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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.
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.
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.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
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
There’s always something changing in the world of tax, especially sales tax. Here’s a review of some of the recent changes and updates. ‘Tis the season: Even as critics claim that Amazon’s recent earnings slump might signal the beginning of the end of the e-commerce boom, holiday e-commerce sales are expected to hit a record $207 billion in the U.S. in November and December, a 10% jump over last year.
If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a cost segregation study are now even greater than they were a few years ago due to enhancements to certain depreciation-related tax breaks.
If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a cost segregation study are now even greater than they were a few years ago due to enhancements to certain depreciation-related tax breaks.
Rev. Proc. 2021-45 (Nov. 10, 2021); IRS News Release IR-2021-219 (Nov. 10, 2021). Rev. Proc. 2021-45. News Release. The IRS has released the 2022 cost-of-living adjustments (COLAs) for a wide variety of tax-related limits, including limits relating to health FSAs, qualified transportation fringe benefits, qualified small employer health reimbursement arrangements (QSEHRAs), adoption assistance, DCAPs, the small business health care tax credit, the premium tax credit, and Archer MSAs.
Key Performance Indicators (KPIs) are a pertinent part of measuring the successes and failures of a business. Measuring, tracking, and benchmarking KPIs allow business owners and leaders to keep a finger on the pulse of how their business – or individual departments – is performing at any given time.
With the year coming to an end, tax return season is just right around the corner. For small businesses, that means being prepared to find all of the small business tax deductions you can to minimize your payout to the IRS. . Get prepared for tax season with these small business tax deductions that may apply to your business. . Tax Dates. When filing taxes, knowing the deadlines is an essential part of being organized and prepared.
Benjamin Franklin is arguably one of the smartest, innovative and most accomplished people of all time. I could go on and on about all that he did, but that would have nothing to do about what I want to point out here.
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
QUESTION: Each year, when our 401(k) plan makes required minimum distributions, we discover that the addresses on file for some distributees are no longer valid. We sometimes have similar problems locating beneficiaries when a participant dies. What procedures should we follow when our plan must make distributions to individuals we cannot locate? And what can we do to minimize this problem?
With 2021 soon coming to a close, confidence among CEOs of small to medium-sized businesses remains strong and Vistage outlined some of the things to expect from companies going into 2022.
7 min read. To achieve long-term success as a venture capitalist, you have to know business – and not just a few aspects of business management – but the ins and outs of startup strategy and operations, people, and relationships.
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.
Financial statement fraud impacts any person or organization that has a financial interest in the success or failure of a company. A manipulation of the company’s reported earnings or assets can affect a bank that extends credit to the company, a shareholder who invests money in the company, and those organizations that enter into contracts or agreements with the company.
So much has happened in the past twenty months that some business owners wonder if they should stay in their businesses or sell that arguably largest asset. We asked LSL long-time friend Dora Lanza, a veteran mergers and acquisitions expert, for her thoughts. She is the co-founder and COO at 22-year-old Plethora Businesses. Here’s what. The post 10 Things to Consider When Selling Your Business appeared first on LSL CPAs.
IRS Notice 2021-61 (Nov. 4, 2021); IRS News Release IR-2021-216 (Nov. 4, 2021). IRS Notice. IRS News Release. The IRS has announced the 2022 dollar limits and thresholds for retirement plans, which reflect the latest cost-of-living adjustments. (Dollar limits and thresholds primarily affecting health and welfare plans were announced in separate guidance; see our Checkpoint article.
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?
The shape of your business affects your future and when I’m talking about the “shape,” I of course am referring to your Skagit County business entity type. Did you know that you CAN change that after the fact? Depending on which entity you are switching to, the process can be painful … but you are NOT “locked-in” to a particular entity for the entire life of your business.
Marietta Memorial Hosp. v. DaVita, Inc., cert. granted, No. 20-1641 (U.S. Nov. 5, 2021). Available at [link]. The U.S. Supreme Court has agreed to settle a dispute between two appellate courts regarding the Medicare Secondary Payer (MSP) rules and health plan coverage of dialysis. In the underlying case, a large dialysis provider sued an employer/plan administrator and its TPA, challenging the plan’s classification of all dialysis providers as “out-of-network,” resulting in a lower reimbursemen
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!
If you’ve been thinking about turning your hobby into a full-time job, or you have an idea for a product that people can’t live without, then New Hampshire is a business-friendly state in which to incorporate your new venture. New Hampshire’s tax burden is low for business owners, and there is no general sales or personal income tax either, making it an attractive prospect for potential employees.
Do you have a plan prepared for your family and beneficiaries? Does your chosen successor trustee, executor, or beneficiary(ies) know how to access all of your financial, medical, insurance, and social media information when the time comes? Even with a comprehensive will and trust, you’d be surprised how complicated it can be to manage. To mitigate emotional, tax, and administrative burdens, we’ve created a Will & Trust Asset Legacy Planner.
One of the chief concerns in a divorce or child custody case is identifying the true income of one or both of the parties. It is not unusual for such a case to include allegations of hidden income or assets. It is common for a closely held business to suspiciously encounter declining sales and profits following the filing of a family law case. In each of these instances, properly determining the income of the party is critical to getting a fair and equitable settlement, maintenance award, or chi
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.
“I’m not comfortable unless I’m uncomfortable.”—Jay Chiat. This week I am featuring a blog post from way back in 2015. The title is, “Monday Morning Thoughts Worth Sharing” but they certainly apply to a Friday. In 2015 I said, “The business world is fast-moving, demanding, and constantly changing.” It certainly still applies today, probably more so.
Click or tap here to listen to the show! Ron and Ed welcome back Professor Baruch Lev from NYU Stern Business School. He was last on back in July 2016 and we discussed his book, The End of Accounting and the Path Forward for Investors and Managers. We talk more about that book and his more recent article in Accounting Today, The sad state of accounting standards.
As a U.S. Army veteran, selfless service in the pursuit of the greater good is A-Jay Orr’s binary code. And it’s the values he learned at age 17 that prompted this entrepreneur and author to future-proof businesses through innovative cybersecurity solutions. This is reflected in his creation of Simple Plan IT , whose mission is to take the confusion out of IT and prove to business leaders that investing in new technology can be practical, effective, and stress-free.
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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