In a business world that's increasingly turning to technology for strategic insights, the skill sets that accounting and finance leaders need on their teams are changing.
To capitalize on new tools, CFOs are finding that they need people who can use Big Data for predictive and prescriptive analytics; are comfortable with digital, mobile, cloud, and software-as-a-service technologies; and have strong technological skills in the area of cybersecurity. Finance leaders don't have the luxury of waiting to add these skills to their teams, Tony Klimas, EY global finance performance improvement advisory leader, said in a new EY report on preparing for the future finance function. "The change is so significant and the new capabilities so advantageous, that if you take a wait-and-see approach, you run the risk of being put at a severe competitive disadvantage," Klimas said. At the same time, finance teams need people who can see the big picture provided by the technical tools, formulate strategy, and communicate those strategic insights so the business can act upon them appropriately. These "soft skills" may differentiate the leaders in a finance department from those who are more suited for staff-level jobs. According to the 2015 CIMA Professional Qualification Syllabus, senior roles place less emphasis on accounting and finance skills and more emphasis on business acumen, people skills, and leadership skills. Meanwhile, entry-level roles require more focus on core accounting and finance skills and less focus on soft skills - See more at: http://www.journalofaccountancy.com/issues/2016/dec/balancing-soft-skills-with-technical-abilities.html#sthash.H4KAl4fE.dpuf Bloomberg BNA’s Daily Tax Report released its 2017 Outlook, forecasting major changes to tax and accounting policies under the incoming Trump Administration and a Republican Congress.
“There is no doubt that 2017 will be a milestone year for tax policy along the lines of 1986 and 1954,” said George Farrah, editorial director of tax and accounting at Bloomberg BNA. “Every area of tax is going to be impacted, not only by a tax overhaul but also by the likely repeal of Obamacare, potential elimination of some major tax regulations, and changes in evolving state tax laws and policies.” “These are monumental changes,” he said, noting that the federal area could see a rewrite of the entire Tax Code. “Some of the pieces of that which seem likely are changes in tax rates, the elimination of the corporate minimum tax, border adjustments, IRS restructuring, a move towards a territorial tax system, and repeal of the estate tax,” he said. Read Article: www.accountingtoday.com/news/monumental-changes-in-store-for-tax-policy-in-new-year Facebook:
https://www.facebook.com/stephen.scarfo.7 Twitter: https://twitter.com/Stephenscarfo1 LinkedIn: https://www.linkedin.com/in/stephen-scarfo-91b24a123 Wordpress: https://scarfoandcompany.wordpress.com/ Tumblr: http://scarfo-and-company.tumblr.com/ Weebly: http://scarfoandcompany.weebly.com/ Webpage: http://www.scarfoandco-cpas.com/index.html The world of accounting is changing rapidly and reacting to digital advances shaping the financial world. In response to this, more and more businesses are realizing these emerging accounting trends are providing increased opportunities and efficiencies for organizations of all sizes as they adopt them and boost both their productivity and profitability.
2017’s top accounting trends include: Cloud Accounting: Cloud-based technology is becoming hugely popular in the financial world. Accounting and financial data can now be accessed from just about anywhere, on any device, offering businesses greater flexibility and real-time response. It also results in significantly reduced maintenance costs, because the cloud provider takes care of all the backups and updates with no need for downloading or installation. Mobile Accounting: Mobile accounting is one of the biggest and most exciting trends in accounting, giving financial employees the flexibility to work from outside the office on their mobile devices. Mobile apps are no longer ‘just for fun’, instead they offer accountants real-time, instant-on access to the latest software and information. Added Services: Value-added services like forecasting, financial management, and succession planning extend the services offered by the traditional accounting firms, providing their clients with increased value and improved profitability. Online accounting: Online accounting services like bookkeeping, payroll, tax services and billing have huge cost and time-saving advantages for businesses. Flexible plans also offer complete scalability, allowing businesses to expand or cutback on the services they need whenever they want, without having to hire or reduce their existing staff numbers. Discover how the top accounting trends can assist you with your business. This free Guide explores the top trends in detail, offering you the bottom-line cost, time-saving and productivity advantages they bring to the companies embracing them. Read Article: https://easieraccounting.com/accounting-trends/ WASHINGTON, D.C. (DECEMBER 9, 2016)
