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The latest round of economic stimulus legislation is included within the Consolidated Appropriations Act, 2021, which was passed by Congress on Dec. 21, 2020 and is expected to be quickly signed into law. This is a massive piece of legislation that includes all manners of government funding, expansion of the Paycheck Protection Program (PPP), additional unemployment insurance benefits, and more.
Someday people will probably use a lot of words to describe 2020. “Un-eventful” won’t be one of them. The year’s ongoing pandemic affected almost every aspect of life – including, and in no small way, sales tax, which was already an area that has seen unprecedented change since the Supreme Court’s Wayfair decision in 2018. Add to that, jurisdictions that are worried about how lockdowns have affected their tax revenue and you have a tumultuous year.
We’ve all heard the horror stories. The 6-year-old who get his hands on Mom’s iPad and manages to rack up $16,000 worth of credit charges for online gaming. The teenager with a Fortnite habit who manages to clean out Dad’s checking account via the debit card linked to the gaming account. These aren’t bad kids necessarily so much as they’re kids that simply don’t know the damage they’re doing at the time.
With the prospect that ordinarily tax deductible business expenses will still be deductible if they were paid for with forgiven PPP loan funds contained in the Coronavirus Response and Relief Supplemental Appropriations Act, 2021, attention turns to the California treatment of same. The answer is that California currently does not conform to the federal amendment to this law contained in the new stimulus bill.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
What is the difference between sales tax and value-added tax (VAT)? Both sales tax and VAT are types of indirect tax – a tax collected by the seller who charges the buyer at the time of purchase and then pays or remits the tax to the government on behalf of the buyer. Sales tax and VAT are a common cause of confusion within the corporate tax community.
Santander Consumer USA was ordered to pay $4.7 million to the Consumer Financial Protection Bureau ( CFPB ) for violating the Fair Credit Reporting Act (FCRA), the CFPB said in a press release. According to the release, Santander allegedly knew that it provided incorrect consumer data to the three major credit reporting agencies (CRAs). Santander is an originator and servicer of non-prime auto loans and leases and provides credit information to CRAs via monthly data files, according to the CFPB
Santander Consumer USA was ordered to pay $4.7 million to the Consumer Financial Protection Bureau ( CFPB ) for violating the Fair Credit Reporting Act (FCRA), the CFPB said in a press release. According to the release, Santander allegedly knew that it provided incorrect consumer data to the three major credit reporting agencies (CRAs). Santander is an originator and servicer of non-prime auto loans and leases and provides credit information to CRAs via monthly data files, according to the CFPB
Employees want the wages they deserve. Employers want to avoid penalties and fines. Want the best of both worlds? Understand the difference between exempt vs. nonexempt employees. Then, correctly classify your employees. That way, your team gets the wages they deserve, and you can skip the penalties for misclassifying your employees. It’s a win-win … […] READ MORE.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act, PL 116-136) made substantial changes to the Code Sec. 163(j) business interest expense deduction limitation. With all the changes made to the Code in 2020 due to COVID-19, it is worthwhile to review Code Sec. 163(j) both pre- and post-CARES Act changes. What is the 163(j) limitation?
Apple is advancing its self-driving car project, according to a Reuters report, and will look at debuting a new product by 2024 that could also come with new battery technology. Project Titan, the Apple automotive effort, has been working on a self-driving vehicle sporadically since 2014, working from scratch. Apple hasn't always kept up with it, sometimes drawing back to focus more on the software the company is known for, Reuters reported.
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
Well, Congress seems to have heard the cries of the huddled masses of SMB’s around the country, and more PPP funding is (seemingly) on the way. Details aren’t finalized yet as of this writing, so I will have more to say on these matters in future weeks. Even these early signals are still very good news in my book … but I will remind you — unless you have a plan to use these funds properly, they won’t help your Skagit County business.
IRS Notice 2021-02 (Dec. 22, 2020); IRS News Release IR-2020-279 (Dec. 22, 2020). Notice. News Release. The IRS has announced the 2021 standard mileage rates for business, medical, and other uses of an automobile, and the 2021 vehicle values that limit the application of certain rules for valuing an automobile’s use. For 2021, the business standard mileage rate is 56 cents per mile (a 1.5 cent decrease from the 57.5 cents rate for 2020), and the rate when an automobile is used to obtain medical
’Twas Christmas with COVID, We were all stuck at home. Can’t go out, it’s not safe, We’re advised not to roam. The holiday Zoom calls have been scheduled with care, To talk to the relatives who cannot be there. . The children are nestled asleep in their beds, As visions of PS5s dance in their heads. Ma on her mobile and me on the tablet, Spent Christmas Eve cementing our new digital-first habits. .
