Thu.May 13, 2021

article thumbnail

Taxability and Your Products and/or Services - Easy Answer Right? It Depends.

TaxConnex

‘It depends’ is a commonly used phrase when it comes to sales tax, and a quite frustrating one at that. We know that. But when it comes to taxability, it’s often our answer. Understanding the taxability of your company’s products or services is one of the key steps to complying with sales and use tax laws nationwide. But that can be a challenge. Keeping up with states’ sales tax rules was the most-cited worry for 2021 among respondents to our recent survey regarding sales tax and business growth

tax 133
article thumbnail

IRS Addresses Tax Treatment of DCAP Benefits Available Under Extended Claims Period or Carryover

ThomsonReuters

IRS Notice 2021-26 (May 10, 2021). Available at [link]. The IRS has provided guidance regarding the federal tax treatment of DCAP benefits that continue to be available in taxable years ending in 2021 or 2022 because of an extended claims period or carryover offered pursuant to the COVID-19 relief provisions of the Consolidated Appropriations Act, 2021 (CAA, 2021) (see our Checkpoint article ).

tax 104
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Bringing Home the Bacon: A Profit Growing Guide for Restaurateurs

xendoo

Editor’s Note: This post was originally published in February 2017 and has been revamped and updated for accuracy and comprehensiveness. . It’s no secret that the restaurant business is tough, even in the best of times. Really tough. Even before the COVID-19 shutdowns, industry analysts estimate the failure rate for new restaurants in the first year was somewhere around 60% , with another 20% shuttering the doors before the 5-year mark.

article thumbnail

IRS Announces 2022 HSA and EBHRA Contribution Limits, HDHP Minimum Deductibles, HDHP Out-of-Pocket Maximums

ThomsonReuters

Rev. Proc. 2021-25 (May 10, 2021). Available at [link]. The IRS has released the 2022 cost-of-living adjusted limits for health savings accounts (HSAs), high-deductible health plans (HDHPs), and excepted benefit health reimbursement arrangements (EBHRAs). Here are the details: HSA Contribution Limits. The 2022 annual HSA contribution limit is $3,650 for individuals with self-only HDHP coverage (up from $3,600 in 2021), and $7,300 for individuals with family HDHP coverage (up from $7,200 in 202

tax 93
article thumbnail

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.

article thumbnail

Time for a Makeover: Ideas for How to Increase Profits for Hair Salons

xendoo

Editor’s Note: This post was originally published in October 2018 and has been updated for accuracy and comprehensiveness. Just like your clients, your business operation needs a good makeover every now and then to help increase profits for your salon and keep your bottom line healthy. Unfortunately, we sometimes let ourselves get into a rut, keeping the same systems and processes in place mainly because they’ve always been good enough.

article thumbnail

DOL Withdraws FLSA Independent Contractor Rule

ThomsonReuters

Independent Contractor Status Under the Fair Labor Standards Act, 29 CFR Parts 780, 788, and 795, 86 Fed. Reg. 24303 (May 6, 2021). Withdrawal. News Release. The DOL has withdrawn regulations on determining whether a worker is an independent contractor for purposes of the Fair Labor Standards Act (FLSA), referred to as the “independent contractor rule.

tax 88

More Trending

article thumbnail

Can Our DCAP Reimburse Dependent Care Expenses If the Participant Doesn’t Have the Care Provider’s Taxpayer Identification Number (TIN)?

ThomsonReuters

QUESTION: An employee who participates in our DCAP has told us that the person who provides day care for his children won’t give him a taxpayer identification number (TIN). Can we reimburse his claim for expenses even though he does not have a TIN from the care provider? ANSWER: Generally yes, if the expenses otherwise qualify for reimbursement. To support your treatment of the reimbursement as nontaxable, however, you should consider requiring a statement from the employee as evidence of his

article thumbnail

How Your Office Might Look In The Future

RitaKeller

“The best way to enjoy your job is to imagine yourself without one.” – Oscar Wilde. So many CPA firms have been planning how to return their employees to the office. The, not once long ago, open office layout that was so popular is now a thing of the past. Accounting firms don’t have to worry about that, they never made the switch to an open office anyway.

article thumbnail

Outsourced Accounting Systems and Services FAQs

Withum

article thumbnail

How to Avoid the Capital Gains Tax on Real Estate Home Sales

LyfeAccounting

If you’re thinking about selling real estate, one thing that you need to keep in mind is the amount of taxes you’re going to pay on that sale. There’s a lot of money involved in selling property, and anytime money swaps hands, you can bet that Uncle Sam is coming for his piece of the pie. Uncle Sam’s piece of the pie is called the capital gains tax.

article thumbnail

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

article thumbnail

HHS Issues Notice on ACA Section 1557 Nondiscrimination Interpretation and Enforcement

ThomsonReuters

HHS Notification of Interpretation and Enforcement of Section 1557 of the Affordable Care Act and Title IX of the Education Amendments of 1972 (May 10, 2021). Notice. News Release. HHS has announced that it will interpret and enforce Affordable Care Act (ACA) Section 1557’s prohibition on discrimination “on the basis of sex” to include discrimination on the basis of sexual orientation and gender identity.