This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Background Businesses are having difficulties hiring an adequate number of employees as the economy resets after the COVID-19 lockdowns and their aftermath. As such, small businesses are having to think outside the box as they work toward locating amenable workers. If your small business hires a “targeted group” member, you are afforded the ability to claim the lucrative federal Work Opportunity Tax Credit (WOTC) for a portion of wages paid to such an individual.
TaxConnex is pleased to announce the completion of their second annual sales tax survey finding that the increasing sales tax complexities, growing nexus, fear of sales tax audits and limited resources to do what is necessary to remain compliant are among the top worries of financial professionals heading into 2022. The nationwide survey, conducted by In90Group in September of 2021, is composed of responses from 100 top finance professionals in a variety of industries on their thoughts and exper
AccountingDepartment.com's team attended the 2021 Vistage ChairWorld in Las Vegas, NV, and had an excellent time getting to create new connections and catch up with clients and friends. ChairWorld is a place for Vistage Chairs to come together and attend various breakout sessions, networking opportunities, and evening fun to learn new strategies, improve on leadership skills, and more.
Income but no cash?! How does that happen?? How could a business be making money according to their profit and loss but have no money… or even worse, negative cashflow? This answer can vary depending on whether the company’s books are kept on a cash basis or accrual basis, but the general premise is the same. A company pays cash for things that don’t show up on the profit and loss.
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.
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Background information The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees and self-employed workers — one for Old Age, Survivors and Disability Insurance, which is commonly known as the Social Secur
You won’t find too many more confusing sales tax scenarios than the one involving dietary supplements. For purposes of sales tax, sometimes supplements and vitamins are considered drugs (prescription or not), sometimes groceries or food, sometimes tangible personal property – and sometimes not. In still other instances, they’re not taxed at all. So how do you manage your sales tax liability if you are selling vitamins, dietary supplements or other items that fall into this undescriptive category
Welcome to the third post of our Surviving Due Diligence series of tips and suggestions for startups exploring or undergoing investment rounds, exit conversations, and other transactions. Early-stage founders, particularly Read More. The post Surviving Due Diligence, Part 3: Cap Tables appeared first on Burkland.
Welcome to the third post of our Surviving Due Diligence series of tips and suggestions for startups exploring or undergoing investment rounds, exit conversations, and other transactions. Early-stage founders, particularly Read More. The post Surviving Due Diligence, Part 3: Cap Tables appeared first on Burkland.
Stress, illness, and a near-death experience. That’s what propelled Maureen Wendy Dearborne to find her calling in life. From a broken engagement to missed promotions at work, Wendy felt like her life was unraveling. “I was blaming everybody and everything for every woe in my life,” she says. But Wendy’s perspective changed when her life was nearly cut short by illness. “I had a near-death experience when I was 21 years old,” she says, adding with a laugh,
Even if your books are perfectly accounted for, an IRS audit letter will fill anyone with a sense of dread. However, most businesses are unprepared and need IRS tax audit help. Having proper documentation of all your income and expenses is the easiest way to pass an audit. In this article, we will discuss what an audit is, why you might get audited, and how to prepare for an audit.
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
NBC has a new series, “Ordinary Joe,” on Monday nights at 10:00 ET. I really like it and want to share some info about it. It is about Joe Kimbreau, who makes a life-altering choice on the night of his college graduation.
Earlier this year, the Corporate Transparency Act (CTA) became the latest law intended to foil financial crime. This law is part of the National Defense Authorization Act and requires certain entities to disclose the identities of those who own or control it. Anonymous no longer Perpetrators of criminal acts such as fraud, drug and human trafficking, and terrorism often use anonymous or shell companies to launder ill-gotten funds and avoid prosecution.
Pricing decisions are among the most important decisions business owners, or their financial teams, make. Cost accounting methods help business leaders make wise pricing decisions. There are two basic costing systems that help you identify all direct and indirect expenses so you can make well-informed pricing decisions: the traditional costing system and the activity-based costing system.
When making a major purchase for your business, you are expected to spread the tax deduction out over the lifespan of that purchase, which provides small tax savings over the years. But, why wait? Business owners can take advantage of Bonus Depreciation and Section 179 to invest in their businesses, resulting in an enormous tax break! . In this blog post, we will explain how the deductions work, and how you can use them to maximize your tax savings. .
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.
For-profit colleges and vocational schools — especially online programs — provide degree-earning opportunities to many Americans who might not otherwise be able to pursue higher education due to financial pressures and work or family obligations. But as countless complaints and lawsuits suggest, some for-profit institutions engage in deceptive, and even illegal, recruiting and retention practices.
When businesses are born, business owners are likely not daydreaming about taxes and payroll. Yet, they still face the unique challenge of figuring out how to pay themselves, file their taxes, and maximize their tax savings. As their business grows, many business owners opt for S-Corporation Election due to the tax advantages it presents, but they must be mindful of how much they pay themselves, in order to remain compliant in the eyes of the IRS.
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?
Have you heard of the “nanny tax?” Even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a household worker, you aren’t required to withhold federal income taxes from pay.
6 min read. “How does a project get to be a year behind schedule? One day at a time. ”— Fred Brooks. Avoiding a difficult project only delays the outcomes you’re trying to achieve. In-kind donations are one of those things that many nonprofits simply avoid because they can be seen as difficult to define, value, and track.
You might not be thinking about taxes until closer to the deadline, but planning your eCommerce tax deductions is a year-round process. If you run an online business, investing in tax-deductible business expenses can reduce your tax burden and increase your profits. We’ll help you plan ahead for next year’s filing. Here are the 9 most common eCommerce tax deductions that you should include in your financial planning: Home Office.
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!
If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences? The tax treatment can be complex. It depends on how many days it’s rented and your level of personal use. Personal use includes vacation use by you, your relatives (even if you charge them market rent) and use by nonrelatives if a market rent isn’t charged.
As a corporate tax professional, you know the complexities of complying with business taxation requirements. Your company may have to file corporate tax returns in multiple states and local jurisdictions, as well as with federal — and perhaps international — tax authorities. The level of intricacy in corporate tax return filing requirements, coupled with frequent changes in tax laws, makes the job of accurately filing corporate taxes time-consuming and complicated.
State Tax Deduction WorkaroundThis year California passed AB 150, which enacts an elective passthrough entity tax (PTET). The idea behind the PTET is to work around the $10,000 SALT deduction limit to an individual’s itemized deductions that came into effect back in 2018.Simply, qualified passthrough entities may pay tax on a consenting owner’s behalf based.
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.
Employers offer 401(k) plans for many reasons, including to attract and retain talent. These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about participating in a plan at work, here are some of the features. Under a 401(k) plan, you have the option of setting aside a certain amount of your wages in a qualified retirement plan.
How are you managing your 1099s these days? Every business owner knows the importance of strong financials. Without a solid balance sheet, it’s difficult to receive loans or attract investors. Yet, many companies fail to realize how accurate tax reporting contributes to a financially sound organization. For example, failure to file non-employee compensation on form 1099 can result in penalties ranging from $50 to $270 per form up to a maximum of $556,500 per year.
At the seventh annual QuickBooks Connect, Intuit unveiled new innovations across the QuickBooks ecosystem to help accountants better serve their small business clients, grow their practices and scale their impact. Introduced by Accountant Segment Leader, Ted Callahan, these accountant-specific innovations include a new Revenue Share Program, Books Review and Transaction Collaboration, the launch of a new QuickBooks Online Windows app, Payroll Certification, ProAdvisor Support and more.
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.
We organize all of the trending information in your field so you don't have to. Join 237,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
246 
Let's personalize your content