BurklandAssociates
JUNE 15, 2021
The online marketplace model is surprisingly lean and scalable, making it a popular choice for investors and new consumer startups. The post Is an Online Marketplace the Best Model for My Startup? appeared first on Burkland.
AccountingDepartment
JUNE 16, 2021
Comparing your actual spending against budget goals is a basic strategy for preparing for future growth. For instance, comparisons between budget and actual variances provide an accurate review of spending habits and income patterns. This review provides a valuable tool that business owners use every day to improve forecasting efforts and evaluate individual cost center performance.
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TaxConnex
JUNE 15, 2021
They said it would be simple. They said they could automate it all, but in fact, you’re still doing a lot of the work. Why are you paying more penalties for missed notices and late payments than you were before you started working with your sales tax vendor? Guess what – we frequently hear these situations from businesses ready to make a switch. The good news is there are other providers that put the client first and ensure sales tax is managed correctly.
RogerRossmeisl
JUNE 15, 2021
High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact. The NIIT applies to you only if modified adjusted gross income (MAGI) exceeds: $250,000 for married taxpayers filing jointly and surviving spouses, $125,000 for married taxpayers filing separately, $200,000 for unmarried taxpayers and heads of household.
MyIRSRelief
JUNE 14, 2021
Running a corporation is not easy. There are many challenges that you will face, some of which you may not even expect until they happen. And while no one is perfect, you can minimize potential problems if you do the basics. This means surrounding yourself with the best personnel, including the right Los Angeles CPA or EA tax firm that can do so much for your needs.
PANALITIX
JUNE 14, 2021
RESOURCES / ARTICLES. Best Practices for . (Annual) Strategy Meetings. Partners, owners and/or managers of accounting businesses need to work on business strategy from time to time. These sessions can be hugely productive or… frankly… a waste of time. In this article we look at some best practices in strategy meetings which will help you get the best outcomes. .
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
RogerRossmeisl
JUNE 15, 2021
The Internal Revenue Service recently reminded businesses (in News Release 2021-47) of their responsibility to report large cash transactions via the filing of Form 8300, Report of Cash Payments Over $10,000, and encourages e-filing to help them file accurate, complete forms. Although many cash transactions are legitimate, information reported on Form 8300 can help stop those who evade taxes, profit from drug trading, engage in terrorist financing and conduct other criminal activities.
MazumaBusinessAccounting
JUNE 18, 2021
If you’re wondering, “How many years can I take a loss on my business?” then you’re probably reaching a point where you’ve been claiming too many losses on your taxes. The Internal Revenue Service (IRS) only allows your business to be in the negative for a certain number of years before it declassifies it as a business.
Patriot Software
JUNE 17, 2021
Whether you offer time off or need to process direct deposit, staying on top of legal holidays is a must. And when it comes to Juneteenth, you need to keep updated with the latest federal and state holiday status changes. So, what is Juneteenth, and is it a legal holiday? Get out your reading glasses. […] READ MORE.
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It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.
RogerRossmeisl
JUNE 14, 2021
Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the pandemic have caused even more people to turn to gig work to make up lost income. There are tax consequences for the people who perform these jobs, which include providing car rides, delivering food, walking dogs and providing other services.
ThomsonReuters
JUNE 15, 2021
Starting your own CPA firm may seem like a distant fantasy, but with barriers to entry lower than they’ve ever been, it could be closer than you think. If you’ve been wondering if it’s time to break free, here are five signs that you’re ready to be your own boss. You have the experience. Most small CPA firm owners have years of experience working for larger firms and find themselves wanting to utilize that experience to serve clients in their own way.
CTP
JUNE 15, 2021
Over the last two weeks we have outlined a strategy to intentionally fail the test for material participation, for purposes of converting non-passive income to passive income. Why might we want to do that? The first and most obvious reason is to save self-employment tax. A second reason you might want to do that is […]. The post Taking Advantage of Passive Losses appeared first on certifiedtaxcoach.
Speaker: Jennifer Hill
Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.
RogerRossmeisl
JUNE 16, 2021
If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S corporation. Fundamentals of self-employment tax The self-employment tax is imposed on 92.35% of self-employment income at a 12.4% rate for Social Security up to a certain maximum ($142,800 for 2021) and at a 2.9% rate for Medicare.
