Thu.Jun 24, 2021

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Missouri Inches Toward Economic Nexus

TaxConnex

A bill to enact economic nexus requirements – creating a sales and use tax obligation on remote sellers and marketplace facilitators – awaits only a signature to become law in Missouri. Missouri lawmakers delivered the passed version of S.B. 153 to the governor on May 25. Republican Gov. Mike Parson, who has expressed support for the measure, has at most 45 days to act on the bill.

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Still Have Questions After Filing Your 1040?

RogerRossmeisl

Even after your 2020 tax return has been successfully transmitted to the IRS, you may still have questions after filing your return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering when you will receive your refund? The IRS has an online tool that can tell you the status of your refund. Go to irs.gov and click on “Get Your Refund Status.

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May Employers Use Health Plan Claims Records to Determine Whether Employees Have Received COVID-19 Vaccinations?

ThomsonReuters

QUESTION: We require employees to submit proof of a COVID-19 vaccination before returning to work in our office. May our Human Resources Department confirm employees’ eligibility to return by checking COVID-19 vaccination claims submitted to our group health plan? ANSWER: The group health plan’s records generally should not be used to verify employees’ vaccination status for any employment-related purpose.

Legal 95
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Definition of Broad Based Stock Market Portfolio

Withum

“Broad-based stock market portfolio” is a widely used term, but just what does it mean? It is easy to say, but hard to define and even harder to construct a portfolio representative of the broad-based market.

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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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Recipe for Success: 5 Must-Have Ingredients of Restaurant Bookkeeping

xendoo

Editor’s Note: This post was originally published in September 2019 and has been revamped and updated for accuracy and comprehensiveness. . As a busy restaurateur, it’s easy to push restaurant bookkeeping tasks to the bottom of your priority list. After all, you have better things to do – right? Not so fast. Restaurant bookkeeping is an essential function for businesses large and small, as accurate, reliable numbers are essential for sound decision making.

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Hiding Money in Divorce Using Cryptocurrency

FraudFiles

Everywhere you go, people are talking about cryptocurrency as an investment. From Bitcoin to Etherium to Dogecoin, there are a whole bunch of different cryptocurrencies that consumers can invest in. More people are starting to use cryptocurrency to pay for things and it is also gaining wider acceptance as an investment (albeit a very volatile one that isn’t for the faint of heart).

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How to clean up Unapplied Cash Payment Income & Expenses in QuickBooks Online

5 Minute Bookkeeping

Coming across unapplied cash payment income and expenses in the Profit and Loss report during a QuickBooks Online cleanup can leave you stumped. What are these accounts for and where did they come from? How do you clean up these accounts to get rid of the balances? Keep reading, and I’ll answer these questions and tell you how to clean up unapplied cash payment income and expenses in QuickBooks Online.

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DOL Rejects Plan’s Reasons for Refusing to Provide Recording and Transcript of Claim-Related Conversation

ThomsonReuters

EBSA Information Letter (June 14, 2021). Available at [link]. The DOL has issued an information letter rejecting several reasons for refusing to provide a claimant with an audio recording and transcript of a claim-related telephone conversation that was created for “quality assurance.” (As background, for a plan to provide “full and fair review” of an adverse benefit determination as required by the DOL’s claims procedure regulations, a claimant must be given—upon request and free of charge—cop

Legal 52
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Retention – A Dual Responsibility

RitaKeller

“Just imagine how great a workplace could be if employers and employees worked together to improve retention.” – Sharlyn Lauby. We have discussed and discussed the talent wars in public accounting for years. I couldn’t imagine how it could get much worse. But it has. Sharlyn Lauby ( @hrbartender ), in a recent article, acknowledges that retention is on the shoulders of the employer.

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One Way to Solve Accounting Industry’s Entry-Level Talent Shortage: Be Welcoming to LGBTQIA Accountants

ThomsonReuters

It is no secret that the tax and accounting industry has a talent shortage. According to this article , 81% of finance leaders say they have difficulty finding talent, 71% say recruiting is top of mind, and 50% say that lower-level talent is the hardest to find. These trends are likely to stick around without some significant changes to the employee culture and engagement practices for accounting talent who identify as Lesbian, Gay, Bisexual, Transgender, Queer, Intersex, Asexual (LGBTQIA) and

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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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Imagine What the “Tax Gap” Could Fund

RogerRossmeisl

(This is Blog Post #1039). The post Imagine What the “Tax Gap” Could Fund appeared first on Roger Rossmeisl, CPA.

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DOL Rejects Plan’s Reasons for Refusing to Provide Recording and Transcript of Claim-Related Conversation

ThomsonReuters

EBSA Information Letter (June 14, 2021). Available at [link]. The DOL has issued an information letter rejecting several reasons for refusing to provide a claimant with an audio recording and transcript of a claim-related telephone conversation that was created for “quality assurance.” (As background, for a plan to provide “full and fair review” of an adverse benefit determination as required by the DOL’s claims procedure regulations, a claimant must be given—upon request and free of charge—cop

Legal 52
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FAQs Business Owners Need to Know About The 3 Essential Financial Reports

inDinero Accounting

At inDinero, we believe accounting supports business. We partner with our clients, and good partnerships require excellent communication. If a business owner doesn’t understand an accounting term , we don’t use another accounting term to explain it. We specialize in accountants who speak business to business owners and CEOs. Sometimes there’s just no avoiding accounting speak.

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Appellate Court Affirms Reinstatement of Retiree Medical Benefits for Rehired Employees

ThomsonReuters

River City Fraternal Order of Police Lodge 614, Inc. v. Ky. Retirement Sys., 2021 WL 2328082 (6th Cir. 2021). Available at [link]. An appellate court has affirmed an order reinstating retiree medical insurance for several police officers who retired from their positions with a county police department but were later rehired by different county agencies.

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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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How to Choose the Right Software to Simplify Your Real Estate Accounting

xendoo

Editor’s Note: This post was originally published in June 2018 and has been revamped and updated for accuracy and comprehensiveness. . Let’s face it, bookkeeping for a business in the real estate industry is complicated. That holds true whether your niche is sales, management, construction, or tax and legal services. Unlike some other types of business, you must deal with variables like fluctuating income, expenses, payroll, and property values, not to mention a heavy load of government re

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U.S. Supreme Court Rejects Attempt to Invalidate ACA Based on Elimination of Individual Shared Responsibility

ThomsonReuters

California v. Texas, 2021 WL 2459255 (U.S. 2021). Available at [link]. The U.S. Supreme Court has rejected an attempt to invalidate the Affordable Care Act (ACA). The challengers (two individuals and several states) contended that, after the Tax Cuts and Jobs Act reduced the individual shared responsibility penalty to zero beginning in 2019 (see our Checkpoint article ), the requirement for individuals to maintain minimum essential coverage (referred to as the “individual mandate”) was unconst

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Advance Child Tax Credit FAQs & Explanations in 2021

LyfeAccounting

So, there are a few things we need to clear up about the 2021 advance Child Tax Credit. You see, we recently published a post talking about the child tax credit and there were still a ton of questions left by parents in the comments, and we wanted to address them in this post. Most of you will receive the credit, some will receive a reduced version of the credit, and some won’t receive it at all.

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