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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. Give us a break. Inflation and other spiraling prices have driven states’ lawmakers to consider relief via sales and other taxes. Florida seems to be leading the way, proposing sales tax holidays and other short- and long-term tax relief on a broad range of products.
In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of trade and the internet has made it easier to engage with other businesses. But if your business gets involved in bartering, be aware that the fair market value of goods that you receive in bartering is taxable income.
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.
Your startup should raise Series A funding once you’re beyond the MVP stage, have a proven product-market fit, and are ready to accelerate growth. The post When Should My Startup Raise Series A Funding? appeared first on Burkland.
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.
The goal of minimizing tax liability likely drives a desire to discover new advantages in the tax law. If this sounds familiar to you, when planning for the upcoming tax year, a great place to start is with the basics. We can help. As you navigate our complicated tax code, you need a partner and important information in order to make the appropriate adjustments.
If you are an individual or a business taxpayer who is facing tax problems, you can end your nightmare now. Our tax firm assists, helps and represents taxpayers facing tax problems such as unfiled tax returns, unpaid delinquent back taxes, IRS and state audits , payroll 941/940 problems, tax levies, liens, garnishments and other collection issues. Get tax relief representation and complete resolution today!
Sales tax has a universe of changing conditions. Now we can add more: cryptocurrency (such as bitcoin) and what seems to be its cousin, non-fungible tokens (NFTs). Already the IRS is turning a bright light on these assets as more transactions take place in a virtual world. What are the sales tax ramifications? Few know for sure – yet. Big, and getting bigger.
Sales tax has a universe of changing conditions. Now we can add more: cryptocurrency (such as bitcoin) and what seems to be its cousin, non-fungible tokens (NFTs). Already the IRS is turning a bright light on these assets as more transactions take place in a virtual world. What are the sales tax ramifications? Few know for sure – yet. Big, and getting bigger.
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. 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. April 18 If you’re a calendar-year corporation, file a 2021 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any
Perhaps the number one action you can take to support the financial health of your small business is to stay on top of accounting. Make sure you’re aware of most small businesses’ accounting challenges and learn how to overcome them. We’ll tell you how here! Banking. You’ve been banking for years, and you know how to manage the task.
The last two years have seen explosive growth in the number and size of crypto startups. The startup ecosystem experiences the normal ebbs and flows of mood and macroeconomics over Read More. The post Six Key Things Crypto Startups Should Know About Finance appeared first on Burkland.
The House recently passed H.R. 2954 Securing a Strong Retirement Act , being referred to as the SECURE 2.0 Act, which has overwhelming bi-partisan support, with a vote of 414 in favor and only 5 opposing. The Act includes a great benefit for those individuals who are working on paying off their student loan debt but have limited resources to invest towards retirement.
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.
Small business expense tracking can be a tedious task. But, it’s one that all companies–from “mom and pop” shops to international enterprises–must do. Fortunately, business expense tracking apps make the job easier. If you have a business with many employees, sales, and tax considerations, an app is ideal. For some small businesses, however, paying a subscription fee for an expense tracker may not be feasible in the beginning.
Federal Income Tax Day, April 18 th , looms large in everybody’s mind right now. Too bad sales tax doesn’t come with a deadline that simple. State sales tax filing obligations come in a dizzying number of deadlines for you to follow (potentially with bad consequences if you don’t). And generally, the higher the volume of tax you’ll be reporting, the more often you have to file.
Executives often receive lucrative compensation packages. But for some, it isn’t enough and they engage in illegal activities to line their own pockets. The Association of Certified Fraud Examiners (ACFE) has found that owners and executives commit 20% of occupational fraud. However, they’re responsible for the largest median loss of $600,000. (In comparison, rank-and-file employees who steal are responsible for a median loss of just $60,000.
In November of 2021, Miami, Florida Mayor Francis Suarez responded to a tweet that asked who would be the first U.S. politician to receive their first paycheck in Bitcoin. “I’m going to receive my next paycheck 100% in Bitcoin,” Suarez wrote. Recently elected New York City Mayor Eric Adams added to the tweet responses on November 4, 2021, by writing that he would receive his first three paychecks via Bitcoin after being sworn in as mayor.
