Sat.Jun 19, 2021 - Fri.Jun 25, 2021

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2022 Amounts for Health Savings Accounts

RogerRossmeisl

The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). Fundamentals of HSAs An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered under a “high deductible health plan.

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7 Tax Tips for Independent Realtors

xendoo

Editor’s Note: This post was originally published in November 2016 and has been revamped and updated for accuracy and comprehensiveness. . As a self-employed realtor, you face some unique challenges when tax season comes knocking at your door. Since you don’t have taxes withheld from a regular paycheck, it’s up to you to lessen your tax burden by identifying all of the deductible expenses you incur throughout the year.

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3 Years Post-Wayfair: A Look Back

TaxConnex

June 21 marked three years since the landmark decision in the South Dakota v. Wayfair case. The years since June 2018 have been unlike anything in the history of sales tax. The U.S. Supreme Court Wayfair decision three years ago empowered tax jurisdictions with the sudden authority to require thousands of companies to collect and remit sales tax. That requirement also landed just as e-commerce began to explode as a venue for more companies to sell more goods and services to more customers.

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Legal, Tax & Culture Implications of Remote Work at Startups

BurklandAssociates

Some startups have been blindsided by the ramifications of letting teams work from anywhere and everywhere. Here's what you need to know. The post Legal, Tax & Culture Implications of Remote Work at Startups appeared first on Burkland.

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Building a Business Case for Finance Automation

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.

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Employee Retention Tax Credit Quick Facts

RogerRossmeisl

(This is Blog Post #1037). The post Employee Retention Tax Credit Quick Facts appeared first on Roger Rossmeisl, CPA.

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Best Practices for (Annual) Strategy Meetings

PANALITIX

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.

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Best Real Estate Accounting Tips for Agents and Brokers

xendoo

Editor’s Note: This post was originally published in November 2019 and has been revamped and updated for accuracy and comprehensiveness. . As the owner of a new real estate business, you’re probably aware of the unique characteristics of your industry. You take a personal interest in the real estate market, and you are excited to do great work for your clients, whether buying or selling pieces of property. .

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Imagine What the “Tax Gap” Could Fund

RogerRossmeisl

(This is Blog Post #1039). The post Imagine What the “Tax Gap” Could Fund appeared first on Roger Rossmeisl, CPA.

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May Employers Use Health Plan Claims Records to Determine Whether Employees Have Received COVID-19 Vaccinations?

ThomsonReuters

QUESTION: We require employees to submit proof of a COVID-19 vaccination before returning to work in our office. May our Human Resources Department confirm employees’ eligibility to return by checking COVID-19 vaccination claims submitted to our group health plan? ANSWER: The group health plan’s records generally should not be used to verify employees’ vaccination status for any employment-related purpose.

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What the Fed’s Actions Should Mean to You

Withum

It should mean nothing. Last week the Fed’s comments about inflation caused the stock market to drop. However, yesterday the market seems to have recovered somewhat.

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Fall In Love With the Month-End Close

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.

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How To Successfully Host Virtual Fundraising Events

GrowthForceBlog

7 min read. If the past year revealed anything, it's humanity's incredible resilience. The ability to come together. even when we can't physically be together, as well as our ingenuity.

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Keeping Your Loyalty Program Safe From Fraud

RogerRossmeisl

To generate revenue and foster customer loyalty, many businesses, including retailers, airlines and credit card companies, create loyalty and reward programs. Such programs can help companies attract and retain customers, but they may also be subject to fraud and abuse. ATO risk Loyalty programs are particularly vulnerable to account takeovers (ATOs).

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Influence 101: How to Drive Change in Your Tax and Accounting Firm

ThomsonReuters

If the pandemic has taught us anything, it’s that changing people’s minds and behavior is difficult. No one enjoys being told what to do or feeling powerless. How then can IT leaders in large tax and accounting firms best make their case for new technology? “Getting people to change is a huge hurdle with firms. For most people in accounting firms, driving change, and leading people through change is not a natural skill set for them.

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Definition of Broad Based Stock Market Portfolio

Withum

“Broad-based stock market portfolio” is a widely used term, but just what does it mean? It is easy to say, but hard to define and even harder to construct a portfolio representative of the broad-based market.

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Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape

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.

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FAQs Business Owners Need to Know About The 3 Essential Financial Reports

inDinero Accounting

At inDinero, we believe accounting supports business. We partner with our clients, and good partnerships require excellent communication. If a business owner doesn’t understand an accounting term , we don’t use another accounting term to explain it. We specialize in accountants who speak business to business owners and CEOs. Sometimes there’s just no avoiding accounting speak.

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Still Have Questions After Filing Your 1040?

RogerRossmeisl

Even after your 2020 tax return has been successfully transmitted to the IRS, you may still have questions after filing your return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering when you will receive your refund? The IRS has an online tool that can tell you the status of your refund. Go to irs.gov and click on “Get Your Refund Status.

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Self-employed Payroll: Paying Yourself When You’re the Boss

Patriot Software

If you’re self-employed, you need to have a game plan when it comes to payroll. Self-employed individuals are responsible for withholding and remitting different taxes than other workers. If you want to ensure you’re compliant, learn more about self-employed payroll. Read on to discover the ins and outs of self-employed payroll, including how to calculate […] READ MORE.

