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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. Developing updates. There are currently five states with no state-level sales tax. Might that be changing? Take a look north. Alaska has long heard rumblings of a statewide sales tax. First came the state’s Remote Seller Sales Tax Commission of municipalities banding together to tax sales.
The Association of Certified Fraud Examiners’ (ACFE’s) Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse provides ample evidence that some fraud detection methods are better than others. In general, passive methods, such as accidental discovery or notification by police, coincide with longer-running schemes and higher financial costs.
This is a joint article by Jeff Burkland, founder of Burkland Associates and Abhinav Agrawal, Co-founder & CEO of Rocket. It was originally published on Medium. The robots are coming! Read More. The post Everybody Wins When AI & People Collaborate in the Workplace appeared first on Burkland.
RESOURCES / ARTICLES. Designing Your Firm… so it’s not reliant on you. Being a slave to your accounting business is not a desirable situation and causes stress on you and your colleagues. Building a business which can scale and is not dependent on the owner(s) is a matter of Organizational Design. For tips on building a scalable business, read on. .
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
Soon after you start dealing with states’ sales tax, you’re going to also run into another term: excise tax. What is excise tax? And is it different from sales tax? A different kind of tax pie. Excise tax – which in America dates to the nation’s earliest days – is levied on certain goods, products or services at the time of purchase. Your business is responsible for collecting excise taxes and sending them to the proper authorities but, unlike sales tax, the cost of the excise tax is usually pas
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have a business in federally declared disaster areas.
If you’re looking for a new benefit to offer employees, you might consider employer student loan repayment. The benefit itself isn’t new, but it got a tax-exemption makeover thanks to the CARES Act and Consolidated Appropriations Act. The result? An up-and-coming employee benefit hitting businesses nationwide. Here’s what you need to know about the employer […] READ MORE.
If you’re looking for a new benefit to offer employees, you might consider employer student loan repayment. The benefit itself isn’t new, but it got a tax-exemption makeover thanks to the CARES Act and Consolidated Appropriations Act. The result? An up-and-coming employee benefit hitting businesses nationwide. Here’s what you need to know about the employer […] READ MORE.
Does an outsourced accounting service make sense? You bet it does. That is why outsourced accounting services are a growing trend among companies today. More and more businesses are allowing outsourced services to take care of their accounting functions. They are reaping all of the benefits that an outsourced accounting firm has to offer. Here is a list of reasons why businesses are choosing to outsource their accounting tasks.
Starting with tax year 2020, the IRS is requiring partnerships to report their capital accounts using the tax basis method. Capital accounts show the equity in a partnership owned by each partner and often include initial contributions made by each partner, business profits and losses assigned to each partner, and distributions made to each partner. […].
Do your employees use company-owned or leased vehicles for personal reasons? If so, you need to know how to handle reporting personal use of company car for wage and tax purposes. Read on to learn: What is personal use of company car? How to calculate personal use of company vehicle value How to report personal […] READ MORE.
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
Outsourced accounting can pose many questions for a business owner that is considering making the switch, or just simply trying to learn more about the service as a whole. AccountingDepartment.com is the leader in outsourced accounting a bookkeeping services, and we have compiled some of the common questions asked when it comes to making the switch from in-person to outsourced accounting services.
We live in a world of constant disruption. It interrupts and destabilizes our systems and norms, impacting individuals, organizations, and indeed, all of our society. We face cultural, environmental, and technological disruptions on a daily basis and rarely do we recognize them until they’re on our doorstep. Sometimes this is because people are willfully ignorant, trying to carry on as if the world around us isn’t rapidly evolving.
Remember when the monster cargo ship Ever Given jammed the Suez Canal? After the Given had been stuck just five days, almost 400 other freighters were backed up waiting to pass through the Canal. Experts began predicting temporary shortages of everything from exercise bikes to coffee, cheese to semiconductors. For once, they were right — and not just because of one stuck ship.
5 min read. In today’s world, sustainability is on the minds of many business owners and is often a stated goal. Yet, it’s quite difficult to measure the degree to which an organization is being sustainable.
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.
