Sat.May 29, 2021 - Fri.Jun 04, 2021

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State Discounts for Sales Tax

TaxConnex

Collecting and remitting sales tax can be onerous – and expensive – for any business. That’s one reason some states give a collection discount to help with the costs of managing sales tax. States offer it as a way of helping to pay administrative costs of compliance. And if it sounds like free money, it can be if your company knows how to take advantage of it in states where you have nexus.

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Specializing an Accounting Business: What and How?

PANALITIX

RESOURCES / ARTICLES. Specializing an Accounting Business: . What and How? Specialization is one way to distinguish your firm from the competition and generate more profitable work. But what should you specialize in? The clues lie in your clients, your market, your areas of interest and your skills. For an overview of the path to specialization, read on. .

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Defining Material Participation

CTP

If you haven’t looked at last week’s blog (“Reclassifying Non-Passive Income”), we suggest you do that first. Last week, we focused on classifying activities as either passive or non-passive. This week, we want to look at the rules of material participation. When intentionally trying to recharacterize income from non-passive to passive, we need to prove […].

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Keep Your Network’s Connections Strong

RogerRossmeisl

(This is Blog Post #1027). The post Keep Your Network’s Connections Strong appeared first on Roger Rossmeisl, CPA.

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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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VC Deal Flow Was Dominated by Consumer Startups in 2020

BurklandAssociates

VC deal flow to Consumer startups accounted for well over 40% of all venture deals in 2020 and a whopping 46.6% in Q1 2021. The post VC Deal Flow Was Dominated by Consumer Startups in 2020 appeared first on Burkland.

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5 Tips to Prepare Your Small Business for Summer

GrowthForceBlog

Summer is here- which means sunshine, the smell of freshly mowed grass, and some much-needed downtime is right around the corner. But as a business owner, it's much more than that. For some, the approaching summer translates to a slow and lean period. For others, business is booming. Whichever category your small or medium-sized business falls into, the summer months offer some unique opportunities, as well as challenges, that all businesses need to prepare for ahead of time.

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Some 2020 Unemployment Compensation is Tax-Free

RogerRossmeisl

In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19. Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. The 2020 return was due on May 17, 2021 (because the IRS extended many due dates from the usual April 15 this year).

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Timeshare Benchmarking Report 2020

Withum

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Common Human Capital Strategy Mistakes & How You Can Avoid Them

GrowthForceBlog

8 min read. If I asked you “How do you boost your bottom line?” - what’s the first thing that pops in your head?

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AccountingDepartment.com is Great Place To Work Certified!

AccountingDepartment

Here at AccountingDepartment.com, we always strive to make our virtual workplace an enjoyable experience for all of our 130+ amazing employees. Earlier this year, our employees were anonymously surveyed and the results show that our efforts truly pay off - we're Great Place To Work Certified!

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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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Something’s Wrong in your Office. Is it Fraud?

RogerRossmeisl

Not all red flags lead to active occupational fraud schemes. But when fraud is occurring, it usually leaves traces — for example, accounting anomalies — for fraud experts and other knowledgeable people to find. Owners and executives, as well as rank-and-file workers, should be familiar with the signs of fraud and know when to call in a forensic accounting specialist.

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Writing and Getting Published

Withum

Many business people, especially professionals, feel it is important to get published. Others have a deep seated craving to write the next #1 Best Seller, and still others want to write so they could share personal notes, stories and anecdotes about their past, values or ethics, and some want to become a social media star. Whatever the reason you need to start.

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Pot of Gold: Be Smart (Not Lucky) With Outsourcing Business Processes

inDinero Accounting

Outsourcing has been the way to grow a startup or small business, but that’s changing. According to Global Industry Analysts, Inc. , business process outsourcing (BPO) is ubiquitous with “doing business.” However, the BPO industry shrank by 28.7% in 2020. As CFOs pursue greater flexibility, liquidity, and risk management for their companies, alternatives to BPO are becoming more attractive.

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What is a Tax Write-Off for Your Business?

AccountingDepartment

Having tax write-offs is a great way to save your business money. Here's a list of some tax write-offs that you may be entitled to this tax season.

Tax 58
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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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Claiming the Business Energy Credit for Using Alternative Energy

RogerRossmeisl

Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property. The credit is intended primarily for business users of alternative energy (other energy tax breaks apply if you use alternative energy in your home or produce energy for sale).

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Do SAFEs Qualify as Stock for Purposes of Section 1202?

