November, 2021

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Ensuring Data Consistency

TaxConnex

When you look at the details involved in your sales tax compliance process – preparing and filing returns, updating the filing calendar, managing notices, monitoring nexus thresholds and on and on – it’s easy to see why you need to simplify the process wherever possible. One important factor is consistent, properly formatted data with the necessary data fields.

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Income but no cash?!

SMBAccountant

Income but no cash?! How does that happen?? How could a business be making money according to their profit and loss but have no money… or even worse, negative cashflow? This answer can vary depending on whether the company’s books are kept on a cash basis or accrual basis, but the general premise is the same. A company pays cash for things that don’t show up on the profit and loss.

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Factors To Consider When Choosing a Business Entity

RogerRossmeisl

Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will work best for you — a C corporation or a pass-through entity such as a sole-proprietorship, partnership, limited liability company (LLC) or S corporation. There are many factors to consider and proposed federal tax law changes being considered by Congress may affect your decision.

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The Top Four Finance Pain Points for Consumer Startups

BurklandAssociates

I’ve spoken with hundreds of founders at Consumer startups over the years, and from a Finance and Accounting perspective, the same four pain points come up over and over again. Read More. The post The Top Four Finance Pain Points for Consumer Startups appeared first on Burkland.

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Forecasting Failures Are Costly: Here's How To Fix Them

Speaker: Dave Sackett

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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.

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Qualified Small Business Stock — The IRS Gives And Congress Might Take Away

Withum

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Should You Be Using More Video In Your Firm’s Communication Strategy? PART 1

PANALITIX

RESOURCES / ARTICLES. Should You Be Using More Video In Your Firm’s Communication Strategy? PART 1. Video is the most powerful way to communicate your message today. And according to Wyzowl ’s 2021 State of Video Marketing Report, the pandemic has led us to consume more video than ever before. Here are a few other statistics from that study: 1. When consumers were asked about how they’d most like to learn about a product or service: 69% said they’d want to watch a short video. 18% said they’d l

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Errors in Posting Payroll

SMBAccountant

Almost every business has some sort of payroll to pay their employees. Payroll can become much more complicated than some assume and it often has a substantial impact on financial results. The largest expense for many businesses is their labor expense, yet it’s often the most misunderstood. One of the most common errors is derived from posting expenses as cash comes out of the bank.

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Typosquatters are Leading Innocent Victims Astray

RogerRossmeisl

Typosquatting takes advantage of an inclination among internet users known as “fat fingers” — a tendency to hit the wrong keys and enter misspelled trademarks or brands. Like phishing, typosquatting is a type of social engineering that tricks people into visiting websites they didn’t intend to visit. These schemes can harm both consumers and the businesses whose names are abused.

CPA 246
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Foodtech Investment is Accelerating, Especially in BioEngineered Foods

BurklandAssociates

As concern over global warming grows around the world, VC investment continues to accelerate in Foodtech. The sector positions itself as a sustainable alternative to the existing food ecosystem and Read More. The post Foodtech Investment is Accelerating, Especially in BioEngineered Foods appeared first on Burkland.

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IRS Releases Guidance Surrounding Timing of PPP Forgiveness

Withum

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Are Robots Replacing You? Keeping Humans in the Loop in Automated Environments

Speaker: Erroll Amacker

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

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Should You Be Using More Video In Your Firm’s Communication Strategy? PART 1

PANALITIX

RESOURCES / ARTICLES. Should You Be Using More Video. In Your Firm’s Communication Strategy? PART 1. Video is the most powerful way to communicate your message today. And according to Wyzowl ’s 2021 State of Video Marketing Report, the pandemic has led us to consume more video than ever before. Here are a few other statistics from that study: 1. When consumers were asked about how they’d most like to learn about a product or service: 69% said they’d want to watch a short video. 18% said they’d

Start-ups 130
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Sales Tax and Vitamins/Dietary Supplements

TaxConnex

You won’t find too many more confusing sales tax scenarios than the one involving dietary supplements. For purposes of sales tax, sometimes supplements and vitamins are considered drugs (prescription or not), sometimes groceries or food, sometimes tangible personal property – and sometimes not. In still other instances, they’re not taxed at all. So how do you manage your sales tax liability if you are selling vitamins, dietary supplements or other items that fall into this undescriptive category

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Keep Going: Valentino’s Story

MazumaBusinessAccounting

On October 16, 2021, Valentino Luna launched Corporate Diagnostic Center and D.K. International Corporation. That day also marked a meaningful anniversary for Valentino. It was 25 years to the day since Valentino ran away from home, opting to live on the streets and scrounge food from garbage cans rather than stay in an abusive environment. “I did my grand opening on that day because I want to remember always that as long as I make the right decision and I keep going and I believe in mysel

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Taking Advantage of the WOTC (Work Opportunity Tax Credit)

RogerRossmeisl

Background Businesses are having difficulties hiring an adequate number of employees as the economy resets after the COVID-19 lockdowns and their aftermath. As such, small businesses are having to think outside the box as they work toward locating amenable workers. If your small business hires a “targeted group” member, you are afforded the ability to claim the lucrative federal Work Opportunity Tax Credit (WOTC) for a portion of wages paid to such an individual.

Tax 246
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Book of Secrets on the Month-End Close

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.

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Surviving Due Diligence, Part 3: Cap Tables

BurklandAssociates

Welcome to the third post of our Surviving Due Diligence series of tips and suggestions for startups exploring or undergoing investment rounds, exit conversations, and other transactions. Early-stage founders, particularly Read More. The post Surviving Due Diligence, Part 3: Cap Tables appeared first on Burkland.

