August, 2024

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Navigating Current and Future IRS Changes

Insightful Accountant

Current IRS focus areas include renewable energy tax credits, corporate stock repurchase taxes, and cryptocurrency transactions. But, with the upcoming election, accountants and tax professionals are anticipating more widespread regulatory changes.

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Sales tax and agriculture | TaxConnex

TaxConnex

Many industries come with confusing sales tax complexities. So does agriculture, and several aspects make this industry trickier than others for sales tax. Here are points to keep in mind regarding sales tax and agriculture. Laws vary by state Sales tax changed dramatically in 2018 with the Supreme Court Wayfair decision in a case that greenlighted states mandating online retailers collect and remit sales tax on transactions in states where they had no physical presence.

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Boosting Your Bottom Line with Financial Forecasting

AccountingDepartment

In today's competitive landscape, small and medium-sized businesses (SMBs) need every advantage they can get to thrive and grow. One powerful tool that can significantly impact a company's bottom line is forecasting.

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States hit ‘Delete’ on some sales tax measures | TaxConnex

TaxConnex

If it seems like jurisdictions just ceaselessly add additional sales tax laws, statutes and restrictions, recent news out of three states should be refreshing. North Carolina has become the latest state to ax transaction thresholds for economic nexus. The state’s previous 200-transaction threshold was eliminated effective July 1. The state’s economic nexus threshold is now just $100,000 in sales into the state annually.

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The Growth Architect: How Financial Leaders are Unlocking Potential

Speaker: Ashley Harlan, MBA

What if your role as a fractional CFO went beyond operational support to actively shaping the future of your clients’ businesses? 💼 ✨ In this session, discover how fractional finance professionals can position themselves as architects of growth, guiding their clients toward sustainable success and preparing them for full-time financial leadership.

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U.S. Olympians Get Tax Break for Medals and Financial Awards

CPA Practice

By Mark Luscombe, CPA, JD, LLM. U.S. Olympians have won 40 gold medals, 44 silver medals, and 42 bronze medals at the 2024 Olympic Games in Paris, for a total of 126 medals. And that is only half of it. With many events involving teams, relays and other multiple participants, the number of medals presented to U.S. athletes is over twice that number, with around 125 gold medals, 98 silver medals, and 93 bronze medals distributed to individual winning participants.

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Tax Pros Now Required to Use Multi-Factor Authentication to Protect Client Data

CPA Practice

The Internal Revenue Service and the Security Summit partners are reminding tax professionals that using multi-factor authentication is now more than an important protection for their businesses and their clients – it’s now a federal requirement. All tax professionals are now required under the Federal Trade Commission’s safeguards rule to use multi-factor authentication, or MFA, to protect clients’ sensitive information.

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More Trending

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The Tax Implications of Disability Income Benefits

RogerRossmeisl

Many Americans receive disability income. Are you one of them, or will you soon be? If so, you may ask: Is the income taxed and if it is, how? It depends on the type of disability benefit and your overall income. The key issue is: Who paid for the benefit? If the income is paid directly to you by your employer, it’s taxable to you just as your ordinary salary would be.

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Accountants bearish, mostly

Accounting Today

Accountants are generally pessimistic about the economy as a whole, but feel much more confident when it comes to their own firm and clients.

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The pros and cons of tax-free tips

Accounting Today

Both presidential candidates have floated it, and there are benefits for both workers and employers — though not always how you'd expect.

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Have Home Rule Jurisdictions Made the Burden of Managing Sales and Use Tax Too Much?

TaxConnex

Have Home Rule Jurisdictions Made the Burden of Managing Sales and Use Tax Too Much? As if managing sales and use tax obligations on a multi-state level wasn’t hard enough, some states make it even tougher with “home rule,” where jurisdictions are granted the authority to pass their own, additional tax laws. This can create deep confusion for businesses with no physical presence in a jurisdiction with these rules.

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2025 Payroll Calendar Templates (Biweekly, Semi-Monthly, and Monthly)

Use these handy calendar templates to stay on top of payroll in 2025! Download them today to share with your HR team or post for employees. Whether your company has biweekly, semi-monthly, or monthly pay periods, Paycor has you covered. Get your templates today!

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Financial Reporting for Board Meetings for Early-Stage Startups – Part 2, Reporting Examples

BurklandAssociates

Tips and examples to help you present your startup's financial data to your board of directors with maximum efficiency and impact. The post Financial Reporting for Board Meetings for Early-Stage Startups – Part 2, Reporting Examples appeared first on Burkland.

