Thu.Sep 22, 2022

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TAX PLANNING 101: Busting the Myth that Tax Planning is Only for the Rich! Part 1

CTP

By now, everyone has figured out that America’s wealthy and elite are not always avoiding taxes through illegal means. There are thousands of court-tested, law-abiding strategies that help the 1% avoid paying billions of dollars in taxes year after year, like the ProPublica article “The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax.

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How Does FP&A Help Startups Scale?

BurklandAssociates

FP&A helps startups scale by leveraging the company’s data for decision making, including data that may be hidden beneath the surface. The post How Does FP&A Help Startups Scale? appeared first on Burkland.

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What was new in August for state sales and use taxes

TaxConnex

There’s always something changing in the world of tax, especially sales tax. Here’s a review of some of the recent changes and updates. Virtual reality. Sales tax on digital products was the subject of a white paper draft at the Multistate Tax Commission’s annual meetings in Anchorage, Alaska. The purpose of the project: help states develop a simpler and more adaptable approach to taxation of digital products.

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PPP Loan Forgiveness May Not Always Be Tax-Free

Withum

The IRS recently issued a chief counsel advice memorandum (CCA 202237010 (Aug. 19, 2022)) addressing the proper treatment of improperly forgiven PPP loans. The IRS ruled that the PPP loan forgiveness amount is not tax-free, even if the SBA and lender granted the borrower full loan forgiveness, if the taxpayer did not satisfy the factual requirements for loan forgiveness.

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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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QuickBooks Desktop 2023 Webinar Replay

Intuitive Accountant

Did you miss the September edition of QB Talks where Laura Madeira took a deep dive into QuickBooks Desktop 2023? never fear. The recording can be found our our YouTube Channel.

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Noise and Working More Effectively

Withum

There are too many distractions that divert our energies from what is really important to us. We have limited time, and we all have too much to do and too much that we want to do. Yet, we move from one distraction to another without any thought. I refer to all background distractions as “Noise.” The distractions take many forms. Interruptions by others, a text, an email, a phone call or even a “breaking news” alert on our smartphones.

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EY Basks in the Glory of Third-Place Revenue (Maybe for the Last Time) in 2022

Going Concern

The post EY Basks in the Glory of Third-Place Revenue (Maybe for the Last Time) in 2022 appeared first on Going Concern.

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Uncovering the Disconnect Between Buyers and Suppliers on ePayments

Intuitive Accountant

MineralTree’s ‘7th Annual State of Accounts Payable (AP)’ report highlights the impact of modern payment processes on supply chains, providing a 360-degree view of the AP and B2B payments landscape.

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IRS says improperly forgiven PPP loans are taxable

Accounting Today

Tax 128
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US Small Businesses Nearly Doubled Revenue

Intuitive Accountant

According to Kabbage from American Express' latest 'Small Business Recovery Report,' firms are facilitating growth by modifying their business tactics and offering increased benefits and flexibility for workers.

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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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Form 5500 Deadline Approaching for Calendar Year 401(k) Plans

Anders CPA

For those plans filing on a calendar year basis, the original deadline for filing the required Form 5500 is July 31 st. As we are well past this date, hopefully, your service provider obtained an extension for you that allows you to file before October 15 th (the extension deadline) without any penalty. You can review a set of common errors noted related to completing and filing this form by clicking on this IRS website link.

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APPS Directory Spotlight — CollBox

Intuitive Accountant

Check out a solution built to help businesses get paid for their overdue receivables with three simple clicks.

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What’s the Difference Between a 401(k) vs. SIMPLE IRA?

Patriot Software

Are you planning to offer your employees a retirement plan for the first time? Or, are you considering switching from a SIMPLE IRA to 401(k)? Whatever the case, you might have questions about the difference between a 401(k) vs. SIMPLE IRA plan. After all, you want to choose the best plan for your business. Read […] READ MORE.

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Our Improved Print Function for Insightful Accountant Articles

Intuitive Accountant

Have you noticed that Insightful Accountant has an improved print function? It dramatically enhances your ability to save articles in print or PDF.

