RogerRossmeisl

FEBRUARY 21, 2022

If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends. The requirements To prove a charitable donation for which you claim a tax deduction, you need to comply with IRS substantiation requirements.

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income tax tax return CPA Tax 238

TaxConnex

FEBRUARY 22, 2022

If your business sells software or software-as-a-service (SaaS), you deal with one of the most complex sales tax situations, potentially without even realizing it. Your sales tax obligation and liability begin with where you have nexus , a connection between your company and a taxing authority or jurisdiction. Sales tax nexus was once defined only as a substantial physical presence but for almost four years – ever since the Supreme Court’s Wayfair ruling – sales tax nexus can also be defined as

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Sales Tax North Carolina Mississippi 182

Accounting Web

FEBRUARY 24, 2022

Bookkeeping 10 Ways New Business Clients Can Keep Good Books.

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bookkeeping 95

BurklandAssociates

FEBRUARY 22, 2022

Hiring a fractional CFO is a significant milestone and an important strategic move for your startup. Even on an outsourced basis, your CFO is one of the pillars of your Read More. The post What to Look for When Hiring a Fractional CFO for Your Startup appeared first on Burkland.

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RogerRossmeisl

FEBRUARY 21, 2022

In the fourth quarter of 2021, CEO resignations were up 16% over the prior year, according to executive outplacement firm Challenger, Gray & Christmas. Recent and announced high profile departures include Twitter’s Jack Dorsey, Amazon’s Jeff Bezos and American Airlines’ Doug Parker. This trend is expected to continue into 2022 as executives swap high-stress positions for more family time.

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CPA cpa firm 246

TaxConnex

FEBRUARY 24, 2022

Mergers and acquisitions (M&A) capture a lot of headlines. The right merger or acquisition can spell fortunes for execs and shareholders and offer great chances to cut costs or snap up a valuable but distressed prize company. But sometimes, the deal is held up for various reasons – including sales tax exposure within the company being acquired. Not looking for the unexpected.

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Sales Tax tax return payroll 193

xendoo

FEBRUARY 25, 2022

Taking steps to clean up accounting records can be a big undertaking for small business owners. Hopefully, you started your business on the right foot financially. You may diligently record your accounting transactions or have hired someone to take care of accounting for you. If that is not the case, you will need to take steps to clean up accounting records or use a catch-up bookkeeping service. .

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Account accountant accounted general ledger 111

RogerRossmeisl

FEBRUARY 23, 2022

When divorcing spouses own a private business interest, it complicates the settlement process. The value of a business isn’t necessarily as straightforward as the values of other marital assets. And it’s often impractical to sell the business and split the proceeds, because there may be other owners who aren’t interested in selling and it takes time to sell a business.

CPA 245

CPA Legal 245

ThomsonReuters

FEBRUARY 24, 2022

Diagnostic Affiliates of N.E. Hou, LLC v. United Healthcare Servs., 2022 WL 214101 (S.D. Tex. 2022). A COVID-19 testing laboratory alleged that numerous health plans and TPAs violated the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) by failing to cover the laboratory’s diagnostic tests at a publicly disclosed price of $900 per test.

Healthcare 98

Healthcare Tax Account accountant 98

Withum

FEBRUARY 23, 2022

I call it the Ed Mendlowitz George Washington Investment Strategy. George Washington basically fought the American Revolution not to win, but to not lose. However, this is not about George Washington but about a current investment strategy that I would like to suggest. The idea is not to grow your investments an excessive amount, but rather to not lose.

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Washington Tax 105

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.

SchoolofBookkeeping

FEBRUARY 20, 2022

At QuickBooks, accountants and bookkeepers are Intuit's most valued partners. Intuit is committed to working with them to help small businesses thrive. Now, to recognize accountants who help their small business clients use QuickBooks Online, they’re launching the new QuickBooks ProAdvisor Preferred Pricing Revenue Share program. Thanking accountants for shared success, the new program recognizes the work accountants do to recommend, set-up and onboard new clients onto QuickBooks.

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quickbooks payroll bookkeeping Start-ups 98

RogerRossmeisl

FEBRUARY 23, 2022

If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? The annual gift tax exclusion has increased in 2022 to $16,000 but was $15,000 for 2021.

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tax return Tax CPA 244

xendoo

FEBRUARY 23, 2022

As tax season looms, you may be wondering whether you should have an accountant prepare your taxes. In addition to considering how much an accountant costs , you’ll also want to consider how long an accountant will take to do taxes compared to trying to do it yourself. How do you know when to bring in a tax professional? Complicated tax situations like inheritance, small business taxes , or other big life changes usually warrant bringing in a certified public accountant or CPA. .

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Tax tax preparation tax return Account 94

ThomsonReuters

FEBRUARY 24, 2022

QUESTION: Our company is thinking about adding an HRA that would be integrated with our major medical plan. Employees could carry over their HRA balances from year to year. What happens to those balances when an employee’s employment terminates? ANSWER: Your company has some choices about what will happen to HRA balances remaining at termination of employment.

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Expense Reimbursements Tax Account accountant 91

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

Technology

SkagitCountyTaxServices

FEBRUARY 23, 2022

Did you know that about 20% of small businesses fail in their first year? That’s a daunting statistic for anyone starting a new Skagit County business. And, even scarier, is the reality that companies with owners younger than 30 are even more likely to tank. The especially high failures of young owners indicate that inexperience coupled with the various functions required to OPERATE a business play a big part in a business closing its doors.

CPA 87

CPA Start-ups Education Tax 87

RogerRossmeisl

FEBRUARY 23, 2022

If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly and severally” liable for the tax on your combined income.

