Thu.Jun 03, 2021

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Some 2020 Unemployment Compensation is Tax-Free

RogerRossmeisl

In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19. Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. The 2020 return was due on May 17, 2021 (because the IRS extended many due dates from the usual April 15 this year).

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Writing and Getting Published

Withum

Many business people, especially professionals, feel it is important to get published. Others have a deep seated craving to write the next #1 Best Seller, and still others want to write so they could share personal notes, stories and anecdotes about their past, values or ethics, and some want to become a social media star. Whatever the reason you need to start.

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Pot of Gold: Be Smart (Not Lucky) With Outsourcing Business Processes

inDinero Accounting

Outsourcing has been the way to grow a startup or small business, but that’s changing. According to Global Industry Analysts, Inc. , business process outsourcing (BPO) is ubiquitous with “doing business.” However, the BPO industry shrank by 28.7% in 2020. As CFOs pursue greater flexibility, liquidity, and risk management for their companies, alternatives to BPO are becoming more attractive.

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Determining Your Indirect Costs

AccountingDepartment

Indirect costs are necessary for the operation of a business. Indirect costs include things like office technology, rental equipment, marketing campaigns, supplies, and accounting services. When you know the true costs of both your indirect costs and your direct costs, you can then properly price your products or services for a profit. Indirect costs can be both variable and fixed.

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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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Transform your practice: 3 Benefits of APIs

ThomsonReuters

Improving efficiency, driving automation, and streamlining internal processes are essential for tax and accounting firms looking to better meet increased client demands and, ultimately, generate greater profitability. . For today’s firms, this is made possible through the rise of application programming interfaces, more commonly known as APIs. API use has surged in recent years and is changing the way tax and accounting professionals work and serve their clients. .

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Interesting Thoughts About Meetings

RitaKeller

“People who enjoy meetings should not be in charge of anything.” – Thomas Sowell, American Writer and Economist. I occasionally repost a blog in its entirety by Seth Godin. I think this one is something CPAs should think about. My observation is that people working in a CPA firm would be afraid to NOT attend a meeting called by a partner and especially afraid to admit that a meeting would be a waste of time.

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Timeshare Benchmarking Report 2020

Withum

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Court Dismisses Participants’ Challenge to Cross-Plan Offsetting

ThomsonReuters

Scott v. UnitedHealth Group, Inc., 2021 WL 2018839 (D. Minn. 2021). Available at [link]. Participants in several self-insured ERISA health plans sued the plans’ TPA (an insurer providing administrative services), seeking to bring a class action claiming that the TPA’s practice of cross-plan offsetting violates ERISA. Cross-plan offsetting is a way to recover overpayments to health care providers.

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Do SAFEs Qualify as Stock for Purposes of Section 1202?

Withum

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HIPAA Resolution Agreement Emphasizes Corrective Actions and Requires Independent Compliance Monitor

ThomsonReuters

HHS Resolution Agreement: Peachstate Health Mgmt., LLC (Apr. 28, 2021). Available at [link]. HHS’s Office for Civil Rights (OCR) has announced a $25,000 settlement with a clinical laboratory (a HIPAA covered entity) to resolve alleged violations of the HIPAA security rule. OCR began its investigation after the laboratory was acquired by another business that was already under an OCR compliance review.

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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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Keep Your Network’s Connections Strong

RogerRossmeisl

(This is Blog Post #1027). The post Keep Your Network’s Connections Strong appeared first on Roger Rossmeisl, CPA.

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Court Dismisses PHSA COBRA Case Against School Board

ThomsonReuters

Guy v. Bd. Of Educ. Rock Hill Local Sch. Dist., 2021 WL 1140224 (S.D. Ohio 2021). Available at [link]. A former employee sued the school board that had employed her and its two service providers for failing to provide a COBRA election notice upon her termination of employment. The employee claimed that she suffered unspecified damages and asked the court to impose fines, attorney’s fees, and “other relief.

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What is Cryptocurrency: Crypto Explained for Beginners

LyfeAccounting

Today’s post is all about crypto! Now we’re pretty sure you’ve heard of cryptocurrency in the news, social media, or just talking with friends and family. But, do you understand it? Well if you’ve done any research on it, you may have found yourself even more confused. It’s not exactly an easy topic to understand. But don’t worry, we’ve done all of the research for you.