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House Passes Infrastructure Bill

Withum

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What Is an Excepted Benefit HRA (EBHRA)?

ThomsonReuters

QUESTION: What is an excepted benefit HRA (EBHRA)? ANSWER: EBHRAs are limited-dollar HRAs that qualify as excepted benefits and thus are not subject to the PHSA mandates. They can be offered by employers of any size that want to provide an account-based supplement to their group health coverage without being constrained by the requirements for integrated HRAs.

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How eCommerce Businesses Can Stay Compliant in Their Busiest Time of the Year

TaxConnex

We are in the midst of the busiest shopping season of the year. A time many retail businesses rely on to meet their year-end numbers. But what happens when a world still rocked by the pandemic continues to make the majority of its sales online? eCommerce has become a growing and important aspect of retail sales. In fact - Cross-border eCommerce sales worldwide grew more than 20% in 2020 while U.S. eCommerce grew by more than 40%.

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How To Break Digital Transformation Barriers And Accelerate AI Adoption

Speaker: Anna Tiomina, MBA

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?

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Keep Going: Wendy’s Story

MazumaBusinessAccounting

Stress, illness, and a near-death experience. That’s what propelled Maureen Wendy Dearborne to find her calling in life. From a broken engagement to missed promotions at work, Wendy felt like her life was unraveling. “I was blaming everybody and everything for every woe in my life,” she says. But Wendy’s perspective changed when her life was nearly cut short by illness. “I had a near-death experience when I was 21 years old,” she says, adding with a laugh, 

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Is Someone Stealing Your Company’s Secrets?

RogerRossmeisl

Corporate espionage has long been a threat for U.S. companies. Recently, intellectual property theft by foreign governments and organized crime gangs has grabbed headlines — for good reason. According to the U.S. Justice Department, 80% of its economic espionage prosecutions target schemes that would benefit China. Yet for most businesses, the threat comes from employees and former employees who take advantage of lax environments with few internal controls.

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Foreign Exchange Accounting Practices: Effects on P&L and M&A

BurklandAssociates

Foreign currency exchange can have a significant impact on revenue and M&A transactions. This article explains how Burkland’s accounting team handles the complexities of foreign exchange transactions. Foreign Exchange Effects Read More. The post Foreign Exchange Accounting Practices: Effects on P&L and M&A appeared first on Burkland.

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New and Recycled Tax Proposals Released as House “Managers Amendment”

Withum

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New Software & You: Elevating Your Tech Stack

Speaker: Joe Wroblewski, Senior Sales Engineer

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!

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Tax Credits You May Claim Now

MyIRSRelief

If you’re like most, then taxes are probably not your favorite thing in the world. But at the end of the year it’s always good to make sure that you don’t miss out on any deductions or credits – because let’s face it, money is tight and every dollar counts. In this article we will go over 10 different tax credits that you may be able to claim in order to reduce your taxable income, and therefore the amount of taxes you owe.

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3 Components of Sales Tax to Not Forget

TaxConnex

You might think that collecting the tax and filing a tax form is all you need to be sales tax compliant. You wouldn’t be completely wrong – filling out the form is a huge start – but other steps are needed to fully manage your compliance. 1. Knowing When and How to Remit Payments. Ideally, all your sales tax calculations are managed in one system to produce a single report each month with details of all your sales and use tax liabilities.

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Lil Roberts, CEO Joins The y.FTL Panel at Endeavor Miami

xendoo

Endeavor Miami hosted their y.FTL panel, the second panel in their y.FLORIDA series. Lil Roberts, Xendoo’s CEO was one of the speakers. As Florida’s entrepreneurial ecosystem continues to develop they will continue to shed light on the strength of Florida’s entrepreneurs. Honored to be part of an amazing night with incredible people!

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Social Security Wage Base is Increasing in 2022

RogerRossmeisl

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Background information The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees and self-employed workers — one for Old Age, Survivors and Disability Insurance, which is commonly known as the Social Secur

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The Human Side of Finance: The Intersectionality of People, Culture, Adaptability, and Resilience

Speaker: Melissa Hurrington

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.

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Crypto Accounting: An Open Letter to the FASB

BurklandAssociates

The rapid growth of crypto assets has challenged regulators to standardize and issue timely authoritative guidance for crypto accounting. The AICPA has issued guidance outlining how companies should account for Read More. The post Crypto Accounting: An Open Letter to the FASB appeared first on Burkland.

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How To Manage Unmanageable Debt

Withum

This Thursday, November 18, I will be presenting a program for the East Brunswick Public Library Take a Business Break series on How to manage unmanageable debt from Noon to 1:00 PM. The program is Free, courtesy of the Library and Withum.

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Cash Flow: The X-Factor of Modern Business

AccountingDepartment

A business’ cash flow is just as important as the merits of its products or services. A business with a superior value offering has the potential to fold if it has insufficient cash flow. Business owners and managers who prioritize cash flow give their company the best chance to remain operational and win the marathon as opposed to the short-term sprint.

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TaxConnex Releases Research that Reveals Top Concerns Among Financial Leaders Responsible for Sales Tax in

TaxConnex

TaxConnex is pleased to announce the completion of their second annual sales tax survey finding that the increasing sales tax complexities, growing nexus, fear of sales tax audits and limited resources to do what is necessary to remain compliant are among the top worries of financial professionals heading into 2022. The nationwide survey, conducted by In90Group in September of 2021, is composed of responses from 100 top finance professionals in a variety of industries on their thoughts and exper

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Maximizing Profit and Productivity: The New Era of AI-Powered Accounting

Speaker: Yohan Lobo and Dennis Street

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.