5 Minute Bookkeeping
MARCH 31, 2022
After doing hundreds of of cleanups, I have seen it all. I’ve seen undeposited funds, uncategorized income, uncategorized expenses, unapplied income and expenses, reconciliation discrepancies, comingling. And the list goes on. Over the course of all these cleanup situations, I have come across some that defy all of our expectations for a “normal” cleanup.
TaxConnex
MARCH 31, 2022
Sometimes if we hear a phrase often enough, we don’t appreciate the importance of all the words. One such phrase is “sales and use tax.”. We sure know what “sales” tax is. What about Use Tax? Use tax is defined ?as a tax on the storage, use or consumption of a taxable item or service on which no sales tax has been paid. A complementary or compensating tax to the sales tax, it’s required to be paid by the buyer in cases where the seller does not collect sales tax.
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ThomsonReuters
MARCH 31, 2022
QUESTION: Our company is adding a high-deductible health plan (HDHP) option next year, so that employees who choose the HDHP and otherwise meet the HSA eligibility requirements can establish and contribute to HSAs. What will happen to the funds in an HSA after an account holder dies? ANSWER: Upon the death of an HSA account holder, any amounts remaining in the HSA transfer to the beneficiary named in the HSA beneficiary designation form.
Withum
MARCH 31, 2022
Withum is excited to welcome Lynn Mucenski-Keck to the Firm’s National Tax Services Group in the role of Principal, specializing in tax planning for businesses. With over 20 years of experience, Lynn has industry expertise in healthcare, hospitality, real estate and manufacturing distribution and logistics. At Withum, she will focus on Federal tax planning and policy, working with the National Tax Services Group to ensure clients’ understanding of dynamic tax guidance and maximize their cash imp
Advertiser: Paycor
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.
ThomsonReuters
MARCH 31, 2022
Insurance Standards Bulletin Series – Information – Extension of Limited Non-Enforcement Policy through 2023 and Later Benefit Years (Mar. 23, 2022). Available at [link]. CMS has indefinitely extended the limited nonenforcement policy allowing states to permit insurers in the individual and small group markets to renew health insurance policies that would otherwise have to be canceled due to noncompliance with certain Affordable Care Act (ACA) insurance market reforms.
AccountingDepartment
MARCH 31, 2022
Cash is constantly moving in and out of businesses. For example, when a retailer purchases inventory, money flows out of the business to its suppliers. But, when that retailer sells something from its inventory, cash flows into the business from the consumer.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
GrowthForceBlog
MARCH 31, 2022
9 min read. The Great Resignation spurred on by the pandemic has exposed egregious problems with company culture, work-life balance, and employee engagement around the world, with employees leaving their dissatisfying jobs in droves, leading to unprecedented employee turnover rates.
Ryan Lazanis
MARCH 31, 2022
Do you have too much on your plate right now? If yes, it’s probably the right time to hire someone to help you out. In this episode, I shared my journey in hiring and managing a virtual assistant, or VA, and how it helped me save more time. Listen below. 1:25 – I hired my first virtual assistant to help take some of the administrative burdens off my plate. 1:46 – They handle everything from assisting with marketing tasks to interacting with my customers. 2:15 – The right
Withum
MARCH 31, 2022
This quarterly newsletter will encompass timely insights relevant to your dealership. Contact Us. For questions or additional insight, contact Withum’s Dealership Services team to help address your dealership challenges. Contact Us. Dealership Services. Partner Spotlight. James Berg. Partner East Brunswick, NJ. The post Dealer Vision: Volume VI appeared first on Withum.
Ronika Khanna CPA,CA
MARCH 31, 2022
As numerous employees shifted from their offices to their homes, Revenue Canada (CRA) and accountants were deluged with questions about how they could claim home office expenses during the early days of the pandemic. To stave off the complaints and questions, CRA decided to introduce a simplified method of claiming a tax deduction. It should be noted that employees have always been allowed to claim expenses relating to their employment as long as their employers completed and signed form T2200.
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.
Going Concern
MARCH 31, 2022
We usually reserve this space on Going Concern for our tax preparer friends who have to deal with mostly client-initiated and other unexpected problems on a daily (hourly?) basis during busy season. And we’ll get to them next week as they near the home stretch of the April 15 18 filing deadline. Erin Collins. But today I wanted to bring to your attention a blog post from National Taxpayer Advocate Erin Collins.
Ryan Lazanis
MARCH 31, 2022
Accounting conferences are a staple for many firm owners and partners. In this article, we’ll take a deeper look at one of the biggest — AICPA Engage. This post will cover: The history of the event. Recap the past 5 Engage conferences. Talk about the upcoming event. Discuss the future of AICPA Engage. Let’s get started. A Brief History of AICPA Engage.
Lockstep
MARCH 31, 2022
Accounting teams rely on email for so much, it’s ridiculous. These teams depend on email to communicate internally with their teams, and externally with customers, sometimes managing four or more inboxes at a time. Managing today’s accounting email inboxes with limited collaboration capabilities means teams are using Slack, Teams, productivity tools, phone calls, IMs, and smoke signals to close the books.
Withum
MARCH 31, 2022
Withum is pleased to announce that Thomas J. Hoberman , CPA/ABV/CFF, Partner and Managing Director of Withum’s Forensic and Valuation Services , has been re-appointed to serve on the New Jersey Supreme Court Disciplinary Review Board (“DRB”). Tom has served on the DRB since 2013 and the Supreme Court of New Jersey reaffirmed Tom to a three-year term on the board, ending in 2025.
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
ThomsonReuters
MARCH 31, 2022
CMS GL-2022-03: Guidance on HIPAA Covered Entities’ Responsibility to Require that Business Associates Comply with Health Insurance Portability and Accountability Act of 1996 (HIPAA) Regulations (Mar. 22, 2022); CMS GL-2022-04: Guidance on Health Plans’ Payment of Health Care Claims Using Virtual Credit Cards (VCCs) and Adopted HIPAA standards for Health Care Electronic Funds Transfers (EFT) and Remittance Advice (ERA) Transactions; 45 Code of Federal Regulations (C.F.R.) §§ 162.1601 and 162.160
RitaKeller
MARCH 31, 2022
“Strength and growth come only through continuous effort and struggle.” — Napoleon Hill. The following is a press release from the AICPA. Impact of Unfilled Jobs: Staff Restructurings, Delayed Projects and Deferred Expansions. AICPA & CIMA Survey Polled U.S. Executives on Recruitment and Retention Struggles. NEW YORK (March 30, 2022) – Almost one in four U.S. business executives said the ongoing impact of unfilled jobs had forced them to restructure staff to protect core operations or
ThomsonReuters
MARCH 31, 2022
Multiple Employer Plans, 26 CFR Part 1, 87 Fed. Reg. 17225 (Mar. 28, 2022). Available at [link]. The IRS has proposed regulations detailing how multiple employer plans (MEPs) may avoid disqualification after a participating employer fails to take an action necessary to preserve the plan’s tax qualification. Generally, under Code § 413(c), tax-qualified retirement plans (including 401(k) plans) maintained by more than one employer must apply certain qualification rules as if all of the participa
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