TaxConnex
NOVEMBER 10, 2020
Sales tax is complicated no matter the industry you are in. But the leasing industry brings out even more complicated nuances depending on the type of lease, support activities and even the leased item itself. Some sales tax concepts for the leasing industry are quite simple while others are more complicated. For example, a lessor by definition owns property and leases the use of said property to a lessee.
RogerRossmeisl
NOVEMBER 7, 2020
IRS issued Notice 2020-71 which contains the special per-diem rates for taxpayers to use, after 9/30/2020, to substantiate ordinary and necessary business travel expenses. Background An employer may pay a per-diem amount to an employee on business-travel status instead of reimbursing actual substantiated expenses for away-from-home lodging, meal and incidental expenses (M&IE).
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PYMNTS
NOVEMBER 10, 2020
The use of artificial intelligence (AI) and machine learning (ML) isn’t some futuristic idea. It’s here now and being used to make good banks better — whether to eliminate discrimination in lending decisions, add stability to existing screening systems or drive loan growth and profits. “It’s not an idea, it’s not a postulate. It is a fact — and we can prove it,” Zest AI CEO Mike de Vere told PYMNTS in a recent interview.
Withum
NOVEMBER 12, 2020
Sy passed away last week. We met when we were sworn into the National Guard in 1965, and became friends during basic and then advanced training. We later became partners and remained friends after I left to form a smaller less hectic practice. And now we cannot share any more stories, memories, updates and talks looking forward to our more relaxed futures.
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
NOVEMBER 12, 2020
Technology companies, and specifically software companies, have always had challenges related to managing sales tax. Understanding where they have a physical presence as well as the varying taxability rules associated with their products and services was complex. But with the proliferation of Software-as-a-Service (SaaS) as a delivery mechanism and Wayfair, the sales tax landscape has become exponentially more complex.
RogerRossmeisl
NOVEMBER 7, 2020
If your small business is planning for payroll next year, be aware that the 2021 Social Security wage base is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. For 2021, the FICA tax rate for both employers and employees is 7.65% (6.2% for Social Security and 1.45% for Medicare).
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
CapataCPA
NOVEMBER 10, 2020
New Text Phishing Scam The Security Summit (a partnership of the IRS, private sector, and state tax agencies) has released a warning to taxpayers about a new COVID-related scam that deceives people into providing their bank information. The scam is generated by a text message claiming the person has received the $1,200 Economic Impact Payment (EIP).
Withum
NOVEMBER 9, 2020
Veterans Day is celebrated tomorrow, but should be celebrated every day. The men and women that served and are serving in our armed forces put themselves in harm’s way to assure we maintain the freedom, liberty and justice we too many times take for granted.
RogerRossmeisl
NOVEMBER 7, 2020
In IR 2020-226, the Internal Revenue Service, on 10/1/2020, encouraged taxpayers to consult an independent tax advisor if they participated in a micro-captive insurance transaction. The IRS encourages any taxpayer who has continued to engage in an abusive micro-captive insurance transaction to not anticipate being able to settle its transaction with the IRS or Chief Counsel on terms more favorable than previously announced settlement offers and that any potential future settlement initiative tha
PYMNTS
NOVEMBER 10, 2020
Cryptos are having a moment. Scan the headlines over the past few weeks and cryptos, well beyond the marquee bitcoin, are making inroads into mainstream consumer and business activities. PayPal is opening its network to allow consumers to shop using cryptocurrency. Square bought $50 million of bitcoin. J.P. Morgan said late in the month that it has gone live with JPM Coin.
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.
Katz,Sapper&Miller
NOVEMBER 11, 2020
Every year there are changes to current procedural terminology (CPT) coding that are generally minor text revisions, clarifications, code additions, and code deletions. While important for accurate coding, these annual changes don’t typically have a significant impact on provider compensation.
KROST
NOVEMBER 10, 2020
KROST has extensive experience in the manufacturing and distribution industry. Our team of experts has experience servicing clients in various sectors such as aerospace and defense, automotive and transportation, consumer products, food and beverage, industrial parts, wholesale distribution, and more. Manufacturing and distribution clients rely on our suite of services, specifically catered to their needs.
PYMNTS
NOVEMBER 11, 2020
The count of bitcoin ATMs has jumped this year, rising by 85 percent to just under 11,800, CoinDesk reported. The border-free network of bitcoin allows for money to be easily moved in any amount internationally, according to the outlet, which noted that the rise in bitcoin ATMs shows that the digital currency is becoming more and more popular as a method of payment.
