Thu.Jan 27, 2022

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Handling Sales Tax In-House: Job Market Challenges Continue

TaxConnex

The explosion of the e-commerce market alone would’ve made handling sales tax obligations in-house tough. Add a tight job market and the task for many companies has become nearly impossible. First, what’s influencing the availability of workers lately? The national unemployment rate dropped to 3.9% by the end of last year, meaning that fewer people willing or able to work are still looking for a job.

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5 Reasons Why You Should Use a Project Management Tool When Doing Your Taxes

SMBAccountant

When doing your taxes, there are a lot of things to keep track of. If you're trying to do it all yourself, it can be tough to stay organized and make sure you're including everything. Using a project management tool can help make the process easier and less overwhelming. Here are five reasons why you should use a project management tool when doing your taxes.

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What Are the Deadlines for Forms 1094-C and 1095-C in 2022?

ThomsonReuters

QUESTION: Our company is an applicable large employer (ALE) that sponsors a self-insured group health plan. We know we have to file Forms 1094-C and 1095-C for the 2021 calendar year. When are these forms due? ANSWER: ALEs must report to the IRS whether they offered full-time employees and their dependents the opportunity to enroll in minimum essential coverage under an eligible employer-sponsored plan, whether the offered coverage was affordable and provided minimum value, and certain other i

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Withum Earns Top Score in Human Rights Campaign Foundation’s 2022 Corporate Equality Index

Withum

Withum proudly announced that the Firm received a score of 100 on the Human Rights Campaign Foundation’s 2022 Corporate Equality Index, the nation’s foremost benchmarking survey and report measuring corporate policies and practices related to LGBTQ+ workplace equality. Withum joins the ranks of over 840 major U.S. businesses that also earned top marks this year.

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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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Process Guide Issued for Surprise Billing Independent Dispute Resolution

ThomsonReuters

Federal Independent Dispute Resolution (IDR) Process Guidance for Certified IDR Entities (Dec. 2021). Available at [link]. The DOL, IRS, and HHS have issued a process guide for certified independent dispute resolution (IDR) entities with details on the various aspects of the IDR process under the No Surprises Act, enacted as part of the Consolidated Appropriations Act, 2021 (CAA) (see our Checkpoint article ).

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What is a Virtual Bookkeeping Company?

AccountingDepartment

When it comes to owning a business, the last thing anyone wants is to spend valuable time sorting out their accounts. After all, business owners have much more pressing things to contend with on a daily basis. Yet while this is the case, it's important that businesses keep on top of their accounting and don’t let it slide — which is where a virtual bookkeeping company comes in.

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What Nonprofits Can Learn From the Best Well-Run Businesses (and Vice Versa!)

GrowthForceBlog

7 min read. Running a Nonprofit and running a for-profit have more similarities than you may think.

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17 Tax Benefits of Owning a Small Business

MazumaBusinessAccounting

There are many obvious perks that come with owning your own business, including setting your own schedule, being your own boss, and having control over your career. But there are also many tax benefits business owners can take advantage of to maximize their profits. Here’s a quick guide that covers important tax deductions for your business. What Will a Deduction Save Me?

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New Hampshire increases BPT filing threshold amount to $92,000

Steve Feinberg

Beginning with tax periods that end on or after December 31, 2022, business taxpayers with gross sales of $92,000 or less are NOT required to file a Business Profits Tax return. Previously, this was $50,000. This is an obvious planning opportunity for small businesses that will no longer have to pay to prepare a New Hampshire return, since it’s no longer required.

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My Opinions About Last Year’s Market Performance

Withum

In the last three weeks I posted various financial and stock market charts. I chose data I found interesting and reflective of the markets and views I have. Obviously, there are many other metrics, but I want to center in on what I posted. The stock market as a whole, using any one of the four indexes I follow as the benchmarks, increased considerably over the last ten years.

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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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Are You Meeting Their Needs?

RitaKeller

“Leadership is the art of getting someone else to do something you want done because he wants to do it.” – Dwight D. Eisenhower. Be sure you are aware of what your employees really need. Firms are trying all kinds of creative and unique ways to attract people and to keep the talented people they already employ. Some of these ways are not so creative and unique, nor do they have to be.

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Warning: New fraud targeting recruitment agencies has been brought to our attention by the FCSA

Churchill-Knight

The Freelancer and Contractor Service Association (FCSA) has brought a new type of fraud to its members’ attention, targeting recruitment agencies. This blog summarises the new scam and explains how it works. If you represent a staffing agency and place temporary workers – you must read the following and ensure your business has precautions in place.

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IRS Updates Guidance on Substantially Equal Periodic Payments Exception to 10% Additional Tax

ThomsonReuters

Notice 2022-6 (Jan. 18, 2022). Available at [link]. The IRS has updated its guidance regarding when payments from qualified retirement plans (including 401(k) plans, other tax-qualified plans, and IRAs) are considered substantially equal periodic payments that are not subject to the 10% additional tax on early distributions. (There are also other exceptions to the tax—e.g., for distributions after death or attaining age 59 1/2.

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