TaxConnex

MARCH 17, 2022

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

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BurklandAssociates

MARCH 14, 2022

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.

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Accountant Advocate Submitted Articles

MARCH 18, 2022

It's easy to see how a future workforce of Zoomers is poised to be a gamechanger for the accounting industry by addressing two of the industry's biggest challenges: talent and technology. Learn more.

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VetCPA

MARCH 16, 2022

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.

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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.

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Withum

MARCH 17, 2022

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.

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ThomsonReuters

MARCH 17, 2022

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

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xendoo

MARCH 17, 2022

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. .

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Withum

MARCH 16, 2022

On March 11, 2022, the U.S. Government issued Executive Order 14068 prohibiting certain imports, exports and new investment with Russia. The following transactions by U.S. Persons are prohibited: the importation into the United States of Russian-origin fish and seafood (defined below), and preparations thereof, alcoholic beverages (defined below), and non-industrial diamonds; the exportation, reexportation, sale, or supply, directly or indirectly, of luxury goods (see below) as determined by the

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ThomsonReuters

MARCH 17, 2022

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.

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Going Concern

MARCH 14, 2022

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.

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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.

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SkagitCountyTaxServices

MARCH 17, 2022

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?

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Withum

MARCH 15, 2022

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

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ThomsonReuters

MARCH 17, 2022

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.

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Going Concern

MARCH 14, 2022

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.

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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.

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Patriot Software

MARCH 14, 2022

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?

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Withum

MARCH 14, 2022

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.

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ThomsonReuters

MARCH 17, 2022

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.

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xendoo

MARCH 17, 2022

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.

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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

Sales

Going Concern

MARCH 15, 2022

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

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Withum

MARCH 17, 2022

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.

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ThomsonReuters

MARCH 17, 2022

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

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AccountingDepartment

MARCH 17, 2022

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.

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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.

SkagitCountyTaxServices

MARCH 12, 2022

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

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Withum

MARCH 17, 2022

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.

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GrowthForceBlog

MARCH 16, 2022

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.

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AccountingDepartment

MARCH 15, 2022

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.

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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

MARCH 15, 2022

“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.

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Withum

MARCH 14, 2022

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”.

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Accounting Seed

MARCH 17, 2022

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.

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xendoo

MARCH 17, 2022

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!

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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.