Thu.Jul 14, 2022

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How to Survive a Tax Audit | Canopy

Canopy Accounting

You can survive an IRS tax audit. While you may feel shocked or overwhelmed because you didn't see this coming, the big thing is that you never want to ignore IRS audit notices. Complying with deadlines is half the battle when trying to clear up an IRS tax issue of any kind. Complying is also important even if you knew an audit was a possibility based on your filing activity.

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15 Attributes of Top CEOs

Withum

This week’s Barron’s July 11, 2022 cover story is about the top two dozen CEOs. A criterion that has usually been used to identify the top CEOs was their company’s stock performance. With the stock market down this year, they needed to reach for other measures, and I think the following applies to most successful leaders. The article’s purpose was not to suggest stocks to invest in, but to identify key features of winning leaders.

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Is a Telehealth Benefit Subject to ERISA?

ThomsonReuters

QUESTION: We are considering offering a stand-alone telehealth benefit to our employees. Will this arrangement be an ERISA plan? ANSWER: Telehealth benefits (also referred to as telemedicine benefits) are often offered under an employer’s group health plan, which is governed by ERISA if sponsored by a private sector employer. Even if telehealth benefits are offered separately from the employer’s group health plan, the benefits are likely subject to ERISA.

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Working 60-70 Hours a Week is ‘Fine’ Says Underpaid Big 4 Auditor Skilled in the Art of Minimizing

Going Concern

Check out this Big 4 auditor recently profiled on eFinancialCareers. Blink twice if you need work-life balance, buddy. I’m an auditor for a Big Four firm. Audit jobs don’t always have a good reputation: they pay less than some other Big Four jobs and offer less chance of making partner. But this is fine because there are other advantages.

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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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IRS Tax Tip Explains Key Aspects of Enhanced Business Meal Deduction for 2021 and 2022

ThomsonReuters

IRS Tax Tip 2022-91 (June 14, 2022). Available at [link]. The IRS has issued a tax tip explaining key aspects of the enhanced business meal deduction in effect for 2021 and 2022. As background, Code § 274(n) generally limits a business’s otherwise allowable deductions for food or beverage expenses to 50% of the expenses, subject to various exceptions.

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Your 3-Step Plan to Successfully Deploying Technology

Intuitive Accountant

Why technology is the secret to providing highly profitable advisory services. Qvinci Software CEO Brad Adams breaks the process down.

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The Gift That Keeps on Giving: How to Track Donations You Receive

Patriot Software

If you run a nonprofit, you already know that donations and grants are your bread and butter. You also know just how complicated tracking donations can be. Nonprofit organizations are required to know how to track charitable donations they receive and supply donors with the proper documentation for the donations they’ve made. Read on to […] READ MORE.

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Court Denies Remedies for Mental Health Parity Violation

ThomsonReuters

M.S. v. Premera Blue Cross, 2022 WL 2208927 (D. Utah 2022). Available at [link]. A self-insured health plan denied coverage for a minor child’s residential mental health treatment, finding that the treatment was not medically necessary. The child’s family sued the plan, plan administrator, and claims administrator for (among other things) violating the Mental Health Parity and Addiction Equity Act (MHPAEA).

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APPS Directory Spotlight — FlowLink

Intuitive Accountant

The hybrid business model that gives you the best of both worlds—out of the box power and infinite customization.

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Can An Outsourced Bookkeeper Save Your Company?

AccountingDepartment

Oftentimes, businesses do not have the ability to hire a team of experts in their accounting department. Many company owners attempt to manage the company books themselves, but this could easily lead to inaccuracies and issues somewhere down the road.

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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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Congratulations Sherri Lee-Mathers – Top International ProAdvisor (Americas)

Intuitive Accountant

Sherri Lee-Mathers was named Insightful Accoountant's Top International ProAdvisor (Americas) for 2022 during this year's 'Scaling New Heights.

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PSA: Do NOT Take a Pay Cut For the ‘Privilege’ of Working Remotely

Going Concern

In the coming weeks and months, you’re going to see lots of headlines warning that the workers’ market we are blessed to experience today is shifting back to one that favors employers as the economy starts circling the toilet. You already have seen these headlines, I’m sure. Here’s one: some HR clown who works for LinkedIn warned the younger generation their days of remote work could be numbered. “Younger workers may need to return to the workplace — whether volunta

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Multi-factor Authentication for QuickBooks Desktop Payroll Set to Roll

Intuitive Accountant

QuickBooks Desktop Payroll soon will be adding multi-factor authentication in lieu of PIN identification.

