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Cloud is revolutionizing small business and lowering IT costs while upgrading the
software and technology that are rapidly becoming available to small companies …
…which, until recently, was reserved for the bigger players. The cloud has changed the way individuals and organizations of all sizes leverage technology.
Here Comes Cloud Summit 2014!
The 5th Annual Summit is an exclusive cloud conference for service practices, business owners, entrepreneurs, accounting and legal pros, and existing cloud users, to learn of the latest in cloud business solutions.
Cloud-based tax preparation document automation solutions allow
practices to move into entirely cloud-based tax practice modalities
Tax preparation has evolved considerably from the old era of service bureaus, couriers and paper forms. Computer-based tax applications permitted tax returns to be prepared entirely in-house. And now, thanks to advanced Optical Character Recognition (OCR), source documents like W-2s, K1s and brokerage statements can be scanned and automatically bookmarked and organized. From that the critical tax data can be directly exported to tax software without redundant manual entry.
…- See also: White Paper: Digital Tax Practice Cloud
If your goal is improved efficiency, the time and work you save not needing to organize your files and data into tax software is crucial, but it isn’t the most critical part of a modern cloud-based tax practice.
Cloud-Based Tax Practice Files and Workflow
With most cloud-based tax practice document automation systems the process begins like this: First you scan the paper docs from your tax client and then you process the scanned files through OCR. The end result is an organized PDF file that can be opened in a PDF editor like Adobe Acrobat or Nitro PDF.
America’s biggest trade group of CPAs & accounting professionals
has drawn a line into the sand against the Internal Revenue Service
“The IRS’s new rule regulating tax return preparers is an unlawful exercise of government power,” Barry Melancon, president of the American Institute of Certified Public Accountants (AICPA), said in a statement. “At a minimum, the IRS must conduct a legitimate notice-and-comment rulemaking before proceeding.”
Yesterday, the American Institute of CPAs (AICPA) sued the Internal Revenue Service in federal court, stating that the Agency’s recent launch of a new so-called “voluntary” tax preparer regulation scheme is not lawful. The AICPA has been quite adamant on this position over the past several months , saying that it constitutes “de facto mandatory.”
“The AICPA has been a steadfast supporter of the IRS’s overall goals of enhancing compliance by tax return preparers and elevating ethical conduct,” said Melancon.. But Melancon also posits that this issue crosses the line.
“By implementing a purportedly ‘voluntary’ program that is mandatory in effect, the rule is an end-run around Loving v. IRS, a federal court ruling which struck down the IRS’s earlier attempt to regulate tax return preparers,” Melancon continued. “The IRS simply does not have the authority to proceed with the new rule. By doubling the number of categories of tax return preparers to eight, the rule will also confuse consumers. Worse yet, the new rule will do nothing to address the problem of unethical or fraudulent tax return preparers – which should be a top priority.”
Savvy entrepreneurs are increasingly adopting cloud computing technology,
enjoying efficiencies that were previously available only to the largest of firms.
See also: Cloud Summit 2014, Not Just For Accountants Anymore!
New businesses must carefully manage their resources, which is why smart small business and startup managers and owners should be mindful of strategies and technologies that provide maximum productivity from limited time and resources.
Small business managed cloud services both reduce equipment and IT support expenditure and are cheaper in the long run. Further, small business managed cloud services are rapidly advancing with each passing month.
Managing your small business IT in-house is both draining and risky (you could lose your data!). Conversely, small business managed cloud services, maintained by a team of professionals, can provide outstanding monetary and technological advantages, as shown in the Balboa Capital infographic. Here are just some of the benefits small business owners/managers and entrepreneurs realize using managed cloud services.
Adopting new technologies can be a challenge for many SMBs - this is where SMB cloud computing benefits can really shine Smart business owners and managers will ensure that their SMB cloud migration will be relatively easy to integrate into the … Continue reading
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– Image credit: Fast Company Digital Tax Prep Tools A Key Component of the Digital … Continue reading
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The coming year will be a defining time for businesses adopting digital technology – SMBs, failing to leap, risk missing out on the cloud-based accounting revolution In a recent report from Deloitte, Harnessing The ‘Bang’, Stories From The Digital Frontline, Deloitte updated … Continue reading
With another tax season well behind us, practices I have communicated with are set to move forward with the rest of 2014 and on to the next Season. The greatest issue we have seen with many of these firms is that they are coming out of the tax … Continue reading
CEO of National Advisor Network, Scaling New Heights, and Woodard Consulting Bringing Fresh Perspective on Accounting Technologies Joe Woodard, the highly regarded expert in everything QuickBooks related, will be presenting on A Paradigm Shift: The Impact of Data Automation on Accounting in … Continue reading
The most dreaded words in business might very well be “Sales Tax Audit.” Why? Because Sales and use tax compliance is almost impossible to manage well. Determining which items are taxable in which states is a challenge and relying on … Continue reading
“Without a doubt, the cloud has impacted the future of work, making our business lives easier, encompassing everything from virtually unlimited email storage to access-from-anywhere enterprise resource planning.” * *Source: Jon Roskill / CloudTweaks It’s not surprising that the 2014 cloud computing research … Continue reading
Cloud9 Real Time, the leader in cloud server solutions for accounting firms, professional practices and SMBs, announced that it has joined with the National Advisor Network (‘NAN’) App Academy to co-host 12 monthly webinars. The NAN App Academy provides members … Continue reading
Many businesses live and breathe the digital revolution … …. and intelligent smaller companies that use web-based tools manage their core business optimally: to reduce costs, reach clients and suppliers, innovate and gain greater control. Many more, however, are lagging behind, according … Continue reading