Tue.Oct 11, 2022

article thumbnail

Pros and Cons of Direct Deposit

Patriot Software

There are a few different payment options you can offer your employees. Direct deposit is one popular choice for both employees and employers. Before implementing it at your business, weigh the pros and cons of direct deposit. What is direct deposit? Direct deposit is an electronic funds transfer (EFT), meaning money can be transferred from […] READ MORE.

payroll 92
article thumbnail

In telecom case, fault is with the company – not the third-party provider

TaxConnex

A proposed penalty from the Federal Communication Commission shows the danger of a hire-and-forget attitude toward a third-party for tax compliance. The FCC has proposed a $153,000 penalty against a Florida-based telecom provider that had outsourced its compliance tasks. The FCC alleges that the company failed: to cooperate with the revenue reporting verification functions (i.e., “contributor audits”) by the Universal Service Administrative Company?

Florida 130
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

What Is a Workweek?

Patriot Software

Let’s say your employees come to work Monday through Friday. They don’t work at all on Saturday and Sunday. Monday through Friday is their workweek, right? Not when it comes to the Fair Labor Standards Act (FLSA) and your payroll. For payroll, there are no such things as business days and weekends. Every day must […] READ MORE.

payroll 96
article thumbnail

9 GST Amendment effective from 1st October 2022 | Finance Act, 2022

VJM Global

Finance Act , 2022 introduced various amendments under GST Law. However, most of the amendments were not implemented till date. Now, with effect from 1st October 2022, the following amendments are made applicable. 1. Due date of claiming ITC extended and Only eligible ITC can be claimed- Amendment in Section 16 (Section 100 of the Finance Act, 2022). 1.1 Extended due date of claiming ITC.

Finance 96
article thumbnail

Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

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.

article thumbnail

State Income Taxes for Out of State Employees

Patriot Software

Each state’s income taxes are different. Some states have low taxes, some have high taxes, and some states don’t have income taxes at all. State income taxes get even more complicated when you have an employee who lives and works in different states, works from home in a state where your business isn’t located, or […] READ MORE.

article thumbnail

The Making Tax Digital for VAT portal is closing. Here’s what it means for small businesses

Xero

Close the door, pull down the shutters. The time has come. HMRC is closing the old VAT online portal on November 1. You may have recently received an email from HMRC explaining that VAT-registered businesses will no longer be able to use this gateway to file monthly or quarterly VAT returns. Instead, you’ll need to submit them through Making Tax Digital (MTD)-compatible software. .

Tax 88

More Trending

article thumbnail

Press Release: KROST Acts as Exclusive Financial Advisor for American Range in Sale to Hatco

KROST

Los Angeles, California – American Range, a privately held manufacturer of commercial and residential cooking appliances, was sold to Hatco, an employee-owned manufacturer of warming, cooking, sanitizing, and cooling equipment. KROST CPAs & Consultants acted as the exclusive financial advisor to American Range in its transaction to Hatco Corporation.

Sales 79
article thumbnail

What Is Holiday Pay?

Patriot Software

Holidays are normally times of joy and showing kindness to others. When a holiday occurs, you might want to share holiday cheer with your employees in the form of compensation. Holiday pay can come in a couple of forms, and it often depends on if employees work on the holiday. What is holiday pay? There […] READ MORE.

payroll 87
article thumbnail

Live from Sage Transform 2022 – Customer Awards

Intuitive Accountant

Murph reports on the companies recognized with the '2022 Customer Hero and Industry Success Awards.

102
102
article thumbnail

How and Why to Make an Employee Pay Adjustment

Patriot Software

Sometimes you need to change an employee’s pay—for good or bad. You must do certain things to ensure a smooth adjustment of the employee’s wages. Before you change an employee’s wages, make sure you understand pay adjustments and how to make them. What is a pay adjustment? A pay adjustment is a change in an […] READ MORE.

payroll 85
article thumbnail

How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

article thumbnail

Efficiency. Visibility. Cost Savings.

Intuitive Accountant

MineralTree announces multi-currency invoice processing and international payments for Sage Intacct users.

95
article thumbnail

Is Unlimited Paid Time Off Right for Your Business?

Patriot Software

Paid time off (PTO) is a benefit employers sometimes offer to their employees. PTO can include leave for vacations or personal days. Offering PTO is not federally mandated in the Fair Labor Standards Act (FLSA), but there are some state-mandated paid sick leave laws. Many businesses still offer some form of PTO. Many companies simply […] READ MORE.

payroll 85
article thumbnail

Sage, MLB Partner on Multi-Year Sponsorship Deal

Intuitive Accountant

The first North American sports partnership ushers in a new opportunity for the global tech company.

Sports 97
article thumbnail

What Is Unemployment Insurance?

Patriot Software

When an employee becomes unemployed at no fault of their own, that worker can receive a small amount of money to help them make ends meet during unemployment. That money comes from unemployment insurance. Unemployment insurance is funded by payroll taxes. Unemployment insurance is something you should have a basic understanding of as a business […] READ MORE.

article thumbnail

Planning Your Restaurant's 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.

article thumbnail

10/1 CPA Exam Test Takers Are Still Salty About Missing Out on Today’s Score Release (As They Should Be)

Going Concern

Last week, CPA exam candidates got worked up over an “error correction” that meant people who tested on October 1 would not be included in the 10/11 score release as previously stated on the AICPA’s score release timeline. You see, up until September 30th the AICPA’s timeline said that if you sat by 10/1, you should expect your score by October 11 but then the window suddenly changed to September 30 on September 30th.

