October, 2021

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How to Respond to Sales Tax Notices

TaxConnex

You may think your business is in full compliance with your sales tax obligations nationwide – and you may well be – but America’s 10,000-plus sales tax jurisdictions love to send notices. And without the right correspondence or adjustments due to these notices, you could be in hot water. These days, notices may arrive in snail mail, show up in your email inbox, or simply be posted to your account on the jurisdiction’s website.

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Key Q4 2021 Tax Deadlines for Businesses

RogerRossmeisl

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth 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. Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have a business in federally declared disaster areas.

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Matching Bank Feeds in QuickBooks

SMBAccountant

In QuickBooks Online and Desktop, the Bank Feed is a nifty tool for importing transactions directly from your bank. Each transaction that the bank processes will show up in QuickBooks for you to categorize into the proper Income, Expense, or Balance Sheet account. What happens when a transaction in your Bank Feed has already been recorded directly through QuickBooks, like invoices you added to Accounts Receivable or a bill you wanted to show in Accounts Payable?

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Improving Diversity in the Venture Capital Landscape with Diversity VC

BurklandAssociates

Sarah Millar, US Director of Diversity VC and Principal at City Light Capital, joined us for a recent episode of Startup Success. We discussed the ways Diversity VC helps venture Read More. The post Improving Diversity in the Venture Capital Landscape with Diversity VC 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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Designing Your Firm… So It’s Not Reliant On You

PANALITIX

RESOURCES / ARTICLES. Designing Your Firm… so it’s not reliant on you. Being a slave to your accounting business is not a desirable situation and causes stress on you and your colleagues. Building a business which can scale and is not dependent on the owner(s) is a matter of Organizational Design. For tips on building a scalable business, read on. .

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Who Were the Best Presidents in Your Lifetime?

Withum

Who were the best United States Presidents in your lifetime? If you are age 80, there were 15 presidents from FDR through Joseph Biden. If you are age 30, the list starts at George H.W. Bush and there are six to choose from. Among the 15 was a president who died, an assassinated president, one who resigned, one who was not elected to that office, and one who was shot.

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New Per Diem Business Travel Rates Became Effective on October 1

RogerRossmeisl

Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home. (Taxpayers in the transportation industry can use a special transportation industry rate.

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IRS Federal Tax Credits – Different Types of Tax Credits

MyIRSRelief

If you had the opportunity to receive a refund from the IRS or pay less tax legally than you thought you had to, would you take the opportunity or just let it pass you by? 9.9 times out of 10, you’d jump at the opportunity, and why wouldn’t you? Despite there being numerous ways of paying the IRS fewer taxes, and indeed, of claiming back taxes and expenses that you weren’t aware you could, it turns out that every year, countless US citizens across the nation pass up these very opportunities by f

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Strategic HR for Startups: Wins to Focus on Right Now

BurklandAssociates

When it comes to HR and People Operations, you’ve probably enacted your first tactical steps around payroll and tax compliance in each state where you have employees. But have you Read More. The post Strategic HR for Startups: Wins to Focus on Right Now appeared first on Burkland.

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Keep Going: Claudia’s Story

MazumaBusinessAccounting

When the financial crisis hit in 2007, Claudia McKinney had no way of knowing it would mark the start of her new career. Nothing good—in her own family or across the nation—seemed to be coming from the economic slump. “My husband’s business suffered tremendously,” McKinney states. “And it went under.” In addition to their source of income, the McKinney’s lost their house.

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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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What is Tulipomania?

Withum

Tulipomania refers to a speculative bubble that took place in the 17th century Dutch Republic (today’s the Netherlands) that collapsed in February 1637. This was caused by the frenzied fury of Dutch investors buying tulip bulbs and pushing the prices higher and higher until, suddenly, the buying stopped.

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Understanding Your Sales Tax Obligations As an E-Commerce Business – a Checklist

TaxConnex

Sales and use tax generally applies to the sale or use of tangible personal property (TPP) and certain services. For most brick-and-mortar retail stores, sales tax is relatively simple, but what happens when you open an online store? Whether you’re selling tangible personal property or other taxable materials online, your sales tax obligations have changed considerably over the last few years with the introduction of economic nexus.

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Actively Look for Fraud and Reduce Financial Losses

RogerRossmeisl

The Association of Certified Fraud Examiners’ (ACFE’s) Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse provides ample evidence that some fraud detection methods are better than others. In general, passive methods, such as accidental discovery or notification by police, coincide with longer-running schemes and higher financial costs.

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SSA Announces Social Security Taxable Wage Base for 2022

ThomsonReuters

SSA Press Release: Social Security Announces 5.9 Percent Benefit Increase for 2022 (Oct. 13, 2021). Available at [link]. The Social Security Administration (SSA) has announced the annual cost-of-living adjustment to the maximum amount of earnings subject to Social Security tax (i.e., the taxable wage base). For 2022, that amount will be $147,000 (up from $142,800 for 2021).

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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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PEO for Startups: Save Costs & Improve Benefits

BurklandAssociates

What is a PEO? A Professional Employer Organization (PEO) allows its participants to outsource many of their human resource functions, share employment liability, and, often, gain economies of scale to Read More. The post PEO for Startups: Save Costs & Improve Benefits appeared first on Burkland.

