TaxConnex

AUGUST 17, 2021

Sales tax is full of complexities, but there are certain topics that seem to cause more of a headache than others. Drop shipments are one of those topics. As e-commerce continues to explode – it almost doubled during the pandemic and was already rising sharply nationwide in early 2019 – drop shipment transactions have become even more prevalent. Many companies have added marketplaces on websites and don’t maintain their own inventory for online purchases.

South Carolina 246

South Carolina Utah Sales Illinois 246

PANALITIX

AUGUST 15, 2021

RESOURCES / ARTICLES. Exciting Clients…. with Review Meetings! Accountants interpret financials to advise clients, sometimes through ‘quarterly [or monthly] review’ meetings. How do we get clients excited (and willing to invest) in these meetings? They need to see the value and believe in the approach. Then they’ll enter productive, long-term advisory relationships.

financial statements 147

financial statements Education accounted Account 147

RogerRossmeisl

AUGUST 19, 2021

Your employees shouldn’t accept any gift offered with the intent to improperly influence business decisions — or even one that merely appears to compromise their ability to act in your company’s best interests. Unfortunately, kickbacks are often disguised as gifts or travel, so they can be hard to identify. Here’s how to maintain your business’s high ethical standards.

CPA 161

CPA 161

BurklandAssociates

AUGUST 16, 2021

Misclassification of employees and independent contractors is one of the most common pitfalls startups face during a due diligence process. The post Surviving Due Diligence, Part 2: Employee vs. Contractor appeared first on Burkland.

Tax 130

Tax 130

Speaker: Danny Gassaway and Wayne Richards

Finance leaders are prioritizing efficiency and digital transformation, yet many hesitate to automate due to uncertainty. Without a clear understanding of its impact, organizations risk falling behind competitors who are leveraging automation to drive productivity and cost savings. Join Wayne Richards and Danny Gassaway from AvidXchange for a practical guide on bringing accounts payable (AP) automation to your organization.

Finance

TaxConnex

AUGUST 19, 2021

This article was written for the Atlanta Business Chronicle Leadership Trust. To see the original post, click here. In the fall of 2020, I published an article on how the sales tax picture is changing due to COVID-19. Now that we’re over a year into the pandemic, I wanted to provide an update on the sales tax landscape, what predictions have remained the same and what’s changed.

Sales 246

Sales E-commerce Tax Missouri 246

Withum

AUGUST 19, 2021

Tax 126

Tax 126

ThomsonReuters

AUGUST 19, 2021

QUESTION: Our company offers a high-deductible health plan (HDHP), and many participants contribute to their own HSAs. Several have asked about making HSA contributions on a pre-tax basis so they can receive income tax savings every payroll period (instead of waiting until they file their tax returns) and avoid paying FICA taxes on those contributions.

payroll 105

payroll Tax income tax tax return 105

AccountingDepartment

AUGUST 19, 2021

Not all businesses sell a physical product, but many businesses have inventory that is made up of materials used as a part of a service provided to a customer. In either case, these products and materials need to be accounted for in the warehouse, when they are moved to job sites, and when they are used for a client job or within the production of a larger product.

Account 104

Account accountant accounted NetSuite 104

Withum

AUGUST 19, 2021

Last week I wrote about a cleaner that closed and suggested that if they added a surcharge, it might have saved their business. I gave a copy to my cleaner and she told me I was wrong, and I did not want to argue with her, so I decided to put my thoughts in this follow-up, which I will give to her.

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105

RogerRossmeisl

AUGUST 19, 2021

More than 43 million student borrowers are in debt with an average of $39,351 each, according to the research group EducationData.org. If you have student loan debt, you may wonder if you can deduct the interest you pay. The answer is yes, subject to certain limits. However, the deduction is phased out if your adjusted gross income exceeds certain levels — and they aren’t as high as the income levels for many other deductions.

Education 189

Education CPA Tax 189

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Technology

xendoo

AUGUST 16, 2021

When you’re running a business, keeping track of all of the financial terms can be enough to give you a headache! But two of the most important terms that will affect you are your cash flow and your profit. Cash flow refers to the net flow of cash in and out of a business, while profit indicates the amount of money that’s left over after all of the expenses have been paid. .

bookkeeping 98

bookkeeping Sales payroll Legal 98

AccountingDepartment

AUGUST 19, 2021

Growing a business and setting it up for continued growth is a challenge that many new and veteran business owners face. In the start-up phase, a business will typically find itself with basic accounting software, order processing techniques, etc. While these will handle the early stages of a business, with growth comes the need to improve these programs and processes.

basic accounting 98

basic accounting accounting software Start-ups accounted 98

Withum

AUGUST 20, 2021

Construction 98

Construction 98

RogerRossmeisl

AUGUST 19, 2021

(This is Blog Post #1072). The post It’s Never Too Early to Start Saving for Retirement appeared first on Roger Rossmeisl, CPA.

CPA 172

CPA 172

Speaker: Jennifer Hill

Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.

payroll

Patriot Software

AUGUST 16, 2021

Part of your title as “employer” also includes “payroll processor.” When you hire employees, you have to add them to payroll, withhold the proper taxes, and pay employees. It’s all part of the job. But if you’re new to this employer role, you may not be exactly sure how to process payroll. Well lucky for […] READ MORE.

payroll 95

payroll Tax 95

ThomsonReuters

AUGUST 19, 2021

IRS Information Letters 2021-0004 (Dec. 21, 2020) and 2021-0005 (Mar. 3, 2021). Letter 2021-0004. Letter 2021-0005. Two recently released IRS information letters provide general information about the circumstances under which health FSA participants can continue to be reimbursed for eligible expenses after termination of employment. One letter explains that health FSA participants who terminate employment may be able to continue their participation by electing COBRA continuation coverage.