Account 59
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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

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Seventh Circuit Decision Underscores DOL’s Broad Subpoena Power

ThomsonReuters

Walsh v. Alight Solutions LLC, 2022 WL 3334450 (7th Cir. 2022). Available at [link]. While investigating alleged cybersecurity breaches at a recordkeeping service provider for employer-sponsored health and retirement plans, the DOL issued a subpoena requesting a broad range of materials, including all “documents and communications relating to services offered to ERISA plan clients.

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Meet the Brand: Befree Global Ltd

Accounting Insight

We’re excited to introduce you to Befree Global Ltd, an experienced & reliable outsourced accounting partner across the United Kingdom, Australia, New Zealand and Canada. Learn a bit more about them before meeting the team on October 12 at Accountex Summit Manchester 2022! What do you do? “befree Global Ltd.” is a leading outsourcing form who have been driving greater efficiency and scalability in Accounting and Financial Planning firms for more than 15 years.

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Seventh Circuit Affirms Dismissal of Excessive Fee Claims Where Quality and Extent of Services Relating to Fees Were Ignored

ThomsonReuters

Albert v. Oshkosh Corp., 2022 WL 3714638 (7th Cir. 2022). Available at [link]. The Seventh Circuit has affirmed a trial court’s dismissal of a participant’s ERISA fiduciary claims against a 401(k) plan. The participant sued his former employer and other plan fiduciaries alleging, among other things, that they had breached their fiduciary duties by authorizing the plan to pay unreasonably high recordkeeping and administration fees, failing to ensure that each investment option was prudent, and u

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How to Dropship on Amazon or Everything You Need to Know About Successful Amazon Dropshipping

Snyder

If the thought of having your own online retail store has ever crossed your mind, you’ve certainly heard the word “dropshipping” over and over again like some magic spell. Isn’t it magic indeed to have no responsibility for procuring, storing and shipping goods? Sounds like it really is, but let’s look closer at what this fairy-tale magic looks like in real life.

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.

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What Expenses Can Be Reimbursed Under a Qualified Educational Assistance Program?

ThomsonReuters

QUESTION: If our company sets up a qualified educational assistance program, what expenses can the program reimburse? For example, can we limit reimbursements to courses that are related to our business? ANSWER: The Code’s qualified educational assistance rules generally allow any form of instruction or training “that improves or develops the capabilities of an individual” to be reimbursed.

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5 reasons to think about outsourced accounting

Basis 365

Many entrepreneurs, small businesses and start-ups struggle to find a full-time accountant who has the skills and knowledge to prepare financial statements, analyze data, manage bank accounts, prepare outgoing invoices, and prepare financial reports. Finding qualified, eligible accountants at an affordable price is even harder. This is why over a third of small businesses outsource their accounting.

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Why Does Payroll Take So Long? 5 Reasons Why (and What You Can Do)

Patriot Software

As a small business owner, you know things don’t always go according to plan when it comes to payroll. Mistakes happen, and even common payroll tasks can leave you scratching your head. And with mistakes and confusion, time can quickly add up. Have you ever found yourself wondering Why does payroll take so long? Keep […] READ MORE.

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Colorado now accepts crypto for taxes

Accounting Today

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

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.

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AccountingDepartment.com Attends EO Alchemy 2022

AccountingDepartment

To kick off a month full of Entrepreneurs' Organization (EO) events, ADC Business Development Representative, Shawn Marcum, attended EO Alchemy in Huntington Beach, CA.

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Midsized companies are not ready for ESG reporting, says PICPA

Accounting Today

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These Twelve Questions Will Help You Figure Out If You’re Happy at Work

Going Concern

The post These Twelve Questions Will Help You Figure Out If You’re Happy at Work appeared first on Going Concern.

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IRS management blamed for tax return backlog

Accounting Today

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Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.

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The Pope (Yes, That Pope) Has a Message for Deloitte: People Over Profits

Going Concern

The post The Pope (Yes, That Pope) Has a Message for Deloitte: People Over Profits appeared first on Going Concern.

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AI ethics a growing concern

Accounting Today

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Insights on R&D Capitalization

Withum

Explore Other Episodes. The post Insights on R&D Capitalization appeared first on Withum.

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Navigating the complexities of global payroll

Accounting Today

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.