February, 2022

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4 Reasons to Outsource Sales and Use Tax

TaxConnex

When is it worth getting a business problem off your plate? Businesses outsource tasks every day, from marketing to operations to finance. But is there more you should be outsourcing? Does it make sense to keep things in-house if you don’t have an expert on staff? A ccording to TaxConnex’s recent market survey of 100 top finance professionals, this could be the year to outsource sales tax.

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Don’t Discount the Key Person Discount

RogerRossmeisl

In the fourth quarter of 2021, CEO resignations were up 16% over the prior year, according to executive outplacement firm Challenger, Gray & Christmas. Recent and announced high profile departures include Twitter’s Jack Dorsey, Amazon’s Jeff Bezos and American Airlines’ Doug Parker. This trend is expected to continue into 2022 as executives swap high-stress positions for more family time.

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What to Look for When Hiring a Fractional CFO for Your Startup

BurklandAssociates

Hiring a fractional CFO is a significant milestone and an important strategic move for your startup. Even on an outsourced basis, your CFO is one of the pillars of your Read More. The post What to Look for When Hiring a Fractional CFO for Your Startup appeared first on Burkland.

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How to Use the Data Storytelling Approach for FP&A Success

Acterys

For every organization, FP&A mandates professionals to have first-rate analytical thinking and numerical analysis skills to interpret financial data and produce insights surrounding business performance. However, crunching numbers and compiling insights is only the first part of the process. To paint the complete picture, they need to understand how those disjointed figures come together and put them in a cohesive narrative to effectively translate insights into game-changing decisions and r

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Planning Your Restaurants Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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The Trouble with Tribal Knowledge: How to Document Your Accounting Process

Accountant Advocate Submitted Articles

Tribal knowledge can be a big problem – especially for accounting departments if you don't know how to spot it, capture it and correct it. Learn the best practices for capturing tribal knowledge.

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5 FAQ When Choosing a Los Angeles CPA or EA

MyIRSRelief

One of the most important aspects of a company to the owner or operator is the financial side. It is very important to know the financial condition of your business. For most businesses, this falls on the Accounting department. For smaller businesses, where there is not an option, a CPA or EA firm may be a better choice. A CPA or Certified Public Accountant, or EA Enrolled Agent is a specially trained professional who knows all of the necessary rules and regulations regarding business finances.

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Valuing a Business for Divorce

RogerRossmeisl

When divorcing spouses own a private business interest, it complicates the settlement process. The value of a business isn’t necessarily as straightforward as the values of other marital assets. And it’s often impractical to sell the business and split the proceeds, because there may be other owners who aren’t interested in selling and it takes time to sell a business.

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What’s a Good LTV:CAC Ratio for a SaaS Startup?

BurklandAssociates

Summary: LTV, or Lifetime Value of a Customer, is the average total revenue one customer generates for your business over their lifetime. CAC, or Customer Acquisition Cost, is simply the Read More. The post What’s a Good LTV:CAC Ratio for a SaaS Startup? appeared first on Burkland.

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NFTs for NFPs: Crypto Concerns for Charities

Withum

Welcome to the future! Cryptocurrency continues to gain popularity (see our previous article here ), the Metaverse is constantly expanding, and NFTs (Non-Fungible Tokens) are trending. Blockchain technology is on track to become the most impactful innovation since the internet (and for charities specifically, since the “donate now” button) and has been a catalyst in creating recent generational wealth.

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Managing Payroll Mistakes in Your Organization

Accountant Advocate Submitted Articles

Payroll is a complex business function that comes with minutia, and as businesses grow, payroll can get harder to manage. Avoid these expensive mistakes in your payroll.

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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

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Steps to Clean Up Accounting Records: A Checklist

xendoo

Taking steps to clean up accounting records can be a big undertaking for small business owners. Hopefully, you started your business on the right foot financially. You may diligently record your accounting transactions or have hired someone to take care of accounting for you. If that is not the case, you will need to take steps to clean up accounting records or use a catch-up bookkeeping service. .

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Sales tax and M&A: Don't wait until it's too late

TaxConnex

Mergers and acquisitions (M&A) capture a lot of headlines. The right merger or acquisition can spell fortunes for execs and shareholders and offer great chances to cut costs or snap up a valuable but distressed prize company. But sometimes, the deal is held up for various reasons – including sales tax exposure within the company being acquired. Not looking for the unexpected.

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SB 113 Provides Additional Relief from SALT Deduction Limits

RogerRossmeisl

Back in 2017, the Tax Cuts and Jobs Act was signed into law which instituted a cap on the amount of state and local taxes (SALT) that individuals could report as Itemized Deductions on Schedule A. Starting with the 2018 tax year, the maximum SALT deduction available was $10,000. Previously, there was no limit. Since then, roughly 20 states have come up with workarounds intended to negate, or at least mitigate the effect of the SALT limitation.

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Fintech Landscape in 2022: Insights from a Fintech Co-Founder

BurklandAssociates

In 2021, few industries received more venture capital investment than fintech, and many industry observers predict 2022 will be another banner investment year for the sector. To guide you through Read More. The post Fintech Landscape in 2022: Insights from a Fintech Co-Founder appeared first on Burkland.

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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Owe Taxes? You May Lose Your Passport!

Withum

Federal Courts continue to reject constitutional challenges under the 5th Amendment to Section 7345, passed as part of the “Fixing America’s Surface Transportation Act” in 2015. The law gives the U.S. government the authority to revoke U.S. passports or reject passport applications for individuals who have delinquent tax debts in excess of $52,000, provided such debts have been certified by the Internal Revenue Service.

