December, 2021

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Handling Sales Tax In-House: The Job Market Challenge

TaxConnex

Staying on top of the ever-evolving sales tax landscape takes constant time and attention. Many companies believe this is something they can manage in-house, though the current job market might make that difficult, if not impossible. Teams are leaner than ever as existing employees quit, and new ones are harder to find. What should you know, what should you look for, and what are your options?

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Growing Your Accounting Firm… Without Hiring

PANALITIX

RESOURCES / ARTICLES. Growing Your Accounting Firm… Without Hiring. It’s good news that many Panalitix clients have grown their businesses this year and want to expand in the next 12 months. However, hiring new employees to fuel that growth is proving to be a challenge. Here’s an excerpt from a recent conversation about the growth challenges and opportunities ahead: Panalitix: What are your business goals next year?

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New Digital Asset Reporting Requirements are Coming

RogerRossmeisl

The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Existing reporting rules If you have a stock brokerage account, whenever you sell stock or other securities, you receive a Form 1099-B after the end of the year.

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2021 Favorites from Burkland’s Blog for Startups & Investors

BurklandAssociates

As we get ready to head into 2022, Burkland is ending this year by looking back at six of our readers’ favorite blog posts from 2021. These articles are selected Read More. The post 2021 Favorites from Burkland’s Blog for Startups & Investors appeared first on Burkland.

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AI In Accounting: A Practical Roadmap For Smarter AP

Speaker: Gerald Ratigan

The accounts payable (AP) function is evolving and AI is leading the charge. As finance teams face rising invoice volumes and expectations for speed and accuracy, AI-powered automation has shifted from a futuristic concept to the most practical solution. But for finance leaders, success isn’t just about selecting the right tools, it’s about implementing the right strategy.

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Your Tax Audit and the Possibility of Tax Fraud

Withum

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IRS Releases 2021 Form 2441 and Instructions for Reporting Child and Dependent Care Expenses

ThomsonReuters

IRS Form 2441. Instructions. The IRS has released Form 2441 (Child and Dependent Care Expenses) and its accompanying instructions for the 2021 tax year. Taxpayers file Form 2441 with Form 1040 to determine the amount of their available dependent care tax credit (DCTC), and DCAP participants must file it with Form 1040 to support the income exclusion for their DCAP reimbursements.

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Get to Know Social Security Tax Inside and Out Before Writing That Paycheck

Patriot Software

Employers are responsible for withholding, remitting, and filing payroll taxes on behalf of their employees. And, there are some taxes you contribute on behalf of your employees. Social Security tax is one of those essential taxes that impacts both the employer and the employee. Keep reading to find out the answers to questions like: What […] READ MORE.

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Providing a Company Car? Here’s How Taxes are Handled

RogerRossmeisl

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the non-tax benefit of getting a company car.) Plus, current tax law and IRS rules make the benefit even better than it was in the past.

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Inside Highlights from Burkland’s #CFO Slack Channel

BurklandAssociates

Highlights from a few of 2021’s most relevant and thought-provoking knowledgeshare discussions. The post Inside Highlights from Burkland’s #CFO Slack Channel appeared first on Burkland.

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Net Operating Losses: 100% Of The Time, They Work 80% Of The Time…

Withum

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Stop Budget Burnout: A Better Way to Grow Your Nonprofit in 2026

Speaker: Sean Yoder

Nonprofits are under more pressure than ever to demonstrate financial accountability while continuing to expand their impact. Traditional budgeting models often fall short, reinforcing silos, limiting flexibility, and stalling growth. Enter collaborative budgeting: a dynamic, team-driven process that enables smarter resource allocation and builds financial resilience at scale.

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Netsuite vs. Quickbooks: Accounting Software Comparison

inDinero Accounting

Credit: Lukas Blazek. Running your own business can be rewarding, but it also requires a wide range of skills. One of the most critical aspects of running your own business is accounting. Unfortunately, not every business owner has the energy or knowledge to decide between cash vs. accrual or Netsuite vs. Quickbooks. That’s why 71% of businesses rely on outsourced accounting to help them track their financial data.

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Holiday Sales, Increased eCommerce Activity - and Sales Tax Obligations

TaxConnex

It looks like another banner year for eCommerce and online shopping this holiday season. And that means that more companies may find themselves with new sales tax obligations. Online shopping from Thanksgiving through Cyber Monday (Nov. 29) this year did fall short of 2020’s total; observers said this might have been because shoppers, fearing supply chain problems, began hitting the buy button earlier in the holiday shopping season.

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Employment Tax Help – Key Reasons to Hire an Employment Tax Professional

MyIRSRelief

With tax season now right around the corner, it’s more important than ever to get your accounts and payroll 941/940 tax returns in order, rather than potentially find yourself staring down the wrong end of a substantial penalty from the Internal Revenue Service. Each year, countless business owners and taxpayers alike seek out employment tax help from tax professionals, EA, CPA, Attorney as understanding how employment tax works can be tricky and complex.

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Managing Third-Party Contractor Risk

RogerRossmeisl

Companies of all sizes routinely outsource work to third-party contractors. Yet, each third-party hire comes with risk. Whether deliberate or unintentional, a third party’s actions can cost you money and harm your company’s reputation — particularly if they violate laws and regulations. Here’s how to contain possible threats. Potential problems Suppose your company employs an overseas trucking company to transport goods from a port to a customer’s warehouse.

