Thu.Oct 20, 2022

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20 Days to a Better Firm: Help them work where they want

Accounting Today

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Insights from a VC on Today’s Startup Fundraising Market

BurklandAssociates

Alejandro Lozano, Founding Principal at Newtype Ventures, shares his perspectives on navigating recent changes in the startup funding market. The post Insights from a VC on Today’s Startup Fundraising Market appeared first on Burkland.

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Can Participants Certify Electronically That They Have a Financial Need for Which a Hardship Distribution Can Be Made?

ThomsonReuters

QUESTION: When participants request hardship distributions under our 401(k) plan, we collect and store documents showing that the participant had one of the immediate and heavy financial needs that are deemed sufficient to permit a hardship distribution. Could we instead allow participants to certify their needs electronically? We already use self-certification to establish that the requested distribution is necessary to satisfy the need.

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How Outsourced Accounting Services Can Help Your Law Firm

IgniteSpot

Benefits of Outsourced Accounting Services. Between contracts, settlements, lawsuits, and everything else, your firm has enough to worry about on the legal side without worrying about cash. However, outsourced accounting services can help in diverse ways.

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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.

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Independent Contractor vs. Employee Classification

Patriot Software

Here’s a payroll question: How do you differentiate between employees and independent contractors? It all depends on the relationship between the employer and the worker. It’s important to properly classify workers, but it can be tricky. Here’s an example: Joe runs his own construction business. Joe has committed to more construction jobs than he can handle, […] READ MORE.

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IRS Releases 2023 Cost-of-Living Adjustments for Health FSAs, Transportation Benefits, Adoption Assistance, and More

ThomsonReuters

Rev. Proc. 2022-38 (Oct. 18, 2022); IRS News Release IR-2022-182 (Oct. 18, 2022). Rev. Proc. 2022-38. News Release. The IRS has released the 2023 cost-of-living adjustments (COLAs) for a wide variety of tax-related limits, including limits relating to health FSAs, qualified transportation fringe benefits, qualified small employer health reimbursement arrangements (QSEHRAs), adoption assistance, DCAPs, the small business health care tax credit, the premium tax credit, and Archer MSAs.

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Basic Payroll Tips for Handling Holiday Gifts to Your Employees

Patriot Software

It’s the holiday season. Depending on your business, you might be in the midst of holiday sales and special offers. You might have decked your office or retail space with festive decorations to show holiday spirit to customers. But, what about your employees? You want to show them some holiday cheer, too. Perhaps you organize […] READ MORE.

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How Vinod Shah & Co is embracing cloud accounting to reach their paperless goal

Xero

Accounting has been revolutionised many times over with the emergence of new technology. From calculators to Excel spreadsheets, accountants wouldn’t have gotten far if they weren’t willing to adapt for the good of their practices and their clients. . For Ravi Shah, partner at Vinod Shah & Co , change is being embraced in a practice that was first established by his father in 1989. .

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Recording Credit Card Sales in Your Books

Patriot Software

Do you accept credit card payments in your small business? If you do, that’s great news for the 80% of consumers who prefer playing with plastic. But, it comes with additional business responsibilities, such as recording credit card sales in your books. Although you may be familiar with recording cash or check sales, credit card […] READ MORE.

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ASC 842 Lease Accounting for Tenants and Landlords

Withum

The new lease accounting standards under ASC 842 were effective for private companies beginning January 1, 2022. These new standards require companies to record substantially all leases on their balance sheets and will affect real estate leases for both tenants and landlords. There will be a significant change for tenants, who under ASC 840 had mostly recorded their leases off balance sheets.

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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.

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License to Sell: Your Guide to Applying for a Sales Tax Permit

Patriot Software

Many businesses need to collect sales tax from customers. But before you can start collecting it, you must obtain a sales tax permit with the state. Find out how to apply for a seller’s permit by state to keep things legal. What is a sales tax permit? A sales tax permit, or sales tax license, […] READ MORE.

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This EY Split Thing is Going to Be Responsible For a Lot of Dinners and Golfing in the Year Ahead

Going Concern

The EY split is yet to be official — that should come late next year after a vote in a few months — but technology consultants that would have to go up against “the competitive edge” of a liberated EY consulting house for clients should get to work now if they want to stand out and win the work according to research by Gartner.

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Do You Know How Temporary vs. Permanent Accounts Differ?

Patriot Software

As a business owner, you are likely familiar with certain accounting accounts, like your assets or expense accounts. But did you know that each account can also be labeled as a permanent or temporary account? Read on to learn the difference between temporary vs. permanent accounts, examples of each, and how they impact your small […] READ MORE.

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SSA Announces Social Security Taxable Wage Base for 2023

ThomsonReuters

SSA Press Release: Social Security Announces 8.7 Percent Benefit Increase for 2023 (Oct. 13, 2022). 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 2023, that amount will be $160,200 (up from $147,000 for 2022).

