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Economic nexus is now pretty much the law of the land for all states with a statewide sales tax. But what has been the impact on states? States – and their cities and towns that receive portions of their sales tax revenue – have scored big. In fact some would say they are seeing green! Revenues and now their localized payouts are reported to be way up, from New York’s Long Island and California’s Pacific coast to towns like Bentonville, AR, Calhoun, GA, and Kingsport, TN revenues from sales tax
Some of my best tactical and strategic advice gleaned from two decades of working with startups in different stages and sectors. The post Advice for Founders from a Fractional CFO for Startups appeared first on Burkland.
As a small business owner, tax liability is the money you owe the government when your business generates income. With changing laws and gray areas regarding deductions, exemptions, and credits, it’s no wonder small business owners rank taxes at the top of the list of the most stress-inducing aspect of business ownership. To reduce that stress, taxes shouldn’t be something to focus on only at year’s end.
Let’s be honest. Most tax accountants would not be described as “hip” and many struggle to be considered “tech savvy”. Even so, some of their clients’ needs are forcing them into a new world surrounding the exchange of digital assets. . While many persons trading cryptocurrency or buying a non-fungible token (“NFT”) think they are just doing something new, fun, or just goofing around because they have cash to play with, what they don’t realize is that Uncle Sam is looking to collect their share.
Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.
QUESTION: Our self-insured health plan would like to reduce required employee contributions for employees who do not use tobacco. Can the plan require employees who use tobacco to pay more than employees who do not use tobacco, even though both groups receive the same coverage? ANSWER: Under HIPAA’s health status nondiscrimination rules, a group health plan generally cannot require an employee to pay more for coverage than another similarly situated employee if the difference is based on a hea
Today I have the honor of being the guest on one of the most popular divorce podcasts…. How Not to Suck at Divorce with Morgan Stogsdill and Andrea Rappaport. Episode 20 is all about Divorce Finances, Forensics & Fraud. I love how they describe me: Today’s episode is like divorce meets CSI as we welcome Tracy Coenen. You may have seen her on CNBC On the Money, CBS, NBC, and in the Wall Street Journal.
Small business owners around the world are migrating to cloud-based bookkeeping software to keep their financial records and reports organized and accessible. Even with the help of bookkeeping software, it takes financial expertise to put the data into context and use it to make informed decisions. To save time, some choose to partner with an online bookkeeper. .
Small business owners around the world are migrating to cloud-based bookkeeping software to keep their financial records and reports organized and accessible. Even with the help of bookkeeping software, it takes financial expertise to put the data into context and use it to make informed decisions. To save time, some choose to partner with an online bookkeeper. .
After years of attempting to make ends meet on a shoestring budget, the IRS stands to receive a $675 million funding increase from the Omnibus spending bill passed in the Senate last week. To stave off an impending government shutdown, federal lawmakers passed a $1.5 trillion funding bill that includes a $12.6 billion budget for the IRS. With the new funding, the IRS’s budget allocates $2.8 billion for taxpayer services, including the Office of Taxpayer Advocate, and increased hiring; $5.4 billi
Rev. Proc. 2022-17 (Mar. 16, 2022). Available at [link]. The IRS has announced the 2022 inflation-adjusted Code § 280F “luxury automobile” limits on certain deductions that may be taken by taxpayers using passenger automobiles (including vans and trucks) in a trade or business. For purchased automobiles, the limits cap the taxpayer’s depreciation deduction.
What's the draw of outsourcing? Some of the most important outsourced accounting benefits are known and enjoyed by businesses of all sizes. An off-site accounting staff provides CEOs, CFOs, and business owners access to experienced accounting professionals that can show them how to run their business more efficiently, grow the business, and even boost ROI and cash flow—typically for much less outlay than a traditional, on-site accounting team.
Here’s the situation: Your employee takes a little time off because they can’t physically work. What happens? In some cases, the employee must receive short-term disability insurance benefits. But, that all depends on whether you decide to offer it—or whether your state forces you to due to a state disability insurance program. Does yours?
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
Withum is excited to announce Bob Bamsey will join our Global Transfer Pricing Strategies Team as a Principal.??. With over fifteen years of transfer pricing experience, Bob will be advising clients on both transfer pricing and international tax matters, specializing in middle-market companies. He believes in collaborating on projects involving all types of intercompany activity, including tangible property, intangible property, services, and financial instruments.
Most people who leave public accounting have absolutely no intention of going back. These days public accounting would probably take you back in a heartbeat if you changed your mind. But if you feel like you could use another “drink from the firehose” to help propel your career forward and provide you a missing experience or an additional skill set, maybe you should consider the boomerang.
DOL Compliance Assistance Release No. 2022-01, 401(k) Plan Investments in “Cryptocurrencies” (Mar. 10, 2022). Available at [link]. The DOL has issued a compliance assistance release expressing “serious concerns” about the prudence of making cryptocurrency investments available to 401(k) plan participants and advising fiduciaries to use “extreme care” before they consider adding a cryptocurrency investment option.
