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If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends. The requirements To prove a charitable donation for which you claim a tax deduction, you need to comply with IRS substantiation requirements.
If your business sells software or software-as-a-service (SaaS), you deal with one of the most complex sales tax situations, potentially without even realizing it. Your sales tax obligation and liability begin with where you have nexus , a connection between your company and a taxing authority or jurisdiction. Sales tax nexus was once defined only as a substantial physical presence but for almost four years – ever since the Supreme Court’s Wayfair ruling – sales tax nexus can also be defined as
Hiring a fractional CFO is a significant milestone and an important strategic move for your startup. Even on an outsourced basis, your CFO is one of the pillars of your Read More. The post What to Look for When Hiring a Fractional CFO for Your Startup appeared first on Burkland.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
In the fourth quarter of 2021, CEO resignations were up 16% over the prior year, according to executive outplacement firm Challenger, Gray & Christmas. Recent and announced high profile departures include Twitter’s Jack Dorsey, Amazon’s Jeff Bezos and American Airlines’ Doug Parker. This trend is expected to continue into 2022 as executives swap high-stress positions for more family time.
Mergers and acquisitions (M&A) capture a lot of headlines. The right merger or acquisition can spell fortunes for execs and shareholders and offer great chances to cut costs or snap up a valuable but distressed prize company. But sometimes, the deal is held up for various reasons – including sales tax exposure within the company being acquired. Not looking for the unexpected.
Federal Courts continue to reject constitutional challenges under the 5th Amendment to Section 7345, passed as part of the “Fixing America’s Surface Transportation Act” in 2015. The law gives the U.S. government the authority to revoke U.S. passports or reject passport applications for individuals who have delinquent tax debts in excess of $52,000, provided such debts have been certified by the Internal Revenue Service.
Federal Courts continue to reject constitutional challenges under the 5th Amendment to Section 7345, passed as part of the “Fixing America’s Surface Transportation Act” in 2015. The law gives the U.S. government the authority to revoke U.S. passports or reject passport applications for individuals who have delinquent tax debts in excess of $52,000, provided such debts have been certified by the Internal Revenue Service.
Taking steps to clean up accounting records can be a big undertaking for small business owners. Hopefully, you started your business on the right foot financially. You may diligently record your accounting transactions or have hired someone to take care of accounting for you. If that is not the case, you will need to take steps to clean up accounting records or use a catch-up bookkeeping service. .
When divorcing spouses own a private business interest, it complicates the settlement process. The value of a business isn’t necessarily as straightforward as the values of other marital assets. And it’s often impractical to sell the business and split the proceeds, because there may be other owners who aren’t interested in selling and it takes time to sell a business.
Diagnostic Affiliates of N.E. Hou, LLC v. United Healthcare Servs., 2022 WL 214101 (S.D. Tex. 2022). A COVID-19 testing laboratory alleged that numerous health plans and TPAs violated the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) by failing to cover the laboratory’s diagnostic tests at a publicly disclosed price of $900 per test.
I call it the Ed Mendlowitz George Washington Investment Strategy. George Washington basically fought the American Revolution not to win, but to not lose. However, this is not about George Washington but about a current investment strategy that I would like to suggest. The idea is not to grow your investments an excessive amount, but rather to not lose.
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
During the COVID pandemic, growth slowed for some and accelerated for others. But now that we are in a post-pandemic world, it is time to kick the growth engine into high gear and accelerate towards a stronger tomorrow.
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? The annual gift tax exclusion has increased in 2022 to $16,000 but was $15,000 for 2021.
At QuickBooks, accountants and bookkeepers are Intuit's most valued partners. Intuit is committed to working with them to help small businesses thrive. Now, to recognize accountants who help their small business clients use QuickBooks Online, they’re launching the new QuickBooks ProAdvisor Preferred Pricing Revenue Share program. Thanking accountants for shared success, the new program recognizes the work accountants do to recommend, set-up and onboard new clients onto QuickBooks.
Did you know that about 20% of small businesses fail in their first year? That’s a daunting statistic for anyone starting a new Skagit County business. And, even scarier, is the reality that companies with owners younger than 30 are even more likely to tank. The especially high failures of young owners indicate that inexperience coupled with the various functions required to OPERATE a business play a big part in a business closing its doors.
