Thu.Apr 07, 2022

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Deadlines galore: One of the biggest challenges of sales tax

TaxConnex

Federal Income Tax Day, April 18 th , looms large in everybody’s mind right now. Too bad sales tax doesn’t come with a deadline that simple. State sales tax filing obligations come in a dizzying number of deadlines for you to follow (potentially with bad consequences if you don’t). And generally, the higher the volume of tax you’ll be reporting, the more often you have to file.

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Proposed Regulations Would Base Eligibility for ACA Premium Tax Credits on Affordability of Family Coverage

ThomsonReuters

Proposed Rule: Affordability of Employer Coverage for Family Members of Employees, 26 CFR Part 1, 87 Fed. Reg. __ (Apr. 7, 2022). Available at [link]. The IRS has proposed regulations that would change the eligibility standards for an Affordable Care Act (ACA) premium tax credit (PTC) by providing that affordability of employer-sponsored coverage for an employee’s family members would be based on the employee’s cost to cover the employee and those family members, rather than the cost of employe

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Quick Tips To Help Keep the Books Balanced

AccountingDepartment

Accurate and healthy accounting is vital for all businesses but often falls by the wayside for business owners, especially if they are juggling other responsibilities of managing and maintaining day-to-day operations. However, accounting should never be treated as an afterthought because it can lead to mistakes for the company. When accounting mistakes occur, it can hinder growth and cause uncertainty in the company's future success.

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Court Vacates DOL’s Withdrawal of FLSA Independent Contractor Regulations

ThomsonReuters

Coalition for Workforce Innovation v. Walsh, No. 1:21-cv-00130-MAC (E.D. Tex. Mar. 14, 2022). In 2021, the DOL withdrew regulations on determining whether a worker is an independent contractor for purposes of the Fair Labor Standards Act (FLSA) (see our Checkpoint article ). The regulations had been issued in final form in January 2021 with a March 8, 2021 effective date but were almost immediately subject to a regulatory freeze (see our Checkpoint article ), and then delayed to May 7, 2021 (s

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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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What impact does the rising cost of avocados have on Wholly Guacamole’s variances?

Wendy Tietz

The cost of avocados is rising. For example, the price of a 20-pound box of avocados from the state of Avocado prices from Michoacán state in Mexico has jumped to $38 from $21, which is an 81% increase. The current price of avocados is the highest price on record in data that goes back to […].

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Are There Any Substantiation Requirements for Transit Passes Distributed by a Qualified Transportation Plan?

ThomsonReuters

QUESTION: Our company’s qualified transportation plan allows employees to purchase transit passes with pre-tax compensation. Passes are distributed directly to employees; cash reimbursements are not allowed. Should we require substantiation or certification that an employee is using the pass to get to work? ANSWER: The Code provision authorizing qualified transportation plans indicates that the tax benefits under a qualified transportation plan are for “employees.

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Appellate Court Reverses Trial Court Decision That Behavioral Health Claim Guidelines Violated ERISA

ThomsonReuters

Wit v. United Behavioral Health, 2022 WL 850647 (9th Cir. 2022). Available at [link]. The Ninth Circuit has reversed a federal trial court’s ruling that a large insurer breached its fiduciary duty to health plan participants by using overly restrictive guidelines for administering claims. Participants in a class action lawsuit brought claims for breach of fiduciary duty and arbitrary and capricious denial of benefits under ERISA, alleging that they were improperly denied benefits for treatment

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How do pay yourself as a business owner?

Reckon

Once you go into business for yourself, you’re obviously no longer receiving a stable salary from a business who employs you. No kidding, right? So, when all the dollars and cents flow though you alone , whether expenses or income, you have to deftly manage how to actually pay yourself properly. How this happens, and how much you pay yourself, will be contingent on: what type of business structure you operate how much you invest back into your business how much cash flow you have what your busin

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KROST Recognized by Los Angeles Business Journal as Top Accounting Firms 2022

KROST

Pasadena, CA – KROST was recognized as one of Los Angeles Business Journals’ Top 100 Accounting Firms in Los Angeles County, with 78% growth in revenue between 2020 and 2019, the firm is ranked 22 nd on the list. KROST received this recognition during the Los Angeles Business Journal’s Disruptor Awards virtual event. “Our firm is honored to be recognized by the Los Angeles Business Journal yet again.

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Coming Up With Your Divorce Budget

FraudFiles

It can be difficult to come up with a budget for your future living expenses when getting divorced. Most people don’t know how much they have been spending on various things like clothing, groceries, and dining out. It can also be difficult because we need to consider the spouse’s reasonable needs in the future. Things can become even more complicated if the earnings of the parties aren’t sufficient to support two households at the same level they had during the marriage.

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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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Dress Appropriately

RitaKeller

“Elegance is a question of personality, more than one’s clothing.” — Jean-Paul Gaultier. People are beginning to return to offices. They have become accustomed to wearing sweatpants, flip-flops pajama bottoms, etc. Now they are faced with wearing something that doesn’t have an elastic waist! I recently discovered that Mary Barra, CEO of General Motors, when she was HR leader at the company, reduced their several-page dress code to two words: Dress appropriately.

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Everybody Has a Fantasy Baseball Activity

Withum

…except it might be fixing up a fixer-upper vacation house, reading the latest novels, collecting stamps, binge-watching certain television series, developing photos in a darkroom, or learning to tap dance. Everybody has something that consumes their attention and time outside of work. At some point, some people might think what someone else does with their time is weird or a time-waster, but it is their hobby.

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CMS Announces 2023 Medicare Part D Benefit Parameters Used for Creditable Coverage Disclosures

ThomsonReuters

Announcement of Calendar Year (CY) 2023 Medicare Advantage (MA) Capitation Rates and Part C and Part D Payment Policies (Apr. 4, 2022); Fact Sheet: 2023 Medicare Advantage and Part D Rate Announcement. Announcement. Fact Sheet. Under Medicare Part D regulations, most group health plan sponsors offering prescription drug coverage to Part D eligible individuals (including active or disabled employees, retirees, COBRA participants, and beneficiaries) must disclose to those individuals and to CMS wh

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