Accountancy – Erins Rays http://erinsrays.com/ Thu, 24 Nov 2022 08:03:31 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://erinsrays.com/wp-content/uploads/2021/03/cropped-icon-32x32.png Accountancy – Erins Rays http://erinsrays.com/ 32 32 New acquisition strengthens Carston’s position as largest independent practice in Cardiff https://erinsrays.com/new-acquisition-strengthens-carstons-position-as-largest-independent-practice-in-cardiff/ Thu, 24 Nov 2022 06:15:28 +0000 https://erinsrays.com/new-acquisition-strengthens-carstons-position-as-largest-independent-practice-in-cardiff/ Carston Chartered Accountants, the Cardiff-based accountancy firm, is pleased to announce its acquisition of Davies Williams, an established firm specializing in small and medium-sized businesses in the legal and medical sectors. The deal was finalized on Monday, October 31, 2022. The investment is aimed at accelerating Carston’s expansion as Cardiff’s largest independent practice, while ensuring […]]]>

Carston Chartered Accountants, the Cardiff-based accountancy firm, is pleased to announce its acquisition of Davies Williams, an established firm specializing in small and medium-sized businesses in the legal and medical sectors. The deal was finalized on Monday, October 31, 2022.

The investment is aimed at accelerating Carston’s expansion as Cardiff’s largest independent practice, while ensuring the succession of long-standing Davies Williams staff and clients. Following the transaction, Davies Williams’ existing partners will remain as consultants to ensure a smooth transition and continuity of services to their existing customer base.

Founded in 1950, Davies Williams prides itself on offering valuable advice and support to clients in the Welsh capital and the West of England. In addition to offering a full range of accounting, auditing, tax and corporate finance services, Davies Williams specializes in providing services to small businesses, recognizing that every client deserves a high level of service. . This one-to-one approach to bookkeeping will be underpinned by Carston’s commitment to providing specific care and attention to each client.

As a result of this agreement, Davies Wiliams is now part of the ETL Global network of professional services firms, which employs 20,000 people in more than 50 countries around the world. With specialists in the accounting, tax, legal and auditing industries, ETL Global offers tremendous opportunities, tools and a unique platform for growing businesses, especially in the SME sector.

Jon Rees, managing director at Carston Chartered Accountants, said:

“This is an exciting time for Carston and an opportunity to strengthen its tailored offering to owner-run businesses in and around Cardiff. The firm remains committed to providing a highly personal, responsive and proactive engagement to help clients deal with the issues that affect their business every day.

We believe Davies Williams’ corporate values ​​align well with our philosophy, and we are delighted to welcome them on board to Carston and the wider ETL Global family. I would also like to take this opportunity to thank the ETL Global UK team for their corporate finance advice, and the Glaisyers ETL corporate team for handling the legal aspects of this transaction.

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Andersen Welcomes Roger Pillow to US National Tax Practice https://erinsrays.com/andersen-welcomes-roger-pillow-to-us-national-tax-practice/ Fri, 18 Nov 2022 00:12:58 +0000 https://erinsrays.com/andersen-welcomes-roger-pillow-to-us-national-tax-practice/ SAN FRANCISCO, November 18, 2022–(BUSINESS WIRE)–Andersen announces the arrival of Roger Pillow, Managing Director, to the US National Tax (USNT) team in the Washington, DC office. Roger has over 40 years of experience in government and private practice with deep expertise in the real estate, private equity, life sciences and entertainment industries. “Roger is another […]]]>

SAN FRANCISCO, November 18, 2022–(BUSINESS WIRE)–Andersen announces the arrival of Roger Pillow, Managing Director, to the US National Tax (USNT) team in the Washington, DC office. Roger has over 40 years of experience in government and private practice with deep expertise in the real estate, private equity, life sciences and entertainment industries.

“Roger is another great addition to our growing transactions practice,” said Ellen MacNeil, Managing Director of US National Tax for Andersen. “His experience working with clients in various industries and in all areas of partnership and joint venture, as well as his significant transactional knowledge involving publicly traded partnerships, UPREITs, UP-Cs and cross-border planning make him a great addition to our team and an exceptional resource for our clients.”

Prior to joining Andersen, Roger was a Senior Counsel in the Office of Tax Policy at the United States Department of the Treasury, where he was responsible for tax policy matters relating to flow-through entities. He also served as Special Counsel to the Deputy Chief Counsel (Passthroughs and Special Industries) for the Internal Revenue Service. Roger was also a director at EY for 17 years and a partner at Arthur Andersen.

