TaxConnex
DECEMBER 17, 2020
With nearly 50 million Americans losing their jobs earlier this year and 11 million still unemployed nearly 10 months after the pandemic began, the reality of being forced to do more with less is being felt in every corner of almost every company, including the finance department. Hiring freezes and budget restrictions have left many finance teams struggling to keep up.
PYMNTS
DECEMBER 17, 2020
Although the digital shift brought on by the pandemic has rapidly reshaped the entire retail industry, its impact on the grocery segment in particular has been especially pronounced. In fact, according to a new Omnichannel Grocery Report from ACI Worldwide and PYMNTS, 17.2 percent of all consumers have switched from in-store to online shopping. Ordering for home delivery has become particularly popular, as 23 percent of U.S. consumers — 57 million people — say they are ordering more groceries on
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ThomsonReuters
DECEMBER 17, 2020
IRS Notice 2020-86 (Dec. 9, 2020). Available at [link]. The IRS has issued Notice 2020-86 to answer frequently asked questions about the SECURE Act’s provisions affecting safe harbor plans (see our Checkpoint article ). Section 102 of the SECURE Act raised the maximum deferral percentage for plans using the safe harbor for qualified automatic contribution arrangements (QACAs) from 10% to 15%.
PYMNTS
DECEMBER 17, 2020
End-to-end integrated payment and security software provider Sphere has announced its acquisition of Health iPASS , according to a press release. Health iPASS provides software for cloud-based patient engagement revenue cycle management, helping providers collect revenue and giving a streamlined healthcare payment experience. According to the release, the company's products help to speed up cash flow, lower claim denials and improve patient relations.
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ThomsonReuters
DECEMBER 17, 2020
With the recent rash of public company fraud issues that were missed both internally and by external auditors, there has been a lot of negative news coverage for the accounting industry. But what does this mean for small CPA firms who don’t perform audits? In this episode of Pulse of Practice “Should a Small Firm Care?”, Paul Miller, CPA from Business by Design , and I are joined by Brian Fox, Founder of Confirmation, part of Thomson Reuters.
PYMNTS
DECEMBER 17, 2020
Even amid a crackdown on tech acquisitions, Google has managed to win European Union approval for its $2.1 billion purchase of fitness tracker Fitbit , according to Bloomberg. The move comes as regulators in the EU are looking at ways to keep U.S. Big Tech companies from over-extending their dominance of the markets. According to the EU, Google's pledge to keep access for rival health and fitness apps and device makers for the next decade cinched the decision and convinced them that Google's ent
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
PYMNTS
DECEMBER 17, 2020
Amid the rallies that have marked all manner of asset classes in 2020 – where things hummed along to start the year, turned sour in the spring and then rebounded (nay, roared) into the waning months, bitcoin stands out. As of this writing, and as noted by CNBC , the marquee name of cryptocurrency stands out as it touches fresh new highs of about $23,000, eclipsing the highs seen as far back as three years ago, when bitcoin approached $20,000.
Patriot Software
DECEMBER 17, 2020
Once you send Forms W-2 to your employees, you don’t have to worry about the annual form until next year. Or, do you? If you don’t know how to fill out Form W-2, you may run into problems. Your employees might come to you with questions about Form W-2. And, your employees may think you […] READ MORE.
PYMNTS
DECEMBER 17, 2020
U.S. cryptocurrency exchange Coinbase has filed with the Securities and Exchange Commission (SEC) for an initial public offering (IPO), according to a report from The Wall Street Journal (WSJ). This makes Coinbase the first major bitcoin company to go for the public markets, WSJ reported. It is the largest crypto exchange in the U.S. There are other crypto companies that trade publicly in the U.S., although none are as large as Coinbase, which was recently valued at $8 billion.
ThomsonReuters
DECEMBER 17, 2020
Final Rules: Grandfathered Group Health Plans and Grandfathered Group Health Insurance Coverage, 26 CFR Part 54; 29 CFR Part 2590; 45 CFR Part 147; 85 Fed. Reg. 81097 (Dec. 15, 2020). Available at [link]. The DOL, IRS, and HHS have issued regulations to provide greater flexibility for grandfathered group health plan sponsors and insurers to make certain cost-sharing changes without causing a loss of grandfather status.