Withum

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How to Pay Yourself As An LLC – CPA Explains the #1 Method

LyfeAccounting

Today’s post is all about how to pay yourself as an LLC. Here at LYFE Accounting, not only do we help people pay themselves correctly as an LLC… …but we’ve also started one of the fastest-growing LLCs according to Inc Magazine and the financial times in 2021. So now, we want to walk you through how we pay ourselves as LLC owners, and how we advise our clients to pay themselves through an LLC.

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Improving your Bottom Line with a Cohesive Break-Even Analysis

AccountingDepartment

What is break-even analysis? The break-even point is when your company is not making any profit. At the same time, it is the place in time where your company is not making any profits either. Basically, your company is covering expenditures but not gaining any profits. A break-even point gives you a target of what you need to shoot for to make profits.

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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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FraudFiles Podcast with Tracy Coenen

FraudFiles

Every time I think I should start a podcast called The FraudFiles Podcast, I end up appearing as a guest on someone else’s show. It’s so much easier to just post all of those here and pretend it’s my own podcast feed. I hope I haven’t missed any! Exhibit (A)ttorney Show with Jordan Ostroff. May 17, 2021. The Ins & Outs Of Forensic Accounting & Finding Fraud.

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Cybersecurity Guidance for Employee Benefit Plans Released by the DOL

Withum

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What is Cryptocurrency: Crypto Explained for Beginners

LyfeAccounting

Today’s post is all about crypto! Now we’re pretty sure you’ve heard of cryptocurrency in the news, social media, or just talking with friends and family. But, do you understand it? Well if you’ve done any research on it, you may have found yourself even more confused. It’s not exactly an easy topic to understand. But don’t worry, we’ve done all of the research for you.

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Determining Your Indirect Costs

AccountingDepartment

Indirect costs are necessary for the operation of a business. Indirect costs include things like office technology, rental equipment, marketing campaigns, supplies, and accounting services. When you know the true costs of both your indirect costs and your direct costs, you can then properly price your products or services for a profit. Indirect costs can be both variable and fixed.

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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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Transform your practice: 3 Benefits of APIs

ThomsonReuters

Improving efficiency, driving automation, and streamlining internal processes are essential for tax and accounting firms looking to better meet increased client demands and, ultimately, generate greater profitability. . For today’s firms, this is made possible through the rise of application programming interfaces, more commonly known as APIs. API use has surged in recent years and is changing the way tax and accounting professionals work and serve their clients. .

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Secondary Sales – What Stockholders Should Know

Withum

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Amended Tax Return: How to File Form 1040X Step-by-Step

LyfeAccounting

Want to Know How to File an Amended Tax Return? Today, we’re going to walk through, step by step, how to do it. Let’s dive right in! As an accounting firm, we’ve filed our fair share of amended tax returns. And, we wanted to make this post so there is less confusion and stress surrounding the topic. In today’s post, we’ll be going over when to amend your taxes and the 5 steps to actually amend your taxes.

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Bank Statements in a Divorce

FraudFiles

When there are suspicions of hidden income or secret investments or bank accounts, an analysis of known bank accounts can reveal helpful details. Tracy Coenen explains how bank statements and credit card statements can be used by a forensic accountant in a divorce or child support case.

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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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How Often Must We Update and Distribute Our HIPAA Notice of Privacy Practices?

ThomsonReuters

QUESTION: Our company sponsors a self-insured health plan. We maintain a HIPAA Notice of Privacy Practices. How often do we need to update the Notice? When must we distribute the updated Notice to plan participants? ANSWER: Your Notice does not need to be updated according to any particular timeline, but it must accurately describe your plan’s uses and disclosures of protected health information (PHI), individuals’ HIPAA rights, and the plan’s legal duties with respect to PHI.

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Sunshine Tax: Taxes for Small Business in Florida

xendoo

Florida is among the most tax-friendly states in America. If you have a small or midsize business in the state of Florida, you may be shielded from many typical forms of small business taxes. But how can you know which tax laws apply to your business? This post will cover some of the more common tax questions related to taxes for small businesses in Florida.

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Ultimate List of Small Business Grants for 2021 [Local, Private, and Federal Grants]

LyfeAccounting

Today, we are here to help you find grants for your business – basically free money that does not have to be paid back. There are many places to look for grants. But they often overly priced, overly confusing to navigate, or extremely outdated. So, we’ve compiled a list of the best grants and places to find grants to save you time and money.

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Talking & Writing

RitaKeller

“The spoken word and the written — there is an astonishing gulf between them.” – Hercule Poirot . Working in the CPA profession you do a lot of talking and writing. Are you even aware how you come across to others? Here’a a Flashback post that address both of these activities. Enjoy your weekend and do some reading!

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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.