TaxConnex
FEBRUARY 11, 2021
Candy, flowers, jewelry, dinners: The gifts may be the same, but Cupid’s arrow will fly in new online directions this year for Valentine’s Day presents. And it might land right on your company’s bottom line after sales and use tax obligations. Expected s pending on Valentine’s Day gifts this year dropped to an average $164.76 , down about $32 from a record high in 2020 , according to the National Retail Foundation.
TaxConnex
FEBRUARY 9, 2021
If you sell into the handful of states that don’t have nexus or don’t have a general sales tax, you might think you’re home free when it comes to obligations to remit sales tax. Maybe, and maybe not. Forty-five states and the District of Columbia have a statewide sales tax. Alaska, Delaware, Montana, New Hampshire and Oregon do not. ( Local jurisdictions in some of these, however, can charge sales tax based on state nexus thresholds and other criteria. ) Florida and Missouri have sales tax but h
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ThomsonReuters
FEBRUARY 10, 2021
The Consolidated Appropriations Act, 2021 (CAA; PL 116-260), contained numerous tax provisions. While many of those provisions impact tax years 2021 and later, some affect 2020 returns. Here’s a rundown of what you need to know about the CAA as you prepare 2020 business and individual tax returns. Individual Returns. Amendments to CARES Act Economic Impact Payment Rules.
RogerRossmeisl
FEBRUARY 7, 2021
When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on your 2020 tax return. When filing a return, you do so with one of five tax filing statuses. In part, they depend on whether you’re married or unmarried on December 31. More than one filing status may apply, and you can use the one that saves the most tax.
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.
BurklandAssociates
FEBRUARY 8, 2021
Businesses have come a long way when it comes to addressing environmental, social and governance (ESG) concerns. From being on the fringe a decade ago, virtually all larger firms now Read More. The post ESG: Coming Soon to Startups – and their CFOs appeared first on Burkland.
Withum
FEBRUARY 8, 2021
Marking anniversaries is a way to note changes or chart progress. Most people do not usually think about the significance of growth or changes while they are going through the process and an anniversary is one way of reflecting on it.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
RogerRossmeisl
FEBRUARY 12, 2021
Over the past year, most businesses have been forced to contend with multiple crises, including COVID-19, social unrest and financial challenges. The last thing you need right now is a fraud incident. But if your company is defrauded, make your fraud contingency plan one that can help mitigate the damage. Identifying likely scenarios No contingency plan can cover every possibility, but yours should be as wide-ranging as possible.
SchoolofBookkeeping
FEBRUARY 9, 2021
When QBOA was first introduced, Accounting Firms who signed up for it received a free “Your Books” subscription. The idea was the Accountants could use this to keep track of their own books and be able to recommend QBO to. Read More. The post QuickBooks Online Accountant’s “Your Books” Getting an Upgrade appeared first on schoolofbookkeeping.com - Learn bookkeeping, accounting, QuickBooks, financial statements, and more.
Withum
FEBRUARY 10, 2021
Jeff Immelt, the former CEO of GE was interviewed in Sunday’s NY Times by David Gelles. Immelt’s book of his GE experiences was just published and he said things about managing that I would like to share here along with my comments. I did not read the book and am basing my comments on the interview which I believe has some good lessons any corporate or organization leader or entrepreneur could learn from.
ThomsonReuters
FEBRUARY 11, 2021
QUESTION: Our company would like to assemble its senior staff for a four-day retreat at a facility near our headquarters to work on our long-term business plan and receive some training. This would not be travel “away from home” for most of them, and we understand that the usual travel exclusion rules will not apply to our local employees. But will we need to treat the value of lodging provided to those local employees as taxable income?
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.
KROST
FEBRUARY 9, 2021
Pasadena, CA. – KROST CPAs and Consultants, the Los Angeles based firm, has announced a new Principal, Stacey R. Korman, CPA, MST. Stacey has extensive experience in assurance & advisory and accounting services and since joining the firm she has led the accounting and audit departments. As an AICPA certified Fundamental Client Accounting Advisor, Stacey leads KROST’s Client Accounting Service (CAS) division.
Patriot Software
FEBRUARY 10, 2021
Withholding taxes from employee wages is all part of Payroll 101. But, what happens when an employee is exempt from withholding? While rare, some of your employees might be exempt from taxes. And if an employee tells you that they are exempt, you need to know what to do. So, what does exempt mean, and […] READ MORE.
FraudFiles
FEBRUARY 12, 2021
Many of the cases I work currently focus on the tracing of funds through multiple bank, brokerage, and credit card accounts. I am typically working with tens of thousands of transactions at a time, so the sheer volume of the data could be overwhelming. Over the years, I have developed a proprietary system using software that allows me to capture, manage, and analyze large volumes of data.
