RogerRossmeisl
DECEMBER 28, 2020
Are you thinking about selling stock shares at a loss to offset gains that you’ve realized during 2020? If so, it’s important to avoid wash sales if selling stock by year-end. IRS may disallow the loss Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within the 30-day period before or after the sale date, the loss can’t be claimed for tax purposes.
PYMNTS
DECEMBER 28, 2020
Digital currencies could render the SWIFT global payments network unnecessary, RT.com reported, citing the Central Bank of Russia (CBR). Olga Skorobogatova, first deputy governor of the CBR, said 30 countries are working on their own national digital currencies, some of which could launch in five to seven years. According to the Bank for International Settlements (BIS), as of July, some 36 central banks published studies on the concept of a central bank digital currency (CBDC) also known as a di
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RogerRossmeisl
DECEMBER 28, 2020
As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you can cash in on depreciation tax savers such as §179 for business property. The election provides a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time.
PYMNTS
DECEMBER 28, 2020
As the distribution of the COVID-19 vaccine continues to roll out to medical workers and high-risk populations, the Financial Crimes Enforcement Network (FinCEN) is asking financial institutions to be extra vigilant when it comes to cybersecurity. . “Already, fraudsters have offered, for a fee, to provide potential victims with the vaccine sooner than permitted under the applicable vaccine distribution plan,” FinCEN said in a statement on Monday (Dec. 28).
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RogerRossmeisl
DECEMBER 28, 2020
Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, a decision to maximize your 401(k) Plan can be a smart way to build a substantial sum of money. If you’re not already contributing the maximum allowed, consider increasing your contribution rate. Because of tax-deferred compounding (tax-free in the case of Roth accounts), boosting contributions can have a major impact on the size of your nest e
PYMNTS
DECEMBER 28, 2020
We’re ticking down toward the end of a year that defies adjectives at this point. In the financial services space, there have been pandemic-fueled developments as well as dramatic business model accelerations. And as the dust settles and the 2021 predictions are rolling in, Ingo Money CEO Drew Edwards told Karen Webster that after the powerful boost instant payments got this year, 2021 is looking like the year they will evolve into their 2.0 iteration.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
PYMNTS
DECEMBER 28, 2020
Nacha is issuing a warning to accounts payable professionals with regards to the rising threat of fraud. In a recent announcement, Nacha said that a survey it conducted in collaboration with Blueflame Consulting and Research revealed the accounts payable department's growing exposure to fraud risks, the result of challenges in maintaining and verifying data, vendor on-boarding, and other manual tasks.
RogerRossmeisl
DECEMBER 28, 2020
Americans generally feel generous during the holidays and usually are eager to donate to worthy charitable causes. At the same time, they’re so busy and rushed with holiday activities they don’t necessarily vet charities that ask for support. Unfortunately, the holidays are the season for charity fraud. Fraud perpetrators masquerading as non-profits usually find easy pickings.
PYMNTS
DECEMBER 28, 2020
With an eye on the future of travel, J.P. Morgan Chase has agreed to acquire the rewards division of cxLoyalty Group Holdings , the companies announced in two press releases Monday (Dec. 28). The price of the transaction was not disclosed, but the deal is expected to be complete this week, CNBC reported. Todd Siegel , CEO of cxLoyalty Group Holdings, said in a statement that the transaction is “compelling” and will benefit all of the company’s stakeholders.
RogerRossmeisl
DECEMBER 28, 2020
Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. A cap on deductions Cars are subject to more restrictive tax depreciation rules than those that apply to other depreciable assets. Under so-called “luxury auto” rules, depreciation deductions are artificially “capped.” So is the alternative §179 deduction that you can claim if you elect to expense (write-off in the year placed in service) all or part of the cost of a busine
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.
