Sun.Aug 28, 2022

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How to Avoid the Early Withdrawal Tax Penalty on IRA Distributions

RogerRossmeisl

When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early withdrawals depending on how old you are when you take them and what you do with the money. Important: Once you reach a certain age, you must start taking required minimum distributions from your traditional IRAs to avoid a different tax penalty.

Tax 242
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3, 2, 1. LIFT OFF: America Returns to the Moon

Intuitive Accountant

Today is history in the making as America returns to the Moon. Artemis I is scheduled to lift off from NASA's Kennedy Space Center at 8:33 a.m. (EST). Destination: The Moon.

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IRS Provides Simplified Method for Extending Portability Election

RogerRossmeisl

The IRS has released a procedure (Rev Proc 2022-32) that provides a new, simplified method for obtaining an extension of time to make a “portability” election. A portability election allows a surviving spouse to apply a deceased spouse’s unused exclusion (DSUE) amount to their own transfers during life or at death. New simplified method The new procedure allows certain estates to use to obtain an extension of time to elect portability of a DSUE amount.

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QBO Monday Minute: Document Management Enhancements in QBO

Intuitive Accountant

Liz Scott takes you through Quickbooks Online Accountant's new section, sharing the pros, the cons and why Quickbooks continues to adapt features to the needs of today’s accountants.

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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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Do Your ESG Initiatives Open the Door to Fraud?

RogerRossmeisl

Within a relatively short period, corporate environmental, social and governance (ESG) initiatives evolved from a disjointed and confusing set of goals to a more unified business imperative. This is largely because investors, employees, customers and other stakeholders have demanded it. But as companies ramp up ESG spending and require executives to meet ESG objectives, the likelihood of fraud also increases.

CPA 228
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Do Small Businesses Get Tax Refunds?

MazumaBusinessAccounting

In 2021, the average tax refund was $3,039. Small potatoes? Hardly, especially given the economic downturn of the last couple of years. New small business owners may be hopeful for a tax refund, a small gift to invest back into their operations. Not all types of small businesses can receive tax refunds, however. Is yours one of them? Do small businesses get tax refunds?

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Do I Need a Bookkeeper If I Have Quickbooks?

MazumaBusinessAccounting

Yes. Yes, you do need a bookkeeper even if you have Quickbooks. We understand that you’re a small business owner, and you want to save money where you can. But relying on software alone may cost you more in the long run. Accountants and bookkeepers can offer so much more than Quickbooks. Why You Need a Bookkeeper Even If You Have Quickbooks Here are just a handful of reasons that having a human touch is better than relying on Quickbooks alone.

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JB Straubel on Recycling EV Batteries to Create a Closed-Loop System

RogerRossmeisl

As posted to the Redwood Materials YouTube page on 8/11/22 Run Time 41 minute, 15 seconds In this clip, JB Straubel, Founder & CEO of Redwood Materials and Tesla co-founder & former CTO details how recycling lithium-ion batteries will cost effectively help EV demand & supply chain needs. Of concern however is that legacy automotive manufacturers haven’t “done the math” on attaining the raw materials needed to produce batteries in their transition to electric vehicles, and skepticism

CPA 49
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3 Tax Breaks for Small Businesses

RogerRossmeisl

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. QBI deduction For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts and estates. But it’s not available to C corporations or their shareholders.

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