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If your online company looks to expand its interstate sales in 2021, know one thing: Your plan involves risks and new responsibilities. The key is learning how to manage both, as sales tax non-compliance or errors can bring stiff penalties. You’re not alone. Almost two out of three businesses (65%) plan to grow across state lines in 2021, according to a recent TaxConnex-commissioned survey of 100 financial leaders and their concerns about multi-state sales tax obligations.
The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over C corporations in some circumstances, there are potentially costly tax issues that you should assess before making the decision to convert from a C corporation to an S corporation.
In this article, Burkland’s Head of Tax Services, Ardy Esmaeili, and Trang Mai outline three important tax implications created by remote workers. COVID-19 has opened up the world of remote Read More. The post Tax Implications Created by Remote Workers appeared first on Burkland.
The Ultimate Guide to Finding and Hiring a World-Class Marketing Manager written by Kyndall Ramirez read more at Duct Tape Marketing. When you first start your business, you’re wearing every hat—you’re overseeing every single aspect of the company: Accounting , check. . Sales outreach , add it to your to-do list. Administrative work , it’s not going to do itself.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
Did you miss out on the first two opportunities to receive your tax-free Paycheck Protection Program (PPP) cash? Many did miss out. Why? One reason: the word “loan.” Who wants a loan? No one. Well, almost no one. But who wants a cash gift, tax-free? If you do, read on for the details. But first, you should know that the big picture works like this: You obtain your PPP tax-free monies from a lender (it’s called a “loan,” but watch that word disappear as you read this letter).
Americans living abroad, expatriates, are not immune from having to pay US Federal Income Tax and even some states do as well. Unfortunately, there are some people who mistakenly think that as soon as they leave the United States that they are no longer responsible for paying taxes. They soon discover that is not the case when they receive a letter from the IRS stating that they are delinquent on filing their taxes.
If you were to read our 5 Steps to Sales Tax Compliance, or any guide on maintaining sales tax compliance, understanding the taxability of your products and/or services would be one of the first steps. Taxability could be a simple analysis if you sell widgets as tangible personal property (TPP) is taxable unless specifically stated otherwise. Taxability becomes confusing with software which tends to have varying tax rules from state-to-state.
If you were to read our 5 Steps to Sales Tax Compliance, or any guide on maintaining sales tax compliance, understanding the taxability of your products and/or services would be one of the first steps. Taxability could be a simple analysis if you sell widgets as tangible personal property (TPP) is taxable unless specifically stated otherwise. Taxability becomes confusing with software which tends to have varying tax rules from state-to-state.
If you’ve caught an employee stealing from your company, you may think that turning the person over to the police will result in prosecution. That’s not necessarily true. Law enforcement officials pursue and reject cases for many reasons. So if you’re determined to request prosecution of an occupational fraud perpetrator, take the following steps to help in preparing a fraud case. 1.
The Burkland Fractional CFO team has compiled a set of tools and resources to help early-stage SaaS Startups. You will find helpful spreadsheets, including a tool to track customer contracts Read More. The post Tools and Resources for Early-Stage SaaS Startups appeared first on Burkland.
In Mexico, the pandemic is moving the needle toward digital payments — specifically mobile payments — to become more widely embraced by businesses and consumers alike. Slowly. In an interview with PYMNTS' Karen Webster, Miguel Diaz , general director of payment systems and market infrastructures at the Central Bank of Mexico (Banxico), said that making and receiving payments across devices in an affordable manner, with faster payments infrastructure already in place, means that “every Mexican
As you doubtlessly know, Congress recently passed a massive new stimulus bill that was enacted into law on December 27, 2020. Most of the public’s attention has been focused on the bill’s authorization of additional stimulus checks and new PPP loans and other aid targeted to struggling businesses. But Form 1040 American taxpayers who are not in business are struggling as well.
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
The term “project management” is often used in business to mean the general day to day actions associated with a project. This is only a portion of the overarching task of project management. Without a clear definition, projects can sometimes fail and there is not a clear reason as to why it happened. A trained project manager can add significant value to your business in addition to making sure daily tasks are completed.
As if sales tax nexus and taxability rules weren’t confusing enough, throw in marketplace facilitators and drop shipments and it’s easy for a business of any size to want to give up on sales tax compliance. Understanding who owns the obligations when it comes to drop shipments is often confusing and involves knowledge of the nexus footprint of the business making the sale to the end-user as well as the nexus footprint of the drop shipper.
The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the PPP loan tax consequences. Background on the loans In March of 2020, the CARES Act became law.
What is the Qualified Small Business Stock (QSBS) tax exemption? The Qualified Small Business Stock (QSBS) tax exemption may allow you to exclude up to $10 million of gain when Read More. The post The QSBS Tax Exemption – Don’t Miss Out 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.
Robinhood is considering selling shares directly to its users if it opts to hold an initial public offering (IPO). The FinTech group is reportedly mulling setting aside a significant number of shares for users if it goes public, but it has yet to make any final decisions, according to Bloomberg, who cited unnamed sources. Bloomberg notes that such an offering would be unusual, as retail investors generally do not get an opportunity to participate in an IPO at the offering price.