According to the FTB, PTE forms are in the development phase for qualified entities to make their PTE elective tax payments, and for. The post CalCPA BUZZ: Pass-through Entity Elective Tax Update appeared first on Hot Topics.
“If you want to ignite the spark, focus on them from the moment they walk in the door.” – Bruce Tulgan. I have often talked about young, newly graduated talent walking into the door, for the first time, at their new job in a CPA firm. My story stresses the fact that from a baby’s first step they have heard applause for each accomplishment through their growing-up years.
5 min read. Wheelchairs for Warriors puts the quality back in " quality of life " for those who courageously risked their lives and sacrificed limbs for our freedom. Too often, Veterans injured in the line of duty come home with the burden of substandard mobility equipment that hinders their ability to function. Wheelchairs for Warriors was created to resolve this pressing issue- and give quality of life back to those who serve(d) in the gap for us.
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?
What does SALT stand for, and what are the Pros and Cons? SALT is an acronym for State and Local Taxes. The current cap on deductions for state and local taxes is $10,000 as enacted in the 2017 Tax Cuts and Jobs Act (TCJA). Since 2017 (and through 2025), as the current law exists, only. The post Eliminate the ‘SALT’ Deduction Cap? appeared first on LSL CPAs.
Work Smarter, Not Harder. At SmartScout , we built our business around the idea of working “smarter”. Easy enough to say. What steps can small business owners take to work smarter? Glad you asked. The three keys to working smarter, not harder, in business are education, technology, and delegation. In this blog post, we will show you how you can use these keys to expand your knowledge, streamline your workflow, and delegate work to your team to grow their skills. . 1.
How is a lifestyle analysis used in a divorce case? Attorney Miles Mason discusses how he uses the report, more specifically the numbers that he is most concerned about.
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!
At the end of a year-long project, the CEO of a construction company joked that he loved it when a plan came together. Although the CEO was pleased that the project went as planned, he felt that the success was due as much to luck as to planning. After all, only 28% of construction projects come in on time or budget. A 2020 survey found that construction businesses blame delays on:: Change orders (62%), Weather (60%), Poor project coordination (54%), Delayed payments (12%).
National Women’s Small Business Month celebrates women’s achievements in business, and highlights what they bring to their communities as small business owners. We took a moment to interview Xendoo founder and CEO Lil Roberts, to get insight into what it takes to be a successful entrepreneur, and the importance of women leading in business. . Build Up Your Team.
For tax professionals with many years of experience in the field, automation can seem like technological overreach. Any change or disruption to a workflow developed over many years of practice is going to be met with resistance. However, automation is important for any firm looking to improve efficiency and generate more revenue. . Why automation?
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.
People change but their memories don’t but can get hazy or fuzzy, or sweeter and fonder or could vanish. Perspective also adds to enjoyment of memories and past successes, so does preservation. Our memories are not conserved like those on Keats’ Grecian Urn but they can be passed on in a memo, letter, booklet or video orchestrated by you. This Sunday an expert on helping people preserve their memories will be speaking at a free Zoom program I organized and am inviting you to attend.
More than 99% of people lose money in multi-level marketing (MLM). In Chapter 7 of Dr. Jon Taylor’s book, The Case (For and) Against Multi -Level Marketing , he details the failure rates of participants in multi-lievel marketing companies. In order to analyze the true failure rates and to calculate actual profits or losses from participation in these (improperly termed) “business opportunities,” it is necessary to wade through confusing and incomplete disclosures and to estimate figures that are
Pasadena, CA – INSIDE Public Accounting (IPA) named KROST CPAs & Consultants Top 100 Firm, Top 100 Fastest-Growing Organic Growth Firm, Top 100 Fastest-Growing All Growth, and best of the best in 2021. The firm placed 81 st on the prestigious top 100 list, a substantial leap from 116th in 2020. KROST along with other recipients of these distinguished awards will be highlighted in the August and September issues of IPA’s monthly newsletter.
Maintaining your firm’s competitive advantage is important in any crowded marketplace. As more and more clients seek DIY solutions when completing their taxes, differentiating your firm, and capitalizing on your strengths are crucial to keeping existing clients and generating new business. Evaluating your firm’s advisory stance is a strong first step to improving your business operations. .
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.
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