Thu.Mar 25, 2021

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Recent Laws May Impact Your Retirement Savings

RogerRossmeisl

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which was signed into law in late 2019, made a number of changes of interest to those nearing retirement.

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Taxability for Contractors

TaxConnex

A contractor is generally defined as someone who provides improvements to real property on a lump sum contract basis. From a sales and use tax perspective, there isn’t much of a difference between a subcontractor and a prime or general contractor. At first glance, the sales and use tax requirements for a contractor seem quite simple. Contractors are typically considered the end-user/consumer of all tangible personal property purchased and used by them in conjunction with the performance of a con

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Tax Considerations When Launching a Sole Proprietorship

RogerRossmeisl

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors. Here are some tax rules and considerations involved in operating with that entity. The pass-through deduction To the extent your business generates qualified business income (QBI), you’re eligible to claim the pass-through or QBI deduction, subject to limitations.

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Using journal entries in a QBO cleanup without messing up the books

5 Minute Bookkeeping

When you’ve got a problem in QuickBooks Online, the ‘easy fix’ is making a journal entry…right? As an accounting professional, you may have been trained to use journal entries liberally (I know I was), but in QBO there are some situations where journal entries help, and some where they can really mess up the books ! The key is knowing which is which and what goes on inside QBO when you create journal entries to make corrections.

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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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How Quickbooks can help your Business

AccountingDepartment

QuickBooks isn’t the latest and greatest accounting software yet it is certainly useful. Countless businesses use QuickBooks at their offices, meaning job-seekers and those looking to advance their career should have in-depth knowledge of this important computing tool. Take full advantage of QuickBooks and you will find it helps your business in several important ways.

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Disadvantages of LLC: Don’t Believe All The Hype in 2021

LyfeAccounting

As an accounting firm, we get asked all the time. “What should my business entity be? I heard that I should have an LLC.” Well, the truth is, sometimes you need an LLC, and guys, sometimes you don’t. So in this post, we want to set the record straight, eliminate the confusion, and breakdown who needs an LLC and who doesn’t. Let’s get into it!

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Who Is a “Participant” for Purposes of HIPAA’s Exception for Self-Administered Plans With Fewer Than 50 Participants?

ThomsonReuters

QUESTION: Our company has 60 employees, all of whom are eligible for our fully insured medical plan and our health FSA. This year, 40 employees have enrolled in our medical plan and health FSA. Does our health FSA, which we administer in-house, qualify for the exclusion from the HIPAA privacy and security rules for self-administered health plans with fewer than 50 participants?

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Confused Clients

RitaKeller

“ If you’re not confused, you’re not paying attention. ” – Tom Peters. This tax season brings unique and never before experienced situations for many of your clients. Perhaps, they are contacting you, maybe too often with all kinds of questions and concerns. You might even be getting frustrated with all of those questions, some of which you have no answers for!

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Investment Platform Provider Not Acting as a Fiduciary When Collecting Access Fees From Mutual Funds

ThomsonReuters

In re: Fidelity ERISA Fee Litigation, 2021 WL 836766 (1st Cir. 2021). Available at [link]. An appellate court has affirmed the dismissal of a class action lawsuit alleging that a retirement plan service provider breached its fiduciary duties when it charged some mutual funds access fees to be included on the provider’s investment platform. The provider, which serves as the recordkeeper and directed trustee for thousands of 401(k) plans, offers a “supermarket” of funds (the Big Menu) from which

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On-Demand Webinar: How to Structure Your Cannabis Business and Take on Partners and Investors

Withum

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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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Claims Administrator Liable for Self-Insured Health Plan’s Exclusion of Treatments for Autism Spectrum Disorder

ThomsonReuters

Doe v. United Behavioral Health, 2021 WL 842577 (N.D. Cal. 2021). Available at [link]. The claims administrator of a self-insured health plan was sued by the parent of a child with autism spectrum disorder over the plan’s exclusion of Applied Behavior Analysis (ABA) and Intensive Behavioral Therapies (IBT). While the child was covered, the plan specifically excluded both treatments, although the exclusion was dropped soon after the child’s coverage ended.

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On-Demand Webinar: Healthcare Industry Tax Update 2021

Withum

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LTD Plan’s Failure to Define “Active” Employee Extends Eligibility to Employee Not Actually Working

ThomsonReuters

Carlile v. Reliance Std. Life Ins. Co., 988 F.3d 1217 (10th Cir. 2021). Available at [link]. A federal appeals court has ruled that a long-term disability claimant was eligible as an “active, full-time” employee even though, when his disability began, the employer had excused the claimant from reporting to work. The claimant had received a 90-day termination notice (in connection with a reduction in force) and was not required to report to work during the notice period, but he nonetheless chose