RogerRossmeisl

Valuable Gifts to Charity May Require an Appraisal

RogerRossmeisl

If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions.

Inflation Enhances the 2023 Amounts for Health Savings Accounts

RogerRossmeisl

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years.

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How to Qualify for – and Keep – Cyber Insurance Coverage

RogerRossmeisl

These days, it’s common for businesses to purchase cyber insurance to help mitigate financial losses from network breaches. According to the U.S. Government Accountability Office, the proportion of businesses adding cyber coverage increased from 26% in 2016 to 47% in 2020.

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Tax Issues to Assess When Converting From a C to an S Corporation

RogerRossmeisl

Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may provide tax advantages over C corporations, there are some potentially costly tax issues that you should assess before making a decision to switch.

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5 Pain Points Every Small to Medium-Sized Accounting Firm Experiences

These are the top 5 pain points that come up over and over again when we talk to small to medium-sized accounting firms. Let's break each one down and talk about solutions!

Keep Cybercriminals from Stealing Your Business’s Brand

RogerRossmeisl

When criminals steal an individual’s identity, the victim can take steps to minimize potential damage by, for example, notifying credit agencies and freezing bank accounts. But what happens if a cybercrook steals a company’s identity and uses it to engage in fraud?

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Keeping Meticulous Records is the Key to Tax Deductions and Painless IRS Audits

RogerRossmeisl

If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled.

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Taking a Red Pen to Financials for Valuation Purposes

RogerRossmeisl

Financial statements are an important source of data for valuing a business. But they tell only part of the story. An accurate business valuation hinges on a comprehensive understanding of the subject company’s relative performance and its future earnings power.

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Want to Turn a Hobby into a Business? Watch Out for the Tax Rules

RogerRossmeisl

Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on your tax return?

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Preparing for the Lower 1099-K Filing Threshold

RogerRossmeisl

Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required range of income to be reported.

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Autonomous Ride-Hailing Will Displace Industry Incumbents

RogerRossmeisl

As posted to the ARK Invest YouTube Channel on 5/19/22 (Run Time: 16 min, 20 sec) ARK Invest believes that autonomous ride-hailing will reduce the cost of mobility to one-eighth the average cost of ride-hail today, spurring widespread adoption and unleashing unprecedented economic productivity.

Cyber Security, Change Management and Enterprise Risk Management: Scaling Operations for Growth

Speaker: William Hord, Vice President of Risk Management and Compliance

Join us as we discuss the various tangents of data and the change management process that will help you make better risk-based business decisions to save time and money for your organization.

Calculating Corporate Estimated Tax

RogerRossmeisl

The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated payments.

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Tax Considerations When Adding a New Partner at Your Business

RogerRossmeisl

Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to it.

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Do Valuation Discounts Apply to Compulsory Shareholder Buyouts?

RogerRossmeisl

Valuation discounts for lack of control and marketability are major points of contention when companies or controlling shareholders are required to buy out shareholders who own minority interests.

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Issues to Consider After Your File Your Tax Return

RogerRossmeisl

The tax filing deadline for 2021 has passed. Now that your tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations: 1.

How Cash Flow Statements Help Experts Find Fraud

RogerRossmeisl

Many fraud investigations focus on financial statements. Because cash is the most commonly stolen business asset, fraud experts regularly scrutinize statements of cash flow for signs of misappropriation and fraudulent disbursements.

How Preparation and Strategy Can Be Used to Fight and Defeat Any Ransomware Attack

Speaker: Karl Camilleri, Cloud Services Product Manager at phoenixNAP

Through a detailed analysis of major attacks and their consequences, Karl Camilleri, Cloud Services Product Manager at phoenixNAP, will discuss the state of ransomware and future predictions, as well as provide best practices for attack prevention and recovery.

The Ins and Outs of IRAs

RogerRossmeisl

Traditional IRAs and Roth IRAs have been around for decades and the rules surrounding them have changed many times. What hasn’t changed is that they can help you save for retirement on a tax-favored basis. Here’s an overview.

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Fully Deduct Business Meals This Year

RogerRossmeisl

The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by restaurants in 2022 (and 2021).

IRS Releases Updated Cost Segregation Audit Techniques Guide

RogerRossmeisl

On 6/1/22, the IRS made available an update to the “Cost Segregation Audit Techniques Guide” (Publication 5653). Originally issued in 2004, the purpose of the Audit Techniques Guide (ATG) was to offer guidance to IRS auditors auditing cost segregation studies.

