Trending Articles

Obtaining Substantiation for 2020 Donations

RogerRossmeisl

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2020 income tax return? It depends.

Understanding Use Tax

TaxConnex

You may think that if you do not have physical or economic tax nexus in a state, you do not have any tax obligations. However, this may not be the case.

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The Importance of Scenario Analysis in Financial Planning

BurklandAssociates

You’ve built a budget and regularly update your forecast of full year results. Great. Now you should add conservative and aggressive forecast scenarios. Companies of every size, but especially startups, Read More.

Contractor vs. Employee vs. PEO

GlobalUpside

The post Contractor vs. Employee vs. PEO appeared first on Global Upside. Blog Case Study White Paper

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Square Doubles Down On Bitcoin; Generates $1.7 Billion In Crypto Revenue

PYMNTS

At Square , it’s getting hard to separate bitcoin from dollars. The company’s fourth-quarter financials reported on Tuesday (Feb.

Many Tax-Related Limits Affecting Individuals Have Changed for 2021

RogerRossmeisl

Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than two months (unless you file an extension).

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Sales Tax Audits - The Danger Grows

TaxConnex

M any industry experts believe that as state tax revenues continue to dry up from the economic shutdown and continuing pandemic , state sales tax audits are likely to increase sharply in the coming months.

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More Trending

Expanding Internationally in 2021: Trending Countries, Pandemic Considerations, and More

GlobalUpside

Expanding Internationally in 2021: Trending Countries, Pandemic Considerations, and More. The global business landscape has changed substantially over the past year, but expansion has not stopped.

State Bank Of India Joins Liink, JPMorgan’s Blockchain Network

PYMNTS

The State Bank of India (SBI) is joining Liink , J.P. Morgan’s peer-to-peer blockchain-based data network, according to a report from The Economic Times. The partnership will help SBI increase the speed of customer transactions, including cross-border payments, and lower the costs.

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Many Tax-Related Limits Affecting Businesses Have Increased for 2021

RogerRossmeisl

A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business meals has doubled for this year after a new law was enacted at the end of 2020.

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Is the GILTI High Tax Exception a Benefit for Controlled Foreign Corporations?

KROST

Navigating the ins and outs of US taxes as a US shareholder of a controlled foreign corporation (CFC) has been complex in the last couple of years due to changes in regulations from the IRS. Taxpayers need tax planning to determine the best strategy to mitigate the CFC’s tax liabilities.

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How Skagit County Small Businesses Should Handle A Crazy Customer

SkagitCountyTaxServices

We’re keeping our powder dry over here at Padgett & Padgett, PLLC CPA, as it relates to the “American Rescue Plan” proposed by Biden. There’s plenty of talk about it … but as of yet, nothing has passed.

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401(k) After Retirement or Changing Jobs 

CapataCPA

401(k) After Retirement or Changing Jobs If you plan to retire or change jobs soon, it’s very important to have a plan for your balance in your current employer’s 401(k) plan.

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Digital Dollar Exploration Gets Backing From Treasury Secretary Yellen

PYMNTS

Full steam ahead for the digital dollar — but no go for bitcoin as (widespread) transaction mechanism? Treasury Secretary Janet Yellen said at a virtual conference held Monday (Feb. 22) by the New York Times that central banks should examine creating and issuing sovereign digital currencies.

Avoiding Fraudulent Estate Transfers

RogerRossmeisl

If you have an estate plan and also have creditors, you could be a fraud perpetrator — without knowing it or intending to defraud anyone. In some circumstances, creditors can challenge gifts, trusts and other strategies for leaving assets to heirs as fraudulent transfers.

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Expatriation Exit Tax

KROST

US citizens living abroad and foreign nationals residing in the US are renouncing their citizenship in a record-breaking fashion.

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The Best Bookkeeping Service For Your Small Business

xendoo

There are different types of bookkeeping services for small businesses. You can handle it all yourself, utilizing software like Quickbooks and Xero; hire a part-time small business bookkeeper; or opt for a full-service bookkeeping service like Xendoo that can handle it all for you. .

Trader vs. Investor Funds

Withum

Articles

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Corporates Take A Deeper Dive Into Blockchain

PYMNTS

Blockchain and digital currencies continue to garner more attention among corporate finance leaders and their financial service providers, with this week’s Payment Rail Innovation tracker finding financial institutions (FIs) and FinTechs investing more heavily in the infrastructure to facilitate B2B payments.

If you run a business from home, you could qualify for home office deductions

Marlogin,Winer&Evens

During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income.

