Thu.Jul 01, 2021

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Revenue Forecast For Decision Making? Here’s How To Use It.

GrowthForceBlog

6 min read. If you needed a sign to update your revenue forecast, this is it.

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Your Personal Responsibility in Sales and Use Tax Non-Compliance

TaxConnex

Sales tax is a significant revenue source for many states. In fact, according to the Tax Policy Center, for many states, it can comprise 25%-35% of a state’s revenue. With the 2018 Wayfair decision , many more businesses are now required to collect and remit sales tax, and while many have taken action, there are still a lot who have yet to grasp it fully.

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IRS Extends Tax Relief for Leave Donations Aiding Victims of COVID-19 Pandemic

ThomsonReuters

IRS Notice 2021-42 (June 30, 2021). Available at [link]. The IRS has announced a one-year extension of the special tax relief for leave-based donation programs aiding victims of the COVID-19 pandemic. Under a leave-based donation program, an employer may permit its employees to give up their vacation, sick, or personal leave in exchange for cash payments by the employer to charitable organizations.

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The Non-Profit Financial Statement Breakdown

AccountingDepartment

While non-profit organizations are not concerned about showing a profit for investors, these entities still must report financial activities to board members and local, state, and federal tax agencies. Just like for-profit businesses, non-profits use financial statements to report revenue generated and expenses incurred, although they may have different names.

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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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Top 10 Outrageous Things You Are Taxed On | You Won’t Believe This

LyfeAccounting

The IRS reminds me of Debo from the movie Friday! No matter how you receive income, where you receive income, or why you receive income, you can bet that the IRS wants their fair share of it. Most people know that income from your job or investment is taxable. But you’d be surprised at the number of things that are considered taxable that you never would have thought of.

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Does HIPAA Prohibit an Employer From Using an Employee’s Health Information for COVID-19 Contact Tracing?

ThomsonReuters

QUESTION: An employee who called in sick reported to her supervisor that she had tested positive for COVID-19, and the supervisor notified Human Resources. Does HIPAA prohibit Human Resources from notifying coworkers who had contact with the employee so they can get tested? ANSWER: HIPAA’s requirements to safeguard protected health information (PHI) apply only to covered entities (health plans, health care clearinghouses, and most health care providers), not to employers acting in their capaci

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IRS Further Extends Relief From Physical Presence Requirement for Witnessing Electronic Signatures

ThomsonReuters

IRS Notice 2021-40 (June 24, 2021). Available at [link]. The IRS has announced a 12-month extension of its temporary relief from the requirement that certain signatures be witnessed “in the physical presence” of a plan representative or notary public. The original relief, which appeared in IRS Notice 2020-42 (see our Checkpoint article ), was provided primarily to facilitate CARES Act distributions and loans (see our Checkpoint article ) but could be used during 2020 for any signature that, u

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Withum Names Seven New Partners

Withum

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IRS Notice Proposing Employer Shared Responsibility Penalty Does Not Trigger Special Protections for Church Tax Inquiries

ThomsonReuters

IRS Chief Counsel Memorandum AM 2021-003 (June 8, 2021). Available at [link]. The IRS has released a Chief Counsel Memorandum addressing the process for assessing Code § 4980H employer shared responsibility penalties under the Affordable Care Act (ACA) against churches that are applicable large employers (ALEs). The memorandum explains that Code § 7611 protects tax-exempt churches from undue interference by permitting the IRS to begin a church tax inquiry (i.e., an inquiry as to whether the chu

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HHS Proposes to Amend and Repeal Various Benefit and Payment Parameters and Provisions for 2022 and Beyond

ThomsonReuters

PPACA; Updating Payment Parameters, Section 1332 Waiver Implementing Regulations, and Improving Health Insurance Markets for 2022 and Beyond; Proposed Rule, 45 CFR Parts 147, 155, 156, 86 Fed. Reg. 35156 (July 1, 2021). Available at [link]. HHS has proposed another round of regulations that would amend and repeal an assortment of benefit and payment parameters and other Affordable Care Act (ACA) insurance market and Exchange-related rules.

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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