TaxConnex
SEPTEMBER 2, 2021
Managing a sales and use tax audit can be challenging. And many businesses mishandle the process, making it all that much more difficult on themselves. First, you should always anticipate an audit – even if you’ve never been audited before. While they are definitely becoming more frequent as states try to crack down on economic nexus laws, rarely are you given advanced notice as to when an audit will occur.
ThomsonReuters
SEPTEMBER 2, 2021
QUESTION: Our company sponsors an ERISA health plan and has received a request from the DOL for plan-related documents. Is this an audit, and what should we expect if it is? ANSWER: The request for documents probably does signal the beginning of a DOL civil investigation (often referred to as an “audit”). You should address this inquiry without delay, as a prompt and cordial response can establish a positive rapport with the investigator.
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MazumaBusinessAccounting
SEPTEMBER 2, 2021
Furnishing an office is a necessary but expensive endeavor. The Internal Revenue Service (IRS) understands that office furniture is a vital aspect of running a business, so they allow business owners to deduct those expenses from their taxable income. Office Furniture. There are rules when it comes to deducting office furniture. First, the IRS only allows you to deduct $5,000 worth of furniture if you are just starting your business.
Pooley Accounting Services
SEPTEMBER 2, 2021
At first glance, it may seem like all accounting professionals fit in the same box and offer the same skillset. In reality, it’s not that simple. So, how do you know who you should work with and what your company really needs? Let’s talk about four major roles and the differences between them. . Bookkeeper. The role of the bookkeeper is the foundation for all the rest.
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Steve Feinberg
SEPTEMBER 2, 2021
As the Covid-19 pandemic self employed tax deductions offices and workspaces around the country, many American workers had to adapt to doing their jobs or running their businesses from home. Of course, home offices are not a new concept, and the IRS has had a framework in place for granting work from home tax deductions for home offices for decades.
ThomsonReuters
SEPTEMBER 2, 2021
What is a tax provision? Simply put, a tax provision is the estimated amount of income tax that a company is legally expected to pay to the IRS for the current year. A tax provision is just one type of provision that corporate finance departments set aside to cover a probable future expense. Other types of provisions a business typically accounts for include bad debts, depreciation, product warranties, pensions, and sales allowances.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
ThomsonReuters
SEPTEMBER 2, 2021
IRS Webpage: IRS Checklists for Retirement Plan Documents. Available at [link]. The IRS has updated nearly all of the “subject matter packages” used by IRS specialists when reviewing retirement plan documents. Each package consists of an Explanation, a Worksheet, and a Checksheet that are designed to be used together. The Explanations are considered IRS publications, and the Worksheets and Checksheets are IRS forms.
RitaKeller
SEPTEMBER 2, 2021
“You control your own life. Your own will is extremely powerful.” – J. K. Rowling. I am assuming you are familiar with Harry Potter. I read all the books and watched all the movies. J. K. Rowling created a fascinating world. Let’s take a somewhat light-hearted look at how Dementors might apply inside your firm. When you read the following meaning of Dementors, I wonder what it brings to mind.
ThomsonReuters
SEPTEMBER 2, 2021
Rev. Proc. 2021-36, 2021-35 I.R.B. 357 (Aug. 30, 2021). Available at [link]. The IRS has announced 2022 indexing adjustments for some crucial percentages under the Affordable Care Act (ACA). The required contribution percentage used to determine whether employer-sponsored health coverage is “affordable” for purposes of employer shared responsibility under Code § 4980H is adjusted from the 9.5% baseline to 9.61% for plan years beginning in 2022.
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.
ThomsonReuters
SEPTEMBER 2, 2021
DOL Model Notice of Expiration of Period of Premium Assistance. Available at [link]. With the COBRA subsidy period set to end on September 30, 2021, the deadline is fast approaching for plan administrators to distribute notices alerting assistance eligible individuals (AEIs) of the subsidy’s expiration. Plans are required to send a notice 15 to 45 days before an AEI’s subsidy ends due to the expiration of the AEI’s maximum COBRA coverage period (generally 18 months) or the end of the subsidy pe
xendoo
SEPTEMBER 2, 2021
Planning ahead is always a good business strategy, especially when it comes to taxes. Adopting a proactive strategy can help you stay ahead of business tax filing deadlines, avoiding the rush and the headache during tax season! . To help business owners with their tax preparation , we’ve prepared a business tax filing guide to walk you through the process.
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