RogerRossmeisl

JANUARY 28, 2021

The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over C corporations in some circumstances, there are potentially costly tax issues that you should assess before making the decision to convert from a C corporation to an S corporation.

cpa 147

cpa tax business tax 147

PYMNTS

JANUARY 28, 2021

By the numbers, convenience stores are America’s gas stations. They account for 63.7 percent of all gasoline sold in the country, and 80 percent of them combine the food staples they’re well known for with the pumps for the business they’ve come to dominate. But the simplicity ends there. For convenience store chains and independents, fuel is a razor-thin business.

Sales 124

Sales Technology Account accountant 124

ThomsonReuters

JANUARY 28, 2021

EEOC Commission Opinion Letter: Individual Coverage Health Reimbursement Arrangements (ICHRA) under the ADEA (Jan. 7, 2021). Available at [link]. The EEOC has issued an opinion letter regarding whether an employer may sponsor an ICHRA that offers employees a defined contribution for the purchase of an age-rated individual major medical health insurance policy without violating the Age Discrimination in Employment Act (ADEA).

tax 98

tax Account accountant accounted 98

PYMNTS

JANUARY 28, 2021

In the payments industry, they’re known as remittances. But for the recipients of the cross-border money transfers and peer-to-peer (P2P) payments usually associated with developing economies, they are lifelines. They have provided critical support for those developing markets during the pandemic and will continue their importance after the pandemic is in the rearview mirror, a report by Oxford Economics , commissioned by Western Union , has found.

Government 117

Government Legal 117

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

JANUARY 28, 2021

Independent Contractor Status Under the Fair Labor Standards Act, 29 CFR Parts 780, 788, and 795, 86 Fed. Reg. 1168 (Jan. 7, 2021); News Release: U.S. Department of Labor Announces Final Rule to Clarify Independent Contractor Status Under the Fair Labor Standards Act (Jan. 6, 2021). Final Rule. News Release. The DOL’s Wage and Hour Division (WHD) has finalized regulations for determining whether a worker is an independent contractor for purposes of the Fair Labor Standards Act (FLSA).

Construction 98

Construction Government tax Account 98

PYMNTS

JANUARY 28, 2021

PYMNTS recently reported Federal Trade Commission (FTC) figures finding, “More than 200,000 Americans were scammed out of $145 million relating to the pandemic since the beginning of 2020.” It’s one of many such warning to come from FinCEN and other financial watchdogs as the digital-first era dawns, awash in promise but hounded by cybercrooks. With 6 in 10 financial institutions (FIs) turning to digital channels for customer acquisition and the mobile experiences those customers now expect, dig

Gaming 97

Gaming Government Account accountant 97

PYMNTS

JANUARY 28, 2021

Digital assets are no longer a futuristic pipe dream in modern economy. With more emerging use cases and an increasingly accepting regulatory landscape, cryptocurrencies are gaining traction in new areas of the market, and corporate treasurers want in. Yet for finance leaders of the enterprise, adoption of digital assets poses plenty of risks and challenges, not least of all the inability for their current treasury infrastructures to manage crypto in an integrated and compliant way.

accounting and finance 84

accounting and finance accounts payable Finance Gaming 84

ThomsonReuters

JANUARY 28, 2021

In 2020, we saw a flurry of COVID-19-related activity at the SEC designed to help companies navigate the business impact of the pandemic. That, however, didn’t stop the SEC from pushing through several key rulemaking initiatives on its regulatory agenda. This blog post highlights certain changes in SEC reporting and disclosure across several key topics, along with practical takeaways.

audit 72

audit Legal auditor Government 72

PYMNTS

JANUARY 28, 2021

It is well known that shoppers tend to behave differently online than they do in brick-and-mortar stores — and this extends to how they choose to pay at checkout. One of the more notable differences is their tendency to favor credit cards online and other options such as digital wallets over debit cards. What’s more remarkable is the resistance to using debit online even though debit use overall has been growing during the pandemic — a phenomenon attributed to the economic anxieties and budgetar

Retail 84

Retail Maine 84

Withum

JANUARY 28, 2021

One of the first things I read in the NY Times is the obituary column. It seems to have become a must-look-at part of the daily paper for me. I’ve noticed an increasing number of paid notices, some of which cost upwards of $10,000 and have been wondering, why?

