Mon.Jan 31, 2022

article thumbnail

Wage Loss Damage Calculations

FraudFiles

Tracy talks about calculating damages for wage losses. These situations may include wrongful termination, wrongful death, or time lost from work due to an accident. She gives a helpful list of the types of damages that might be included.

article thumbnail

Tax Changes for Payment Apps: What Small Business Owners Need to Know

xendoo

New Year, New Tax Requirements. Do you use apps like Zelle, Venmo, and Cash App to accept payments from customers? How are you reporting those earnings? In the past, although all business owners were required to report their earnings on their Federal Tax Returns , only those who received payments of $20,000 or more through payment apps also reported their earnings using Form 1099-K.

tax 105
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

New WCO product classifications are here. Are companies ready?

ThomsonReuters

The latest disruption hitting corporate trade and supply chain teams comes barely on schedule from the World Customs Organization (WCO) — and has created headaches for all companies engaged in international trade. The WCO updates the Harmonized Commodity Description and Coding System, commonly known as the Harmonized System (HS) , every five years.

article thumbnail

Voting Opens for 2022 CPA Practice Advisor Readers' Choice Awards

CPA Practice

The Readers' Choice Awards give our readers the opportunity to spotlight the technologies they most rely on and trust to manage their firms, provide client services, and help those clients run their businesses.

cpa 99
article thumbnail

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.

article thumbnail

Protecting Yourself from the Worst Happening to You Financial Program

Withum

Protecting Yourself from the worst that could happen to your finances is the subject of my 42nd annual financial program that I am presenting on Sunday at 10:00. Bad things can happen to your money, investments and financial security. Some by neglect, misjudgment, inattention or inaction and some by theft and cyber scams. Some by dishonest advisors and people who are supposed to be trusted, or by hyperinflation, government intervention in personal financial activities, unfair abruptly changing t

article thumbnail

IRS to Start Requiring Facial Recognition for Tax Transcripts and Payments

CPA Practice

That verification requirement will soon be required for all taxpayers to view other personal tax documents on the IRS website. Although ID.me is widely-used, including by other government entities, and is generally considered secure, the thought of.

tax 89

More Trending

article thumbnail

The Top 10 HR Compliance Issues of 2022

CPA Practice

From safety to tech, taxes and marijuana, the regulatory compliance experts at Paychex have developed a list of the top issues business owners and managers should keep up on as they run their businesses and manage the impacts of the COVID-19 pandemic.

tax 81
article thumbnail

The Changing Face of the CPA Profession

Accounting Web

Team The Changing Face of the CPA Profession.

cpa 103
article thumbnail

States Look at Taxing the Metaverse, But What is It?

CPA Practice

Sales transactions are presumed taxable in states with a sales tax (unless there’s a specific exemption or exclusion), most states haven’t yet clarified which sales tax laws apply to sales made in the metaverse. When will they start?

tax 81
article thumbnail

How does Accounting Automation help to know your Profit?

Simple Accounts

Running a business is not an easy task; it takes constant and diligent effort. We have seen businesses failing due to a number of issues. Damage can also be caused by a failure to analyze profit or loss over a given time period. Do you think your firm will succeed if you don’t have a solid accounting system in place? Accounting is a necessary component of any business.

account 52
article thumbnail

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

article thumbnail

Technological Advancements Continue to Change the Way Tax Pros Work

CPA Practice

As we start the 2022 tax filing season, the future of work continues to be a topic of discussion among not only the tax and accounting profession, but globally, in every industry. The pandemic has changed how everyone works, lives and everything in.

tax 81
article thumbnail

Chicago “Joint Readiness Summit” This Fri 2/4 – Small Biz Funding Opportunities

Nancy McClelland, LLC

From Chicago Business Affairs & Consumer Protection — JOINT READINESS SUMMIT: This Friday, February 4 from 9:00AM to 4:00PM. Join the City of Chicago, Cook County, and State of Illinois leaders as well as other experts to learn about what it takes to be “ready” to apply for grants and contracts funded by American Rescue Plan Act (ARPA) and other economic recovery funding streams.

article thumbnail

Will 2022 Income Tax Refunds be Smaller and Later?

CPA Practice

While returns are usually due April 15, this year that day falls on a Friday District of Columbia holiday, postponing the deadline to April 18 for most. Taxpayers in Maine and Massachusetts have until April 19 thanks to the Patriots’ Day holiday in.

article thumbnail

Paperwork Requirements for Section 1244 Shares

Accounting Web

Tax Paperwork Requirements for Section 1244 Shares.

tax 91
article thumbnail

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.

article thumbnail

AICPA Asks IRS to ‘Do More’ for Taxpayer Relief

CPA Practice

"The AICPA is calling on the IRS to do more than simply state the obvious – taxpayers and practitioners deserve solutions. We urge Members of Congress to join us in this effort.”.

