CPA Practice

DECEMBER 22, 2023

Common examples include unauthorized withdrawals, transfer of funds to personal accounts, pocketing cash receipts, stealing petty cash and writing checks to fake vendors. Companies should also conduct regular reviews of AR aging and customer accounts, manual journal entries and vendor lists.

Expense Reimbursements 117

Expense Reimbursements payroll financial statements general ledger 117

CPA Practice

JULY 24, 2023

Justworks, a benefits, payroll and HR technology provider, has launched Expenses, an expense management tool that Justworks PEO customers can use to process expense reimbursement requests alongside payroll. Expenses consolidates tools and minimizes the risk of error when reimbursing employees for out of pocket expenses.

Expense Management 94

Expense Management Expense Reimbursements Approval Workflows payroll 94

CPA Practice

AUGUST 7, 2023

Justworks, a benefits, payroll and HR technology provider, has launched Expenses, an expense management tool that Justworks PEO customers can use to process expense reimbursement requests alongside payroll. Expenses consolidates tools and minimizes the risk of error when reimbursing employees for out of pocket expenses.

Expense Management 94

Expense Management Expense Reimbursements Approval Workflows payroll 94

Going Concern

SEPTEMBER 15, 2023

Chattanooga Times Free Press has written quite the story about legacy accounting firm Croft & Frost abruptly laying everyone off earlier this week after months of issues making payroll. The post This Shady Chattanooga Accounting Firm Just Went Down in Flames and Still Owes Staff Months of Pay appeared first on Going Concern.

accounting firms 126

accounting firms payroll South Dakota North Dakota 126

SkagitCountyTaxServices

MAY 12, 2021

You probably didn’t realize that there are actual pros and cons to expense reimbursement for employees, etc. Now, let’s dive into handling business expenses paid by employees. This decision comes with important tax and accounting consequences, and you as the business owner need to know the pros and cons of each method.

Expense Reimbursements 40

Expense Reimbursements Employee Expense Reimbursement Tax audit 40

SMBAccountant

NOVEMBER 17, 2021

You would post the net pay to a labor expense account and the payroll taxes to a payroll expense account. This can include deductions for Social Security, Medicare, federal and state income taxes, health insurance, 401k, child support, expense reimbursements, and many others. Many do nothing.

payroll 130

payroll payroll tax income tax Expense Reimbursements 130

CPA Practice

APRIL 4, 2024

The charges identified Kroger as a professor of business and accounting, but does not specify where. That person agreed to join the joint venture on account of Kroger’s representation that the business opportunity would be a “low-risk” investment with a high upside. A spokesperson for Gustavus Adolphus College in St.

Real Estate 74

Real Estate accountant accounted Account 74

CTP

JANUARY 22, 2025

Many taxpayers may be eligible for savings vessels, such as health savings accounts (HSAs), flexible spending accounts (FSAs), and health reimbursement arrangements (HRAs). Limited Purpose HRA The limited purpose HRA is designed to be compatible with a health savings account. How do HRAs work?

Tax 52

Tax Expense Reimbursements Non-Profits corporation tax 52

ThomsonReuters

APRIL 28, 2022

The letter responds to a request for guidance on when the cost of health and wellness coaching is medical care that can be reimbursed under health FSAs, HSAs, and other tax-favored accounts. Contributing Editors: EBIA Staff.

Expense Reimbursements 105

Expense Reimbursements Tax accountant accounted 105

PYMNTS

NOVEMBER 8, 2020

The release says the expensemanager solution will help fill a hole in the market for a mid-market option to automate the expense reimbursement process as well as purchase orders and supplier invoice, receipt, approval and payment process.

Expense Management 79

Expense Management Technology Expense Reimbursements accounts payable 79

LSLCPAs

NOVEMBER 8, 2022

We advise our clients to keep their HSA funds in the account and not to withdraw funds for medical expense reimbursement. The post Why You Should Keep Funds in Your HSA Account and Not Withdraw Them appeared first on LSL CPAs. To withdraw or not to withdraw funds from your HSA: what should you do?

Expense Reimbursements 52

Expense Reimbursements cpas accountant accounted 52

MineralTree

JANUARY 18, 2024

Optimizing the accounts payable (AP) process involves more than paying vendors on time — it’s also about maximizing efficiency and accuracy with every outgoing payment while managing cash flow to maintain a healthy business. How do you increase productivity in accounts payable?

accounts payable 80

accounts payable AP Processes AP Automation Technology 80

ThomsonReuters

APRIL 13, 2023

Expenses that merely benefit an individual’s general health or well-being are not considered to be for medical care (see our Checkpoint article ). For more information, see EBIA’s Cafeteria Plans manual at Sections XX.D (“Expenses Reimbursed Must Be for Medical Care”), XX.L.4 Contributing Editors: EBIA Staff.