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Why Tech-Forward Tax and Accounting Firms Have the Inside Track to the Future

Speaker: Joe Wroblewski, Sales Engineer Manager

Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te

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Cybersecurity: Why it is Important & How it Can Give Startups a Competitive Edge

BurklandAssociates

Recent news reports have revealed that cybercriminals are monitoring deal flow announcements and targeting affiliated startups. Moreover, according to stats, 50% of successful cyber attacks target small businesses. These days, Read More. The post Cybersecurity: Why it is Important & How it Can Give Startups a Competitive Edge appeared first on Burkland.

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Hopes For SALT Deduction Relief Rest In The Senate

Withum

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Gaining More Value with Virtual Accounting

AccountingDepartment

The end of the year is a great time to review your accounting practices. You might want to make changes before the new fiscal year or tax year starts. You might also just have more time available as business slows for the holidays. Here are some of the ways you can benefit from outsourced accounting services. Virtual Accounting Is More Than a CPA. Many smaller businesses only have a CPA that handles their tax return.

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Risks of Non-Compliance

TaxConnex

Rolling the dice with sales tax compliance can backfire in a big way. And there are several examples that take this to the extreme. Keep reading to see some recent sales tax missteps that had big costs. Tax air-or. New York: A Long Island provider of self-service, coin-operated air machines to inflate car tires has been socked with a $4.25 million penalty for failing to pay sales tax on air-inflation services, as well as for tax avoidance schemes by underreporting sales and paying workers off th

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Live Demo - Supercharge your Month End Close

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i

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IRS Announces 2022 Standard Mileage Rates and Vehicle Value Limitations

ThomsonReuters

IRS Notice 2022-03 (Dec. 17, 2021); IRS News Release IR-2021-251 (Dec. 17, 2021). Notice. News Release. The IRS has announced the 2022 standard mileage rates for business, medical, and other uses of an automobile, and the 2022 vehicle values that limit the application of certain rules for valuing an automobile’s use. For 2022, the business standard mileage rate is 58.5 cents per mile (a 2.5 cent increase from the 56 cents rate for 2021), and the rate when an automobile is used to obtain medical

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There May Still Be Time to Cut Your Small Business 2021 Taxes

RogerRossmeisl

Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies. Purchase assets Thinking about buying new or used equipment, machinery or office equipment in the new year? Buy them and place them in service by December 31, and you can deduct 100% of the cost as bonus depreciation.

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The 3 Ps of Revenue Quality for SaaS Startups

BurklandAssociates

Ask a founder or investor what drives value in an early-stage SaaS business, and “revenue growth” is probably the consensus answer – essentially, quantity of revenue. Everyone wants that hockey Read More. The post The 3 Ps of Revenue Quality for SaaS Startups appeared first on Burkland.

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Finding Strength in the Family Ecosystem

Withum

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Mid-Year Review: How to Ignite Employee Potential Through Meaningful Feedback

Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.

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Happy Holidays from AccountingDepartment.com!

AccountingDepartment

2021 has been an exciting year and to round it out, AccountingDepartment.com Co-founders, Dennis & Bill, and the entire team at AccountingDepartment.com put together a short video for you, wishing you happy holidays, and discussing what you can expect for 2022 and beyond!

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Sales Tax Obligations for Manufacturers and Wholesalers, Part 2: Monitoring Nexus Thresholds on Sales From Your Own Website

TaxConnex

Wholesalers and manufacturers/distributors have some big advantages regarding sales tax compliance – but they can also have hidden obligations. Wholesalers generally don’t sell to the public but there are times, especially within the last few years, where many wholesalers have added shopping carts to their own websites to catch the small number of consumers that may want to shop direct.

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Financial Management End-of-Year Checklist for Nonprofit Leaders

GrowthForceBlog

7 min read. Every time December rolls around, it's always hard to believe yet another year has gone by. And with the demanding schedule of running a nonprofit, we wouldn't be surprised if you feel like you only just addressed your year-end housekeeping for last year!

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3 Ideas That May Help Cut Your Year-End Tax Bill

RogerRossmeisl

If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end. 1. Accelerate deductions/defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage interest deduction. So, if you make your January 2022 payment in December, you can deduct the interest portion on your 2021 tax return (assuming you itemize).

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Your Accounting Expertise Will Only Get You So Far: What Really Matters

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. 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 (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). 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.

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2022 Best Tech Startups in Fort Lauderdale

xendoo

The Tech Tribune staff has compiled once again the very best tech startups in Fort Lauderdale, Florida. In their research, they considered several factors including but not limited to: revenue potential, leadership team, brand/product traction, and competitive landscape. Congratulations to all companies nominated. It is an honor to be part of the growing South Florida Tech Scene!

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Retirement Plan Limits

Withum

There are many types of IRS approved retirement plans that could benefit employees, the self-employed and small businesses and its employees. Following is a listing of the more popular plans and the 2021 and 2022 contribution limits.

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The Virtual Workplace Is Here To Stay

AccountingDepartment

For years, remote work was the exception. Even though virtual work was trending up before COVID-19, it was still solidly in the minority. It was something that was only part-time or used in special circumstances. After the global pandemic forced as many companies that could to at least temporarily shift their operations away from the traditional office, the virtual workplace is here to stay.

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What's New in 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. Blue bayou: Sales tax won’t be getting simpler in Louisiana any time soon. Voters have defeated an amendment that would have authorized a new commission to work on simplified electronic filing and remittance for all the state’s many sales and use taxes (each parish currently can have their own rules and tax rates).

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How To Overcome Change Fatigue In Finance With Neuroscience-Backed Strategies

Speaker: Kim Beynon, CPA, CGMA, PMP

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.