Katz,Sapper&Miller

DECEMBER 22, 2020

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.

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TaxConnex

DECEMBER 22, 2020

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.

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Sales Tax North Carolina Michigan 147

PYMNTS

DECEMBER 23, 2020

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.

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Education Gaming Construction Start-ups 128

RogerRossmeisl

DECEMBER 24, 2020

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.

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California CPA Tax business tax 130

Speaker: Amanda Adams, Fractional CFO, CPA

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Amanda Adams, a seasoned fractional CFO and CPA passionate about transforming back-office operations for finance teams. This session will cover critical best practices and process improvements tailored specifically for accounting professionals.

Account

ThomsonReuters

DECEMBER 20, 2020

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.

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Sales South Dakota Tax corporation tax 119

Withum

DECEMBER 21, 2020

“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.

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LSLCPAs

DECEMBER 22, 2020

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!

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cpas Washington Finance Tax 98

ThomsonReuters

DECEMBER 19, 2020

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?

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Real Estate New York Tax accounting and finance 105

Withum

DECEMBER 23, 2020

Here is a listing of what records you should keep and for how long that my partner Brian Lovett, CPA, JD and I have prepared. Also, keep in mind that anything that is discarded should be shredded. When organizing your files, please remember these are general rules concerning your records. But don’t get rid of records you will or might need, so go through this listing carefully.

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Tax CPA 98

PYMNTS

DECEMBER 21, 2020

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.

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Technology Manufacturing 132

Speaker: Abdi Ali, Sr. Lease Accounting Consultant

Join this insightful webinar with industry expert Abdi Ali, who will discuss the challenges that can arise from managing lease accounting with spreadsheets! He will share real-world examples of errors, compliance issues, and risks that may be present within your spreadsheets. Learn how these tools, while useful, can sometimes lead to inefficiencies that affect your time, resources, and peace of mind.

Account

SkagitCountyTaxServices

DECEMBER 23, 2020

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.

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tax preparation CPA Tax 98

ThomsonReuters

DECEMBER 23, 2020

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

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Transportation Tax Account accounted 98

AccountingDepartment

DECEMBER 22, 2020

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 ).

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CPA accounting software Technology Account 97

PYMNTS

DECEMBER 25, 2020

’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. .

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Gaming Maine B2B Retail 132

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Katz,Sapper&Miller

DECEMBER 22, 2020

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

Tax 95

Tax 95

ThomsonReuters

DECEMBER 19, 2020

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

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Tax Real Estate corporation tax audit 98

KROST

DECEMBER 24, 2020

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.

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California Real Estate tax return Hospitality 71

PYMNTS

DECEMBER 22, 2020

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.

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Speaker: David Warren and Kevin O'Neill Stoll

Transitioning to a usage-based business model offers powerful growth opportunities but comes with unique challenges. How do you validate strategies, reduce risks, and ensure alignment with customer value? Join us for a deep dive into designing effective pilots that test the waters and drive success in usage-based revenue. Discover how to develop a pilot that captures real customer feedback, aligns internal teams with usage metrics, and rethinks sales incentives to prioritize lasting customer eng

Sales

Patriot Software

DECEMBER 23, 2020

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.

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payroll 71

ThomsonReuters

DECEMBER 23, 2020

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

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Tax Account accounted accountant 98

KROST

DECEMBER 21, 2020

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.

Transportation 70

Transportation Education Government Finance 70

PYMNTS

DECEMBER 21, 2020

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.

Technology 126

Technology Retail 126

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RitaKeller

DECEMBER 22, 2020

“Letter writing is the only device for combining soitude with good company.” – Lord Byron. We have evolved so far with technology that a handwritten note is very rare. We text, we email, we chat. This means that a handwritten note carries so much more clout than it ever did in the past. During these last few days of 2020, or early in 2021, write a handwritten note to each of your direct reports.

Technology 59

Technology 59

ThomsonReuters

DECEMBER 22, 2020

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.

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Education Entertainment Construction Tax 90

Withum

DECEMBER 22, 2020

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PYMNTS

DECEMBER 23, 2020

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?”.

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Government Account accounted accountant 125

Speaker: Mark Stovel

When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.

KROST

DECEMBER 22, 2020

As previously reported, the $900 billion COVID-19 stimulus Bill contains an additional $284 billion for additional PPP loans for small businesses, referred to as Second Draw Loans. Some of the new rules and rule changes apply to both the Initial and Second Draw PPP loans. Below are the details of the Bill, with respect to PPP and EIDL loans and changes to the Employee Retention Credit rules: 1.

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payroll Agriculture Tax Hospitality 53

ThomsonReuters

DECEMBER 23, 2020

Qualified Transportation Fringe, Transportation and Commuting Expenses under Section 274, 26 CFR Part 1, 85 Fed. Reg. 81391 (Dec. 16, 2020). Available at [link]. The IRS has issued final regulations implementing the Tax Cuts and Jobs Act (TCJA) provisions that disallow employer deductions for qualified transportation fringe benefits and certain other transportation and commuting benefits for taxable years beginning after 2017 (see our Checkpoint article ).

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Transportation Tax Account accounted 89

Withum

DECEMBER 21, 2020

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PYMNTS

DECEMBER 22, 2020

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.

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Maine Government Retail Technology 123

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