Thu.May 25, 2023

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10 steps to manage your sales tax obligations

TaxConnex

Sales tax is complex for businesses of all sizes. If you are a business with customers in multiple states, your scope and risk grows in accordance with the number of states and the sales tax complexities in those states. Sales tax obligations begin with whether you have nexus in a state or other locality. Nexus today largely stems from two main factors – a physical presence or economic presence.

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How to Be Prepared for an ERC Audit

CPA Practice

The IRS has announced that it’s “open season” on false claims for the Employee Retention Credit (ERC). It is stepping up efforts to audit employers as aggressive promoters continue to make a pitch for fraudulent refunds (IR-203-40, 3/7/23). This type of scheme was recently included on the IRS’ list of the Dirty Dozen tax scams to watch out for in 2023.

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Dialysis Litigation Continues After Supreme Court Ruling

ThomsonReuters

DaVita Inc. v. Marietta Mem’l Hosp. Emp. Health Benefit Plan, 2023 WL 3452353 (S.D. Ohio 2023) A federal trial court has decided the latest installment of a case in which a large dialysis provider sued a group health plan and its TPA for classifying all dialysis providers as “out-of-network,” resulting in a lower reimbursement rate for them than for providers of other medical services.

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Key Performance Indicators for Service-Based Businesses

Basis 365

Service-based businesses , such as management consulting firms, marketing agencies, or PR firms, rely on performance metrics to gauge their success. Key Performance Indicators (KPIs) are essential tools that service-based businesses can use to measure their performance, track progress toward goals, and identify areas for improvement. This blog post will discuss some of the most critical KPIs for service-based businesses and explain why outsourcing accounting services is the best option to manage

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How to Easily Navigate Crypto Accounting in the Web3 Era

Speaker: Aaron Jacob, VP of Accounting Solutions & Reagan Cook, GTM Lead

Are you struggling to navigate the complexities and challenges that come with crypto accounting? 🤔 This new webinar will cover everything businesses need to know to get started with crypto accounting after incorporating crypto into their business models! Industry experts Aaron Jacob and Reagan Cook of TaxBit will thoroughly explore the prevalent operational hurdles encountered by accounting teams when interacting with crypto on the books, and detail how software solutions can effectively

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Nearly 2 in 5 Have a Side Hustle; 44% Think They Will Always Need One

CPA Practice

Nearly 2 in 5 U.S. adults (39%) have a side hustle, and 44% of those with a side hustle believe they will always need one to maintain their lifestyle, according to a Bankrate.com report. This includes 28% of side hustlers who believe they will always need to have an additional source of income to make ends meet and 26% who believe they will always need a side hustle for discretionary expenses.

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EY’s Landlord Didn’t Pay the Mortgage on the Downtown LA Office Building

Going Concern

Before we get into the situation, please note the issue discussed here is not EY’s fault. Rather, the office tower bearing the firm’s name at 725 South Figueroa Street in downtown Los Angeles has entered receivership after asset management company Brookfield stopped making payments on its debt in April. Commercial real estate firm Colliers has taken control of the 41 stories high, 968,184 square-foot office tower and issued a news release : Colliers is pleased to announce it has been

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Certum Solutions Awards $5,000 Grant for Environmental Sustainability to Cape Fear Botanical Garden

CPA Practice

Certum Solutions , a one-stop shop for business technology using integrated solution stacks and peripheral hardware with QuickBooks software at their base, has awarded a $5,000 grant to Fayetteville, N.C.-based Cape Fear Botanical Garden for encouraging the use of reusable water bottles for healthy hydration and reduced waste. The grant was awarded based on an essay contest for Earth Day and continuous attention to the environment throughout the year.

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QuickBooks Connect Returning to Las Vegas in 2023

Insightful Accountant

Intuit has set November 13 thru 15 as the dates for the 2023 QuickBooks Connect event. The Aria Las Vegas will once again be 'conference central' for the event.

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Massachusetts Society of CPAs Announces New Board of Directors

CPA Practice

The Massachusetts Society of Certified Public Accountants (MassCPAs) today announced the appointment of 19 members to its Board of Directors for its 2023-2024 fiscal year, which began May 1. MassCPAs Board of Directors is a group of elected members that sets policies, manages programs and oversees activities that benefit the 11,500-member organization and accounting profession in Massachusetts.

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AuditClub Unveils Quality Management Subscription

Insightful Accountant

AuditClub Compass helps guide accounting firms to successful compliance with new quality control standards.