tax 75
article thumbnail

Be Generous

RitaKeller

“You cannot do a kindness too soon because you never know how soon it will be too late.” —Ralph Waldo Emerson. Sometimes I am puzzled by CPA firms. I know, you are probably laughing out loud right now! After so many years working with CPA firms, you would think I would have a complete understanding of what makes CPA leaders tick. I guess it could be described this way: I know how they think and what they think but sometimes it amazes me WHY they think the way they do.

article thumbnail

List of State Income Tax Deadlines for 2022

CPA Practice

The deadline for most Americans to file their federal tax returns in 2022 is April 18, instead of the usual April 15 date. This is because of a holiday recognized in the nation's capital. Most states that have their own income tax reporting.

article thumbnail

How To Connect Dear Inventory to Power BI Desktop

Acterys

DEAR Inventory is an incredible order and inventory management platform designed to provide complete back-end management solutions for small and medium-sized businesses, especially manufacturers and ecommerce retailers and wholesalers. It helps businesses build automated processes to manage inventory and orders, provides modules for accurate accounting and reporting, and ensures greater productivity and smarter decisions through near real-time data for sales, inventory, and finance.

NetSuite 130
article thumbnail

Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

article thumbnail

IRS to Track Business Payments Through PayPal, Venmo, Zelle

CPA Practice

If your small business receives payments from Venmo, PayPal or other third-party networks, you could be in for a rude surprise next year. Under a little-publicized provision in the American Rescue Plan Act (ARPA), providers must begin reporting to the.

tax 76
article thumbnail

How procurement and supply chains drive corporate ESG objectives

ThomsonReuters

Supply chain sourcing and management strategies are taking center stage as corporate stakeholders — including customers, employees, investors, and government regulators — push companies with global supply chains to make progress on their global Environmental, Social and Governance (ESG) commitments. Reuters Events and Thomson Reuters ONESOURCE explored the pivotal role of procurement and supply chain professionals during the recent virtual event, “ Powering Your ESG Strategy through Sourcing an

article thumbnail

The Top 10 IRS Criminal Cases of 2021

CPA Practice

The IRS Criminal Investigation division began counting down the top 10 cases for calendar year 2021 on its Twitter account on Jan. 3. These cases include the agency’s most prominent and high-profile investigations of 2021.

account 75
article thumbnail

Filing Your Schedule C: A Simple Guide

xendoo

Are you a small business owner? If so, you may be looking for advice on filing your Schedule C. The IRS Schedule C is used by sole proprietors and single-owner LLCs to report your small business taxes and is part of your personal tax return. We understand that business taxes can seem confusing, if not overwhelming. That’s why we’re here to help you with filing your Schedule C so you can stay in compliance and get back to business.

article thumbnail

Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.

article thumbnail

The Benefits of Owning a Small Firm

CPA Practice

In the tax and accounting space, there are often questions asked about owning a small firm versus working at a big one. I’m here to talk about the benefits of owning a small firm and what decisions you are able to make as the owner that have lasting.

tax 75
article thumbnail

9 New Year’s Resolutions for CPAs

CPA Practice

Setting your sights on achievable goals is critical to success. A few well-crafted goals will give CPAs a path to follow to make personal and professional improvements. Here are a few objectives to aim for this year and into the future.

cpas 75
article thumbnail

Cryptocurrency Considerations for CPAs

CPA Practice

Cryptocurrency is becoming increasingly popular as a payment method and investment opportunity, which means CPAs will be dealing with this technology more frequently. CPAs must become cryptocurrency experts to protect their clients’ assets and ensure.

cpas 75
article thumbnail

Employers Must File W2 Forms by January 31

CPA Practice

A 2015 law made it a permanent requirement that employers file copies of their Form W-2, Wage and Tax Statements, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by January 31.

tax 75
article thumbnail

Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

article thumbnail

IRS to Start Accepting Tax Returns on Jan. 24, 2022

CPA Practice

The filing deadline to submit 2021 tax returns or an extension to file and pay tax owed is Monday, April 18, 2022, for most taxpayers. By law, Washington, D.C., holidays impact tax deadlines for everyone in the same way federal holidays do.

article thumbnail

New U.S. Quarter Coins to Feature Maya Angelou, Sally Ride and Other Historic Women

CPA Practice

The United States Mint has begun shipping the first coins in the American Women Quarters (AWQ) Program. These circulating quarters honoring Maya Angelou are manufactured at the Mint facilities in Philadelphia and Denver.

article thumbnail

Two New Fintech Solutions Give Your Clients Faster Access to Money

CPA Practice

Intuit QuickBooks has announced two new products that provide small businesses and their employees faster access to their money, plus greater cash flow flexibility so they can succeed and prosper: QuickBooks Get Paid Upfront and QuickBooks Early Pay.

article thumbnail

2 Firms + 1 Merger = One Firm Culture

CPA Practice

Although the payoff of a merger can be great, it can also be high risk, not just in a financial sense. To make the merger successful, both firms need to do a great deal of planning around integrating company culture.

75
article thumbnail

How CPA Firms Can Profit From Payroll Services Without the Extra Work

"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.