PYMNTS

DECEMBER 23, 2020

Santander Consumer USA was ordered to pay $4.7 million to the Consumer Financial Protection Bureau ( CFPB ) for violating the Fair Credit Reporting Act (FCRA), the CFPB said in a press release. According to the release, Santander allegedly knew that it provided incorrect consumer data to the three major credit reporting agencies (CRAs). Santander is an originator and servicer of non-prime auto loans and leases and provides credit information to CRAs via monthly data files, according to the CFPB

Manufacturing 142

Manufacturing Account accountant accounted 142

Withum

DECEMBER 23, 2020

Here is a listing of what records you should keep and for how long that my partner Brian Lovett, CPA, JD and I have prepared. Also, keep in mind that anything that is discarded should be shredded. When organizing your files, please remember these are general rules concerning your records. But don’t get rid of records you will or might need, so go through this listing carefully.

Tax 98

Tax CPA 98

PYMNTS

DECEMBER 23, 2020

We’ve all heard the horror stories. The 6-year-old who get his hands on Mom’s iPad and manages to rack up $16,000 worth of credit charges for online gaming. The teenager with a Fortnite habit who manages to clean out Dad’s checking account via the debit card linked to the gaming account. These aren’t bad kids necessarily so much as they’re kids that simply don’t know the damage they’re doing at the time.

Education 128

Education Gaming Construction Start-ups 128

ThomsonReuters

DECEMBER 23, 2020

IRS Notice 2021-02 (Dec. 22, 2020); IRS News Release IR-2020-279 (Dec. 22, 2020). Notice. News Release. The IRS has announced the 2021 standard mileage rates for business, medical, and other uses of an automobile, and the 2021 vehicle values that limit the application of certain rules for valuing an automobile’s use. For 2021, the business standard mileage rate is 56 cents per mile (a 1.5 cent decrease from the 57.5 cents rate for 2020), and the rate when an automobile is used to obtain medical

Transportation 98

Transportation Tax Account accountant 98

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PYMNTS

DECEMBER 23, 2020

Burger King has launched a new promotion called the "$1 Your Way Menu" and in conjunction will put $1 in some Venmo users' accounts through Dec. 28, the day the new menu takes effect, the company announced in a press release. "Unlike other value menus, all items on Burger King’s newly unveiled menu are $1 a piece — that’s it,” the release stated. “The big question now becomes, what to get?”.

Government 125

Government Account accountant accounted 125

ThomsonReuters

DECEMBER 23, 2020

QUESTION: Everybody in the employee benefits field uses acronyms like ALE, MLR, and ACA. What do these and other employee benefits acronyms stand for? ANSWER: Here’s an explanatory list of common acronyms primarily used in our Health Care Reform manual. (Last week’s Question of the Week included acronyms primarily used in our COBRA, HIPAA, and Group Health Plan Mandates manuals, and the Question of the Week from the week before included acronyms from the ERISA Compliance, Self-Insured Heal

Tax 98

Tax Account accountant accounted 98

ThomsonReuters

DECEMBER 23, 2020

Form 5498-SA (HSA, Archer MSA, or Medicare Advantage MSA Information) (2021); Instructions for Forms 1099-SA and 5498-SA (2021). Form 5498-SA. Form 1099-SA and 5498-SA Instructions. The IRS has released Form 5498-SA for the 2021 tax year, along with its instructions, which are combined with the instructions for Form 1099-SA. (The 2021 General Instructions for Certain Information Returns, which relate to these and certain other information returns, have not yet been released.

Tax 78

Tax Account accountant accounted 78

PYMNTS

DECEMBER 23, 2020

If there’s one universal truth amid the pandemic, it’s that we’re all binge watchers now. We’re all consumers of media, of content, of subscriptions — and we do it all online, which means we pay for it all online. To that end, Luke Evans , director of account management and Peter Mollins , vice president of marketing at Spreedly , said "payments orchestration" can mean the difference between a merchant’s getting those digital goods to end users and allowing them to pay instantly, or losing the s

Sales 109

Sales Education account management accounting manager 109

ThomsonReuters

DECEMBER 23, 2020

Prestige Inst. for Plastic Surgery, P.C. v. Keystone Healthplan East, 2020 WL 7022668 (D. N.J. 2020). Available at [link]. A medical provider sued an employer-sponsored group health plan and its insurer, alleging that the insurer had under-reimbursed the provider for a participant’s post-mastectomy breast reconstruction surgery in violation of the federal Women’s Health and Cancer Rights Act (WHCRA).

