Thu.Nov 18, 2021

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Options in Mitigating Past Sales Tax Liability

TaxConnex

Most businesses don’t set out to be non-compliant with sales tax, or anything for that matter. In fact, you probably have the best of intentions of meeting your sales tax obligations in the future. But what about sales tax liability from prior months? Prior-period liability can be extremely costly as states and jurisdictions crack down on non-compliance.

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6 Steps to Prepare Your Business for a Sale

RogerRossmeisl

The COVID-19 pandemic has put unprecedented stress on private business owners. Some are now considering selling their businesses. Before putting your business on the market, it’s important to prepare it for sale. Here are six steps to consider. Clean up the financials Buyers are most interested in an acquisition target’s core competencies, and they usually prefer a clean, simple transaction.

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Should You Be Using More Video In Your Firm’s Communication Strategy? PART 1

PANALITIX

RESOURCES / ARTICLES. Should You Be Using More Video In Your Firm’s Communication Strategy? PART 1. Video is the most powerful way to communicate your message today. And according to Wyzowl ’s 2021 State of Video Marketing Report, the pandemic has led us to consume more video than ever before. Here are a few other statistics from that study: 1. When consumers were asked about how they’d most like to learn about a product or service: 69% said they’d want to watch a short video. 18% said they’d l

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Showing Appreciation and Gain Tax Breaks with Holiday Business Gifts and Parties

RogerRossmeisl

The holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties again after a year of forgoing them due to the pandemic. It’s a good time to brush up on the tax rules associated with these expenses. Are they tax deductible by your business and is the value taxable to the recipients?

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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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What Is an Excepted Benefit HRA (EBHRA)?

ThomsonReuters

QUESTION: What is an excepted benefit HRA (EBHRA)? ANSWER: EBHRAs are limited-dollar HRAs that qualify as excepted benefits and thus are not subject to the PHSA mandates. They can be offered by employers of any size that want to provide an account-based supplement to their group health coverage without being constrained by the requirements for integrated HRAs.

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3 Best Practices to Accelerate Your Growth

AccountingDepartment

Going into 2021, planning for what was to come was uncertain, but as the year progressed, many companies found themselves growing rapidly as the world got back on its feet. However, in order to succeed and continue to succeed in today's landscape, businesses should put focus on three critical best practices going into the coming year(s).

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Failure-Proof Your 401(k) Plans – Make Sure You’re in Compliance

LSLCPAs

Don’t let your 401(k) plan fail the compliance tests! One excellent reason is to keep as much money in the plan as possible—especially for the Highly Compensated Employees (HCEs), which is probably you if you’re reading this. When we talk about the failure of a 401(k), it usually means the plan is not in “compliance,”. The post Failure-Proof Your 401(k) Plans – Make Sure You’re in Compliance appeared first on LSL CPAs.

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HHS Announces Adjustments to Civil Monetary Penalties for HIPAA, MSP, and SBC Violations, Effective November 15, 2021

ThomsonReuters

HHS, Adjustment of Civil Monetary Penalties for Inflation and the Annual Civil Monetary Penalties Inflation Adjustment for 2021, 45 CFR Part 102, 86 Fed. Reg. 62928 (Nov. 15, 2021). Available at [link]. HHS has announced adjustments of civil monetary penalties for statutes within its jurisdiction. The latest amounts are based on a cost-of-living increase of 1.01182%.

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Lights, Camera… Action!

RitaKeller

“I always thought acting was all lights, camera, action. It’s a job; you have to do your job correctly.” – Corey Haim. November is passing quickly. You are probably spending a lot of time getting ready for the busiest time of the year. There is a need for enhanced focus on how your serve your clients and how your serve your staff.

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Meal Portion of Per Diems Eligible for Temporary 100% Business Expense Deduction

ThomsonReuters

IRS Notice 2021-63 (Nov. 16, 2021); IRS News Release IR-2021-225 (Nov. 16, 2021). Notice 2021-63. News Release. The IRS has issued guidance clarifying how the temporary 100% business expense deduction for food or beverages from restaurants applies to the meal portion of per diem rates and allowances. As background, Code § 274(n) generally limits otherwise allowable deductions for food or beverage expenses to 50% of the expenses.

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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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Build Back Better Act – U.S. Tax Reform Proposals

Withum

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Court Dismisses Former Employee’s COBRA Claims Against TPA

ThomsonReuters

McKenna v. ZO Skin Health, Inc., 2021 WL 4078291 (N.D. Ohio 2021). Available at [link]. An employee with cancer elected COBRA after being terminated by her employer. She then took a job with a second employer but resigned after working 15 days. After receiving notice from the second employer’s TPA that she was eligible for COBRA under the second employer’s health plan, the employee contacted the first employer’s TPA and dropped her existing COBRA coverage.

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On-Demand Webinar: Year-End Planning Steps and Considerations for Success in 2021

Withum

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HHS Provides Process for Health Plans to Seek Denial of Surprise Billing IDR Entity’s Certification Application

ThomsonReuters

Requirements Related to Surprise Billing, Part II; Petition Process for Certification of IDR Entities. Available at [link]. HHS has provided an online process for health plans and insurers to petition HHS to deny the application of an entity seeking certification as a surprise medical billing independent dispute resolution (IDR) entity. As background, the Consolidated Appropriations Act, 2021 comprehensively revised and expanded the Affordable Care Act’s patient protection requirements to shiel

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.