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But Who’s Counting? Episode 9: Cash Balance Plans: Benefits to Owners and Employees

Anders CPA

While traditional 401(k) retirement plans are commonplace at most companies, business owners can reap multiple benefits from a cash balance plan option. In this episode of But Who’s Counting? , host David E. Hartley sits down with Claris Advisors Senior Vice President + Wealth Advisor, Scott H. Iverson , to discuss how cash balance plans differ from pensions of the past.

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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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Congratulation Samantha Nicholson – Top International ProAdvisor (Non-Americas)

Intuitive Accountant

Samantha Nicholson was named Insightful Accountant's Top International ProAdvisor (Non-Americas) for 2022.

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ERISA Section 103(a)(3)(C) Replaces the 401(k) Plan Limited Scope Audit – Your Questions Answered

LSLCPAs

The only thing constant is change. And now, the ERISA (Employee Retirement Income Security Act of 1974) Section 103(a)(3)(C) audit replaces the old 401(k) Plan Limited Scope audit. Details follow. What is ERISA 103(a)(3)(C)? This is the new audit standard for employee benefit plans subject to ERISA’s provisions. The ERISA 103(a)(3)(C) makes changes to both.

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Benevolent Overlords of the CPA Exam Seeking Comment on Proposed 2024 CPA Exam Blueprints

Going Concern

The CPA Evolution project continues to chug along as we inch closer and closer to 2024 and now NASBA and the AICPA are asking informed parties to comment on proposed Blueprints. Finalizing these Blueprints is one of the last steps in the process to launch a redesigned CPA exam that started back in 2020. Comments should answer the following questions: Do the Core Exam Blueprints include the knowledge and skills required of all newly licensed CPAs to protect the public interest?

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Using Initials For Your Firm Name

RitaKeller

“If names are not correct, language will not be in accordance with the truth of things.” – Confucius. It has been a huge trend for CPA firms during the last 15 to 20 years. They modify their name and end up using just initials. I must admit, I have found it rather confusing as I work and network with many small to mid-size firms in the USA.

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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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IRS to test video visits with preparers to curb tax credit errors

Accounting Today

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Coping With Mental Health Disorders at Work

Accounting Web

Growth Coping With Mental Health Disorders at Work.

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Senators ask IRS to extend tax deadline for ITIN filers

Accounting Today

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How to Take Your Niche to the Next Level

Accounting Web

Practice Excellence How to Take Your Niche to the Next Level.

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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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Accountants souring on prospects for economy

Accounting Today

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Know How to Sell on Walmart Marketplace Today

Snyder

Uber-popular e-commerce sites like Amazon or eBay are known for having the lion’s share of the market. But that doesn’t mean you can’t sell online somewhere else. In fact, many retailers are carving out their own niche by selling on other sites instead of directly to customers. In today’s digital age, it’s become increasingly important for brands to have a presence online.

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SALT’s absence in Manchin, Schumer talks signals new hurdles

Accounting Today

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Important business changes coming into effect after 1 July 2022!

Reckon

Seismic shifts are brewing across the Australian business landscape this year, and it would be prudent to get ahead of them. From prescriptive changes like eInvoicing mandates, superannuation guarantees, and plastic bag bans – to less palpable shifts such as inflation and energy costs, you should be getting your business ready to tackle these obstacles and opportunities now.

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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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Wealthy business owners at center of fight over Biden’s tax plan

Accounting Today

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340B Program Considerations and How Technology Can Help

Withum

The 340B Drug Pricing Program (“the Program” or “340B”) is a federal program that allows Federally Qualified Health Centers (“FQHCs” or “Covered Entities”) to purchase drugs at significant discounts from manufacturers. The Program has received considerable scrutiny from drug manufacturers and lawmakers alike due to the size of the discounts.

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Tax Fraud Blotter: Twice the fun

Accounting Today

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PCAOB names 250 scholarship recipients

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.