RogerRossmeisl
NOVEMBER 25, 2020
Ghost employees and other payroll scams are trouble for employers. They may be just as fictional as the paranormal activities in your favorite scary book or movie, but if you have ghost employees on your payroll, you have fraud. And if you have fraud, you have potentially significant financial losses. Anatomy of a scheme Ghost employee schemes usually are perpetrated by employees who have easy access to payroll records.
GrowthForceBlog
NOVEMBER 23, 2020
5 min read. Which management style fuels growth in your business? A recent, breakthrough Gallup study found that leadership style is the single most important factor in determining whether your business’s work culture is bad, good or great. On top of that, 70% of the variance between bad and great cultures can be found in the skillset and talent not of the team members, but the team leader.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
FraudFiles
NOVEMBER 24, 2020
Here’s a simple way to break down the idea of a corporate fraud investigation. If you’ve got a compliance department, this is way too basic for you. But if you’re at a smaller company that is new to the concept of fraud (either because you recently had a fraud or because you have decided that fraud prevention and detection are important)… then this might help you see the basic things that you’ll need to put in place.
TaxConnex
NOVEMBER 24, 2020
One state’s efforts to join the Sales and Use Tax System (SUTS) and another state’s lawsuit against a world-famous auction house highlight recent challenges in the sales tax world. Notable Colorado home-rule jurisdictions have agreed to participate in the Sales and Use Tax System (SUTS), meaning Colorado taxpayers and those selling into the state may soon face more sales tax collection and filing responsibilities.
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.
RogerRossmeisl
NOVEMBER 27, 2020
Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax responsibilities of COVID-closed businesses that must be met. Of course, a business must file a final income tax return and some other related forms for the year it closes.
PYMNTS
NOVEMBER 23, 2020
Western Union just took another big step toward ramping up its growing digital payments arsenal. The legacy global remittance giant said on Monday (Nov. 23) that it has expanded its real-time digital payout capabilities in a move that encompasses billions of bank accounts in 100 countries. Western Union first unveiled the goal of expanding digital payments to 100 countries during its investor day event in 2019.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
CTP
NOVEMBER 24, 2020
Whether you’re just entering your accounting career or reinventing a tired business, the road ahead can seem quite long. Starting and growing an accounting and tax business from the ground up (like building any other business) can take time and hard work. Finding those first few regular clients can be a daunting task, and many […]. The post Pro’s and Con’s of Starting and Growing an Accounting and Tax Business appeared first on certifiedtaxcoach.
RogerRossmeisl
NOVEMBER 27, 2020
Management overrides of internal controls can make your company more vulnerable to fraud. This is true even when managers have innocent intentions — for example, they don’t feel they have time to follow proper accounts payable procedures because a vendor is requesting immediate payment. Your company is at even higher risk of fraud losses. controls are ineffective. if a senior manager intentionally ignores the rules to manipulate financial statements.
PYMNTS
NOVEMBER 23, 2020
Consumers are moving to digital payments and cryptocurrency in droves, and it’s inevitable that more central banks will issue digital forms of currency, PayPal CEO Dan Schulman said in a televised interview on Monday (Nov. 23). “There's no question that people are flocking to digital payments and digital forms of currency,” Schulman told CNBC’s “Squawk Box.”.
ThomsonReuters
NOVEMBER 25, 2020
Due to the unfortunate circumstances revolving around COVID-19, firms are now dealing with the need to advise accounting clients through bankruptcy. There have been regulation changes around bankruptcy, and as small to medium size businesses face shutdowns and various other factors, indebtedness is a real issue that several businesses are facing. In this episode of Pulse of Practice “Let’s talk bankruptcy” Paul Miller, CPA from Business by Design , and I are joined by Steve Nickles, Law Professo
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.
Withum
NOVEMBER 23, 2020
My guess is that only about 25,000 estate tax returns would be filed for those dying in 2020 and who left estates large enough to pay estate tax. So for most people, this is not a concern. However, for those with sufficient assets, this is a very serious matter.
RogerRossmeisl
NOVEMBER 27, 2020
When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing experience. Several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are four tax issues divorcing couples should understand if they’re in the midst of a divorce.
PYMNTS
NOVEMBER 25, 2020
The age of artificial intelligence (AI) is upon us, where data feeds and models are used in the service of everything from verifying the digital identity of remote users to approving or denying a bank loan application. But Labhesh Patel , chief technical officer and chief scientist at real-time identification firm Jumio , told PYMNTS in a recent interview that AI-underpinned models are only as good as their underlying training datasets.
SkagitCountyTaxServices
NOVEMBER 25, 2020
With all of the insanity of 2020, it seems a bit crazy (and a bit of a relief, to be frank) that we now find ourselves in Thanksgiving week in Skagit County. I have some thoughts, which are perhaps a bit more meditative than normal, because of how this holiday works for tax accountants, especially this year. Because the personal and business deadlines got extended this year, on top of all of the PPP/EIDL work we had to do (about which, I will have some thoughts next week, as the IRS JUST issued
Advertisement
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.
FusionCPA
NOVEMBER 26, 2020
Completing a self assessment tax return can look complicated, especially if you're unprepared or unorganized for the task. As a self-employed business owner, you'll be required to complete this return. Preparing for it with plenty of time to spare can help make it more straightforward to complete. Nor to mention less stressful. Getting a head start on this event by having a tax planning strategy in place should provide the security needed to get your taxes done on time, correctly and efficiently
RogerRossmeisl
NOVEMBER 27, 2020
Many Americans receive disability income. You may wonder. if, and how is disability income taxed? As is often the case with tax questions, the answer is … it depends. The key factor is who paid for the benefit. If the income is paid directly to you by your employer, it’s taxable to you as ordinary salary would be. (Taxable benefits are also subject to federal income tax withholding, although depending on the employer’s disability plan, in some cases aren’t subject to the Social Security tax.
