March, 2022

article thumbnail

Understanding use tax

TaxConnex

Sometimes if we hear a phrase often enough, we don’t appreciate the importance of all the words. One such phrase is “sales and use tax.”. We sure know what “sales” tax is. What about Use Tax? Use tax is defined ?as a tax on the storage, use or consumption of a taxable item or service on which no sales tax has been paid. A complementary or compensating tax to the sales tax, it’s required to be paid by the buyer in cases where the seller does not collect sales tax.

tax 199
article thumbnail

The Election to Apply the Research Tax Credit Against Payroll Taxes

RogerRossmeisl

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex calculations, which we can take care of for you. But in addition to the credit itself, be aware that the credit also has two features that are especially favorable to small businesses: Eligible small businesses ($50 million or less in gross receipts) may claim the credit against alternativ

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

How to Prepare Your Startup for the Future of Work

BurklandAssociates

What will the future of work for startups look like? Shahar Erez, Co-Founder & CEO of Stoke Talent, joined us on Startup Success to share his thoughts on the future Read More. The post How to Prepare Your Startup for the Future of Work appeared first on Burkland.

130
130
article thumbnail

Integrated Procurement Performance Planning and Management in Power BI

Acterys

Given the high volatility of today’s global market, prices have been consistently fluctuating across all upstream and downstream supply chain processes. As a result, demand volume prediction with comprehensive ‘what-if’ analysis for price changes has become more important than ever for supply chain management. The Role of Modern Power BI Procurement Planning Solutions.

Finance 130
article thumbnail

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.

article thumbnail

Why Gen Z Holds the Key to Your Accounting Success

Accountant Advocate Submitted Articles

It's easy to see how a future workforce of Zoomers is poised to be a gamechanger for the accounting industry by addressing two of the industry's biggest challenges: talent and technology. Learn more.

account 130
article thumbnail

4 Tips on How Small Businesses Can Reduce Taxes

VetCPA

As a small business owner, tax liability is the money you owe the government when your business generates income. With changing laws and gray areas regarding deductions, exemptions, and credits, it’s no wonder small business owners rank taxes at the top of the list of the most stress-inducing aspect of business ownership. To reduce that stress, taxes shouldn’t be something to focus on only at year’s end.

tax 130

More Trending

article thumbnail

Recent California Bills Up for Vote are Beyond Belief

RogerRossmeisl

As posted to the Peak Prosperity YouTube Channel on 3/23/2022 (Run Time: 52 min, 22 sec) Paraphrased from Creator-Provided Description California is facing a rash of exceptionally dangerous and poor legislation that is truly beyond belief. The only possible way to understand it compassionately is to see those elected officials proposing it as being swept up in Mass Psychosis.

article thumbnail

Surviving Due Diligence, Part 4: Quality of Earnings

BurklandAssociates

Welcome to the fourth installment of our Surviving Due Diligence series, a collection of best practices and tips to help startups successfully get through the due diligence process that precedes Read More. The post Surviving Due Diligence, Part 4: Quality of Earnings appeared first on Burkland.

account 130
article thumbnail

Are You Sure That Expense is Deductible?

Withum

The Tax Court recently denied a deduction for an expense that the taxpayer thought was an ordinary and necessary business expense. The expense was an educational expense for a non-employee, and even though the tax law allows flexibility to taxpayers in deducting business expenses, it does have limits. The tax law regarding business expense deductions allows significant flexibility to taxpayers.

article thumbnail

How Do You Record Ecommerce Sales in Accounting?

xendoo

Many ecommerce owners understand the importance of making sales, but do you know how to record ecommerce sales for your accounting system? Ecommerce business owners have some degree of flexibility that physical storefronts cannot afford. Apart from avoiding rent, an ecommerce model makes it easy to fulfill orders from the comfort of your home or warehouse.

Sales 105
article thumbnail

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

article thumbnail

Can Tobacco Users Be Required to Pay More for Group Health Plan Coverage?

