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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.
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.
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.
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.
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 Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty.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.
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.
While Congress develops legislation that would eliminate, and/or otherwise mitigate, the current TCJA implemented state and local tax (SALT) limit on an individual taxpayer’s ability to take the itemized deduction for state and local taxes, California has just passed legislation which offers a work-around that will allow many Californians to mitigate the effects of the current $10,000 federal limitation on SALT deductions.
While Congress develops legislation that would eliminate, and/or otherwise mitigate, the current TCJA implemented state and local tax (SALT) limit on an individual taxpayer’s ability to take the itemized deduction for state and local taxes, California has just passed legislation which offers a work-around that will allow many Californians to mitigate the effects of the current $10,000 federal limitation on SALT deductions.
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.
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.
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.
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.
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
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.
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.
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.
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. .
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.
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.
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?
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.
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.
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
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!
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.
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
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.
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.
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.
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.
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. .
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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