TaxConnex
APRIL 1, 2021
Every state can apply tax exclusions on goods and services within their state. This means the good or service is non-taxable for all customers purchasing the item. However, there are further tax-exempt purchases. Tax exemptions can also be applied at the customer level as opposed to the product level. Exemption certificates generally fall into two categories: 1.
RogerRossmeisl
MARCH 31, 2021
The U.S. Department of Labor (DOL) recently issued EBSA Disaster Relief Notice 2021-01, which is of interest to employers. It clarifies the duration of certain COVID-related deadline extensions that apply to health care benefits plans. Extensions to continue The DOL and IRS issued guidance last year specifying that the COVID-19 outbreak period — defined as beginning March 1, 2020, and ending 60 days after the announced end of the COVID-19 national emergency — should be disregarded when calculati
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BurklandAssociates
MARCH 31, 2021
I’ve noticed something interesting popping up on podcasts, panels, and AMAs about the Fintech sector lately. Along with touchless payments and NFTs and direct lending bots, there is a more Read More. The post Consolidation is Coming: How to Play Fintech’s Next Phase appeared first on Burkland.
ThomsonReuters
APRIL 1, 2021
Torres v. Starbucks Corp., 2021 WL 964219 (M.D. Fla. 2021). An employee and another employee’s spouse sued the employer in this case in a proposed class action lawsuit, seeking damages and an injunction because the employer provided them deficient COBRA election notices. The employer filed a motion to compel arbitration, arguing that the lawsuit violated agreements that required individual arbitration of claims arising from the employer’s group health plan.
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
MARCH 30, 2021
When you think about tax compliance, of any kind, the first thing that comes to mind is filing, or even the tax return itself. Compliance with sales tax goes way beyond that. Here are some other aspects of sales tax that you shouldn’t overlook when trying to ensure your company remains compliant. Thinking Nexus is Static: Figuring out where you have nexus is key to determining your liability.
RogerRossmeisl
APRIL 2, 2021
All that glitters isn’t gold. This includes gold — and other precious metals, stones and jewels that are sometimes used to launder the “dirty” proceeds of criminal activities such as drug trafficking and terrorism. But several U.S. laws and regulations target these international money-laundering operations. Good as gold Precious metals, stones and jewels make ideal vehicles for money laundering for several reasons: Ownership and control.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
ThomsonReuters
MARCH 29, 2021
If tax and accounting professionals have learned anything from the past year of the COVID-19 pandemic, it’s that our new ways of communicating are not going away anytime soon. What can your firm do to ensure that its virtual presence is keeping up with the new normal? In this episode of Pulse of Practice, “ Virtual Presence ”, Paul Miller, CPA from Business by Design , and I discuss the best practices for improving your firm’s virtual presence, so you can guarantee professionalism even while wor
Withum
MARCH 31, 2021
The top income tax rates have varied from 2% to 94% since the first United States income tax was instituted in 1862. Right now the top rate is 37%. There are some add-on federal taxes and payroll and state taxes that further increase the individual tax burden, but this article will concern itself with the top federal tax rates since the income tax started.
RogerRossmeisl
MARCH 29, 2021
April 15 is the deadline for the first quarterly estimated tax payment for 2021, if you’re required to make one. You may have to make estimated tax payments if you receive interest, dividends, alimony, self-employment income, capital gains, prize money or other income. If you don’t pay enough tax during the year through withholding and estimated payments, you may be liable for a tax penalty on top of the tax that’s ultimately due.
inDinero Tax Tips
MARCH 31, 2021
Did you make extra money using your skills and experience on the side in 2020? Tax season is here. Did you remember to make estimated tax payments? Are you aware of all the tax deductions for your side hustle? According to the IRS, gig-workers, freelancers, or people with a side hustle are self-employed. Extra income earned may require additional tax payments throughout the year, otherwise known as estimated tax payments.
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.
ThomsonReuters
APRIL 1, 2021
QUESTION: One of our employees just lost her coverage under our dental plan when she went from full-time to part-time. Can she pay her COBRA premiums on a pre-tax basis through our cafeteria plan? ANSWER: Assuming she is still eligible to participate in the cafeteria plan as a part-time employee, your employee can pay COBRA premiums on a pre-tax basis.
Withum
APRIL 2, 2021
Strong internal controls are an important component in helping Retail Store Businesses reduce possible fraud usually caused by employee theft and customer shoplifting. Smaller businesses are especially susceptible to have higher shrinkage than larger companies. Shrinkage cannot be totally eliminated, but can be substantially reduced by implementing the following: STORE DESIGN AND SECURITY.
GrowthForceBlog
APRIL 2, 2021
5 min read. We know how technical you are. The details are critical. While you might have a grip on the kind of bookkeeping and accounting practices your engineering business needs for taxes and regulatory compliance, is your back office equipped to serve your business's goals?
FraudFiles
MARCH 31, 2021
When a divorce or a child support issue is looming, it’s amazing how a quickly a closely held business starts “losing money.” I use quotes because such a situation is so predictable. One party wants to protect her or his assets, and when there is a business involved, the motivation to hide money can be stronger than usual. The types of businesses that can be prone to manipulation of the books include restaurants, retail stores, doctor or dentist offices, construction companies, auto dealerships,
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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.
inDinero Tax Tips
MARCH 29, 2021
Sometimes, just for fun, we tax accountants love to quiz each other—and today you get a peek into our legendary sense of humor! So pop quiz…what do IRC Sections 1202 and 368(a)(1)(F) have in common? The answer—both of these tax code sections might save you some serious cash if you’re planning to sell your C-corp stock. The gist of section 1202. When you sell the stock of a C-corp, for more than you originally paid for it, you have a capital gain.
