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.

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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 accountant 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 157

CPA 157

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: 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.

Account

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 245

Sales E-commerce Tax Missouri 245

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

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.

accountant 104

accountant Account accounted NetSuite 104

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

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.

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Education CPA Tax 182

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.

Account

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

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 accountant 98

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 Account accounted 93

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 150

forensic accounting accountant Account accounted 150

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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.

financial statements

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

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 accountant 52

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 166

CPA 166

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

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 Account 52

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 accountant Account accounted 52

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

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

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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.

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 accountant Account accounted 52

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

Withum

AUGUST 19, 2021

Tax 126

Tax 126

RitaKeller

AUGUST 19, 2021

“Every great move forward in your life begins with a leap of faith, a step into the unknown.” – Brian Tracy. All the talk these days is about CPAs becoming consultants to their clients and not just compliance service providers. There are even various training programs to help CPAs make the large leap (I say that sarcastically!). It is not a “leap” for you.

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cpas cpa firm public accounting CPA 49

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.

ThomsonReuters

AUGUST 19, 2021

Rev. Proc. 2021-31 (Aug. 6, 2021). Available at [link]. The IRS has announced the 2021 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.

Tax 52

Tax accountant Account accounted 52

KROST

AUGUST 18, 2021

This is one of the articles in the KROST Quarterly Technology Issue, titled “Nonfungible Tokens: Applications, Technology, And Outlook” by Paren Knadjian. In the cryptocurrency world, a token is the denomination of currency, in the same way as the dollar is the denomination of the US national currency. It represents a tradable asset that has value. All fiat currencies 1 and almost all tokens are fungible – i.e., each unit has the same value and is interchangeable.

Technology 40

Technology Gaming Sales accounting and finance 40

Withum

AUGUST 20, 2021

Construction 98

Construction 98

RitaKeller

AUGUST 17, 2021

“Tomorrow is the first blank page of a 365-page book. Write a good one.” – Brady Paisley. This term has been used by CPA firms for decades. SALY – Same As Last Year. Do you remember when a new team member was assigned a routine individual tax return and the partner or manager would send the client’s file with a note simply stating SALY?

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cpa firm tax return CPA Tax 49

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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.