CPA 56
article thumbnail

5 Basic Payroll Tips to Start the Year Out Right

Patriot Software

Each new year is a chance for new beginnings. And at the start of the year, you want to get your payroll right. Whether you are a seasoned employer or running your first payroll, there are always things to learn and do. Read on for payroll tips to start your year out right. 5 Payroll […] READ MORE.

payroll 84
article thumbnail

Sound Of Thunder, A ROMs Free Download

SkagitCountyTaxServices

Actually, the creation of each of the 386 original Fakemon was a collaborative effort between frequent visitors to the /vp/ board, who each made a separate contribution. It not only includes Pokémon from every generation, but it also modernises the battle system to better reflect contemporary settings. It’s unclear if they want to learn more about Pokemon or if they just want to assemble a super-fighting team of roid-raged individuals.

Gaming 52
article thumbnail

What Is Compensatory Time Off?

Patriot Software

It’s essential for your employees to have time away from work. They need to spend time with their families and follow their interests. And, rested employees will perform better than tired, burned-out employees. Your employees value their time, and you should value it, too. When employees work extra hours, you might want to give them […] READ MORE.

payroll 84
article thumbnail

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

article thumbnail

Sound Of Thunder, A ROMs Free Download

SkagitCountyTaxServices

Actually, the creation of each of the 386 original Fakemon was a collaborative effort between frequent visitors to the /vp/ board, who each made a separate contribution. It not only includes Pokémon from every generation, but it also modernises the battle system to better reflect contemporary settings. It’s unclear if they want to learn more about Pokemon or if they just want to assemble a super-fighting team of roid-raged individuals.

Gaming 52
article thumbnail

What Is Workers’ Compensation Insurance?

Patriot Software

No matter what type of business you run, there’s a chance employees could get hurt or sick. They might slip on a wet floor, fall off a ladder, cut themselves with a blade, or get in a car accident while running a business errand. Because your employees can become hurt or sick in numerous ways, […] READ MORE.

payroll 83
article thumbnail

Decoding newly substituted Section 38 of CGST Act| Implementation of water-tight ITC provisions

VJM Global

Under goods and service tax , the seamless flow of Input Tax credit was a major attribute and it was ensured that double taxation is completely avoided through passing ITC. However, with the introduction of GST , this favorable weapon has been used unfairly by taxpayers extensively by taking fake ITC. Industries are highly involved into taking fake invoices, i.e., supplies without actual movement of goods or services, and try to reduce their output tax liability.

Tax 52
article thumbnail

What Is a Reasonable Accommodation?

Patriot Software

A reasonable accommodation is an adjustment or modification an employer provides to a person with a disability to make sure they have equal access to employment opportunities. Reasonable accommodations are an important aspect of the Americans with Disabilities Act (ADA), a federal civil rights law. The ADA was enacted to prevent discrimination and help individuals […] READ MORE.

payroll 82
article thumbnail

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.

article thumbnail

When a Bank Fails, People ‘Lose Faith’ in the Auditors

Going Concern

Are bank failures bad PR for the firms that audit them? New research seems to show that depositors — a.k.a. bank customers — find it difficult to trust auditors when those auditors have been associated with a failed bank. Via KU (Kentucky University) News : The word “audit” has a different meaning depending on whether you’re an individual or a bank.

auditor 52
article thumbnail

The Basics of Schedule SE

Patriot Software

If you are a small business owner who earns self-employment income from your business, you must pay self-employment tax. Like all taxes, there is a specific form to calculate and file self-employment tax. Do you know what form to use for self-employment tax? You need IRS Schedule SE. Find out what you need to know […] READ MORE.

Tax 80
article thumbnail

Next Steps for Restaurants as CARES Act Programs Wind Down

Anders CPA

Few industries were as deeply impacted by the coronavirus pandemic as the restaurant industry. CARES Act programs have assisted many struggling businesses on their road to recovery, but a post-COVID economy is proving to be just as difficult to navigate as the pandemic itself. We covered many of the issues currently facing the restaurant industry in a recent episode of our podcast , But Who’s Counting?

article thumbnail

What Is the Bonus Tax Rate?

Patriot Software

Picture your star employees and how much value they add to your business. Many employers recognize their employees’ value with bonus pay. When you give an employee a bonus, you are required to withhold taxes on the additional money. To figure out how much to withhold, you need to understand the bonus tax rate. Supplemental […] READ MORE.

Tax 79
article thumbnail

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.

article thumbnail

Internal Records For a Fraud Investigation

FraudFiles

In a corporate fraud investigation, the most abundant source of information about the fraud will likely come from internal records of the company. Remember, of course, that the internal records will be not only be paper records, but will be digital as well.

52
article thumbnail

What You Need to Know About Rehiring Former Employees

Patriot Software

Sometimes, you lose great employees. An employee could accept a new job offer, retire, be laid off, or move away. Whatever the case may be, there might come a time when you consider rehiring former employees. Read on to learn about the pros and cons of rehiring former employees. And, if you decide to rehire […] READ MORE.

payroll 79
article thumbnail

What Rates Should You Expect to Pay for Accounting Services?

AccountingDepartment

Members of the ADC Team at the 2022 Strategy Meeting in Orlando, FL.

Account 75
article thumbnail

What Is Severance Pay?

Patriot Software

At some point, you might have to terminate an employee. You might eliminate their position, make layoffs, fire for misconduct, or mutually part ways. No matter the reason, you might consider giving the employee severance pay. But what is severance pay? Before you make a decision about severance pay, learn more about it, what you […] READ MORE.

payroll 78
article thumbnail

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.