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Accounting News You Need to Know - April 2019

It can be hard to keep up with trending financial, business, and legal news that affects your industry. We know you don't have time to scour endless blogs and news sites.

To make it easy for you, each month, we put together a list of the most impactful content and roll it up into one digestible post. Here's what you need to know:

Sales Tax

State sales tax legislation, trending news, and more.

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  • Colorado Introduces Bill to Clarify and Simplify Remote Sales Tax Collection
    Colorado bill HB19-1240 was introduced on March 12, 2019 and is meant to simplify the economic sales and use tax nexus regulations that were put in place in December 2018. Small business owners reacted strongly, suggesting that economic nexus was extraordinarily burdensome for their businesses. This bill seeks to reduce the burden on small businesses by providing provide a more detailed definition for out of state sellers. The bill also hopes to redefined sourcing rules, adding a handful of new exemptions, incorporating facilitator rules, and repealing obsolete statutes related to remote sellers. HB19-12340 is currently under consideration.
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  • Keep Eyes on These States for Sales Tax Nexus News
    States continue to implement new economic nexus laws to tax remote sellers with rapid speed. This post offers insights on five states worth watching, as they're anticipated to either implement remote sales tax legislation for the first time or are planning to make changes to existing nexus thresholds
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  • Sales Tax Exemptions Every CPA Should Know About
    Many states offer sales tax breaks to businesses facing certain circumstances. For example, Find out if there are any state-specific sales tax exemptions that could help your clients save money. For example, states that want to bring higher-paying, environmentally friendly tech jobs to the area sometimes offer a high-tech exemption. This exemption typically offers tech companies the opportunity to purchase equipment required to establish service centers tax-free.
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Federal Tax

Important notices from the IRS, details on reform, and more.

Federal-Tax

  • Form 1099 Reporting Corrections: Best Practices to Maintain Compliance

    The IRS eliminated the 30-day extension of time (EOT) for filing W-2 and 1099-MISC forms this year reporting non-employee compensation. Additionally, penalties for late and incorrect filings increased. Not surprisingly, the number of late and incorrect filings is likely to increase this year. Check out this post for information on everything your clients need to know about 1099 changes, including info on how to make reporting corrections and details on increased penalties.
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Business Growth

Marketing tips, personal growth advice, and more.

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  • 5 Areas CPA Firms Can Improve With a Peer Network
    This post is for any accounting firm owner or senior leader looking for creative ways to scale. If you're the type who is always looking to build, expand, and improve your business, joining a peer network may be a great next step. Read this post to learn how to get involved and what you have to gain.
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  • How Your Income Type Affects Your Freedom at Work
    This post will teach you how to diversify income streams to make your business as profitable as possible. You'll learn about different types of income and will come away with an understanding of which ones will help you stay profitable while maintaining a healthy work-life balance.
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  • Using M&A in Your High-Growth Strategy
    40% of average-growth and high-growth accounting firms saw some degree of M&A activity last year. If you want to use M&As to grow your accounting practice, read this article.
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Opinion

Posts written by CPAs and other industry experts.

Opinion

  • 10 Common Reasons Why CPA Firms Fail
    They say hindsight is 20/20, and that's especially true when it comes to learning hard lessons. Heed warning from these specific examples of firms that have fallen and learn how to avoid common mistakes can cause failure to thrive.
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  • Don’t Take Your Post-Tax Season Vacation Yet
    When tax season wraps, many accountants beeline to the nearest airport and use credit card miles to get the heck out of dodge. While decompression is important to avoid burnout, this opinion piece by Kyle Walters explains how bumping your flight by a day and prioritizing a debrief while the season's highs and lows front of mind can benefit your firm.
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  • How to Build the Team That Will Replace You
    You spent many years building up your firm and molding it into the well-oiled machine it is today. To ensure a successful future, you must consider what's going to happen when you're no longer at the helm. This post explains how to build a well-composed team, made up of trustworthy members who plan to stick around, to take over for you.
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We'll be back with another issue of Accounting News You Need to Know Now next month!