BY MICHAEL COHN The chairman of the House Ways and Means Social Security Subcommittee, Rep. Sam Johnson, R-Texas, has introduced legislation to make changes in Social Security, including raising the retirement age. The Social Security Reform Act of 2016 would gradually update the full retirement age at which workers can claim benefits. It would raise the age to 69 for those who qualify for "early retirement age" after Dec. 31, 2029. It would also change how benefits are calculated to increase benefits for lower-income workers while slowing the growth of benefits for higher-income workers. Other changes would alter the formulas for calculating the annual cost-of-living adjustment and Social Security benefits. The bill would also eliminate the Retirement Earnings Test for everyone to enable workers to receive benefits without a penalty while they are working, or fully delay retirement and wait to receive benefits. For those who delay claiming benefits, they can receive increases in a partial lump sum or add it all to their monthly check. “For years I've talked about the need to fix Social Security so that our children and grandchildren can count on it to be there for them just like it’s there for today’s seniors and individuals with disabilities,” Johnson said in a statement Thursday. “My commonsense plan is the start of a fact-based conversation about how we do just that. I urge my colleagues to also put pen to paper and offer their ideas about how they would save Social Security for generations to come. Americans want, need, and deserve for us to finally come up with a solution to saving this important program.” Democrats saw drawbacks in the Republican proposal. Rep. Richard Neal, D-Mass., the incoming ranking member of the House Ways and Means Committee, criticized the legislation, saying it would ultimately cut benefits. “Less than one week after Speaker Paul Ryan told 60 Minutes that he had no plans to change Social Security, the Republican Chairman of the Social Security Subcommittee introduced a bill that would dramatically cut Social Security benefits,” Neal said in a statement Friday. “As Congressional Republicans prepare to dismantle Medicare and Medicaid, it now appears that Social Security has been added to the Republicans’ chopping block. America’s seniors will be alarmed to hear that the top Republican on this important Subcommittee quietly put forward a plan to drastically cut Social Security benefits for millions of seniors. Instead of honoring the promises made to our seniors, the Republican plan would amount to a massive cut in Social Security benefits for working Americans through cuts to the cost-of-living adjustment (COLA), raising the retirement age to 69 and cuts to the benefit-computation formula. Ultimately, this translates to a 30 percent or more cut in benefits for middle-class retirees. Social Security is the bedrock of retirement security—a benefit that seniors have earned through contributions over a lifetime of work. We should be strengthening Social Security, not cutting it. Democrats will fight any effort to undercut Social Security, just as we will fight any plan to replace Medicare with a voucher.” Read Article: http://www.accountingtoday.com/news/tax-practice/new-legislation-would-raise-retirement-age-to-69-80102-1.html The end of the year is filled with a panoply of holidays, many of which involve the giving of gifts. This year, why not take a quick look around your office and see if there aren’t a few gifts that you’d like to see that are office or profession-related. Here are a few suggestions that you can clip and circle to leave as hints. Or, more simply, just go out and treat yourself. That’s allowed.
I’m always surprised at how many people don’t have a decent lamp on their desk. Granted, many of us use a computer for much of our work, but there’s no need to squint and struggle with trying to read source documents and other pieces of paper. I’ve had a Satechi LED desk lamp for several years, and really like it. It’s expensive, priced about $100, but it has variable levels of lighting and settings for different types of illumination. Recently, I got the vendor’s somewhat less expensive flexible neck LED desk lamp. It too has five levels of brightness, and at $60, is more affordable and takes up less desk space than the previous model. And it boasts a USB charging port to book, something that’s useful when my smartphone runs out of juice because I forgot to charge it the previous night. While this next one is not strictly an office product, if you use your car for business, and it’s a few years old, you might be casting jealous eyes on the backup systems that come in many new vehicles. While it’s not really an office product, the Pearl RearVision is a new backup camera product that I like a lot. It consists of a frame that replaces the typical license plate frame the dealer usually gives you, a small device that fits in the OBD-II diagnostic port that all cars manufactured since 1996 have to provide, and a mounting system that holds an Android smartphone or iPhone either to your dash, or that clips onto the vanes on a dashboard air outlet. Unlike many aftermarket rear vision systems, there are no wires to connect or patch into. The camera is contained in the license plate frame and is solar powered. Download the appropriate app from the iOS or Android stores, and pair the phone to the system. The viewing area (wide or narrow angle) is selectable from the phone app. One note if you are considering a rear vision system. Make sure that the screen is not placed too low in or on the dashboard or vent. You really need to include a rear vision system in your eye scan when you back up along with your side and rear view mirrors. Having a rear vision camera in the car is handy, but it’s not a substitute for actually making a complete scan out the windows. On the other hand, since I’ve backed up into objects twice over the past 10 years, it’s probably worth the $499, which is my collision deductible. It’s available directly from Pearl at www.pearlauto.com and should soon be available from auto aftermarket suppliers. Back at the office, another Satechi product you might want on your desk is the Multi-Port USB Charging Station. This is somewhat similar to the VisionTek device I mentioned a while ago, but is strictly for charging phones and tablets. It has six USB ports—Two Type-C ports and four Type-A ports, so it should be compatible with most of your devices. It can handle up to 60 