Thu.Nov 05, 2020

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Understanding the Passive Activity Rules

RogerRossmeisl

Are you having difficulties understanding the passive activity rules? Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses that are generated by them in excess of their income. You can’t deduct the excess expenses (losses) against earned income or against other nonpassive income.

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Sales Tax Automation Mistakes

TaxConnex

This article was written for the Atlanta Business Chronicle Leadership Trust. To see the original post, click here. If your business has an obligation to collect and remit sales tax, then you know how complex the process can be. Whether you manage it all internally, work with a CPA, or use an outsourced provider or technology, you know that there are many moving parts.

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Trending Sources

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Personalizing — Not Just Digitizing — The B2B eCommerce Experience

PYMNTS

As the B2B commerce landscape innovates, it is continually after that "Amazon-like" experience forged in the consumer commerce world. But for B2B vendors and suppliers, the unique needs of corporate customers cannot be ignored, making a consumer-like buying experience particularly complex. Pricing and payments are two key areas that tend to look vastly different in the B2B world than in the consumer arena.

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Final Investment Duties Rules Drop ESG Terminology and Separate Standard for Designated Investment Alternatives

ThomsonReuters

Final Rule: Financial Factors in Selecting Plan Investments, 29 CFR Parts 2509 and 2550, 85 Fed. Reg. __ ( __, 2020). Final Rule. DOL Fact Sheet. DOL News Release. The DOL has released the final version of its amended rules regarding the investment duties of ERISA plan fiduciaries. The amended rules respond to growth in the market for investments that consider environmental, social, corporate governance (ESG), and similar nonfinancial factors.

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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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US Justice Department Sues Visa To Block Its Planned $5.3B Plaid Acquisition

PYMNTS

The U.S. Department of Justice sued Visa on Thursday (Nov. 5) to block its planned $5.3 billion acquisition of Plaid, arguing that the deal would allow Visa to extend what the DOJ alleges is the company's control of the online debt market. “Visa seeks to buy Plaid — as its CEO said — as an ‘insurance policy’ to neutralize a ‘threat to our important US debit business,’” the Justice Department said in its lawsuit, filed in San Francisco federal court.

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IRS Explains COVID-19 Relief for Dependent Care Assistance Programs

ThomsonReuters

IRS Information Letter 2020-0023 (July 30, 2020). Available at [link]. The IRS has released an information letter responding to an inquiry regarding unused amounts in a participant’s dependent care assistance program (DCAP) (also referred to as a dependent care flexible spending arrangement) because her children’s summer camp was closed due to COVID-19.

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Transparency in Coverage Regulations Add Expansive Cost-Sharing Disclosures for Health Plans and Insurers

ThomsonReuters

Final Rule: Transparency in Coverage, 26 CFR Part 54, 29 CFR Part 2590, 45 CFR Parts 147 and 158, 85 Fed. Reg. __ (Nov. 12, 2020). Final Rule. HHS Fact Sheet. HHS News Release. The IRS, DOL, and HHS have jointly issued final regulations that require most group health plans and insurers to make certain disclosures to participants, beneficiaries, enrollees, and, in some cases, the public.

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Walmart Reboots Retail With Its Re-Think On Robotics

PYMNTS

There’s an old saying that asks, “Why buy the cow if you can get the milk for free?” But lately, in the case of Walmart , it’s more a case of “Why buy the robot if you can get some guy to do it for less?”. This in a week that has seen news reports that the world’s largest retailer has terminated its contract — and a 3-year-old automated shelf-stocking experiment — with San Francisco’s Bossa Nova Robotics , having found that existing “human” employees were able to do the same work just as well.

