Thu.Mar 04, 2021

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IRS Releases 2021 Versions of Forms 1099-R and 5498 and Instructions

ThomsonReuters

IRS Form 1099-R (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.) (2021); IRS Form 5498 (IRA Contribution Information) (2021); Instructions for Forms 1099-R and 5498 (2021); General Instructions for Certain Information Returns (Forms 1096, 1097, 1098, 1099, 3921, 3922, 5498, and W-2G) (2021).

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Want to Show Employees the Money? Here’s How to Calculate a Raise

Patriot Software

Employees have money on their minds. Only 19% of employees are comfortable with their rate of pay. And, 54% say they would leave their job to make more money elsewhere. To avoid losing your top employees, you might consider offering pay raises. Learn about criteria for raises, when to give salary raises, and how to […] READ MORE.

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FAQs (Part 44) Clarify Health Plan Coverage of COVID-19 Tests and Vaccines

ThomsonReuters

FAQs About Families First Coronavirus Response Act and Coronavirus Aid, Relief, and Economic Security Act Implementation Part 44 (Feb. 26, 2021). FAQs. News Release. The DOL, IRS, and HHS have issued another round of FAQ guidance addressing implementation of the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) for group health plans.

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Preparing to Scale DCAA Compliant Accounting | Client Testimonial

AccountingDepartment

Things can move quickly in the world of government contracting and having a strong accounting department to back you up during those times to rapid growth is crucial to making the process smooth and ensuring DCAA compliance of your overall accounting system.

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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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How to Increase and Project CASH FLOW

LSLCPAs

Why Cash Is “King” and Projecting Cash Flow is “Emperor” It is crucial these days to know about projecting cash flow. Here’s why: During these uncertain times, how much longer can you survive in your business without going in the red? All too real is the many businesses that have […]. The post How to Increase and Project CASH FLOW appeared first on LSL CPAs.

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Recording and Issuing Credit Memos

AccountingDepartment

What is a Credit Memo? Short for " credit memorandum " and also known as a credit note, a credit memo is a document that reduces a customer's or client's total account balance. Credit memos may be applied to future purchases of goods or services.

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Be Positive – Keep Smiling

RitaKeller

“Keep smiling, because life is a beautiful thing and there’s so much to smile about.” – Marilyn Monroe. As I have said before, there is way too much drama going on inside accounting firms. I always explain to young people just beginning their careers that they should keep in mind that CPAs have been trained for auditing. Their role is to question, research, explore and look for mistakes.

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DOL Clarifies Duration of COVID-19-Related Deadline Extensions

ThomsonReuters

EBSA Disaster Relief Notice 2021-01. Available at [link]. The DOL has issued EBSA Disaster Relief Notice 2021-01, clarifying the duration of certain COVID-19-related deadline extensions. As background, the DOL and IRS issued guidance last year specifying that the COVID-19 outbreak period—defined as the period beginning March 1, 2020, and ending 60 days after the announced end of the COVID-19 national emergency—is disregarded when calculating various deadlines under COBRA, ERISA, and HIPAA’s spe

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IRS Issues 2020 Form 2106 and Instructions

ThomsonReuters

IRS Form 2106 (Employee Business Expenses) and Instructions (2020). Form 2106. Instructions. The IRS has released the 2020 version of Form 2106, used to determine and claim employee business expense deductions. The form and its instructions are substantially similar to the 2019 versions, but they have been revised to take into account changes to the standard mileage rate, depreciation limits on vehicles, and updates to forms and schedules referenced in Form 2106.

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DOL Delays Effective Date of FLSA Independent Contractor Regulations

ThomsonReuters

Independent Contractor Status Under the Fair Labor Standards Act (FLSA): Delay of Effective Date, 29 CFR Parts 780, 788, and 795, 86 Fed. Reg. _ (March 4, 2021). Available at [link]. The DOL has decided to delay to May 7, 2021, the effective date of final regulations under the Fair Labor Standards Act (FLSA) to determine whether a worker is an employee or an independent contractor (Independent Contractor Regulations).

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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.