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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.
ThomsonReuters
FEBRUARY 11, 2021
DOL Fact Sheet: FY 2020 MHPAEA Enforcement; An Introduction: DOL MHPAEA FY 2020 Enforcement Fact Sheet (Jan. 15, 2021); Appendix: MHPAEA Violation Guidance Compendium. Fact Sheet. Introduction. Appendix. The DOL has issued a fact sheet summarizing 2020 mental health parity enforcement activity conducted by the DOL and (with respect to non-federal governmental group health plans) the Centers for Medicare & Medicaid Services (CMS).
LyfeAccounting
FEBRUARY 9, 2021
?. What are the tax benefits of S-Corps? Today, we’re going to answer that question and more! And here’s a quick note: We recently saved our client over $95,000 in taxes by making one small change – you guessed it right, helping her switch from an LLC to an S-Corp. And if you are still being taxed, let’s say as an LLC instead of an S-Corp, you may be giving uncle sam a bit more money than you have to.
RitaKeller
FEBRUARY 12, 2021
“Vision is the art of seeing what is invisible to others.” – Jonathan Swift. 2020 was a challenging year and you had to distance yourself from others. This Friday Flashback Post stresses visibility. Also, just because it is tax season, it doesn’t mean you are permitted to forget about visibility. During this time of year, CPAs are the heroes – you are working very hard to help others.
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
FEBRUARY 11, 2021
IRS Form 8994 (Employer Credit for Paid Family and Medical Leave) (Jan. 2021) and Instructions. Form 8994. Instructions. The IRS has issued an updated Form 8994, which is used by employers to figure the tax credit for providing paid family and medical leave (see our Checkpoint article ). To claim the credit, eligible employers must have a written program that pays at least 50% of wages to qualified employees for at least two weeks of annual paid family and medical leave.
SkagitCountyTaxServices
FEBRUARY 10, 2021
During the first Super Bowl that Tom Brady won (with the Patriots), these were some of the companies who advertised (hat tip to Jon Erlichman of Bloomberg): AOL Blockbuster Radio Shack Circuit City CompUSA Sears HotJobs Yahoo VoiceStream Wireless Gateway Computers. The year was 2002, and life looked a little different, eh? BUSINESS looked different.
RitaKeller
FEBRUARY 11, 2021
“Be spectacularly great at what you do. Wear your passion on your sleeve and hold your heart in the palm of your hand. And work hard. Really hard.” – Robin Sharma. If you have been keeping up with current trends in firm management, you probably know all too well that the annual performance review is on the verge of death. Many firms have already abandoned this old-school method of providing team members with information that could help advance their careers.
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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
FEBRUARY 9, 2021
Background. Under the Families First Coronavirus Response Act (FFCRA), certain employers were required to provide paid leave to workers who were unable to work or telework due to circumstances related to COVID-19 (Qualified Paid Leave). FFCRA offsets the costs of providing Qualified Paid Leave, up to certain amounts, with refundable tax credits against employment taxes for qualified leave wages taken beginning April 1, 2020 and ending December 31, 2020.
ThomsonReuters
FEBRUARY 8, 2021
In the digital age, tax executives must shift from traditional tax roles in order to be ready for changes that are coming to the industry. Traditional tax roles often include planning to decrease tax liability and increase cash flow, traditional reporting to ensure compliance with current laws and regulations, and analyzing risk to manage exposure appropriately.
RitaKeller
FEBRUARY 10, 2021
“An organization’s ability to learn, and translate that learning into action rapidly is the ultimate competitive advantage.” – Jack Welch. CPA firms have come a long way since last March. While working remotely is now a fact of life, some aspects of surviving in a virtual world have been more challenging. Firms are sometimes struggling with things like interviewing, orientation, onboarding and training.
RitaKeller
FEBRUARY 9, 2021
“In skating over thin ice our safety is in our speed.” – Ralph Waldo Emerson. A few years ago we enjoyed a unique trip to Costa Rica. We didn’t go to a resort or spend time at a tourist beach. We saw the country via land, sea, and air – the middle, the south, and the north. We were lucky to observe sloths in the wild. The ones we saw didn’t move.
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.
RitaKeller
FEBRUARY 8, 2021
“Don’t open a shop unless you know how to smile.” – Petteri Tarkkonen. Today’s quote certainly applies to accounting firms. I have heard so many stories from CPA firm citizens about their partners. Here are a few: Some of our partners never smile. Partners don’t seem to have a sense of humor. Some of our partners walk right by you in the hall and never even acknowledge you.
Withum
FEBRUARY 10, 2021
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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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