Thu.May 27, 2021

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Taking a Look at Sales Tax Exemptions and Why They're Important

TaxConnex

Taking advantage of sales and use tax exemptions can save your business money and headaches. But exemptions can be harder to secure in some states than in others. In general, exemptions are statutory exceptions eliminating the need for the retailer or business to collect sales tax on a particular transaction or on all transactions with a customer. The presumption is that all sales of tangible personal property are taxable without specific and enumerated exemptions.

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Keep Fraud Out of Your Law Firm

RogerRossmeisl

As counterintuitive as it may seem, law firms aren’t immune to criminal activity. Because some firms place enormous pressure on attorneys to produce billable work, they may be particularly vulnerable to fraud. Your firm needs to know what to look for and how to protect itself from potential schemes perpetrated by partners, associates and support staff.

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What Your Financial Reports Really Tell You

MazumaBusinessAccounting

Financial reports can be an incredibly helpful tool for small businesses. They can help you determine how much money you can pay yourself each month. Or they can help you decide if it’s time to expand your business. As helpful as financial reports are, they can only help you if you understand how to read them. Luckily, Ben Sutton, Mazuma’s co-founder and CPA, took the time to explain how an income statement and balance sheet work.

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Phil Mickelson at Age 50 And The Value of a Putt

Withum

Phil Mickelson became the oldest person to win a major golf tournament. He was 1 month short of his 51st birthday and is considered “old.”.

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Planning Your Restaurants 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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How to clean up Opening Balance Equity in QuickBooks Online

5 Minute Bookkeeping

What should you do if you are working on a massive QuickBooks Online cleanup and you come across a mysterious balance in an account called Opening Balance Equity on the balance sheet? You probably won’t recall ever adding that account to QuickBooks Online, or categorizing any transactions to/from it. So what is it, and why is it showing up on your balance sheet?

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Got an IRS Letter? Here’s What to Do

LyfeAccounting

Picture this…. It’s the end of the week and it’s a beautiful day outside. You go to check the mail as usual. Junk. Bill. Junk. Then boom. You see you’ve gotten mail from the Department of the Treasury… aka the INTERNAL REVENUE SERVICE. Your seemingly great day just got turned upside down because now Uncle Sam is knocking at your door. You’re not alone.

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How To Get Business Credit Quick for Bad Credit & New Businesses + Vendors List

LyfeAccounting

You want to build your business credit and want to know the most effective and fastest way to do so. Perfect. You are in the right place. Business credit is extremely underrated and overlooked by most businesses even though it is a key ingredient to business success. So in this post, we will be going over what business credit is, and everything you need to know about it.

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IRS Updates Operational Compliance List for Retirement Plans

ThomsonReuters

IRS Webpage: Operational Compliance List (Apr. 27, 2021). Available at [link]. The IRS has updated its Operational Compliance (OC) list highlighting changes in tax-qualification requirements and related guidance affecting the operation of retirement plans. The IRS provides the OC list to help individually designed plans maintain operational compliance by identifying changes in requirements generally effective during a calendar year.

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Business Expense Management: How Expensify Can Simplify Your Processes

Withum

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Second Circuit Rules Plan Language Lacking the Word “Discretion” Is Good Enough to Grant Discretionary Authority

ThomsonReuters

Tyll v. Stanley Black and Decker Life Ins. Program, 2021 WL 1748474 (2d Cir. 2021). In a dispute about life insurance benefits under an employer-sponsored ERISA plan, the Second Circuit has upheld a trial court’s use of the deferential arbitrary and capricious standard of review, ruling that the plan adequately delegated discretionary authority to the plan’s insurer.

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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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When Would President Biden’s Capital Gains Tax Increase Take Effect?

Withum

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What Disclosure Requirements Have Been Added for Group Health Plan Service Provider Agreements?

ThomsonReuters

QUESTION: We have heard that there are revised requirements for agreements with plan service providers. As an employer that sponsors an ERISA group health plan, what should we know about the changes? ANSWER: ERISA’s prohibited transaction exemption for plan service arrangements has been amended to add extensive disclosure requirements that apply to certain types of arrangements beginning in December 2021.

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Chill Out – Substitute Fascinated for Frustrated

RitaKeller

“Laughter and tears are both responses to frustration and exhaustion. I myself prefer to laugh, since there is less cleaning up to do afterward.” – Kurt Vonnegut. Working at a growing, busy CPA firm can be frustrating at times. That is not an earth-shaking statement. You know it all too well! I have a light-hearted story for you today.

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Understanding SOC Examinations and Their Relevance to the Real Estate Industry

Withum

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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IRS Addresses Medical Care Expense Status of Various IVF-Related Costs and Fees

ThomsonReuters

Priv. Ltr. Rul. 202114001 (Jan. 12, 2021). Available at [link]. The IRS has issued a private letter ruling to a male same-sex married couple regarding the status of various medical costs and fees arising from in vitro fertilization (IVF) procedures, gestational surrogacy, and related items as medical care under Code § 213. The couple planned to have a child, with sperm to be donated by one spouse, an egg to be donated by the other spouse’s sister, and an unrelated individual to serve as a gesta

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Breaking News for Labor Organizations: Department of Labor Reverses Form T-1

Withum

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On-Demand Webinar: Cryptocurrency 101 – Bitcoin for Businesses and Real Estate

Withum