Sat.Mar 27, 2021 - Fri.Apr 02, 2021

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Understanding Sales Tax Exemptions and Exclusions

TaxConnex

Every state can apply tax exclusions on goods and services within their state. This means the good or service is non-taxable for all customers purchasing the item. However, there are further tax-exempt purchases. Tax exemptions can also be applied at the customer level as opposed to the product level. Exemption certificates generally fall into two categories: 1.

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COVID-Related Deadline Extensions for Health Care Benefits

RogerRossmeisl

The U.S. Department of Labor (DOL) recently issued EBSA Disaster Relief Notice 2021-01, which is of interest to employers. It clarifies the duration of certain COVID-related deadline extensions that apply to health care benefits plans. Extensions to continue The DOL and IRS issued guidance last year specifying that the COVID-19 outbreak period — defined as beginning March 1, 2020, and ending 60 days after the announced end of the COVID-19 national emergency — should be disregarded when calculati

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Consolidation is Coming: How to Play Fintech’s Next Phase

BurklandAssociates

I’ve noticed something interesting popping up on podcasts, panels, and AMAs about the Fintech sector lately. Along with touchless payments and NFTs and direct lending bots, there is a more Read More. The post Consolidation is Coming: How to Play Fintech’s Next Phase appeared first on Burkland.

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Being the CFO Your Client Needs

PANALITIX

RESOURCES / ARTICLES. Being the CFO. Your Client Needs. In a recent webinar, Panalitix CEO Mark Ferris discussed how accountants can offer more strategic (CFO-type) services. Accountants raised great points before and during the event. Here’s a summary below. If you would like to watch the webinar, please get in touch. What do we really mean by strategic (CFO-type) services?

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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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Overlooked Aspects of Your Compliance Process

TaxConnex

When you think about tax compliance, of any kind, the first thing that comes to mind is filing, or even the tax return itself. Compliance with sales tax goes way beyond that. Here are some other aspects of sales tax that you shouldn’t overlook when trying to ensure your company remains compliant. Thinking Nexus is Static: Figuring out where you have nexus is key to determining your liability.

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The Ugly Side of the Precious Metals and Stones Industry

RogerRossmeisl

All that glitters isn’t gold. This includes gold — and other precious metals, stones and jewels that are sometimes used to launder the “dirty” proceeds of criminal activities such as drug trafficking and terrorism. But several U.S. laws and regulations target these international money-laundering operations. Good as gold Precious metals, stones and jewels make ideal vehicles for money laundering for several reasons: Ownership and control.

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Employer Cannot Compel Arbitration of Spouse’s COBRA Claim

ThomsonReuters

Torres v. Starbucks Corp., 2021 WL 964219 (M.D. Fla. 2021). An employee and another employee’s spouse sued the employer in this case in a proposed class action lawsuit, seeking damages and an injunction because the employer provided them deficient COBRA election notices. The employer filed a motion to compel arbitration, arguing that the lawsuit violated agreements that required individual arbitration of claims arising from the employer’s group health plan.

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April Fool’s Day Blog: Income Tax Rates Increased to 94%… or Possibly Vox Pop

Withum

The top income tax rates have varied from 2% to 94% since the first United States income tax was instituted in 1862. Right now the top rate is 37%. There are some add-on federal taxes and payroll and state taxes that further increase the individual tax burden, but this article will concern itself with the top federal tax rates since the income tax started.

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2021 Individual Tax Estimates are Due April 15th

RogerRossmeisl

April 15 is the deadline for the first quarterly estimated tax payment for 2021, if you’re required to make one. You may have to make estimated tax payments if you receive interest, dividends, alimony, self-employment income, capital gains, prize money or other income. If you don’t pay enough tax during the year through withholding and estimated payments, you may be liable for a tax penalty on top of the tax that’s ultimately due.

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Side Hustlers! Don’t Forget to Pay Your Small Business Taxes

inDinero Tax Tips

Did you make extra money using your skills and experience on the side in 2020? Tax season is here. Did you remember to make estimated tax payments? Are you aware of all the tax deductions for your side hustle? According to the IRS, gig-workers, freelancers, or people with a side hustle are self-employed. Extra income earned may require additional tax payments throughout the year, otherwise known as estimated tax payments.

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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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Tips for improving your firm’s virtual presence

ThomsonReuters

If tax and accounting professionals have learned anything from the past year of the COVID-19 pandemic, it’s that our new ways of communicating are not going away anytime soon. What can your firm do to ensure that its virtual presence is keeping up with the new normal? In this episode of Pulse of Practice, “ Virtual Presence ”, Paul Miller, CPA from Business by Design , and I discuss the best practices for improving your firm’s virtual presence, so you can guarantee professionalism even while wor

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Internal Controls in a Retail Store

Withum

Strong internal controls are an important component in helping Retail Store Businesses reduce possible fraud usually caused by employee theft and customer shoplifting. Smaller businesses are especially susceptible to have higher shrinkage than larger companies. Shrinkage cannot be totally eliminated, but can be substantially reduced by implementing the following: STORE DESIGN AND SECURITY.

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Engineering Firms Do Not Build An Inefficient Back Office

GrowthForceBlog

5 min read. We know how technical you are. The details are critical. While you might have a grip on the kind of bookkeeping and accounting practices your engineering business needs for taxes and regulatory compliance, is your back office equipped to serve your business's goals?

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Finding Hidden Business Income in a Divorce Case

FraudFiles

When a divorce or a child support issue is looming, it’s amazing how a quickly a closely held business starts “losing money.” I use quotes because such a situation is so predictable. One party wants to protect her or his assets, and when there is a business involved, the motivation to hide money can be stronger than usual. The types of businesses that can be prone to manipulation of the books include restaurants, retail stores, doctor or dentist offices, construction companies, auto dealerships,

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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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Can an Employee Pay for COBRA Coverage on a Pre-Tax Basis Through Our Cafeteria Plan?

