TaxConnex
MAY 11, 2021
Both the process of reporting sales tax and the level of sales tax detail required varies from state to state. Understanding the nuances of each state will help you avoid any missteps resulting in jurisdictional-imposed penalties. Some reporting requirements that should be considered in your sales tax compliance process are: 1. Know your Deadlines. Returns are typically due either monthly, quarterly, or annually.
AccountingDepartment
MAY 8, 2021
The concept of virtual accounting isn't anything new. It's been around for a while, yet a lot of accounting firms have struggled to move to this business model. With the COVID-19 pandemic, many companies have had to make this transition, and they had to do it on the fly. If you're making a switch to virtual accounting, here's a few things to keep in mind.
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BurklandAssociates
MAY 10, 2021
I would work with startups all day before sneaking away for an hour or two on the slopes. The post Startup Lessons Learned from 50 Days Skiing (During the COVID Winter) appeared first on Burkland.
PANALITIX
MAY 11, 2021
RESOURCES / ARTICLES. Transform your Niche Product Offering into. an Engaging Marketing Campaign… IN NO TIME! How do you let clients know that you offer a great service that will make a real difference to their business? . Should you call them all up? . Ugh, that sounds awful. . Send an email? . Ho hum…. Grabbing a client’s attention is hard.
Speaker: Danny Gassaway and Wayne Richards
Finance leaders are prioritizing efficiency and digital transformation, yet many hesitate to automate due to uncertainty. Without a clear understanding of its impact, organizations risk falling behind competitors who are leveraging automation to drive productivity and cost savings. Join Wayne Richards and Danny Gassaway from AvidXchange for a practical guide on bringing accounts payable (AP) automation to your organization.
TaxConnex
MAY 13, 2021
‘It depends’ is a commonly used phrase when it comes to sales tax, and a quite frustrating one at that. We know that. But when it comes to taxability, it’s often our answer. Understanding the taxability of your company’s products or services is one of the key steps to complying with sales and use tax laws nationwide. But that can be a challenge. Keeping up with states’ sales tax rules was the most-cited worry for 2021 among respondents to our recent survey regarding sales tax and business growth
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Patriot Software
MAY 10, 2021
When it comes to paying your employees, you can’t pay them all willy-nilly. Instead, you must give them their wages on a consistent basis (e.g., weekly) and stick to one pay frequency. When you choose a paycheck frequency for your business, you need to follow state and federal payment laws. Learn about pay frequency requirements […] READ MORE.
ThomsonReuters
MAY 13, 2021
IRS Notice 2021-26 (May 10, 2021). Available at [link]. The IRS has provided guidance regarding the federal tax treatment of DCAP benefits that continue to be available in taxable years ending in 2021 or 2022 because of an extended claims period or carryover offered pursuant to the COVID-19 relief provisions of the Consolidated Appropriations Act, 2021 (CAA, 2021) (see our Checkpoint article ).
LSLCPAs
MAY 12, 2021
Fiscal Recovery Funds provisions, established by the American Rescue Plan Act (ARPA), identified four eligible uses in the statute. Respond to the public health emergency and its negative economic impacts Provide premium pay to essential workers Provide government services to the extent of eligible governments’ revenue losses Make necessary water, sewer, and broadband infrastructure investments.
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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.
AccountingDepartment
MAY 12, 2021
As a business owner, there are many different metrics and KPIs out there for you to follow that can give you insight into your company's current standings, along with assistance when it comes to future planning and goal setting. Understanding which of these metrics are important and what they mean is equally as important as being able to run them with your accounting system.
MazumaBusinessAccounting
MAY 10, 2021
Even though we’re accountants, we get that financial reports aren’t at the top of every small business owner’s to do list. Most small businesses run on slim budgets and personnel staff of one or just a few. But whether you keep your own books or employ the services of a bookkeeper or accountant, understanding the numbers can help your small business just as much as it could help a large corporation.
inDinero Accounting
MAY 11, 2021
Often, app fatigue gets pigeon-holed as a consumer problem. Sinform’s latest review of mobile app usage reveals that the average person has 40 apps downloaded to their phone and uses 18 of them regularly. The rapid advancement of accounting software has led to the underutilization of resources. Not knowing how effectively accounting uses software (on-premises or in the cloud) is a costly business ops issue that your chief financial officer should monitor across the organization, especially in ac
ThomsonReuters
MAY 13, 2021
Rev. Proc. 2021-25 (May 10, 2021). Available at [link]. The IRS has released the 2022 cost-of-living adjusted limits for health savings accounts (HSAs), high-deductible health plans (HDHPs), and excepted benefit health reimbursement arrangements (EBHRAs). Here are the details: HSA Contribution Limits. The 2022 annual HSA contribution limit is $3,650 for individuals with self-only HDHP coverage (up from $3,600 in 2021), and $7,300 for individuals with family HDHP coverage (up from $7,200 in 202
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.