Withum
MARCH 29, 2021
Some time ago I was engaged to help a company close. I was also to help its owner become bankrupt and lose her house and everything she had, but for her to not have continuing liability for unpaid payroll taxes. It seems those taxes could not be extinguished in personal bankruptcy.
AccountingDepartment
APRIL 2, 2021
Unless you work in accounting, you might not understand exactly what the words “account receivable” actually mean. Often shortened to A/R or AR, accounts receivable constitutes the money owed to a business. In contrast, accounts payable is a reference to the money the business pays to other businesses and entities.
FraudFiles
MARCH 27, 2021
In 2008, I started writing here about Milwaukee Public Schools (MPS) because the district was presenting the numbers in a dishonest way, complaining that they were underfunded. I was appalled that a school district could waste $1 billion a year and repeatedly say that they just don’t have enough money. Despite massive spending, the district has some of the worst educational outcomes in the country: For the 2018-19 school year (they didn’t produce any data for last year), MPS had 18.4
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
GrowthForceBlog
MARCH 30, 2021
7 min read. You know the drill- as a small business owner, you find yourself constantly juggling responsibilities (with what seems like no end in sight). It’s not uncommon to find yourself knee-deep in your back office, tackling different financial issues that have been thrown onto your plate.
KROST
APRIL 2, 2021
Pasadena, CA. – KROST CPAs and Consultants, the Los Angeles-based firm, has announced their co-sponsorship of the American Institute of Certified Public Accountants’ ( AICPA) Private Companies Practice Section (PCPS) George Willie Ethnically Diverse Student Scholarship & Internship Program. This scholarship and internship program will benefit ethnically diverse full-time students pursuing an accounting degree.
CTP
APRIL 2, 2021
Corporations have been receiving refunds from carrying back net operating losses, but those taxpayers with alternative minimum tax implications in that carryback year might need to check those refunds twice. “Clients are receiving refunds particularly on more straightforward filings” of Form 1139, “Corporation Application for Tentative Refund,” Kirsten Wielobob of EY said June 26 during […].
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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.
GrowthForceBlog
MARCH 28, 2021
8 min read. We know what you’re thinking- another article about remote work. But this is different. We’re here to talk about a part of remote work life that most business owners overlook, and can’t correct until it’s too late.
ThomsonReuters
APRIL 1, 2021
IRS Notice 2021-21 (Mar. 29, 2021); IRS News Release IR-2021-67 (Mar. 29, 2021). Notice. News Release. In response to the continuing COVID-19 emergency, the IRS has offered deadline relief for 2020 federal income tax returns that also extends the deadline for 2020 contributions to HSAs, IRAs, and certain other accounts. In addition, the relief extends the time for filing and furnishing certain retirement-related forms.
CapataCPA
APRIL 1, 2021
How to Handle a Self-Directed IRA Traditional and Roth IRAs are great tools to use for financial, estate, and retirement planning. One way individuals “turbocharge” their IRA’s performance is to use a self-directed IRA, which is able to hold alternative investments that offer potentially higher returns. Although this is a useful feature, there could be some tax-traps that have.
RitaKeller
APRIL 1, 2021
“Here cometh April again, and as far as I can see the world hath more fools in it than ever.” – Charles Lamb. I thought of playing an April Fool’s joke on you but then had second thoughts…. things like: A new survey tells us that Firm Administrators’ average salary for 2021 will be $250,000. The AICPA has mandated that for 2022 firms must abandon Saturday work hours from Jan. 1 until May 1.
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.
LyfeAccounting
MARCH 31, 2021
?. When it comes to investing in cryptocurrencies like Bitcoin and Euthereum, it’s common to think about the massive gains you can get. And as long as Bitcoin continues mooning to an all-time-highs, we don’t blame you. But, you should also consider the possibility of paying taxes when you sell your cryptocurrency. That’s where we come in. We’ve done the research for you and this will be the only article you need to understand cryptocurrency taxes.
ThomsonReuters
APRIL 1, 2021
Atkins v. CB&I, L.L.C., 2021 WL 1085807 (5th Cir. 2021). Available at [link]. An employer promised to pay construction project employees a 5% bonus for working until completion of their assigned tasks on the project. Several employees who quit early, and thus did not receive the bonus, sued in state court, claiming that the bonus arrangement violated a state wage law.
CTP
MARCH 31, 2021
Bruce Brown fell into the life insurance policy loan trap. Brown, a commercial litigation attorney, purchased a life insurance policy from Northwestern Mutual Life Insurance Company. For the first six and a half years, he paid the insurance premiums by check. For the next 15 1/2 years, he paid the premiums by borrowing at 8 […]. The post Life Insurance Policy Loan: A Tax Nightmare appeared first on certifiedtaxcoach.
AccountingDepartment
MARCH 30, 2021
Accounts payable is a detailed list of a company's debt and liability owed from the purchase of services and goods. Receiving goods without payment and buying goods on credit are both recorded as accounts payable, too. Accounts payable is also known as trades payables. Basically, accounts payable is the liability to a creditor. Staff payroll and leases are not a part of accounts payable.
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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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