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Choosing the Right Accounting Software

SMBAccountant

The beginning of a new year also means a fresh start for your Income Statement; which is why now is the perfect time to review your accounting software needs. Accounting may be complicated and time-consuming, especially with spreadsheets. That's why most firms use invoicing and accounting software.

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IRS Addresses Options for Qualified Transportation Benefits Unused Due to COVID-19

ThomsonReuters

The IRS has released an information letter responding to an inquiry from a qualified transportation plan participant with unused transit benefits. Unlike the rules governing health FSAs, the qualified transportation plan rules place few restrictions on compensation reduction election changes. Contributing Editors: EBIA Staff.

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Don’t Let Your Industry Be Your Fraud Risk

RogerRossmeisl

Certain industries — for example, construction, real estate, manufacturing and transportation — are usually more vulnerable to employee theft, according to the Association of Certified Fraud Examiners (ACFE). Segregation of accounting duties — having them performed by more than one employee — is critical to reducing both types.

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Is an Annual Report on Form 5500 Required for a Qualified Transportation Fringe Benefit Plan?

ThomsonReuters

QUESTION: Our company has a qualified transportation fringe benefit plan under Code § 132(f) that allows participants to pay for parking, transit passes, and vanpooling on a tax-free basis. Qualified transportation fringe benefit plans may only offer qualified parking, transit pass, or vanpooling. ANSWER: No.

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Are There Any Substantiation Requirements for Transit Passes Distributed by a Qualified Transportation Plan?

ThomsonReuters

QUESTION: Our company’s qualified transportation plan allows employees to purchase transit passes with pre-tax compensation. ANSWER: The Code provision authorizing qualified transportation plans indicates that the tax benefits under a qualified transportation plan are for “employees.” Contributing Editors: EBIA Staff.

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Top Remote Accountants of the Week | November 27, 2024

Going Concern

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs. Accountingfly can assist you!

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Top Remote Accountants of the Week | November 21, 2024

Going Concern

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs. Accountingfly can assist you!