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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.
FusionCPA
NOVEMBER 12, 2020
The year 2020 will go down in history as a landmark year full of challenges, disappointments, and heartbreaks. People experienced change on a global level that has not been experienced for many years. Things changed so quickly that most could not fully acclimate to the changes but had to take them as they came. These changes have been seen in many sectors, especially in business.
LyfeAccounting
NOVEMBER 13, 2020
?. Imagine you have a 20 dollar bill, and that money is earned by providing a service and as a result, the business has the freedom to spend it, invest it or save it. Regardless of what happens to that 20 dollars next, these transactions have started bookkeeping and accounting processes. But a lot of people are still confused when it comes to bookkeeping vs accounting.
CapataCPA
NOVEMBER 12, 2020
Year-end Tax Planning With the year coming to a close, now is an important time to be thinking about ways to save on taxes for 2020 and possibly 2021. Year-end tax planning and projections are especially valuable this year as new guidance was released on the Tax Cuts and Jobs Act (TCJA) as well as the. The post Year-end Tax Planning appeared first on CPA firm in Orange County, CA | CAPATA.
PYMNTS
NOVEMBER 12, 2020
Salesforce has rolled out its new Revenue Cloud product, which will work to simplify B2B purchasing for customers, according to a press release. Revenue Cloud, according to the release, will work to bring together configure, price, quote (CPQ) and billing, partner relationships and B2B commerce capabilities in order to consolidate services and streamline the process overall.
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
ThomsonReuters
NOVEMBER 12, 2020
QUESTION: Our company, which is operating remotely during the COVID-19 pandemic, recently learned that an employee failed to inform us of his divorce, which occurred four months ago. Because our health plan does not cover divorced spouses except through COBRA, we would like to retroactively cancel the former spouse’s coverage back to the date of the divorce.
Withum
NOVEMBER 11, 2020
PYMNTS
NOVEMBER 13, 2020
Government-benefits fraud runs at about 10 percent even during normal times, but now that the pandemic has exponentially increased U.S. federal stimulus spending, the level of theft is on the rise, too. . “I think bad actors and fraudsters always follow the money,” Elizabeth Cronan , vice president of government relations at geolocation-based fraud prevention firm GeoGuard recently told PYMNTS. .
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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.
ThomsonReuters
NOVEMBER 12, 2020
Final Rule: Updated Life Expectancy and Distribution Period Tables Used for Purposes of Determining Minimum Required Distributions, 26 CFR Part 1, 85 Fed. Reg. 72472 (Nov. 12, 2020). Available at [link]. The IRS has finalized regulations updating the tables used by retirement plans (including 401(k) plans) to calculate required minimum distributions (RMDs).
IgniteSpot
NOVEMBER 12, 2020
PYMNTS
NOVEMBER 13, 2020
Up until recently, QR might have been an acronym for: Quaint Relic. In the United States, anyway. The QR code is shorthand for the “quick response” barcode that was first designed in 1994, and which initially surfaced in Japan. QR codes had made some inroads here and there, and yet did not become the go-to repositories of data and information – scannable, naturally, across mobile devices – that some had predicted.
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.
ThomsonReuters
NOVEMBER 12, 2020
Hampton v. Nat’l Union Fire Ins. Co., 2020 WL 5946967 (N.D. Ill. 2020). This case considered whether a benefits committee had properly delegated discretionary authority to a service representative to make an adverse benefit determination for accidental death benefits, so that the court could apply a deferential standard of review. It was undisputed that the committee (and named fiduciary) was granted complete administrative and discretionary authority over the plan.
Withum
NOVEMBER 13, 2020
AccountingDepartment
NOVEMBER 13, 2020
As an update to our coverage on the Covid-19 updates affecting the business community, today we share the news that a judge ordered the Trump administration and SBA to provide additional details regarding the approximately $550+ billion in loans provided under the Paycheck Protection Program.
PYMNTS
NOVEMBER 12, 2020
Christine Lagarde , European Central Bank (ECB) president, said the ECB could make its own digital currency within a few years, which could change up the eurozone financial sector drastically, Bloomberg reported. It could be "two to four years" before the launch of any such currency, Bloomberg reported, because such an undertaking concerns issues like money laundering, privacy and the technology involved.
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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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