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.
Breaking News: AccountingDepartment.com co-Founders Dennis Najjar, CPA and Bill Gerber announce all clients will receive a financial dashboard accessible to them in 2021. On the heels of our 2020 Year in Review wrap-up video, AccountingDepartment.com is already out of the gate with one of the promises made to clients ( If you missed it, check it out here ).
As we draft this alert, Congress is still in Washington. And as you will read, that is a very good thing. Congress is spreading holiday cheer and we admit it’s affecting our mood too. On Monday night, Congress passed and sent to the President the 5,593 page Consolidated Appropriations Act […]. The post Part XII – PPP Loan Forgiveness: Merry Christmas Everyone!
Amazon is postponing its logistics fee increase to help accommodate businesses affected by the pandemic, a company letter from Amazon Worldwide Consumer CEO Jeff Wilke stated. Wilke wrote that the eCommerce giant will continue to take on the extra costs without increasing fees until June 1, 2021. "We are doing this because we want to provide stability and support for you during what will likely remain a challenging winter as vaccine distribution gets underway," Wilke said in the letter.
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?
With many businesses experiencing losses due to COVID-19, now is a good time to review the CARES Act net operating loss (NOL) rules. The Tax Cuts and Jobs Act (TCJA) changed the rules for deducting net operating losses in 2017. Before 2017, NOLs were fully deductible and could be carried back two years and carried forward 20 years. In 2017, TCJA changed the NOL rules by: limiting NOL deductions to 80% of taxable income, disallowing NOL carrybacks, and. lifting the 20-year limit on NOL carryovers
“Zoom is not my thing” was a response to an invite I sent to a friend for a program I organized that I thought he would enjoy. He is not the only person I know that doesn’t do Zoom.
There can be no doubt that 2020 has been a year codified by unrest and uncertainty. It has been a difficult year, the IRS did no favors; opining that deductions, which support Paycheck Protection Program (PPP) forgiveness, were not deductible. Fortunately, the latest round of COVID-19 relief legislation, the Consolidated Appropriations Act, 2021 , passed by Congress on Dec. 21, 2020 and expected to be quickly signed into law, reinstates the deduction which was clearly intended at the onset of th
When a customer walks into a physical location to transact, a whole host of behavioral data becomes available to whatever entity is serving them. Are they acting interested, engaged and prepared? Or do they appear to be casing the joint and attempting to memorize the location of the security cameras? That behavioral data can then be used to inform how the customer is treated and what kind of interaction they are going to be offered.
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!
QUESTION: Everybody in the employee benefits field uses acronyms like ALE, MLR, and ACA. What do these and other employee benefits acronyms stand for? ANSWER: Here’s an explanatory list of common acronyms primarily used in our Health Care Reform manual. (Last week’s Question of the Week included acronyms primarily used in our COBRA, HIPAA, and Group Health Plan Mandates manuals, and the Question of the Week from the week before included acronyms from the ERISA Compliance, Self-Insured Heal
As part of the assistance package that was announced by Governor Newsom in September 2020, the State of California is providing $500 million in grants to small businesses that are impacted by COVID-19. Small businesses with annual gross revenue of less than $2.5 million can receive up to $25,000 in the grant. There will be two rounds of grants. CDTFA will start taking applications for the first round on December 30, 2020, and will close on January 8, 2021.
Burger King has launched a new promotion called the "$1 Your Way Menu" and in conjunction will put $1 in some Venmo users' accounts through Dec. 28, the day the new menu takes effect, the company announced in a press release. "Unlike other value menus, all items on Burger King’s newly unveiled menu are $1 a piece — that’s it,” the release stated. “The big question now becomes, what to get?”.
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.
Consolidated Appropriations Act, 2021, H.R. 133 (Dec. 21, 2020). Rules Committee Print available at [link]. Congress has passed, and the President is expected to sign, year-end appropriations legislation that includes a variety of provisions affecting employer-sponsored benefit plans—some relating to the COVID-19 public health emergency and others with broader applicability.
Congress reached an agreement late on Sunday, December 20 th , for a $900 billion stimulus package. The Bill is expected to pass the House and Senate and be signed into law by December 23 rd. While the full text of the Bill has not been released, below are the highlights of how the money has been allocated. When the final text is released, we will update this article.
A year like no other draws to a weary close. In a year marked by unpredictable events, high unemployment, business closures and, of course, a global pandemic, the U.S. consumer is still standing — but how they pay has changed with the times, both out of necessity and out of convenience. Looking ahead, PSCU President and CEO Chuck Fagan told Karen Webster, some of the trends that have been a hallmark of the last several months will prove long-lasting.
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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