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Ways You Can Stop Tracking Links

RogerRossmeisl

As posted to the Naomi Brockwell YouTube Channel on 5/21/22 (Run Time: 9 min, 17 sec) In this informative video, Naomi Brockwell provides a primer on how tracking links work, and offers suggestions for identifying/bypassing them, and using a browser that does the best job at circumventing them.

Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

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 speeding up the month-end close and better managing your remote teams.

What to Know if Your Business Barters

RogerRossmeisl

In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of trade and the internet has made it easier to engage with other businesses.

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Valuing Non-Compete Agreements in Business Combinations

RogerRossmeisl

Purchase price allocations are an important part of negotiating a successful M&A transaction. The value of most assets — such as receivables, inventory and equipment — may be fairly straightforward. But the value of non-compete agreements is often a sticking point.

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What to Do When Your Identity is Used to File a Fraudulent Tax Return

RogerRossmeisl

In Fact Sheet 2022-25, the IRS has provided information about how taxpayers should handle non-tax and tax-related identity theft. When a taxpayer believes their personal information is being used to file fraudulent tax returns, they should submit a Form 14039, Identity Theft Affidavit, to the IRS.

When Inheriting Money, Be Aware of “Income in Respect of a Decedent” Issues

RogerRossmeisl

Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of property, such as IRAs or other retirement plans. Fortunately, there may be ways to minimize or even eliminate the IRD tax bite.

Live Demo: Supercharge Your Month-End Close

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation, such as ART (our month-end close solution), into your processes can help you reach the next level of closing.

2022 Q2 Tax Calendar: Key Deadlines for Businesses

RogerRossmeisl

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

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Businesses May Receive Notices About Information Returns That Don’t Match IRS Records

RogerRossmeisl

The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records.

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Caring for an Elderly Relative? You May Be Eligible for Tax Breaks

RogerRossmeisl

Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. Medical expenses.

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Tax Rules of Renting out a Vacation Property

RogerRossmeisl

Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the year. The tax treatment depends on how many days it’s rented and your level of personal use.

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Happily Ever After: Core Guiding Principles to Achieving a Fairy Tale Month-End Close

Happily Ever After doesn’t just happen, except of course, in fairy tales. Hard work alone is not enough for month-end close best practices. It requires discipline, teamwork, and the right tools. All of this is within reach. Discover how your organization can achieve a Happily Ever After close.

Preventing and Detecting Fraud in the C-Suite

RogerRossmeisl

Executives often receive lucrative compensation packages. But for some, it isn’t enough and they engage in illegal activities to line their own pockets. The Association of Certified Fraud Examiners (ACFE) has found that owners and executives commit 20% of occupational fraud.

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6 Tips for Foiling Fake Suppliers in Online Marketplaces

RogerRossmeisl

Supply chain issues continue to hurt many U.S. businesses — possibly in more ways than you think. Not only do supply shortages and delays make it difficult for companies to ramp up business and recover from the pandemic slowdown, but they also make some fraud schemes easier to perpetrate.

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The Tax Mechanics Involved in the Sale of Trade or Business Property

RogerRossmeisl

What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property.

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Tax Implications of Selling Mutual Fund Shares

RogerRossmeisl

If you’re an investor in mutual funds or you’re interested in putting some money into them, you’re not alone. According to the Investment Company Institute, a survey found 58.7 million households owned mutual funds in mid-2020.

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Perfecting the Close Checklist

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Let’s get up close and personal with balance sheet reconciliations to better understand the purpose behind this activity, so often taken for granted. Let’s rediscover the power of reconciling the balance sheet, the best way to approach the work, and the pitfalls to avoid when preparing or examining reconciliations.

Lost Your Job? Here are the Tax Aspects of an Employee Termination

RogerRossmeisl

Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, there are tax implications due to your changed personal and professional circumstances.

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Looking Beyond the Financials for Clues to a Business’s Value

RogerRossmeisl

An experienced business valuation professional considers more than just a company’s financial statements when quantifying its value.

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5 Ways to Foil a “Fraud Department” Scam

RogerRossmeisl

When banks detect suspicious activity in a customer’s account, they often call account holders to discuss the transactions. Time is of the essence when it comes to preventing fraud, especially in the case of wire and automated clearing house transactions.

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Ways Your Business Can Accelerate Taxable Income and Defer Deductions?

RogerRossmeisl

Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the opposite? And why would you want to? One reason might be tax law changes that raise tax rates.

Management Techniques for Offshore Employees

This whitepaper looks at the changes and challenges that stem from remote hiring and current HR trends that address them. Download this comprehensive guide to learn more!