Sat.Oct 09, 2021 - Fri.Oct 15, 2021

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Top Skills Needed to Manage Sales Tax

TaxConnex

The majority of businesses still manage their sales tax obligations with internal staff, but do they have what it takes to manage sales tax effectively? Most businesses don’t have the internal expertise to accurately manage it in-house, especially in the current work environment where finding and keeping the best talent is difficult at best. Sales tax compliance involves everything from determining if your company is obligated to collect and remit sales tax in a jurisdiction (aka nexus) and moni

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What's the Difference Between Cost Accounting and Management Accounting?

GrowthForceBlog

5 min read. Spoiler alert: Both cost accounting and management accounting are intended for internal use by business leaders. Smart leaders use it to improve organization operations and boost the bottom line.

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Accounting for Foreign Exchange Transactions

Withum

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New Per Diem Business Travel Rates Became Effective on October 1

RogerRossmeisl

Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home. (Taxpayers in the transportation industry can use a special transportation industry rate.

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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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NOMAD States: The Latest on Sales Tax

TaxConnex

NOMAD and sales tax – I’m sure you’ve heard it before. But what does it mean? When it relates to sales tax, the NOMAD states refer to the five American states without a statewide sales tax: New Hampshire, Oregon, Montana, Alaska, and Delaware. When named in that order they make up an acronym lover’s dream: “NOMAD.”. While most of the country is accustomed to the idea of a sales tax, this handful of states don’t impose this tax on their residents (at least at the state level).

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PEO for Startups: Save Costs & Improve Benefits

BurklandAssociates

What is a PEO? A Professional Employer Organization (PEO) allows its participants to outsource many of their human resource functions, share employment liability, and, often, gain economies of scale to Read More. The post PEO for Startups: Save Costs & Improve Benefits appeared first on Burkland.

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Tax Implications of Donating Artwork to Charity

RogerRossmeisl

If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer to that question can be complex because several different tax rules may come into play with such contributions. A charitable contribution of a work of art is subject to reduction if the charity’s use of the work of art is unrelated to the purpose or function that’s the basis for its qualification as a tax-exempt organization.

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Keep Going: Claudia’s Story

MazumaBusinessAccounting

When the financial crisis hit in 2007, Claudia McKinney had no way of knowing it would mark the start of her new career. Nothing good—in her own family or across the nation—seemed to be coming from the economic slump. “My husband’s business suffered tremendously,” McKinney states. “And it went under.” In addition to their source of income, the McKinney’s lost their house.

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SSA Announces Social Security Taxable Wage Base for 2022

ThomsonReuters

SSA Press Release: Social Security Announces 5.9 Percent Benefit Increase for 2022 (Oct. 13, 2021). Available at [link]. The Social Security Administration (SSA) has announced the annual cost-of-living adjustment to the maximum amount of earnings subject to Social Security tax (i.e., the taxable wage base). For 2022, that amount will be $147,000 (up from $142,800 for 2021).

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Common Problems with In-House Accounting Departments

AccountingDepartment

As a business owner, you always want to make sure that all operations run properly and efficiently. You want to ensure that you are in control of all of your company's operations. This way, you simply know what's going on. This approach puts you in the driver's seat. Without a doubt, accounting and bookkeeping are an important part of a business. And while having in-house employees do the accounting and bookkeeping has some benefits, there are a few pitfalls that cannot be ignored.

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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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When Your Sales & Profitability Are Struggling, Do THIS.

GrowthForceBlog

8 min read. Setting sales goals is a normal, necessary part of running a business that you hope to run for a long, long time. Keeping track of your progress toward annual sales goals helps you determine whether your business is on target to meet, exceed, or fall short of those goals.

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5 Ways to Make Halloween Candy Tax-Deductible

MazumaBusinessAccounting

Did you know you can deduct Halloween candy from your taxes? As a business, you can use Halloween candy as a tax write-off if you figure out a way to make it business-related. Here are five ways to deduct those over-priced bags of snack-size chocolates this October: Make a promotion out of it. Attach your business card or a promotional flyer to packets of M&M’s and voila!

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Plan’s Anti-Assignment Clause Blocks Provider’s Lawsuit for Benefits

ThomsonReuters

Alkon v. Cigna Health and Life Ins. Co., 2021 WL 3362562 (D. N.J. 2021). An out-of-network health care provider performed surgery on a participant in an ERISA health plan. After receiving payment for less than 1% of the billed charges and unsuccessfully seeking additional reimbursement using the plan’s internal claims process, the provider sued the plan and its claims administrator.

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AccountingDepartment.com Attends EO Xcentric 2021

AccountingDepartment

This past week, AccountingDepartment.com Business Development Representative, Shawn Marcum attended the Entrepreneurs' Organization (EO) Xcentric event in New Orleans, LA.

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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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Do you have to charge QST if your business is located outside of Quebec?

Ronika Khanna CPA,CA

Quebec is unique in a number of different ways. This is great if you enjoy exposure to different types of culture and cuisine. It isn’t so great where it comes to tax. Almost every type of tax filing in Quebec requires an additional return, which often has different rules and calculations from the federal tax filings. Quebeckers are resigned to this and fortunately tax software or a good accountant tends to make the management of taxes significantly easier.

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Keep Going: Senga’s Story

MazumaBusinessAccounting

In 2017, Senga Nuga invested his last $100 to start his own business, desperate to provide for his wife and one-year-old daughter. Earlier that year, Senga had been let go from his job as a security guard, and the idea to form his own company resulted from a conversation with a friend who was a contractor. “I asked him, ‘How was your day?