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.
Of course, bookkeeping can be done remotely - We're the best at it! Remote bookkeeping is an option for business owners that is growing rapidly in popularity. Many companies have made the switch from in-house bookkeeping to remote bookkeeping since the COVID-19 pandemic and even now with offices and businesses opening back up, the benefits to remote bookkeeping outweigh an in-person option so significantly that many businesses are sticking with it.
If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly and severally” liable for the tax on your combined income.
As tax season looms, you may be wondering whether you should have an accountant prepare your taxes. In addition to considering how much an accountant costs , you’ll also want to consider how long an accountant will take to do taxes compared to trying to do it yourself. How do you know when to bring in a tax professional? Complicated tax situations like inheritance, small business taxes , or other big life changes usually warrant bringing in a certified public accountant or CPA. .
QUESTION: Our company is thinking about adding an HRA that would be integrated with our major medical plan. Employees could carry over their HRA balances from year to year. What happens to those balances when an employee’s employment terminates? ANSWER: Your company has some choices about what will happen to HRA balances remaining at termination of employment.
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?
6 min read. In a retail business, pricing is fairly straightforward. You know how much you pay wholesale for a product, so you can add a markup to ensure you have an ample profit margin that allows you to cover your nut and still turn a profit. In a service business, however, pricing is not as clear-cut because determining the costs you actually incur when providing a service is challenging.
If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips. The rules for deducting a spouse’s travel costs are very restrictive. First of all, to qualify, your spouse must be your employee. This means you can’t deduct the travel costs of a spouse, even if his or her presence has a bona fide business purpose, unless the spouse is a bona fide employee of your business.
The AICPA Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, as amended, primarily addresses certain performance and reporting requirements for audits of retirement plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) and changes the form and content of the auditor’s report.
Form 8915-F (Qualified Disaster Retirement Plan Distributions and Repayments) and Instructions; Form 8915-D (Qualified 2019 Disaster Retirement Plan Distributions and Repayments) and Instructions (2021); Form 8915-C (Qualified 2018 Disaster Retirement Plan Distributions and Repayments) and Instructions (2021); Form 8915-B (Qualified 2017 Disaster Retirement Plan Distributions and Repayments) and Instructions (2021).
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!
6 min read. Nonprofits should be run like successful for-profit businesses. That starts with using financial insights to make data-driven decisions that will maximize your outcomes.
If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider: 1. You report income and expenses on Schedule C of Form 1040. The net income is taxable to you regardless of whether you withdraw cash from the business.
As previously communicated, recent updates to the State and Local Tax (SALT) workaround issued by California clarify some of the more troubling provisions of this law. This update should allow taxpayers to take advantage of the new deduction opportunity. The election and payment for 2021 are due by March 15th. The deduction related to this payment would reduce your federal income for 2022 (since the payment was made in 2022).
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.
A couple of weeks ago I wrote about Julia Haart, the star of the Netflix series My Unorthodox Life , her divorce from Silvio Scaglia, and the argument over their company Elite World Group. It all started when Haart was fired from her position of CEO of Elite World Group on February 9. A few hours later, she filed for divorce from Scaglia. Scaglia then filed a lawsuit against Haart, alleging that she used Elite’s funds as her own personal piggy bank, paying for luxury travel, clothing, car
According to blockchain data company Chainalysis, cryptocurrency transactions associated with illegal activity topped $14 billion in 2021. That’s almost double 2020 numbers — and the momentum shows no signs of slowing. In addition to outright cryptocurrency theft, these crimes include investment fraud and ransomware scams that affect businesses. Yet cryptocurrency offers several advantages to entrepreneurs and established companies, including instant, low-fee transactions and access to new sourc
Yesterday, Alabama House Bill 231 and Alabama Senate Bill 152 were forwarded to Governor Kay Ivey for signature. This legislation, when signed, will effectively exempt from state income taxes certain federal benefits that taxpayers received from the American Rescue Plan Act last year, a coronavirus relief bill passed by Congress. The exemption applies to the enhanced federal child tax credits, earned income tax credits, and dependent care tax credits that households received from ARPA, which was
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.
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