TaxConnex
DECEMBER 17, 2020
With nearly 50 million Americans losing their jobs earlier this year and 11 million still unemployed nearly 10 months after the pandemic began, the reality of being forced to do more with less is being felt in every corner of almost every company, including the finance department. Hiring freezes and budget restrictions have left many finance teams struggling to keep up.
RogerRossmeisl
DECEMBER 12, 2020
According to data company Dun & Bradstreet, business identity theft increased more than 250% in the first half of 2020. You can thank the pandemic — and the government’s release of relief and recovery funds to qualified U.S. businesses — for this remarkable number. In a more typical year, crooks use stolen business identities to file fraudulent tax returns, apply for credit and empty bank accounts.
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ThomsonReuters
DECEMBER 14, 2020
The New Year Brings Fresh Uncertainty for U.S. Business Tax Professionals. The tax rules and regulations U.S. companies will operate under in 2021 and beyond will be shaped in the coming months by Biden Administration priorities, the balance of power in the U.S. Senate, the future of COVID-19 relief, and the fiscal crisis facing the 50 states. A recent Thomson Reuters webinar, Get Ready for 2021: Using Checkpoint Edge to Plan for Uncertainty, explored these issues and cautioned companies to br
DuctTapeMarketing
DECEMBER 16, 2020
7 Small Business Trends that Arrived Just in Time for 2021 written by John Jantsch read more at Duct Tape Marketing. This blog post is brought to you by GoDaddy Pro. Every year for the last 20 or so, I’ve wrapped up the year with my predictions for trends in the coming year. I’m usually spot on too. But that’s really more of a testament to the fact that trends tend to creep up on us rather than overwhelm us.
Speaker: Danny Gassaway and Wayne Richards
Finance leaders are prioritizing efficiency and digital transformation, yet many hesitate to automate due to uncertainty. Without a clear understanding of its impact, organizations risk falling behind competitors who are leveraging automation to drive productivity and cost savings. Join Wayne Richards and Danny Gassaway from AvidXchange for a practical guide on bringing accounts payable (AP) automation to your organization.
SMBAccountant
DECEMBER 16, 2020
Many small business federal contractors begin with research and development (R&D) contracts or grants as part of the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. These programs are offered by the government to encourage innovation with the potential for commercialization. These programs often result in technology or products that begin with government use and then become commercial items.
RogerRossmeisl
DECEMBER 12, 2020
Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). Or perhaps you already have an HSA. It’s a good time to review how these accounts work since the IRS recently announced the relevant inflation-adjusted amounts for 2021.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
PYMNTS
DECEMBER 18, 2020
Facebook’s Libra might be fading a bit as a perceived threat to monetary systems that have been in place around the globe for centuries. But the race is still on for central banks to develop their own digital versions of fiat to take their place alongside bills and coins. To that end, the Bahamas may stand out as an epicenter of sorts for the rise of central bank digital currencies (CBDCs).
TaxConnex
DECEMBER 15, 2020
We understand that sales and use tax may not be your biggest priority, but if not managed correctly, it can cause major headaches. Understanding the various aspects of your sales tax process is critical to minimize your risk and to keep your business on solid ground as it relates to sales tax. If your company is like many businesses these days, you may be tempted to go the “easy route” when determining how best to manage your sales tax requirements.
RogerRossmeisl
DECEMBER 12, 2020
Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the extent of your corporation’s “earnings and profits.” And it’s not deductible by the corporation.
Patriot Software
DECEMBER 13, 2020
As the year comes to a close, you might be gung-ho about all the goals you want to achieve in next year. But before you can get the ball rolling in the new year, you have to wrap up some things in the current year—including your payroll. There are a number of timely payroll requirements […] READ MORE.
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It's the time of year to give our close process some TLC. Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Learning Objectives: This course's objective is to understand how the month-end close can be improved with automation and adoption of leading practices.
PYMNTS
DECEMBER 18, 2020
The U.S. Treasury Department proposed sweeping new rules late Friday (Dec. 18) that the government says would make convertible digital currencies like bitcoin less attractive to criminals engaging in crimes such as ransomware attacks. The new regulations, if adopted after a comment period, would require banks and some other institutions to obtain and report the identities of parties engaging in certain digital transactions, including payments involving what are called "unhosted wallets" – effect
Withum
DECEMBER 15, 2020
This time of year, I always receive a few Christmas letters from friends that recap their year. They come with their holiday cards. Not all are from people celebrating Christmas, but they all have a common purpose of keeping in touch with friends and family and recapping the year. I suggest that this year such letters are more important than ever.
RogerRossmeisl
DECEMBER 12, 2020
S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because shareholders in a C corporation generally get no tax benefit from such losses. Conversely, as an S corporation shareholder, you can deduct your percentage share of these losses on your personal tax return to the extent of your basis in the stock and any loans you personally make to the entity.
ThomsonReuters
DECEMBER 17, 2020
IRS Notice 2020-86 (Dec. 9, 2020). Available at [link]. The IRS has issued Notice 2020-86 to answer frequently asked questions about the SECURE Act’s provisions affecting safe harbor plans (see our Checkpoint article ). Section 102 of the SECURE Act raised the maximum deferral percentage for plans using the safe harbor for qualified automatic contribution arrangements (QACAs) from 10% to 15%.
Speaker: Jennifer Hill
Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.
