TaxConnex

SEPTEMBER 16, 2021

How much are consumers spending online, and what do merchants pay for shipping in relation to the overall revenue from those e-commerce orders? These are just two questions answered in the recent 2021 E-Commerce Shipping and Fulfillment Benchmarks Report. Sourced from Shippo customers of all sizes and across industries, results cover average orders for different products, shipping expense and overall growth of e-commerce over the past two years.

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Withum

SEPTEMBER 14, 2021

When a child takes over a family business they immediately become an entrepreneur. This can be a daunting undertaking if the child is not prepared or is not inclined to be a business owner. So, here are some things to consider.

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GrowthForceBlog

SEPTEMBER 15, 2021

7 min read. The pandemic brought on many tax changes- including the uptick in small business audits. In 2020, the IRS announced its plan to increase small business tax audits by 50% in 2021 [1].

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RogerRossmeisl

SEPTEMBER 17, 2021

The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider. 1. Claim bonus depreciation or a §179 deduction for asset additions Under current law, 100% first-year bonus depreciation is available for qualified new and used property that’s acquired and placed in service in calendar year 2021.

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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.

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TaxConnex

SEPTEMBER 14, 2021

There’s always something changing in the world of tax, especially sales tax. Here’s a review of some of the recent changes and updates. State Revenue Updates. Dire forecasts of states’ plunging sales tax revenue in the age of COVID continue to be proven wrong. Florida, which recently instituted economic nexus, is expected to beat pre-pandemic forecasts for general-revenue collections by about $1.2 billion for this fiscal year and $1.2 billion for next year – with online sales taxes making up a s

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BurklandAssociates

SEPTEMBER 14, 2021

As Fintech continues to be a top destination for VC capital, the sector is driving key developments across the startup ecosystem. According to Pitchbook data, some $1.354B went into 40 Read More. The post Fintech Developments in the Startup Ecosystem appeared first on Burkland.

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RogerRossmeisl

SEPTEMBER 17, 2021

A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. A recent U.S. Tax Court decision illustrates how that’s sometimes difficult to do. Basic rules for theft losses The tax code allows a deduction for losses sustained during the taxable year and not compensated by insurance or other means.

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FraudFiles

SEPTEMBER 13, 2021

The big news in Hollywod is a D-List actor named Zach Avery (legal name Zachary Horowitz) who is set to plead guilty to a Ponzi scheme in which he collected $650 million from about 250 investors. That’s a lot of money! And that’s an impressive scam. Over the years, I’ve written a bunch here about Ponzi schemes: What they are. Red flags of Ponzi schemes.

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AccountingDepartment

SEPTEMBER 16, 2021

AccountingDepartment.com, the leader in outsourced accounting and bookkeeping services, would like to congratulate our amazing clients that made it onto the 2021 Inc. 5000 list. The Inc. 5000 ranks companies by overall revenue growth over a three-year period, so we are happy to see our clients continuing to grow!

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GrowthForceBlog

SEPTEMBER 17, 2021

7 min read. The US economy grew 6.3% in the first quarter, and 6.5% in the second quarter of 2021 [1]. Despite growing daily case numbers of the novel coronavirus's Delta variant, growth is still expected to continue.

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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

RogerRossmeisl

SEPTEMBER 17, 2021

As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or gift tax. The exclusion amount for 2021 is $15,000.

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KROST

SEPTEMBER 14, 2021

The EIDL is a loan directly from the SBA that offers a low-interest, fixed rate, long-term loan that is available to businesses that were impacted by the pandemic. Unlike the PPP, the EIDL must be repaid and cannot be forgiven. Below are the updates to the EIDL program: Maximum loan amount increased from $500,000 to $2 million. There is an exclusivity period; the SBA will not start approving loans greater than $500,000 until October 8, 2021.

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AccountingDepartment

SEPTEMBER 14, 2021

All businesses want to increase their cash flow rate, but sometimes cash flow delays come from within the company itself. Time-consuming manual processes and an Accounts Receivables (AR) staff that may be in the dark for some critical information can all be connected to a slow AR process.

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GrowthForceBlog

SEPTEMBER 11, 2021

7 min read. It’s the year of the great resignation– Businesses everywhere are currently facing an unprecedented turnover surge and labor shortage , so focusing on employee retention to avoid high turnover rates and their costs is more important now than ever before!

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Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.

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RitaKeller

SEPTEMBER 13, 2021

“If your actions inspire others to dream more, learn more, do more and become more, you are a leader.” – John Quincy Adams. Once again it is time to remind you of the leadership development programs offered by Convergence Coaching. Too many firms have ignored the need for structured leadership development programs and thus limit their choices when considering firm succession.

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ThomsonReuters

SEPTEMBER 17, 2021

Though viewed with certain strengths such as agility, the small accounting firm has its own unique set of challenges due to size. At the forefront of those challenges is staffing, and how properly outsourcing affects your firm’s client relationships. In this episode of Pulse of Practice “Get big! A chat with Chris Papin”, Paul Miller, Owner of Business by Design , and I are joined by Chris Papin, owner of Papin CPA, PLLC.