Withum
MAY 12, 2021
I am scheduled to present seven webinars for accountants for the CPA Academy and they are FREE. I’ve included a wide array of programs.
RitaKeller
MAY 11, 2021
“Latest survey shows that 3 out of 4 people make up 75% of the world’s population.” – Stephen Hawking. I have always looked forward to reading the results of the AICPA PCPS Top Issues Survey. They conduct it every other year. The last one was in 2019 and a lot has certainly happened since then! Now is your chance to share the top issues facing your firm by participating in the AICPA’s Private Companies Practice Section (PCPS) CPA Firm Top Issues Survey.
FraudFiles
MAY 11, 2021
Multi-level marketing companies (MLMs) like to refer to themselves as “Direct Sales” companies, because this puts the focus on the sale of the product or service, and takes focus off the business of recruiting. I’ve been researching MLMs for more than 20 years, and I’ve found that companies use the product or services simply as bait and a cover.
ThomsonReuters
MAY 13, 2021
Independent Contractor Status Under the Fair Labor Standards Act, 29 CFR Parts 780, 788, and 795, 86 Fed. Reg. 24303 (May 6, 2021). Withdrawal. News Release. The DOL has withdrawn regulations on determining whether a worker is an independent contractor for purposes of the Fair Labor Standards Act (FLSA), referred to as the “independent contractor rule.
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.
GrowthForceBlog
MAY 12, 2021
9 min read. Walking into a board meeting knowing you have a budget deficit can be stressful. Because it’s particularly challenging for nonprofits to pull themselves out of this type of loss.
RitaKeller
MAY 14, 2021
“What you have learned is never enough.” – – Cher Wang. This week for Flashback Friday I want to share what you can learn from a seven-year-old boy. As a leader in an accounting firm, you should always encourage and demonstrate persistence. The post about persistence was written in 2010 about my grandson. He was seven. This month he is eighteen and graduating from high school!
ThomsonReuters
MAY 13, 2021
QUESTION: An employee who participates in our DCAP has told us that the person who provides day care for his children won’t give him a taxpayer identification number (TIN). Can we reimburse his claim for expenses even though he does not have a TIN from the care provider? ANSWER: Generally yes, if the expenses otherwise qualify for reimbursement. To support your treatment of the reimbursement as nontaxable, however, you should consider requiring a statement from the employee as evidence of his
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.
MazumaBusinessAccounting
MAY 9, 2021
We work with small business owners and entrepreneurs. Some are seasoned, others are just growing their side hustle. Their skills are varied and they have a wide variety of talents. We often get asked to explain the ins and outs of financial reports and have found that providing our favorite clients with a working knowledge of accounting terms is helpful.
AccountingDepartment
MAY 14, 2021
A P&L statement is also known as an income statement. It is a financial report that outlines a summary of the company's expenses, revenues, losses, and profits over a period of time. Keep in mind that it is different than a cash flow report. A P&L report includes the cost of sales, revenue, administrative expenses, net income, marketing and advertising, technology, and interest expense.
LyfeAccounting
MAY 13, 2021
If you’re thinking about selling real estate, one thing that you need to keep in mind is the amount of taxes you’re going to pay on that sale. There’s a lot of money involved in selling property, and anytime money swaps hands, you can bet that Uncle Sam is coming for his piece of the pie. Uncle Sam’s piece of the pie is called the capital gains tax.
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
Withum
MAY 11, 2021
My original title began with “The” as in “The 7 Necessary…” However, there are many more than seven. There can also be as many different traits as there are successful leaders and managers.
xendoo
MAY 13, 2021
Editor’s Note: This post was originally published in February 2017 and has been revamped and updated for accuracy and comprehensiveness. . It’s no secret that the restaurant business is tough, even in the best of times. Really tough. Even before the COVID-19 shutdowns, industry analysts estimate the failure rate for new restaurants in the first year was somewhere around 60% , with another 20% shuttering the doors before the 5-year mark.
AccountingDepartment
MAY 14, 2021
Accounting is a fairly transparent profession. It involves working with a lot of financial data, and it also involves problem-solving. So, what does an Accounting Specialist do all day? To answer this question, let's take a look at the roles and responsibilities of an Accounting Specialist in addition to the current trends of accounting roles.
LyfeAccounting
MAY 12, 2021
Wondering If Your Business Should Be An LLC Or C-Corp? LLC vs C-Corp – do you know the difference between the two? Keep reading because this post will take a deep dive into LLC vs C-Corp, and also discuss which might be best for your business. Today, we will be discussing the key differences and similarities between an LLC vs C-Corp. Especially, the tax differences, and what you could expect to pay in taxes with each business entity type.
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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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