PYMNTS
DECEMBER 14, 2020
The 2020 holiday shopping season is picking up, and consumers are heading online or to reopened brick-and-mortar stores to shop and pay for gifts. They are using everything from cash to mobile wallets to complete these transactions, requiring retailers to race to accommodate a wide variety of payment methods. Supporting a host of simple and frictionless payment options is often a complicated endeavor from the retailer’s perspective, said Keala Gaines , vice president of global payment services f
Withum
DECEMBER 16, 2020
RogerRossmeisl
DECEMBER 13, 2020
California has begun their mandate of employer participation in the CalSavers Program. The program’s 3-year phase-in is as follows: Number of Employees: Registration Required by: >100 09/30/2020 >50 06/30/2021 >5 06/30/2022 What is CalSavers? CalSavers is California’s new retirement savings program for workers in the private sector who do not currently have a way to save at work (i.e. the employer does not provide an employee retirement plan (EBP)).
ThomsonReuters
DECEMBER 17, 2020
With the recent rash of public company fraud issues that were missed both internally and by external auditors, there has been a lot of negative news coverage for the accounting industry. But what does this mean for small CPA firms who don’t perform audits? In this episode of Pulse of Practice “Should a Small Firm Care?”, Paul Miller, CPA from Business by Design , and I are joined by Brian Fox, Founder of Confirmation, part of Thomson Reuters.
Speaker: Sierre Lindgren
Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.
PYMNTS
DECEMBER 16, 2020
Bitcoin continued its ongoing surge in price Wednesday (Dec. 16), heading above the $20,000 mark for the first time ever — eclipsing its previous record high set in 2017. The price of a bitcoin traded higher by 5.6 percent, hitting around $20,600. CNBC reported that the surge was fueled by cryptocurrency fans along with a big boost from big-name investors such as Paul Tudor Jones and Stanley Druckenmiller.
Withum
DECEMBER 15, 2020
RogerRossmeisl
DECEMBER 12, 2020
Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. There are three areas where knowing the fine points of the IRA distribution rules can make a big difference in how much you and your family will keep after taxes.
Katz,Sapper&Miller
DECEMBER 18, 2020
Several months ago, HHS announced that receiving Provider Relief Funds under the Coronavirus Aid, Relief, and Economic Security Act could impose an audit requirement for healthcare providers. Based on requirements, for-profit companies, called commercial organizations by the Department of Health and Human Services (HHS), are to include PRF in the basis for determining audit requirements.
Speaker: Debra L. Robinson
CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.
PYMNTS
DECEMBER 15, 2020
GoDaddy has agreed to acquire Poynt , which lets businesses sell and accept payments anywhere through its suite of products, according to a press release. GoDaddy plans to pay $320 million in cash at closing, along with $45 million in deferred cash payments subject to various performance and employment standards in the next three years, the release stated.
ThomsonReuters
DECEMBER 17, 2020
QUESTION: Everybody in the employee benefits field uses acronyms like ADA, MSP, and PHI. What do these and other employee benefits acronyms stand for? ANSWER: Here’s an explanatory list of common acronyms primarily used in our COBRA, HIPAA, and Group Health Plan Mandates manuals. (Last week’s Question of the Week included acronyms primarily used in our ERISA Compliance, Self-Insured Health Plans, Cafeteria Plans, Consumer-Driven Health Care, and Fringe Benefits manuals, and next week, we’ll
AccountingDepartment
DECEMBER 16, 2020
"Happy Holidays Everyone! This year has brought an incredible number of challenges, which we believe are presented an equally incredible number of opportunities to innovate. Today, we'd like to take a moment to share with you what we've done, what we're doing, and what we're planning." (Make sure to watch to the end for the Behind the Scenes outtakes!).
Speaker: Aaron Berson
Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g
PYMNTS
DECEMBER 13, 2020
Point-of-sale (POS) lender Affirm is putting on hold its initial public offering (IPO), which had been scheduled for this month, The Wall Street Journal reported, citing unnamed sources. WSJ did not give a definitive reason for the delay in Affirm Holding Inc.'s plans but suggested it may be for the same reason video game-maker Roblox also put off an imminent IPO: fear of missing out at the corporate level.
Patriot Software
DECEMBER 17, 2020
Once you send Forms W-2 to your employees, you don’t have to worry about the annual form until next year. Or, do you? If you don’t know how to fill out Form W-2, you may run into problems. Your employees might come to you with questions about Form W-2. And, your employees may think you […] READ MORE.
KROST
DECEMBER 15, 2020
This is a preview of one of the articles in the new KROST Quarterly Real Estate Issue , titled “Challenges Facing the Real Estate Industry in the Wake of COVID & the Election” by So Sum Lee. It’s no question that the economy as a whole was (and continues to be) stressed by the COVID-19 pandemic. Now with the coming election, more uncertainties could be on the horizon. 2020 is shaping up to be one of the most unique and challenging times in recent history.
ThomsonReuters
DECEMBER 17, 2020
Final Rules: Grandfathered Group Health Plans and Grandfathered Group Health Insurance Coverage, 26 CFR Part 54; 29 CFR Part 2590; 45 CFR Part 147; 85 Fed. Reg. 81097 (Dec. 15, 2020). Available at [link]. The DOL, IRS, and HHS have issued regulations to provide greater flexibility for grandfathered group health plan sponsors and insurers to make certain cost-sharing changes without causing a loss of grandfather status.
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