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AccountingDepartment

SEPTEMBER 17, 2021

It's a brave new cyber world that we live in, one where virtual currency exists to exchange and pay for things globally. Certainly, this throws a whole new monkey wrench into basic accounting platforms and raises a few questions. How is accounting for cryptocurrency handled by an accountant, and just what in the world is it anyway?

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SkagitCountyTaxServices

SEPTEMBER 15, 2021

You’ve put in the years, labored long days, sweat the bad times, and high-fived in the good as your business grew. Now, it looks like it’s time to step away into the next life stage, slay the next dragon. It’s time to sell. (You think.). Whether you’re headed to another career or a seaside retreat, get what your business is worth before you walk away.

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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

FraudFiles

SEPTEMBER 15, 2021

There are two inexpensive and simple steps that can be taken to provide more oversight for the disbursement function at a law office. First, a partner needs to be actively involved in the process of issuing checks and payments. It’s not enough to simply glance at checks to vendors and immediately sign them. Before any check is signed or sent out, it should be compared to an invoice, credit card statement, or other documentation that will help verify the legitimacy of the payment.

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ThomsonReuters

SEPTEMBER 16, 2021

QUESTION: Is the COBRA premium subsidy still available for a period of coverage from April 1, 2021, through September 30, 2021, if the COBRA election is made after September 30, 2021? ANSWER: So long as a COBRA qualified beneficiary who is an Assistance Eligible Individual (AEI) under the American Rescue Plan Act of 2021 (ARPA) elects COBRA coverage for the period from April 1 through September 30, 2021, within COBRA’s 60-day election period, the subsidy is available.

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SchoolofBookkeeping

SEPTEMBER 14, 2021

When you reconcile your bank account you may notice that there are old entries lingering around that you need to review for clean up. In fact when bank reconciliations are done monthly you should take a hard look at these outstanding entries for possible errors or issues that need to be handled. If you are doing these for your client or yourself, be sure to discuss and review with the appropriate people.

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xendoo

SEPTEMBER 13, 2021

How Much Money Can I Make? As franchisors work to sell franchises, one question they will always be asked is, “how much money can I make?”. The answer to this question can be found within one section of the Franchise Disclosure Document: Item 19. In order to create a compelling Item 19, franchisors need financial data on the performance of each franchise location.

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FraudFiles

SEPTEMBER 12, 2021

For years I’ve been collecting income disclosure statements issued by multi-level marketing (MLM) companies. These are the proof that you have almost no chance of making money in MLM, no matter what the company or product. Across the board, you see that the vast majority of the distributors make almost nothing in commissions. The “average earnings” for a company as a whole sometimes looks decent (who wouldn’t want to make an extra $2,000 per year!

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ThomsonReuters

SEPTEMBER 16, 2021

Proposed Revision of Annual Information Return/Reports, 29 CFR Part 2520; 26 CFR Part 301; 29 CFR Part 4065, 86 Fed. Reg. 51488 (Sept. 15, 2021); Proposed Rule: Annual Reporting and Disclosure, 29 CFR Part 2520, 86 Fed. Reg. 51284 (Sept. 15, 2021); Fact Sheet: SECURE Act and Related Revisions to Employee Benefit Plan Annual Reporting on the Form 5500 (Sept. 14, 2021).

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Withum

SEPTEMBER 13, 2021

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RitaKeller

SEPTEMBER 16, 2021

“Deep human connection is… the purpose and the result of a meaningful life – and it will inspire the most amazing acts of love, generosity, and humanity.” – Melinda Gates. Some people like working remotely and have adapted easily. We hear so much about them. But what about the many people who actually like being with other people?

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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.

AccountingDepartment

SEPTEMBER 16, 2021

Many small-to-mid-size businesses, even many with revenues as high as $25 million annually, don’t have a financial controller. But adding controller services to your company’s accounting financial services has many benefits.

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ThomsonReuters

SEPTEMBER 16, 2021

Proposed Rules: Requirements Related to Air Ambulance Services, Agent and Broker Disclosures, and Provider Enforcement, 5 CFR Part 890, 26 CFR Part 54, 29 CFR Part 2590, 45 CFR Parts 144, 148, 149, and 150, 86 Fed Reg 51730 (Sept. 16, 2021); Air Ambulance NPRM – Fact Sheet (Sept. 10, 2021). Proposed Regulations. Fact Sheet. News Release. HHS, DOL, and the IRS have proposed regulations describing how health plans and insurers would temporarily report data on air ambulance services to the agencies

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Withum

SEPTEMBER 17, 2021

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RitaKeller

SEPTEMBER 15, 2021

“In my opinion, we don’t devote nearly enough scientific research to finding a cure for jerks.” – Bill Watterson. Recently, a comment from Allan Koltin caused me to give some thought to what a jerk-free firm might be. Koltin noted that if you had a jerk-free firm, the firm would be more likely to have appeal as a merger candidate. I have observed that most CPA firms have at least one jerk at the leadership level.

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