Thu.Apr 08, 2021

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Consider a Heavy SUV as Your New Business Vehicle

RogerRossmeisl

Are you thinking about buying or replacing a vehicle that you’ll use in your business? If you consider a heavy SUV, you may be able to benefit from lucrative tax rules for those vehicles. Bonus depreciation Under current law, 100% first-year bonus depreciation is available for qualified new and used property that’s acquired and placed in service in a calendar year.

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Holdout States Moving Toward Sales Tax Requirements

TaxConnex

Of the 50 states, 45 (plus DC) charge a state-wide sales tax. Two of those states that have a state-wide sales tax, Missouri and Florida, have yet to adopt economic nexus standards set by the 2018 South Dakota v. Wayfair case. At least for now. Spurred by the pandemic’s impact on revenue in 2020, lawmakers in Florida and Missouri are expected to soon pass regulations that would require out of state businesses selling into the state to collect and remit sales tax.

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Deducting Meals and Entertainment Expenses

CapataCPA

Deducting Meals and Entertainment Expenses While the Tax Cuts and Jobs Act (TCJA) of 2017 eliminated many deductions for business meals and entertainment, there are still some deductions available. Most of the deductions are in the form of business meals, but there are select exceptions of when a business can also deduct entertainment expenses. There have been two developments.

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DOL Issues Model Notices and FAQs on ARPA COBRA Subsidy

ThomsonReuters

FAQs About COBRA Premium Assistance Under the American Rescue Plan Act of 2021 (Apr. 7, 2021); Model ARP General Notice and COBRA Continuation Coverage Election Notice; Model COBRA Continuation Coverage Notice in Connection With Extended Election Periods; Model Alternative Notice of ARP Continuation Coverage Election Notice; Model Notice of Expiration of Period of Premium Assistance; Summary of COBRA Premium Assistance Provisions Under the American Rescue Plan Act of 2021.

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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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3 Traits Successful Outsourced Accounting Departments Possess

AccountingDepartment

When it comes to selecting an outsourced accounting department to work with your company, you want to make sure you're making the right decision— the first time. There are many options to choose from and we have found that most quality outsourced accounting departments share 3 common traits across the board. If you're shopping for a new outsourced accounting service, be sure that the company you are looking at encompasses these traits.

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What You Can Expect Your Bookkeeper to Do for You & Your Business

LSLCPAs

Are you confident that your books are in order and up to date? If not, how do you get accurate books? The bookkeeper is your business’s financial foundation. And like a house, you can’t build on a shaky substructure! A great bookkeeper can give you peace of mind. A top-notch […]. The post What You Can Expect Your Bookkeeper to Do for You & Your Business appeared first on LSL CPAs.

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PPP Forgiveness

CTP

Although the focus of this post is PPP forgiveness, the loan itself is a great deal. The payment terms are phenomenal, and it can be essential to helping people get back on their feet. So even if you have clients that don’t qualify for 100% forgiveness, the interest rate is phenomenal. But loan forgiveness is […]. The post PPP Forgiveness appeared first on certifiedtaxcoach.

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Agency FAQs Address Mental Health Parity Comparative Analysis Requirements

ThomsonReuters

FAQs About Mental Health and Substance Use Disorder Parity Implementation and the Consolidated Appropriations Act, 2021 Part 45 (April 2, 2021). Available at [link]. The Consolidated Appropriations Act, 2021 (see our Checkpoint article ) amended the Mental Health Parity and Addiction Equity Act (MHPAEA) to require group 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 li

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Damages in Securities Fraud Cases

FraudFiles

Tracy talks about the types of damages that an expert may be asked to calculate in securities fraud cases, such as realized/unrealized gains on investments, margin interest, and more.

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How Do Plans Provide Claims and Appeals Notices in a Culturally and Linguistically Appropriate Manner?

ThomsonReuters

QUESTION: Can you explain the requirement that claims and appeals notices be provided in a “culturally and linguistically appropriate” manner? ANSWER: Notices sent by group health plans or insurers relating to claims, appeals, and external review, and notices of adverse benefit determination with respect to disability benefits, must be provided in a “culturally and linguistically appropriate manner.

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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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[04/08/21] In Defense of Exxon

Baruch Lev

A Google search of terms like “Exxon’s Problems” generates an almost endless array of articles and podcasts with scary titles like: “Exxon Mobile stock is in trouble due to strange management,” “Where it all went wrong for Exxon,” “Getting booted from the Dow,” “10 Exxon Mobile lawsuites you should know about,” “Whistleblower accuses Exxon of fraudulent behavior,” or “Exxon: An oil giant in crisis.

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Distribution From Rollover IRA Subject to 10% Additional Tax on Early Distributions

ThomsonReuters

Catania v. Comm’r, T.C. Memo. 2021-33 (2021). Available at [link]. The Tax Court has affirmed the IRS’s determination that a former 401(k) plan participant who took a distribution from his rollover IRA before reaching age 59-1/2 was liable for the 10% additional tax on early distributions. The participant had retired at age 55 and transferred the balance of his 401(k) account into a traditional rollover IRA.

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Foster Creativity

RitaKeller

“It doesn’t make sense to hire smart people and then tell them what to do; we hire smart people so they can tell us what to do.” – Steve Jobs. I wonder why the above quote is so foreign to CPA firms. When you tie everything down so tightly, insisting that every work effort must conform to firm processes and procedures and every minute should be chargeable how will anyone have the time or desire to THINK and experiment.

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Ninth Circuit Rules That ERISA Does Not Preempt Seattle “Fair Share” Law

ThomsonReuters

ERISA Indust. Comm. v. City of Seattle, 2021 WL 1035064 (9th Cir. 2021). Available at [link]. An ERISA trade association appealed a lower court’s ruling that ERISA does not preempt a Seattle ordinance requiring hotel employers and ancillary businesses to make specified monthly health care expenditures. Employers can satisfy their obligation by either paying additional compensation directly to designated employees or including those employees in the employers’ health plans.

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No-Code Technology: The Key to Unlock the Future of Your Business

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.

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IRS Audit Red Flags & Triggers: How the IRS Catches You

LyfeAccounting

It’s true…. In most of our previous posts, we’ve been busy revealing all of the ways to help you save on taxes and claim every deduction and tax credit as much as you can. Now, we want to help you avoid an IRS audit! Although your chances of being audited in general are pretty low, there are certain IRS audit red flags that increase your odds dramatically.

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