Sat.Mar 13, 2021 - Fri.Mar 19, 2021

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Don't Test Your Luck with Non-Compliance

TaxConnex

This St. Patrick’s Day, don’t look to four-leaf clovers, pots of gold or leprechauns to bail you out of trouble with sales tax. If your company has a sales tax obligation s and doesn’t have a process yet in place, plan for the risks of non-compliance. When your business establishes nexus in a state or jurisdiction, you become responsible for collecting and remitting sales tax.

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There is Still Time to Make a 2020 IRA Contributions

RogerRossmeisl

If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2021 filing date and benefit from the tax savings on your 2020 return. Who is eligible? You can make a deductible contribution to a traditional IRA if: You (and your spouse) aren’t an active participant in an employer-sponsored retirement plan, or

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Individual Tax Deadline Extended

CapataCPA

Individual Tax Deadline Extended to May 17, 2021 The Internal Revenue Service (IRS) and Treasury Department announced today the 2020 tax year federal income tax filing due date for individuals has been automatically extended from April 15, 2021 to May 17, 2021. Just like last year, taxpayers do not need to file additional forms for the. The post Individual Tax Deadline Extended appeared first on CPA firm in Orange County, CA | CAPATA.

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Why Marketing Needs to Be A Part of Everyone’s Job (and Job Description.)

DuctTapeMarketing

Why Marketing Needs to Be A Part of Everyone’s Job (and Job Description.) written by John Jantsch read more at Duct Tape Marketing. Far too often businesses of all sizes leave the official job of marketing to, well, the marketing department, which is frequently known as the owner of the business or top salesperson turned into the marketing person. .

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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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Wayfair: Sales Tax and State Income Tax Implications

TaxConnex

This article was written with contributions by Kaylyn Kleinhans of Sensiba San Fillipo. The U.S. Supreme Court decision in South Dakota v. Wayfair created enormous changes for businesses making remote sales into the states related to sales tax. However, it may have had a grander impact than you realized. Could Wayfair have also impacted the way you manage your state income tax obligations?

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Fraud Considerations When Making Business Acquisitions

RogerRossmeisl

The COVID-19 pandemic has often made the due diligence process for business acquisitions more complex and time-consuming. But if you’re buying a company, it’s critical to dedicate your full attention to this part of the M&A process — not only to confirm that the selling business is as valuable as you believe it to be, but to protect against fraud.

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Representing High-Income Taxpayers Who Owe Delinquent Back Taxes

MyIRSRelief

TIGTA identified 685,555 taxpayers who had a balance due as of May 14, 2019. These taxpayers reported adjusted gross income (AGI) of $200,000 or more and owed a combined total of $38.5 billion. Because the IRS prioritizes high balance due cases for collection, many of these high-income taxpayers would be included in high-priority work. However, balance dues are not prioritized by incomes earned and some improvements could be made to prioritize high-income taxpayers more effectively.

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Engagement Letters: Untangling what you WANT to say from what you feel you HAVE to say

PANALITIX

RESOURCES / ARTICLES. ENGAGEMENT LETTERS: UNTANGLING WHAT YOU WANT TO SAY FROM WHAT YOU FEEL YOU HAVE TO SAY. Whether you’re buying a dishwasher or proposing tax services – there are some Terms and Conditions that are really important to understand from the outset and others that are probably not critical. Here’s how to hone in on what to communicate in a proposal and save time for everyone !

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Work Opportunity Tax Credit Extended Through 2025

RogerRossmeisl

Are you a business owner thinking about hiring? Be aware that a recent law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC) that’s worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for “long-term family assistance recipients”).

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IRS Extends April 15th Filing and Payment Deadline for Individuals

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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High-Income Taxpayers Who Owe Delinquent Back Taxes Could Be More Effectively Prioritized

MyIRSRelief

TIGTA identified 685,555 taxpayers who had a balance due as of May 14, 2019. These taxpayers reported adjusted gross income (AGI) of $200,000 or more and owed a combined total of $38.5 billion. Because the IRS prioritizes high balance due cases for collection, many of these high-income taxpayers would be included in high-priority work. However, balance dues are not prioritized by incomes earned and some improvements could be made to prioritize high-income taxpayers more effectively.

