Sat.Dec 18, 2021 - Fri.Dec 24, 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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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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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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CalCPA BUZZ: CPA Day Is Now CPA Week 2022

CalCPA

The Pass-through Entity elective tax payment can be made using Web Pay. However, if you also may mail in a payment. Include a. The post CalCPA BUZZ: CPA Day Is Now CPA Week 2022 appeared first on Hot Topics.

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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.

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Best Practices for Managing a Sales Tax Audit

TaxConnex

If you and your company haven’t been hit with a sales tax audit yet, congrats. You should realize, though, that your luck might not hold out for much longer. In TaxConnex’s recent market survey more than one in four (26.7%) top finance professionals in a variety of industries report seeing an increase in state sales tax audits in the past two years.

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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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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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Firm Administrators Facing A New Year

RitaKeller

“It is not necessary to change. Survival is not mandatory.” – W. Edwards Deming. 2020 and 2021 have been very challenging years for everyone and accounting firms are no exception. The Firm Administrator (or person with a similar title) has been on the frontline fighting the efficiency and operational battle since that second week in March 2020.

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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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Are Employee Assistance Plans Subject to ERISA?

ThomsonReuters

QUESTION: Our company recently started offering an employee assistance plan (EAP). Is the EAP subject to ERISA? What other issues should we consider with respect to our EAP? ANSWER: Whether your EAP is subject to ERISA depends on how it is structured and what benefits it provides. If your EAP provides medical benefits, it will likely be considered a welfare benefit plan subject to ERISA.

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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

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Is Your Business in Good Health? Check Your KPI Vital Signs.

GrowthForceBlog

6 min read. As a business owner, you likely pay attention to your financial reports, products/services, and your employee productivity- all while doing your best to stay focused on the future, your goals, and your strategy for success.

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Cook Up Some Good Ideas!

RitaKeller

“Happiness is not something ready-made. It comes from your own actions. – Dalai Lama. Be thinking about what you want to accomplish in 2022. Make plans, compose an action plan and get busy. But, before that, enjoy this special holiday season. Merry Christmas and Happy New Year!

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How to get started as a virtual bookkeeper in 7 steps

5 Minute Bookkeeping

Are you new to virtual bookkeeping? Maybe you’re not even officially a new bookkeeper yet, but you’re seriously thinking about it. If you are starting your journey into the virtual bookkeeping field (or you’re considering it), in this article we’ll go over how to get started as a virtual bookkeeper in 7 steps. The benefits of virtual bookkeeping abound.

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HHS Releases Instructions for Prescription Drug and Health Care Spending Reports

ThomsonReuters

Prescription Drug and Health Care Spending: Supporting Documents; Prescription Drug Data Collection (RxDC) Reporting Instructions. Available at [link]. HHS has released instructions for reporting data under a transparency provision included in the Consolidated Appropriations Act, 2021 (CAA), which requires group health plans and insurers to annually report prescription drug and health care spending, premiums, and enrollment information to the government (see our Checkpoint article ).

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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.

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The Nonprofit Annual Report: Do Your Numbers Tell a Story?

GrowthForceBlog

7 min read. For hundreds of thousands of years, humans have used storytelling to teach, learn, and entertain. Our brains are structured around narrative, and it's our concept of storytelling that gives us the capacity to imagine potential futures. Today, we still use storytelling to remember, explain, and predict. And now we're here to show you how it relates to your Annual Reports.

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More on the State Tax Deduction Workaround (AB 150)

KROST

Over the weekend, we received clarification regarding a couple of the many unanswered questions regarding the implementation of the State Tax Deduction Workaround. First, we are being advised that a Grantor Trust is eligible to participate in making the election to pay tax on a partnership/LLC or S corporation. Second, since it is unlikely that the Build Back Better tax proposal will become law in its current form, the opportunity to get a better deduction in 2022 looks less likely.

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Paying the SALT Workaround Tax

CapataCPA

The Logistics: Paying the SALT Workaround Tax We previously sent you information about the details of the SALT cap work around, or Pass-Through Entity (PTET) on November 8, 2021. Here is a brief recap and a link to the full article:Only available to S Corporations and Partnerships whose owners consist solely of individuals, fiduciaries, trusts, estates.

