LSLCPAs

NOVEMBER 8, 2022

We advise our clients to keep their HSA funds in the account and not to withdraw funds for medical expense reimbursement. The post Why You Should Keep Funds in Your HSA Account and Not Withdraw Them appeared first on LSL CPAs. To withdraw or not to withdraw funds from your HSA: what should you do?

Expense Reimbursements 52

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CPA Practice

DECEMBER 22, 2023

Common examples include unauthorized withdrawals, transfer of funds to personal accounts, pocketing cash receipts, stealing petty cash and writing checks to fake vendors. Companies should also conduct regular reviews of AR aging and customer accounts, manual journal entries and vendor lists.

Expense Reimbursements 117

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Going Concern

SEPTEMBER 15, 2023

Chattanooga Times Free Press has written quite the story about legacy accounting firm Croft & Frost abruptly laying everyone off earlier this week after months of issues making payroll. The post This Shady Chattanooga Accounting Firm Just Went Down in Flames and Still Owes Staff Months of Pay appeared first on Going Concern.

accounting firms 125

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CPA Practice

AUGUST 7, 2023

Justworks, a benefits, payroll and HR technology provider, has launched Expenses, an expense management tool that Justworks PEO customers can use to process expense reimbursement requests alongside payroll. Expenses consolidates tools and minimizes the risk of error when reimbursing employees for out of pocket expenses.

Expense Management 94

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CPA Practice

JULY 24, 2023

Justworks, a benefits, payroll and HR technology provider, has launched Expenses, an expense management tool that Justworks PEO customers can use to process expense reimbursement requests alongside payroll. Expenses consolidates tools and minimizes the risk of error when reimbursing employees for out of pocket expenses.

Expense Management 94

Expense Management Expense Reimbursements Approval Workflows payroll 94

ThomsonReuters

MAY 4, 2023

29, 2023) Available at [link] The IRS Chief Counsel’s office has released a memorandum that addresses the substantiation requirements for medical and dependent care expenses and the consequences of various substantiation shortcuts. IRS Chief Counsel Memorandum 202317020 (Mar. The memo addresses six situations.

Expense Reimbursements 69

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SMBAccountant

NOVEMBER 17, 2021

You would post the net pay to a labor expense account and the payroll taxes to a payroll expense account. This can include deductions for Social Security, Medicare, federal and state income taxes, health insurance, 401k, child support, expense reimbursements, and many others. Many do nothing.

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Going Concern

MAY 3, 2022

15 by Accounting Today) and Friedman (ranked No. Some of Friedman things such as Summer Fridays and expense reimbursement bonus will come to Marcum. According to the latest top 100 firms report from Accounting Today , Marcum is the 15th biggest in terms of revenue ($799 million as of December 2021), while Friedman sits at No.

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Withum

FEBRUARY 5, 2024

Officer and Employee Expenses and Compensation – For example, the method for approving officer salaries, adherence to DOL documentation requirements and Union policies for expense reimbursements and credit card charges, reporting of gifts on LM-30, background checks, etc. review of reconciliations), segregation of duties, etc.

audit 52

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ThomsonReuters

APRIL 13, 2023

Expenses that merely benefit an individual’s general health or well-being are not considered to be for medical care (see our Checkpoint article ). For more information, see EBIA’s Cafeteria Plans manual at Sections XX.D (“Expenses Reimbursed Must Be for Medical Care”), XX.L.4 Contributing Editors: EBIA Staff.

Expense Reimbursements 98

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PYMNTS

NOVEMBER 9, 2020

Plus, Lloyds Bank partners with a FinTech to streamline supply chain finance, Expensemanager collaborates to automate expense management and Xendoo pairs up on accounts receivable optimization. Lloyds Bank, Demica Team up for SCF Digital Onboarding. businesses and affiliates, a press release says.

Finance 76

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Withum

JULY 20, 2022

Expense reimbursement schemes (11% of cases) – an employee submits and gets reimbursed for fictious or personal expenses via the company’s expense reimbursement process. Non-cash schemes (18% of cases) – theft of physical assets, investments, or proprietary information. Corruption.