PYMNTS
DECEMBER 28, 2020
European FinTech company Unifiedpost Group has unveiled the acquisitions of BanqUP, AKTI and 21 Grams. The firm says that it continues to build out its “one-stop-shop platform” and grows its activities from 15 to 20 European nations with the transactions, according to a Wednesday (Dec. 23) announcement. “Fully aligned with the thoughtful M&A-approach of Unifiedpost Group, I am convinced that with these acquisitions we set the right steps to further create a pan-European platform for document
Withum
DECEMBER 28, 2020
This is a suggested list of how to declutter in the coming new year. Some things can be sold, given away to friends or relatives, donated to a charity or thrown in the trash (while being careful to shred papers with personal and confidential information). If you are in doubt about something having a value, check it out on eBay.
PYMNTS
DECEMBER 28, 2020
Tesla is said to be supplementing its in-car music services beyond Spotify , adding Jay Z’s Tidal , Apple Music , Amazon Music and Amazon’s Audible to its native interface, Electrek reported Monday (Dec. 28). Most cars provide music and other streaming services by using Bluetooth to pair with the driver’s smartphone. The electric car maker, however, has instead built apps directly into the car’s center display, the report stated.
Patriot Software
DECEMBER 28, 2020
Attention Oregon employers! Specifically, attention employers in Eugene, Oregon. A new type of payroll tax is coming your way in 2021. Learn all about the Eugene Community Safety Payroll tax and whether or not you need to withhold and remit it to the city. What is the Eugene Community Safety Payroll Tax? The Eugene Community […] READ MORE.
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
PYMNTS
DECEMBER 28, 2020
The pandemic hit Bangladeshi clothing suppliers and the country's overall economy hard when British fashion retailers had to shut down, a report from The Times said. The garment sector is the largest part of the country's economy, representing over 95 percent of it, the report stated. The total canceled globally came out to $3.7 billion, according to the Bangladesh Garment Manufacturers and Exporters Association.
FraudFiles
DECEMBER 28, 2020
When a company discovers an internal fraud, it’s not uncommon for owners and management to look for a party to blame. After all, someone should have known that a fraud was in-progress, right? Often, the blame is cast in the direction of the auditors. The auditors are an easy target. Not only do they usually have professional liability insurance policies to fall back on, the auditors initially seem like the logical culprit.
PYMNTS
DECEMBER 28, 2020
Looking back, when we take stock of what happened and sift through the chaos and heartbreak of the year that was, we’ll see the seismic shifts that took place in 2020. I’d written back in January that “the 2020s promise to bring about a convergence of the technology and innovations that have defined the last 10 years — to bring about new disruptions as the web shifts into higher gear, mobile becomes ever more popular and vital, homes and automobiles become hotbeds of commerce.
RitaKeller
DECEMBER 28, 2020
“It takes courage to grow up and become who you really are.” – E.E. Cummings. The military takes a young, enthusiastic person and turns them into highly-skilled soldiers, sailors, marines, etc. These very young people have huge, life or death responsibilities. (Haven’t you seen the documentaries about the flight deck crew on an aircraft carrier?).
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PYMNTS
DECEMBER 28, 2020
Discount supermarket retailer Save A Lot unveiled the sale of 51 retail locations run by the company in the Tampa, Florida market to existing Save A Lot Retail Partner licensee Fresh Encounter. The latter company will keep running the retail locations with the Save A Lot name, according to a Monday (Dec. 28) press release. “The Fresh Encounter family of companies has a culture that prioritizes being positive, appreciative and resilient and we are eager to onboard the new Florida associates,” Fre
PYMNTS
DECEMBER 28, 2020
It could be argued that for the retail industry to pull off a 3 percent uptick for holiday sales this year was an astonishing feat. After all, consumers were pushed onto digital platforms early in the season and then pushed again as the pandemic surged even as they risked post-holiday package arrival. Add to that a lack of government stimulus and a 6.7 percent unemployment rate.
