RitaKeller
MARCH 17, 2022
“Time is what we want most, but what we use worst.” — William Penn. When you work in the CPA profession whether you are a CPA, a firm administrator/practice manager, an HR director, a marketing director, or a technology specialist, you are always busy. Very busy. It is the nature of the CPA profession. So much to do and so little time. You want to do more things to improve your life, like exercise, read, spend more time with family, etc.
Withum
MARCH 17, 2022
Let’s be honest. Most tax accountants would not be described as “hip” and many struggle to be considered “tech savvy”. Even so, some of their clients’ needs are forcing them into a new world surrounding the exchange of digital assets. . While many persons trading cryptocurrency or buying a non-fungible token (“NFT”) think they are just doing something new, fun, or just goofing around because they have cash to play with, what they don’t realize is that Uncle Sam is looking to collect their share.
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ThomsonReuters
MARCH 17, 2022
QUESTION: Our self-insured health plan would like to reduce required employee contributions for employees who do not use tobacco. Can the plan require employees who use tobacco to pay more than employees who do not use tobacco, even though both groups receive the same coverage? ANSWER: Under HIPAA’s health status nondiscrimination rules, a group health plan generally cannot require an employee to pay more for coverage than another similarly situated employee if the difference is based on a hea
FraudFiles
MARCH 17, 2022
Today I have the honor of being the guest on one of the most popular divorce podcasts…. How Not to Suck at Divorce with Morgan Stogsdill and Andrea Rappaport. Episode 20 is all about Divorce Finances, Forensics & Fraud. I love how they describe me: Today’s episode is like divorce meets CSI as we welcome Tracy Coenen. You may have seen her on CNBC On the Money, CBS, NBC, and in the Wall Street Journal.
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xendoo
MARCH 17, 2022
Small business owners around the world are migrating to cloud-based bookkeeping software to keep their financial records and reports organized and accessible. Even with the help of bookkeeping software, it takes financial expertise to put the data into context and use it to make informed decisions. To save time, some choose to partner with an online bookkeeper. .
ThomsonReuters
MARCH 17, 2022
Rev. Proc. 2022-17 (Mar. 16, 2022). Available at [link]. The IRS has announced the 2022 inflation-adjusted Code § 280F “luxury automobile” limits on certain deductions that may be taken by taxpayers using passenger automobiles (including vans and trucks) in a trade or business. For purchased automobiles, the limits cap the taxpayer’s depreciation deduction.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
ThomsonReuters
MARCH 17, 2022
DOL Compliance Assistance Release No. 2022-01, 401(k) Plan Investments in “Cryptocurrencies” (Mar. 10, 2022). Available at [link]. The DOL has issued a compliance assistance release expressing “serious concerns” about the prudence of making cryptocurrency investments available to 401(k) plan participants and advising fiduciaries to use “extreme care” before they consider adding a cryptocurrency investment option.
xendoo
MARCH 17, 2022
It can be overwhelming for small business owners to choose from all the ecommerce bookkeeping services out there. Many small businesses trust Xendoo with their financials, but we understand that choosing the best bookkeeping and accounting solution is a big decision. . When running an online store, there are many financial considerations and challenges, including payments, customer returns, shipping logistics, and inventory management.
ThomsonReuters
MARCH 17, 2022
HHS, Annual Civil Monetary Penalties Inflation Adjustment, 45 CFR Part 102, 87 Fed. Reg. 15100 (Mar. 17, 2022). Available at [link]. HHS has announced adjustments of civil monetary penalties for statutes within its jurisdiction. The latest amounts are based on a cost-of-living increase of 1.06222%. These adjustments are effective for penalties assessed on or after March 17, 2022, for violations occurring on or after November 2, 2015.
Withum
MARCH 17, 2022
With the current real estate market heavily favored towards sellers, property owners are looking to cash in on the appreciated value of their real estate holdings. However, that lucrative sale may come with a hefty tax bill from Uncle Sam. . Fortunately, it is possible to defer a portion of the gain if the transaction is structured as an installment sale.