PYMNTS
NOVEMBER 23, 2020
HSBC is introducing a new real-time payments tool that will enable its 14 million international customers to transfer funds through a single account in 20 countries around the globe. “As the world’s leading international bank, it is our ambition to put banking in our customers’ pockets, and create a top-tier borderless banking experience that lets them manage their finances whenever and wherever they want,” Matthias Dekan, head of HSBC Global Money, HSBC Group, said in a statement on Monday (Nov
FraudFiles
NOVEMBER 27, 2020
Yesterday I read a horrifying local story about Edward Matthes, a former financial advisor for Mutual of Omaha who stole at least $2.6 million from his clients. According to the Information in the federal case, Matthes carried on his fraud between 2013 and 2019. SIX YEARS!!!! He swindled at least 23 clients. He’d convince them to bring investment accounts over to Mutual of Omaha.
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
RitaKeller
NOVEMBER 26, 2020
“Vegetables are a must on a diet. I suggest carrot cake, zucchini bread, and pumpkin pie.” – Jim Davis. Even though this Thanksgiving is different than any other your family has endured, I hope it is still joyous, perhaps in a more quiet and reflective way. My husband and I are spending this week in a cabin in the woods. We have been hiking, cooking, reading, and watching movies.
RogerRossmeisl
NOVEMBER 22, 2020
Timing of Non-Deductibility of Forgiven PPP Loan-Funded Expenditures In guidance issued on 11/18/2020, the IRS has made it clear that taxpayers with a “reasonable expectation” that their Paycheck Protection Program (PPP) loan will be forgiven may not deduct expenditures that were paid with the proceeds of those loans, even if the actual forgiveness has not yet been granted prior to the end of the taxable year (Revenue Ruling 2020-27).
PYMNTS
NOVEMBER 24, 2020
Bitcoin continued its price climb today (Nov. 24), rising above $19,000 in the morning, CNBC reported. At 6:31 pm EST, the digital currency still hit high, sitting at $19,083.92, as the coin approaches its record price of $19,783, which it hit in December of 2017. While that price apex was followed by a bubble burst and bitcoin fell to $3,122 in 2018, analysts and crypto fans predict this wave is different.
ThomsonReuters
NOVEMBER 25, 2020
QUESTION: Our company is thinking about implementing a debit card program for participants in our health FSA. We understand that IRS guidance restricts use of these cards to certain merchants. Where can our health FSA participants use debit cards to pay for medical care expenses? ANSWER: You are correct that IRS guidance restricts the locations at which health FSA debit cards can be used.
Advertisement
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.
FusionCPA
NOVEMBER 24, 2020
It's that time of the year again where businesses are preparing their end-of-year tax. Corporate income tax is the third largest source of revenue for the federal government. While the amount collected for corporate income tax pales when compared to individual income tax or payroll tax, it still accounts for 1.1 percent of the US GDP. US corporations are taxed at a rate of 21 percent by the United States government.
RogerRossmeisl
NOVEMBER 27, 2020
(This is Blog Post #929). The post Support Black-Owned Businesses 11/28/2020 appeared first on Roger Rossmeisl, CPA.
PYMNTS
NOVEMBER 23, 2020
Visa has wrapped up its acquisition of Latin American FinTech YellowPepper , the first deal of its kind by the financial giant in the region. In an announcement of completion of the deal, Visa said it will accelerate the global payments and credit card company’s “network of networks” strategy. Under that strategy, Visa is pushing to become a “single point of access for initiating multiple transaction types” while also laying the foundation for the “secure movement of money.”.
ThomsonReuters
NOVEMBER 25, 2020
IRS Notice 2020-83 (Nov. 20, 2020). Available at [link]. The IRS has issued its 2020 Required Amendments List (RA List) for individually designed qualified retirement plans (including 401(k) plans) and 403(b) plans. RA Lists are issued annually to identify changes in the Code’s qualification requirements that may result in “disqualifying provisions” and require a remedial amendment (see our Checkpoint article ).
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.
LyfeAccounting
NOVEMBER 25, 2020
?. Today, we’ll talk about how to apply for PPP Loan Forgiveness. So we’re going to immediately assume that you know what the PPP or the Paycheck Protection Program is and you already have a loan. So now, with the covered period ending for many small businesses, the question is, “How exactly do I go about getting the PPP Loan Forgiveness?”. And that is exactly what I’m going to cover in this post.
RogerRossmeisl
NOVEMBER 27, 2020
(This is Blog Post #928). The post 11/28/20 is Small Business Saturday appeared first on Roger Rossmeisl, CPA.
PYMNTS
NOVEMBER 25, 2020
The push toward digital IDs, toward tracking who’s who – and, in this case, who’s safe – may be getting a tailwind from air travel. To that end, a quintet of airlines is debuting digital health passes that certify travelers do not have the coronavirus. That passport, of a sort, will be known as CommonPass – and will certify negative COVID test results.
ThomsonReuters
NOVEMBER 25, 2020
Wit v. United Behavioral Health, 2020 WL 6479273 (N.D. Cal. 2020). Available at [link]. Following last year’s ruling that an insurer breached its fiduciary duty to health plan participants by using overly restrictive claim guidelines in its administration of mental health and substance use disorder benefits (see our Checkpoint article ), a federal court has granted extensive relief to a class of plan participants.
Advertisement
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.
Expert insights. Personalized for you.
224 
Let's personalize your content