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Payroll trends to watch in 2022 (Part 1)

ThomsonReuters

Part 1 of this blogpost explains how prevalent payroll is in our daily lives with a focus on key issues in 2022, including worker classification, COVID-19 vaccine mandates, and wage and hour. Read part 2 for more 2022 payroll trends. On a recent weekend getaway from Hoboken, New Jersey to Miami, Florida, I observed just how ubiquitous the subject of payroll is in our lives on a day-to-day basis.

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How Much Is a Tax Consultant?

xendoo

If you own a business or earn a significant income, you may be wondering how to manage your tax situation and how much a tax consultant costs. There is a lot to consider when weighing the costs and benefits of hiring a tax consultant. You might need help mitigating tax exposure and ensuring tax planning, charitable giving, and other complex tax needs.

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Software, SaaS and Sales Tax

TaxConnex

If your business sells software or software-as-a-service (SaaS), you deal with one of the most complex sales tax situations, potentially without even realizing it. Your sales tax obligation and liability begin with where you have nexus , a connection between your company and a taxing authority or jurisdiction. Sales tax nexus was once defined only as a substantial physical presence but for almost four years – ever since the Supreme Court’s Wayfair ruling – sales tax nexus can also be defined as

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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Are You Ready for the 2021 Gift Tax Return Deadline?

RogerRossmeisl

If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? The annual gift tax exclusion has increased in 2022 to $16,000 but was $15,000 for 2021.

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How to Lower Your Investment Risk in a Startup

BurklandAssociates

1. Who is the Startup’s Banking Partner? A startup should have a business account with a bank that specializes in startups. Startup Banking Dos & Don’ts Open a bank account Read More. The post How to Lower Your Investment Risk in a Startup appeared first on Burkland.

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Withum Awarded on the Forbes America’s Best Tax and Accounting Firms 2022 List

Withum

Withum has been awarded on the Forbes list of America’s Best Tax and Accounting Firms 2022. This prestigious award is presented by Forbes and Statista Inc., the world-leading statistics portal and industry ranking provider. Previously, Withum received this designation in the Tax category. Now named for both Tax and Accounting, the respective teams are proud of the accolades.

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7 ways to attract and win new tax clients

ThomsonReuters

1) Communicate clearly to win new tax clients. When you seek to win new tax clients, it’s best to start at the beginning. Do you know what your clients and prospects want, especially in terms of communication? With so many generations in need of tax and accounting services in the market today, it can be a challenge to discover what a client truly wants or needs, or how they want to connect with you.

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Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.

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Intuit QuickBooks Launches New Revenue Share Program in Beta

SchoolofBookkeeping

At QuickBooks, accountants and bookkeepers are Intuit's most valued partners. Intuit is committed to working with them to help small businesses thrive. Now, to recognize accountants who help their small business clients use QuickBooks Online, they’re launching the new QuickBooks ProAdvisor Preferred Pricing Revenue Share program. Thanking accountants for shared success, the new program recognizes the work accountants do to recommend, set-up and onboard new clients onto QuickBooks.

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What's New in State Sales and Use Taxes - Monthly Update

TaxConnex

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. Oh Joy, oh revenue! State sales tax revenues and their local portions are reported up from Auburn, N.Y., to Colorado Springs, Colo., from Santa Barbara, Calif., to Mukilteo, Wash., defying predictions of the pandemic’s effect on government coffers – and delighting officials.

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Why Would Married Couples File Separate Tax Returns?

RogerRossmeisl

If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly and severally” liable for the tax on your combined income.

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How Savvy Firms Free Up Capacity, Without Adding Staff

CTP

Talent has always been something that firm leaders have had to manage carefully, but this year seems especially difficult and many firms are wondering what to do about it. Per Monster.com, accounting roles were ranked in the top 10 hardest positions to fill in 2021. And it looks like it might get tougher as we go along. According to the AICPA , over 75% of CPAs will retire in the next 15 years.

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

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George Washington Investment Strategy

Withum

I call it the Ed Mendlowitz George Washington Investment Strategy. George Washington basically fought the American Revolution not to win, but to not lose. However, this is not about George Washington but about a current investment strategy that I would like to suggest. The idea is not to grow your investments an excessive amount, but rather to not lose.

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What is IRS Form 941?

ThomsonReuters

Highlight: The IRS Form 941 is one of the most important payroll-related tax returns used by businesses to report employment taxes, including federal income tax withholding, Social Security tax, Medicare tax, and Additional Medicare tax. What is the IRS Form 941? On January 1, 1950, a new plan took effect to collect taxes due under the Federal Insurance Contributions Act (FICA) and under the federal income tax withholding provisions of the Internal Revenue Code (IRC).

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California Property Tax Updates

LSLCPAs

Transferring the Property Tax Base. Before we get too far into the year, we wanted to remind you of two significant changes that became effective in 2021 for California homeowners. They both relate to transferring the property tax base from an old to a new primary residence. California Property Tax Updates First Change For owners. The post California Property Tax Updates appeared first on LSL CPAs.

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Evolution of the Sales Tax Audit: Have Audits Changed with Economic Nexus?

TaxConnex

Sales tax has evolved a lot in recent years. So has the sales tax audit. Examiners can still show up and go over your books in person, and tax agencies will still send audit notices via snail mail. And why not? According to the Tax Policy Center, money collected from sales tax can be the leading source for many jurisdictions, constituting 25% to 35% of a state’s revenue.

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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.