“The addition of Roger to the business further reinforces our commitment to providing best-in-class service to our customers. Roger’s experience working with the United States Department of Treasury and the Internal Revenue Service will be invaluable to our USNT practice,” said Dan DePaoli, US Managing Director.

Roger earned his Bachelor of Science in Accounting from Arkansas State University, his Juris Doctorate from the University of Arkansas School of Law, and his Masters of Tax Law (LL.M.) with honors from the Georgetown University Law Center.

Andersen is the founding member of Andersen Global, an international association of legally distinct and independent member firms comprised of tax and legal professionals from around the world. Founded in 2013 by US member firm Andersen Tax LLC, Andersen Global today has more than 13,000 professionals worldwide and a presence in more than 390 locations through its member firms and collaborators. In the United States, Andersen has more than 1,500 employees in 21 cities across the country.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20221117006187/en/

contacts

Megan Tsuei
andersen
415-764-2700

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A deadline is approaching for more than 9 million people eligible for pandemic-era benefits https://erinsrays.com/a-deadline-is-approaching-for-more-than-9-million-people-eligible-for-pandemic-era-benefits/ Mon, 14 Nov 2022 21:57:35 +0000 https://erinsrays.com/a-deadline-is-approaching-for-more-than-9-million-people-eligible-for-pandemic-era-benefits/ More than 9 million individuals and families who typically don’t file taxes — likely due to low income — have received letters from the IRS reminding them of their likely eligibility for several tax credits amid the pandemic . Now, a filing deadline is approaching this week. In an effort to reach the 9 million […]]]>

More than 9 million individuals and families who typically don’t file taxes — likely due to low income — have received letters from the IRS reminding them of their likely eligibility for several tax credits amid the pandemic . Now, a filing deadline is approaching this week.

In an effort to reach the 9 million individuals and families who had not filed a 2021 return, the IRS sent letters in English and Spanish informing them of three credits: the 2021 Recovery Refund Credit , Child Tax Credit (CTC) and Earned Income Tax Credit (EITC). They were part of credits that were extended under the American Rescue Plan Act, PL 117-2, in 2021 and other laws.

In October, the IRS said it would leave Free File open for an additional month, until November 17, so eligible taxpayers could claim their share of those benefits.

While the IRS hopes eligible people will file their returns for free by Thursday, “some people will inevitably learn of the opportunity too late,” IRS spokesman Eric Smith said Monday. “For them, as has been the case, by law, for many years, we remind them that they have a three-year statute of limitations to file a return and claim a refund. For a 2021 return, this means that, in most cases, the window closes on April 15, 2025.”

Individuals and families can often take advantage of these expanded tax benefits even if they have little or no income, so many people who don’t normally need to file taxes should do so this year if they wish to apply for the credits.

Individuals with an annual income of less than $73,000 can file online for free using Free File.

People can also file a 2021 tax return at ChildTaxCredit.gov. Individuals with incomes under $12,500 and couples with incomes under $25,000 may be able to file a simple tax return to claim the 2021 recovery refund credit – which covers any payment amount stimulus from 2021 that they might have missed – and the CTC.

The IRS provided these details on all three credits:

  • An extension CTC: Families can claim this credit even if they received monthly advance payments in the last half of 2021. The total credit can be up to $3,600 per child.
  • A more generous EITC: The law strengthened the EITC for childless workers. There are also changes that can help low- and middle-income families with children. The credit can reach $1,502 for workers without eligible children, $3,618 for those with one child, $5,980 for those with two children and $6,728 for those with at least three children.
  • The recovery rebate credit: Those who missed last year’s third round of Economic Impact Payments (EIP3) may be eligible to apply for the Recovery Rebate Credit. Often referred to as stimulus payments, this credit can also be claimed by eligible individuals whose EIP3 was less than the full amount, including those who welcomed a child in 2021. The maximum credit is $1,400 for each eligible adult, plus $1,400 for each eligible child. or dependent adult.

Further details on these and other benefits are available in an IRS Information Sheet, FS-2022-10.

— To comment on this article or suggest an idea for another article, contact Martha Wagoner at Martha.Wagoner@aicpa-cima.com.

