February, 2021

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Google Reviews – 5 Reasons Why Your Business Needs More

BuildYourFirm

Why are Google Reviews Important to My Business? Getting Google Reviews from your clients has always been beneficial in boosting your business, but you might be amazed at how big of a role those little yellow stars play in the overall success of your business. Let’s face it, just the sight of five stars builds up all the trust and confidence a potential customer needs to do business with your business.

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ESG: Coming Soon to Startups – and their CFOs

BurklandAssociates

Businesses have come a long way when it comes to addressing environmental, social and governance (ESG) concerns. From being on the fringe a decade ago, virtually all larger firms now Read More. The post ESG: Coming Soon to Startups – and their CFOs appeared first on Burkland.

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Sales Tax Audits - The Danger Grows

TaxConnex

M any industry experts believe that as state tax revenues continue to dry up from the economic shutdown and continuing pandemic , state sales tax audits are likely to increase sharply in the coming months. States are in the same boat as many businesses when it comes to the stress and financial strain that comes along with the pandemic, and an increase in audits would help states recoup lost revenue and minimize budget deficits.

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Should I File My 2020 Tax Return Early?

RogerRossmeisl

The IRS opened the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December.) Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year. Why? You can potentially protect yourself from tax identity theft — and there may be other benefits, too.

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Less Stress, More Success: Accounting Best Practices & Processes for 2025

Speaker: Amanda Adams, Fractional CFO, CPA

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Amanda Adams, a seasoned fractional CFO and CPA passionate about transforming back-office operations for finance teams. This session will cover critical best practices and process improvements tailored specifically for accounting professionals.

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Hey, it’s 2021… Why are you still writing proposals like it’s 1975?

PANALITIX

RESOURCES / ARTICLES. Using HR Data. to Advise Clients. Accountants are increasingly analyzing clients’ Human Resource (HR) data to provide valuable advice. This is not surprising… given the critical role of employees in any business and management’s desire to improve productivity, motivation and performance. Which HR data can be useful? How can the data form the basis of advice?

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Project Management: Scope

SMBAccountant

When your company has the opportunity for a new project, it can be very tempting to accept any offer that comes your way. However, it is important that the scope of the project is carefully reviewed and analyzed in conjunction with your accountant or accounting department to make sure that the objectives are in line with company goals and perform a risk assessment to ensure tolerable risk.

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Startup Tax Preparation Resources for 2021

BurklandAssociates

A new tax season is underway, and Burkland’s startup tax accountants are working with our clients to prepare. In this article, we share a roundup of helpful 2021 tax preparation Read More. The post Startup Tax Preparation Resources for 2021 appeared first on Burkland.

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Sales Tax and Valentine's Day

TaxConnex

Candy, flowers, jewelry, dinners: The gifts may be the same, but Cupid’s arrow will fly in new online directions this year for Valentine’s Day presents. And it might land right on your company’s bottom line after sales and use tax obligations. Expected s pending on Valentine’s Day gifts this year dropped to an average $164.76 , down about $32 from a record high in 2020 , according to the National Retail Foundation.

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New Fraud to Watch Out For in 2021

RogerRossmeisl

Whew, you made it through 2020! But don’t rest easy yet as there’s new fraud to watch out for in 2021. The fraud perpetrators enjoyed a profitable year in 2020, and there are signs they may continue to feed off Americans as long as the pandemic is active. Here are several new scams. PPP fraud Struggling small-business owners have welcomed last month’s 11th hour extension of the Paycheck Protection Program (PPP).

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Using HR Data to Advise Clients

PANALITIX

RESOURCES / ARTICLES. Using HR Data. to Advise Clients. Accountants are increasingly analyzing clients’ Human Resource (HR) data to provide valuable advice. This is not surprising… given the critical role of employees in any business and management’s desire to improve productivity, motivation and performance. Which HR data can be useful? How can the data form the basis of advice?

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Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors

Speaker: Abdi Ali, Sr. Lease Accounting Consultant

Join this insightful webinar with industry expert Abdi Ali, who will discuss the challenges that can arise from managing lease accounting with spreadsheets! He will share real-world examples of errors, compliance issues, and risks that may be present within your spreadsheets. Learn how these tools, while useful, can sometimes lead to inefficiencies that affect your time, resources, and peace of mind.

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Los Angeles/Orange County, California Tax Service Help

MyIRSRelief

Tax Resolution Services. Los Angeles-Long Beach-Santa Ana Metropolitan SoCal area. Local tax helpline 877-78-TAXES [877-788-2937]. Continue reading ›.

