Thu.May 26, 2022

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What Is Net Income Formula and How to Use It

xendoo

Net income is one key metric that you can use to assess your business’ financial health. You can calculate it by using a net income formula. In accounting, net income is the total amount of cash you have after deducting expenses, but it’s a little more complicated than that. . What is Net Income? For an individual, net income is sometimes called “take-home pay”.

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Multi-channel selling sales tax: Wholesalers and Drop Shipping

TaxConnex

Sales of tangible personal property (TPP) are presumed to be taxable unless specifically identified as not taxable. However, certain exemptions could apply making the sale of TPP exempt from sales tax in some situations. An exemption could be related to the type of business that is buying the TPP – a non-profit or government entity in certain states for example.

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Drivers of Stock Market Values

Withum

Stock market volatility has become a daily reality. Why, how and whether you invest in the stock market is your business. What I usually try to do is provide some information on suggested ways to consider stock market investing, and that is what I will be doing now. There are many things that affect the value of stocks — too many to sensibly grasp and use to determine what stocks to buy, so I suggest simplifying your decisions by investing through mutual funds.

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The #1 Strategy to Eliminate Scope Creep

Ryan Lazanis

In this podcast episode, I shared my #1 strategy to combat scope creep and tips on how you can create a system to eliminate it in your firm. Listen below. 1:08 – Scope creep can cause disagreements with clients if you try to charge for out-of-scope work. 1: 30 – To eliminate scope creep, you should define the boundaries of your deliverables and ensure that your client understands them. 2:00 – A well-defined scope becomes extremely important because it helps protect the profitab

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

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New Supply Chain Risk: West Coast Dockworkers

Withum

The critical supply chain for so many sectors has been severely disrupted due to the COVID-19 pandemic (including severe restrictions in China) and the Ukraine conflict. On top of these events, there may be more shipping delays with the West Coast Dockworkers’ contract expiring on June 30, 2022. This workforce covers more than 22,000 dockworkers at 29 ports ranging from Washington State to Southern California; and provides a primary gateway for goods shipped from Asia to the United States.

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Agencies Finalize Form 5500 Revisions for Multiple Employer Plan Reporting

ThomsonReuters

Final Forms Revisions: Annual Information Return/Reports, 26 CFR Part 301; 29 CFR Part 2520; 29 CFR Part 4065, 87 Fed. Reg. 31133 (May 23, 2022). Available at [link]. The DOL, IRS, and PBGC have announced revisions to Forms 5500 and 5500-SF that apply to reporting for plan years beginning on or after January 1, 2022. The revisions finalize some of the changes proposed by the agencies in September 2021 (see our Checkpoint article ) to reflect Code and ERISA amendments made by the Setting Every

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IRS Announces Tax Relief for Leave Donations to Aid Victims of the Further Russian Invasion of Ukraine

ThomsonReuters

IRS Notice 2022-28 (May 19, 2022). Available at [link]. The IRS has announced special tax relief for leave-based donation programs set up by employers to aid victims of the “further Russian invasion of Ukraine” that began on February 24, 2022. Under a leave-based donation program, an employer may permit its employees to give up their vacation, sick, or personal leave in exchange for cash payments by the employer to charitable organizations.

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For Simple Bookkeeping, Consider Going With the Cash Method

Patriot Software

Forty percent of small business owners agree that bookkeeping (the process of recording transactions) and taxes are the worst part of the job. Although it might be taxing (no pun intended!), bookkeeping is a key part of business. But, that doesn’t mean you have to make things unnecessarily difficult. For simple bookkeeping, you may consider […] READ MORE.

