April, 2022

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What’s new for state sales and use taxes

TaxConnex

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.

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What to Know if Your Business Barters

RogerRossmeisl

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.

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Top Ten: Why email makes accountants’ lives difficult

Lockstep

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.

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When Should My Startup Raise Series A Funding?

BurklandAssociates

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.

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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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IRS Tax Representation Help in Connecticut

MyIRSRelief

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!

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How to Overcome Accounting Challenges Most Small Businesses Face

VetCPA

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.

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When Inheriting Money, Be Aware of “Income in Respect of a Decedent” Issues

RogerRossmeisl

Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of property, such as IRAs or other retirement plans. Fortunately, there may be ways to minimize or even eliminate the IRD tax bite. Basic rules For the most part, property you inherit isn’t included in your income for tax purposes.

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2022 Pocket Tax Guide

Withum

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.

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Six Key Things Crypto Startups Should Know About Finance

BurklandAssociates

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.

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Free Small Business Expense Tracking Spreadsheet

xendoo

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.

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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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IRS Information Letter Explains Requirements for Expenses to Qualify as Medical Care

ThomsonReuters

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.

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Crypto, NFTs and sales tax: What we know so far

TaxConnex

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.

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2022 Q2 Tax Calendar: Key Deadlines for Businesses

RogerRossmeisl

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

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How Paying Off Your Student Loans Could Increase Your Retirement Benefits

Withum

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.

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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.

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Sales & Operations Planning (S&OP) Process for Startups

BurklandAssociates

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.

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Ethical Considerations for Tax Professionals: Standards and Penalties for Tax Positions

CTP

When tax professionals prepare a tax return, they are typically aiming for the return to be correct “beyond a reasonable doubt.” However, this is hardly a black-and-white matter. In the eyes of tax law, the reality is that almost nothing can be dubbed “always correct” or “always incorrect.” Rather, tax professionals must learn to navigate a world of gray.

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Are Employer-Paid Retirement Planning Services Taxable?

ThomsonReuters

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?

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The new breed of audit

TaxConnex

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.

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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.

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Preventing and Detecting Fraud in the C-Suite

RogerRossmeisl

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.

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Congress Set to Replenish the Restaurant Revitalization Fund

Withum

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.

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Cash Management & Supply Chain Challenges of Startups

BurklandAssociates

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.

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Accounting Advisory Services: The 2022 Guide

Ryan Lazanis

This is my complete guide for accounting advisory services in 2022. In this guide, I’ll review: What accounting advisory services are. Why your firm should offer them. The top advisory services to offer in 2022. So if you’re looking to offer advisory services in 2022, you’ll want to check out this guide. Let’s get started! Table of Contents.

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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.

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Avoid burnout before you’re already burned out

ThomsonReuters

Tax season is a stressful time of year for anyone who works at an accounting firm. Burnout is commonplace and sometimes it’s hard to get back into the swing of things when the busy season dies down. From the time tax season starts to when it ends, many professionals find they’re burning the candle at both ends, missing valuable time with their families, and giving their all to their clients.

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The Risks and Repercussions of Non-Compliance

TaxConnex

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.

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Lost Your Job? Here are the Tax Aspects of an Employee Termination

RogerRossmeisl

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.

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They’ve Got Mail: IRS Suspends Mailing Notices Until After It Opens Its Own Mail

Withum

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.

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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.

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The Best Tips for Inventory Management for Small Business

Snyder

When you have a successful business , it’s important to be able to track and manage your physical goods, and inventory management will help you with that. Whether you’re just starting out or have been in the game for a while, good inventory management for small businesses will maximize your profits and minimize expenses. The goal of inventory management is to ensure that you have the products that your customers want and are able to deliver them without any trouble.

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Rental Property Income Tax: Why Active or Material Participation Matters

Anders CPA

Owning rental real estate can be a great supplemental source of income in addition to a normal day job. What is most commonly misunderstood about this type of investment is how an individual can treat the income and or losses for tax purposes. Determining your level of involvement is key to the tax treatment of the income/losses that the real estate generates.

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4 steps to evaluate and improve your firm’s accounting software

ThomsonReuters

Tax and accounting firms of all sizes need dependable systems and procedures to deliver the best value to their clients. Finding the right accounting software for your firm will keep business records organized, improve operational efficiency, identify areas for improvement, and help you manage growth over time. As technology changes the accounting world, it’s more important than ever to modernize operations and prioritize a technology roadmap for your firm’s future. 4 key steps to ev

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The Evolving Taxability of SaaS

TaxConnex

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.

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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.