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Sales tax is more complicated than ever, especially in a post-Wayfair world. And what’s worse is that everyone who says they’re simplifying sales tax is still leaving the hardest parts – and the liability – up to you. This is especially true when it comes to state registrations. For some reason, many of the software and service providers who claim to manage sales tax for you, don’t help with registrations, and if they do it comes at extra cost.
6 min read. No matter what size your organization is, all leaders - from seasoned business owners to new entrepreneurs- can find benefits from a ‘start-up’ mindset.
If you are an individual or a business taxpayer who is facing tax problems, you can end your nightmare now. Our tax firm assists, helps and represents taxpayers facing tax problems such as unfiled tax returns, unpaid delinquent back taxes, IRS and state audits , payroll 941/940 problems, tax levies, liens, garnishments and other collection issues. Get tax relief representation and complete resolution today!
Perhaps the number one action you can take to support the financial health of your small business is to stay on top of accounting. Make sure you’re aware of most small businesses’ accounting challenges and learn how to overcome them. We’ll tell you how here! Banking. You’ve been banking for years, and you know how to manage the task.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
There’s always something changing in the world of tax, especially sales tax. Here’s a review of some of the recent changes and updates. Give us a break. Inflation and other spiraling prices have driven states’ lawmakers to consider relief via sales and other taxes. Florida seems to be leading the way, proposing sales tax holidays and other short- and long-term tax relief on a broad range of products.
This article is the second installment of a two-part series on supply chain challenges and Sales & Operations Planning (S&OP) for startups. In last week’s article we examined cash management Read More. The post Sales & Operations Planning (S&OP) Process for Startups appeared first on Burkland.
The House recently passed H.R. 2954 Securing a Strong Retirement Act , being referred to as the SECURE 2.0 Act, which has overwhelming bi-partisan support, with a vote of 414 in favor and only 5 opposing. The Act includes a great benefit for those individuals who are working on paying off their student loan debt but have limited resources to invest towards retirement.
The House recently passed H.R. 2954 Securing a Strong Retirement Act , being referred to as the SECURE 2.0 Act, which has overwhelming bi-partisan support, with a vote of 414 in favor and only 5 opposing. The Act includes a great benefit for those individuals who are working on paying off their student loan debt but have limited resources to invest towards retirement.
In November of 2021, Miami, Florida Mayor Francis Suarez responded to a tweet that asked who would be the first U.S. politician to receive their first paycheck in Bitcoin. “I’m going to receive my next paycheck 100% in Bitcoin,” Suarez wrote. Recently elected New York City Mayor Eric Adams added to the tweet responses on November 4, 2021, by writing that he would receive his first three paychecks via Bitcoin after being sworn in as mayor.
In today's world, operating with manual, pen & paper processes is a way of the past. There just isn't enough time in the day anymore to keep up with it!
It’s been a tough two years for Australian small businesses, to say the least. Pandemic induced shutdowns, reduced consumer confidence, low foot traffic, employee lay offs and the ever-looming threat of getting sick. Yes, there was some reprieve through state and federal grants and support packages, but these were no silver bullet. Promoting and ensuring a healthy cash flow was always a central pillar of a successful business.
On Thursday the House passed H.R. 3807 , Relief for Restaurants and other Hard Hit Small Businesses Act of 2022, which would add an additional $42 billion to the Restaurant Revitalization Fund (RRF) and fund $18 billion to a newly created Hard Hit Industries Award Program (HHIAP). If passed by the Senate, the bill would ensure funding for more than 177,000 restaurants whose applications were placed on hold when the fund was exhausted in July of 2021.
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
IRS Employee Plans News (Mar. 25, 2022). Available at [link]. The IRS has announced that, due to COVID-19-related backlogs, it is suspending the issuance of certain delinquent filing notices relating to returns filed by tax-exempt or governmental entities, including employee benefit plans. Suspended notices include reminder notices about Form 5500-EZ and 5500-SF filing requirements, first delinquency notices for Form 5500 and 5500-SF, and second delinquency notices for Form 5500.
Cash flow forecasting is an important process. It's used to estimate the flow of cash that comes in and goes out of a business over a set time period. When it's accurate, it makes it easier for a business owner to predict future financial positions. By making those kinds of predictions, the owner of a business is better able to avoid cash shortages, and invest surplus cash effectively.
In this podcast episode, I shared 3 valuable ideas that can help you avoid getting stressed out if you’re offering the least scalable service — individual tax preparation. Listen below. 1:05 – You simply can’t scale your firm when you focus on individual tax prep services for a quarter of the year. 1:26 – It’s difficult to find qualified people to fill in the capacity gaps that’s why most firms just push through the busyness. 1: 36 – Personally, I refuse to do this service in o
On Friday, March 25, 2022, the IRS announced that it will suspend sending the notices that they generally mail to tax-exempt organizations resulting from what its systems believe is the late filing of tax returns. The IRS explained that the suspension of notices results from it not yet processing millions of tax returns, many of which were timely filed, and other pieces of mail, resulting from erroneous notices.
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.