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Employer Violated ERISA by Interfering With Employee’s Use of Health Benefits

ThomsonReuters

Kairys v. S. Pines Trucking, Inc., 2022 WL 969595 (3d Cir. 2022). A former employee brought an employment discrimination case contending, among other things, that he was terminated in retaliation for his large medical expense claims and anticipated future use of his employer’s self-insured health plan. He argued that his employer violated ERISA § 510, which makes it unlawful to discharge, fine, suspend, expel, discipline, or discriminate against a participant for exercising a right to which he i

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It’s Official, the Only Way to Get a Decent Raise is by Leaving Your Firm

Going Concern

As public accountants pull the ripcord and bail out from their firms in droves for the greener grass of industry, government, and even the blissful quiet of unemployment so they can figure out what they really want to do with their lives there’s a lot of talk about the abandoned workloads being dumped on the fools loyal grunts who remain. Associates are doing senior work, seniors are involuntarily impersonating managers without manager pay , blah blah, none of this is news to any of you.

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Planning Your Restaurant's 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.

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It's Time for Accountants to Embrace Fintech

Accounting Web

Trends It's Time for Accountants to Embrace Fintech.

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Keeping Memorial Day in Our Hearts

Intuitive Accountant

Murph remembers the symbolism of wearing the Red Poppy even as a little boy, and the honor of what that means.

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On-Demand Webinar: Best Practices for Effective Governance and Risk Management

Withum

This on-demand webinar will review the benefits of having an effective oversight environment including board governance and risk assessment and management. Listen in as Samantha Hoyte and Amy Both discuss the best practices for effective governance and risk management. View Slide Deck. View More On-Demand Webinars. Viewers Will Learn About. Understand the role of board governance Review and improve upon current governance policies Identify various potential risks in an organization Develop plans

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The biggest pricing mistakes I have made in my bookkeeping business

5 Minute Bookkeeping

Are you struggling with pricing your bookkeeping services? Pricing is not easy, and in fact, it can evoke a lot of negative emotions, including fear and anxiety. It was certainly one of the areas that I struggled with the most while growing my virtual bookkeeping business. Although it was tough at times, I learned so much through the process. Would you like to skip past the trial and error and get straight to the good part?

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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

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On-Demand Webinar: SAS 136: Preparing for Changes to Your Employee Benefit Plan Audit

Withum

This on-demand webinar will outline the changes and updates that affect employee benefit plan audits, including management’s assessments that a Section 103(a)(3)(c) audit is appropriate for, how the new audit report will look like, and the required representations from management to the auditor. Listen in as Withum’s Employee Benefit Plan team members Sheri Wronko , Partner and Ana Romeo , Manager, discuss a timely update on how your employee benefit plan audit will be different under SAS

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First Look Webinar: Come See What's Coming To Canopy

Canopy Accounting

Join us for Canopy's First Look Webinar on Thursday, June 2 at 1 p.m. ET, where you'll hear about all the feature updates coming soon to Canopy's full suite of cloud services.

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IRS changes guidance on EITC

Accounting Today

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Return To The Office

RitaKeller

“Setting a good example is truly the most effective means of communication – and setting a poor one is disastrous!” – Jan Carlzon. Wow. I have heard so many STRONG opinions about when, how, why, and why not return to working in an office environment. Firm partners are thinking about how will we identify and mentor future partners if we never see them in person.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

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.

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U.S. official warns significant issues remain on China audit talks

Accounting Today

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Are Any Plans Exempt From the Federal Mental Health Parity Requirements?

ThomsonReuters

QUESTION: We are wondering if our company’s medical plan might qualify for an exemption from the federal mental health parity requirements. What exemptions are available? ANSWER: The federal mental health parity requirements apply to most employer-sponsored group health plans, but there are some exceptions. As a reminder, the mental health parity rules under the Mental Health Parity Act (MHPA) and the Mental Health Parity and Addiction Equity Act (MHPAEA) require parity between medical/surgica

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Tax Fraud Blotter: Win, place and jail

Accounting Today

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Hong Kong ends mutual accounting recognition accord with U.S.

Accounting Today

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Recruit and Retain New Blue-Collar Talent

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.

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Finding alternatives

Accounting Today

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CohnReznick offers ESG award program

Accounting Today

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Five questions for accountants

Accounting Today

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Accounting Today opens call for submissions for 2022 VAR 100

Accounting Today

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

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.