Thu.Jun 17, 2021

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Legalization and Taxation of Cannabis

TaxConnex

Legalization of cannabis and how it would be taxed has been a discussion for many years. But as states continue to pass laws legalizing the sale of cannabis, the businesses trying to capitalize on the market are struggling with the complexities of taxation as it differs from other sales. States that have legalized the sale of cannabis are reaping the benefits.

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Is Juneteenth a Holiday? What Employers Need to Know

Patriot Software

Whether you offer time off or need to process direct deposit, staying on top of legal holidays is a must. And when it comes to Juneteenth, you need to keep updated with the latest federal and state holiday status changes. So, what is Juneteenth, and is it a legal holiday? Get out your reading glasses. […] READ MORE.

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LLC Operating Agreement: How to Write One For Your Business

LyfeAccounting

You want to know how to write an LLC operating agreement and we’re going to walk you through how to do it step-by-step. Starting right about…now! A quick disclaimer that this is not legal advice, and you should get your operating agreement checked by an attorney of your choice. What is an Operating Agreement? An Operating Agreement is a legally binding document that outlines in detail the rights and responsibilities of the members of the LLC and how the business will operate.

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Report on ERISA Enforcement Identifies Common Violations, COVID-19 Challenges, and Regional Compliance Projects

ThomsonReuters

GAO Report on Employee Benefits Security Administration: Enforcement Efforts to Protect Participants’ Rights in Employer-Sponsored Retirement and Health Benefit Plans, GAO-21-376 (May 2021). Available at [link]. The U.S. Government Accountability Office (GAO) has released a report on ERISA enforcement efforts by the DOL’s Employee Benefits Security Administration (EBSA).

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Planning Your Restaurants 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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Child Tax Credit Portal Update & New Non-Filer Sign Up Tool (2021)

LyfeAccounting

So, in one of our previous posts, we were getting a lot of questions if you can get the child tax credit if you don’t file taxes. Well, great news for everyone out there who normally doesn’t file tax returns… …because the IRS just released a new online tool to help low-income families register for the monthly child tax credit payments. Today, let’s talk about this new tool and some other relevant updates.

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What Is an NQTL Comparative Analysis?

ThomsonReuters

QUESTION: Our company’s self-insured group health plan provides both medical/surgical and mental health and substance use disorder benefits. We have heard that, to comply with the mental health parity rules, we have to prepare an NQTL comparative analysis. What is this, and how do we prepare it? ANSWER: Health plans and insurers that provide both medical/surgical benefits and mental health or substance use disorder (MH/SUD) benefits—and that impose nonquantitative treatment limitations (NQTLs)

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IRS Issues Final Regulations on Minimum Deadline Extensions After Federally Declared Disasters

ThomsonReuters

Mandatory 60-Day Postponement of Certain Tax-Related Deadlines by Reason of a Federally Declared Disaster, 86 Fed. Reg. 31146 (June 11, 2021). Available at [link]. The IRS has issued final regulations regarding the minimum 60-day extension of certain tax-related deadlines on account of “federally declared disasters.” The 60-day minimum appears in Code § 7508A(d), which was added by legislation enacted in 2019 (see our Checkpoint article ).

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Firm Administrators – Be Calm

RitaKeller

“One leads by calm.” – a French maxim. I don’t need to say this to you, but life inside a busy, growing CPA firm can be hectic and stressful. There are always looming due dates, other “hot” jobs, and various tasks to handle for the partner group. Your team can always sense when you are NOT calm. They know when you are worrying or even when you are depressed.

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National Security Council Urges Actions to Protect Against Ransomware

ThomsonReuters

White House Memorandum: What We Urge You To Do To Protect Against The Threat of Ransomware (June 2, 2021). Available at [link]. The Biden administration has released a memorandum reminding corporate executives and business leaders of the private sector’s “critical responsibility” to protect against ransomware threats. The memorandum was prepared by an official within the National Security Council (NSC), the president’s principal forum for considering national security and fore