While we all helplessly watch the war in Ukraine, we are also seeing the toll it’s extracting on our economy… and small businesses. Oil prices are skyrocketing and supply chain disruptions are becoming regular fare. The shock of the last two years hasn’t really worn off and new challenges are mounting as war affects the globe. And the greatest concern among small business owners right now?
Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
As companies close their books from 2021 and start the new year, not every closing period goes smooth and sometimes can be done better. Whether you are closing a month, quarter, or year, closing the books is an essential activity that accounting professionals rarely look forward to.
It’s been a minute since we’ve talked about projected salaries for this year in public accounting, and compensation discussions will be happening for many of you in mere months. So today we have a new entrant in our continuing series of 2022 public accounting salary projections , and it is staffing and recruitment firm Century Group, which recently released its 2022 Salary Guide for accounting and finance.
HHS, Annual Civil Monetary Penalties Inflation Adjustment, 45 CFR Part 102, 87 Fed. Reg. 15100 (Mar. 17, 2022). Available at [link]. HHS has announced adjustments of civil monetary penalties for statutes within its jurisdiction. The latest amounts are based on a cost-of-living increase of 1.06222%. These adjustments are effective for penalties assessed on or after March 17, 2022, for violations occurring on or after November 2, 2015.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
It can be overwhelming for small business owners to choose from all the ecommerce bookkeeping services out there. Many small businesses trust Xendoo with their financials, but we understand that choosing the best bookkeeping and accounting solution is a big decision. . When running an online store, there are many financial considerations and challenges, including payments, customer returns, shipping logistics, and inventory management.
A better take on Microsoft Teams management in today’s highly collaborative, but often overwhelming, hybrid workplace. We have arrived in the new digital era where we’re professionally challenged to take up things online rather than offline. Starting from kindergarteners to CEOs we’re all part of a routine where we need to attend video conferences and online meetings more often – such is the way of a hybrid workplace.
Consolidated Appropriations Act, 2022, Pub. L. No. 117-103 (2022). Available at [link]. Congress has passed, and the President has signed, omnibus spending legislation that (among other things) temporarily exempts telehealth and other remote care services from certain restrictions affecting health savings account (HSA) eligibility. By way of background, tax-advantaged contributions generally cannot be made to an HSA unless the account holder is covered by a qualifying high-deductible health plan
The other day — OK it was actually 12 days ago — we got a random email in our editor inbox. This is not uncommon, said inbox serves as the garbage disposal into which reader complaints go. Just kidding, we love feedback. Really. The editor inbox is a hub for reader comments, advertising requests, story requests, complaints, butt emails consisting of long nonsensical rows of b’s and x’s, and occasionally some old guy complaining about how one F-bomb is too many and I need
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
Have you been able to keep your mind clear? Have you kept your time-limited output and attention focused on your Skagit County business? I hate to repeat myself, but this is so critical during these globally anxious days. Your business, your team – your FAMILY – is riding on how you manage your most precious resource: your attention. So as things continue to escalate in this war, I want to, once again, encourage you to reduce your time in the swirl of breaking news and around-the-clock social me
With the current real estate market heavily favored towards sellers, property owners are looking to cash in on the appreciated value of their real estate holdings. However, that lucrative sale may come with a hefty tax bill from Uncle Sam. . Fortunately, it is possible to defer a portion of the gain if the transaction is structured as an installment sale.
“The more you check in with your people the more love-filled your team will be, and so the more productivity, creativity, resilience, and collaboration you will get.” – Marcus Buckingham. When I read the above quote, it brought to mind the 12 Questions to measure employee engagement first introduced by Marcus Buckingham in his book, First Break All The Rules.
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.
The days when small businesses never had to think in any currency but dollars are long gone. The 21st century economy is globalized and grows steadily more so. For example, with tools like the internet and wire transfers, it’s easy to do business with suppliers in Bangkok or hire remote workers from Ottawa to Cairo. Even if your business is localized in the U.S. you may still need to deal in foreign currency to pay overseas suppliers.
6 min read. Before the pandemic, many business and nonprofit leaders viewed working from home as a sort of forbidden fruit, assuming that remote work from home might improve employee morale and satisfaction but significantly reduce productivity.
The IRS issued proposed PFIC regulations on January 25, 2022 to clarify issues related to PFIC shares held by U.S. partnership and S-Corporation taxpayers. Historically, U.S. passthroughs were responsible for: Reporting ownership of a PFIC; Making elections pertaining to the PFIC; and Allocating income inclusions required by the PFIC regime. These obligations hinged on the fact that these entities were included in the definition of a “PFIC shareholder”.
Tax season feels particularly overwhelming for small business owners. Organizing a year’s worth of records and figuring out which of their expenses are deductible can be daunting. Halting operations to research every tax-saving opportunity is not realistic – let Xendoo do it for you! In this blog post, we will share popular small business tax deductions that you may be able to claim for the 2021 tax year!
Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.
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