Thu.Apr 22, 2021

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Add Florida to the List of States with Economic Nexus!

TaxConnex

Florida Gov. Ron DeSantis signed l egislation that impose s sales tax economic nexus on remote sellers on April 19, 2021. Economic nexus has finally passed in Florida! What does this mean for you and your business? The law – which Florida businesses have long awaited and which critics said will cost ordinary Floridians the expense of sales tax while benefiting businesses – also contain s Marketplace Provider (aka “m arketplace f acilitator ”) provisions that require platforms such as Amazon to c

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Ninth Circuit Affirms ERISA’s Preemption of State-Law Claims

ThomsonReuters

Meyer v. United Healthcare, 2021 WL 930258 (9th Cir. 2021). Available at [link]. A health plan participant brought state-law claims against the plan’s insurer, alleging the insurer engaged in deceptive practices, breached its contract, and committed fraud in handling his claim. After a federal trial court dismissed the case based on ERISA’s preemption of state-law claims, the participant appealed.

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Automation Trends That Will Reshape Your Back Office

GrowthForceBlog

9 min read. Calculators, number 2 pencils, green lamps, ledger books, and giant filing cabinets: what do these things have in common? They are relics from the past way businesses used to do accounting.

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DOL Identifies Cybersecurity Tips for Plan Sponsors, Participants, and Fiduciaries

ThomsonReuters

EBSA: Cybersecurity Program Best Practices; Tips for Hiring a Service Provider With Strong Cybersecurity Practices; Online Security Tips; News Release (Apr. 14, 2021). Best Practices. Hiring Tips. Online Tips. News Release. The DOL’s Employee Benefits Security Administration (EBSA) has issued guidance identifying “best practices” to mitigate cybersecurity risks in the administration of ERISA-covered plans, along with advice on hiring retirement plan service providers and online security tips for

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

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Understanding Inventory Assets

AccountingDepartment

To understand inventory assets , you first have to know what an inventory asset is. An inventory asset is a product that a business has to sell. And if a business is a manufacturer, all of the materials used to make that product are considered inventory. Inventory assets are found in the assets section of the business's balance sheets. How a company categorizes its inventory assets is dependent on whether it is a merchandising company or a manufacturer.

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Copy Amazon’s $0 Tax Strategy! How to Write Off Taxes (Easy Guide)

LyfeAccounting

We’ve all heard it before… Amazon paid $0 in taxes while making over 11 billion dollars in profit. And while most businesses were paying their fair share of taxes, in 2018, Amazon received a rebate of $129 million. This basically means Amazon got a federal tax refund for millions of dollars. Must be nice, right? Well, Amazon isn’t alone. Over 91 Fortune 500 companies, including Nike, Netflix, and FedEx, don’t pay much in federal income tax, if at all.

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What Is a VEBA, and Should Our Self-Insured Health Plan Have One?

ThomsonReuters

QUESTION: Our company recently established an ERISA self-insured major medical plan for employees. One of the concepts we have heard about, but do not fully understand, is a VEBA. What is a VEBA, and should we have one for our self-insured health plan? ANSWER: VEBA stands for voluntary employees’ beneficiary association, a special tax-exempt entity recognized under Code § 501(c)(9).

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Take Care of Today

RitaKeller

“You’re only here for a short visit. Don’t hurry, don’t worry. And be sure to smell the flowers along the way.” – Walter Hagen. Working in a busy accounting firm you sometimes lose sight of today. You worry about tomorrow, next week, next month, and even future years. How many returns did we complete today? Will the young, new hire have that return to me for review tomorrow?

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DOL Issues Guidance for Investment Advice Providers and Investors Regarding PTE 2020-02

ThomsonReuters

New Fiduciary Advice Exemption: PTE 2020-02: Improving Investment Advice for Workers & Retirees: Frequently Asked Questions (Apr. 2021); Choosing the Right Person to Give You Investment Advice: Information for Investors in Retirement Plans and Individual Retirement Accounts (Apr. 2021). FAQs. Investor Guidance. The DOL has issued separate guidance documents for investment advice providers and retirement plan investors to help them understand and respond to new Prohibited Transaction Exemptio

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Host: Doug Davidson

GBQ

Rugby player. Eagle Scout. Football coach, wrestling coach, and proud dad of three (you guessed it) boys. Combine all that real-life learning with a career spanning nearly two decades, and it’s safe to say Doug knows a thing or two about helping people grow. With the launch of Empower Hour , Doug is thrilled to share area leaders’ innovative stories where solid (well-founded, tried and true, renowned, notable) business principles intersect with digital transformation and a consciousn

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Planning Your Restaurant's 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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5 Cybersecurity Steps all Skagit County Business Owners Should Take

SkagitCountyTaxServices

From making sure that nobody is doing Zoom calls in their bathrobe to ensuring that work actually gets done on time, you’ve got a few extra things to worry about as a Skagit County business owner these days. Chief among those new concerns, however, should be cybersecurity. Cybersecurity steps are one of those painful, annoying topics that nobody wants to think about in a small business environment (kind of like *ahem* taxes and accounting) … but one that rears its head as a terrible, busin