Expense Reimbursements 98

Expense Reimbursements Tax accountant accounted 98

ThomsonReuters

FEBRUARY 24, 2022

If COBRA coverage is purchased, the recipient will have access to the HRA balance (notwithstanding any forfeiture rule), increased by any account credits that would be received for the coverage period by a similarly situated non-COBRA beneficiary. 12 (“Forfeit Account Balances or Permit Spend-Downs?”), XXII.C.2

Expense Reimbursements 91

Expense Reimbursements Tax accountant accounted 91

ThomsonReuters

MAY 4, 2023

29, 2023) Available at [link] The IRS Chief Counsel’s office has released a memorandum that addresses the substantiation requirements for medical and dependent care expenses and the consequences of various substantiation shortcuts. IRS Chief Counsel Memorandum 202317020 (Mar. The memo addresses six situations.

Expense Reimbursements 69

Expense Reimbursements audit Tax Sales 69

Withum

JULY 20, 2022

Expense reimbursement schemes (11% of cases) – an employee submits and gets reimbursed for fictious or personal expenses via the company’s expense reimbursement process. Non-cash schemes (18% of cases) – theft of physical assets, investments, or proprietary information. Corruption.

Expense Reimbursements 81

Expense Reimbursements financial statements public accounting Education 81

PYMNTS

NOVEMBER 9, 2020

Plus, Lloyds Bank partners with a FinTech to streamline supply chain finance, Expensemanager collaborates to automate expense management and Xendoo pairs up on accounts receivable optimization. Lloyds Bank, Demica Team up for SCF Digital Onboarding. businesses and affiliates, a press release says.

Finance 76

Finance B2B Expense Reimbursements Expense Management 76

ThomsonReuters

JULY 29, 2021

These types of payments could potentially be reimbursable. For more information, see EBIA’s Cafeteria Plans manual at Sections XX.D (“Expenses Reimbursed Must Be for Medical Care”) and XX.H (“Health FSAs Cannot Reimburse Insurance Premiums”). appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Expense Reimbursements 98

Expense Reimbursements Tax accountant accounted 98

ThomsonReuters

FEBRUARY 23, 2023

For instance, if a client repeatedly fails to properly record their business expenses, explain to them why it is important to be compliant. Then introduce them to a tool they can use, like an expense reimbursement worksheet, to help change their behavior. In today’s environment, advisory relationships are imperative.

Tax 105

Tax Expense Reimbursements Education accounted 105

PYMNTS

JANUARY 6, 2021

There are several ways that T&E tools account for this. One of the most popular is to link a T&E solution to a corporate card product to facilitate integration of payment information; another strategy is to allow for employees to use personal payment methods and capture data after the fact to facilitate expense reimbursements.

Expense Reimbursements 112

Expense Reimbursements Expense Management Technology Entertainment 112

ThomsonReuters

MARCH 23, 2023

They also remind administrators of the importance of obtaining adequate and appropriate substantiation before reimbursing claims and highlight the challenges involved with certain expenses. Contributing Editors: EBIA Staff.

Expense Reimbursements 98

Expense Reimbursements Tax accountant accounted 98

ThomsonReuters

SEPTEMBER 30, 2022

For more information, see EBIA’s Fringe Benefits manual at Section XXI.G (“Travel Expense Reimbursements: Substantiation”). The post IRS Announces Special Per Diem Rates for Travel Away From Home Beginning October 1, 2022 appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Expense Reimbursements 93

Expense Reimbursements Transportation Tax accountant 93

ThomsonReuters

FEBRUARY 23, 2023

For instance, if a client repeatedly fails to properly record their business expenses, explain to them why it is important to be compliant. Then introduce them to a tool they can use, like an expense reimbursement worksheet, to help change their behavior. In today’s environment, advisory relationships are imperative.

Tax 98

Tax Expense Reimbursements Education accounted 98

Withum

DECEMBER 7, 2023

Forensic accountants are brought in to investigate issues in various facets. There can be concerns surrounding revenue, disbursements, or vendors, and a forensic accountant is brought in to collect, analyze, and evaluate evidential matter to assist stakeholders in reaching a conclusion on the merits of concern.

forensic accounting 52

forensic accounting Hospitality accountant accounted 52

PYMNTS

JANUARY 22, 2021

Young B2B FinTechs secured some of their first investments in areas that include small business accounting, alternative lending and financial management. But the leader of the pack goes to one corporate travel and expense management startup that impressed investors despite a business trip slump. CreditEnable.