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Agencies Issue Regulations on Coverage of COVID-19 Vaccines

ThomsonReuters

Interim Final Rule: Additional Policy and Regulatory Revisions in Response to the COVID-19 Public Health Emergency, 26 CFR Part 54; 29 CFR Part 2590; 31 CFR Part 33; 42 CFR Parts 410, 411, 414, 417, 433, and 510; 45 CFR Parts 147, 155, and 182; 85 Fed. Reg. _ (Nov. 6, 2020). Interim Final Rule. HHS Fact Sheet. HHS News Release. The IRS, DOL, and HHS have issued interim final regulations addressing (among other things) group health plan coverage of COVID-19 vaccines and testing.

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Bottlenecks, Stockouts — And The Need For (Modern) Supply Chain Solutions

PYMNTS

No one likes stockouts — certainly not consumers. Or the retailers who sell things to them. Increasingly, it looks like the pandemic is exacerbating friction inherent in supply chains — namely, bottlenecks. As spotlighted in this space recently, import activity has been surging , according to data from the Port of Los Angeles. As recently as September, the port said its processed cargo loads were up more than 13 percent from a year ago, which means the port had its busiest September and best qua

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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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How Does a Layoff Affect Form 1094/1095 Information Reporting for Full-Time Employees Under the Lookback Measurement Method?

ThomsonReuters

QUESTION: We are an applicable large employer (ALE) that uses the lookback measurement method to identify full-time employees for purposes of the employer shared responsibility rules. Our standard stability period is the calendar year. Due to COVID-19, we laid off some full-time employees during the summer. How do we treat them for Form 1094/1095-C reporting?

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SMB Banking-as-a-Service Ushers In Bank-FinTech Collaboration

PYMNTS

Small business Banking-as-a-Service rises to the top in this week's roundup of the latest bank-FinTech collaborations and open banking initiatives. Two SMB BaaS companies secured new funding, while FinTech Wise says it is ushering in a new definition of open banking with its embedded banking functionality. Meanwhile, Prime Trust launches a new portal for banks to manage crypto, and Radius Bank releases its own API-powered developer sandbox.

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Becoming an Expert Witness

FraudFiles

Are you a CPA who wants to become an expert witness? Lawyers are always on the lookout for financial experts who can help them win cases. Virtually all civil suits involve issues about money, and a certified public accountant is one of the best resources for sorting out the financial details. As a CPA, you don’t have to focus on litigation work to become an expert witness.

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Former Bain, Wayfair Exec Leads Drive To Acquire Powerhouse Amazon Sellers

PYMNTS

It seems you can buy pretty much anything you want on Amazon these days. But when Perch CEO Chris Bell goes shopping on the world’s largest online retailer , he’s not looking for a deal on socks; he’s looking to acquire companies. Perch buys what were once mom-and-pop operations selling good through Fulfillment by Amazon and takes them to the next level.

Gambling 101
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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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How Outsourced Accounting Helped Pelipost Double Revenue.Twice

IgniteSpot

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Melding Digital With Physical Rescues In-Store Retailing

PYMNTS

From where things stand in Q4 2020 it’s not hard to imagine physical retail going extinct. And as compelling as the current eCommerce expansion is, counting out stores is a big miscalculation. Noting the ways COVID has permanently changed retailing, CNBC recently reported , “As more and more stores go dark at the mall, some major retail executives are looking to grow outside of it — a tactic they hadn’t touted so publicly before.

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Tax Loss Harvesting Explained: How To Gain by Selling At A Loss

LyfeAccounting

?. If you ever questioned whether you should sell stocks for a loss, tax loss harvesting may be the answer you were looking for. After reading this post, you will understand what tax loss harvesting is, the benefits of tax loss harvesting, and the rules you need to keep in mind when performing tax loss harvesting so you do it properly. Ok so let’s jump right in by answering what is tax loss harvesting.

