TaxConnex

APRIL 28, 2022

In years past, auditors could show up at your door asking to look at your records. Now that’s much less common. Usually, you learn about an audit through a notice or letter from the state or jurisdiction in question with instructions on how the audit will proceed. Many audits are conducted remotely, and an auditor never visits your office. Audits remain an important tool for tax jurisdictions to evaluate the level, or lack thereof, of sales tax compliance within a business.

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ThomsonReuters

APRIL 28, 2022

IRS Information Letter 2022-0005 (Feb. 25, 2022). Available at [link]. The IRS has released an information letter regarding the requirements for expenses to qualify as medical care under Code § 213. The letter responds to a request for guidance on when the cost of health and wellness coaching is medical care that can be reimbursed under health FSAs, HSAs, and other tax-favored accounts.

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Ryan Lazanis

APRIL 28, 2022

Reclaim your “me” time by increasing your productivity to decrease your workload. In this podcast episode, I shared an easy-to-follow 6-step routine so you can efficiently manage your time to finish important tasks. Listen below. 1:04 – One of the reasons why I read up a bit more on productivity was because I felt myself lacking a lot of focus. 1:32 – I use an app called Rescuetime which automatically tracks your computer usage. 1:55 – I spent a bit of time reflecti

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ThomsonReuters

APRIL 28, 2022

QUESTION: Our company has always shied away from providing advice to participants regarding their personal retirement planning. We are concerned, however, that employees may not have sufficient information and professional advice to make good retirement planning decisions, so we would like to start making retirement planning services available. If we do, will those services be taxable, adding to our cost and administrative burden?

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tax preparation Education income tax Legal 105

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

AccountingDepartment

APRIL 28, 2022

Last week, AccountingDepartment.com Business Development Representative, Shawn Marcum, attended the Entrepreneurial Operating System (EOS) Conference in Orlando, Florida.

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Florida 84

CPA Practice

APRIL 28, 2022

Intuit's annual QuickBooks Connect conference is headed to Las Vegas, December 7-9, 2022/ The conference is geared toward the accountants, small businesses, ProAdvisors and partners who use QuickBooks.

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Pooley Accounting Services

APRIL 28, 2022

Project accounting can be difficult to manage, especially if it includes tracking billable expenses on the go. When employees travel to a client’s location to install software or equipment, transportation and living expenses are billed to the client. While the client may not require documentation for every cup of coffee, the IRS does. Getting employees to document their expenses can be a struggle.

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quickbooks Expense Reimbursements Transportation bookkeeping services 52

Inform Accounting

APRIL 28, 2022

While the intention is to make a profit from letting out a property, this is not a given, and a landlord might instead realise a loss. Where this is the case, can the loss be utilised to save tax? Calculating the loss. Any loss arising from the property rental business is calculated in the same way as profits. Under the cash basis, the loss for the period will be the cash received by the property rental business less the cash paid out.

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tax planning tax return Tax Start-ups 52

Menzies

APRIL 28, 2022

Menzies LLP - A leading chartered accountancy firm. The recent Upper Tribunal (UT) decision in the case of Urenco Chemplants Limited & Anor v HMRC lends support for making capital allowances claims on functional items in the business that might on first analysis appear to be a building/structural item. The distinction between “building” and “plant” is important because qualifying plant and machinery can attract capital allowances as much as 130% under the current super-deduction regime whils

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Inform Accounting

APRIL 28, 2022

In a personal or family company the director will often borrow money from the company. This can be an easy source of finance, and also one that can be tax efficient as, if you time it correctly, it is possible to borrow up to £10,000 for up to 21 months tax-free. However, there are tax consequences if the loan remains outstanding nine months and one day after the end of the accounting period in which it was made.

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Advertiser: Paycor

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Basis 365

APRIL 28, 2022

We are often approached by startups and existing small businesses with questions about what entity type they should be. Even when we are not asked, we often ask why they are the entity type they have chosen to make sure they have a reason. Choosing your entity type really crosses two disciplines, legal and tax. The legal side of your entity type relates to your legal protection or future equity expectations for the business.