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tax return Tax CPA 243

Withum

FEBRUARY 23, 2022

The AICPA Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, as amended, primarily addresses certain performance and reporting requirements for audits of retirement plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) and changes the form and content of the auditor’s report.

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audit auditor financial statements public accounting 84

ThomsonReuters

FEBRUARY 24, 2022

Form 8915-F (Qualified Disaster Retirement Plan Distributions and Repayments) and Instructions; Form 8915-D (Qualified 2019 Disaster Retirement Plan Distributions and Repayments) and Instructions (2021); Form 8915-C (Qualified 2018 Disaster Retirement Plan Distributions and Repayments) and Instructions (2021); Form 8915-B (Qualified 2017 Disaster Retirement Plan Distributions and Repayments) and Instructions (2021).

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Alaska Construction Tax Washington 89

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AccountingDepartment

FEBRUARY 24, 2022

During the COVID pandemic, growth slowed for some and accelerated for others. But now that we are in a post-pandemic world, it is time to kick the growth engine into high gear and accelerate towards a stronger tomorrow.

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NetSuite bookkeeping Account accountant 81

RogerRossmeisl

FEBRUARY 23, 2022

If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips. The rules for deducting a spouse’s travel costs are very restrictive. First of all, to qualify, your spouse must be your employee. This means you can’t deduct the travel costs of a spouse, even if his or her presence has a bona fide business purpose, unless the spouse is a bona fide employee of your business.

CPA 242

CPA Tax business tax 242

GrowthForceBlog

FEBRUARY 24, 2022

6 min read. In a retail business, pricing is fairly straightforward. You know how much you pay wholesale for a product, so you can add a markup to ensure you have an ample profit margin that allows you to cover your nut and still turn a profit. In a service business, however, pricing is not as clear-cut because determining the costs you actually incur when providing a service is challenging.

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Retail 78

KROST

FEBRUARY 25, 2022

As previously communicated, recent updates to the State and Local Tax (SALT) workaround issued by California clarify some of the more troubling provisions of this law. This update should allow taxpayers to take advantage of the new deduction opportunity. The election and payment for 2021 are due by March 15th. The deduction related to this payment would reduce your federal income for 2022 (since the payment was made in 2022).

CPA 52

CPA California tax return Real Estate 52

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AccountingDepartment

FEBRUARY 22, 2022

Of course, bookkeeping can be done remotely - We're the best at it! Remote bookkeeping is an option for business owners that is growing rapidly in popularity. Many companies have made the switch from in-house bookkeeping to remote bookkeeping since the COVID-19 pandemic and even now with offices and businesses opening back up, the benefits to remote bookkeeping outweigh an in-person option so significantly that many businesses are sticking with it.

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bookkeeping bookkeeping services Account accountant 81

RogerRossmeisl

FEBRUARY 21, 2022

If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider: 1. You report income and expenses on Schedule C of Form 1040. The net income is taxable to you regardless of whether you withdraw cash from the business.

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Tax CPA business tax 239

GrowthForceBlog

FEBRUARY 25, 2022

6 min read. Nonprofits should be run like successful for-profit businesses. That starts with using financial insights to make data-driven decisions that will maximize your outcomes.

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Account accountant accounted 73

FraudFiles

FEBRUARY 25, 2022

A couple of weeks ago I wrote about Julia Haart, the star of the Netflix series My Unorthodox Life , her divorce from Silvio Scaglia, and the argument over their company Elite World Group. It all started when Haart was fired from her position of CEO of Elite World Group on February 9. A few hours later, she filed for divorce from Scaglia. Scaglia then filed a lawsuit against Haart, alleging that she used Elite’s funds as her own personal piggy bank, paying for luxury travel, clothing, car

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Start-ups 52

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Basis 365

FEBRUARY 24, 2022

While remote work has become the norm since the pandemic in 2020, we here at Basis 365 are well accustomed to it. However, not having that in-person interaction requires us to do a few things differently. So we've detailed a list of ways that you can implement to help keep your remote team engaged and still feeling like part of the company no matter where they are located. 1.

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Gaming Technology 52

RogerRossmeisl

FEBRUARY 23, 2022

According to blockchain data company Chainalysis, cryptocurrency transactions associated with illegal activity topped $14 billion in 2021. That’s almost double 2020 numbers — and the momentum shows no signs of slowing. In addition to outright cryptocurrency theft, these crimes include investment fraud and ransomware scams that affect businesses. Yet cryptocurrency offers several advantages to entrepreneurs and established companies, including instant, low-fee transactions and access to new sourc

CPA 237

CPA Technology 237

Withum

FEBRUARY 24, 2022

For the latest news and updates on Utah state and local tax. February 25, 2022. Utah Seeks to Lower Income Tax Rates and Improve the State EITC Program. On February 11, 2022, Utah’s Governor Spencer Cox signed S.B. 59. This bill lowers the corporate and individual income tax rate to 4.85% from 4.95%. Additionally, it provides a nonrefundable EITC credit of 15% of the Federal EITC claimed.

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Utah Tax income tax 52

ThomsonReuters

FEBRUARY 24, 2022

Required Minimum Distributions, 26 CFR Parts 1 and 54, 87 Fed. Reg. __ (Feb. 24, 2022). Available at [link]. As we were preparing this week’s edition of the EBIA Weekly, the IRS released proposed regulations that would restate the required minimum distribution (RMD) rules to incorporate changes made by the SECURE Act (see our Checkpoint article ).

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Tax Account accountant accounted 52

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