TaxConnex
FEBRUARY 23, 2021
M any industry experts believe that as state tax revenues continue to dry up from the economic shutdown and continuing pandemic , state sales tax audits are likely to increase sharply in the coming months. States are in the same boat as many businesses when it comes to the stress and financial strain that comes along with the pandemic, and an increase in audits would help states recoup lost revenue and minimize budget deficits.
RogerRossmeisl
FEBRUARY 26, 2021
If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2020 income tax return? It depends. What is required To support a charitable deduction, you need to comply with IRS substantiation requirements.
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GrowthForceBlog
FEBRUARY 24, 2021
6 min read. Employees are often selected for promotion into leadership positions based on their track record of success in their current position. However, an employee's excellence in one position doesn't necessarily mean they'll make an excellent leader.
BurklandAssociates
FEBRUARY 22, 2021
You’ve built a budget and regularly update your forecast of full year results. Great. Now you should add conservative and aggressive forecast scenarios. Companies of every size, but especially startups, Read More. The post The Importance of Scenario Analysis in Financial Planning appeared first on Burkland.
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.
TaxConnex
FEBRUARY 25, 2021
You may think that if you do not have physical or economic tax nexus in a state, you do not have any tax obligations. However, this may not be the case. You can still have obligations to the certain tax authorit ies in a state even where you do not have nexus and are not required to collect and remit sales tax in the state. The reason? Use tax. Specifically, consumer’s use tax.
RogerRossmeisl
FEBRUARY 24, 2021
Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than two months (unless you file an extension). However, it’s a good idea to acquaint yourself with tax-related limits affecting individuals that may have changed for 2021.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
ThomsonReuters
FEBRUARY 22, 2021
The United Kingdom and European Union narrowly avoided the worst of Brexit’s possible outcomes when the EU-UK Trade and Cooperation Agreement (TCA) was signed on Dec. 24, 2020, a week before the Jan. 1 deadline for trade negotiations. News of the accord may have allowed supply chain managers to breathe a brief sigh of relief, but there are still plenty of changes in the 1,246-page agreement that will significantly impact post-Brexit supply chains for years to come.
xendoo
FEBRUARY 24, 2021
Are you behind on your books? Losing track of your expenses? Do you need someone who can help you file your taxes and stay compliant? . A small business bookkeeper or bookkeeping service can support you with everything from simple bookkeeping to offering more in-depth tax filing services and business consulting. A skilled bookkeeper will save you time and money, set you up with systems that will simplify running a small business, keep you tax compliant and ready, and ensure you are always in-the
RogerRossmeisl
FEBRUARY 23, 2021
A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business meals has doubled for this year after a new law was enacted at the end of 2020. Here’s a rundown of those that may be important to you and your business.
Withum
FEBRUARY 22, 2021
“How to Read and Analyze a Financial Statement” is the topic of my next Take A Business Break program at the East Brunswick Public Library on this Thursday Feb. 25 at Noon.
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.
Patriot Software
FEBRUARY 24, 2021
Looking to offer your employees an additional benefit? Consider creating a profit-sharing plan. But before you run off and create a plan, you need to know what is profit sharing. Read on to learn all about profit sharing, including how it works and steps for creating a plan of your own. What is profit sharing? […] READ MORE.
ThomsonReuters
FEBRUARY 25, 2021
Hammer v. Johnson Senior Ctr., 2020 WL 7029160 (W.D. Va. 2020). When the employee in this case was diagnosed with cancer, she took a medical leave and began treatment. Around the same time, her employer was experiencing internal upheaval and financial pressures, and it failed to pay its health insurance premiums (both employee and employer portions).
RogerRossmeisl
FEBRUARY 22, 2021
If you have an estate plan and also have creditors, you could be a fraud perpetrator — without knowing it or intending to defraud anyone. In some circumstances, creditors can challenge gifts, trusts and other strategies for leaving assets to heirs as fraudulent transfers. Here’s how to keep your estate plan from running into trouble. 2 types Most states have adopted the Uniform Fraudulent Transfer Act (UFTA).
Withum
FEBRUARY 24, 2021
Amazon bestselling author of The President is Dead!, Louis L. Picone will be speaking Sunday morning at 10:00 on Zoom. It is free and a link is below.
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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.
KROST
FEBRUARY 23, 2021
Navigating the ins and outs of US taxes as a US shareholder of a controlled foreign corporation (CFC) has been complex in the last couple of years due to changes in regulations from the IRS. Taxpayers need tax planning to determine the best strategy to mitigate the CFC’s tax liabilities. In 2019, the IRS and Department of Treasury introduced the Global Intangible Low-Taxed Income (GILTI) tax.