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In What Order Should Reimbursements Be Paid When Employees Have Both HRA and Health FSA Balances?

ThomsonReuters

QUESTION: Next year, our company will set up an HRA and a health FSA covering the same employees. In what order should reimbursements be paid from these two plans? ANSWER: Unless you design your plan differently, the general ordering rule is that expenses are paid first from the HRA, until the HRA balance is exhausted, and then from the health FSA. However, this general rule makes it more likely that unused health FSA funds will be forfeited, especially in health FSAs that do not allow carryover

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Does Outsourcing Help My Business Save Money?

GrowthForceBlog

5 min read. To cut to the chase: Yes , in fact most businesses save anywhere from 30-40% , but that’s not the big reveal you’ll get from this.

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Enhancing the Value of a Business

Withum

“64 Ways to Increase and Enhance the Value of a Business” is the title of an article I posted two weeks ago. This was written for fellow business consultants and valuation advisors and is a pretty thorough checklist of how a business’ value can be increased, and sometimes by little changes.

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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.

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Tax Refund in 2021: Why You Still Don’t Have Your Money

LyfeAccounting

Where is my tax refund? This is a question we get asked all the time when our clients have done everything right and yet they still haven’t received their tax refund. So what’s the deal? Well in this post, we want to help eliminate all of the questions and confusion around: Where your tax refund is? How you can get it faster? Why are you may or may not be getting a tax refund in 2021?

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Tax Advantages of IRS Form 3115 – Request to Change…

CTP

What is Form 3115? According to the IRS, the form is filed “to request a change in either an overall method of accounting or the accounting treatment of any item.” What would necessitate this change? You could have a client, for example, who uncovers an earlier error or is required to make a change following […]. The post Tax Advantages of IRS Form 3115 – Request to Change… appeared first on certifiedtaxcoach.

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Big Employee Retention Credit Update For Skagit County Businesses

SkagitCountyTaxServices

With the passage of the American Rescue Plan Act AND the CARES Act, the government is seemingly trying to go “full Oprah” with all of the credits, grants, and such that they are slinging out to Skagit County small businesses… And while the media headlines are dominated by stories of the latest 1,400 dollar stimmies, the American Rescue Plan (ARP) Act of 2021 also extends a valuable tax credit for Skagit County small businesses impacted by COV-19, the Employee Retention Credit (

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Will the tax filing deadline be extended?

ThomsonReuters

It is the question at the back of every tax practitioner’s mind this tax season – will tax season be extended? So far, we’ve only seen one instance of local filing deadline extensions in Texas, where the deadline was pushed to June 15 th due to complications resulting from severe winter storms. While the IRS has issued statements that April 15 th will be the deadline, it’s become clear in the last year that legislation can change on a whim, and so the question lingers.

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2025 Payroll Calendar Templates (Biweekly, Semi-Monthly, and Monthly)

Use these handy calendar templates to stay on top of payroll in 2025! Download them today to share with your HR team or post for employees. Whether your company has biweekly, semi-monthly, or monthly pay periods, Paycor has you covered. Get your templates today!

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Register for Upcoming Webinar with the CRA: American Rescue Plan Act of 2021

KROST

The $1.9 trillion American Rescue Plan Act of 2021 (“ARPA”) is the second-largest government economic stimulus package in US history, coming a little less than a year after the $2.2 trillion CARES Act passed in 2020. ARPA includes direct payments and child credits to individuals, families, and the unemployed and money for states and local governments.

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Qualified Disaster Payments and Code Section 139

CTP

What is a Qualified Disaster Payment? During these challenging times, laws have been passed to create relief for businesses and their employees. For example, under Code Section 139, employers can provide tax-free “qualified disaster payments” to reimburse employees for expenses specifically due to COVID-19. Because most business owners are also employees, they can make these […].