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Bradley Wiggins’ financial troubles continue with disputed £1m liquidation claim https://erinsrays.com/bradley-wiggins-financial-troubles-continue-with-disputed-1m-liquidation-claim/ Fri, 11 Nov 2022 17:54:34 +0000 https://erinsrays.com/bradley-wiggins-financial-troubles-continue-with-disputed-1m-liquidation-claim/ Bradley Wiggins’ financial troubles show no signs of abating as he disputes a £1million claim made against him by his companies’ liquidators. ‘Wiggins Rights Limited’ went into voluntary liquidation in 2020 with debts of £650,000 while the holding company of Team Wiggins was also liquidated with debts of £587,800. According to Cycling Weekly, the British […]]]>

Bradley Wiggins’ financial troubles show no signs of abating as he disputes a £1million claim made against him by his companies’ liquidators.

‘Wiggins Rights Limited’ went into voluntary liquidation in 2020 with debts of £650,000 while the holding company of Team Wiggins was also liquidated with debts of £587,800.

According to Cycling Weekly, the British magazine that followed the story closely, Wiggins is contesting the £1million claim from accountancy firm MHA Macintyre Hudson who are acting as administrators in the case. After a review of Wiggins’ company books, the company increased the amount sought to £979,953 (from £760,373) and Wiggins would sell a property to raise funds.

According to administrators’ documents from September, Wiggins is in an Individual Voluntary Arrangement (IVA), a financial setup designed to help people repay creditors and avoid bankruptcy.

The administrators report that a bid for a property which is “the main asset within the IVA” has been accepted. Administrators expect this will help repay £600,695.

14 creditors of Wiggins Rights Limited are said to be owed £749,223, including HMRC (the UK equivalent of the IRS) who submitted a claim for £313,447. In 2020, it was reported that HMRC planned to file a bankruptcy petition with Wiggins, but his lawyers reached an arrangement and the petition was dismissed.

Included in this list of current creditors is New Team Cycling Limited, the company which Team Wiggins was run by, and which also entered administration alongside Wiggins Rights Limited at the end of 2020.

Administrators are currently trying to locate company-owned cycling equipment and motor vehicles which could be used to pay off creditors, but a spokesperson for Wiggins said they were stolen and an investigation police was in progress.

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Post Courier Meeting KPHL’s Accounting Needs https://erinsrays.com/post-courier-meeting-kphls-accounting-needs/ Wed, 09 Nov 2022 01:15:47 +0000 https://erinsrays.com/post-courier-meeting-kphls-accounting-needs/ Originally from the Ambunti-Dreikikier district in the province of East Sepik, Fabian Kuias, after obtaining his Bachelor of Commerce degree with a major in accounting from the University of the Divine Word in 2007, joined the accountants of PricewaterhouseCoopers the following year. At PwC, he was attached to the audit and corporate assurance division until […]]]>

Originally from the Ambunti-Dreikikier district in the province of East Sepik, Fabian Kuias, after obtaining his Bachelor of Commerce degree with a major in accounting from the University of the Divine Word in 2007, joined the accountants of PricewaterhouseCoopers the following year.

At PwC, he was attached to the audit and corporate assurance division until 2012 when he resigned as senior accountant to work for Ernst & Young accountants for a year. . In June 2013, he left that company to join Kumul Petroleum Holdings, then known as the National Petroleum Company of PNG (NPCP), as a financial accountant.

“I wanted to experience working with an oil and gas company because the oil industry was growing in PNG at the time with the construction of the PNG LNG project,” Fabian said.

“Second, it was an opportunity to serve the government and people of PNG through the experience I had gained working with different accounting firms. Since the recent creation of KPHL, it was also an opportunity to start working with the company in its early stages. »
In 2015, he was appointed JV & Project Accountant of KPHL until 2019 when he resumed his position as Financial Accountant.

Fabian held the position of financial controller from June 2020 to January 2022 before returning to his position as financial accountant.

His role as a financial accountant is to ensure the accuracy and completeness of financial information and to ensure legal compliance, in collaboration with tax accountants, auditors and other stakeholders. He oversees accounts payable and receivable, payroll, joint ventures and projects and is also responsible for the company’s accounting policies and procedures.

Fabian Kuias believes that by learning and working with other professional colleagues and stakeholders, Kumul Petroleum can grow and become more involved in the petroleum industry and serve the interests of the state.