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Google My Business Photos – 6 Tips to Optimize Your Listing

BuildYourFirm

How Do Photos Benefit My GMB Listing? We’ve all heard the saying a thousand times over, a picture is worth a thousand words. Well when it comes to your GMB profile, a carefully-curated photo gallery is worth a whole lot more! According to Google, businesses with photos receive 35% more click-throughs to their websites than businesses that don’t have photos.

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The Importance of Scenario Analysis in Financial Planning

BurklandAssociates

You’ve built a budget and regularly update your forecast of full year results. Great. Now you should add conservative and aggressive forecast scenarios. Companies of every size, but especially startups, Read More. The post The Importance of Scenario Analysis in Financial Planning appeared first on Burkland.

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Understanding Use Tax

TaxConnex

You may think that if you do not have physical or economic tax nexus in a state, you do not have any tax obligations. However, this may not be the case. You can still have obligations to the certain tax authorit ies in a state even where you do not have nexus and are not required to collect and remit sales tax in the state. The reason? Use tax. Specifically, consumer’s use tax.

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Back to Basics with Reconciliations

Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.

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Taking Required Minimum Distributions in 2021

RogerRossmeisl

If you have a traditional IRA or tax-deferred retirement plan account, you probably know that taking required minimum distributions (RMDs) is mandatory when you reach a certain age — or you’ll be penalized. The CARES Act, which passed last March, allowed people to skip taking these withdrawals in 2020 but now that we’re in 2021, RMDs must be taken again.

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5 Things To Watch In The Changing CPG Landscape

PYMNTS

The consumer packaged goods (CPG) industry had a banner year in 2020, as homebound consumers upped their consumption of toilet paper, paper towels, cleaning supplies, canned goods, laundry detergent and snack foods. But what happens in 2021, as the vaccine gets out into circulation and consumers start getting back out there — returning to their offices, going out to eat and even hopping on airplanes and traveling to new destinations?

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Interpreting Financial Insights In Your Business's Management Reports

GrowthForceBlog

5 min read. The hardest lesson for any business owner – if you don't know your numbers, then you don't know your business. But what does "knowing your numbers" really mean?

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Post-Brexit companies face new UK tariff regime and trade compliance challenges

ThomsonReuters

When the United Kingdom (UK) officially implemented its Brexit plan and withdrew from the European Union (EU) on January 31, 2020, the UK and EU entered into an eleven-month “transition” period, the main purpose of which was to negotiate a free trade agreement (FTA) between the two parties. Finally, on December 24, 2020, the UK and EU announced that an agreement had been reached allowing originating goods to continue to flow under duty and quota-free conditions after the Brexit transition perio

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Usage-Based Monetization Musts: A Roadmap for Sustainable Revenue Growth

Speaker: David Warren and Kevin O’Neill Stoll

Transitioning to a usage-based business model offers powerful growth opportunities but comes with unique challenges. How do you validate strategies, reduce risks, and ensure alignment with customer value? Join us for a deep dive into designing effective pilots that test the waters and drive success in usage-based revenue. Discover how to develop a pilot that captures real customer feedback, aligns internal teams with usage metrics, and rethinks sales incentives to prioritize lasting customer eng

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Startup Financial Fraud: Tips to Mitigate Your Risk

BurklandAssociates

According to PWC’s Global Economic and Fraud Survey, 47% of companies experienced fraud in the past 24 months, and more than $4.5 trillion are lost to fraud globally each year. Read More. The post Startup Financial Fraud: Tips to Mitigate Your Risk appeared first on Burkland.

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Physical Presence Checklist

TaxConnex

Sales and use tax obligations are determined by your nexus within a state or jurisdiction. Sales and use tax nexus is defined as the connection between a person or entity and a taxing jurisdiction. It is the basis for all your sales tax decisions because without sales tax nexus, you have no further sales tax obligation to a state. Prior to 2018, when the Supreme Court Case South Dakota v.

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Revised Tax Benefits for Higher Education

RogerRossmeisl

Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill. The Consolidated Appropriations Act, which was enacted recently, contains some revised tax benefits for higher education.