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Going Paperless In Construction

Withum

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IRS Issues Form 8915-E for Reporting Qualified 2020 Disaster Distributions and Repayments, Provides 2020 Forms for Earlier Disasters

ThomsonReuters

Form 8915-E (Qualified 2020 Disaster Retirement Plan Distributions and Repayments) and Instructions (2020); Form 8915-D (Qualified 2019 Disaster Retirement Plan Distributions and Repayments) and Instructions (2020); Form 8915-C (Qualified 2018 Disaster Retirement Plan Distributions and Repayments) and Instructions (2020); Form 8915-B (Qualified 2017 Disaster Retirement Plan Distributions and Repayments) and Instructions (2020); Form 8915-A (Qualified 2016 Disaster Retirement Plan Distributions a

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Less Stress, More Success: Accounting Best Practices & Processes for 2025

Speaker: Duke Heninger, Partner and Fractional CFO at Ampleo & Creator of CFO System

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Duke Heninger, 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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Your Business Audit Will Cost You, Unless.

GrowthForceBlog

5 min read. In a perfect world, when the time for an audit rolls around, you'd simply greet the auditor, show them your files, and wait for your perfect grade. However.

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Three Reasons Why Your Tax Plans Aren’t Selling (& What to Do!)

CTP

Here are three common problems and their solutions to help you develop a successful and strategic tax planning sales pitch. Reason #1: “I have trouble demonstrating the value to clients.” The value of your tax plan has to be obvious to your clients, but it can be difficult to quantify. By comparison, if you spend […]. The post Three Reasons Why Your Tax Plans Aren’t Selling (& What to Do!

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SEC Division Of Examinations Releases 2021 Examination Priorities

Withum

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IRS Extends Tax Filing Deadline for Individuals to May 17th

KROST

The Internal Revenue Service has postponed the April 15 tax payment and filing deadline for individuals to May 17, allowing more time to file your 2020 Federal Form 1040 income tax return. California conforms to the federal change and many other states to follow the IRS lead. The recent $1.9 trillion COVID-19 relief bill signed into law earlier this month will mean some filers will have to wait for the updated Form 1040, resubmit their returns, or consult their tax advisers for advice if they ha

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Crafting Impact: Revenue Growth And Efficiency For Finance Professionals

Speaker: Ashley Harlan, MBA

What if your role as a fractional CFO went beyond operational support to actively shaping the future of your clients’ businesses? 💼 ✨ In this session, discover how fractional finance professionals can position themselves as architects of growth, guiding their clients toward sustainable success and preparing them for full-time financial leadership.

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How Outsourcing Accounting Services Reduces Overhead Costs

AccountingDepartment

Every business benefits from reduced costs. However, figuring out how to cut costs without sacrificing productivity is quite difficult. Enter outsourced accounting services. Outsource your accounting projects to the specialists and your overhead costs will decrease in several ways. Below, we provide an in-depth look at how outsourcing accounting services saves you money on overhead expenses.

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Commonly Asked Section 139 Plan Questions

CTP

Is there a cap on how much an employer can provide to an employee as a qualified disaster payment? No, the statute states that as long as it meets the requirements, there is no cap on the exclusion amount. While it can feel like this is too good to be true, be careful not to […]. The post Commonly Asked Section 139 Plan Questions appeared first on certifiedtaxcoach.

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The American Rescue Act Brings Solutions to the Multiemployer Funding Crisis

Withum

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Qualified Improvement Property (QIP) Technical Correction and Bonus Depreciation

KROST

This is a preview of one of the articles in the new KROST Quarterly Real Estate Issue , titled “Qualified Improvement Property (QIP) Technical Correction and Bonus Depreciation” by Elvira Frencillo and So Sum Lee. The coronavirus has turned the world upside down. It has cost so many lives and caused agony to individuals and businesses. To help stimulate the economy and U.S. citizens and business to get over this devastating pandemic, the “Coronavirus Aid, Relief, and Economic Security Act” (CAR

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Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors

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.