Switch ☁️⭐️ QuickBooks has become the standard financial and accounting software for fast-growing small businesses. It has been used by up-and-coming businesses for basic accounting and bookkeeping needs. While it’s great for entry-level accounting needs, its limitations may be stunting your organization’s growth. As your company grows, you will realize that QuickBooks lacks the functionality you need, leading to time-consuming manual processes and bottlenecks. This is why it is important to switch from QuickBooks to NetSuite to help grow your business 👇 #QuickBooks #financialsoftware #accountingsoftware #smallbusiness #NetSuite

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Stay updated with Intuit Tax Advisor’s latest features! 🔔 New tools include S Corporation and Partnership basis tracking, free Tax Plans, and the California Pass-Through Entity Tax feature. These enhancements are built to help you deliver even more value to you clients. Get the details here: https://bit.ly/4eHT9Vy #TaxAdvisory #AccountingTools #IntuitTaxAdvisor

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Is your CPA practice struggling with outdated software, manual processes, and unpredictable costs? 👩‍💻 It’s time to upgrade with Countable 3.0 and our game-changing C-A-R approach! 🚘 ☁ C - Cloud: Say goodbye to legacy systems. Join the growing community of accountants leading the way with secure, efficient, cloud-based solutions. 🤖 A - AI & Automation: Leave manual data entry in the past. Automate tasks, boost accuracy, and save time — all without the hassle of private servers or VPNs. 🤝 R - Resources: Control costs with access to a global network of trained professionals, ensuring efficiency and predictability. 💬 Let us know your thoughts in the comments! Ready to transform your workflow? Learn more at our Countable 3.0 webinar. Register now 👇 [https://lnkd.in/d9EA9Uep] _____________________________________________________________________ #FinancialPlanning #Countable #CloudTransformation #AIandAutomation #ResourceManagement #CPAs #Webinar #CloudIntegration #Accounting #Compilations #CPAs #Tax #TaxSeason #Finance #FinancialServices #AccountingProfession #AccountingTechnology #Automation #CloudAccounting #Bookkeeping #Audit #BusinessAdvisory

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Looking for some examples of beginner, intermediate, and advanced AI implementation for your accounting workflows? Our friends at Numeric have got you covered with their AI Guide for Accountants 🧠 Get the guide: https://lnkd.in/g-WHHg7r

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