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Running a business in Los Angeles comes with its fair share of challenges, and one of the most daunting can be navigating the complexities of Californias Employment Development Department (EDD) payroll tax requirements. For business taxpayers facing EDD employment payroll tax controversies, the stakes are high. Unpaid back taxes, EDD audits, penalties, and unresolved tax issues can lead to financial strain, legal complications, and even the risk of business closure.
8 min read February 21st, 2024 For many small and medium-sized enterprises (SMEs), the end of the fiscal year coincides with the end of the calendar year. This means it is time for financial leaders to begin closing the financial books. Key Takeaways Reconcile Transactions and Accounts: This step in the process can be tedious because you have to look through minute details while paying exceptional attention to detail.
If you've been a long-time reader or a contracting company owner, you've probably heard about " Cost of Goods Sold " (COGS). But what does it really mean, and why is it crucial for your construction business's success? Understanding COGS isn't just about accountingit's about making smart decisions for profitability, pricing, and more. 1. What is the Cost of Goods Sold (COGS)?
The regulatory landscape is constantly evolving, and cybersecurity is no exception. You may have heard that under the new administration, regulation was going to be reduced or that there was a pause in enforcement actions, e.g. FCPA. These pauses are temporary and intended for the agencies involved to revise their approach to be efficient and effective.
Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.
A recent court ruling means businesses must file their Beneficial Ownership Information (BOI) reports under the Corporate Transparency Act (CTA). New Deadlines: Most businesses must file by March 21, 2025 , if you have not already filed. New businesses (formed on or after Feb. 18, 2025) must file within 30 days of creation. Businesses with disaster relief extensions should follow those specific deadlines.
A technical glitch prevented Internal Revenue Service officials from notifying laid-off employees by email, so the IRS will be sending them letters, instead.
Introduction Welcome to another lively Workshop Wednesday where we engage in casual conversations about serious workflows. This week, we're diving into the pros and cons of using QuickBooks. QuickBooks and the Accountant Community Since the mid-2010s, QuickBooks has been a cornerstone for accountants, thanks to its robust features and comprehensive support network.
The Housing Opportunity Through Modernization Act (HOTMA) was signed into law on July 29, 2016, amending many aspects of multifamily housing programs (as well as programs administered through the Offices of Public and Indian Housing and Community Planning and Development). The U.S. Department of Housing and Urban Development (HUD) did this in the interest of aligning its requirements across its programs or because the underlying program statute required HUD to make the revisions.
This series is intended to cover the most common deductions. Please keep in mind that there are always exceptions; whats more, your situation or facts may be different from someone else. We recommend that you consult with your tax advisor before taking any action. Part 1: The Basics Part 2: Deductions and Medical Expenses Part 3: Deduction for Taxes Part 4: Deducting Mortgage Interest & Investment Interest Part 5: Contributions & Charitable Giving Part 6: Casualty & Theft Losses Part
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
Brown Plus appoints first information technology director; IFRS Foundation announces new Advisory Council chair; and more news from across the profession.
A program authorized through the Department of TreasurysBureau of the Fiscal Serviceallows for the reduction of your refund to pay down specific debts.
Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
There were five innovation themes that percolated to the top of my list, which I believe we will see integrated into products we use in our homes, and possibly our offices over the next few years.
Maureen Churgovich Dillmore will oversee the expansion of Ascend's growth platform for regional accounting firms into new U.S. markets, effective Feb. 17.
Digitization has revolutionized the Architecture, Engineering and Construction (AEC) industry. Collaboration between teams, vendors, contractors and partners is faster and more efficient than ever or, at least, it can be. For all the benefits of digitization removing burdensome paperwork and filing it has introduced new complications that can lead to process breakdowns and inconsistencies in your data.
To make artificial intelligence worthwhile as an accounting tool, companies must find ways to balance gains in efficiency with the ethical risks it presents.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
Tracy talks about how experts use estimates when they calculate economic damages. Are you speculating or guessing? Or do you have a reasonable basis for your numbers?
Traditionally, busy season in the accounting industry has been a time to cancel all personal plans, batten down the hatches, and grind through overtime until your family barely recognizes you, but with the right technology, guardrails, and strategic planning, it doesnt have to be.
Prosecutors and regulators are investigating a deal between CrowdStrike Holdings and a technology distributor to provide cybersecurity tools to the IRS.
Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.
The Alliance for Retired Americans leader Richard Fiesta released the following statement on the chaos created by the Trump Administration at the Social Security Administration.
Cruise operators may yet avoid paying more U.S. corporate taxes despite threats from U.S. Commerce Secretary Howard Lutnick to close favorable loopholes.
Last week, Deloitte US told government-facing staff to remove pronouns from their email signatures in reaction to the Ending Radical And Wasteful Government DEI Programs And Preferencing executive order signed by President Trump on January 20. Now KPMG, a small potatoes federal contractor compared to Deloitte, is doing a little diversity, equity, and inclusion housekeeping of its own according to Financial Times.
President Trump is expected to sign a memorandum that opens the door to levies in response to digital services taxes some countries impose on U.S. tech giants.
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.
Trump needs as much revenue as he can get as Republicans in Congress work to iron out a plan to extend the 2017 tax cuts that are due to expire later this year.
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