Billions of dollars in grants are being doled out to individuals and businesses in the wake of the COVID-19 pandemic. The recently enacted second stimulus bill has increased these grants, including $25 billion in rental assistance for individuals, a new round of Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) advances, and new grants for shuttered entertainment venues such as movie theaters.
RESOURCES / ARTICLES. Do Your Clients. Need a CFO in 2021? Do your clients need a CFO in 2021? Some of your clients already have one and he/she may be performing brilliantly. Others will not have any strategic financial support… which is a huge opportunity for accountants. How should accountants pursue this opportunity? Establishing credibility is a starting point.
Picking the right provider to handle your business’s sales and use tax compliance is a big decision. Dissatisfaction the norm? Many businesses are already working with an outsourced sales tax provider but are not completely satisfied. If you feel you could do better with a new sales tax compliance provider, you’re not alone. Almost three-quarters of financial leaders (71%) are unhappy with the way they manage sales tax, according to a recent survey commissioned by TaxConnex regarding concerns re
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?
The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), which also includes other laws within it. Business meal deduction increased The new law includes a provision that removes the 50% limit on deducting business meals provided by restaurants and makes those meals fully deductible.
Tune in to this episode of Startup Success, where our host Kate Adams chats with Steven Lord, head of Burkland’s New York office and Fintech Practice, and Ardy Esmaeili, CPA, Read More. The post What the Second Covid Relief Bill & PPP Updates Mean for Your Business – Startup Success Podcast appeared first on Burkland.
For the travel industry, there is light at the end of the tunnel. Vaccines against COVID-19 are (slowly) being rolled out. And while it will take a while to return to any semblance of normal, cruise ships and airlines will at some point once again bustle with travelers journeying for business and pleasure. But no matter where crowds gather, it’s likely that some things will change.
PPACA; HHS Notice of Benefit and Payment Parameters for 2022; Updates To State Innovation Waiver (Section 1332 Waiver) Implementing Regulations; Final Rule, 45 CFR Parts 155 and 156, 86 Fed. Reg. 6138 (Jan. 19, 2021); Notice of Benefit and Payment Parameters for 2022 Final Rule Fact Sheet. Regulations. Fact Sheet. HHS has finalized several of the regulations for insurance markets and Exchanges that were included with the proposed 2022 benefit and payment parameters (see our Checkpoint article )
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!
These charts continue an annual tradition of charts that I use when I assist clients with their financial planning. The charts show the 10-year annual and cumulative percentage gains or losses of the major stock market indexes, interest rates, currencies and gold.
There’s always something changing or new going on in the world of tax, especially sales tax. Here’s a review of some of the changes and updates in the last few months. Nationwide , the Streamlined Sales Tax Governing Board has made amendments to the Streamlined Sales and Use Tax (SST) Agreement to revise its amnesty-related provisions. A member state now must provide amnesty for uncollected or unpaid sales or use tax to a seller (who registers through the SST registration system for the state in
In response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic, IRS Notice 2021-07 provides temporary relief for employers and employees using the automobile lease valuation rule to determine the value of an employee’s personal use of an employer provided automobile for purposes of income inclusion, employment tax, and reporting. Due solely to the COVID-19 pandemic, if certain requirements are satisfied, employers and employees that are using the automobile lease valuation rule may inst
6 min read. “A goal properly set is halfway reached.” —Zig Ziglar. Don’t put employee goal setting on the back burner this year. The start of a new year welcomes a new opportunity to help employees set their professional goals and set the tone of your organization for the year ahead.
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.
The consumers who shopped for anything from groceries to sporting goods to cars in December of 2019 are completely different from the ones who shop today. Not only have they been stung by an unprecedented pandemic and consequential lockdown, they've been made aware of – and have started using – different ways to conduct their shopping journeys, pay for their goods and even take possession of them.
EEOC Commission Opinion Letter: Individual Coverage Health Reimbursement Arrangements (ICHRA) under the ADEA (Jan. 7, 2021). Available at [link]. The EEOC has issued an opinion letter regarding whether an employer may sponsor an ICHRA that offers employees a defined contribution for the purchase of an age-rated individual major medical health insurance policy without violating the Age Discrimination in Employment Act (ADEA).
Here are additional charts with comparisons of the three major stock indexes where I show the top 10 components of each index and the percentage of each stock you will own if equal amounts are invested in funds comprised of each of those indexes, and of the sectors they comprise. Also is a chart showing the 30 components of the Dow Jones Industrial Average and the relative weights of each stock.
Massachusetts has joined the ranks of states that have provisions for accelerated remittance of sales tax. What does this mean for online companies that sell into that state? Effective April 1, 2021, businesses that have collected and remitted more than $150,000 in sales tax in the preceding calendar year will be required to remit tax collections to Massachusetts through the 21st day of the month no later than the 25 th day of the same month.
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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