Thu.Sep 30, 2021

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What Happens if You Mess Up a Sales Tax Filing

TaxConnex

Last week we talked about all of the different filing frequencies and deadlines you have to manage with your sales tax obligation. If you missed that – check it out! But what happens if you accidentally miss one of those deadlines, or you didn’t realize your deadline had changed? T rying to meet your sales tax obligations across many different states confronts you with a head-spinning assortment of deadlines and filing frequencies.

Sales 179
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What Goes into a Fraud Damages Calculation?

RogerRossmeisl

At first glance, calculating restitution for fraud damages may seem relatively simple. If someone steals $10,000 from a company, that person should repay that amount, perhaps with interest, right? Not quite. Financial experts also consider the profits the business lost because of the fraud — and weigh different methods of computing damages. The appropriate approach Experts typically use either the benefit-of-the-bargain or out-of-pocket approach to calculate damages.

CPA 197
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IRS’s Draft 2021 ACA Reporting Forms and Instructions Incorporate Some Expected Changes, Omit Others

ThomsonReuters

Draft 2021 Forms 1094-B, 1095-B, 1094-C, and 1095-C; Draft 2021 Instructions for Forms 1094-B and 1095-B; Draft 2021 Instructions for Forms 1094-C and 1095-C. Draft Form 1094-B. Draft Form 1095-B. Draft Form 1094-C. Draft Form 1095-C. Draft B Form Instructions. Draft C Form Instructions. The IRS has released draft Affordable Care Act (ACA) information reporting forms and instructions for 2021.

Tax 98
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Reporting M&A Transactions to the IRS

RogerRossmeisl

Low interest rates and other factors have caused global merger and acquisition (M&A) activity to reach new highs in 2021, according to Refinitiv, a provider of financial data. It reports that 2021 is set to be the biggest in M&A history, with the United States accounting for $2.14 trillion worth of transactions already this year. If you’re considering buying or selling a business — or you’re in the process of an M&A transaction — it’s important that both parties report it to the IRS

CPA 130
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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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Mazuma Launches Keep Going Podcast, $10,000 Giveaway for Business Owners

MazumaBusinessAccounting

A new podcast launch and a $10,000 giveaway—there’s no question that Mazuma USA has an exciting grand finale planned for their 10-year anniversary. On October 11, 2021, Mazuma will launch Keep Going , a podcast that shares the struggles, insights, and everyday triumphs of business owners. In addition, Mazuma plans to give away $10,000 to help one business owner on their own business journey. “As we geared up for this 10-year milestone, we kept thinking about our journey to this point

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Increasing Functionality with Cloud-Based ERP Systems

AccountingDepartment

Many larger and older businesses typically already have an ERP system in place. However, sometimes these systems were put in place before the internet and as you may have guessed, are severely outdated. Many of these older systems have years and years of updates that must be done manually by the user, so there is no guarantee that these systems are up-to-date.

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COVID-19 Business Debt Hibernation Scheme

Generate Accounting

The government has extended the COVID-19 Business Debt Hibernation (BDH) scheme until 31 October 2021 in response to the pressures placed on businesses during the pandemic. Businesses who qualify to use the BDH scheme can buy up to six months grace in order to pay their creditors and have time to address their cash flow difficulties. At a high level, the scheme: allows for businesses to set up an arrangement to pay their existing debts; gives the business a month to set up the arrangement and is

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National Day for Truth and Reconciliation

DMCL

Today, we’re sharing the Survivors’ Flag as an expression of remembrance, meant to honour residential school Survivors and all the lives and communities impacted by the residential school system in Canada. We acknowledge that DMCL operates on the traditional, ancestral, unceded territory of the Musqueam and Lkwungen peoples, and the Semiahmoo, Katzie, Kwikwetlem, Kwantlen, Qayqayt and Tsawwassen First Nations.

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COVID-19 Business Debt Hibernation Scheme

Generate Accounting

The government has extended the COVID-19 Business Debt Hibernation (BDH) scheme until 31 October 2021 in response to the pressures placed on businesses during the pandemic. Businesses who qualify to use the BDH scheme can buy up to six months grace in order to pay their creditors and have time to address their cash flow difficulties. At a high level, the scheme: allows for businesses to set up an arrangement to pay their existing debts; gives the business a month to set up the arrangement and is

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Business Health Relies on Tight Inventory and Cash Control Systems

LSLCPAs

Inventory Control Tips for Manufacturers, Wholesalers, and Distributors Inventory management is a critical component of running a successful manufacturing, wholesaler, or distribution enterprise. Many great software programs, integrated scanning tools, and apps will provide the technology to record the details and create efficient workflows. But as with any tools, they need good input data to.

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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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Appellate Court Affirms Denial of Coverage for Out-of-Network Lactation Services

ThomsonReuters

Condry v. UnitedHealth Group, Inc., 2021 WL 4225536 (9th Cir. 2021). Available at [link]. This appeal was brought by health plan participants who were denied coverage for lactation support and counseling services provided by out-of-network providers. The trial court previously overturned the plan’s denial of coverage for participants who lacked adequate access to in-network services, but upheld the plan’s adverse determination for participants who sought out-of-network care even though they cou

Tax 52
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Boundaryless Recruiting

RitaKeller

“There is no failure except in no longer trying.” – Elbert Hubbard. As accounting firms have adapted to a remote work environment, things have happened. Some of these things could be described as – the good, the bad, and the ugly. Team members have been working very effectively. Key people in your firm have become experts at training new hires remotely.

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Court Compels Arbitration of COBRA Claim

ThomsonReuters

Staugaeno v. Flatrock, Inc., 2021 WL 4133742 (E.D. Mich. 2021). Available at [link]. As part of a lawsuit for wrongful termination, a former employee alleged that her employer failed to provide a COBRA election notice after her termination. Asserting that the employee’s claim was subject to arbitration pursuant to the terms of her employment application, the employer asked the court to dismiss the claim and compel the employee to arbitrate.

Tax 52
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Crain’s New York Notable Women in Accounting and Consulting Names Three Withum Team Members

Withum

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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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If I Was a King, This is How I’d Bridge the Great American Divide

RLLeaders

In the immortal words of Tom Petty, “It’s good to be king, if just for a while”. Great song, great line, and, although I’m a democracy guy, a fun idea every now and then. So, I’m going to give it a shot. I think it’d be nice to snap my fingers and do some good in a kingly fashion if only to address the urgent crises of hyper-partisanship and distrust.

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Successful Entrepreneurial Journey with Founder of Harness Wealth

Withum

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Venture Capital Firm Improves Real-time Budgeting And Forecasting Ability

Withum

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