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Live Demo: How to Achieve Reconciliation Zen

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i

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3 Financial Reports Every CEO Should Know How To Read and Interpret

GrowthForceBlog

7 min read The three essential financial statements that every business leader needs to know how to read and interpret include the balance sheet , i ncome statement, and cash flow statemen t.

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PwC Chief Products & Technology Officer Says Not to Worry, They Don’t Want to Replace You With AI

Going Concern

A couple days ago, NYT published a piece asking an important question: Who will protect the workers losing their jobs to AI? The article references a May 16 senate subcommittee hearing chaired by Senator Richard Blumenthal at which OpenAI’s Sam Altman is told Mr. Blumenthal’s greatest nightmare is AI causing massive job loss. “There will be an impact on jobs,” Altman responded.

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Choosing the Right ERP System for a Growing Business

AccountingDepartment

As a business grows, it's critical that the systems supporting it are capable of supporting that growth. Using dated manual processes, Excel files, or archaic systems to run a business will quickly catch up to any business owner during periods of growth. It can even go as far as hindering growth due to its inaccuracies and inefficiencies.

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52% of Adults Say Money Has Negative Impact on Mental Health

CPA Practice

Money issues are increasingly taking a toll on mental health for many, as a new Bankrate report finds that more than half of U.S. adults (52%) say that money has a negative impact on their mental health (e.g. anxiety, stress, worrisome thoughts, loss of sleep, depression, etc.), up from 42% in 2022. Nearly all of this group (98%) has at least one increased money worry in the last year.

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New DOL Final Overtime Rules: Quickstart Guide for Employers

There’s a new overtime salary threshold that will impact employers across the country. If you have an employee making less than $43,888 on July 1 or less than $58,656 on January 1, you’re going to have to start paying overtime. Download Paycor’s guide to learn: Which groups of employees are affected? How should you classify employees? Best ways to mitigate risk.

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The 1 Word Solution That Eliminates Stress at Your Firm

Ryan Lazanis

In today’s episode, we’ll address employee turnover in firms and the solution of adding redundancy through cross-training and standard operating procedures to ensure smoother operations in your firm. If you want a simple one-word solution to get rid of stress at your firm, listen below. 0:49 – High employee turnover in the firm caused extreme stress, financial loss, and uncertainty in client work delivery, especially if a specialist quit. 1:32 – Adding redundancy through

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How to Achieve a Zero-Accounts Receivable Business

CPA Practice

By Matt Kanas. Coming off the heels of tax season, accountants, bookkeepers, and tax professionals are shifting their focus to collecting accounts receivable (AR) to ensure they get paid for the work they’ve completed. But, many accountants, bookkeepers, and tax professionals struggle when it comes to managing and collecting client payments. According to Ignition’s 2022 State of client engagement report, 31% of invoices on average are paid late, and 94% of accountants and bookkeepers have said t

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Embracing Inclusion and Belonging: Keys to Longevity and Relevance

Canopy Accounting

In today's fast-paced and ever-changing business landscape, leaders face the challenge of staying relevant to ensure longevity for their organizations. Understanding and embracing inclusion and belonging is a critical piece of the puzzle. Many emphases have been placed on diversity, disproportionately focusing on race, gender, gender identity, disability, and the LGBTQ+ community.

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Money.com Rates Patriot Software As Most Affordable

CPA Practice

Patriot Software, a provider of online accounting software and payroll for employers with up to 500 employees, has been named the “Best Affordable Option” in Money’s 2023 best payroll software services list. Money is an online magazine with over 50 years of combined print and online publication. Money’s list of the best payroll software for 2023 aims to help entrepreneurs select the best option for their business.

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Thinking About How To Lessen Your Burden During Month-End Close? Skystem Can Help!

Most people dread the nearing of the month-end close and reconciliation process, and who can blame them? It's typically a tedious, long, stressful process; but it doesn't have to be. Implementing automation into your month-end process can significantly reduce this headache by automating up to 40% of your reconciliation and saving nearly 30% of your time spent.

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On-Demand Webinar: Considerations for M&A Transactions in the Healthcare Industry

Withum

Mergers and acquisitions in the healthcare industry have significantly increased, these transactions include all aspects of healthcare, including hospitals and healthcare systems, physician practices, ancillary healthcare entities, and private equity firms. Transaction considerations include financial, revenue cycle, tax, post-merger operational and system integration, technology, and structuring aspects of the deal.