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.
PYMNTS
DECEMBER 17, 2020
Digital fraud is a long-running problem for merchants, retailers, banks and businesses of all types. Account takeovers and shipping fraud increased by 347 percent and 391 percent, respectively, between 2018 and 2019, and the pandemic has only exacerbated these issues. Twenty-two percent of Americans have reported being targeted by pandemic-related fraud, for example, such as schemes involving fake personal protective equipment (PPE) merchants or fraudsters impersonating tax officials.
GrowthForceBlog
DECEMBER 17, 2020
4 min read. Is Zero-Based Budgeting making a comeback for businesses? Unlike traditional budgeting, where you typically start by looking at the previous period’s budget and adjusting it as needed, a zero-based budgeting approach involves creating a new budget from scratch every time- hence starting from “zero.”.
PYMNTS
DECEMBER 17, 2020
Kakao Bank Corp. , a South Korean digital bank, has chosen Credit Suisse and KB Investment & Securities as its advisors for its upcoming initial public offering (IPO), Reuters reported. Citigroup , in addition, will serve as a co-advisor. The timing of the IPO hasn't been decided, although Reuters reported that analysts predict it will happen in the second half of 2021.
LSLCPAs
DECEMBER 17, 2020
With the recent news cycle mostly focused on federal level races including the Presidential election and numerous House and Senate rates, some propositions, like Prop. 19 have not received their fair share of time in the news. This may be because Prop. 19 disproportionately affects wealthier clients the most. Prop. […]. The post CA Prop. 19 to Affect Parent to Child Real Estate Transfers appeared first on LSL CPAs.
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
PYMNTS
DECEMBER 17, 2020
Lawmakers are still debating the size and scope of proposed individual payments and enhanced unemployment benefits in the estimated $908 billion economic stimulus package being hammered out on Capitol Hill. On Monday (Dec. 14), a bipartisan group of senators unveiled a $748 billion package that would extend unemployment benefits into April 2021 and provide help for small businesses, according to Business Insider.
ThomsonReuters
DECEMBER 17, 2020
For several years now, businesses with supply chains that include the United Kingdom and the European Union have been warned that they should prepare for inevitable changes and disruptions as a result of Brexit. But with mere weeks to go before Brexit’s January 1, 2020 deadline and still no free trade agreement between the UK and the EU, the question no one can definitively answer is: What should businesses be preparing for?
PYMNTS
DECEMBER 17, 2020
In today’s top retail news, StockX has landed $275 million in a Series E funding round, while Rite Aid Corporation reported as part of its fiscal 2021 third quarter results that revenues rose by 12 percent. Plus, the convenience store vertical has seen $21.7 billion of consolidation deals unveiled in the past four months. eMarketplace StockX Nets $275 Million For Expansion.
FraudFiles
DECEMBER 17, 2020
When a business owner or executive encounters proof of a fraud-in-progress, a natural reaction is often to immediately begin investigating. After all, someone has to get to the bottom of the situation. Yet that’s not usually the best way to go. Just like on television, we need to give owners and executives a warning that they should not try this at home.
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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.
PYMNTS
DECEMBER 17, 2020
FriendShip Kitchen, an Ohio-based chain of convenience restaurants, has become the first U.S. retailer to be certified as Safe Shop Assured by implementing contactless pickup using Paytronix’s guest engagement platform. FriendShip Kitchen said that its new FriendShip Curbside service allows customers to order and pickup restaurant food and groceries by placing an order through its new FSCurb.com site.
ThomsonReuters
DECEMBER 17, 2020
Rollover Rules for Qualified Plan Loan Offset Amounts, 26 CFR Part 1, __Fed. Reg. __ (__). Available at [link]. The IRS has released final regulations on the extended rollover period for qualified plan loan offset amounts (QPLOs). A QPLO occurs when a participant’s account balance in a qualified retirement plan (such as a 401(k) plan) is reduced to repay a plan loan, and that reduction occurs solely due to termination of the plan or the participant’s failure to meet the loan’s repayment terms b
PYMNTS
DECEMBER 17, 2020
The pandemic-fueled acceleration of online shopping has prompted Google to roll out an augmented reality (AR) tool to help people see how makeup will look before committing to a purchase. “With the holidays right around the corner, more than 73 percent of U.S. shoppers are planning to buy online,” Archana Kannan, group product manager of shopping for Google, said in a blog post on Thursday (Dec. 17).
