TaxConnex
DECEMBER 21, 2021
Staying on top of the ever-evolving sales tax landscape takes constant time and attention. Many companies believe this is something they can manage in-house, though the current job market might make that difficult, if not impossible. Teams are leaner than ever as existing employees quit, and new ones are harder to find. What should you know, what should you look for, and what are your options?
BurklandAssociates
DECEMBER 20, 2021
Highlights from a few of 2021’s most relevant and thought-provoking knowledgeshare discussions. The post Inside Highlights from Burkland’s #CFO Slack Channel appeared first on Burkland.
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ThomsonReuters
DECEMBER 22, 2021
IRS Form 2441. Instructions. The IRS has released Form 2441 (Child and Dependent Care Expenses) and its accompanying instructions for the 2021 tax year. Taxpayers file Form 2441 with Form 1040 to determine the amount of their available dependent care tax credit (DCTC), and DCAP participants must file it with Form 1040 to support the income exclusion for their DCAP reimbursements.
CalCPA
DECEMBER 21, 2021
The Pass-through Entity elective tax payment can be made using Web Pay. However, if you also may mail in a payment. Include a. The post CalCPA BUZZ: CPA Day Is Now CPA Week 2022 appeared first on Hot Topics.
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.
TaxConnex
DECEMBER 23, 2021
If you and your company haven’t been hit with a sales tax audit yet, congrats. You should realize, though, that your luck might not hold out for much longer. In TaxConnex’s recent market survey more than one in four (26.7%) top finance professionals in a variety of industries report seeing an increase in state sales tax audits in the past two years.
AccountingDepartment
DECEMBER 21, 2021
2021 has been an exciting year and to round it out, AccountingDepartment.com Co-founders, Dennis & Bill, and the entire team at AccountingDepartment.com put together a short video for you, wishing you happy holidays, and discussing what you can expect for 2022 and beyond!
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
GrowthForceBlog
DECEMBER 22, 2021
7 min read. Every time December rolls around, it's always hard to believe yet another year has gone by. And with the demanding schedule of running a nonprofit, we wouldn't be surprised if you feel like you only just addressed your year-end housekeeping for last year!
RitaKeller
DECEMBER 21, 2021
“It is not necessary to change. Survival is not mandatory.” – W. Edwards Deming. 2020 and 2021 have been very challenging years for everyone and accounting firms are no exception. The Firm Administrator (or person with a similar title) has been on the frontline fighting the efficiency and operational battle since that second week in March 2020.
AccountingDepartment
DECEMBER 21, 2021
For years, remote work was the exception. Even though virtual work was trending up before COVID-19, it was still solidly in the minority. It was something that was only part-time or used in special circumstances. After the global pandemic forced as many companies that could to at least temporarily shift their operations away from the traditional office, the virtual workplace is here to stay.
ThomsonReuters
DECEMBER 22, 2021
QUESTION: Our company recently started offering an employee assistance plan (EAP). Is the EAP subject to ERISA? What other issues should we consider with respect to our EAP? ANSWER: Whether your EAP is subject to ERISA depends on how it is structured and what benefits it provides. If your EAP provides medical benefits, it will likely be considered a welfare benefit plan subject to ERISA.
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.
GrowthForceBlog
DECEMBER 21, 2021
6 min read. As a business owner, you likely pay attention to your financial reports, products/services, and your employee productivity- all while doing your best to stay focused on the future, your goals, and your strategy for success.
RitaKeller
DECEMBER 24, 2021
“Happiness is not something ready-made. It comes from your own actions. – Dalai Lama. Be thinking about what you want to accomplish in 2022. Make plans, compose an action plan and get busy. But, before that, enjoy this special holiday season. Merry Christmas and Happy New Year!
5 Minute Bookkeeping
DECEMBER 23, 2021
Are you new to virtual bookkeeping? Maybe you’re not even officially a new bookkeeper yet, but you’re seriously thinking about it. If you are starting your journey into the virtual bookkeeping field (or you’re considering it), in this article we’ll go over how to get started as a virtual bookkeeper in 7 steps. The benefits of virtual bookkeeping abound.
ThomsonReuters
DECEMBER 22, 2021
Prescription Drug and Health Care Spending: Supporting Documents; Prescription Drug Data Collection (RxDC) Reporting Instructions. Available at [link]. HHS has released instructions for reporting data under a transparency provision included in the Consolidated Appropriations Act, 2021 (CAA), which requires group health plans and insurers to annually report prescription drug and health care spending, premiums, and enrollment information to the government (see our Checkpoint article ).
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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.
GrowthForceBlog
DECEMBER 20, 2021
7 min read. For hundreds of thousands of years, humans have used storytelling to teach, learn, and entertain. Our brains are structured around narrative, and it's our concept of storytelling that gives us the capacity to imagine potential futures. Today, we still use storytelling to remember, explain, and predict. And now we're here to show you how it relates to your Annual Reports.
inDinero Accounting
DECEMBER 22, 2021
Credit: Austin Distel Keeping your finger on the pulse of your company’s finances is crucial to making informed spending decisions. Keeping records is also crucial to protecting your business – especially since the IRS is planning to increase business audits by 50%. With reliable enterprise accounting software, businesses can have up-to-date information about their finances in real-time.