Tax 93

Tax accountant accounted Account 93

Withum

AUGUST 20, 2021

85

85

RogerRossmeisl

AUGUST 18, 2021

Forensic accountants are professionals who have received specialized training to uncover fraud and protect against fraud threats. They’re uniquely qualified to review financial statements and business records and to interview employees to find evidence of misrepresentations and theft. In many cases, they’re able to help recover missing funds. So if you suspect fraud and possibly want to take a perpetrator to court, a forensic accountant can be critical.

forensic accounting 153

forensic accounting Account accounted accountant 153

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.

Finance

CTP

AUGUST 17, 2021

In a previous blog, we discussed how a shareholder in an S corporation or a partner in a partnership needs sufficient tax basis to claim a business loss. Tax basis refers to the amount that a taxpayer has invested in business assets, calculated by taking the purchase price and subtracting any accumulated depreciation. If the […]. The post Debt Recourse and Tax Deductions for Partnerships and S Corporations appeared first on certifiedtaxcoach.

Tax 81

Tax 81

SkagitCountyTaxServices

AUGUST 20, 2021

No matter your line of work, your computer might be one of your most glaring vulnerabilities … and it’s one that too many Skagit County business owners I’ve worked with don’t fully address. Even if you work with your hands, and you’re a sole practitioner (a contractor, a landscaper, a mechanic, etc.) … the little computer in your HANDS might hold the keys to your business.

Healthcare 52

Healthcare CPA Washington Technology 52

Withum

AUGUST 20, 2021

78

78

RogerRossmeisl

AUGUST 18, 2021

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation. Deductible vs. nondeductible expenses In general, you can’t deduct an expense you incur on behalf of your corporation, even if it’s a legitimate “trade or business” expense and even

Legal 130

Legal CPA business tax Tax 130

Speaker: Debra L. Robinson

CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.

CPA

Pooley Accounting Services

AUGUST 19, 2021

Knowify and simPRO platforms are both a customer service management tool as well as a job cost and job tracking tool. Both offer an all-encompassing cloud-based platform that can handle contractor projects from start to finish. Each of these tools offers the ability to organize leads and follow through to project completion. As an example, once a bid has been completed it can be e-mailed to the customer with the click of a button.

Construction 52

Construction quickbooks Start-ups accounted 52

ThomsonReuters

AUGUST 19, 2021

DOL News Release: United Behavioral Health, United Healthcare Insurance Co. Plans to Pay $15.6M, Take Corrective Actions After Federal, State Investigations (Aug. 12, 2021); Walsh v. United Behavioral Health, No. 1:21CV04519 (Settlement Agreement) (E.D.N.Y., Aug. 11, 2021). News Release. A large insurer has agreed to pay $15.6 million and take corrective actions to resolve claims brought by the DOL, a state attorney general, and group health plan participants for alleged violations of the Mental

Healthcare 52

Healthcare Tax accountant accounted 52

Withum

AUGUST 20, 2021

78

78

FraudFiles

AUGUST 18, 2021

When companies have big problems, they usually bring out the big guns. The benefits of using large law firms, audit firms, and other professional service firms are undeniable. These firms offer a depth of experience that is invaluable, and they have seemingly unlimited resources in terms of manpower. A large firm often has the ability to mobilize an engagement team quickly, and can bring in experts from around the world.

forensic accounting 52

forensic accounting Account accounted accountant 52

Speaker: Aaron Berson

Managing spend is more than a cost cutting exercise – it's a pathway to smarter decisions that unlock efficiency and drive growth. By understanding and refining the spending process, financial leaders can empower their organizations to achieve more with less. Explore the art of balancing financial control with operational growth. From uncovering hidden inefficiencies to designing workflows that scale your business, we’ll share strategies to align your organization’s spending with its strategic g

Spend Management

LSLCPAs

AUGUST 17, 2021

Running a retirement plan requires following all the IRS requirements to the T. Each year, the IRS issues a list of required amendments along with the general plan amendment deadlines to go with them. The IRS has amended the amendment. The New Determination Program Rev.Proc.2016-2037 is here. The rules may change according to the type. The post The July 2022 Season for 401(k) Plan Amendments Opens Soon appeared first on LSL CPAs.

cpas 52

cpas 52

ThomsonReuters

AUGUST 19, 2021

FAQS About Affordable Care Act Implementation Part 48 (Aug. 16, 2021). Available at [link]. The DOL, HHS, and IRS have issued a single FAQ announcing future regulatory guidance on the Affordable Care Act (ACA) contraceptive coverage mandate. As background, the ACA generally requires non-grandfathered group health plans to provide coverage without cost-sharing for specified preventive health services—including certain contraceptive services— when delivered by in-network providers.

Tax 52

Tax accounted Account accountant 52

Withum

AUGUST 18, 2021

Tax 72

Tax 72

xendoo

AUGUST 16, 2021

As more small businesses crop up throughout the country, many business owners are starting to realize that a significant task in managing a company, big or small, is bookkeeping. . From choosing an accounting method to managing transactions to setting up payroll, bookkeeping can be an extremely confusing and time-consuming process! That’s why many business owners decide to get bookkeeping help, whether they use a form of online bookkeeping software or hire an accountant. .

quickbooks 52

quickbooks bookkeeping software bookkeeping accounting software 52

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