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AICPA Asks IRS to Simplify Filing of Revised Form 8308, Exchanges of Partnership Interests

CPA Practice

The 2023 version of Form 8308, Report of a Sale or Exchange of Certain Partnership Interests , requires information to be reported contingent upon the finalization of substantially all of a partnership’s tax return by January 31, months in advance of the due dates for Form 1065 and related Schedules K-1. These new filing requirements place an undue burden on taxpayers and tax practitioners by mandating the duplicate reporting of information already required to be reported on Schedules K-1.

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Six Tax Issues to Consider If You’re Getting Divorced

RogerRossmeisl

Divorce entails difficult personal issues, and taxes are probably the farthest thing from your mind. However, several tax concerns may need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are six issues to be aware of if you’re in the process of getting a divorce. 1. Personal residence sale In general, if a couple sells their home in connection with a divorce or legal separation, they should be able to avoid tax on up t

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Options for Taxpayers Who Owe Money to the IRS: Payment Plans, Offers in Compromise, and Other Relief Options

MyIRSRelief

Owing money to the IRS can be a daunting experience, but it’s important to know that you have options. The IRS offers several programs to help taxpayers manage their tax debt, including payment plans, offers in compromise, and other relief options. In this article, we will explore these options in detail and discuss how our representation tax firm can assist you in navigating these complex processes.

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Less Stress, More Success: Accounting Best Practices & Processes for 2025

Speaker: Duke Heninger, Partner and Fractional CFO at Ampleo & Creator of CFO System

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Duke Heninger, a seasoned fractional CFO and CPA passionate about transforming back-office operations for finance teams. This session will cover critical best practices and process improvements tailored specifically for accounting professionals.

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How many millionaires? Tax returns by income group for 2024

Accounting Today

Millionaires only accounted for 0.22% of total returns filed this year for the 2023 tax season.

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Not So Simple Sales Tax Rules for Contractors | TaxConnex

TaxConnex

At first glance, the sales and use tax requirements for a contractor seem quite simple. Contractors are typically considered the end-user/consumer of all tangible personal property purchased and used by them in conjunction with the performance of a contract to improve real property. As such, all purchases by a contractor are usually subject to sales and use tax.

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The SaaS Founder’s Guide to Seed Stage Fundraising Metrics

BurklandAssociates

Demonstrate a clear grasp of these metrics, and you’re well on your way to building investor confidence and securing capital to fuel your SaaS startup’s growth. The post The SaaS Founder’s Guide to Seed Stage Fundraising Metrics appeared first on Burkland.

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Taxes on Digital Products Varies Widely – A State-by-State Guide

CPA Practice

Determining the taxability of digital goods can be challenging for businesses. Most of us engage in many activities online, using software, reading ebooks, or streaming digital media for hours each day. Yet some states still haven’t clearly defined how sales and use tax applies to digital goods and services. To help you better understand digital products sales tax, this blog will explain: How do you define digital products for sales tax?

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Avoiding Lease Accounting Pitfalls in 2025: Lessons Learned from Spreadsheet Errors

Speaker: Abdi Ali, Sr. Lease Accounting Consultant

Join this insightful webinar with industry expert Abdi Ali, who will discuss the challenges that can arise from managing lease accounting with spreadsheets! He will share real-world examples of errors, compliance issues, and risks that may be present within your spreadsheets. Learn how these tools, while useful, can sometimes lead to inefficiencies that affect your time, resources, and peace of mind.

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How Are Series EE Savings Bonds Taxed?

RogerRossmeisl

Savings bonds are purchased by many Americans, often as a way to help fund college or show their patriotism. Series EE bonds, which replaced Series E bonds, were first issued in 1980. From 2001 to 2011, they were designated as “Patriot Bonds” as a way for Americans “to express support for our nation’s anti-terrorism efforts,” according to the U.S. Treasury Department.

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Navigating Cannabis Tax Compliance, Audits, and Section 280E

MyIRSRelief

The cannabis industry is one of the fastest-growing sectors in the United States, with more states legalizing its use for medicinal and recreational purposes. However, despite state-level legalization, cannabis remains a Schedule I controlled substance under federal law. This dichotomy creates a complex tax landscape for cannabis businesses, particularly concerning compliance, audits, and the infamous Section 280E of the Internal Revenue Code (IRC).

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The 'Security Six' protects tax pros against cyberattacks

Accounting Today

The Internal Revenue Service and its partners have identified half a dozen steps for safeguarding taxpayer information.