Expense Reimbursements 81

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ThomsonReuters

FEBRUARY 23, 2023

For instance, if a client repeatedly fails to properly record their business expenses, explain to them why it is important to be compliant. Then introduce them to a tool they can use, like an expense reimbursement worksheet, to help change their behavior. In today’s environment, advisory relationships are imperative.

Tax 105

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ThomsonReuters

FEBRUARY 24, 2022

If COBRA coverage is purchased, the recipient will have access to the HRA balance (notwithstanding any forfeiture rule), increased by any account credits that would be received for the coverage period by a similarly situated non-COBRA beneficiary. 12 (“Forfeit Account Balances or Permit Spend-Downs?”), XXII.C.2

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ThomsonReuters

APRIL 28, 2022

The letter responds to a request for guidance on when the cost of health and wellness coaching is medical care that can be reimbursed under health FSAs, HSAs, and other tax-favored accounts. Contributing Editors: EBIA Staff.

Expense Reimbursements 105

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ThomsonReuters

FEBRUARY 23, 2023

For instance, if a client repeatedly fails to properly record their business expenses, explain to them why it is important to be compliant. Then introduce them to a tool they can use, like an expense reimbursement worksheet, to help change their behavior. In today’s environment, advisory relationships are imperative.

Tax 98

Tax Expense Reimbursements Education Account 98

ThomsonReuters

MARCH 4, 2021

The IRS has released the 2020 version of Form 2106, used to determine and claim employee business expense deductions. Nor does it affect an employer’s ability to take a deduction for its expenses, because the limit on miscellaneous itemized deductions applies to individuals, not employers. Contributing Editors: EBIA Staff.

Expense Reimbursements 52

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ThomsonReuters

MARCH 23, 2023

They also remind administrators of the importance of obtaining adequate and appropriate substantiation before reimbursing claims and highlight the challenges involved with certain expenses. Contributing Editors: EBIA Staff.

Expense Reimbursements 98

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ThomsonReuters

MARCH 5, 2024

. “From a payroll standpoint, there is one provision, that if it is continued, will create a lot of issues,” he said, referring to the suspension of the exclusion for qualified moving expense reimbursements through 2025. “The TCJA changed all of those to where they are taxable.”

Tax 98

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PYMNTS

NOVEMBER 8, 2020

The release says the expensemanager solution will help fill a hole in the market for a mid-market option to automate the expense reimbursement process as well as purchase orders and supplier invoice, receipt, approval and payment process.

Expense Management 79

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ThomsonReuters

SEPTEMBER 30, 2022

For more information, see EBIA’s Fringe Benefits manual at Section XXI.G (“Travel Expense Reimbursements: Substantiation”). The post IRS Announces Special Per Diem Rates for Travel Away From Home Beginning October 1, 2022 appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Expense Reimbursements 93

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ThomsonReuters

MARCH 11, 2021

How can we keep the per diem payments from being treated as income to our employees, and how would those payments affect employees’ expense reporting? ANSWER: Per diem payments are often used to simplify compliance with the accountable plan rules that allow business travel reimbursements to be excluded from employees’ gross income.

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ThomsonReuters

JUNE 30, 2022

For more information on the underlying employee benefits issues, see EBIA’s Cafeteria Plans manual at Sections XX.D (“Expenses Reimbursed Must Be for Medical Care”) and XX.L.8 The post Supreme Court’s Abortion Ruling Indirectly Impacts Employee Benefit Plans appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Expense Reimbursements 98

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ThomsonReuters

JULY 29, 2021

These types of payments could potentially be reimbursable. For more information, see EBIA’s Cafeteria Plans manual at Sections XX.D (“Expenses Reimbursed Must Be for Medical Care”) and XX.H (“Health FSAs Cannot Reimburse Insurance Premiums”). appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Expense Reimbursements 98

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Basis 365

JUNE 15, 2023

The report further highlighted that bookkeeping, accounting, and billing schemes were among the most common types of occupational fraud, accounting for 22% of reported cases. Expense Reimbursement Fraud: Submitting false expense reports for personal expenses.

bookkeeping 52

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PYMNTS

JANUARY 22, 2021

Young B2B FinTechs secured some of their first investments in areas that include small business accounting, alternative lending and financial management. But the leader of the pack goes to one corporate travel and expense management startup that impressed investors despite a business trip slump. CreditEnable.