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Can a Qualified Educational Assistance Program Be Used to Repay Employees’ Student Loans?

ThomsonReuters

QUESTION: Many of our company’s employees have student loans. Could we help them repay those loans on a tax-advantaged basis using a qualified educational assistance program? ANSWER: Educational assistance programs under Code § 127 currently can be used to help employees repay certain student loans, but this benefit is only available for a limited time and there are other restrictions.

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10 Benefits to Automating Your A/P and QuickBooks Accounts Payable Through Software Apps

LSLCPAs

Accounts payable automation is an incredible tool to include in your accounting and bookkeeping processes. The A/P (Accounts Payable) software apps are intuitive and easy to use. Implementation is seamless, and the cost is relatively low. Your bank may have a bill pay system that connects easily to your bank account and accounting software, or. The post 10 Benefits to Automating Your A/P and QuickBooks Accounts Payable Through Software Apps appeared first on LSL CPAs.

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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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Using an IRS Accountable Plan to Maximize Deductions for Your Skagit County Business

SkagitCountyTaxServices

Any of you Skagit County business owners remember those halcyon days when you could “talk a little business” with somebody while traveling … and then you got to write off the whole getaway on your taxes? Even if that ever really happened, that ain’t today. Now, the good folks at the IRS pull against their leashes to get at businesspeople who try to finagle an on-the-job tax deduction – and the taxman’s very best friend can be your own sloppy records.

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How Small Businesses Can Compete With Big Brands

SingleTrackAccounting

Recent news has been calling out big tech such as Facebook for it’s ethical choices in the face of a whistleblower who ousted the company for repeatedly choosing profit over people and buying out the “little guys” who try to compete with the conglomerate. While Facebook’s ethics have been a topic of controversy for some time, we can’t help but wonder how their size affects small businesses and what we can do to stand out.

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DOL Proposes Amending Investment Selection and Proxy Provisions of Investment Duties Regulation

ThomsonReuters

Proposed Rule: Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights, 29 CFR Part 2550, 86 Fed. Reg. 57272 (Oct. 14, 2021); Fact Sheet: Notice of Proposed Rulemaking on Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights (Oct. 13, 2021). Proposed Rule. Fact Sheet. As we went to press with this week’s edition of the EBIA Weekly, the DOL released advance copies of a proposal to amend the investment duties regulation.

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Business Lessons from a Breast Cancer Survivor: An Interview with Xendoo COO, Julia Aquino

xendoo

Julia Aquino, Xendoo COO, recognizes Breast Cancer Awareness Month. As we begin Breast Cancer Awareness Month, we spoke with Xendoo COO and breast cancer survivor, Julia Aquino. She was diagnosed with breast cancer in 2012. She knew that she needed a deep understanding of the disease in order to make the best decisions for her health, while also running a successful business. .

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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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Accounting in farming

Martin Quinn

Image from Grandtournation. Whether you love or hate Jeremy Clarkson, the Clarkson’s Farm series on Amazon conveys many of the challenges faced by farmers. In the last ten minutes of the final episode of Season 1, the financial challenges are highlighted. As I watched this part of the show, I guessed a figure of £10,000 profit. The actual profit shown was £144 on arable farming in what was a weather affected year ( yields were down 40%).

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OECD Announces Consensus on Global Minimum Tax

Withum

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OCR Announces 20th Settlement Under HIPAA Individual Access Initiative

ThomsonReuters

HHS Resolution Agreement: Children’s Hosp. & Med. Ctr. (Aug. 17, 2021). Available at [link]. HHS’s Office for Civil Rights (OCR) has announced the 20th settlement under its initiative to enforce the HIPAA provisions giving individuals the right to access their protected health information (PHI). According to OCR’s summary, a parent filed a complaint with the agency alleging that a health care provider (a HIPAA covered entity) had failed to provide her with timely access to her deceased mino

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How To Talk To Clients – Flashback Friday

RitaKeller

“Be brave enough to start a conversation that matters.” – Margaret Wheatley. First of all, happy October 15th! This Friday I hope you have time to read my blog post. It stresses the importance of helping beginners on how to talk to clients. Have a great weekend!

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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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These are the women in Miami tech you need to know | South Florida Business Journal

xendoo

The Miami tech movement wouldn’t be what it is without the women founders, executives, nonprofit leaders, and venture capitalists who have spent years championing the region’s innovation community. An article by Ashley Portero, Senior Reporter, South Florida Business Journal. Read more here . These are the women in Miami tech you need to know.

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Black CPA Centennial Names Aaron Slaughter to 2021 40 Under 40 Black CPA List

Withum

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Firm culture checklist

ThomsonReuters

Company culture is a growing concern for employees, customers, and employers. It’s proven to be a key element in the age of remote work and the “Great Resignation”. It’s time to ask yourself, “What is our culture?” Is it in inline with the goals and values of your company? Is it being demonstrated by the leaders in your firm? Ask yourself the following questions to evaluate your firm’s culture.

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Salaries

RitaKeller

“These men ask for just the same thing, fairness, and fairness only. This, so far as in my power, they, and all others, shall have.” – Abraham Lincoln. I always get questions about salaries for the CPA profession. Firms want to know what other firms are paying by level – Staff, Senior, Manager, etc. I even did a limited survey myself but was disappointed by the response.

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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.