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Opportunity Zones and Cost Segregation

KROST

This is a preview of one of the articles in the new KROST Quarterly Real Estate Issue , titled “Opportunity Zones and Cost Segregation” by Guest Contributor Artur Babaian. Opportunity Zones are garnering increased interest across the country.

How Small Business Bookkeeping Solutions Can Make Your Life Easier

xendoo

Small business bookkeeping services can support you with everything from simple data entry to offering more in-depth tax filing services and business consulting.

Are You Eligible for the Restaurant Revitalization Grant?

Withum

Articles Coronavirus

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Indonesian FinTech Builds Bridges Between Banks And Workers

PYMNTS

There are roughly 270 million people living and working in Indonesia today, roughly 92 million of whom do not have bank accounts. That leaves a little over a third (34 percent) of the nation’s population unserved by the banking system.

Should my distressed company consider a debt restructuring?

Marlogin,Winer&Evens

Many businesses have experienced severe cash flow problems during the COVID-19 pandemic. As a result, some may have delayed or missed loan payments. Instead of filing for bankruptcy in court, delinquent debtors may reach out to lenders about restructuring their loans.

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Fiduciaries Breached Their Duties by Misusing Health Plan Assets and Failing to Provide Notice of Coverage Lapse

ThomsonReuters

Hammer v. Johnson Senior Ctr., 2020 WL 7029160 (W.D. 2020). When the employee in this case was diagnosed with cancer, she took a medical leave and began treatment.

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10 Reasons Your Small Business Needs a Bookkeeper

xendoo

Are you behind on your books? Losing track of your expenses? Do you need someone who can help you file your taxes and stay compliant? .

Personal Connection – Flashback Friday

RitaKeller

“Communication – the human connection – if the key to personal and career success.” ” – Paul J. Meyer. If you want to enhance employee engagement, it is important to develop human connections. You can offer all kinds of employee benefits but don’t forget the importance of personal relationships. Accountants are not usually the out-going, people-oriented types. They, of course, are better at relationships with their clients, it’s part of the job.

Easing Blockchain's Introduction To The Global Payments Ecosystem

PYMNTS

As corporates continue to find themselves inspired by surging bitcoin values and a massive crypto haul by Tesla , the digital currency ecosystem is beginning to drum up more interest within the corporate treasury and B2B payments arena.

Presidential Historian to Speak

Withum

Amazon bestselling author of The President is Dead!, Louis L. Picone will be speaking Sunday morning at 10:00 on Zoom. It is free and a link is below. Blogs

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Deluxe President and CEO to Participate in J.P. Morgan, Sodoti Virtual Conferences in March

Deluxe

SHOREVIEW, Minn. --(BUSINESS WIRE)--Feb. 25, 2021-- Deluxe (NYSE: DLX), a Trusted Business Technology™ company, announced today that Barry McCarthy , President and Chief Executive Officer, will present in two upcoming virtual investor conferences. On Tuesday, March 2 , McCarthy will present at the

Must a Self-Insured Health Plan Offer HIPAA Special Enrollment to Same-Sex Spouses?

ThomsonReuters

QUESTION: Our company’s self-insured group health plan includes coverage for an employee’s spouse but has traditionally excluded same-sex spouses from eligibility. However, we will soon amend the plan to extend eligibility to same-sex spouses.

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Managing a Hybrid Environment

RitaKeller

“Workers will fit into new personas, such as a homesteader, office dweller, and coffee shop traveler, and managers will need to properly manage distributed teams.” ” – Jeff Schwartz, Deloitte Consulting. By now, you have all realized that having a hybrid environment for your workforce will be needed going forward. Some firms have already made great strides and the need will increase once vaccines are available to everyone.

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Open Banking FinTechs Target SMB Underwriting Pains

PYMNTS

While traditional banks continue to collaborate with FinTechs and facilitate data integrations to strengthen their product offerings for small- to medium-sized businesses (SMBs), more FinTechs are taking the lead with open banking to strengthen their own value propositions.

Fraud Detection and Prevention for the Restaurant Industry

Withum

Articles

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Defending Tax Fraud Cases

FraudFiles

Government investigations of white collar crimes almost always have one thing in common: They rely heavily on the analysis of financial information. Often, this includes combing through bank statements and credit card statements, as well as scrutinizing accounting records.

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IRS Clarifies, Expands on COVID-Related Cafeteria Plan Relief and CARES Act Changes

ThomsonReuters

IRS Notice 2021-15 (Feb. 18, 2021). Available at [link]. The IRS has issued a notice clarifying the temporary relief for health FSAs and DCAPs (collectively, FSAs) that was enacted as part of the Consolidated Appropriations Act, 2021 (CAA, 2021) (see our Checkpoint article ).

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