watts/12 Amps in total, so even high power draw smartdevices shouldn’t bog it down when all six ports are being used. It’s very small (4.5x2.75x1.13 inches), and at $29, priced right. The only criticism I have is that it should have come with an adhesive pad to anchor it to a desk or table. A small piece of double-stick tape took care of that for me. Finally, we come to building a case for a good case. I should preface this by admitting I’m pretty clumsy. I drop things, bump into things, and have, at one point of times, proven that a Timex watch does not necessarily “Keep on ticking” (it’s an old commercial). So naturally, my iPhone and iPads have drop-resistant cases. On my phone, I alternate between LifeProof and Catalyst cases, both of which have taken a beating and survived multiple collisions with the floor and other surfaces. My iPad Mini is ensconced in a Dux case from STM, which works well for the tasks I use it for. On my iPad Air, I used to have a Logitech keyboard folio case, which I liked a lot, but recently switched it out to a Rugged Book folio from ZAGG. I have an aluminum ZAGG case on my original iPad. It’s sturdy and has a nice Bluetooth keyboard. The Rugged Book is made of durable plastic, and has a hinge that releases the iPad so it turns the iPad into something that’s similar to the new 2-in-1s that feature a removable screen section. So far I like it a lot and it seems like it can stand up to my klutziness. The model for the iPad Air is about $110 at Best Buy as this is written, while a similar case is available for the iPad Pro with an MSRP of $149. These are just a few suggestions on what you can treat yourself to. And if your budget has been depleted by gift giving, you might put the gift cards that you receive to use. Most importantly, enjoy the Holiday season with friends and family. Read Article: http://www.accountingtoday.com/accounting-technology/news/give-your-office-a-holiday-gift-80047-1.html Five years ago, accounting professional Ryan Tietjens found himself in conversation with a handful of strangers who were also going through the motions in their respective corporate jobs. Tietjens and his new-found business partners realised they shared a common desire -- they wanted to build a business out of a new cloud platform that they knew would disrupt the accounting world.
That business became Interactive Accounting, an Australia-based company that helps startups transition into scalable and connected beasts. Back when artificial intelligence (AI) was still thought of as a gimmick straight out of Hollywood, accounting was somewhat monotonous and unnecessarily time consuming, Tietjens said. "Accounting was really taking data from one source and putting it into a software platform, completing your financial accounts, exporting the data out, putting it in to another platform, and then moving on to the next job." Read Article: http://www.zdnet.com/article/how-artificial-intelligence-has-morphed-accountants-into-business-advisors/ With Dec. 31 just around the corner, it’s time to start thinking about next season – and to make any last-minute moves that might improve a client’s tax position.
With that in mind, here’s a list of tax tips for you and your clients to think about before the end of 2016, from the National Society of Accountants and others in the field. (A slideshow version of these tips is available here.) 1. First – what’s not changing:While President-elect Trump is in a strong position to enact his promise of lower tax brackets next year, it’s important to remember that the current income tax rates of 10, 15, 25, 33, 35 and 39.6 percent are still in effect for the tax returns being filed next mid-April. The standard deduction amounts remain $6,300 single/married filing separately, and $12,600 for married filing jointly. The standard deduction for heads of households, however, rises to $9,300. 2. Deferring income: If the president-elect does manage to lower and simplify the individual tax brackets per his plan, that means rates next year will be lower, so it might be worth it for individuals to consider deferring some income into 2017. That may mean getting a bonus in January, instead of December, or waiting to redeem a savings bond, or putting off debt forgiveness income. 3. Keep an eye on AGI: Since some tax benefits -- including itemized deductions. personal exemptions, and education and adoption credits -- get phased out depending on a taxpayer’s adjusted gross income, deferring income may also make sense depending on their current AGI. 4. New permanent incentives for individuals: The PATH Act of 2015 made a number of tax incentives permanent. For individuals, these include:
5. New permanent incentives for businesses: The PATH Act of 2015 made a number of tax incentives permanent. For businesses, these include:
6. Max out retirement accounts: If a taxpayer’s employer offers matching, then maxing out contributions to a 401(k) is as close to a no-brainer as you can get – but even without matching, sequestering income in 401(ks), IRAs, Keoghs and the like is still a great deal. 7. Tax-loss harvesting: Even in the current bull market, a portfolio can contain some duds – but they can still be useful! Taxpayers with large amounts of taxable gains in 2016 may want to offset some of those by realizing losses on those duds to lower their overall capital gains exposure. 8. Be careful with mutual funds: Many mutual funds make capital gains distributions in December, so taxpayers will want to bear that in mind when buying or selling. That a fund is or isn’t planning a major distribution needn’t necessarily be a deal-breaker – but it may add to the eventual tax bill. Read Article: http://www.accountingtoday.com/news/tax-practice/year-end-tax-tips-80040-1.html |
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