66

66

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

PYMNTS

JANUARY 28, 2021

Nonprofits are seeing unprecedented increases in demand for their services as consumers grapple with the effects of the pandemic. Generating the funds to pay for their operations often requires novel strategies, however, as most of these organizations can no longer hold in-person galas and other fundraising events. Sustaining important charitable work may therefore require creative fundraising approaches as well as the adoption of new digital tools and techniques to accept and encourage donation

79

79

FraudFiles

JANUARY 28, 2021

Trust is inherent in any good business. We continuously place trust in our employees and in those with whom we do business. But that trust which is so necessary to the operation of a business is also the impetus for thieves to profit. It is unfortunate that fraud occurs when and where you least expect it. Blood may be thicker than water, but that doesn’t protect a company from theft by family members.

Non-Profits 59

Non-Profits accounting and finance payroll Finance 59

PYMNTS

JANUARY 28, 2021

There’s no denying that consumers of all ages are increasingly comfortable shopping online, but when it comes to younger, digitally native customers, it turns out they’re also increasingly comfortable selling online, too. So, if you were to take that basic ease with eCommerce , add in a layer of conservation, and then top it off with a slathering of old-fashioned savings, you’d have a unique marketplace that allows Generation Z shoppers to simultaneously fill — and empty — their closets.

Mississippi 76

Mississippi California Retail Sales 76

LyfeAccounting

JANUARY 28, 2021

?. If you’re someone who plans to go into business or makes a lot of money then chances are you will become an accredited investor. And that’s awesome because accredited investors can get some huge tax advantage and in some cases, you can end up paying very little to no taxes. So in this post, I want to take some time to talk about what accredited investing is some new changes that took effect in 2021, share some examples and talk a little bit about some tax advantages.

tax 52

tax Real Estate Government Start-ups 52

Advertisement

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

Technology

PYMNTS

JANUARY 28, 2021

A transformation toward contactless payments is underway at the nation’s credit unions as the public shuns cash and even physical cards to lower infection risks with COVID-19. This change in consumer behavior is expected to remain even after vaccines are more widely distributed. It will likely alter global markets and regulations as the financial ecosystem becomes more digitized.

Finance 74

Finance Technology Sales 74

ThomsonReuters

JANUARY 28, 2021

IRS Publication 502 (Medical and Dental Expenses (for 2020 Returns)). Available at [link]. The IRS has released an updated version of Publication 502 for the 2020 tax year. Publication 502 describes the medical expenses that are deductible by taxpayers on their federal income tax returns. The 2020 version is substantially similar to its 2019 counterpart.

income tax 52

income tax tax return tax Account 52

PYMNTS

JANUARY 28, 2021

Adventuring to different markets worldwide, PYMNTS continues to document how the digital shift that caught fire in 2020 continues shaping spend trends and consumer sentiments. The January 2021 Global Digital Shopping Index: United Kingdom Edition is based on a survey of more than 2,000 consumers and 560 merchants in the U.K. Among important findings of the new study is this: “The U.K. stands out in our study for the scale of its digital shopping shift: 54 percent of U.K. consumers now prefer who

Technology 70

Technology Sales Retail 70

ThomsonReuters

JANUARY 28, 2021

HHS Resolution Agreement: Excellus Health Plan, Inc. (Jan. 15, 2021); HHS News Release (Jan. 15, 2021). Available at [link]. HHS’s Office for Civil Rights (OCR) has announced a $5.1 million resolution agreement with a health insurer to settle potential violations of HIPAAColorful privacy and security rules that led to a breach of protected health information (PHI) affecting more than 9.3 million individuals.

audit 52

audit tax Account accountant 52

Advertisement

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

Technology

PYMNTS

JANUARY 28, 2021

Starship has raised $17 million to keep working on autonomous deliveries, a post on Medium from the company says. The company has also added two new service campuses, UCLA and Bridgewater State University in Massachusetts. With the new funding, Starship now boasts $102 million in funding to date. The company also recently reached a milestone of 1 million autonomous deliveries.