“My personal goal is to continue to work with KPHL to best serve its accounting needs and also to see it become a major player in the oil industry in the country, involved in all future oil and gas projects and one day become operator of an oil and gas project in the country,” he said.

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Former Jury’s Inn hotel security guard wins £2,325 award from Employment Tribunal https://erinsrays.com/former-jurys-inn-hotel-security-guard-wins-2325-award-from-employment-tribunal/ Wed, 02 Nov 2022 16:13:00 +0000 https://erinsrays.com/former-jurys-inn-hotel-security-guard-wins-2325-award-from-employment-tribunal/ A FORMER security guard working in Swindon has won a judgment totaling £2,325 after taking a Cornwall firm to an employment tribunal. Merkel Dioneza, of Gandy Way, Devizes, won the judgment against Camborne-based private security company WillSecure Ltd. The company operates a private security service for clients in Cornwall, Devon, Somerset and Wiltshire. This includes […]]]>

A FORMER security guard working in Swindon has won a judgment totaling £2,325 after taking a Cornwall firm to an employment tribunal.

Merkel Dioneza, of Gandy Way, Devizes, won the judgment against Camborne-based private security company WillSecure Ltd.

The company operates a private security service for clients in Cornwall, Devon, Somerset and Wiltshire.

This includes the Jury’s Inn hotel in Swindon, which was used by the government to house refugees from Afghanistan.

Mr Dioneza worked for the company for three months from May 2021 to July 2021 before deciding to leave.

He was employed as a security guard working 12-hour shifts from 6 p.m. to 6 a.m. six days a week at the hotel.

“We worked 72 hours a week, earning £10 an hour,” said Mr Dioneza, 28, who arrived in the UK from the Philippines in 2009.

“But I found that the deductions from my pay amounted to about 2.5 days a week and I wasn’t getting any paid time off.”

He decided to take WillSecure Ltd to an employment tribunal. The company was given six months to settle its claims, but did not respond.

In his ruling, Labor Court Judge NJ Roper said Mr Dioneza’s claim for unlawful wage deductions was successful.

He ordered WillSecure Ltd to pay Mr Dioneza 144 hours wages totaling £1,440 gross, plus a further £885 for his claim of 88.5 hours accrued but unpaid paid leave.

Mr Dioneza won judgment from an employment tribunal in Plymouth on October 20. He was confirmed by the Bristol Civil and Family Justice Center in Bristol on October 25.

It is understood that Kevin Luke Wills, the sole director of WillSecure Ltd, did not provide a valid answer in court.

Mr. Dioneza says he has not yet been paid his debts.

When people contact the company, WillSecure Ltd asks them to enroll in the Pay-As-You-Earn scheme or as a self-employed person.

Many of Willsecure’s security staff are believed to be paid as independent traders through a Penzance accountancy firm called First Payroll Services.

The company provides them with a PAYE payroll service for their salaries and payslips for a monthly fee and a separate administrative fee.

Mr Dioneza claims he ended up paying £80-90 a week in fees to the accounting firm.

He added: ‘This tax is apart from income tax and national insurance.

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Education vs Employability – How Emerging Technology is Changing the Job Market https://erinsrays.com/education-vs-employability-how-emerging-technology-is-changing-the-job-market/ Sun, 30 Oct 2022 08:11:14 +0000 https://erinsrays.com/education-vs-employability-how-emerging-technology-is-changing-the-job-market/ Education and employability tend to be at odds with each other. While the vast majority of the population sees education as a means of secure income and social advancement, the system aims to enable as many people as possible to receive a common education. This discrepancy leaves most of the students frustrated as they invest […]]]>

Education and employability tend to be at odds with each other. While the vast majority of the population sees education as a means of secure income and social advancement, the system aims to enable as many people as possible to receive a common education. This discrepancy leaves most of the students frustrated as they invest a significant portion of their lives and significant resources in acquiring advanced degrees.

With the exception of education for licensed professions, such as medicine, law, accounting and engineering, there is a gap between what is taught in academic institutions and what can be applied commercially. in the economy. Much of education produces graduates who are at best semi-prepared for the real world. It is up to graduates to become employable through continuing education or internships.

Today, this progression from education to employment becomes even trickier as the economy becomes technology-intensive while the content of education remains conventional, even when delivered digitally. The mismatch between education and employability has created an employment challenge for the entire population.

