When you first heard about blockchain technology, it was probably in the context of Bitcoin. There’s no denying that the cryptocurrency explosion of the past few years brought blockchain into the mainstream, but authenticating new currencies is just the tip of the iceberg when it comes to potential accounting applications for this radical, disruptive technology.
Blockchain is on every accountant’s mind because the technology aligns so seamlessly with our profession. In essence, blockchain presents the possibility of a new type of accounting ledger — one that can be continuously updated and verified without the threat of being altered or corrupted. “The internet gave us a powerful ways to share and access information,” says Ron Quaranta, chairman of the Wall Street Blockchain Alliance. “Blockchain now gives us a powerful way to share and access value.” Real estate and auto industry leaders are using it to track assets and the price at which they were bought and sold.
Read Article: https://www.accountingtoday.com/opinion/blockchain-is-already-changing-accounting
The Treasury Inspector General for Tax Administration cautioned taxpayers to stay on “high alert” next tax season so they don’t fall prey to criminals who pretend to be employees of the Internal Revenue Service and the Treasury Department.
TIGTA Inspector General J. Russell George noted pointed to progress in investigating and prosecuting IRS impersonators, who have stolen more than $61 million from taxpayers since 2013. So far, TIGTA investigations have led to federal charges against more than 90 people. In October 2016, authorities named 56 people in the U.S. and India and five call centers in India in a sweeping federal indictment, accusing them of taking part in the IRS impersonation scam and other frauds. The following month, the last of the 24 U.S.-based defendants pleaded guilty.
Read Article: https://www.accountingtoday.com/news/tigta-warns-taxpayers-to-be-on-high-alert-for-irs-scammers-and-impersonators
I had a meeting recently with an accountant and was led into his office while he was on the phone. I overheard him telling a client that he wouldn’t be able to get his work done as promised because his humongous client needed something done right away, and “you know how that is!”
Ugh! He just guaranteed that the client on the phone would never ever recommend him to anyone. He also told that client he is not important. Additionally, he was discourteous.
Clients understand they might not be your largest or best client, but they’re also very important to themselves and want to be treated with respect and courtesy. They like to be made to feel important. To me, every client is important and I treat them as such—they all contribute to my income and that is also important to me.
Read Article: https://www.accountingtoday.com/opinion/art-of-accounting-ive-got-to-run-my-big-client-is-on-the-other-phone
The “Dow” is hitting new highs with regularity. That sounds good to casual market observers. Heck, every week I hear about someone who does not know or care about the stock market telling their friends about how the Dow just crossed a certain level, and that its doing great in general. That’s true in fact, but there is more to it, unless you just want to rest on your laurels and ignore a major risk that is inherent in tracking the Dow.
Read Article: https://www.forbes.com/sites/robisbitts2/2017/10/25/following-the-dow-theres-something-you-should-know/?ss=personalfinance#71051b1a6932
The Internal Revenue Service said that for the upcoming 2018 filing season, it will not accept electronically filed tax returns where the taxpayer does not address the health coverage requirements of the Affordable Care Act, the first tax season it has refused to accept such returns.
In an update Friday to the web page of its ACA Information Center for Tax Professionals, the IRS said it will not accept the electronic tax return until the taxpayer indicates whether they had coverage, had an exemption or will make a shared responsibility payment. On top of that, the IRS said tax returns filed on paper that don’t address the health coverage requirements may be suspended pending the receipt of additional information and any refunds may be delayed.
Read Article: https://www.taxprotoday.com/news/irs-wont-accept-tax-returns-next-year-without-health-coverage
The inbox seems to have become tax preparers’ worst enemy in this age of phishing e-mails designed to trick preparers into volunteering critical information. Crooks convert stolen data into phony refunds faster than ever, and it’s easy to think that time-tested protections aren’t enough anymore.
The IRS shared its top 10 tips and practical examples for tax pros to protect themselves – and their clients – from taking the bait. (A text version of this article is available.)
Read Article: https://www.accountingtoday.com/list/10-tips-for-avoiding-tax-scams?brief=00000158-6edb-da3c-af5a-ffff76ed0000
Times change. Technology continues to advance. Businesses have moved to data analytics to make important decisions on everything from marketing to capital investments.
Through it all, one career continues to flourish: accounting.
More than 1.3 million people work in the accounting field, according to the U.S. Bureau of Labor Statistics. That number is expected to grow 11 percent by 2024, with an additional 142,000 people joining the ranks of accountants.
Accountants made a median annual salary of $68,150 in May 2016, according to the BLS. The top 10 percent earned almost $121,000,
But the attraction of accounting goes beyond just stability, salary and job growth. Accounting also offers a variety of different career paths to follow. The wealth of career choices applies both to students learning to become accountants and working accountants looking to change their career focus.
Here is a look at four different career paths within the accounting field.
All of these areas require a bachelor’s degree, status as a Certified Public Accountant, expert-level knowledge of Generally Accepted Accounting Principles (GAAP) and, in most cases, a few years of experience. Other needed certifications are noted in each category.
Read Article: www.businessadministrationinformation.com/general-business/four-accounting-career-paths
It wasn’t long ago that cloud technology was emerging as a potential disruptor to the accounting profession. In the beginning, many didn’t foresee that cloud adoption would become so widespread, but now it’s becoming the standard and we’re looking at an even larger potential disruptor: artificial intelligence (AI) and machine learning.
Read Article: www.huffingtonpost.com/entry/six-finance-tips-i-wish-i-followed-in-my-twenties_us_597cd080e4b0c69ef705289d
“Money can’t buy you love, but it can certainly tear it apart,” says David Rosell, founder and president of Rosell Wealth Management and author of Keep Climbing: A Millennial’s Guide to Financial Planning. He emphasizes that there is no one-size-fits-all approach to dealing with your partner and your bank account, but that talking about your attitudes towards cash is key. “It comes down to having open lines of communication,” he says. “Remember you are a team.”
Read Article: https://www.nbcnews.com/better/business/love-money-navigating-finances-your-significant-other-ncna786511