TaxConnex

DECEMBER 7, 2021

Rolling the dice with sales tax compliance can backfire in a big way. And there are several examples that take this to the extreme. Keep reading to see some recent sales tax missteps that had big costs. Tax air-or. New York: A Long Island provider of self-service, coin-operated air machines to inflate car tires has been socked with a $4.25 million penalty for failing to pay sales tax on air-inflation services, as well as for tax avoidance schemes by underreporting sales and paying workers off th

Alabama 186

Alabama tax return New York Tax 186

RogerRossmeisl

DECEMBER 7, 2021

Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies. Purchase assets Thinking about buying new or used equipment, machinery or office equipment in the new year? Buy them and place them in service by December 31, and you can deduct 100% of the cost as bonus depreciation.

Tax 243

Tax CPA tax planning business tax 243

FraudFiles

DECEMBER 7, 2021

There may be nothing more disheartening in the world of fraud investigation than a church employee caught embezzling. Unfortunately, there are fairly regular news reports of financial fraud at churches. Fraud hits churches hard. Many churches operate on shoestring budgets to begin with. A sizable fraud can put a church on the brink of financial collapse.

Non-Profits 59

Non-Profits accounting and finance Gaming Start-ups 59

RogerRossmeisl

DECEMBER 7, 2021

The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Existing reporting rules If you have a stock brokerage account, whenever you sell stock or other securities, you receive a Form 1099-B after the end of the year.

CPA 238

CPA Tax Sales Account 238

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ThomsonReuters

DECEMBER 7, 2021

‘Twas auditing busy season, when all through the firm. No one was sleeping, especially not the interns. Nails were bitten, and foreheads were slick. Report deadlines were coming up. And quick! The organizers were ready, audit staff on call. But echoes of client’s cries ring in the halls. Oh, my engagement plan? Where’s schedule M-3? Email? Didn’t get it!

audit 52

audit Tax Account accountant 52

RitaKeller

DECEMBER 7, 2021

“To improve is to change; to be perfect is to change often.” – Winston Churchill. The reason your firm is stuck in the past is fear. I talk about it with my clients and hear about it from many of my contacts working inside CPA firms. A small group of partners or even one specific partner is afraid of the future. They are consumed by fear and prohibit the firm from: Adopting new software Truly becoming a digital firm (being completely paperless) Admitting that staff can be effective and efficient

cpa firm 49

cpa firm CPA 49

GBQ

DECEMBER 7, 2021

Keith Stevens was born to serve, solve, and deliver. While his 28-year career has taken him from copier technician to managing a multi-million dollar technology business, this founder, advisor, and investor has never shied away from a challenge. After all, if you’re not solving a problem, you don’t have a business! It’s that very mindset that led to the creation of PSI (Proteam Solutions Inc.), founded in 1992 to help clients (including GBQ!

accounting and finance 40

accounting and finance Start-ups Finance Technology 40

GBQ

DECEMBER 7, 2021

Keith Stevens was born to serve, solve, and deliver. While his 28-year career has taken him from copier technician to managing a multi-million dollar technology business, this founder, advisor, and investor has never shied away from a challenge. After all, if you’re not solving a problem, you don’t have a business! It’s that very mindset that led to the creation of PSI (Proteam Solutions Inc.), founded in 1992 to help clients (including GBQ!

accounting and finance 40

accounting and finance Start-ups Finance Technology 40