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.
This article is the second installment of a two-part series on supply chain challenges and Sales & Operations Planning (S&OP) for startups. In last week’s article we examined cash management Read More. The post Sales & Operations Planning (S&OP) Process for Startups appeared first on Burkland.
On Thursday the House passed H.R. 3807 , Relief for Restaurants and other Hard Hit Small Businesses Act of 2022, which would add an additional $42 billion to the Restaurant Revitalization Fund (RRF) and fund $18 billion to a newly created Hard Hit Industries Award Program (HHIAP). If passed by the Senate, the bill would ensure funding for more than 177,000 restaurants whose applications were placed on hold when the fund was exhausted in July of 2021.
In years past, auditors could show up at your door asking to look at your records. Now that’s much less common. Usually, you learn about an audit through a notice or letter from the state or jurisdiction in question with instructions on how the audit will proceed. Many audits are conducted remotely, and an auditor never visits your office. Audits remain an important tool for tax jurisdictions to evaluate the level, or lack thereof, of sales tax compliance within a business.
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.
Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, there are tax implications due to your changed personal and professional circumstances. Depending on your situation, the tax aspects can be complex and require you to make decisions that may affect your tax picture this year and for years to come.
IRS Information Letter 2022-0005 (Feb. 25, 2022). Available at [link]. The IRS has released an information letter regarding the requirements for expenses to qualify as medical care under Code § 213. The letter responds to a request for guidance on when the cost of health and wellness coaching is medical care that can be reimbursed under health FSAs, HSAs, and other tax-favored accounts.
This article is the first installment of a two-part series on cash management and supply chain challenges of startups. Check back next week for the second installment, where we’ll explore Read More. The post Cash Management & Supply Chain Challenges of Startups appeared first on Burkland.
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.
Amending and or correcting a US individual 1040 income tax return (1040X), there are many reasons to do so: correcting filing status of the taxpayers, which if not corrected, would result in incorrect total income reported, tax deductions and tax credits. Taxpayers should timely correct and amend their personal tax returns to assure inaccuracy of penalties being assessed, and of course to avoid a possible audit and its significant impact on you the taxpayer, if located in Los Angeles, CA or othe
Not paying attention to your sales tax obligations is never wise. True, it’s a relatively new requirement to collect sales and use tax from remote customers, but it’s one the taxman has always taken seriously from businesses – and that seriousness is only intensifying. It’s also mostly up to you to determine your sales tax obligation, and the rules for complying change frequently.
QUESTION: Our company has always shied away from providing advice to participants regarding their personal retirement planning. We are concerned, however, that employees may not have sufficient information and professional advice to make good retirement planning decisions, so we would like to start making retirement planning services available. If we do, will those services be taxable, adding to our cost and administrative burden?
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.
The last of the Big 4 to be ranked in the 2022 Fortune BCTWF and the one that took the biggest drop over the last year is the proudest and trustiest firm of them all, PwC. Fortune doesn’t reveal why a particular company fell so many spots in its ranking from one year to the next, so why the best public accounting firm to work at dropped 25 positions from 2021 to 2022 is anyone’s guess.
On Friday, March 25, 2022, the IRS announced that it will suspend sending the notices that they generally mail to tax-exempt organizations resulting from what its systems believe is the late filing of tax returns. The IRS explained that the suspension of notices results from it not yet processing millions of tax returns, many of which were timely filed, and other pieces of mail, resulting from erroneous notices.
3 min read. Since 2009, 2,600 Coachella Valley students have been awarded more than $16 million from OneFuture Coachella Valley and its nonprofit partners.
Tangible personal property has historically been subject to the collection and remittance of sales tax while many services have been non-taxable (or exempt). More and more services are becoming taxable and represent a potential big wave of tax changes and updates in the years ahead. If your business sells?software or software-as-a-service?(SaaS), you deal with one of the most complex sales tax situations today.
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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