ThomsonReuters

QUESTION: Our self-insured health plan would like to reduce required employee contributions for employees who do not use tobacco. Can the plan require employees who use tobacco to pay more than employees who do not use tobacco, even though both groups receive the same coverage? ANSWER: Under HIPAA’s health status nondiscrimination rules, a group health plan generally cannot require an employee to pay more for coverage than another similarly situated employee if the difference is based on a hea

Legal 105
article thumbnail

TaxConnex Annual Customer Survey Reveals World Class NPS Score for Second Year

TaxConnex

TaxConnex™ is excited to announce that for the second year in a row, their customer survey revealed a Net Promoter Score (NPS) score of 81. As defined by Qualtrics , Net Promoter Scores are based on one survey question – “How likely is it that you would recommend this company to a friend or colleague.” Respondents give a rating between 0 (not at all likely) and 10 (extremely likely) and, depending on their response an NPS score is calculated from -100 to 100.

tax 205
article thumbnail

Don’t Lose Your Business’s IT Assets

RogerRossmeisl

Keeping track of every IT asset — particularly as remote work has become common — is essential if your company wants to limit financial losses and fraud risk. According to some estimates, most remote employees use at least two employer-assigned devices, and a smaller percentage use three or more. In general, the more devices in use, the greater the potential for loss or theft.

cpa 235
article thumbnail

Advice for Founders from a Fractional CFO for Startups

BurklandAssociates

Some of my best tactical and strategic advice gleaned from two decades of working with startups in different stages and sectors. The post Advice for Founders from a Fractional CFO for Startups appeared first on Burkland.

tax 130
article thumbnail

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.

article thumbnail

Biden’s Expansion of Pandemic Fraud Investigations: What it Means to You

Withum

During his State of the Union Address, President Biden vowed to bolster pandemic related fraud investigations, promising increased prosecutorial efforts specifically related to Paycheck Protection Program (“PPP”) fraud. Any company that has received a PPP loan, an Economic Injury Disaster Loan (“EIDL”), or any other form of pandemic relief, should consider and properly address any potential problems with their applications or usage of pandemic funds before a government investigation is initiated

article thumbnail

Your Guide to Debits and Credits in Accounting Services

IgniteSpot

What are debits and credits? Every business transaction impacts your company’s financial statements at the monetary level. Transactions are recorded into two accounts—debits and credits—to create a balanced financial picture. Of course, it’s a little more complicated, and each has subtypes and nuances.

account 98
article thumbnail

May Our Self-Insured Health Plan Limit Eligibility to Employees Vaccinated Against COVID-19?

ThomsonReuters

QUESTION: Several of our employees were hospitalized over the past year with COVID-19 and incurred large medical expenses, which our self-insured health plan was obligated to cover. We later discovered that these employees were not vaccinated against COVID-19. Given the financial impact of COVID-19 on our health plan, can we require employees going forward to show proof of COVID-19 vaccination as a condition of eligibility?

article thumbnail

Sales tax and accounting services

TaxConnex

It’s that time of year again when everyone suddenly thinks about preparing their income taxes. But does tax preparation incur sales taxes – and if it does, where and how? Tax preparers are generally accredited individuals – certified public accountant (CPA) and enrolled agent (EA) are two common preparer designations – who have completed previous and ongoing education to understand compliance for varied tax purposes.

article thumbnail

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.

article thumbnail

Why What an S Corp Shareholder Receives and Reports is Different

RogerRossmeisl

You may have wondered why, in a given year, you may be taxed on more S corporation income than was distributed to you from the S corporation in which you are a shareholder. The answers lies in the way S corporations and their shareholders are taxed. But before explaining those rules, be assured you that when you are taxed on undistributed income, you won’t be taxed again if and when the income ultimately is paid to you.

article thumbnail

Taking a Look at Alternative Financing Options for Consumer Startups

BurklandAssociates

Much has changed in the consumer startup market over the last couple of years. For one, SaaS enterprise investors who had dipped their toes into the consumer space are now Read More. The post Taking a Look at Alternative Financing Options for Consumer Startups appeared first on Burkland.

