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The majority of businesses still manage their sales tax obligations with internal staff, but do they have what it takes to manage sales tax effectively? Most businesses don’t have the internal expertise to accurately manage it in-house, especially in the current work environment where finding and keeping the best talent is difficult at best. Sales tax compliance involves everything from determining if your company is obligated to collect and remit sales tax in a jurisdiction (aka nexus) and moni
5 min read. Spoiler alert: Both cost accounting and management accounting are intended for internal use by business leaders. Smart leaders use it to improve organization operations and boost the bottom line.
Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home. (Taxpayers in the transportation industry can use a special transportation industry rate.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
NOMAD and sales tax – I’m sure you’ve heard it before. But what does it mean? When it relates to sales tax, the NOMAD states refer to the five American states without a statewide sales tax: New Hampshire, Oregon, Montana, Alaska, and Delaware. When named in that order they make up an acronym lover’s dream: “NOMAD.”. While most of the country is accustomed to the idea of a sales tax, this handful of states don’t impose this tax on their residents (at least at the state level).
What is a PEO? A Professional Employer Organization (PEO) allows its participants to outsource many of their human resource functions, share employment liability, and, often, gain economies of scale to Read More. The post PEO for Startups: Save Costs & Improve Benefits appeared first on Burkland.
If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer to that question can be complex because several different tax rules may come into play with such contributions. A charitable contribution of a work of art is subject to reduction if the charity’s use of the work of art is unrelated to the purpose or function that’s the basis for its qualification as a tax-exempt organization.
When the financial crisis hit in 2007, Claudia McKinney had no way of knowing it would mark the start of her new career. Nothing good—in her own family or across the nation—seemed to be coming from the economic slump. “My husband’s business suffered tremendously,” McKinney states. “And it went under.” In addition to their source of income, the McKinney’s lost their house.
As a business owner, you always want to make sure that all operations run properly and efficiently. You want to ensure that you are in control of all of your company's operations. This way, you simply know what's going on. This approach puts you in the driver's seat. Without a doubt, accounting and bookkeeping are an important part of a business. And while having in-house employees do the accounting and bookkeeping has some benefits, there are a few pitfalls that cannot be ignored.
SSA Press Release: Social Security Announces 5.9 Percent Benefit Increase for 2022 (Oct. 13, 2021). Available at [link]. The Social Security Administration (SSA) has announced the annual cost-of-living adjustment to the maximum amount of earnings subject to Social Security tax (i.e., the taxable wage base). For 2022, that amount will be $147,000 (up from $142,800 for 2021).
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
Did you know you can deduct Halloween candy from your taxes? As a business, you can use Halloween candy as a tax write-off if you figure out a way to make it business-related. Here are five ways to deduct those over-priced bags of snack-size chocolates this October: Make a promotion out of it. Attach your business card or a promotional flyer to packets of M&M’s and voila!
This past week, AccountingDepartment.com Business Development Representative, Shawn Marcum attended the Entrepreneurs' Organization (EO) Xcentric event in New Orleans, LA.
Alkon v. Cigna Health and Life Ins. Co., 2021 WL 3362562 (D. N.J. 2021). An out-of-network health care provider performed surgery on a participant in an ERISA health plan. After receiving payment for less than 1% of the billed charges and unsuccessfully seeking additional reimbursement using the plan’s internal claims process, the provider sued the plan and its claims administrator.
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.
In 2017, Senga Nuga invested his last $100 to start his own business, desperate to provide for his wife and one-year-old daughter. Earlier that year, Senga had been let go from his job as a security guard, and the idea to form his own company resulted from a conversation with a friend who was a contractor. “I asked him, ‘How was your day?
When it comes to sheer exposure for your business, it’s hard to beat Amazon. If you’ve been using an Amazon FBA (Fulfilled by Amazon) account, then you might already be familiar with the administrative fees associated with warehousing, packing, shipping, and customer service. But there’s another need you’ll have to consider: accounting and bookkeeping.
8 min read. Setting sales goals is a normal, necessary part of running a business that you hope to run for a long, long time. Keeping track of your progress toward annual sales goals helps you determine whether your business is on target to meet, exceed, or fall short of those goals.
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?
QUESTION: Many of our company’s employees have student loans. Could we help them repay those loans on a tax-advantaged basis using a qualified educational assistance program? ANSWER: Educational assistance programs under Code § 127 currently can be used to help employees repay certain student loans, but this benefit is only available for a limited time and there are other restrictions.
Accounts payable automation is an incredible tool to include in your accounting and bookkeeping processes. The A/P (Accounts Payable) software apps are intuitive and easy to use. Implementation is seamless, and the cost is relatively low. Your bank may have a bill pay system that connects easily to your bank account and accounting software, or. The post 10 Benefits to Automating Your A/P and QuickBooks Accounts Payable Through Software Apps appeared first on LSL CPAs.
Any of you Skagit County business owners remember those halcyon days when you could “talk a little business” with somebody while traveling … and then you got to write off the whole getaway on your taxes? Even if that ever really happened, that ain’t today. Now, the good folks at the IRS pull against their leashes to get at businesspeople who try to finagle an on-the-job tax deduction – and the taxman’s very best friend can be your own sloppy records.
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!
Proposed Rule: Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights, 29 CFR Part 2550, 86 Fed. Reg. 57272 (Oct. 14, 2021); Fact Sheet: Notice of Proposed Rulemaking on Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights (Oct. 13, 2021). Proposed Rule. Fact Sheet. As we went to press with this week’s edition of the EBIA Weekly, the DOL released advance copies of a proposal to amend the investment duties regulation.
Internal fraud is a huge risk to companies. Experts estimate that on average it costs companies 3% to 5% of revenue each year. When profit margins are thin, internal fraud can literally put some companies out of business. Executives are prone to underestimating the amount of fraud that exists within their companies. They want to believe that their internal controls are better, their employees are more honest, and their ability to stop fraud is more effective than that of executives at other comp
Julia Aquino, Xendoo COO, recognizes Breast Cancer Awareness Month. As we begin Breast Cancer Awareness Month, we spoke with Xendoo COO and breast cancer survivor, Julia Aquino. She was diagnosed with breast cancer in 2012. She knew that she needed a deep understanding of the disease in order to make the best decisions for her health, while also running a successful business. .
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.
HHS Resolution Agreement: Children’s Hosp. & Med. Ctr. (Aug. 17, 2021). Available at [link]. HHS’s Office for Civil Rights (OCR) has announced the 20th settlement under its initiative to enforce the HIPAA provisions giving individuals the right to access their protected health information (PHI). According to OCR’s summary, a parent filed a complaint with the agency alleging that a health care provider (a HIPAA covered entity) had failed to provide her with timely access to her deceased mino
Image from Grandtournation. Whether you love or hate Jeremy Clarkson, the Clarkson’s Farm series on Amazon conveys many of the challenges faced by farmers. In the last ten minutes of the final episode of Season 1, the financial challenges are highlighted. As I watched this part of the show, I guessed a figure of £10,000 profit. The actual profit shown was £144 on arable farming in what was a weather affected year ( yields were down 40%).
Running your own business can be tough. Between handling staffing issues, overseeing the procurement of essential resources, and planning your next marketing campaign, you might be stretched thin — not to mention all of that dreaded accounting work that you have to do to keep your books up to date! Like many other business owners, you might have considered using professional CPA services.
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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