Brendan Doran, CPA

A new regulation by the Federal Trade Commission (FTC) will soon ban noncompete clauses nationwide, marking a significant shift with the potential to transform the job market landscape. As business owners navigate these changes, it is crucial to stay informed and proactively adjust strategies to comply with the new regulation. #NoncompeteBan #FTCRegulation #JobMarket

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Implementing clear, Board-approved governance policies sets clear expectations for employees and offers the transparency sought by banks, private equity firms, and other financial sources. No matter your company's size, consider adopting these three essential governance policies to enhance your business practices. #Governance #Transparency #BestPractices

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⚡Take Charge of Your Year-End Tax Planning.⚡ Get ahead of the curve to take full advantage of potential deductions, tax credits and incentives. Join our upcoming webinar on Tuesday, December 3 at 11 AM PT / 2 PM ET, where our experts will share essential year-end tax planning strategies tailored for privately held businesses and corporations. Ensure your tax strategy aligns with your financial goals for 2025 and is ready for any changes in the tax landscape with the new presidential administration. 🎫 Limited spaces available—reserve your spot today! https://ow.ly/J5qH50U5cEe #TaxPlanning #CorporateTaxes #TaxPolicy

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The IRS has bumped the interest rate on overdue taxes to 8%, soaring from just 3% two years ago. This significant increase, directly linked to rising interest rates, could lead to expensive consequences for many. It underscores the importance of diligently managing your tax responsibilities to prevent unwelcome financial surprises. #TaxAlert #OverdueTaxes #InterestRate

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We are one week into our pilot with DAS at AAFCPAs! During the month of May, our pilot teams are focused on planning parties. The AICPA methodology behind Caseware’s DAS audit software requires a thorough and intelligent planning process before you can move forward with audit steps. 💡 Of course this thinking process ties perfectly with adopting a risk based audit approach! 🎁 We are half way through our planning process and getting used to how it feels to be working in a cloud based product. Navigating a cloud based product takes some time to get used to but being able to work from anywhere is 🔥. We also structured our planning parties to have the entire team work through planning together. Our seniors have enjoyed the knowledge transfer from managers and partners and coming together to think about risks and our audit response has benefited the entire team. We are connecting the dots together, and seniors aren’t moving ahead to do substantive work without the partner’s approval of the audit procedures. This product will change ⏱️How much time we spend in each audit phase 📆How we manage our resources and schedule audits 📞How often we communicate with clients during the year ✅When review of the audit work occurs 🌟I’m really impressed and feel like this product helps all auditors connect the dots between the risk and why we do the audit procedures.

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We like to say everything is bigger in Texas, and so it goes for everything in Texas… Texas is one of the top economies in the world, and with it comes a more complex tax structure, and there can be quite a bit of confusion around sales tax compliance and the associated audits that will come to both small and large companies! At Peisner Johnson we simplify sales tax so you can focus on building your business and doing what you do best. If you have questions, let’s chat… #texasbig #salestax #peaceofmind

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According to the 2023 Form 1040 Instructions the average total time for a nonbusiness taxpayer is 9 hours at an average cost of $150 and the average total time for a business taxpayer is 24 hours at an average cost of $560. I think this may be part of the problem with tax professionals undercharging for tax work if they are using the Form instructions as a pricing guide. Source: 2023 Form 1040 Instructions "Estimated Average Taxpayer Burden for Individuals by Activity"

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Step Transaction Doctrine Remains a Key Concern for Successful Planning Free Webinar – 12/5/24, 4:00 pm ET The Step-Transaction Doctrine is often employed by the IRS to challenge clients’ planning. There is limited time in 2024, and soon the compressed planning period of 2025. There are steps that practitioners might recommend to their clients to take now in preparation for future planning, which could potentially mitigate the possibility of the IRS successfully raising the step-transaction doctrine on audit. There is no universally accepted test to determine if the step-transaction doctrine should be applied to a particular transaction. However, Courts have relied on three concepts when evaluating whether the step-transaction doctrine should be applied: the mutual interdependence test, the end result test, and the binding commitment test. This program will explore the case law and theory of the step-transaction doctrine and recommend practical steps that practitioners might consider. Speakers: Jonathan Blattmachr, Robert Keebler, Alan Gassman, Thomas Tietz Registration URL: https://lnkd.in/erbzFu2e After registering, you will receive a confirmation email containing information about joining the webinar

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𝗧𝗵𝗲 𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝗰𝗲 𝗼𝗳 𝗣𝗿𝗼𝗽𝗲𝗿 𝗧𝗮𝘅 𝗖𝗹𝗮𝘀𝘀𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝗬𝗼𝘂𝗿 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 Whether you’re operating as a sole proprietor, LLC, or corporation, the way your business is classified for tax purposes can affect everything from your tax rate to your liabilities. Choosing the right structure based on your business model is essential for optimizing your tax position. Review your classification regularly with a tax advisor to ensure it's still the best fit for your evolving needs. Let's make this tax season smoother together. Reach out for a tax consultation today. #TaxClassification #BusinessStructure #TaxEfficiency #SmallBusiness #FinancialManagement

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There is shift in approach by IRS with regard to Audits of tax returns which is unfortunately on tougher tone . Please make sure you and your accountant are prepared for this .

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NOW is the Best Time to Hire a New Bookkeeper! While January may seem like a good time to start over with a new #bookkeeper or #CPA, the best time to change #bookkeepers is actually after tax season. January through April is the busiest time for #accounting professionals. By waiting until after this period, you can ensure a smoother transition for you and your business, relieving you of unnecessary stress. Tips for a Smooth Transition with a New Bookkeeper: 🔹Maintain Continuity: Keep your old bookkeeper until taxes are filed. 🔹Ask for References: Confirm your new bookkeeper is familiar with your industry. 🔹Evaluate the Services: Understand the price and services offered. 🔹Build Trust: Make sure you have mutual trust. 🔹Introduce your Team: Introduce your CPA and other #finance team members to your new bookkeeper. 🔹Transfer Data: Provide access to #financial data, including #tax #records, bank statements, and #QuickBooks data files. No Bull Financial Consulting (NBFC) is committed to delivering timely and accurate #bookkeeping services because we understand their importance. Our goal is to empower you with the data you need to navigate your business confidently and successfully.

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Check out our latest guide on the Final IRS Regulations for Digital Asset Brokers.

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Tax surprises not only cost money, but also can create unwanted delays in filing your tax return and obtaining a refund. Here are five topics that taxpayers should review EACH and every year.

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Did you know that having strong internal controls is key to ensuring a smooth and successful audit for your nonprofit? Here’s why internal controls matter: 1. Prevents Errors and Fraud: Effective internal controls help detect and prevent errors or fraudulent activities, safeguarding your organization’s assets. 2. Ensures Accurate Financial Reporting: By maintaining strict internal controls, your financial statements are more reliable and accurate, making the audit process faster and more efficient. 3. Enhances Compliance: Proper internal controls ensure compliance with laws and regulations, reducing the risk of penalties or legal issues during audits. Take charge of your financial health today. Implement robust internal controls to prepare for a seamless audit experience and strengthen your nonprofit’s foundation. #InternalControls #NonprofitAudit #FinancialIntegrity #NonprofitGovernance #AuditReady #FinancialControls #NonprofitFinance #CNRGAdvisory

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The PCAOB's 2025 inspection priorities highlight the importance of quality control and auditor independence. Discover their key areas of focus via CPA Practice Advisor. https://bit.ly/49xJLm8

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