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The latest in funny sales tax laws | TaxConnex

TaxConnex

General tax laws are strange. Maybe sales tax laws make more sense? You can be the judge of that. In Florida, you can get a tax break for displaying a cow on your property. You can get a big tax break in New Mexico if you just live to 100. Louisiana lets small private aircrafts soar tax-free, and Connecticut extends that to bigger planes. Some taxes are used to benefit specific groups.

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Back to Basics with Reconciliations

Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.

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Financial Reporting for Board Meetings for Early-Stage Startups – Part 1, Reporting Best Practices

BurklandAssociates

Increase trust with your board and improve meeting outcomes; key strategies for presenting crucial financial data. The post Financial Reporting for Board Meetings for Early-Stage Startups – Part 1, Reporting Best Practices appeared first on Burkland.

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Social Security COLA Benefits to Increase Less in 2025, New Estimate Says

CPA Practice

By Zach Mentz cleveland.com (TNS) The annual cost-of-living adjustment for Social Security benefits is expected to decrease in 2025, according to a new estimate. The Social Security cost-of-living adjustment (COLA) for 2025 is projected to be 2.57%, down from the 3.2% COLA implemented in 2024 , according to The Senior Citizens League. That figure also represents a decrease from 2.63% in July’s COLA estimate, but is equal to the 2.57% projected in TSCL’s June estimate.

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A Business Valuator is a Must-Have When Filing a Business Interruption Claim

RogerRossmeisl

Meteorologists warn that the 2024 hurricane season could break records, possibly surpassing 2020, the worst hurricane season on record. Even if hurricanes aren’t a threat where your business operates, other natural disasters — such as floods, wildfires and tornadoes — could impact your normal operations. Interruptions from these disasters and other crises can cause significant financial losses.

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IRS Extends Tax Deadlines for Hurricane Debby Victims in the Southeast

Withum

On August 9, 2024, the IRS announced relief from certain tax filing and payment deadlines for individuals and businesses in all of South Carolina, most of Florida and North Carolina, and part of Georgia that were affected by Hurricane Debby. The relief provided in IR-2024-205 postpones various tax filing and payment deadlines that occurred beginning on August 1, 2024, in Florida, August 4, 2024, in Georgia and South Carolina, and August 5, 2024, in North Carolina – the postponement period.

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Usage-Based Monetization Musts: A Roadmap for Sustainable Revenue Growth

Speaker: David Warren and Kevin O'Neill Stoll

Transitioning to a usage-based business model offers powerful growth opportunities but comes with unique challenges. How do you validate strategies, reduce risks, and ensure alignment with customer value? Join us for a deep dive into designing effective pilots that test the waters and drive success in usage-based revenue. Discover how to develop a pilot that captures real customer feedback, aligns internal teams with usage metrics, and rethinks sales incentives to prioritize lasting customer eng

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Coca-Cola to pay $6B tax bill after Tax Court ruling

Accounting Today

Beverage giant Coca-Cola said that it will pay the very old debt, but it is still appealing.

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Sales Tax Highlights of August 2024 | TaxConnex

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. Another RDFer? The state of Washington is inching toward instituting a retail delivery fee. “Analysis reveals that a fee in Washington of 30 cents per order could generate between $45 and $112 million in revenues in 2026, growing to between $59 and $160 million by 2030,” reads a recent report by the Washington State Joint Transportation Committee.

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12 Common Startup Budgeting Mistakes to Avoid

BurklandAssociates

Don’t let these common startup budgeting blunders hold your business back from reaching its potential. The post 12 Common Startup Budgeting Mistakes to Avoid appeared first on Burkland.

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The Best Tech for Accounting Firms: The 2024 Tax and Accounting Innovation Awards Announced!

CPA Practice

CPA Practice Advisor has announced the 2024 Tax and Technology Innovation Award winners and finalists. Now in their 21st year, the awards highlight technologies that advance the profession. After voting by the awards committee panel each year, the top five products are presented as winners of the Tax and Accounting Technology Innovation Awards. Up to five additional products are also selected by the committee as award finalists.

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Harness the Potential of Your Enterprise Knowledge

The first Market Momentum Index: AI and Unstructured Data Management, conducted by Deep Analysis with support from AIIM and M-Files, surveyed 500 enterprises across various industries to assess their readiness to employ AI. The results reveal that AI is already far more embedded into organizations' operations than previously realized. These findings and more insights have been brought to you in the "Market Momentum Index: AI and Unstructured Data Management.