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Is your firm ready for the year ahead?

ThomsonReuters

As we head into the new year, tax and accounting firms are emerging from the COVID-19 pandemic just in time to face an onslaught of new challenges. From a struggling labor market to information security concerns, to clients with mounting expectations, there’s a lot to plan for. That said, there are ways to embrace these challenges and use them as opportunities for growth and success in the year ahead. .

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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.

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Tax Planning for Retirement Plans: Weighing the Tax Consequences for Early Withdrawals

CTP

When the need for emergency funds arises, many taxpayers may be tempted to turn to their retirement accounts. However, if the account holder has not reached full retirement age (FRA), withdrawing those funds early can result in a slew of tax penalties and other deductions. Before pulling retirement funds, taxpayers need to know the rules surrounding early withdrawals and if they qualify for any special exemptions from taxation.

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Accounting Automation v/s Accountants

Simple Accounts

“It’s not your salary that makes you rich, it’s your spending habits,” Charles A. Jaffe. You have complete freedom to spend the money you’ve earned, but maintaining a healthy balance between income and expenses is the key. Personal finance is defined as the way you manage your money and make financial plans for the future. Income, expenses, financial decisions, and activities all have a role in one’s financial well-being.

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Advantages of Trusts for Estate Planning

KROST

In the first article in this series , we covered what a trust is and the type of assets you may transfer to a trust. As a reminder, a trust is a legal agreement between two parties: the trustee and the trustor (sometimes called the settlor or grantor). The trustor is the person who establishes the trust and transfers assets into it. The trustee is the person or entity responsible for managing those assets according to the wishes of the trustor.

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How to start an accounting firm on the right foot

ThomsonReuters

Now that tax season is approaching, you may find yourself contemplating the upcoming season and whether you’d be happier as the owner of your own accounting firm. As you weigh your options, you may be surprised to learn that there are a wide variety of resources for small accounting firms and tax professionals considering firm ownership. . From tax software geared toward small firms to curated news and insights for firm owners, the barriers to starting your own CPA firm have never been lower

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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.

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Using Estimates to Calculate Damages

FraudFiles

Tracy talks about how experts use estimates when they calculate economic damages. Are you speculating or guess? Or do you have a reasonable basis for your numbers?

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Finding Strength in the Family Ecosystem

Withum

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More About Raising Fees

RitaKeller

“Price is what you pay. Value is what you get.” – Warren Buffett. I wrote about firms increasing fees on December 9, 2021. The blog post shared one firm’s letter about the increase in fees. Since then, I have heard from many more firms about increasing fees. 20% is not something unusual. I hope you are discussing this among your partners and notifying clients appropriately.

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Three signs your small accounting firm is in a rut and what to do about it

ThomsonReuters

No matter the size, all businesses have their ups and downs. For small accounting firm owners, feeling as though your business is in a rut is a uniquely personal and challenging experience. However, recognizing that you have issues to fix is the first step to taking back your business and reemerging stronger than ever. . Here, we take a look at three common challenges small accounting firms owners experience and offer tips to get your business back on track. . 1.

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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.

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Do I need to submit a Tax Return if I work via an umbrella company?

Churchill-Knight

With just over a month to go until the self-assessment tax deadline, it is worth double-checking whether or not you have to submit a self-assessment tax return. In many cases, umbrella company employees won’t need to submit a tax return because they are taxed similarly to those in permanent employment (PAYE). However, any additional income may need to be disclosed to HMRC by submitting a tax return.

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What You Need to Know About Implementing ASC 842

Withum

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Thoughts on Why

RitaKeller

“Some men see things as they are, and say why. I dream of things that never were and say why not. – Robert F. Kennedy. Why are some firms not having a serious people shortage and others are desperately looking for people? It might be about your brand and reputation. Are you the cool firm in town or are you the old school firm? Do you have team members who you should have let go about five years ago?

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Best Enterprise Accounting Software

inDinero Accounting

Credit: Austin Distel. Keeping your finger on the pulse of your company’s finances is crucial to making informed spending decisions. Keeping records is also crucial to protecting your business – especially since the IRS is planning to increase business audits by 50%. With reliable enterprise accounting software, businesses can have up-to-date information about their finances in real-time.

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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.