RogerRossmeisl
DECEMBER 7, 2021
Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies. Purchase assets Thinking about buying new or used equipment, machinery or office equipment in the new year? Buy them and place them in service by December 31, and you can deduct 100% of the cost as bonus depreciation.
PANALITIX
DECEMBER 8, 2021
RESOURCES / ARTICLES. Growing Your Accounting Firm… Without Hiring. It’s good news that many Panalitix clients have grown their businesses this year and want to expand in the next 12 months. However, hiring new employees to fuel that growth is proving to be a challenge. Here’s an excerpt from a recent conversation about the growth challenges and opportunities ahead: Panalitix: What are your business goals next year?
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RogerRossmeisl
DECEMBER 7, 2021
The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Existing reporting rules If you have a stock brokerage account, whenever you sell stock or other securities, you receive a Form 1099-B after the end of the year.
TaxConnex
DECEMBER 7, 2021
Rolling the dice with sales tax compliance can backfire in a big way. And there are several examples that take this to the extreme. Keep reading to see some recent sales tax missteps that had big costs. Tax air-or. New York: A Long Island provider of self-service, coin-operated air machines to inflate car tires has been socked with a $4.25 million penalty for failing to pay sales tax on air-inflation services, as well as for tax avoidance schemes by underreporting sales and paying workers off th
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
BurklandAssociates
DECEMBER 6, 2021
Ask a founder or investor what drives value in an early-stage SaaS business, and “revenue growth” is probably the consensus answer – essentially, quantity of revenue. Everyone wants that hockey Read More. The post The 3 Ps of Revenue Quality for SaaS Startups appeared first on Burkland.
Withum
DECEMBER 10, 2021
This week I took my final 2021 RMD (required minimum distribution) withdrawal from my IRA and wanted to show my wife how it works. I handle all the “big” things in our affairs – investing our portfolio and making sure we are financially secure for the rest of our lives.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
TaxConnex
DECEMBER 9, 2021
Wholesalers and manufacturers/distributors have some big advantages regarding sales tax compliance – but they can also have hidden obligations. Wholesalers generally don’t sell to the public but there are times, especially within the last few years, where many wholesalers have added shopping carts to their own websites to catch the small number of consumers that may want to shop direct.
xendoo
DECEMBER 6, 2021
Business Resolutions Start Now. The end of the year is a bustling time for small business owners. Between skyrocketing holiday sales, extended hours, and juggling multiple duties, it can be difficult to find a moment to stop and think about preparing for 2022. . Where do you start? What metrics can be used to predict and measure success? What steps can be taken to effectively prepare your business for the new year?
LSLCPAs
DECEMBER 8, 2021
Introduction You have probably heard that the Infrastructure Investment and Jobs Act signed into law on November 15, 2021, eliminated the Employee Retention Credit for 2021 Q4. Especially if you were anticipating the receipt of the Employee Retention Credit, you’re wondering if there’s anything that will help. One thing is to keep in mind that. The post ERC Employee Retention Credit REPEALED for Q4 – Don’t Panic!
AccountingDepartment
DECEMBER 9, 2021
Financial forecasting is always important for any business. It allows you to know what's coming down the road. Specifically, revenue forecasting allows you to know your financial standing, identify risks, identify trends and make adjustments to your business plan. It identifies potential problems down the pipeline and with this knowledge, companies can make adjustments to avoid risk.
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CalCPA
DECEMBER 6, 2021
Whatever your interests and expertise, we have a matching state committee—and the application period to serve in 2022-23 is open through Jan. 28. The post CalCPA BUZZ: State Committee Application Period Open appeared first on Hot Topics.
xendoo
DECEMBER 6, 2021
Xendoo provides online bookkeeping , accounting, and tax support for your partnership business. When you get behind in your books, you have two choices: lose sleep or turn to a catch-up bookkeeping service to help you out. . What is catch-up bookkeeping? Catch-up or “clean-up” bookkeeping is the method of bringing your financial records up to date. In other words, catch-up bookkeeping lets you spend less time worrying about the past and more time focused on the future.
ThomsonReuters
DECEMBER 9, 2021
Anglim v. Sharp Med. Staffing, LLC, 2021 WL 5741961 (D. Neb. 2021). Available at [link]. A former employee sued her employer for violating the COBRA notice requirements and failing to enroll her in COBRA coverage under its group health plan. Following her termination in March 2020, the employee allegedly called the employer repeatedly about COBRA enrollment and sent a $3,600 check for COBRA coverage, despite not having received an election notice.
AccountingDepartment
DECEMBER 8, 2021
When you are a contractor for the government, it is very important that you follow various federal rules and regulations. DCAA compliant accounting is a widely used term in the contracting industry. With DCAA-compliant accounting, you can reduce the risks of problems with an audit and be much better prepared for an audit. Being DCAA compliant means that you are simply following the rules and regulations.
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.
FraudFiles
DECEMBER 7, 2021
There may be nothing more disheartening in the world of fraud investigation than a church employee caught embezzling. Unfortunately, there are fairly regular news reports of financial fraud at churches. Fraud hits churches hard. Many churches operate on shoestring budgets to begin with. A sizable fraud can put a church on the brink of financial collapse.