B2B 81

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PYMNTS

FEBRUARY 27, 2020

Businesses can use the service to send money to other bank accounts, cards, Amazon Pay, Paytm , UPI IDs and more. Cashfree boasts that more than 20 million bank accounts have received payments through its service.

Expense Reimbursements 52

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Pooley Accounting Services

APRIL 28, 2022

Project accounting can be difficult to manage, especially if it includes tracking billable expenses on the go. When employees travel to a client’s location to install software or equipment, transportation and living expenses are billed to the client. Getting employees to document their expenses can be a struggle.

quickbooks 52

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ThomsonReuters

SEPTEMBER 16, 2021

For more information, see EBIA’s Cafeteria Plans manual at Sections XX.C (“Health FSA Plan Document Must Permit the Reimbursement”), XX.D (“Expenses Reimbursed Must Be for Medical Care”), and XX.M (“Table of Common Expenses, Showing Whether They Are for ‘Medical Care’”). Contributing Editors: EBIA Staff.

Expense Reimbursements 52

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ThomsonReuters

NOVEMBER 18, 2021

For more information, see EBIA’s Fringe Benefits manual at Sections XXI.B (“Deductible Business Travel Expenses”) and XXI.G (“Travel Expense Reimbursements: Substantiation”). Contributing Editors: EBIA Staff.

Expense Reimbursements 52

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PYMNTS

JANUARY 6, 2021

There are several ways that T&E tools account for this. One of the most popular is to link a T&E solution to a corporate card product to facilitate integration of payment information; another strategy is to allow for employees to use personal payment methods and capture data after the fact to facilitate expense reimbursements.

Expense Reimbursements 112

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PYMNTS

OCTOBER 19, 2018

Reports from MS Power User said Microsoft’s MileIQ unit is rolling out Spend, a business expense tracking solution for Apple mobile devices that automates data entry by linking into users’ bank accounts and cards. The platform also supports photo capture of receipts to include with expense reports.

Expense Management 55

Expense Management Employee Expense Reimbursement Expense Reimbursements Healthcare 55

ThomsonReuters

APRIL 1, 2021

Either way, plan or operational changes relating to reimbursement of PPE should be communicated to participants. The post Amounts Paid for COVID-19-Related PPE Qualify as Medical Care Expenses appeared first on Tax & Accounting Blog Posts by Thomson Reuters. Contributing Editors: EBIA Staff.

Expense Reimbursements 52

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PYMNTS

NOVEMBER 4, 2020

Expense management and accounts payable (AP) automation solution provider Emburse is rolling out new card solutions designed to help organizations manage their travel spend. In this week's Commercial Card Tracker, PYMNTS looks at the latest corporate card solutions that reveal the opportunity of rapidly digitizing commercial payments.

AP Automation 64

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Withum

APRIL 19, 2022

For a demonstration of how easy it is to get started with Power Apps and Power Automate, check out our on-demand webinar , “Art of the Possible for the Power Platform for Finance, ” where you’ll see Withum build a corporate credit card request form, a monthly closing checklist workflow, an expense reimbursement request system and more.

Technology 105

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ThomsonReuters

SEPTEMBER 9, 2021

For more information, see EBIA’s Fringe Benefits manual at Section XXI.G (“Travel Expense Reimbursements: Substantiation”). The post IRS Announces Special Per Diem Rates for Travel Away From Home Beginning October 1, 2021 appeared first on Tax & Accounting Blog Posts by Thomson Reuters. Contributing Editors: EBIA Staff.

Expense Reimbursements 52

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PYMNTS

MARCH 13, 2017

The Securities and Exchange Commission announced Friday (March 11) that it has lodged charges against two ex-executives at a credit card processing company for masterminding a scheme to steal millions of dollars through fake expense reimbursements, invoices that were inflated and other improper accounting tactics.

Expense Reimbursements 40

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