TaxConnex
MARCH 16, 2021
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.
RogerRossmeisl
MARCH 14, 2021
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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CapataCPA
MARCH 18, 2021
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.
DuctTapeMarketing
MARCH 15, 2021
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. .
Speaker: Melissa Hurrington
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.
TaxConnex
MARCH 18, 2021
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?
RogerRossmeisl
MARCH 14, 2021
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.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
MyIRSRelief
MARCH 15, 2021
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.
PANALITIX
MARCH 14, 2021
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 !
RogerRossmeisl
MARCH 14, 2021
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”).
Speaker: Yohan Lobo
In the accounting world, staying ahead means embracing the tools that allow you to work smarter, not harder. Outdated processes and disconnected systems can hold your organization back, but the right technologies can help you streamline operations, boost productivity, and improve client delivery. Dive into the strategies and innovations transforming accounting practices.
MyIRSRelief
MARCH 15, 2021
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.
ThomsonReuters
MARCH 17, 2021
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
GrowthForceBlog
MARCH 17, 2021
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.
Withum
MARCH 18, 2021
“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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LyfeAccounting
MARCH 19, 2021
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?
CTP
MARCH 19, 2021
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.
SkagitCountyTaxServices
MARCH 17, 2021
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 (
ThomsonReuters
MARCH 15, 2021
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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Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, emails, and shared drives no longer need to slow you down. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.
KROST
MARCH 18, 2021
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.
CTP
MARCH 17, 2021
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 […].
ThomsonReuters
MARCH 17, 2021
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
Speaker: Susan Richards
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
GrowthForceBlog
MARCH 18, 2021
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.
CTP
MARCH 16, 2021
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!
AccountingDepartment
MARCH 18, 2021
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.
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 technology to drive productivity and cost savings. So, how do you make the case for automation within your organization?
KROST
MARCH 18, 2021
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
CTP
MARCH 18, 2021
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.
AccountingDepartment
MARCH 15, 2021
Financial planning and accounting are two critical aspects when operating a business. With proper outsourced accounting in place, both of these components are well taken care of for you. Today, many businesses are outsourcing their financial and accounting services to outsourcing firms. Knowing the current trends in the industry of outsourced accounting services will help you know where the industry is moving.
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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