Sat.Sep 11, 2021 - Fri.Sep 17, 2021

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Prices, Shipping, Growth: New Trends in E-Commerce

TaxConnex

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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Taking Over a Family Business

Withum

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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What If The IRS Knocks On My Door? How To Handle An Audit Of Your Business.

GrowthForceBlog

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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Tax Breaks to Consider During National Small Business Week

RogerRossmeisl

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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Building a Business Case for Finance Automation

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.

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What's New in State Sales and Use Taxes

TaxConnex

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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Fintech Developments in the Startup Ecosystem

BurklandAssociates

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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Claiming a Theft Loss Deduction if Your Business is the Victim of Embezzlement

RogerRossmeisl

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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Calculating Adjusted Tax Basis in a Partnership or LLC: Understanding Inside vs. Outside Basis

CTP

Calculating adjusted tax basis in a partnership or LLC takes us into a complex area of tax law. Remember that the tax basis is equal to the purchase price of an asset minus any accumulated depreciation. This formula sounds simple enough, but a business’s entity type can introduce unique complications in determining the initial value […]. The post Calculating Adjusted Tax Basis in a Partnership or LLC: Understanding Inside vs.

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Hollywood Ponzi Scheme Guilty Plea

FraudFiles

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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IRS Extends Filing and Payment Dates for New Jersey, New York, and Pennsylvania

Withum

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Fall In Love With the Month-End Close

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.

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Planning for Year-End Gifts with the Gift Tax Annual Exclusion

RogerRossmeisl

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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AccountingDepartment.com Congratulates Clients on Making the Inc. 5000 List

AccountingDepartment

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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US Markets Are Recovering: Is Your Business Ready for the Competition?

GrowthForceBlog

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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Tax Proposals Released by House Ways and Means Committee

Withum

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Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape

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.

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Significant Changes to the Economic Injury Disaster Loan (EIDL) Program Announced by the SBA

KROST

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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Minimizing Accounts Receivable Process Time for Greater Cash Flow

AccountingDepartment

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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Invest In Your Middle Managers: They Can Make or Break Your Business

GrowthForceBlog

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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Is There a New Schedule K-2 and K-3?

Withum

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Next-Level Fraud Prevention: Strategies for Today’s Threat Landscape

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.

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Leadership Development

RitaKeller

“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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Accounting for Cryptocurrency and Digital Assets

AccountingDepartment

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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Think big: Strategies for the small accounting firm

ThomsonReuters

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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Here We Go Again! Changes to International Tax Provisions

Withum

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Cash Flow Secrets Every Upskilled CPA Should Know

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.

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Things To Consider Before Selling Your Skagit County Business

SkagitCountyTaxServices

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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Preventing Fraud in a Law Firm

FraudFiles

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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Is the Premium Subsidy Still Available for a COBRA Election Made After September 30, 2021?

ThomsonReuters

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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The Exclusion for Qualified Small Business Stock is in Play

Withum

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Profit in the Details: Rethinking Spend for Monumental Impact

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

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Voiding Checks in a Prior Period

SchoolofBookkeeping

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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How Franchisors Can Build a Strong Item 19

xendoo

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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Agencies Propose SECURE Act and Other Revisions to Form 5500

ThomsonReuters

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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Tax Increase Proposals are Starting to Gel

Withum

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Navigating Bleisure Travel: A Guide for Mid-Sized Companies

Bleisure travel — where employees combine work and leisure — has been around since the advent of corporate travel and is here to stay. Successful bleisure policies strike a balance between employee preferences and company goals — workers report a 64% improvement in work-life balance, while companies benefit from reduced travel costs and increased workforce innovation.