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If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize your expenses. Here are some possible options. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities for eligible families when used to finance college: You don’t have to report the interest on the bonds for federal tax purposes until the bonds are cashed in, and Interes
Each year, many individual and business taxpayers end up owing the IRS hundreds of thousands of dollars due to not filing their taxes by the deadline or under paying them. If you have experienced back tax debt, you need to find a reliable and experienced professional who offers tax debt relief services to assist you in getting caught back up and on track as quickly as possible.
Crowdfunding allows large numbers of people to contribute relatively small amounts of money through the Internet to a given project, cause, or new business venture. Crowdfunding is a powerful form Read More. The post What Is Crowdfunding? appeared first on Burkland.
Sales tax is complex for any business selling into multiple states. But there are specific states and jurisdictions that make it extra confusing for those trying to maintain compliance. One such location is Chicago, Illinois. Chicago is a home rule city and taxes several items that are not taxable at the state level. One example is Software-as-a-Service (SaaS) which is not taxable at the state level but is taxable within the City of Chicago.
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
RESOURCES / ARTICLES. Random sales statistics, little nudges. Sometimes the biggest value of a “statistic” you happen upon is that it challenges you to think for a bit. Maybe think differently for a bit. This can be the beginning of a new habit that leads to a shift in the way you work – for the better! I came upon some “sales” statistics* on the interweb (so we know they’re legit).
As we continue to come out of the COVID-19 pandemic, you may be traveling for business again. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the business conducted out of town reasonably requires an overnight stay. Note that under the Tax Cuts and Jobs Act (TCJA) , employees can’t deduct their unreimbursed travel expenses through 2025 on their own tax returns.
As we continue to come out of the COVID-19 pandemic, you may be traveling for business again. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the business conducted out of town reasonably requires an overnight stay. Note that under the Tax Cuts and Jobs Act (TCJA) , employees can’t deduct their unreimbursed travel expenses through 2025 on their own tax returns.
When an employee leaves your business, you must follow an employee termination checklist. One of your employer responsibilities is giving terminated employees their final pay. But, how soon do you need to pay it out? Cue final paycheck laws by state. Read on to learn about (and comply with) final paycheck laws. General rules for […] READ MORE.
By now you have probably heard of the 2018 U.S. Supreme Court ruling in South Dakota v. Wayfair (“Wayfair”), which granted all 50 states the ability to reach out to Read More. The post Sales Tax on SaaS: A Checklist & State-By-State Guide for Startups appeared first on Burkland.
An exemption certificate is used to exempt an otherwise taxable transaction from sales tax. The most common exemption certificate is a resale exemption certificate (aka a resale certificate). In the absence of a valid resale certificate, an auditor is likely to assume the transaction was taxable. As a result, it’s critical for the seller to maintain copies of these resale certificates in the event of an audit.
RESOURCES / ARTICLES. Random sales statistics, little nudges. Sometimes the biggest value of a “statistic” you happen upon is that it challenges you to think for a bit. Maybe think differently for a bit. This can be the beginning of a new habit that leads to a shift in the way you work – for the better! I came upon some “sales” statistics* on the interweb (so we know they’re legit).
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Monday, August 2 Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941) and pay any tax due.
Welcome to the first in a series of articles examining areas of due diligence that can delay or derail transactions, and leave startup founders red-faced right when they want to Read More. The post Would My Startup Survive Due Diligence? Part 1: Sales Tax appeared first on Burkland.
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
For most businesses, sales tax is not a top priority. It probably doesn’t even make the top 5 list! But if not managed correctly, it can cause major headaches. Understanding the various aspects of your sales tax process is critical to minimize your risk and to keep your business on solid ground as it relates to sales tax. Now that we are three years post the Wayfair decision, and all states with a state-wide sales tax have enacted economic nexus laws, most businesses with a sales tax obligation
RESOURCES / ARTICLES. Delighting Clients. through Better Processes. Does your entire team care deeply about the wellbeing of all your clients, all the time? Are they always curious about clients, proactively looking for ways to help? If you can confidently answer ‘yes’ to these questions, you are in very fortunate (and rare) position. You probably have very high levels of client satisfaction, retention, up-selling and referrals.
