TaxConnex
MAY 6, 2021
There’s always something changing in the world of tax, especially sales tax. And 2021 continues that trend. Here’s a review of some of the recent changes and updates. In the trendiest sales tax news (aside, of course, from Florida finally passing economic nexus legislation), Connecticut lawmakers have proposed a digital advertising services tax similar, experts say, to one recently enacted in Maryland.
SMBAccountant
MAY 3, 2021
Integration management is defined by the PMBOK as a collection of processes required to ensure that the various elements of the projects are properly coordinated. It involves making trade-offs among competing objectives and alternatives to meet or exceed stakeholder needs and expectations. But what exactly does this mean in practice? In small businesses, it is very common that many employees wear multiple hats and perform many duties that would typically belong to different departments in a larg
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AccountingDepartment
MAY 3, 2021
After attending the virtual Vistage Executive Summit in Philadelphia, PA, one of the important takeaways was the upcoming spark in the economy. Preparing for this is crucial for a business to continue growing and Joe Galvin of Vistage Worldwide laid out a few tips to do so.
RogerRossmeisl
MAY 4, 2021
The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Here are the basic rules. Failure to pay Separate penalties apply for failing to pay and failing to file. The failure-to-pay penalty is 1/2% for each month (or partial month) the payment is late.
Advertiser: Paycor
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!
TaxConnex
MAY 4, 2021
This article was written for the Atlanta Business Chronicle Leadership Trust. To see the original post, click here. Every business owner wants their company to grow. And when that growth is unexpected, it feels that much sweeter. But don’t forget that success that comes from selling into more states can also expand your sales tax burdens. Businesses that sell into multiple states or jurisdictions have to pay attention to sales tax thresholds, and it’s not a one-time project.
BurklandAssociates
MAY 3, 2021
Right now, a substantial amount of capital is chasing the Fintech landscape. What does that mean for founders? The post 2021 Fintech Developments in Venture Capital appeared first on Burkland.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
RogerRossmeisl
MAY 7, 2021
“Tax day” is just around the corner. This year, the deadline for filing 2020 individual tax returns is Monday, May 17, 2021. The IRS postponed the usual April 15 due date due to the COVID-19 pandemic. If you still aren’t ready to file your return, you should request a tax-filing extension. Anyone can request one and in some special situations, people can receive more time without even asking.
ThomsonReuters
MAY 3, 2021
Accountants can bring endless value and experience to young entrepreneurs or those branching off to start their own business. Why should an accounting firm seek out these opportunities out, and how can they best work aside these individuals for mutual success? In this episode of Pulse of Practice “The Philip Brabbs Interview”, Paul Miller, Owner of Business by Design , and I are joined by Philip Brabbs, Managing Director, Center for Value Chain Innovation for Ross School of Business at Universit
AccountingDepartment
MAY 4, 2021
When it comes to your balance sheet vs income statement, they are not the same. There is a difference. While both will give you some insight into your business's finances, each one has different variables. And a smart financial manager will take a look at both of them.
Withum
MAY 6, 2021
Last month I met a doctor and as what typically happens I find out who his accountant is. This time he did not tell me but said that he knows more than his accountant. Here is some of what I told him.
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.
RogerRossmeisl
MAY 4, 2021
Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Thus, if funds are paid as dividends, they’re taxed twice, once to the corporation and once to the recipient.
ThomsonReuters
MAY 6, 2021
QUESTION: We’ve heard that the surprise medical billing requirements will impact how our company’s group health plan covers emergency services. But do the surprise medical billing requirements apply to any non-emergency services? ANSWER: A number of new patient protection mandates and disclosure requirements were included in legislation passed in December 2020, including surprise medical billing requirements for out-of-network emergency and non-emergency services.
AccountingDepartment
MAY 1, 2021
Entrepreneurs, small business owners, and CEOs of large corporations are all responsible for monitoring an organization's financial health. And, at the end of the day, it's a business leader's responsibility to ensure all accounts are balanced and accurate. Every account from bank accounts, to accounts payable ledgers and accounts receivable reports, must be accurately reconciled using real numbers that represent the true business activities.
KROST
MAY 4, 2021
If you missed our webinar led by Paren Knadjian , Head of M&A and Capital Markets and Jean Hagan , Principal of Business Management , there is a recording available. This webinar goes over the Restaurant Revitalization Fund, including details of the new Restaurant Revitalization Fund eligibility, how to apply, what documentation is required, and updates on PPP and ERTC.
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.
RitaKeller
MAY 4, 2021
“If we weren’t still hiring great people and pushing ahead at full speed, it would be easy to fall behind and become some mediocre company.” – Bill Gates. Have you heard of topgrading interviewing? It is something I was not aware of until I read a recent article by Suzanne Lucas ( @RealEvilHRLady ). Per Lucas: The term topgrading comes from a 1997 article by Bradford D.
ThomsonReuters
MAY 6, 2021
It’s been well reported in cryptocurrency circles that Damon Rowe, Executive Director at the IRS Office of Fraud Enforcement, unveiled “Operation Hidden Treasure” at a recent Federal Bar Association virtual tax conference. The long-time veteran of the IRS Criminal Investigation division explained that the office has put together a dedicated team of IRS criminal investigation professionals to work on this operation.
