TaxConnex
OCTOBER 28, 2021
It may be the season of ghosts and goblins, but sales tax obligations last all year, and as many would admit, keeping track of all your sales tax obligations can be quite scary. Once you add in the threat that you could receive a notice of audit at any moment and it may not be just your company at risk, but you personally (due to responsible party laws ), it can be downright terrifying.
ThomsonReuters
OCTOBER 28, 2021
QUESTION: We inadvertently allowed an employee to make health FSA salary reductions that exceed the Code’s limit. Will this cause our cafeteria plan to lose its tax-advantaged status? ANSWER: The general rule is that a cafeteria plan will lose its tax-advantaged status if it fails to comply with the annual limit on health FSA salary reductions ($2,750 for plan years beginning in 2020 or 2021).
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Patriot Software
OCTOBER 28, 2021
Are you an employer in Oregon? If so, you should familiarize yourself with state-specific taxes, including the statewide Oregon transit tax. This tax applies to all businesses with employees working or living in the state of Oregon. The Oregon statewide transit tax is separate from the TriMet and Lane transit district payroll taxes. Confused yet? […] READ MORE.
AccountingDepartment
OCTOBER 28, 2021
No business can survive without bookkeeping. Bookkeeping is what collects money from customers, pays bills and employees, and gets new inventory. Unlike doing taxes at the end of the year, bookkeeping is something that needs to be done every day. The best option for business owners who don't have the time or knowledge to do it themselves is outsourced bookkeeping services.
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Ronika Khanna CPA,CA
OCTOBER 28, 2021
I have spoken to and mentored many lovely entrepreneurs who have wonderfully innovative ideas for a new business. But, as any business owner can attest to, starting a new business is hard work. Before even thinking about launching, you need to ensure that the business is actually viable. You do this by assessing your market, reviewing potential demand for your product and analyzing the competition.
5 Minute Bookkeeping
OCTOBER 28, 2021
Many businesses are switching to virtual offices, which opens up new challenges and exciting opportunities for accountants and bookkeepers. There are a few essentials you will need to know if you are ready to successfully make the switch to working virtually. Whether you’re just starting out as a bookkeeper, or you’ve been doing bookkeeping for a long time, I want to share my insights and experience on how to work virtually with bookkeeping clients.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
ThomsonReuters
OCTOBER 28, 2021
News Release: IRS updates process for frequently asked questions on new tax legislation and addresses reliance concerns (Oct. 15, 2021); General Overview of Taxpayer Reliance on Guidance Published in the Internal Revenue Bulletin and FAQs (Oct. 15, 2021). News Release. Overview. The IRS has updated its process for issuing guidance in the form of frequently asked questions (FAQs) on newly enacted tax legislation and posted a general overview document clarifying taxpayers’ ability to rely on FAQ g
FraudFiles
OCTOBER 28, 2021
Financial statement fraud happens is one of the most costly types of fraud. It is a significant problem because people inside and outside the company rely on the information provided in the financial statements. They assess the financial results and make predictions and decisions about the future of the company based on those results. Upper management or company owners are the ones who are usually responsible for financial statement fraud.
ThomsonReuters
OCTOBER 28, 2021
Coronavirus-Related Relief for Retirement Plans and IRAs Questions and Answers (updated Oct. 22, 2021). Available at [link]. The IRS has added two new FAQs to its questions and answers regarding COVID-19 pandemic relief for retirement plans (see our Checkpoint article ). The first considers whether rehiring retired plan participants to fulfill needs related to the COVID-19 pandemic jeopardizes the tax qualification of a pension plan that does not permit in-service distributions.
RitaKeller
OCTOBER 28, 2021
“No act of kindness, no matter how small, is ever wasted.” – Aesop. Have you had a frustration episode recently? Our water softener failed last week. Of course, in our area, we can’t survive without soft water (that’s how we think these days). My husband called our soft water vendor and requested that someone come and repair our water softener.
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.
ThomsonReuters
OCTOBER 28, 2021
Field Assistance Bulletin No. 2021-02: Temporary Enforcement Policy on Prohibited Transaction Rules Applicable to Investment Advice Fiduciaries (Oct. 25, 2021). Available at [link]. The DOL has announced a short extension of its temporary nonenforcement policy for investment advice fiduciaries. That policy, set out in Field Assistance Bulletin (FAB) 2018-02 (see our Checkpoint article ) was adopted in 2018 after a panel of the Fifth Circuit Court of Appeals vacated the DOL’s 2016 regulations r
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