RogerRossmeisl
APRIL 21, 2022
In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of trade and the internet has made it easier to engage with other businesses. But if your business gets involved in bartering, be aware that the fair market value of goods that you receive in bartering is taxable income.
Withum
APRIL 21, 2022
Withum is excited to share that Matt Ferrante , Partner and Market Leader of Cyber and Information Services , was honored by NJBIZ as a Digi-Tech Innovator in a virtual ceremony. At Withum, Matt leads an expansive, progressive cyber team that works tirelessly to ensure clients are cyber secure, safe and that they optimize cyber solutions for their business operations.
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RogerRossmeisl
APRIL 21, 2022
Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of property, such as IRAs or other retirement plans. Fortunately, there may be ways to minimize or even eliminate the IRD tax bite. Basic rules For the most part, property you inherit isn’t included in your income for tax purposes.
ThomsonReuters
APRIL 21, 2022
Considerations for Implementing the Health Information Technology for Economic and Clinical Health (HITECH) Act, as Amended; Request for Information, 45 CFR Part 164, 87 Fed. Reg. 19833 (Apr. 6, 2022). Available at [link]. HHS’s Office for Civil Rights (OCR) has issued a request for information (RFI) seeking public comments on two provisions of the Health Information Technology for Economic and Clinical Health Act (HITECH Act): the effect of recognized security practices, and sharing of penalty
Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem
Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.
RogerRossmeisl
APRIL 21, 2022
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. April 18 If you’re a calendar-year corporation, file a 2021 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any
ThomsonReuters
APRIL 21, 2022
QUESTION: I understand that obtaining a hardship distribution from a 401(k) plan requires a certain type of hardship and proof that a 401k plan distribution is necessary to alleviate the hardship. What is the current standard for proving necessity? ANSWER: In the past (generally, distributions prior to 2020), plans could use either of two standards for determining whether a hardship distribution was necessary: a safe harbor standard or a “non-safe harbor” standard.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
ThomsonReuters
APRIL 21, 2022
FAQs About Affordable Care Act Implementation Part 53 (Apr. 19, 2022). Available at [link]. The DOL, HHS, and IRS have issued FAQ guidance (Part 53) adopting an enforcement safe harbor for health plans and insurers reporting certain types of in-network rates under the transparency in coverage (TiC) regulations. As background, TiC final regulations issued in November 2020 include requirements for health plans and insurers to publicly disclose price information in machine-readable files for plan
RogerRossmeisl
APRIL 21, 2022
Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, there are tax implications due to your changed personal and professional circumstances. Depending on your situation, the tax aspects can be complex and require you to make decisions that may affect your tax picture this year and for years to come.
ThomsonReuters
APRIL 21, 2022
Federal Independent Dispute Resolution (IDR) Process Guidance for Disputing Parties (Apr. 2022); Federal Independent Dispute Resolution (IDR) Process Guidance for Certified IDR Entities (Apr. 2022). Disputing Parties Process Guide. IDRE Process Guide. The DOL, IRS, and HHS have jointly issued revised process guides for independent dispute resolution (IDR) under the No Surprises Act, enacted as part of the Consolidated Appropriations Act, 2021 (CAA) (see our Checkpoint article ).
RogerRossmeisl
APRIL 21, 2022
If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of your self-employment earnings, with a maximum contribution of $61,000 for 2022.
Advertiser: Paycor
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.
Going Concern
APRIL 21, 2022
I buried the link I’m about to share with you all in Footnotes last Friday ; however, since its author intended for it to spur a conversation about the profession’s pipeline problem, I thought it best to highlight it in its own post should any of you feel like discussing it. “In my view, the future of the CPA profession is at risk,” writes Yigal Rechtman, CPA, CFE, CITP, CISM in a letter to the editor published by The CPA Journal.
RogerRossmeisl
APRIL 21, 2022
Over the last two years, market conditions — from cost increases and forced shutdowns to shortages of labor and supplies — have taken their toll on many businesses. While owners of distressed businesses may hope to turn things around, some will unfortunately shutter. Valuation is a prophecy of the future, not the past. So valuing a financially troubled company requires special treatment.
AccountingDepartment
APRIL 21, 2022
Entrepreneurs and business owners considering contracting with a virtual accounting firm need real information they can use that informs better decisions. If you are reading this article to learn more about small business bookkeeping solutions, you are in good company. Experts who track these things say that there are more than 95,000 online searches every month related to bookkeeping in the United States alone.
GrowthForceBlog
APRIL 21, 2022
10 min read. We can't escape it. Whether you're operating a business or being a customer, technology seems to be infused into every aspect of our lives.
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.
ThomsonReuters
APRIL 21, 2022
Post-pandemic, digital transformation has ceased being a buzzword. Firms experienced first-hand use cases for Cloud-enabled software and have learned that digital transformation is essential to ensuring business continuity, recruiting, and retaining talent, improving communication with clients, and growth. . The benefits of digital transformation don’t end at the firm’s front door though – cloud-enabled software reduces the amount of paper being used, stored, and managed by your firm, which is
Inform Accounting
APRIL 21, 2022
Where a property is let out, there are likely to be periods when the property is empty, either between tenants or, in the case of a holiday let, between guests. Properties need to be maintained, and it is easier to undertake any work that may need doing, such as redecoration, while the property is empty. However, if costs are incurred while the property is not let, can you deduct the costs for tax purposes?
Basis 365
APRIL 21, 2022
The use of outsourced accounting services is ramping up now that many companies rely more heavily upon technology, working from home, and overall improving their efficiencies. While many believe having an in-house accounting team makes sense, there are many reasons more tech-savvy companies are making the switch to outsourced accounting. Why are more small business outsourcing more than ever?
RogerRossmeisl
APRIL 21, 2022
(This is Blog Post #1189). The post Retaining Talent from “The Great Resignation” appeared first on Roger Rossmeisl, CPA.
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
Going Concern
APRIL 21, 2022
Pop quiz, CPAs: What do you tell a client who asks you about the tax benefits of direct indexing? If your answer is “Pretend I need to go to the bathroom and hope I can get one of my advisor friends on the phone to explain it to me in time,” this article is for you. (If you’re reading this in the bathroom right now after searching “what is direct indexing tax benefits PLEASE HELP ME OH SEARCH ENGINE GODS and I promise never to Google myself again,” then this article is especially for you.).
RitaKeller
APRIL 21, 2022
“Marketing involves making a promise and keeping it.” – Seth Godin. A post from Seth Godin that, to me, is so important for CPAs. This is for all the dedicated, hardworking CPA firm marketers. Is the firm delivering what you expect? The following is his post from April 20th: Defender of the brand. Some CMOs and marketing types simply do ads and promo.
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