This explains why even for a few low-paying government jobs, there are tens of thousands of graduate applicants. Moreover, obtaining a diploma has become the minimum qualification for jobs in the private sector which require at most a high school diploma. There are even MBAs who deliver pizza and MAs who drive taxis, as these jobs are relatively readily available and pay almost as much as entry-level jobs.

The most advertised jobs these days require skills in areas that are not directly or fully covered by general education, on which most of the population depends. Even in domain-specific institutions, there is a gap between what is taught and what is required by the industry.

Proliferation and advances in technology are changing the direction of the labor market. While many mainstream companies still advertise old job tags, they require at least essential technology skills. The highest-paying jobs are now in emerging areas of expertise, such as data engineering and analytics, platforms, robotics, internet of things, machine learning, extended reality, and technology. ‘artificial intelligence.

Businesses of all types and sizes are becoming dependent on new technologies and are looking for the talent that can give them an edge in the new world. Technology is embedded in every product and process and all work now involves a fairly significant level of technological understanding and expertise.

Now, medical students must learn to consult and operate remotely using digital communication, extended reality and robotics. Educators themselves must have the competence to teach in physical, hybrid and digital modes and produce digital educational content. The teaching and training job market is moving towards remote teaching, testing and assessment skills. In banking and finance, conventional brokers, accountants, investment bankers, and underwriters are falling short as processes become data-centric and automated systems initiate, price, and execute most transactions. Jobs now require people who can work with and alongside cognitive machines.

The education sector is responding to the rise of a new type of economy and work. There is a proliferation of online and hybrid courses in a wide variety of technology skills. However, much of this new education boom is opportunistic, and the formal education system continues to advance along with it. As a result, the labor market is moving further and further away from the general education system.

Policy makers and education providers must realize that formal education will lose its relevance if it fails to keep up with the impact of emerging technology on employability. The covid crisis has highlighted the vulnerability of traditional work and jobs and in the post covid world education must offer adequate understanding of new technologies and provide a high level of competence in working with tools and systems digital.

Technological change in work and business has become a major source of employability challenge for students whose educational institutions have failed to expose them to the disruptive changes introduced by emerging technologies.

Even before the world basically went online during covid, the first signs of disruptive changes in employability were already there. Data, cloud, mobile, machine learning, artificial intelligence, virtual reality, augmented reality, robotics, 3D manufacturing, internet of things, etc. were already mentioned as new subjects to be studied.

Millions of traditional white-collar cognitive jobs had already disappeared before covid, especially jobs involving the recording and transfer of information and the execution of transactions.

Registering customers, taking orders, connecting buyer and seller, ticketing, answering basic customer questions, accepting payments, transferring money, managing stocks, financial securities trading and even creation were increasingly digitally automated long before the digital transformation during covid.

The covid crisis has meant that technological knowledge and skills have become essential for employability and pressure has increased on the education system to respond to technology-related employability.

The scarcity of relevant education is reflected in the scarcity of talent required to serve the new technocentric world. Workers with new skills are leaving and changing jobs with increasing frequency. As tens of millions of young people struggle to find suitable jobs, those with tech skills are enjoying a gold rush. Nearly 50% of all hires these days involve people with emerging technology skills.

Technology is also changing the way employers and job seekers discover each other and get things done. With remote work becoming easy and reliable, digital intermediaries are becoming popular with expertise seekers and cognitive workers.

The labor market is becoming more complex as employees moonlight and employer preference shifts from permanent employees to outsourcing work and hiring for specific projects.

In the new environment, only the fastest learners will survive, and the education system must learn quickly so that India’s half billion young people can find suitable employment in the emerging tech-driven job market.



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Disclaimer

The opinions expressed above are those of the author.



END OF ARTICLE



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Swansea firm helps build accounting app ahead of UK digital tax law https://erinsrays.com/swansea-firm-helps-build-accounting-app-ahead-of-uk-digital-tax-law/ Thu, 27 Oct 2022 14:22:53 +0000 https://erinsrays.com/swansea-firm-helps-build-accounting-app-ahead-of-uk-digital-tax-law/ A Swansea-based accountancy firm, Lee Coombes Accountancy, has been instrumental in helping leading fintech company, Coconut, develop a cutting-edge digital accounting app for sole traders. The app is designed to help self-employed traders streamline and simplify their accounts ahead of a new legal requirement to keep digital records and use software to submit self-employed tax […]]]>

A Swansea-based accountancy firm, Lee Coombes Accountancy, has been instrumental in helping leading fintech company, Coconut, develop a cutting-edge digital accounting app for sole traders.