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
MARCH 17, 2022
Consolidated Appropriations Act, 2022, Pub. L. No. 117-103 (2022). Available at [link]. Congress has passed, and the President has signed, omnibus spending legislation that (among other things) temporarily exempts telehealth and other remote care services from certain restrictions affecting health savings account (HSA) eligibility. By way of background, tax-advantaged contributions generally cannot be made to an HSA unless the account holder is covered by a qualifying high-deductible health plan
Accounting Seed
MARCH 17, 2022
The days when small businesses never had to think in any currency but dollars are long gone. The 21st century economy is globalized and grows steadily more so. For example, with tools like the internet and wire transfers, it’s easy to do business with suppliers in Bangkok or hire remote workers from Ottawa to Cairo. Even if your business is localized in the U.S. you may still need to deal in foreign currency to pay overseas suppliers.
xendoo
MARCH 17, 2022
Tax season feels particularly overwhelming for small business owners. Organizing a year’s worth of records and figuring out which of their expenses are deductible can be daunting. Halting operations to research every tax-saving opportunity is not realistic – let Xendoo do it for you! In this blog post, we will share popular small business tax deductions that you may be able to claim for the 2021 tax year!
DMCL
MARCH 17, 2022
While we can all agree it’s great to pay less tax, it goes without saying that you need to make sure any methods of tax reduction you utilize follow the law. That’s why it’s important to know the difference between tax planning, avoidance and evasion when you’re looking for ways to keep your taxes down. Tax planning – Simply put, tax planning involves arranging your business affairs to reduce or defer the amount of taxes payable, within the specific wording and intent of tax legislation. [1] As
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
Dent Moses
MARCH 17, 2022
If you itemize your deductions, you are allowed a deduction on your federal return for certain taxes you paid. The deduction is commonly referred to as SALT, which is short for state and local tax. This includes real estate taxes, personal property taxes (ie car or boat tags) and state and local income taxes. The deduction is calculated based on when the taxes are actually paid rather than incurred.
Baruch Lev
MARCH 17, 2022
By Elizabeth Demers, Jurian Hendrikse, Philip Joos, and Baruch Lev. Millions of investors and countless fund managers direct their investments to companies that are highly-rated on the basis of their environmental, social, and governance (“ESG”) activities in an attempt to do good. The claim by ESG advocates, pundits, and many academics that highly-rated ESG companies and funds also deliver superior returns bolsters this move: Doing better by doing good.
Withum
MARCH 17, 2022
Mergers and acquisitions in the healthcare industry have significantly increased, these transactions include all aspects of healthcare including hospitals and healthcare systems, physician, ancillary healthcare entities and private equity companies. Transaction advisory considerations include Federal and state financial, legal, due diligence, corporate structure, tax, valuation, and funding associated with the transaction.
ThomsonReuters
MARCH 17, 2022
Millennials represent the largest workforce in the U.S. , and by 2025, Gen Z will make up 27% of the labor force. With the number of college students enrolled as accounting majors hitting record numbers, there will be more accounting professionals from younger generations in the years to come. This raises the question of how to manage millennial and Gen Z accountants.
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Accounting Web
MARCH 17, 2022
Practice Excellence Managing Change Management Expectations.
FraudFiles
MARCH 17, 2022
Nearly all of my work is done under fixed fee arrangements. My client and I determine the scope of a project (what documents will be used, what analysis will be done, what time period is covered, etc.) and I quote them a fixed fee for my analysis and expert report. In this video, I explain how I calculate and explain the fixed fee structure to a potential client.
AccountingDepartment
MARCH 17, 2022
What's the draw of outsourcing? Some of the most important outsourced accounting benefits are known and enjoyed by businesses of all sizes. An off-site accounting staff provides CEOs, CFOs, and business owners access to experienced accounting professionals that can show them how to run their business more efficiently, grow the business, and even boost ROI and cash flow—typically for much less outlay than a traditional, on-site accounting team.
Withum
MARCH 17, 2022
A better take on Microsoft Teams management in today’s highly collaborative, but often overwhelming, hybrid workplace. We have arrived in the new digital era where we’re professionally challenged to take up things online rather than offline. Starting from kindergarteners to CEOs we’re all part of a routine where we need to attend video conferences and online meetings more often – such is the way of a hybrid workplace.
Advertiser: Paycor
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TaxConnex
MARCH 17, 2022
Economic nexus is now pretty much the law of the land for all states with a statewide sales tax. But what has been the impact on states? States – and their cities and towns that receive portions of their sales tax revenue – have scored big. In fact some would say they are seeing green! Revenues and now their localized payouts are reported to be way up, from New York’s Long Island and California’s Pacific coast to towns like Bentonville, AR, Calhoun, GA, and Kingsport, TN revenues from sales tax
Going Concern
MARCH 17, 2022
Last Friday I buried a link about the IRS’ latest hiring push in Footnotes but I think it deserves its own little mention if only to discuss the pay. That’s all that matters, right? Before we get to that, my handlers have asked me to remind you that Footnotes is a weekly wrap-up of accounting news not published here that you may have missed.
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