January, 2022

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Depreciating Residential and Commercial Real Estate

Bharmal&Associates

When you own rental property, depreciation is your best friend. One reason depreciation is so valuable is that, unlike deductible rental property expenses such as interest and maintenance, you get to claim depreciation year after year without having to pay anything beyond your original investment in the property. Moreover, rental real property owners are entitled to depreciation even if their property goes up in value over time (as it usually does).

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The Importance of Validating Resale Certificates

TaxConnex

There’s a lot of talk in sales tax about nexus, thresholds, forms, filing and many other details of compliance. One often overlooked aspect of compliance, but extremely important, is the sales tax exemption certificate. An exemption certificate is used to exempt an otherwise taxable transaction from sales tax. The most common exemption certificate is a resale exemption certificate (aka a resale certificate).

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Numerous Tax Limits Affecting Businesses Have Increased for 2022

RogerRossmeisl

Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social Security tax The amount of an employee’s earnings that is subject to Social Security tax is capped for 2022 at $147,000 (up from $142,800 in 2021). Deductions Standard business mileage rate, per mile: 58.5 cents (up from 56 cents in 2021) Section 179 expensing: Limit: $1.08 million (up from $1.05

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ERC and R&D Tax Credits for the 2021 Tax Year

BurklandAssociates

Summary: R&D tax credits incentivize innovation with up to $250,000 in annual tax savings. The ERC provides up to $21,000 in credit values per employee in 2021. Companies cannot use Read More. The post ERC and R&D Tax Credits for the 2021 Tax Year appeared first on Burkland.

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You upgrade everything else. Why not your close process?

You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes? It’s time for an upgrade. SkyStem's Guide to Month-End Close Software walks you through what today’s best tools can do (and what your team shouldn’t have to deal with anymore). Get smart, fast, and a whole lot less stressed when it’s time to close the books.

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IRS TFRP Help – Everything You Need to Know About Trust Fund Taxes and Penalties

MyIRSRelief

As hard to believe as it may be, we are now in yet another year and here’s to hoping that 2022 will be significantly better than the last previous years, but we digress. What we’re here to talk about today is IRS TFRP help, or trust fund recovery penalty help, as it is better known. With tax season coming up fast, our thoughts will soon be turning to our books and accounts, as we look to get all of our taxes in order so as to appease the wrath of the tax man.

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Top 10 Microsoft Teams Tips and Tricks You Need to Know

Withum

In this post, we are sharing helpful Microsoft Teams tips and tricks to enhance your Teams collaboration journey. Through our work with various organizations, we gathered commonly requested tips that will help staff navigate day-to-day while in Teams. Microsoft Teams provides many ways to do things and we narrowed it down to 10 Team tips and tricks to help your organization adopt Teams. 1.

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TaxConnex™ has Record Breaking Year in 2021 and is Set for Continued Growth in 2022

TaxConnex

TaxConnex is excited to announce a record-breaking 2021 and reports annual organic revenue growth of 19% in 2021, proving that as sales tax becomes more complicated, businesses are continuing to look for a trusted provider to manage the burden for them. We are also excited to share that last year we onboarded more new clients than ever before and will have remitted over $1.5B in sales tax for our clients from 2021 returns.

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Businesses with Employees who Receive Tips may be Eligible for a Tax Credit

RogerRossmeisl

If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Basics of the credit The FICA credit applies with respect to tips that your employees receive from customers in connection with the provision of food or beverages, regardless of whether the food or beverages are for consumption on or off the premises.

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Is My Startup Ready for a Fractional CFO?

BurklandAssociates

The fractional CFO model has seen a big rise in popularity among startups in recent years. Solid financial guidance is one of the keys to scaling a startup, and a Read More. The post Is My Startup Ready for a Fractional CFO? appeared first on Burkland.

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How To Connect Dear Inventory to Power BI Desktop

Acterys

DEAR Inventory is an incredible order and inventory management platform designed to provide complete back-end management solutions for small and medium-sized businesses, especially manufacturers and ecommerce retailers and wholesalers. It helps businesses build automated processes to manage inventory and orders, provides modules for accurate accounting and reporting, and ensures greater productivity and smarter decisions through near real-time data for sales, inventory, and finance.

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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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5 Reasons Why You Should Use a Project Management Tool When Doing Your Taxes

SMBAccountant

When doing your taxes, there are a lot of things to keep track of. If you're trying to do it all yourself, it can be tough to stay organized and make sure you're including everything. Using a project management tool can help make the process easier and less overwhelming. Here are five reasons why you should use a project management tool when doing your taxes.

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Learning For Success in 2022 – International English

PANALITIX

RESOURCES / ARTICLES. Learning For Success in 2022. What would you like to learn in 2022? . We’re not talking about your Continuing Professional Education (CPE) obligations. We’re talking about what would really BENEFIT you. What you would ENJOY. What you would most VALUE in terms of education. Panalitix has been reorganising our huge volume of learning content into COURSES which are: Short, Sharp, and Action-Oriented… since your time is limited .

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End of the Year Sales Tax Updates to be Aware of as You Start 2022

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. State updates. Kansas Gov. Laura Kelly has asked the state Department of Revenue to work with state legislators representing the communities impacted by recent wildfires to fast-track legislation extending the sales tax exemption for fence materials and services.

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How Will Revised Tax Limits Affect Your 2022 Taxes?