The app is designed to help self-employed traders streamline and simplify their accounts ahead of a new legal requirement to keep digital records and use software to submit self-employed tax returns online. It follows the mandate for VAT-registered businesses to submit online via third-party software this year.

The collaboration between Lee Coombes and Coconut to develop the app grew out of new plans that were proposed by the UK government and titled: Making Tax Digital (MTD).

Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) will apply to individuals from April 2024, legislating on the digitization of tax data registration and submission. Companies will have two years to voluntarily prepare and test the service before it is introduced.

Lee Coombes Accountancy was at the forefront of Coconut’s research, development and improvement, having participated in the early testing of the product with accountants and advising on how it could best benefit sole trader customers – a key element of the accounting firm’s main clientele.

In light of the MTD ITSA changes, the app and an accounting platform offering have been created to make this a seamless transition for sole traders, allowing them to continue to focus on their business. Sole traders will benefit from how the package includes completion of all accounting, recording of transactions and tax-efficient adjustments, as well as assistance with filing self-assessment tax returns and quarterly reports required by HMRC under MTD ITSA. Accountants benefit from much faster organization and preparation of accounting information in preparation for client tax.

The app was developed with a focus on user experience, making it simple and easy to use while merging expenses, billing and taxes all in one. The product was designed now in preparation for the impending legal requirement and in line with the grace period, with the aim of helping sole traders stay ahead of the curve.

The new app and offering promise to be a huge time saver for sole traders, starting with the registration process, which has been deliberately streamlined to be quick and easy to use. The app’s built-in invoicing software also gives independent merchants a simple platform to submit invoices on the go, whether from their phone or desktop. As the Coconut app is directly linked to the user’s bank accounts or credit cards, this means that there is no need to download statements for filing.

The software has also been developed to aggregate expenses from similar vendors, merchants and businesses, allowing for easy merging of information into the database. This, in turn, makes it easier for accountants to calculate taxes and expenses, as well as sole traders trying to locate specific invoices.

Coconut is an industry-leading accounting software developer. The company launched its first product in 2018 to cater solely to the needs of independent traders. The company’s recent collaboration with Lee Coombes Accountancy has enabled it to refine the app in time to help sole traders comply with the UK government’s new ITSA MTD regulations.

Lee Coombes, Managing Director of Lee Coombes Accountancy, said:

“We are extremely excited to be part of the new Coconut app. The goal was to increase the simplicity of accounting for sole traders, who can then focus on growing their business. We developed the app with anticipation. changes coming in 2024 that will affect sole traders, so those people can get ahead by signing up for the package now.

Sam O’Connor, CEO of Coconut, said:

“Identifying a gap in the market for software for sole traders and owners, we set to work to create something that was simple for the client, but which generated real efficiencies and time savings for the accountant or accountant. accountant. We build our features based on the needs of our partners and their customers and Lee was committed from the start to supporting this process. Now we are excited to help his practice grow through this transition to the digital.”

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Fusion Consulting Group Secures Funding to Disrupt Professional Services Industry https://erinsrays.com/fusion-consulting-group-secures-funding-to-disrupt-professional-services-industry/ Mon, 24 Oct 2022 12:48:42 +0000 https://erinsrays.com/fusion-consulting-group-secures-funding-to-disrupt-professional-services-industry/ Fusion Consulting Group, a London-based professional services firm for private clients and SMEs, has secured funding from specialist funder SME Capital. Founded in 2015 by Mitch Young and Adam Maurice, Fusion has built a multidisciplinary consulting practice that now offers a broad portfolio of services including tax, accounting, financial services, legal services, digital marketing and […]]]>

Fusion Consulting Group, a London-based professional services firm for private clients and SMEs, has secured funding from specialist funder SME Capital.

Founded in 2015 by Mitch Young and Adam Maurice, Fusion has built a multidisciplinary consulting practice that now offers a broad portfolio of services including tax, accounting, financial services, legal services, digital marketing and business consulting.

Fusion’s mission is to revolutionize the professional services industry by offering 360o consulting services to private clients, entrepreneurs and SMEs, which only the Big 4 have successfully implemented for large corporations and ultra-high net worth individuals. .

