Thu.Oct 07, 2021

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Monthly State Sales and Use Tax Update

TaxConnex

There’s always something changing in the world of tax, especially sales tax. Here’s a review of some of the recent changes and updates. Developing updates. There are currently five states with no state-level sales tax. Might that be changing? Take a look north. Alaska has long heard rumblings of a statewide sales tax. First came the state’s Remote Seller Sales Tax Commission of municipalities banding together to tax sales.

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Best Accounting Practices for General Contractors

Pooley Accounting Services

At the end of a year-long project, the CEO of a construction company joked that he loved it when a plan came together. Although the CEO was pleased that the project went as planned, he felt that the success was due as much to luck as to planning. After all, only 28% of construction projects come in on time or budget. A 2020 survey found that construction businesses blame delays on:: Change orders (62%), Weather (60%), Poor project coordination (54%), Delayed payments (12%).

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Preparing for Automation

ThomsonReuters

For tax professionals with many years of experience in the field, automation can seem like technological overreach. Any change or disruption to a workflow developed over many years of practice is going to be met with resistance. However, automation is important for any firm looking to improve efficiency and generate more revenue. . Why automation?

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International Flower Wholesaler And Distributor Gets Fully-Integrated IT Infrastructure

Withum

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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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Evaluating Your Firm’s Advisory Stance

ThomsonReuters

Maintaining your firm’s competitive advantage is important in any crowded marketplace. As more and more clients seek DIY solutions when completing their taxes, differentiating your firm, and capitalizing on your strengths are crucial to keeping existing clients and generating new business. Evaluating your firm’s advisory stance is a strong first step to improving your business operations. .

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Who Cares!

RitaKeller

“Great spirits have always encountered violent opposition from mediocre minds.” – Albert Einstein. I recently read the following quote by Deke Bridges. To me, it brought to mind the old “What, me worry?” saying. “ The greatest fear that holds most people back is the fear of what other people think. Your creative works far outweigh their doubting words.

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Surprise Billing Regulations (Part II) Provide Guidance on IDR Process for Provider Payment Disputes; Amend External Review Rules

ThomsonReuters

Interim Final Rules: Requirements Related to Surprise Billing; Part II, 5 CFR Part 890, 26 CFR Part 54, 29 CFR Parts 2510 and 2590, 45 CFR Parts 147 and 149, 86 Fed. Reg. 55980 (Oct. 7, 2021). Regulations. News Release. The DOL, HHS, and IRS have released another round of guidance on the surprise medical billing requirements enacted as part of the Consolidated Appropriations Act, 2021 (CAA) (see our Checkpoint article ).

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OCR Guidance Addresses HIPAA Privacy Rule’s Application to COVID­­­-19 Vaccination Inquiries

ThomsonReuters

OCR: HIPAA, COVID-19 Vaccination, and the Workplace (Sept. 30, 2021). Available at [link]. HHS’s Office for Civil Rights (OCR) has issued guidance on when the HIPAA privacy rule applies to disclosures and requests for information about whether a person has received a COVID-19 vaccine. The guidance indicates that the privacy rule does not prohibit any person or business (including a covered entity such as a health plan or its business associate) from asking whether an individual has received a C

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Agency FAQs (Part 50) Address COVID-19 Vaccine Coverage and Incentives

ThomsonReuters

FAQs About Affordable Care Act Implementation Part 50, Health Insurance Portability and Accountability Act and Coronavirus Aid, Relief, and Economic Security Act Implementation (Oct. 4, 2021). Available at [link]. The DOL, IRS, and HHS have issued five new COVID-19-related FAQs—two addressing group health plan coverage requirements for qualifying coronavirus preventive services and three addressing vaccine incentives under group health plans and wellness programs.

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IRS Guidance Clarifies Application of COVID-19 Outbreak Period Extensions to COBRA Election and Payment Deadlines

ThomsonReuters

IRS Notice 2021-58 (Oct. 6, 2021). Available at [link]. The IRS (in coordination with the DOL and HHS) has issued guidance on the application of the COVID-19 Outbreak Period extensions to COBRA election and premium payment deadlines. In 2020, the agencies specified that the COVID-19 Outbreak Period—defined as the period beginning March 1, 2020, and ending 60 days after the announced end of the COVID-19 emergency—is disregarded when calculating COBRA election and payment deadlines (see our Check

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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