GrowthForceBlog
DECEMBER 9, 2021
7 min read. Every CEO’s worst nightmare: your client’s portal was hacked ! Here’s your next move….
Ronika Khanna CPA,CA
DECEMBER 9, 2021
Giving gifts to clients or customers can be a great way to build goodwill, create customer loyalty and differentiate yourself from your competition. Gifts can be anything from a simple bouquet of flowers to something a bit more personalized based on your knowledge of the customer. A gift can be given around the holidays, on birthdays, after closing a sale or any other time as a simple thank you.
AccountingDepartment
DECEMBER 5, 2021
AccountingDepartment.com is the leader in outsourced accounting, bookkeeping, controller, and advisory services. We are the largest and most experienced outsourced provider in the country and serve businesses nationwide with our 100% U.S-based team of professionals.
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
Withum
DECEMBER 10, 2021
This week I took my final 2021 RMD (required minimum distribution) withdrawal from my IRA and wanted to show my wife how it works. I handle all the “big” things in our affairs – investing our portfolio and making sure we are financially secure for the rest of our lives.
FraudFiles
DECEMBER 10, 2021
You are being audited. These are some of the most dreaded words an individual or business will ever hear from a state or federal tax auditor. They invoke fear, panic, and sometimes anger. Most of all, they create a need for documentation. Every number could be scrutinized. That means documentation must be produced to support the amount of each expense and the business purpose of the item.
ThomsonReuters
DECEMBER 9, 2021
QUESTION: Since we changed our company’s ERISA-covered major medical plan from fully insured to self-insured this year, do we have more flexibility in administering the plan’s terms? In particular, we would like to waive the plan’s waiting period for a group of employees hired in connection with an acquisition. ANSWER: You might be able to waive the waiting period for certain groups of employees, but some complicated issues should be addressed.
SkagitCountyTaxServices
DECEMBER 8, 2021
There are many of our clients for whom this time of year is like their version of the Super Bowl. Some Skagit County businesses are earning 30-50% (or more) of their yearly revenue in this one month. Others … well, this is a normal month — except of course for all of the holiday craziness. But for ALL of our clients, this is a time where you can bring home some serious bacon.
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Martin Quinn
DECEMBER 6, 2021
Photo by Roly Vasquez on Pexels.com. In October, a former Facebook employee Frances Haugen told the UK parliament that Facebook “views safety as a cost centre and not an investment for growth” ( CNN ). This made me think of two things. First, what is a cost centre. A simple definition is some unit, part of function of an organisation for which costs can be identified and for which a manager can be held responsible.
LSLCPAs
DECEMBER 6, 2021
UPDATES – U.S. Department of Treasury issued more guidance on June 17, 2021 related to Recipient Compliance and Reporting for the use of Coronavirus State and Local Fiscal Recovery Funds. The U.S. Department of Treasury has made updates to the compliance and reporting guidance to reflect change in reporting dates as well as clarifying reporting.
ThomsonReuters
DECEMBER 9, 2021
Lyn M. v. Premera Blue Cross, 2021 WL 5579710 (D. Utah 2021). Available at [link]. After claims for a child’s residential mental health treatment were denied under an ERISA-covered group health plan, the child’s parents sued the plan and its claims administrator. The trial court upheld the denial, but an appellate court subsequently determined that, because the decisionmaker’s discretionary authority was not mentioned in the SPD or otherwise disclosed, the trial court should have applied the “d
xendoo
DECEMBER 6, 2021
When businesses are first created, every responsibility falls on the business owner. As they juggle increasing sales, customer service, marketing, and even bookkeeping and accounting , two questions come to mind – how do I pay myself? How do I pay my business’s taxes? . Self-payment for small business owners is far from simple. There are certain requirements for the amount you pay yourself, and even how you receive payments.
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AccountingDepartment
DECEMBER 5, 2021
AccountingDepartment.com is the leader in outsourced accounting, bookkeeping, controller, and advisory services. We are the largest and most experienced outsourced provider in the country and serve businesses nationwide with our 100% U.S-based team of professionals.
ThomsonReuters
DECEMBER 7, 2021
‘Twas auditing busy season, when all through the firm. No one was sleeping, especially not the interns. Nails were bitten, and foreheads were slick. Report deadlines were coming up. And quick! The organizers were ready, audit staff on call. But echoes of client’s cries ring in the halls. Oh, my engagement plan? Where’s schedule M-3? Email? Didn’t get it!
RitaKeller
DECEMBER 7, 2021
“To improve is to change; to be perfect is to change often.” – Winston Churchill. The reason your firm is stuck in the past is fear. I talk about it with my clients and hear about it from many of my contacts working inside CPA firms. A small group of partners or even one specific partner is afraid of the future. They are consumed by fear and prohibit the firm from: Adopting new software Truly becoming a digital firm (being completely paperless) Admitting that staff can be effective and efficient
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"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.
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