RogerRossmeisl

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation. If you’re like most people, you’re probably more concerned about your 2021 tax bill right now than you are about your 2022 tax situation. That’s understandable because your 2021 individual tax return is generally due to be filed by April 18 (unless you file an extension).

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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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8 Common Startup Tax Mistakes to Avoid

BurklandAssociates

It’s easy to forget about taxes in the early days of a startup’s formation when you are pre-revenue and working on product or service market fit. It’s understandable why most Read More. The post 8 Common Startup Tax Mistakes to Avoid appeared first on Burkland.

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Treatment of PPP Loan Forgiveness for S Corporations

Withum

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Filing Your Schedule C: A Simple Guide

xendoo

Are you a small business owner? If so, you may be looking for advice on filing your Schedule C. The IRS Schedule C is used by sole proprietors and single-owner LLCs to report your small business taxes and is part of your personal tax return. We understand that business taxes can seem confusing, if not overwhelming. That’s why we’re here to help you with filing your Schedule C so you can stay in compliance and get back to business.

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Learning For Success in 2022

PANALITIX

RESOURCES / ARTICLES. Learning For Success in 2022. What would you like to learn in 2022? . We’re not talking about your Continuing Professional Education (CPE) obligations. We’re talking about what would really BENEFIT you. What you would ENJOY. What you would most VALUE in terms of education. Panalitix has been reorganizing our huge volume of learning content into COURSES which are: Short, Sharp, and Action-Oriented … since your time is limited .

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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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Sales Tax on Shipping: When Does it Apply?

TaxConnex

It’s one of the most important aspects of an online business – and one of the wackiest when trying to determine whether sales tax applies or not. What is it? Shipping. Actually, in terms of sales tax, it’s “shipping,” “shipping and handling” and “delivery” – three animals treated with confusing differences as you try to meet sales tax obligations in many different states and jurisdictions.

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To Prove Fraud, You Need to Preserve Evidence

RogerRossmeisl

Prevention is the heart of any fraud mitigation program. But sometimes even solid internal controls fail (because, for example, a manager overrides controls) and occupational fraud occurs. If you suspect an employee of stealing, you’ll want to do everything you can to ensure the perpetrator is caught. In most cases, you should hand a fraud investigation over to your attorney and a forensic accounting expert.

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My Startup Got Our First Big VC Check. What Should I Do with It?

BurklandAssociates

What do you do when you start getting those checks with a lot of zeros on the end? The post My Startup Got Our First Big VC Check. What Should I Do with It? appeared first on Burkland.

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Taxation on Crypto Staking

Withum

With new technology comes new opportunities for investors to make money. While cryptocurrencies (crypto) and the blockchain have been around for nearly a decade, they are relatively new to mainstream financial conversations, and currently, more people are investing in crypto than ever before. For those who are unfamiliar with cryptocurrency, crypto is a form of digital currency that is supported by blockchain technology whose value fluctuates based on supply and demand.

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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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Employer Vaccine Mandates, Worker Refusals, and Unemployment Benefits

ThomsonReuters

Overview. The U.S. Supreme Court settled the issue of the COVID-19 vaccine mandate for certain employers under the Occupational Safety and Health Administration’s (OSHA) Emergency Temporary Standard (ETS) on January 13, 2022, by blocking its implementation. However, it ruled in favor of the Centers for Medicare and Medicaid Services (CMS) emergency regulations for COVID-19 vaccine requirements for certain healthcare workers. .

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Show Clients How Much Value You Bring

Accounting Web

Practice Excellence Show Clients How Much Value You Bring.

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Handling Sales Tax In-House: Job Market Challenges Continue

TaxConnex

The explosion of the e-commerce market alone would’ve made handling sales tax obligations in-house tough. Add a tight job market and the task for many companies has become nearly impossible. First, what’s influencing the availability of workers lately? The national unemployment rate dropped to 3.9% by the end of last year, meaning that fewer people willing or able to work are still looking for a job.

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2022 Business Mileage Rate

RogerRossmeisl

After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 58.5 cents (up from 56 cents for 2021).

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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 Tax Deadlines for Startups

BurklandAssociates

Estimate your tax preparation costs using our Startup Tax Preparation Cost Calculator. 2022 Tax Calendars 2022 U.S. Tax Deadlines for Startups 2022 San Francisco Tax Deadlines for Startups 2022 New Read More. The post 2022 Tax Deadlines for Startups appeared first on Burkland.

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The IRS Warns Taxpayers to Lower Their Expectations for Service This Year

Withum

As tax season 2022 gets underway Treasury Officials are telling taxpayers to brace for a difficult experience when dealing with the IRS this year. The IRS was already coping with systemic challenges before the pandemic, but issues related to COVID-19 and other new demands placed upon the Service has worsened the IRS’s ability to serve taxpayers. . As a result, taxpayers who file a claim for a refund, particularly those who file paper returns, may find themselves having to wait an inordinately l

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New tax laws and other tax changes for 2022

ThomsonReuters

It’s a new year and that means new tax laws and other tax changes. Below are changes that take effect this year, along with other tax planning information. Filing deadlines. First off, the deadline to file individual tax returns is April 18. Other deadlines are: January 17, 2022 : 4th quarter 2021 estimated tax payment due. March 15, 2022 : Partnership and S corporation returns for calendar year 2021.

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The Changing Face of the CPA Profession

Accounting Web

Team The Changing Face of the CPA Profession.

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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