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This article was written for the Atlanta Business Chronicle Leadership Trust. To see the original post, click here. Every business owner wants their company to grow. And when that growth is unexpected, it feels that much sweeter. But don’t forget that success that comes from selling into more states can also expand your sales tax burdens. Businesses that sell into multiple states or jurisdictions have to pay attention to sales tax thresholds, and it’s not a one-time project.
The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Here are the basic rules. Failure to pay Separate penalties apply for failing to pay and failing to file. The failure-to-pay penalty is 1/2% for each month (or partial month) the payment is late.
Having easy and correct access to your startup's inventory levels is critical to effective manufacturing, operations, and sales. The post Why Inventory Management is Critical for a Growing Consumer Startup appeared first on Burkland.
RESOURCES / ARTICLES. Specializing an Accounting Business: . What and How? Specialization is one way to distinguish your firm from the competition and generate more profitable work. But what should you specialize in? The clues lie in your clients, your market, your areas of interest and your skills. For an overview of the path to specialization, read on. .
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
Cannabis-based businesses are some of the fastest growing business sectors in the country. With more and more states legalizing medical marijuana and also recreational use, dispensaries and grow operations are popping up all over. Unfortunately, there are a number of things that makes a cannabis business a challenge is that there are many unique situations that go into running an all-cash operation.
Integration management is defined by the PMBOK as a collection of processes required to ensure that the various elements of the projects are properly coordinated. It involves making trade-offs among competing objectives and alternatives to meet or exceed stakeholder needs and expectations. But what exactly does this mean in practice? In small businesses, it is very common that many employees wear multiple hats and perform many duties that would typically belong to different departments in a larg
We are approaching the three-year mark of the introduction of economic nexus and the South Dakota v. Wayfair decision. In order to address their expanding sales tax obligation, many businesses decided to outsource the sales tax process and chose an “automated” solution. If you are one of these businesses, you may now realize that much of the sales tax process falls on your shoulders.
We are approaching the three-year mark of the introduction of economic nexus and the South Dakota v. Wayfair decision. In order to address their expanding sales tax obligation, many businesses decided to outsource the sales tax process and chose an “automated” solution. If you are one of these businesses, you may now realize that much of the sales tax process falls on your shoulders.
The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How it works You can claim an itemized deduction on your tax return for real estate taxes and home mortgage interest. Most other home ownership costs can’t be deducted currently. However, these costs may increase your home’s “basis” (your cost for tax purposes).
Jamie Ceglarz joins us to discuss hiring trends and how to attract top talent to your startup in today’s competitive hiring environment. The post How to Hire Top Talent in Today’s Startup Landscape: A Conversation with Jamie Ceglarz with Guild Talent appeared first on Burkland.
RESOURCES / ARTICLES. Transform your Niche Product Offering into. an Engaging Marketing Campaign… IN NO TIME! How do you let clients know that you offer a great service that will make a real difference to their business? . Should you call them all up? . Ugh, that sounds awful. . Send an email? . Ho hum…. Grabbing a client’s attention is hard.
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
When it comes to paying your employees, you can’t pay them all willy-nilly. Instead, you must give them their wages on a consistent basis (e.g., weekly) and stick to one pay frequency. When you choose a paycheck frequency for your business, you need to follow state and federal payment laws. Learn about pay frequency requirements […] READ MORE.
As we entered 2021, many industry experts believed that state? sales tax audits ?were likely to increase sharply due to the loss of state revenue during the pandemic. Likewise, in a recent? TaxConnex survey we saw that two out of five?respondents?agree with the experts,?saying that?they?expect?sales tax audits to become more common over the next two years. 38%?
Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two simple retirement savings options to consider are a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE).
I would work with startups all day before sneaking away for an hour or two on the slopes. The post Startup Lessons Learned from 50 Days Skiing (During the COVID Winter) appeared first on Burkland.
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.
IRS Notice 2021-26 (May 10, 2021). Available at [link]. The IRS has provided guidance regarding the federal tax treatment of DCAP benefits that continue to be available in taxable years ending in 2021 or 2022 because of an extended claims period or carryover offered pursuant to the COVID-19 relief provisions of the Consolidated Appropriations Act, 2021 (CAA, 2021) (see our Checkpoint article ).
Financial reports can be an incredibly helpful tool for small businesses. They can help you determine how much money you can pay yourself each month. Or they can help you decide if it’s time to expand your business. As helpful as financial reports are, they can only help you if you understand how to read them. Luckily, Ben Sutton, Mazuma’s co-founder and CPA, took the time to explain how an income statement and balance sheet work.
There’s always something changing in the world of tax, especially sales tax. And 2021 continues that trend. Here’s a review of some of the recent changes and updates. In the trendiest sales tax news (aside, of course, from Florida finally passing economic nexus legislation), Connecticut lawmakers have proposed a digital advertising services tax similar, experts say, to one recently enacted in Maryland.
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?
When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Who qualifies for “head of household” tax filing status, which is more favorable than single? To qualify, you must maintain a household, which for more than half the year, is the principal home of a “qualifying child” or other relative of yours whom you can claim as a dependent (unless you only qualif
Colin Kennedy stops by to discuss the Fintech landscape, how accelerated momentum is changing the space, and whether it is here to stay. The post Accelerated Momentum in Fintech. Is it Here to Stay? appeared first on Burkland.
Working from home seems like an absolute dream, right? After over a year of a large amount of the United States’ workforce working from home, or in hybrid environments, many got a taste of that dream and the thought of going back to an in-person office is simply dreadful.
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!
Amidst the backdrop of the pandemic, there’s never been a more important time to highlight Mental Health Month. It’s been a devastating year and while signs point toward a return to normal, the impact of our mental health on our personal and professional lives remains top of mind. From a small CPA firm perspective, the intensity of the workload during this extended tax season is like nothing we’ve seen before, compounding already heightened stress levels.
Taking advantage of sales and use tax exemptions can save your business money and headaches. But exemptions can be harder to secure in some states than in others. In general, exemptions are statutory exceptions eliminating the need for the retailer or business to collect sales tax on a particular transaction or on all transactions with a customer. The presumption is that all sales of tangible personal property are taxable without specific and enumerated exemptions.
As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll. Here are some considerations. Shifting business earnings You can turn some of your high-taxed income into tax-free or low-taxed income by shifting some business earnings to a child as wages for services performed. In order for your business to deduct the wages as a business expense, the work done by the child must be legitimate and the child’s salary must be reasonabl
Right now, a substantial amount of capital is chasing the Fintech landscape. What does that mean for founders? The post 2021 Fintech Developments in Venture Capital appeared first on Burkland.
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
5 min read. Last year was a tumultuous time for business. For PR firms, in particular, hanging onto clients was a struggle, because businesses tend to put PR services on the chopping block at the first sign of financial trouble.
What if we told you that every year LLC owners overpay on their taxes. Some fail to tax plan but most simply miss out on the biggest tax write offs for LLC businesses. That’s right! You overpaid your Uncle Sam. So keep on reading, because today, we’re going to reveal the biggest tax write offs for LLC businesses that you can take advantage of.
Having a full understanding of your sales tax obligations is important for your peace of mind. But, like most things in sales tax, this is easier said than done. It’s difficult enough to keep up with the different economic nexus thresholds per state, but for some states, the revenue thresholds are based on gross sales, and in other states, they are based on taxable sales.
In the accounting world, staying ahead means embracing the tools that allow you to work smarter, not harder. Outdated processes and disconnected systems can hold your organization back, but the right technologies can help you streamline operations, boost productivity, and improve client delivery. Dive into the strategies and innovations transforming accounting practices.
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