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Shift4 Payments Acquires 3dcart For Its ‘Unified Commerce Ecosystem’

PYMNTS

Payments technology startup Shift4 Payments has acquired eCommerce firm 3dcart to create a global, “unified commerce ecosystem,” the company announced in a Thursday (Nov. 5) press release. “We have an ambitious vision to connect the world’s commerce, and this acquisition is a critical milestone on that journey,” Shift4 Payments CEO Jared Isaacman said in the announcement.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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Tax Planning 2020 – Part ONE

LSLCPAs

Part ONE: The Pandemic (PPP loans), The Election, and Technology INSIDER’S TIP: Start Tax Planning NOW. Don’t Wait for December. INTRODUCTION TO THE SERIES So much has happened this year, and so much has to be done before the year end to help our clients make the correct decisions that […]. The post Tax Planning 2020 – Part ONE appeared first on LSL CPAs.

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Digital Shift, COVID Fears Push Black Friday To Brink Of Irrelevance

PYMNTS

Recognize the names Jay Gould and Jim Fisk? These two Wall Street warlocks of yore were accused (and assuredly guilty) of some of the greatest stock swindles ever conceived. They’re also part of the “Black Friday” origin story. “The term ‘Black Friday’ was first used on Sept. 24, 1869, when [Gould and Fisk] drove up the price of gold and caused a crash that day.

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So Many Ideas

RitaKeller

“There’s no shortage of remarkable ideas, what’s missing is the will to execute them.” – Seth Godin. Once again, a Seth Godin quote seems to fit perfectly into the management of an accounting firm. Failing to implement is something that I have covered often. Why? Because it happens SO often! You are not attending conferences where you once obtained many great ideas that would benefit your firm.

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Bitcoin Daily: Bitcoin Rises Above $15K; Spanish Firms Reveal Blockchain-Based Digital Identity Project

PYMNTS

As stocks rallied Thursday (Nov. 5), bitcoin followed suit, rising to over $15,000, signaling a continued confidence in the cryptocurrency. The stock hit $15,017.05 at 10:50 a.m. (ET), reported CoinDesk , its highest level since January of 2018, and continued to rise throughout the day, hitting $15,237.78 at 5:01 p.m., according to Yahoo Finance. Investors have continued to accumulate bitcoin throughout the year, specifically during the March and September price crashes, according to CoinDesk, s

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Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.

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Planning and Protecting Wealth Using Charitable Lead Trusts

Withum

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Lightspeed To Buy ShopKeep For $440M To Advance POS

PYMNTS

Omnichannel commerce platform Lightspeed is acquiring point-of-sale (POS) firm ShopKeep in a move to advance digital transformation as the pandemic accelerates changes to the buying and selling landscape, according to a press release. Lightspeed will buy ShopKeep for approximately $440 million , satisfied via payment on closing of $145.2 million in cash and the issuance of 9.5 million subordinate voting shares in Lightspeed capital, the release stated.

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Taxation of a Digital Economy

Withum

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New Chinese Regulations Stall Ant Group IPO Until At Least April

PYMNTS

Ant Group 's initial public offering (IPO) could be delayed by six months and its valuation reduced by quite a lot after its delay this week, a report from the Financial Times says, as new regulations come into play. Shares for China's biggest financial technology group were set to raise $37 billion in a double IPO, with Ant Group listing on both Shanghai and Hong Kong, in what would have been the biggest IPO on record.

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

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.

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Our Initial Thoughts on the Election

Withum

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Wells Fargo Accelerator Adds Biz Card Startup Extend

PYMNTS

Extend and Oliver have joined the ranks of Wells Fargo 's Startup Accelerator, which a press release stated will afford them education, mentorship and investment to guide early-stage growth. The Startup Accelerator is a portfolio of startup companies working across a varied set of fields, including customer experience, payments, marketing, risk and regulation, climate change and security, the release stated.

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Washington State Tax Updates

Withum

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Booking Holdings CEO Says Travel Recovery Will Take Years, Not Quarters

PYMNTS

Booking Holdings , the world’s largest online travel company, continues to feel the weight of the pandemic, warning investors Thursday (Nov. 5) that the outbreak’s current U.S. and European surge will make it very challenging to break even this year. But the company also said that it continues to innovate with things like an in-house “seamless payments network.”.

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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"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.