KROST
DECEMBER 22, 2021
Over the weekend, we received clarification regarding a couple of the many unanswered questions regarding the implementation of the State Tax Deduction Workaround. First, we are being advised that a Grantor Trust is eligible to participate in making the election to pay tax on a partnership/LLC or S corporation. Second, since it is unlikely that the Build Back Better tax proposal will become law in its current form, the opportunity to get a better deduction in 2022 looks less likely.
CapataCPA
DECEMBER 21, 2021
The Logistics: Paying the SALT Workaround Tax We previously sent you information about the details of the SALT cap work around, or Pass-Through Entity (PTET) on November 8, 2021. Here is a brief recap and a link to the full article:Only available to S Corporations and Partnerships whose owners consist solely of individuals, fiduciaries, trusts, estates.
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
ThomsonReuters
DECEMBER 21, 2021
As we head into the new year, tax and accounting firms are emerging from the COVID-19 pandemic just in time to face an onslaught of new challenges. From a struggling labor market to information security concerns, to clients with mounting expectations, there’s a lot to plan for. That said, there are ways to embrace these challenges and use them as opportunities for growth and success in the year ahead. .
inDinero Accounting
DECEMBER 22, 2021
Credit: Austin Distel. Keeping your finger on the pulse of your company’s finances is crucial to making informed spending decisions. Keeping records is also crucial to protecting your business – especially since the IRS is planning to increase business audits by 50%. With reliable enterprise accounting software, businesses can have up-to-date information about their finances in real-time.
CTP
DECEMBER 21, 2021
When the need for emergency funds arises, many taxpayers may be tempted to turn to their retirement accounts. However, if the account holder has not reached full retirement age (FRA), withdrawing those funds early can result in a slew of tax penalties and other deductions. Before pulling retirement funds, taxpayers need to know the rules surrounding early withdrawals and if they qualify for any special exemptions from taxation.
Simple Accounts
DECEMBER 20, 2021
“It’s not your salary that makes you rich, it’s your spending habits,” Charles A. Jaffe. You have complete freedom to spend the money you’ve earned, but maintaining a healthy balance between income and expenses is the key. Personal finance is defined as the way you manage your money and make financial plans for the future. Income, expenses, financial decisions, and activities all have a role in one’s financial well-being.
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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.
KROST
DECEMBER 20, 2021
In the first article in this series , we covered what a trust is and the type of assets you may transfer to a trust. As a reminder, a trust is a legal agreement between two parties: the trustee and the trustor (sometimes called the settlor or grantor). The trustor is the person who establishes the trust and transfers assets into it. The trustee is the person or entity responsible for managing those assets according to the wishes of the trustor.
ThomsonReuters
DECEMBER 20, 2021
Now that tax season is approaching, you may find yourself contemplating the upcoming season and whether you’d be happier as the owner of your own accounting firm. As you weigh your options, you may be surprised to learn that there are a wide variety of resources for small accounting firms and tax professionals considering firm ownership. . From tax software geared toward small firms to curated news and insights for firm owners, the barriers to starting your own CPA firm have never been lower
FraudFiles
DECEMBER 21, 2021
Tracy talks about how experts use estimates when they calculate economic damages. Are you speculating or guess? Or do you have a reasonable basis for your numbers?
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.
RitaKeller
DECEMBER 22, 2021
“Price is what you pay. Value is what you get.” – Warren Buffett. I wrote about firms increasing fees on December 9, 2021. The blog post shared one firm’s letter about the increase in fees. Since then, I have heard from many more firms about increasing fees. 20% is not something unusual. I hope you are discussing this among your partners and notifying clients appropriately.
ThomsonReuters
DECEMBER 20, 2021
No matter the size, all businesses have their ups and downs. For small accounting firm owners, feeling as though your business is in a rut is a uniquely personal and challenging experience. However, recognizing that you have issues to fix is the first step to taking back your business and reemerging stronger than ever. . Here, we take a look at three common challenges small accounting firms owners experience and offer tips to get your business back on track. . 1.
Churchill-Knight
DECEMBER 20, 2021
With just over a month to go until the self-assessment tax deadline, it is worth double-checking whether or not you have to submit a self-assessment tax return. In many cases, umbrella company employees won’t need to submit a tax return because they are taxed similarly to those in permanent employment (PAYE). However, any additional income may need to be disclosed to HMRC by submitting a tax return.
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With automation, you’ll reduce errors and save valuable time, allowing you to focus on what really matters: strategic analysis and insightful decision-making. Picture accurate financial reports ready at your fingertips, giving you the confidence to tackle business challenges head-on. Embracing automation not only boosts productivity but also elevates your role from number cruncher to closing rockstar.
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