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Recipe for Success: 5 Must-Have Ingredients of Restaurant Bookkeeping

xendoo

Editor’s Note: This post was originally published in September 2019 and has been revamped and updated for accuracy and comprehensiveness. . As a busy restaurateur, it’s easy to push restaurant bookkeeping tasks to the bottom of your priority list. After all, you have better things to do – right? Not so fast. Restaurant bookkeeping is an essential function for businesses large and small, as accurate, reliable numbers are essential for sound decision making.

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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

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.

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Heads Up! Payroll Changes Coming in July

ThomsonReuters

As COVID-19 vaccinations continue to rise and a sense of normalcy slowly returns, we can hopefully put tumultuous payroll changes behind us. But before we give you a state-by-state rundown on the more mundane upcoming changes, here’s one federal reminder that beginning July 1, 2021, the Employee Retention Credit is claimed against only the employer share of Medicare tax.

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Defending your Auto Dealership from Fraud

RogerRossmeisl

Although auto sales plunged at the start of the COVID-19 pandemic, they’ve since rebounded. In fact, some dealerships are reporting record sales in 2021. Problems remain — including supply bottlenecks. Also, your dealership may be more vulnerable to fraud. Factors such as employees working from home, new vendors and even booming sales, can put your business at risk.

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Are Payroll Deductions for Health Insurance Pre-Tax? The Answer You Need to Know

Patriot Software

Providing health insurance benefits to your employees can leave you with a lot of questions. If you have your employees contribute to their premiums, you have to know how to deduct the cost from their gross pay. But, are payroll deductions for health insurance pre-tax? Read on to learn the answer to this question and […] READ MORE.

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Seasonal Business Or Not, Cash Flow Can Get Muddy Fast

GrowthForceBlog

6 min read. Let’s face it- no matter how great your business model is, or how profitable you are, you can’t survive without a healthy cash flow.

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Cash Flow Secrets Every Upskilled CPA Should Know

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.

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Hiding Money in Divorce Using Cryptocurrency

FraudFiles

Everywhere you go, people are talking about cryptocurrency as an investment. From Bitcoin to Etherium to Dogecoin, there are a whole bunch of different cryptocurrencies that consumers can invest in. More people are starting to use cryptocurrency to pay for things and it is also gaining wider acceptance as an investment (albeit a very volatile one that isn’t for the faint of heart).

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Your Influence & Focus

RitaKeller

“The difficulty lies not so much in developing new ideas as in escaping from old ones.” – John Maynard Keynes. Summer is here and you have a mix of priorities on your work and life calendars. Usually, firms are doing performance feedback sessions and assessing what needs to be improved before the next busy season. You are also, personally, planning some stress-relieving vacation time.

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Your Go-to Guide on How to Convert Minutes for Payroll

Patriot Software

If you have hourly employees, you likely have them track their hours. But, what happens if they only work a fraction of an hour? How do you know how much to pay them? If you want to pay hourly employees for partial hours worked, you need to learn how to convert minutes for payroll. Read […] READ MORE.

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What does a Financial Controller Do and How Can One Help Your Business?

AccountingDepartment

Most people understand that financial controllers play important roles in businesses and organizations of all different types. However, the average person does not have a comprehensive understanding of what financial controllers do and why they are essential to a company’s success. If you own or manage a growing business and do not have a financial controller, you should seriously consider adding one.

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Profit in the Details: Rethinking Spend for Monumental Impact

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

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Business Exit Planning In The New World

GrowthForceBlog

7 min read. “ The pandemic wasn't the cause of a lot of the issues that business owners are seeing. The pandemic essentially was a multiplier of a lot of the internal issues that businesses were already dealing with.” - Brett Dearing.

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Advance Child Tax Credit Payments Starting NOW!

Steve Feinberg

What everyone should know. The American Rescue plan signed in March, 2021 requires the IRS to pay out ½ of enhanced Child Tax Credits (CTC) to eligible taxpayers beginning this month. A tall order, and one filled with land mines. If you have children or know of anyone who has children, here is how you can help: What’s happening now. IRS web-sites. The IRS is establishing two web sites.

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Tax-Free States? Pay No Income Tax in These 9 Tax-Friendly States!

LyfeAccounting

US taxpayers pay over $1 trillion in state income taxes every year. But what if you could pay $0 in state taxes? It turns out that you can. You can pay absolutely nothing in state taxes, just by packing up your bags and moving to a tax-free state. And according to UHaul statistics, a lot of people are. If you read until the end of this post, you’ll find out the top tax-free states and the lowest overall tax rates in the country.

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Common Qualities Possessed by Great Non-Profit Treasurers

AccountingDepartment

The treasurer of a non-profit reports the organization's finances and handles the management of the organization's finances. The organization's bylaws outline the duties of its treasurer. Financial management is an important duty of the treasurer's responsibility. How they handle everything directly affects the public image. And it should be an image of trust and confidence in the organization.

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Navigating Bleisure Travel: A Guide for Mid-Sized Companies

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.