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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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Pay Card Laws by State and Regulations

Patriot Software

As pay card usage picks up steam, you may consider using them in your small business. But before you decide to implement this payment method, you must understand pay card laws by state. Many states have laws in place that prohibit, limit, or allow employers to use pay cards. Violating state (and federal) payroll debit […] READ MORE.

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ADC's 2022 Strategy Meeting is a Success!

AccountingDepartment

AccountingDepartment.com Co-Founders, Dennis Najjar & Bill Gerber.

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7 Precautions for Accepting Checks: Spotting Counterfeit Checks & Verifying Funds

Patriot Software

Accepting check payments from customers may increase your chances of making a sale, but it comes at a price. If you receive counterfeit checks or checks from people with insufficient funds, you may have to deal with bank fees, wasted time, and lost money. To avoid these bad check nightmares, follow some standard precautions for […] READ MORE.

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On-Demand Webinar: Healthcare and Cybersecurity – A Risk Based Approach

Withum

Now more than ever, healthcare providers are a focus of cyber threat actors and are more easily susceptible to cyberattacks. Healthcare organizations handle huge amounts of Personally Identifiable Information (PII) & Protected Health Information (PHI) and mitigating the unintentional disclosure of patient information is of critical importance to keep your organization safe.

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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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What Is Economic Nexus, and Does it Impact Your Business?

Patriot Software

As a business owner, you have likely heard of the term sales tax before. Heck, you might have even heard about sales tax nexus before. But, have you heard of economic nexus? If you have in-person or online sales, it’s time to listen up and learn about economic nexus. Read on to learn what is […] READ MORE.

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Wyoming State Tax Updates

Withum

For the latest news and updates on Wyoming state and local tax. October 21, 2022. Wyoming Lodging Services and Marketplace Facilitators. Authored by: Katerine Velasquez , Jensel Feliciano , and Courtney Easterday , MSA. On October 1, 2022, The Wyoming department of Revenue issued a Bulletin related to Sales and Use Tax for lodging transactions by physical hotel and transactions facilitated by Online Travel Companies known as OTCs.

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A Closer Look at Medicare and Medicare Taxable Wage

Patriot Software

As an employer, you’re responsible for payroll taxes, like Medicare tax. So, what’s the purpose of Medicare tax? And, what does it include? Keep reading to get a brief rundown. Medicare tax overview Medicare taxable wage is defined as gross earnings minus non-taxable income. Gross earnings are made up of the following: Regular earnings Overtime […] READ MORE.

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DOL Proposes to Rescind and Replace FLSA Independent Contractor Regulations

ThomsonReuters

Notice of Proposed Rulemaking: Employee or Independent Contractor Classification Under the Fair Labor Standards Act, 29 CFR Parts 780, 788, and 795, 87 Fed. Reg. 62218 (Oct. 13, 2022). Proposed Rule. News Release. The DOL’s Wage and Hour Division (WHD) has proposed new regulations for determining whether a worker is classified as an employee or an independent contractor for purposes of the Fair Labor Standards Act (FLSA).

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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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What Is Employee Leasing?

Patriot Software

Employee leasing can offer advantages to small business owners. Instead of directly hiring workers, the client company hires the services of a professional employee leasing organization. Also known as a professional employer organization (PEO), the leasing agency oversees everything from recruitment to HR administration. With employee leasing, small businesses can save on payroll management, tax […] READ MORE.

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Blogging to Get Business

FraudFiles

Attorneys and accountants are told that they need to blog if they want to get clients. Blogs are a magic marketing tool. If you blog it they will come. It’s way more complicated than that. About 40% of my revenue comes from attorneys who find me using Google.

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What Is a Balance Sheet?

Patriot Software

When it comes to running a business, you can’t ignore your finances. To help you keep your finances in order and organized, you can look at financial statements, like your balance sheet. But, what is a balance sheet exactly? Let us give you the rundown on the balance sheet definition, the components of the financial […] READ MORE.

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FASB Sets Accounting Method for Crypto Assets

Intuitive Accountant

The organization says companies should measure crypto assets like Bitcoin and Ethereum using fair value accounting.

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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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Base Period in Regard to Unemployment

Patriot Software

The term base period is often used in reference to unemployment benefit claims. When an employee files unemployment, a state agency may ask the employer to provide a payroll and work history for the claimant during a specified a base period. Providing this data helps the state unemployment agency determine how much unemployment the employee […] READ MORE.

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IRS criminal investigators probe COVID fraud

Accounting Today

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Will the Courts Accept a Jury Duty Excuse Letter If You’re in a Pinch?

Patriot Software

Sometimes, you or your employees’ personal responsibilities conflict with your business. For many small businesses, if you miss work or lose an employee for an extended period of time, there can be harmful effects on productivity in the workplace. But if you or an employee are called in for jury duty, you might not have […] READ MORE.

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Tax Fraud Blotter: Lavish expenditures

Accounting Today

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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.