Finance 130
article thumbnail

IRS Looks for Its Share of Cryptocurrency and NFT Growth

Withum

Let’s be honest. Most tax accountants would not be described as “hip” and many struggle to be considered “tech savvy”. Even so, some of their clients’ needs are forcing them into a new world surrounding the exchange of digital assets. . While many persons trading cryptocurrency or buying a non-fungible token (“NFT”) think they are just doing something new, fun, or just goofing around because they have cash to play with, what they don’t realize is that Uncle Sam is looking to collect their share.

article thumbnail

How Not to Suck at Divorce Podcast

FraudFiles

Today I have the honor of being the guest on one of the most popular divorce podcasts…. How Not to Suck at Divorce with Morgan Stogsdill and Andrea Rappaport. Episode 20 is all about Divorce Finances, Forensics & Fraud. I love how they describe me: Today’s episode is like divorce meets CSI as we welcome Tracy Coenen. You may have seen her on CNBC On the Money, CBS, NBC, and in the Wall Street Journal.

article thumbnail

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.

article thumbnail

What Happens to the Funds in an HSA After the Account Holder Dies?

ThomsonReuters

QUESTION: Our company is adding a high-deductible health plan (HDHP) option next year, so that employees who choose the HDHP and otherwise meet the HSA eligibility requirements can establish and contribute to HSAs. What will happen to the funds in an HSA after an account holder dies? ANSWER: Upon the death of an HSA account holder, any amounts remaining in the HSA transfer to the beneficiary named in the HSA beneficiary designation form.

account 102
article thumbnail

Taxation of services

TaxConnex

Understanding the taxability of your company’s products or services is one of the key steps to complying with sales and use tax laws. In many situations, your “products” can be easy to classify: They’re usually tangible (in fact, a key sales tax definition is “tangible personal property”) and you charge sales tax on property unless it falls into an exemption category.

Indiana 198
article thumbnail

How Does Online Bookkeeping Work?

xendoo

Small business owners around the world are migrating to cloud-based bookkeeping software to keep their financial records and reports organized and accessible. Even with the help of bookkeeping software, it takes financial expertise to put the data into context and use it to make informed decisions. To save time, some choose to partner with an online bookkeeper. .

article thumbnail

Tax and Accounting Services Terminology: Revenue and Expense Recognition

IgniteSpot

What is revenue recognition? When do you recognize revenue in your reports, statements, and forecasts? Ideally, customers pay for products or services at the time of purchase, and the company gets to record those earnings. But there are situations where a seller takes time to deliver the goods. For full revenue recognition, the revenue-generating activity (e.g., a sale) must be fully or essentially complete for it to count as revenue during a given accounting period.

account 98
article thumbnail

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.

article thumbnail

Is Money Raised Through Crowdfunding Taxable?

Withum

Crowdfunding is an alternative way of raising funds for a startup, requesting donations for a specific charitable cause, or even collecting money for individuals in need. The contributions are usually in small amounts, but the funds raised can be significant. The question is, are funds raised through websites like Kickstarter, GoFundMe, Kiva and Indiegogo taxable?

article thumbnail

Tax Planning Versus Preparation – What is the Difference? – Part 1

CTP

By Dominique Molina, CPA MST CTS. Visit social media or google these days and you’ll most likely see advertisements for Tax Planning. But many taxpayers (and even tax pros) are confused about the differences between tax planning and tax preparation. In fact, the average taxpayer most likely believes they are already getting this service from their tax advisor.

article thumbnail

Nonenforcement Policy for ACA Noncompliant “Grandmothered Plans” Is Extended Indefinitely

ThomsonReuters

Insurance Standards Bulletin Series – Information – Extension of Limited Non-Enforcement Policy through 2023 and Later Benefit Years (Mar. 23, 2022). Available at [link]. CMS has indefinitely extended the limited nonenforcement policy allowing states to permit insurers in the individual and small group markets to renew health insurance policies that would otherwise have to be canceled due to noncompliance with certain Affordable Care Act (ACA) insurance market reforms.

tax 98
article thumbnail

Do you really understand economic nexus for sales tax?

TaxConnex

Businesses have heard a lot about economic nexus over the past few years. But what exactly is economic nexus – and, more importantly, have you kept up with its constant changes in the sales tax realm? Sales tax nexus is the connection your business has with a state or local taxing jurisdiction. It can be physical in the form of one of your offices actually being in a state or other tax jurisdiction.

article thumbnail

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.