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Accounting Professors Receive Honors from Illinois CPA Society

CPA Practice

The Illinois CPA Society (ICPAS) has presented its Outstanding Educator Award to two Illinois accounting faculty as part of its 2023 awards program. Each year, ICPAS’ Outstanding Educator Award celebrates educators who make significant contributions to the education of accounting students through their leadership, teaching excellence, and active involvement in the accounting profession.

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How Do I Organize the Finance Department at my Startup?

Shay CPA

As you grow your startup, you know you need to prioritize building the right team. And that means finding the right people with the right skill sets, which definitely isn’t easy. That gets even harder when you’re hiring for finance functions. You’re probably not an expert accountant and you most likely don’t have extensive expertise in financial reporting or compliance.

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AuditClub Announces New Quality Management Subscription

CPA Practice

AuditClub, the Audit Service Center and creator of the auditors-as-a-service model, has announced new solutions to help accounting firms succeed in navigating and implementing the AICPA’s new quality management standards. Led by AuditClub chief auditors, AuditClub Compass is a customized three-phase subscription journey built on a risk-based and scalable approach to quality.

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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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SECURE Act 2.0 Provisions Coming in 2024 and Beyond – What Plan Sponsors Can Do Now

Anders CPA

Some SECURE Act 2.0 provisions have already come into effect in 2023, but it will continue to have a huge impact on the US retirement system due to new regulations. Changes to contribution limits, age limits, participation requirements and plan design provisions will roll out over the next one to three years. Plan sponsors must educate themselves on the upcoming changes to ensure they are prepared to remain compliant with new regulations.

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CPA Pathways Discussion: Addressing the Objections

CPA Practice

The Minnesota Society of CPAs (MNCPA) introduced legislation this session at the Minnesota Legislature to broaden the pathways to CPA licensure, leading to many conversations with multiple stakeholders. It is in these conversations that new ideas and rationales emerge for making change. It is also where objections are raised — and these are just as important to address as the problems we seek to solve.

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Tenth Circuit Upholds Order Requiring Payment for Child’s Residential Treatment

ThomsonReuters

D.K. v. United Behavioral Health, 2023 WL 3443353 (10th Cir. 2023) Available at [link] 010110859668.pdf After an employer-sponsored self-insured health plan denied claims for continued residential mental health treatment for a participant’s child, the family sued the plan and the plan’s claims administrator. Long-term residential treatment had been recommended by the child’s physicians following several years of progressive treatment for anxiety, attention deficit disorder, and depression; mult

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Scrum Best Practices for Remote Teams

Withum

As many organizations are adopting a distributed team model to tap into a broader talent pool and increase flexibility, project management processes can become impacted and require adjustment or improvement to continue being successful. Project management teams who use agile frameworks like Scrum have likely faced this issue. This post will explore three Scrum best practices to consider while working with remote Scrum teams.

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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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Is Genetic Information Collected by a Health Plan in Connection With Obtaining Other Information About an Individual a GINA violation?

ThomsonReuters

QUESTION: Our company would like to conduct a health risk assessment prior to enrollment in our group health plan. While we would not ask any questions relating to an individual’s family medical history, can we further minimize the risk of violating GINA’s prohibition against collection of genetic information? ANSWER: Your health plan may be able to minimize the risk of violating the Genetic Information Nondiscrimination Act of 2008 (GINA) if your health risk assessment fits within the “incide

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Democrat and Republican Representatives Introduce Bill to Simplify Tax Extensions

CPA Practice

On May 22, 2023, Reps. Judy Chu (Dem. – CA-28) and Mike Carey (Rep. – OH-15) introduced the Simplify Automatic Filing Extensions (SAFE) Act of 2023 , new bipartisan legislation to simplify and streamline the tax filing extension process. Each year, millions of individuals file for a six-month extension on their federal tax return, and that number is at record highs and growing every year.

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After Debt Ceiling Deal is Reached, House GOP Likely to Roll Out Tax Package

CPA Practice

By Kelley R. Taylor, Kiplinger Consumer News Service (TNS) Debt ceiling talks don’t seem to be going very well, since time is running out for a deal to be reached and for legislation to be signed, sealed, and delivered before the Treasury begins running out of money around June 1. On Wednesday, House Speaker Kevin McCarthy emphasized that Republicans require budget cuts before agreeing to raise the debt ceiling.

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