LyfeAccounting
DECEMBER 28, 2020
?. Do you want to know how the rich get away with paying little to no taxes, while many others overpay on their taxes? Like, do you REALLY want to know? Well here it is – Tax Credits and Tax Incentives! If you’re anything like me, I’m sure you’ve heard all of these stories about how Jeff Bezos or Donald Trump pays almost little to no taxes. And while I can’t tell you if those stories are true or not, or whether or not they’re committing fraud or not… I can tell you for a FACT that th
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PYMNTS
DECEMBER 28, 2020
Travel and cost management company Navisteps has notched $1 million in a pre-seed round, with investment originating from angel investors, Phocuswire reported. “While expense and travel management solutions are not new, they traditionally target large enterprises. We hope to bring the benefits of expense and travel management solutions to small and medium-sized enterprises (SMEs) through a subscription-based pricing model,” Navisteps Co-founder Ken Tan said, as per the report.
PYMNTS
DECEMBER 28, 2020
Bitcoin has had a good year despite numerous global challenges, becoming more popular than ever. But in doing so, it will now face more scrutiny from regulators, Bloomberg reported. Guy Hirsch , managing director for the U.S. at online trading platform eToro , said in the report there are "storm clouds" on the horizon for the form of currency. According to some proponents of bitcoin, the pandemic environment provided a perfect springboard from which a surge in cryptocurrency use could arise, Blo
PYMNTS
DECEMBER 28, 2020
Anthony Tan , Grab co-founder and chief executive officer, is looking to secure his title for life as the Singapore delivery and rideshare platform continues to move forward in its merger with rival Gojek , based in Indonesia. Some backers are concerned that the move would give Tan too much influence over the combined company, which in turn could spark government intervention that could potentially stifle an initial public offering (IPO), Nikkei Asia reported on Monday (Dec. 28), citing sources.
PYMNTS
DECEMBER 28, 2020
Pepperl+Fuchs , which works in industrial sensor technology and explosion protection, will work with o9 Solutions ' artificial intelligence (AI)-powered platform, which will help bolster decision making and better visibility, a press release says. Pepperl+Fuchs will utilize o9's technology to establish "demand, supply and integrated business planning," the release says, and help access "real-time visibility across its end-to-end supply chain, to improve decision-making, and to reduce costs.".
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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.
PYMNTS
DECEMBER 28, 2020
FedEx Corp. said on Monday (Dec. 28) that it has finished its purchase of ShopRunner , which had been announced in the past. The logistics company said that ShopRunner’s functions complement and grow its eCommerce portfolio and are anticipated to “create increased value for brands, merchants and consumers,” according to an announcement. “Bringing together our products, talent, teams and culture will catalyze the next exciting chapter of growth and performance,” ShopRunner CEO Sam Yagan said in t
PYMNTS
DECEMBER 28, 2020
The digital compression of 2020 has drawn a wide range of speculation. Has it been ten years of change packed into one, as some have speculated? But maybe the most dramatic and realistic assessment comes from Pedro DePaula , director of MercadoLibre ’s MercadoCrédito division. In Mercado’s home nation of Brazil, he describes the last eight months as a “fundamental transformation” in a conversation with PYMNTS’ Karen Webster.
PYMNTS
DECEMBER 28, 2020
The dreaded returns season has hit retail with a predictable but painful thud. With Mastercard putting a 49 percent tag on the eCommerce spike for the holidays, this year will be the toughest on record for handling what is a resource- and capital-intensive task. But while the season is here, it doesn’t have to be a time of dread. In fact, forward-thinking retailers are looking at the return process as a chance to create a positive customer experience.
PYMNTS
DECEMBER 28, 2020
The question is seemingly an eternal one in the business realm: build vs. buy. And as FinTechs continue to challenge banks, but also offer new opportunities within the B2B space, they’re advancing a corollary to the build vs. buy question: How about partnerships? Greg Sassone , senior vice president of business and partner growth at WEX Corporate Payment Solutions, said in a recent PYMNTS Spotlight that no “one size fits all” approach can answer the question for financial institutions (FIs) seek
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"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.
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