Hospitality 52

Hospitality Tax Account accountant 52

PYMNTS

DECEMBER 23, 2020

The freelance economy is witnessing rapid growth in participation worldwide. One recent report found that 57 million freelancers are expected to operate in the U.S. in 2021, while additional research reveals that ad hoc workers already contribute $1 trillion to the nation’s economy. The freelance market is also expanding in Europe, with one study indicating that gig economy workers conduct approximately 20 percent to 30 percent of all jobs in the region.

Technology 108

Technology Start-ups 108

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.

RitaKeller

DECEMBER 23, 2020

“We cannot cure the world of sorrows, but we can choose to live in joy.” – Joseph Campbell. To all my clients and friends in the CPA profession and especially to the followers of this blog – Have a wonderful holiday. Like mine, it might be very different than in previous years but treasure it all the same. I will be enjoying a 4-day weekend, so look for my next post on Monday!

CPA 52

CPA 52

PYMNTS

DECEMBER 23, 2020

“I'm a consumer. Why should I keep coming back to you?”. The question comes from Mastercard ’s Loyalty and Engagement President Francis Hondal as she addressed the changes brought to consumers as a result of the pandemic and changes that need to be made in loyalty programs designed to attract them. Hondal said she believes it’s time to reimagine loyalty programs for 2021, especially the element of loyalty rewards.

Retail 106

Retail Sales 106

FraudFiles

DECEMBER 23, 2020

My idea of a good time: Digging through boxes of documents for hours on end, looking for that smoking gun that proves an employee was stealing from a business. An attorney’s idea of a good time: Going to court with the expert witness who proved the employee was stealing, and burying the guilty party with a verdict in favor of the client. The client’s idea of a good time: Having employees who don’t steal from the business in the first place.

Education 52

Education Legal Government 52

PYMNTS

DECEMBER 23, 2020

PNC Financial Services Group has filed a lawsuit against Plaid in Pennsylvania federal court alleging trademark counterfeiting, trademark infringement, false advertising and other wrongdoing for reputedly using PNC’s name and logo in Plaid apps. “PNC brings this action because defendant Plaid Inc. has sought to obtain trust and consumer confidence from consumers by intentionally designing user interfaces to misleadingly suggest that Plaid was affiliated or associated with, or sponsored by, PNC

Pennsylvania 102

Pennsylvania Legal Start-ups financial accounting 102

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

Technology

Withum

DECEMBER 23, 2020

105

105

PYMNTS

DECEMBER 23, 2020

In the wake of the collapse of its initial public offering of stock (IPO), China’s Ant Group is scaling back the borrowing limits for some of the young users of Huabei. That arm of the financial technology (FinTech) giant offers a virtual credit card. The company said that the move was an effort to promote more “rational” spending habits among users, Reuters reported.

Government 96

Government Technology 96

Withum

DECEMBER 23, 2020

98

98

PYMNTS

DECEMBER 23, 2020

The road to mainstream acceptance of cryptocurrencies will still have its bumps, its potential roadblocks set in place from regulators. At the heart of it all might lie a jousting existential in nature — namely, between the companies that create and issue cryptos and the agencies that regulate them. And the existential conversation, and argument, centers on just what cryptos are, and what they are not.