Mitch Young said: “We are proud to be one of the first firms in the UK to offer holistic advice across our portfolio of expertise specifically aimed at SMEs and entrepreneurs. Our offering ticks the boxes for what the next generation of entrepreneurs are looking for by providing a blend of expert advice and technology to add value and help them achieve their goals.

Fusion will invest heavily in people and technology to deliver a best-in-class offering to expand its existing service portfolio and further enhance its customer experience.

Fusion has built its existing group partly organically, but has also made a number of acquisitions since its inception in 2015. Fusion will launch a buy and build program in 2023 to consolidate existing consultancies under the brand Merger.

Adam Maurice commented: “Further acquisitions are essential for us to realize our strategic vision and I am delighted to work with the team at SME Capital who fully understand our vision and provide significant funding to enable us to realize our strategy. purchase and construction. ”.

SME Capital is a specialty lender that provides tailored growth capital and long-term acquisition financing solutions to established businesses that are going through significant strategic milestones or events.

Fusion completed its latest acquisition in 2021 and already has a number of potential deals in the works. As Fusion continues to execute on its plans, the company will shortly announce a number of key hires to expand its leadership team.

Ronnie Sarkar, CEO and Chief Investment Officer of SME Capital, said: “SME Capital is delighted to fund Fusion’s exciting growth strategy. Adam and Mitch and their team are so enterprising. They deliver immense quality to their clients and will bring much-needed disruption to the professional services industry. I look forward to working with them as they execute their buy and build program. »


By Mark Adair – Correspondent, Bdaily

Are you looking to promote your product/service to SMEs in your region?

Find out how Bdaily can help you →

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Disaster Area Deposit Extensions Apply to 2019, 2020 Penalty Relief https://erinsrays.com/disaster-area-deposit-extensions-apply-to-2019-2020-penalty-relief/ Thu, 20 Oct 2022 21:02:29 +0000 https://erinsrays.com/disaster-area-deposit-extensions-apply-to-2019-2020-penalty-relief/ The IRS reminds taxpayers living in certain declared disaster areas that the extended time they have to file certain returns includes filing returns to qualify for penalty relief under Notice 2022-36 for returns. of income 2019 and 2020. The relief, which covers time to file but not pay taxes, is available to taxpayers in areas […]]]>

The IRS reminds taxpayers living in certain declared disaster areas that the extended time they have to file certain returns includes filing returns to qualify for penalty relief under Notice 2022-36 for returns. of income 2019 and 2020.

The relief, which covers time to file but not pay taxes, is available to taxpayers in areas covered by certain Federal Emergency Management Agency (FEMA) disaster declarations.

Under Notice 2022-36, penalties for late filing of certain tax returns, as well as penalties for not reporting certain required information on Form 1065, Return of partnership income to the United Statesor Form 1120-S, U.S. tax return for an S corporationare waived or reduced if the corresponding statement was filed on or before September 30, 2022. But individuals and households who reside or have businesses in recently declared disaster areas by FEMA have extended the statement filing deadlines for obtain this relief.

Areas with a November 15, 2022 deadline include some counties in Missouri, where storms and flooding have occurred; and in Kentucky, where storms, flooding, landslides and mudslides also occurred, the IRS said.

Other areas with the November deadline include the island of St. Croix in the US Virgin Islands, where people have suffered water shortages and health problems due to an “unprecedented influx of sargassum seagrass,” and members of the Pima-Maricopa Salt River Tribal Nation. Indian community, where severe storms have occurred, the IRS said.

All of these events happened in July.

Areas with a deadline of February 15, 2023 include Florida, North Carolina and South Carolina, where Hurricane Ian hit late last month, and Puerto Rico, which suffered damage from to Hurricane Fiona, also in September.

Also included in the February deadline are areas in Alaska, where storms, flooding and mudslides occurred in September, and Hinds County, Mississippi, for a water crisis beginning on August 30.

The relief provided by Notice 2022-36 applies to a wide range of income tax and information returns for the 2019 and 2020 tax years, including Forms 1040 and 1120 series, as well as other listed in the notice.

The IRS notes that penalty relief for 2019 and 2020 returns is not available in certain situations, such as when a fraudulent return has been filed. For ineligible penalties, such as the default penalty, taxpayers can use existing penalty relief procedures, such as requesting relief under the reasonable cause criteria or the First Time Abate program. IRS.

— To comment on this article or suggest an idea for another article, contact Martha Wagoner at Martha.Wagoner@aicpa-cima.com.

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