AccountingDepartment
MAY 7, 2021
What does a controller do? A controller is a professional who manages the accounting functions of a company. This is the professional who makes sure that the company ledgers are accurate and correct. A controller also supervises the recording of a business's finances. Services handled by a controller include accounting team management, inventory accounting, revenue recognition, establishing formal financial procedures, and month-end close.
LyfeAccounting
MAY 7, 2021
If you are looking for actionable steps to help you build wealth from someone who has done it before, this is the post for you. We want you to get ready because you are about to get one step closer to financial freedom with Grant Cardone’s top 10 financial freedom secrets for building true wealth. Here we go. Grant Cardone’s Top 10 Financial Freedom Secrets.
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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.
MazumaBusinessAccounting
MAY 7, 2021
We work with small business owners and entrepreneurs. Some are seasoned, others are just growing their side hustle. Their skills are varied and they have a wide variety of talents. We often get asked to explain the ins and outs of financial reports and have found that providing our favorite clients with a working knowledge of accounting terms is helpful.
xendoo
MAY 7, 2021
Lil Roberts, CEO and founder of Xendoo, appeared on The Savvy Entrepreneur with host Doris Nagel to discuss concepts of cash flow vs. profitability and share tips to keep both healthy. The Savvy Entrepreneur is a talk radio show dedicated to helping entrepreneurs on their path to success by sharing tools, tips, resources, and experience. The post Cashflow Vs.
AccountingDepartment
MAY 6, 2021
Free cash flow is a business's thermometer. It measures the financial performance of a business. Specifically, it reveals the cash that a business can make after taking away the purchase of assets, such as equipment and property. It reveals what investors care about most - cash. There are different types of free cash flow. Two of them are unlevered and levered.
ThomsonReuters
MAY 6, 2021
Discounted cash flow approaches are a helpful tool used in US GAAP accounting for valuation and impairment assessments. A discounted cash flow approach involves projecting a stream of cash flows for an item and then applying a discount rate to those cash flows to calculate a single value or a range of values for that item. A discounted cash flow approach is a type of “income approach” or “present value technique,” two terms used frequently in the FASB Accounting Standards Codification®.
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
MazumaBusinessAccounting
MAY 6, 2021
We work with small business owners and entrepreneurs. Some are seasoned, others are just growing their side hustle. Their skills are varied and they have a wide variety of talents. We often get asked to explain the ins and outs of financial reports and have found that providing our favorite clients with a working knowledge of accounting terms is helpful.
xendoo
MAY 6, 2021
You’ve set up your online store set, and orders are starting to come in. But in your rush to pack, ship, and sell, there’s a good chance you haven’t made time to integrate accounting software with your eCommerce software. By downloading a third-party app plug-in, you are just a few clicks away from saving time and money by automatically sharing data between your accounting and eCommerce programs.
inDinero Accounting
MAY 5, 2021
The thought of a compliance audit makes most people sweat. Currently, the SBA is conducting first-round PPP audits. Oh! The drama! If you’ve read our PPP guide , you already know that the SBA is committed to ensuring that taxpayer-funded PPP loans went to COVID-impacted small businesses to keep employees on the payroll. Sadly, the SBA Office of Inspector General (SBA-OIG) is overflowing with potential pandemic loan fraud cases for PPP and the EIDL loan programs.
ThomsonReuters
MAY 6, 2021
Harmon v. Shell, 2021 WL 1232694 (S.D. Tex. 2021). A federal trial court has dismissed breach of fiduciary duty and related claims against a 401(k) plan recordkeeper that allegedly shared participant data with its affiliates for marketing purposes. The class action lawsuit asserted that the recordkeeper shared a wide range of information—including contact information, Social Security numbers, account balances, contribution and investment history, age, and marital status—with its affiliates so th
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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.
LyfeAccounting
MAY 5, 2021
Now there’s been a lot of talk from the President about raising the capital gain tax rate from 20% to 39.4%. And it’s suggested that the proposed rate would be one of the highest capital gains tax hikes we’ve seen in the last 100 years. So naturally, people have started to want to know what capital gains tax rates are, and want to know how they will be impacted.
CapataCPA
MAY 5, 2021
California’s Partial PPP Conformity Bill On April 29, 2021, Governor Newsom signed into law Assembly Bill No. 80 (“AB 80”), providing partial conformity to the Federal tax treatment for deducting expenses paid with Paycheck Protection Program (“PPP”) loans, EIDL advance, and targeted grants. Below are some of the key highlights of the bill’s provisions:For taxable years.
LSLCPAs
MAY 4, 2021
Governor Newsom just signed Assembly Bill 80, California’s latest legislation enacted to address the issue of taxability of PPP loan forgiveness. This bill is being touted as a giant “tax relief” measure for small businesses hurt by the coronavirus pandemic. While we applaud the legislature’s attempt to provide relief for certain businesses, we believe that.
ThomsonReuters
MAY 6, 2021
Coronavirus-Related Relief for Retirement Plans and IRAs Questions and Answers (Apr. 27, 2021). Available at [link]. The IRS has updated its Q&As regarding coronavirus-related relief for retirement plans by adding a new section about the partial termination relief provided by the Consolidated Appropriations Act, 2021 (CAA, 2021). Under that relief, a plan is not treated as having a partial termination—and thus is not required to fully vest accrued benefits—during any plan year which include
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.
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