B2B 81

B2B Expense Reimbursements Technology Expense Management 81

Basis 365

FEBRUARY 1, 2024

In the complex world of business, a robust accounting system supports the foundation of financial clarity and control. Whether you're a small startup or a seasoned enterprise, building an optimal accounting system requires careful planning, strategic technology integration, and unwavering commitment to financial discipline.

accounting system 59

accounting system accountant accounted Account 59

ThomsonReuters

MARCH 11, 2021

How can we keep the per diem payments from being treated as income to our employees, and how would those payments affect employees’ expense reporting? ANSWER: Per diem payments are often used to simplify compliance with the accountable plan rules that allow business travel reimbursements to be excluded from employees’ gross income.

Expense Reimbursements 59

Expense Reimbursements Tax Hawaii Alaska 59

Xero

SEPTEMBER 28, 2022

They integrate with Xero’s core accounting software, customising and extending Xero to enhance your business capabilities. For example, expense management apps make it faster than ever to review expenses, reimburse employees, and close your books each month. Business apps that connect to Xero do the same thing.

Technology 104

Technology Expense Reimbursements payroll Expense Management 104

ThomsonReuters

MARCH 4, 2021

The IRS has released the 2020 version of Form 2106, used to determine and claim employee business expense deductions. Nor does it affect an employer’s ability to take a deduction for its expenses, because the limit on miscellaneous itemized deductions applies to individuals, not employers. Contributing Editors: EBIA Staff.

Expense Reimbursements 52

Expense Reimbursements Government Tax accountant 52

Withum

APRIL 19, 2022

For a demonstration of how easy it is to get started with Power Apps and Power Automate, check out our on-demand webinar , “Art of the Possible for the Power Platform for Finance, ” where you’ll see Withum build a corporate credit card request form, a monthly closing checklist workflow, an expense reimbursement request system and more.

Technology 105

Technology Expense Reimbursements Start-ups accounting and finance 105

PYMNTS

OCTOBER 19, 2018

Reports from MS Power User said Microsoft’s MileIQ unit is rolling out Spend, a business expense tracking solution for Apple mobile devices that automates data entry by linking into users’ bank accounts and cards. The platform also supports photo capture of receipts to include with expense reports.

Expense Management 55

Expense Management Employee Expense Reimbursement Expense Reimbursements Healthcare 55

inDinero Accounting

SEPTEMBER 21, 2024

Standardize Nonprofit Financial Policies Standardizing nonprofit financial policies is fundamental for nonprofits to maintain consistency, accountability, and transparency in their financial practices. Another important policy to take into account is a well-defined gift acceptance policy.

accounting and finance 94

accounting and finance Technology Expense Reimbursements Government 94

PYMNTS

FEBRUARY 27, 2020

Businesses can use the service to send money to other bank accounts, cards, Amazon Pay, Paytm , UPI IDs and more. Cashfree boasts that more than 20 million bank accounts have received payments through its service.

Expense Reimbursements 52

Expense Reimbursements Maine accountant accounted 52

PYMNTS

NOVEMBER 3, 2016

These gigs span a growing number of verticals and industries, from home help and tutoring, to accounting and design. Gig workers are responsible for many of the ancillary costs that would traditionally fall to the employer — there’s no employee-provided health care, 401K, equipment, expense reimbursement, handling taxes, etc.

Expense Reimbursements 73

Expense Reimbursements Legal Tax accountant 73

PYMNTS

NOVEMBER 4, 2020

Expense management and accounts payable (AP) automation solution provider Emburse is rolling out new card solutions designed to help organizations manage their travel spend. In this week's Commercial Card Tracker, PYMNTS looks at the latest corporate card solutions that reveal the opportunity of rapidly digitizing commercial payments.

Expense Reimbursements 64

Expense Reimbursements AP Automation Spend Management B2B 64

ThomsonReuters

MARCH 5, 2024

. “From a payroll standpoint, there is one provision, that if it is continued, will create a lot of issues,” he said, referring to the suspension of the exclusion for qualified moving expense reimbursements through 2025. “The TCJA changed all of those to where they are taxable.”

Tax 98

Tax payroll Expense Reimbursements Gaming 98

PYMNTS

SEPTEMBER 23, 2019

The most wanted functionality is quick cost estimates (60 percent), while accounting (37 percent) is also a popular feature. They can also save time by allowing suppliers or employees to make one-off purchases without going through an onboarding process and settling up the purchase with accounts payable.

Construction 67

Construction Expense Reimbursements Agriculture Technology 67