ThomsonReuters
JUNE 14, 2021
Each year, more than 40 million Schedule K-1 (Form 1065) are sent to US taxpayers, reporting income and other financial information stemming from their participation in partnerships, S corporations, and trusts. Unlike W-2 forms and other IRS-mandated documentation, however, K-1s needn’t be produced in a standard format, so they come in a variety of formats and may include unstructured data, free-form text, footnotes, statements, and disclosures.
Withum
JUNE 14, 2021
My webinar “season” is coming to a brief ending on Thursday with two programs I think anyone would enjoy. They are on Financial Statement Myths and the Finances of George Washington. I have others scheduled throughout the year, but these are more appropriate for the public and not just accountants.
AccountingDepartment
JUNE 18, 2021
Whether you're a seasoned pro, or just starting in a business leadership role, you probably know that you need an exceptional accounting and bookkeeping system And, since there are so many accounting processes that can take your team away from focusing on growing your business, this might be the perfect time to look at outsourced accounting and bookkeeping services.
Speaker: Sierre Lindgren
Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.
RogerRossmeisl
JUNE 15, 2021
Fraudulent behavior isn’t necessarily perpetuated by people hiding their identities. For example, legitimate customers sometimes use the credit card chargeback process to their advantage — and to the disadvantage of merchants. Others routinely abuse chargebacks to steal merchandise. Here’s how to protect your business from these types of “friendly” and sometimes dishonest fraud.
ThomsonReuters
JUNE 14, 2021
Localization of Work. In May of 2004, the U.S. Department of Labor (DOL) issued Unemployment Insurance Program Letter (UIPL) 20-04 to state workforce agencies regarding the localization of work provisions. The UIPL discusses the principles for determining where wages should be reported when work is performed entirely in one state or in a number of different states.
AccountingDepartment
JUNE 15, 2021
Speaker: Debra L. Robinson
CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.
RogerRossmeisl
JUNE 14, 2021
Providing education assistance to employees is done by many businesses as a fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified educational assistance program.” For this purpose, “education” means any form of instruction or training that improves or develops an individual’s capabilities.
ThomsonReuters
JUNE 15, 2021
Use of Special purpose acquisition (SPAC) vehicles have spiked over the past year because private equity and venture capital firms have excess cash they need to put to work, accounting practitioners said mid-June. And about 400 are eagerly trying to find a target company – with hundreds of billions of dollars chasing a finite amount of deals and therefore valuations are sky-high.
AccountingDepartment
JUNE 12, 2021
While remote work is new for many as of 2020, it is something we here at AccountingDepartment.com are well accustomed to. However, not having that in-person interaction requires a need to sometimes handle things differently. So we've come up with a list of ways that will help you keep your remote employees engaged and still feeling like a part of the company, no matter where they are.
Speaker: Aaron Berson
Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g
xendoo
JUNE 13, 2021
In recent years, we’ve seen a reopening of the debate over minimum wage. Advocates are currently pushing for an increase to $15.00 per hour by 2026, with the door open to possible increases in the years after that. If you’re a worker, this is good news. A slight bump in the Florida minimum wage can increase the pay you receive, compensating for rising costs of living and other expenses.
Patriot Software
JUNE 18, 2021
As a small business owner, your doors likely aren’t open 24/7. And if you’re like most businesses, you might be closed on federal legal holidays like Thanksgiving or Christmas. According to the Bureau of Labor Statistics, the average full-time employee receives approximately 7.6 paid holidays annually. If you’re an employer, it’s important to know what […] READ MORE.
FraudFiles
JUNE 14, 2021
Both civil and criminal cases often involve an element of proving or disproving income of an individual or business. It is not unusual for a divorce case to include allegations of hidden income or assets. In contract disputes alleging the loss of sales or profits, an accurate determination of income is critical. In criminal cases, the issues surrounding the income of an individual or business have even higher stakes.
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Bleisure travel — where employees combine work and leisure — has been around since the advent of corporate travel and is here to stay. Successful bleisure policies strike a balance between employee preferences and company goals — workers report a 64% improvement in work-life balance, while companies benefit from reduced travel costs and increased workforce innovation.
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