Sales 93

Sales Legal Government Retail 93

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Technology

Withum

DECEMBER 23, 2020

Hospitality 69

Hospitality Healthcare 69

PYMNTS

DECEMBER 23, 2020

Paychex , which provides solutions for HR, payroll, benefits and insurance, is offering users of Clover , a business management platform from Fiserv , the chance to streamline payroll services as well as time and attendance management, according to a press release. With Paychex Flex , now available via the Clover App Market , small- to medium-sized businesses (SMBs) can access tools to better manage payroll, staffing, time tracking and scheduling, budgeting time and boosting accuracy while also

payroll 87

payroll Sales 87

Withum

DECEMBER 23, 2020

59

59

PYMNTS

DECEMBER 23, 2020

Jobless claims are slightly down for the week ending Saturday (Dec. 19), with 803,000 initial claims, a decrease of 89,000 from the previous week's revised level, the U.S. Department of Labor reported on Wednesday (Dec. 23). Forecasts anticipated 880,000 new claims for unemployment benefits. The previous week’s total was revised up by 7,000 to reach 892,000.

Finance 86

Finance 86

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Withum

DECEMBER 23, 2020

52

52

PYMNTS

DECEMBER 23, 2020

XRP’s price plummeted once more on Wednesday (Dec. 23) following the U.S. Securities and Exchange Commission ’s lawsuit contending that the blockchain firm connected to the digital currency held a $1.3 billion securities offering that was not registered, CNBC reported. The agency is suing Ripple , along with CEO Brad Garlinghouse and Co-Founder Chris Larsen, according to the report.

Gaming 86

Gaming Legal 86

ThomsonReuters

DECEMBER 23, 2020

Qualified Transportation Fringe, Transportation and Commuting Expenses under Section 274, 26 CFR Part 1, 85 Fed. Reg. 81391 (Dec. 16, 2020). Available at [link]. The IRS has issued final regulations implementing the Tax Cuts and Jobs Act (TCJA) provisions that disallow employer deductions for qualified transportation fringe benefits and certain other transportation and commuting benefits for taxable years beginning after 2017 (see our Checkpoint article ).

Transportation 89

Transportation Tax Account accountant 89

PYMNTS

DECEMBER 23, 2020

Today in B2B payments, lenders land SMB relief support in U.S. pandemic aid package. Plus, Contour completes blockchain trade finance transaction, Liberis raises funding for SME financing, Pakistan eyes digitizing supply chains, and Ripple faces SEC charges. Pandemic Aid Package Provides Relief For Lenders To Help SMBs. The almost $900 billion U.S. pandemic aid package ratified by lawmakers Monday (Dec. 21) following months of debate will assist financial institutions by relaxing an important sm

B2B 84

B2B accounting and finance Finance Account 84

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Finance

SkagitCountyTaxServices

DECEMBER 23, 2020

Well, Congress seems to have heard the cries of the huddled masses of SMB’s around the country, and more PPP funding is (seemingly) on the way. Details aren’t finalized yet as of this writing, so I will have more to say on these matters in future weeks. Even these early signals are still very good news in my book … but I will remind you — unless you have a plan to use these funds properly, they won’t help your Skagit County business.

tax preparation 97

tax preparation CPA Tax 97

PYMNTS

DECEMBER 23, 2020

Restaurants of every size and description experienced a polar shift this year in how they interact with and serve a public under constant fear of illness or loss of income. It’s triggered a downpour in new approaches and solutions as the sector steadies itself for the future. The PYMNTS December 2020 Restaurant Readiness Index , a Paytronix collaboration, surveyed a census-balanced panel of nearly 2,200 U.S. consumers and 490 restaurant operators looking for digital strategies that help deliver

83

83

PYMNTS

DECEMBER 23, 2020

Quick reactivity was paramount for business leaders amid the onset of the global coronavirus crisis. For organizations far behind on their modernization efforts, there was a scramble to adopt cloud-based solutions that could support business continuity in a work-from-home environment. For others a bit more advanced along their digitization journeys, however, executives had greater agility to adjust existing processes amid the new normal.

accounts payable 81

accounts payable accounting and finance payroll Finance 81

PYMNTS

DECEMBER 23, 2020

Visa will continue its ban on payments processing for Pornhub, but will allow the use of its cards for some of parent company MindGeek 's other properties, Reuters reported. “Following a thorough review, Visa will reinstate acceptance privileges for MindGeek sites that offer professionally produced adult studio content,” a Visa spokesperson said, according to Reuters.

New York 80

New York Account accountant accounted 80

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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.

cpa firm