Arizona 68

Arizona Mississippi Ohio Massachusetts 68

ThomsonReuters

JANUARY 28, 2021

CMS Bulletin: Treatment of Risk Corridors Recovery Payments in the Medical Loss Ratio and Rebate Calculations (Dec. 30, 2020). Available at [link]. CMS has advised that insurers must revise their medical loss ratio (MLR) and rebate calculations and pay recipients additional rebate amounts based on any recovered risk corridor payment amounts. As background, MLR and rebate calculations must account for, among other things, the net payments or receipts related to the federally administered risk co

Government 52

Government tax Account accountant 52

PYMNTS

JANUARY 28, 2021

New York Gov. Andrew Cuomo has lifted COVID-19 restrictions, although the emergence of more contagious strains could put a stop to that, CNBC writes. The holiday surge from Christmas and New Years appears to be done with, peaking on Jan. 4 when the positivity rate in New York hit 8 percent across the state. Now, the figure is sitting at around 5.6 percent.

New York 66

New York Michigan Washington Retail 66

ThomsonReuters

JANUARY 28, 2021

QUESTION: Some of our employees have asked for the opportunity to make designated Roth contributions to our 401(k) plan. What factors should we consider when deciding whether that feature makes sense for our plan? ANSWER: Evaluating the Roth option requires weighing the potential benefits, additional complexity, and risks for participants, as well as the administrative burdens for your plan.

income tax 52

income tax tax Account accountant 52

Advertiser: Paycor

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.

PYMNTS

JANUARY 28, 2021

Though traditional financial institutions have faced a surge in market pressure to digitize as new FinTech competitors emerge, there are still plenty of areas in which banks hold the upper hand, commercial lending included. Beyond the fact that many institutions are decades — or even centuries — old, with long-lasting customer relationships and brand awareness, traditional financial institutions also hold key data on their business customers that is vital to their underwriting and decision makin

Technology 65

Technology Finance B2B Manufacturing 65

RitaKeller

JANUARY 28, 2021

“Urgency makes the difference between practitioners, proclaimers, and procrastinators.” – Richie Norton. Before my consulting years, I received the best basic training possible for a CPA management consultant. I worked in a firm for 30 years. I walked in your shoes. I guess you could say I’ve seen it all – the good, the bad, and the ugly!

tax 40

tax Management Consulting cpa Gaming 40

PYMNTS

JANUARY 28, 2021

Squarespace announced that it had applied for a confidential registration to go public with the Securities and Exchanges Commission (SEC), a release says. The brief press release doesn't constitute an offer to sell and doesn't mean there's any offer to buy securities on the table. Squarespace was reported to be seeking a $400 million credit line in 2019, PYMNTS reported, which generally means that the company is preparing to go public.

64

64

Withum

JANUARY 28, 2021

59

59

Advertisement

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

Finance

PYMNTS

JANUARY 28, 2021

When it comes to strengthening the B2B payment proposition, oftentimes, tackling friction for only one side of a transaction is no longer sufficient. As solution providers position innovative commercial payment solutions in the market, they're increasingly having to benefit both buyers and suppliers. This week's look at the convergence between accounts receivable (AR) and accounts payable (AP) finds this tactic expanding in the corporate card arena, while another FinTech aims to boost cross-bord

accounts payable 61

accounts payable B2B payroll Account 61

TaxConnex

JANUARY 28, 2021

There’s always something changing or new going on in the world of tax, especially sales tax. Here’s a review of some of the changes and updates in the last few months. Nationwide , the Streamlined Sales Tax Governing Board has made amendments to the Streamlined Sales and Use Tax (SST) Agreement to revise its amnesty-related provisions. A member state now must provide amnesty for uncollected or unpaid sales or use tax to a seller (who registers through the SST registration system for the state in

Sales 149

Sales tax Alaska Illinois 149

PYMNTS

JANUARY 28, 2021

Written on International Migrants Day, this contribution from Hikmet Ersek, president, CEO and director of Western Union , emphasizes the importance of global migrants in strengthening the world's economy. "Whether a border is geographical, political, economic or technological, these women and men will not let it stand between them and their dreams of a better future for themselves, their loved ones and their communities old and new," said Ersek in " A Look Forward: What Executives Wish for Amer

Education 55

Education Government Technology 55

ThomsonReuters

JANUARY 28, 2021

Announcement of Calendar Year (CY) 2022 Medicare Advantage (MA) Capitation Rates and Part C and Part D Payment Policies (Jan. 15, 2021). Announcement. Fact Sheet. Under Medicare Part D regulations, most group health plan sponsors offering prescription drug coverage to Part D eligible individuals (including active or disabled employees, retirees, COBRA participants, and beneficiaries) must disclose to those individuals and to CMS whether the plan coverage is creditable or non-creditable.

tax 98

tax Account accountant accounted 98

Advertisement

"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.

cpa firm