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Healthcare Rx: Flexible Payment Systems Drive Positive Patient Experience

PYMNTS

Although the U.S. healthcare system is lauded for providing the best, most advanced care in the world, when it comes to the payments practices being used with much of that industry, honorable mention might be a more fitting rank. This, despite the fact that consumers are not only accustomed to modern, seamless payments in almost every aspect of their lives, but studies show 1 in 4 patients say they’d switch to another provider or doctor that offered more payment options and a better patient expe

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Harness the Potential of Your Enterprise Knowledge

The first Market Momentum Index: AI and Unstructured Data Management, conducted by Deep Analysis with support from AIIM and M-Files, surveyed 500 enterprises across various industries to assess their readiness to employ AI. The results reveal that AI is already far more embedded into organizations' operations than previously realized. These findings and more insights have been brought to you in the "Market Momentum Index: AI and Unstructured Data Management.

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Sustainability, CSR and ESG Reporting

Withum

This week’s Barron’s cover story is about the “100 Most Sustainable Companies.” Six years ago when I got involved, through the NYS Society of CPAs, with sustainability reporting perhaps 20 of the S&P500 companies were issuing reports on their “Green” activities. Today almost all of them issue such reports. Do a search of any company and use either “Sustainability,” “CSR” or “ESG” and you will be able to access the reports.

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Learn How to Print Payroll Checks in 5 Simple Steps

Patriot Software

As an employer, you have different options to choose from when it comes to paying employees. One option you have is to print payroll checks. Printing checks comes with a few decisions, like purchasing supplies and selecting a check layout. Learn what steps you need to take to get your employees’ wages from computer to […] READ MORE.

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IRS Releases 2020 Versions of Publication 503 and Form 2441 for Child and Dependent Care Expenses

ThomsonReuters

IRS Publication 503 (Child and Dependent Care Expenses (for 2020 Returns); IRS Form 2441 (Child and Dependent Care Expenses) and Instructions (2020). Publication 503. Form 2441. Instructions. The IRS has released the latest versions of Publication 503 and Form 2441 (and its accompanying instructions) for the 2020 tax year. Publication 503 explains the requirements that taxpayers must meet to claim the dependent care tax credit (DCTC) under Code § 21 for child and dependent care expenses.

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Selling Into States with Unusual Sales Tax Laws

TaxConnex

If you sell into the handful of states that don’t have nexus or don’t have a general sales tax, you might think you’re home free when it comes to obligations to remit sales tax. Maybe, and maybe not. Forty-five states and the District of Columbia have a statewide sales tax. Alaska, Delaware, Montana, New Hampshire and Oregon do not. ( Local jurisdictions in some of these, however, can charge sales tax based on state nexus thresholds and other criteria. ) Florida and Missouri have sales tax but h

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Solve Your Firm's Automation Complexities Once and For All

Speaker: Mark Stovel

When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.

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Prevent and Detect Insider Cyberattacks

RogerRossmeisl

In one recent cybercrime scheme, a mortgage company employee accessed his employer’s records without authorization, then used stolen customer lists to start his own mortgage business. The perpetrator hacked the protected records by sending an email containing malware to a coworker. This particular dishonest worker was caught. But your company may not be so lucky.

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VisaNet +AI Adds Predictive Element To Processing And Settlements

PYMNTS

Within financial services, artificial intelligence (AI) is typically deployed in various efforts to identify and stop fraud. But advanced technologies can also be leveraged to help financial institutions (FIs) operate more efficiently, improving the end-to-end payments experience for their consumers. It’s that holistic approach that has driven Visa ’s expanded AI initiative announced Tuesday (Feb. 2).

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Ninth Anniversary of This Blog

Withum

Marking anniversaries is a way to note changes or chart progress. Most people do not usually think about the significance of growth or changes while they are going through the process and an anniversary is one way of reflecting on it.

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FAQs – Employee Retention Credit (ERTC)

KROST

The Employee Retention Credit (ERTC) was created as part of the CARES Act to encourage businesses to continue paying employees by providing a credit to the eligible employer for wages paid to eligible employees. The ERC could be a valuable alternative for those who did not qualify for PPP and other emergency loans. We have compiled a list of frequently asked questions below: Question: For ERTC eligibility, does the company need to calculate full time equivalents or just the total of all full tim

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Travel and Expense Policy Success: Your Essential Checklist

Setting the stage for successful organizational change always begins with clear, thoughtful communication. When it comes to rolling out a new travel and expense (T&E) policy, establishing a well-structured communication plan is key to ensuring that all employees understand the changes and their impact. By following a step-by-step approach, you can guide your organization through the transition, fostering smooth adoption from the outset and improving compliance.