ThomsonReuters
DECEMBER 17, 2020
Final Rule: Fiduciary Duties Regarding Proxy Voting and Shareholder Rights, 29 CFR Parts 2509 and 2550, 85 Fed. Reg. 81658 (Dec. 16, 2020); Fact Sheet: Fiduciary Duties Regarding Proxy Voting and Shareholder Rights (Dec. 11, 2020). Final Regulation. Fact Sheet. The DOL has issued final regulations establishing standards for determining whether and how to exercise shareholder rights, including the right to vote proxies, for stock held by ERISA-covered plans (including 401(k) plans).
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PYMNTS
DECEMBER 17, 2020
With every dark cloud comes a silver lining – or at least that’s how the old and oft-repeated expression goes. Said less often though, no less true, is the inverse corollary: For every silver lining, there is a dark cloud somewhere. A less sunny aphorism, to be sure, but one that is unfortunately applicable this week as two pieces of good news – the circulation of a vaccine for COVID-19 and signs of life in a stimulus deal out of Washington before Congress breaks for the holidays – are spotlight
ThomsonReuters
DECEMBER 17, 2020
DaVita Inc. v. Amy’s Kitchen, Inc. 2020 WL 6887338 (9th Cir. 2020). Available at [link]. A provider of end-stage renal disease (ESRD) treatment sued an employer and the employer’s self-insured health plan, alleging that the plan violated the Medicare Secondary Payer (MSP) rules when it adopted a cost-containment program for kidney dialysis treatments, eliminating in-network coverage and reducing reimbursement for kidney dialysis treatment.
PYMNTS
DECEMBER 17, 2020
The digital-first economy has spawned many new business models, and one that has taken flight during this end-of-the-year period is on-demand retail partnerships. They come in two flavors. In the first one, a service company partners with a retailer to be an exclusive on-demand service provider. (Think TaskRabbbit and IKEA.) In the second, a company sets up shop as the answer to the consumer eCommerce question: "How am I going to use this?".
ThomsonReuters
DECEMBER 17, 2020
Rutledge v. Pharmaceutical Care Mgmt. Assoc., 2020 WL 7250098 (U.S. 2020). Available at [link]. The U.S. Supreme Court has held that a state law regulating the relationship between pharmacies and pharmacy benefit managers (PBMs) is not preempted by ERISA, reversing an appellate court decision (see our Checkpoint article ). PBMs manage prescription drug benefits on behalf of health plans by, among other things, negotiating prescription drug prices with drug manufacturers and reimbursing pharmac
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PYMNTS
DECEMBER 17, 2020
Like so many things that are viewed through a pre-COVID vs. post-COVID lens, the current process of incentivizing loyal customers and rewarding employees has been through a year of reinvention and adaptation. As much as the pandemic has eliminated the days when companies took the entire sales team to Hawaii, it’s ushered in a new era of relevance, immediacy and awareness that’s critical when it's time to thank the people who made it possible.
RitaKeller
DECEMBER 17, 2020
“Success isn’t a result of spontaneous combustion. You must set yourself on fire.” – Arnold Glasow. All accounting firms say that they provide good client service, great client service, or even awesome client service. Awesome is the goal. Few reach it. Client service is made up of some big things (like accuracy when it comes to their taxes or projects).
PYMNTS
DECEMBER 17, 2020
BarkBox appears to be in line to go public via a merger with a special purpose acquisition company or SPAC for short. And another SPAC comes to market. The list seems unlikely to stop just as 2020 ends — meaning that, of course, the trend will continue into next year. And so the question looms as to whether the special purpose acquisition company (SPAC) will be the backdoor entry to the public markets.
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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.
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