ThomsonReuters
FEBRUARY 25, 2021
IRS Notice 2021-15 (Feb. 18, 2021). Available at [link]. The IRS has issued a notice clarifying the temporary relief for health FSAs and DCAPs (collectively, FSAs) that was enacted as part of the Consolidated Appropriations Act, 2021 (CAA, 2021) (see our Checkpoint article ). The notice also allows additional election changes and provides relief regarding the effective date of amendments implementing the CARES Act’s provisions allowing reimbursement of over-the-counter (OTC) drugs without pres
FraudFiles
FEBRUARY 25, 2021
Government investigations of white collar crimes almost always have one thing in common: They rely heavily on the analysis of financial information. Often, this includes combing through bank statements and credit card statements, as well as scrutinizing accounting records. Some people think that analyzing this kind of data is simple. It seems like it is only a math exercise in which we’re checking dollar amounts and verifying the addition and subtraction.
LyfeAccounting
FEBRUARY 24, 2021
?. How much money will you be paying in taxes this year? Hopefully, the lowest amount legally possible! To help you do just that, we’ll be going over the 12 most overlooked tax breaks you can take today. The more tax deductions and credits you get, the more money you get to keep. So, hold off on filing your taxes until you’ve gone over this entire list because there are money-saving tax breaks here for everyone.
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
KROST
FEBRUARY 24, 2021
US citizens living abroad and foreign nationals residing in the US are renouncing their citizenship in a record-breaking fashion. During the first three quarters of 2020, the IRS published 5,045 individuals who have made the ultimate decision to expatriate and formally cut ties with the United States. This amount is significantly higher than the numbers we have seen in the past.
xendoo
FEBRUARY 24, 2021
There are different types of bookkeeping services for small businesses. You can handle it all yourself, utilizing software like Quickbooks and Xero; hire a part-time small business bookkeeper; or opt for a full-service bookkeeping service like Xendoo that can handle it all for you. . What are the different types of bookkeeping services for small businesses?
FraudFiles
FEBRUARY 22, 2021
Tracy Coenen explains what a Ponzi scheme is: a specific type of investment scheme in which the perpetrator recruits investors and then pays their “investment returns” with money from new investors.
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The first Market Momentum Index: AI and Unstructured Data Management, conducted by Deep Analysis with support from AIIM and M-Files, surveyed 500 enterprises across various industries to assess their readiness to employ AI. The results reveal that AI is already far more embedded into organizations' operations than previously realized. These findings and more insights have been brought to you in the "Market Momentum Index: AI and Unstructured Data Management.
KROST
FEBRUARY 23, 2021
This is a preview of one of the articles in the new KROST Quarterly Real Estate Issue , titled “Opportunity Zones and Cost Segregation” by Guest Contributor Artur Babaian. Opportunity Zones are garnering increased interest across the country. Created by the Tax Cuts and Jobs Act (TCJA) in December 2017, taxpayers who meet the requirements for investing in an Opportunity Zone can potentially defer taxable gain on their current year gain and eliminate any gain on the new Opportunity Zone investme
xendoo
FEBRUARY 24, 2021
Small business bookkeeping services can support you with everything from simple data entry to offering more in-depth tax filing services and business consulting. Bookkeepers can help you with the big picture aspects of running a small business, such as reviewing options for how to finance your business. Here are some helpful ways to consider what the best solution is for your business.
RitaKeller
FEBRUARY 24, 2021
“We must stop regarding unpleasant or unexpected things as interruptions of real life. The truth is that interruptions are real life.” – C. S. Lewis. It never seems to end, the constant parade of people outside the door of the managing partner or firm administrator, often standing in line just to ask a quick question. During COVID times, people are seeking a quick Zoom meeting with you.
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.
Baruch Lev
FEBRUARY 21, 2021
Below is a recent report from PwC which cites our book and uses one of our graphs:
ThomsonReuters
FEBRUARY 24, 2021
Do you have a kinetic approach to your tax data? A workflow engine can give you a methodology for owning and managing your tax data so that you can mine the value in that data. Instead of being static elements that are manipulated in Microsoft Excel tables, data should gather momentum and value as it travels across the tax lifecycle. We call this a “ kinetic data approach.”.
RitaKeller
FEBRUARY 26, 2021
“Communication – the human connection – if the key to personal and career success.” – Paul J. Meyer. If you want to enhance employee engagement, it is important to develop human connections. You can offer all kinds of employee benefits but don’t forget the importance of personal relationships. Accountants are not usually the out-going, people-oriented types.
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With automation, you’ll reduce errors and save valuable time, allowing you to focus on what really matters: strategic analysis and insightful decision-making. Picture accurate financial reports ready at your fingertips, giving you the confidence to tackle business challenges head-on. Embracing automation not only boosts productivity but also elevates your role from number cruncher to closing rockstar.
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