Thu.Feb 25, 2021

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Understanding Use Tax

TaxConnex

You may think that if you do not have physical or economic tax nexus in a state, you do not have any tax obligations. However, this may not be the case. You can still have obligations to the certain tax authorit ies in a state even where you do not have nexus and are not required to collect and remit sales tax in the state. The reason? Use tax. Specifically, consumer’s use tax.

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Fiduciaries Breached Their Duties by Misusing Health Plan Assets and Failing to Provide Notice of Coverage Lapse

ThomsonReuters

Hammer v. Johnson Senior Ctr., 2020 WL 7029160 (W.D. Va. 2020). When the employee in this case was diagnosed with cancer, she took a medical leave and began treatment. Around the same time, her employer was experiencing internal upheaval and financial pressures, and it failed to pay its health insurance premiums (both employee and employer portions).

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Defending Tax Fraud Cases

FraudFiles

Government investigations of white collar crimes almost always have one thing in common: They rely heavily on the analysis of financial information. Often, this includes combing through bank statements and credit card statements, as well as scrutinizing accounting records. Some people think that analyzing this kind of data is simple. It seems like it is only a math exercise in which we’re checking dollar amounts and verifying the addition and subtraction.

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IRS Clarifies, Expands on COVID-Related Cafeteria Plan Relief and CARES Act Changes

ThomsonReuters

IRS Notice 2021-15 (Feb. 18, 2021). Available at [link]. The IRS has issued a notice clarifying the temporary relief for health FSAs and DCAPs (collectively, FSAs) that was enacted as part of the Consolidated Appropriations Act, 2021 (CAA, 2021) (see our Checkpoint article ). The notice also allows additional election changes and provides relief regarding the effective date of amendments implementing the CARES Act’s provisions allowing reimbursement of over-the-counter (OTC) drugs without pres

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

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.

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Managing a Hybrid Environment

RitaKeller

“Workers will fit into new personas, such as a homesteader, office dweller, and coffee shop traveler, and managers will need to properly manage distributed teams.” – Jeff Schwartz, Deloitte Consulting. By now, you have all realized that having a hybrid environment for your workforce will be needed going forward. Some firms have already made great strides and the need will increase once vaccines are available to everyone.

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Transaction Advisory – Case Studies

Withum

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Legacy System Assessment Leads Champion Container On A Path To ERP Modernization

Withum

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EEOC Withdraws Proposed Regulations Addressing ADA and GINA Wellness Program Incentives

ThomsonReuters

EEOC Website: Rulemaking. Available at [link]. Pursuant to a regulatory freeze memorandum issued on the first day of the Biden administration, the EEOC has withdrawn proposed regulations that would have re-established regulatory limits on wellness program incentives under the Americans with Disabilities Act (ADA) and the Genetic Information Nondiscrimination Act (GINA).

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