Thu.Aug 26, 2021

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The Growth of E-Commerce and Your Sales Tax Obligation

TaxConnex

Is it just your imagination or is e-commerce expanding every year? It’s not your imagination. Let’s see some numbers : 5% of global internet users have purchased products online. The e-commerce industry is growing 23% year-over-year (yet 46% of American small businesses still don’t have a website). By 2040, an estimated 95% of all purchases will be through e-commerce.

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What Is the Hobby Loss Rule & How Can It Impact Your Business?

MazumaBusinessAccounting

What Is the Hobby Loss Rule? If your business goes too many years without making a profit, it can be classified as a hobby. When it becomes a hobby, you can no longer claim losses as business deductions. In order to determine if you are running a business or a growing hobby, the Internal Revenue Service (IRS) looks at the following qualifications: Do you put in the time to turn a profit?

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Cost Analysis: Outsourcing vs. In-House Accounting for Your Business

GrowthForceBlog

5 min read. How much does it cost to hire an in-house bookkeeper, accountant, or controller? How much does an outsourced accounting department cost? Which is best for my business?

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Steve Padgett’s Latest Updates on Small Business Tax Deductions

SkagitCountyTaxServices

One thing you can expect from me come rain or shine is to keep you in the loop on changes to all things tax-related. This week is no exception. There are some important changes to small business tax deductions rolling out, and not all deductions apply to all Skagit County businesses. But first, let’s briefly talk 2021 Infrastructure bill. While the bill is getting some serious push and pull in the House, there are conflicting views on how this will affect small businesses.

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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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Two Great Internet Resources for Background Investigations

FraudFiles

My investigations are rooted in financial documents, as I am most often trying to trace money and figure out where it went. (Thus, my unofficial tagline of: “I find money!”). But incorporated into the financial investigations is often background investigative work. To be clear: I don’t do deep-dive background investigations. For something like that you’d go someone like Marcy Phelps or Philip Segal.

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Plan Administrator and Claims Administrator Liable for Mental Health Parity and ERISA Disclosure Violations

ThomsonReuters

M.S. v. Premera Blue Cross, 2021 WL 3511094 (D. Utah 2021). 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 (1) denial of benefits under the terms of the plan, (2) violation of the Mental Health Parity and Addiction Equity Act (MHPAEA), and (3) violation of ERISA’s disclosure requiremen

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Agency FAQs (Part 49) Provide Compliance Timelines, Defer Enforcement of Numerous Transparency and Surprise Billing Requirements

ThomsonReuters

FAQs About Affordable Care Act and Consolidated Appropriations Act, 2021 Implementation Part 49 (Aug. 20, 2021). Available at [link]. The DOL, HHS, and IRS have issued FAQ guidance (Part 49) on implementation of the transparency in coverage (TiC) regulations and overlapping transparency provisions in the Consolidated Appropriations Act, 2021 (CAA).

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New Jersey Update on Recreational Cannabis: The First Set of Rules

Withum

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Court Dismisses COBRA Claim Brought Three Years After Employment Termination

ThomsonReuters

Schwartz v. ADP, Inc., 2021 WL 3172029 (M.D. Fla. 2021). As part of a larger employment action involving allegations of wrongful termination, wiretapping, and unfair trade practices, a former employee sued his employer for not providing a COBRA election notice when he was terminated. The employee alleged that without the notice, he was unable to make an informed decision on health insurance coverage, which caused him to lose coverage and to postpone having a baby.

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Protect your Company from Cyberattacks by Adopting Zero Trust

RogerRossmeisl

Some organizations struggle to prevent cyberattacks because they rely on cybersecurity tools and techniques that protect only their perimeter. Perpetrators who make it past a single line of defense (such as with a username and password) can gain unfettered access to the company’s network. They can then use ransomware to block access to data or steal customer information or intellectual property.

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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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Is Stop-Loss Insurance Required for a Self-Insured Health Plan?

ThomsonReuters

QUESTION: We are considering changing our company’s major medical plan from fully insured to self-insured. Are we required to purchase stop-loss insurance? Can you briefly describe how stop-loss insurance works in connection with a self-insured health plan? ANSWER: Stop-loss insurance is not required for self-insured plans, but many employers find it beneficial to help manage the financial risks of self-insuring by protecting the employer/plan sponsor in the event of catastrophic claims.

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