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The end of the year is a great time to review your accounting practices. You might want to make changes before the new fiscal year or tax year starts. You might also just have more time available as business slows for the holidays. Here are some of the ways you can benefit from outsourced accounting services. Virtual Accounting Is More Than a CPA. Many smaller businesses only have a CPA that handles their tax return.
Understanding the benefits and drawbacks of different retirement plans is crucial to long-term tax planning. Most retirement plan investment earnings are taxed at ordinary income tax rates—you receive an ordinary tax deduction for every contribution, and you pay ordinary income tax rates when you withdraw funds. However, certain types of retirement plans come with special tax exemptions and other financial benefits, which taxpayers can take advantage of with some advance planning.
Companies of all sizes routinely outsource work to third-party contractors. Yet, each third-party hire comes with risk. Whether deliberate or unintentional, a third party’s actions can cost you money and harm your company’s reputation — particularly if they violate laws and regulations. Here’s how to contain possible threats. Potential problems Suppose your company employs an overseas trucking company to transport goods from a port to a customer’s warehouse.
It looks like another banner year for eCommerce and online shopping this holiday season. And that means that more companies may find themselves with new sales tax obligations. Online shopping from Thanksgiving through Cyber Monday (Nov. 29) this year did fall short of 2020’s total; observers said this might have been because shoppers, fearing supply chain problems, began hitting the buy button earlier in the holiday shopping season.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
As we get ready to head into 2022, Burkland is ending this year by looking back at six of our readers’ favorite blog posts from 2021. These articles are selected Read More. The post 2021 Favorites from Burkland’s Blog for Startups & Investors appeared first on Burkland.
Employers are responsible for withholding, remitting, and filing payroll taxes on behalf of their employees. And, there are some taxes you contribute on behalf of your employees. Social Security tax is one of those essential taxes that impacts both the employer and the employee. Keep reading to find out the answers to questions like: What […] READ MORE.
If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans. The answer is yes, subject to certain limits. The maximum amount of student loan interest you can deduct each year is $2,500. Unfortunately, the deduction is phased out if your adjusted gross income (AGI) exceeds certain levels, and as explained below, the levels aren’t very high.
If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans. The answer is yes, subject to certain limits. The maximum amount of student loan interest you can deduct each year is $2,500. Unfortunately, the deduction is phased out if your adjusted gross income (AGI) exceeds certain levels, and as explained below, the levels aren’t very high.
Instead of a resolution for the new year, try preparing a strategic plan for the rest of your life. I always make new year’s resolutions, but I also put “SALY” (Same as Last Year) after some of last year’s. Resolutions are made with great resolve, but things interfere. Sometimes it is the lack of a plan or time or a deadline; or sometimes it’s the inability to fit the resolution into the big picture of my life. .
Without a doubt, the past year has meant a lot of change for both businesses and consumers. Consumers have had to deal with personal safety, loss of employment, illnesses, isolation, and a lack of consumer services and products. With vaccinations on the increase, what new trends will emerge? Knowing the new trends that will surface will allow businesses to deal with the post-pandemic consumer.
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January 17 (The usual deadline of January 15 is a Saturday) Pay the final installment of 2021 estimated tax.
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
Before I dive into some year end tax strategies Skagit Countybusiness owners can and should be making, I want to address some rumors and misinformation about the SALT workarounds that are available to some of our clients (though not all). Essentially, 22 states (as of this writing) have enacted legislation that enables business owners operating in a partnership or S-corp to deduct their state and local taxes (SALT) beyond the 10K cap that exists on federal returns.
“You’ll never get bored when you try something new. There’s really no limit to what you can do.” – Dr Seuss. It’s time to welcome a New Year. Don’t keep doing the same old “tax season dance” this year. Jazz it up and have some fun. Click here. (Card via JacquieLawson.com ).
As posted to the Munro Live YouTube Channel on 11/24/2021 (Run Time 46 min, 32 sec) Regarding the accelerating move to EVs, legendary automotive engineer Sandy Munro believes that OEMs are experiencing Scotoma, aka Paradigm Paralysis. They cannot physiologically see the data that is unfolding around them. When a paradigm shifts, success in the old paradigm will block your vision of the future.
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.
Firms of all sizes are interested in expanding their practices to include forensic accounting and fraud investigation. Experts agree: This practice area is growing and will continue to grow for the foreseeable future. Yet adding forensic accounting to a firm’s portfolio of services might not be as easy as it sounds. While traditional audit staff might have a good foundational knowledge to branch out into fraud investigation, offering reliable service to clients in this area takes a little more w
“I don’t run away from a challenge because I am afraid. Instead, I run towards it because the only way to escape fear is to trample it beneath your foot.” – Nadia Comaneci. My last flashback post for this week. Tomorrow is a holiday for me (and I hope you)! The message: You need someone who will challenge you and be brutally honest. You are a leader in your firm.
The whole world pinballed throughout a pandemic the last two years and continues to do so. Sales tax in 2021, though, seemed to move in only one direction: It intensified as even more states hopped on the economic nexus bandwagon and the sales tax burden for online businesses grew. Here’s a look back at some of 2021’s biggest developments in sales tax.
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?
“Not all those who wander are lost.” – J.R.R. Tolkien. Today’s flashback post encourages you to keep connected with people. You are working remotely most of the time. You see others and interact through technology like Zoom and Teams but it just isn’t the same. You might be feeling rather isolated whether you are a new hire, an intern, or even a partner.
“Success isn’t a result of spontaneous combustion. You must set yourself on fire.” – Arnold Glasow. Here is another flashback post. You should always be asking yourself, “Do we really provide exceptional service?” All accounting firms say that they provide good client service, great client service, or even awesome client service. Awesome is the goal.
“From a certain point of view our real enemy, the true troublemaker, is inside.” – Dalai Lama. I am attempting to take some time off this week so I will be posting some flashback posts. Here’s one from December 2020. It is about an activity that I hope is NOT happening in your firm. In progressive, future-focused CPA firms, the partners have committed to core values and they live them.
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