Looking back at the last two years and the sprinter’s pace at which COVID-19 payroll tax credit relief was enacted, payroll accountants have earned a well-deserved pat on the back! While the rules were often complex and the substantiation requirements thorough, COVID-19 credits were well worth claiming and significantly helped companies stay financially afloat.
Yesterday I came across this screenshot while combing Reddit one hour after my weekly newsletter column was due as I often do on Tuesday afternoons when I’m procrastinating. At first I thought there’s no way this is real. I mean, it’s on the internet so obviously it’s real but … really? Oh, it’s real y’all. It took me all of three seconds of Googling — which coincidentally is exactly how much time I’m willing to commit to researching an artic
Does it make sense to outsource your accounting? Of course, it does! More and more companies are allowing outsourced accounting firms to take care of their accounting functions and are reaping all the benefits outsourced accounting offers. You can save money all around Outsourced accounting services can save companies money as they don't have to pay full-time employees and their benefits.
The tax due date for most individual tax returns this year is April 18. If you are unable to complete your return to file by April 18, you can file for an extension to submit your return by October 17. However, the extension does not cover the payment of the tax due. The taxes need to be paid by April 18, or you will be assessed interest and penalties, and if the correct payments are not made, it is possible that the extension will not be accepted, and late filing penalties will also be due.
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?
Focusing on a specific niche rather than trying to accommodate the needs of every business could help your accounting firm better serve its clients. In this episode of Pulse of the Practice , Paul Miller, Owner of Business By Design , and I are joined by Rachel Clark, Client Director at All About Accounting. We had an interesting conversation about how the firm found its niche and built its business model around specialization.
For as long as trade has existed, so has accounting. Goods are sold, profit is made, expenses are accrued, and everything gets recorded (presumably, ha!). And it wasn’t THAT long ago that electronic spreadsheets were considered “a big advancement” in accounting technology. Businesses put away those old ledger books and took to smudge-free financial data entry.
In this article, you’re going to learn about what an accounting workflow is, the purpose your workflows serve in your firm with 9 key workflows that you can optimize in your accounting firms. Let’s go! What is a Workflow? Your organization has a variety of critical tasks that need to be completed on an ongoing basis. A workflow is therefore the sequence of steps required to move a task from beginning to end in order to complete it.
Kimberlee S. Phelan. Partner Princeton, NJ. Robert Mullins. Partner – Roha Africa. Sonkwe Kasonkomona. Associate Director of Tax Services – HLB Zambia. Food: Zambia Nshima Ifinkubala Dubai, United Arab Emirates Luqaimat Knafeh. Sightseeing: Zambia, Africa Victoria Falls in Livingston Lake Kariba Dubai, United Arab Emirates Expo World International Fair (Until End of March beginning of April) Desert/Dunes (Picnic/Camp).
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!
QUESTION: Can we use a single definition to determine the prohibited group when conducting the nondiscrimination tests that apply to our cafeteria plan, health FSA, and DCAP? ANSWER: No. Cafeteria plans, health FSAs, and DCAPs are all subject to nondiscrimination requirements under the Code that are generally intended to prevent these plans from discriminating in favor of certain highly paid and key employees (the prohibited group).
Every tax professional needs to be conscious of how to manage their practice ethically. An important resource in this matter is Circular 230 , a publication that regulates practice before the IRS for attorneys, CPAs, and enrolled agents. Even if these professionals have other ethical obligations as defined by their governing body or rules of conduct, following the general concepts of Circular 230 will likely help them fulfill the duties they have in other areas.
As a Fisbhowl user, I received a notification on my phone this evening that “KPMG was tagged in a post,” and this was the post : I had no idea this was a thing. Someone in the comment section said the commercial was on KPMG US’s YouTube channel , so I went there, and sure enough, there are a series of three “Reconnect with KPMG” ads. And I watched them.
Withum is proud to share that ROI-NJ has named Zsia Rosmarin as a Top Influencer in their Women in Business List for 2022. Zsia is a partner at Withum with over 20 years of experience in accounting and business and strategic tax. She leads the Tax Tech and Emerging Growth Industry Group, where she consults on various related tax issues, and she serves as the Women in Tech Team Leader for the Technology and Emerging Growth Industry Group.
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.
With the potential for business life to return to something resembling normal, it's good to look at your budget and see where you may need to shift some of your priorities. Pay attention to how your spending over the past few years affected your business and either helped you achieve or took you away from your overall goals. Considering how your business and your employees functioned in recent years can help you predict upcoming trends, enabling you to plan for adjustments.
Just spitballin’ here but I think getting fired from a Big 4 firm and no longer doing a job he hated worked out pretty well for the star of Marvel’s Shang-Chi and the Legend of the Ten Rings. Here is what Simu Liu posted on Instagram today: So is now-retired Deloitte partner Paul Gibbons the real superhero here? Related articles: Even a Marvel Superhero Knows How Horrible Working at a Big 4 Firm Can Be.
Have you ever heard the phrase, what keeps you up at night? If you’re a healthcare executive, there is an ever-growing list of challenges, including patient care, staffing, technology and equipment, facilities, and pandemics. And those are just the primary concerns. This leaves little room to be consistently overburdened with extra administrative oversight of internal processes, applications, IT infrastructure, and vendors.
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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