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Learn When Your Should Outsource Your Accounting

xendoo

Business owners have a ton of demands on their plate, from bringing on the right staff members to marketing their products and working to improve the customer experience. But as your business starts to take off, it can leave you with a difficult choice. Should you focus on growing your core business or continue to focus on the administrative side, like managing your accounting and bookkeeping needs?

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Find Out If You Stay Out of The Stock Market Because You Don’t “Gamble”

Withum

Many people do not invest in the stock market because they think it is gambling and they do not “gamble.” Here are some scenarios to explore to determine if you are a gambler.

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Top Skills Needed to Manage Sales Tax

TaxConnex

The majority of businesses still manage their sales tax obligations with internal staff, but do they have what it takes to manage sales tax effectively? Most businesses don’t have the internal expertise to accurately manage it in-house, especially in the current work environment where finding and keeping the best talent is difficult at best. Sales tax compliance involves everything from determining if your company is obligated to collect and remit sales tax in a jurisdiction (aka nexus) and moni

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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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Tax Implications of Donating Artwork to Charity

RogerRossmeisl

If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer to that question can be complex because several different tax rules may come into play with such contributions. A charitable contribution of a work of art is subject to reduction if the charity’s use of the work of art is unrelated to the purpose or function that’s the basis for its qualification as a tax-exempt organization.

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Plan’s Anti-Assignment Clause Blocks Provider’s Lawsuit for Benefits

ThomsonReuters

Alkon v. Cigna Health and Life Ins. Co., 2021 WL 3362562 (D. N.J. 2021). An out-of-network health care provider performed surgery on a participant in an ERISA health plan. After receiving payment for less than 1% of the billed charges and unsuccessfully seeking additional reimbursement using the plan’s internal claims process, the provider sued the plan and its claims administrator.

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Everybody Wins When AI & People Collaborate in the Workplace

BurklandAssociates

This is a joint article by Jeff Burkland, founder of Burkland Associates and Abhinav Agrawal, Co-founder & CEO of Rocket. It was originally published on Medium. The robots are coming! Read More. The post Everybody Wins When AI & People Collaborate in the Workplace appeared first on Burkland.

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Keep Going: Tyson’s Story

MazumaBusinessAccounting

When Tyson Harvey offered to take over a skydiving center in Snohomish, Washington , there was only one problem—he had never been skydiving. Aviation is a staple in the Harvey family, who own and operate Harvey Airfield. “My whole life I have grown up on the airport,” Tyson says. But he admits he considered skydiving as an “aviation sideshow.” But when the owner of the Snohomish skydiving center became ill, the skydiving community begged the Harvey family to keep the oppo

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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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3 Tips for Catching Up Your Books

xendoo

Falling a little behind in your books is no big deal. After all, you can always catch up tomorrow, right? But how many “tomorrows” in a row does it take before you lose control over your incoming and outgoing expenses? . Before long, your overdue books are hanging over your head like that project you forgot to complete in middle school. If your hands are already sweaty from the mere thought of catching up on your books, you’re not alone.

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Name Your Sales Tax Data Files for the Long Haul

TaxConnex

When we talk with businesses about sales tax compliance, we eventually get to a discussion about preparing and filing returns. Many times, this starts with “how hard can it be”. “It’s just putting numbers on a form”. However, I encourage businesses to consider the myriad aspects that need to be managed including updating your tax filing calendar, managing sales tax notices, monitoring their nexus thresholds, etc.

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The Tax Score of Winning

RogerRossmeisl

Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. Review the tax rules Whether you win online, at a casino, a bingo hall, a fantasy sports event or elsewhere, you must report 100% of your winnings as taxable income.

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Businesses, brace yourselves for the new COVID-19 vaccine mandate

ThomsonReuters

Company positions along the spectrum of vaccine mandate acceptance. The President and his administration are encouraging covered companies to jump on the vaccine mandate bandwagon immediately, as opposed to waiting for clear rules from OSHA. Some have done just that, including Tyson Foods Inc., Microsoft Corporation and The Walt Disney Company, to name a few.

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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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Partnership Tax Complications: Navigating Negative Capital Accounts and DROs

CTP

Starting with tax year 2020, the IRS is requiring partnerships to report their capital accounts using the tax basis method. Capital accounts show the equity in a partnership owned by each partner and often include initial contributions made by each partner, business profits and losses assigned to each partner, and distributions made to each partner. […].

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5 Ways to Make Halloween Candy Tax-Deductible

MazumaBusinessAccounting

Did you know you can deduct Halloween candy from your taxes? As a business, you can use Halloween candy as a tax write-off if you figure out a way to make it business-related. Here are five ways to deduct those over-priced bags of snack-size chocolates this October: Make a promotion out of it. Attach your business card or a promotional flyer to packets of M&M’s and voila!

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The Power of Diversity of Thought

RLLeaders

We live in a world of constant disruption. It interrupts and destabilizes our systems and norms, impacting individuals, organizations, and indeed, all of our society. We face cultural, environmental, and technological disruptions on a daily basis and rarely do we recognize them until they’re on our doorstep. Sometimes this is because people are willfully ignorant, trying to carry on as if the world around us isn’t rapidly evolving.

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Monthly State Sales and Use Tax Update

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. Developing updates. There are currently five states with no state-level sales tax. Might that be changing? Take a look north. Alaska has long heard rumblings of a statewide sales tax. First came the state’s Remote Seller Sales Tax Commission of municipalities banding together to tax sales.

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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.