It’s time to start to start thinking about the tax and accounting ramifications of digital, virtual currencies. By Hitendra Patil Pransform Inc. Bitcoin is virtual currency much in the news these days. It’s peer-to-peer so there’s no central bank or government. But, because it necessarily represents income or asset, it needs to be accounted for and hence will have tax ramifications. Accountants, the IRS and accounting software developers are starting to take it seriously. But in the absence of IRS rules specific to bitcoin taxability, accountants have to draw upon their knowledge of IRS rules that govern income, assets, capital gains or losses, and stock and bond transactions, and apply that corollary to bitcoin ownership and transactions.
By Sandi Smith Leyva, CPA Author of “10 Keys to Doubling Your Revenues“ You might be happy to hear me say all the things a brand new business does NOT need when they first start out: A logo is not necessary A $5,000 website is not necessary A bunch of social media accounts is not necessary A blog is not necessary (although a blog could replace the need for a website) So what is necessary? Let’s take a look at the big picture first, then we can see what’s needed at each level of business maturity.
CPAs slow to adopt marketing automation. Too many firms are failing to leverage their websites to capture leads, and the state of the art of using marketing technology to automate the lead nurturing process is in its infancy, according to the author of a new study of 150 CPA firms. [PRO MEMBERS GET THE FULL REPORT]
Clients find accountants’ tech skills lacking. By Rick Telberg CPA Trendlines As small and medium-sized businesses move increasingly online and adopt technologically integrated accounting systems, many tax and accounting firms will need to evolve or face extinction, according to a Sleeter Group survey.
By Rick Telberg As technology moves to the cloud and goes mobile, traditional accounting software sales and support businesses will be left behind by new business models built for subscriptions and high-end services. This could be bad news for the majority of accounting technology dealers and service shops. But to the executives at Sage North America, it’s their best hope for regaining relevancy in the U.S. market.
How to control costs, maximize profits, and focus on your real money-makers.