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income tax tax return tax planning Legal 52

Going Concern

APRIL 28, 2022

First off, I want to thank those of you who reached out to us on Wednesday about Forvis being the new name of the combined BKD/DHG firm. I’ve been sick with COVID since early Wednesday morning and haven’t cracked open my laptop until now. I still feel like crap but OK enough to do this fun little exercise with you guys. So if you haven’t heard, the two firms decided to merge in February as equals; therefore, instead of one firm merging into the other, they would start from scratch as a brand-new

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accounting firms Account accountant accounted 52

Basis 365

APRIL 28, 2022

Both new and experienced business owners face challenges in growing a business and setting it up to continue growth. For example, a business will usually have basic order processing and accounting software in its initial phase. These tools will be sufficient for the initial stages of a company, but as the business grows, so does the need to upgrade these programs and processes.

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accounting software Sales Account accountant 52

Patriot Software

APRIL 28, 2022

Thinking about offering your employees a 401(k) plan? Already offer a retirement plan to your team? Either way, you’ll want all of the juicy details about the 401(k) tax credits for employers. Get the scoop on the 401(k) tax credit and how you can use it to lower your tax liability. How tax credits work […] READ MORE.

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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.

5 Minute Bookkeeping

APRIL 28, 2022

Are you taking on a QuickBooks Online cleanup and looking for some helpful tips? After doing hundreds of QuickBooks Online cleanup projects, I have pretty much seen it all by now. I have made my share of mistakes, but I have certainly learned a lot of valuable lessons along the way. Every cleanup has it’s own unique challenges, but there are some key factors to help set you up for success from the start.

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quickbooks Start-ups bookkeeping Sales 52

FraudFiles

APRIL 28, 2022

I love working on divorce cases where one spouse is trying to hide money. When a business owner has a cash business and is getting divorced, sometimes the income coincidentally (or not so coincidentally!) drops dramatically. What can we do to investigate that? It’s hard. The business owner knows that cash leaves no paper trail and is difficult to prove.

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Withum

APRIL 28, 2022

For the latest news and updates on Nebraska state and local tax. April 29, 2022. Nebraska Implements Corporate Income Tax Rate Reductions. On April 13, 2022, Governor Rickets signed L.B. 873 which reduces Nebraska’s corporate income tax rate over the next five years. This will apply to corporate taxpayers with taxable income exceeding $100,00 for taxable years beginning on or after January 1, 2022, through taxable years beginning on or after January 1, 2027.

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ThomsonReuters

APRIL 28, 2022

Walters v. Blue Cross Blue Shield of Tex., Inc., 2022 WL 902735 (N.D. Tex. 2022). Available at [link]. A federal trial court has dismissed state-law claims brought by a group health plan participant after the plan’s insurer disclosed the participant’s protected health information (PHI) in violation of the HIPAA privacy rule. According to the complaint, the insurer received a subpoena directing it to disclose specified medical records to an assistant judge for private review before the records w

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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

Technology

GrowthForceBlog

APRIL 28, 2022

8 min read. It's no surprise that employee turnover is expensive.

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ThomsonReuters

APRIL 28, 2022

Mihalik v. Comm’r, T.C. Memo. 2022-36 (2022). The U.S. Tax Court has upheld an IRS determination that airline tickets issued to certain adult relatives of a retired airline pilot were income to the pilot, and were not excludable fringe benefits under Code § 132. The tickets were issued under a travel pass program that provided free standby tickets for the airline’s retired pilots and their family and friends.

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tax return Tax Account accountant 52

Intuitive Accountant

APRIL 28, 2022

Voting for Insightful Accountant's 2022 Top 100 ProAdvisor and ProAdvisor of the Year Awards closes in one week, make certain to vote before May 6, 2022.

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Going Concern

APRIL 28, 2022

May 1 marks the two year anniversary of Prometric reopening its testing centers to CPA candidates after shuttering every single American test site in March 2020 due to… you know what I don’t need to type all this out, you know why they were closed. While the nail techs waited anxiously for Prometric to reopen to all, future CPAs could boast that they were “essential” and therefore allowed to test at super clean, socially-distanced Prometric sites.

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RitaKeller

APRIL 28, 2022

“Do not listen to those who weep and complain, for their disease is contagious.” Og Mandino. The team and partners have been very busy. Now, they have more time to think about what is going on around them. You might hear comments like: I have a lot more charge hours than Joe. I wonder if I am paid more than Joe? How can the firm expect us to do our best work when it is always so hot in the office?

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