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting out inconsistencies, omissions and errors in taxpayers’ records, as illustrated by one recent U.S.
Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.
Deciding whether you want to provide paid time off (PTO) is something you need to do before you hire an employee. Offering PTO also requires you to craft a policy that explains how your business treats accrued time off. But, PTO payout laws by state may restrict whether you can establish a use-it-or-lose-it policy. Sure, […] READ MORE.
Story name: Cities where small businesses have been impacted most by COVID-19 Story link: [link] Written by: Ellen Wulfhorst Ylenia Cancelli // Shutterstock Cities where small businesses have been impacted Read More. The post Cities Where Small Businesses Have Been Impacted Most by COVID-19 appeared first on Burkland.
We are very excited to announce the launch of our newly designed website. Visit us at www.taxconnex.com to check it out! After several months of hard work and dedication, we are delighted to officially announce the launch of our newly designed website. We wanted to make the new website faster, easier to navigate, and more informative , and we believe this new site achieves all these things!
If you have a cash shortage with your business, it is important to have a strategic plan to survive and reverse the shortage. If you don't have a plan in place, you could find yourself falling short on money for expenses like payroll. In order to prevent a cash flow shortage , you need to take action ahead of time. Here are a few steps you can take to prevent or survive a cash shortage flow.
Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.
Compiled annually, the “Dirty Dozen” lists a variety of common scams that taxpayers may encounter anytime but many of these schemes peak during filing season as people prepare their returns or hire someone to help with their taxes. On 6/28/21 the Internal Revenue Service, via IR 2021-135, began its “Dirty Dozen” list for 2021 with a warning for taxpayers, tax professionals and financial institutions to be on the lookout for these 12 nefarious schemes and scams.
Running your own business is rewarding, but it can also be overwhelming. There are dozens of administrative tasks to keep tabs on besides your day-to-day work. I’ve been there, and I’ve felt that nagging feeling that I am letting something important slip through the cracks. That’s why I wanted to put together these tips to help you stay on top of your finances while growing a successful business. 1.
7 min read. We've all been in meetings where no one contributes, no one takes anything away, and everyone leaves feeling a little less vibrant, having been drained of time and energy. This type of meeting is costly- and your bottom line takes the hit.
Speaker: Claire Grosjean, Global Finance & Operations Executive
Finance teams are drowning in data—but is it actually helping them spend smarter? Without the right approach, excess spending, inefficiencies, and missed opportunities continue to drain profitability. While analytics offers powerful insights, financial intelligence requires more than just numbers—it takes the right blend of automation, strategy, and human expertise.
Missouri has officially become the last state with a state-wide sales tax to enact economic nexus. T he Show Me State follows on the heels of Florida , where economic nexus kicked in as of July 1 for remote sellers and marketplace facilitators. Missouri Gov. Mike Parson has signed SB153 (combined with SB97) into law, allowing Missouri and local jurisdictions to collect use tax and, proponents say, help protect local brick-and-mortar businesses.?.
QUESTION: A few participants in our company’s health FSA told us that their doctors have started charging patients a monthly fee that is payable whether or not the patients visit the office. There is no additional charge for actual office visits. Can our health FSA reimburse this fee? ANSWER: Generally, fees of this type are not reimbursable. In our view, such fees are like insurance because they are payable whether or not medical care is provided.
Compiled annually, the “Dirty Dozen” lists a variety of common scams that taxpayers may encounter anytime but many of these schemes peak during filing season as people prepare their returns or hire someone to help with their taxes. This year’s “Dirty Dozen” will be separated into four separate categories: Pandemic-related scams like Economic Impact Payment theft (This Blog Post) Personal information cons including phishing, ransomware and phone “vishing” (See Blog P
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
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