ThomsonReuters

QUESTION: One of our employees just lost her coverage under our dental plan when she went from full-time to part-time. Can she pay her COBRA premiums on a pre-tax basis through our cafeteria plan? ANSWER: Assuming she is still eligible to participate in the cafeteria plan as a part-time employee, your employee can pay COBRA premiums on a pre-tax basis.

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How I Saved a Business

Withum

Some time ago I was engaged to help a company close. I was also to help its owner become bankrupt and lose her house and everything she had, but for her to not have continuing liability for unpaid payroll taxes. It seems those taxes could not be extinguished in personal bankruptcy.

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Consider This Before Selling Your C-Corp Stock

inDinero Tax Tips

Sometimes, just for fun, we tax accountants love to quiz each other—and today you get a peek into our legendary sense of humor! So pop quiz…what do IRC Sections 1202 and 368(a)(1)(F) have in common? The answer—both of these tax code sections might save you some serious cash if you’re planning to sell your C-corp stock. The gist of section 1202. When you sell the stock of a C-corp, for more than you originally paid for it, you have a capital gain.

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Milwaukee Public Schools: It Has NEVER Been About the Children

FraudFiles

In 2008, I started writing here about Milwaukee Public Schools (MPS) because the district was presenting the numbers in a dishonest way, complaining that they were underfunded. I was appalled that a school district could waste $1 billion a year and repeatedly say that they just don’t have enough money. Despite massive spending, the district has some of the worst educational outcomes in the country: For the 2018-19 school year (they didn’t produce any data for last year), MPS had 18.4

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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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What the Generally Accepted Accounting Principles (GAAP) Mean to Your Business

GrowthForceBlog

7 min read. You know the drill- as a small business owner, you find yourself constantly juggling responsibilities (with what seems like no end in sight). It’s not uncommon to find yourself knee-deep in your back office, tackling different financial issues that have been thrown onto your plate.

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Accounts Receivable Defined

AccountingDepartment

Unless you work in accounting, you might not understand exactly what the words “account receivable” actually mean. Often shortened to A/R or AR, accounts receivable constitutes the money owed to a business. In contrast, accounts payable is a reference to the money the business pays to other businesses and entities.

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PPP Loans to Continue

Withum

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KROST Sponsors AICPA’s PCPS George Willie Ethnically Diverse Student Scholarship & Internship Program

KROST

Pasadena, CA. – KROST CPAs and Consultants, the Los Angeles-based firm, has announced their co-sponsorship of the American Institute of Certified Public Accountants’ ( AICPA) Private Companies Practice Section (PCPS) George Willie Ethnically Diverse Student Scholarship & Internship Program. This scholarship and internship program will benefit ethnically diverse full-time students pursuing an accounting degree.

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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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How To Build A (High Performing!) Remote Workplace Culture

GrowthForceBlog

8 min read. We know what you’re thinking- another article about remote work. But this is different. We’re here to talk about a part of remote work life that most business owners overlook, and can’t correct until it’s too late.

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Corporate Refund Claims With Minimum Tax Credit Perplex IRS

CTP

Corporations have been receiving refunds from carrying back net operating losses, but those taxpayers with alternative minimum tax implications in that carryback year might need to check those refunds twice. “Clients are receiving refunds particularly on more straightforward filings” of Form 1139, “Corporation Application for Tentative Refund,” Kirsten Wielobob of EY said June 26 during […].

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IRS Postpones Deadline for Federal Income Tax Returns, 2020 HSA Contributions, and Certain Retirement-Related Filings

ThomsonReuters

IRS Notice 2021-21 (Mar. 29, 2021); IRS News Release IR-2021-67 (Mar. 29, 2021). Notice. News Release. In response to the continuing COVID-19 emergency, the IRS has offered deadline relief for 2020 federal income tax returns that also extends the deadline for 2020 contributions to HSAs, IRAs, and certain other accounts. In addition, the relief extends the time for filing and furnishing certain retirement-related forms.

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How to Handle a Self-Directed IRA

CapataCPA

How to Handle a Self-Directed IRA Traditional and Roth IRAs are great tools to use for financial, estate, and retirement planning. One way individuals “turbocharge” their IRA’s performance is to use a self-directed IRA, which is able to hold alternative investments that offer potentially higher returns. Although this is a useful feature, there could be some tax-traps that have.

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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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April Fool?

RitaKeller

“Here cometh April again, and as far as I can see the world hath more fools in it than ever.” – Charles Lamb. I thought of playing an April Fool’s joke on you but then had second thoughts…. things like: A new survey tells us that Firm Administrators’ average salary for 2021 will be $250,000. The AICPA has mandated that for 2022 firms must abandon Saturday work hours from Jan. 1 until May 1.

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Cryptocurrency Taxes: Don’t Sell Before You Read This!

LyfeAccounting

?. When it comes to investing in cryptocurrencies like Bitcoin and Euthereum, it’s common to think about the massive gains you can get. And as long as Bitcoin continues mooning to an all-time-highs, we don’t blame you. But, you should also consider the possibility of paying taxes when you sell your cryptocurrency. That’s where we come in. We’ve done the research for you and this will be the only article you need to understand cryptocurrency taxes.

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Amounts Paid for COVID-19-Related PPE Qualify as Medical Care Expenses

ThomsonReuters

IRS Announcement 2021-7 (Mar. 26, 2021). Available at [link]. The IRS has announced that amounts paid for personal protective equipment (PPE) for the primary purpose of preventing the spread of COVID-19—such as masks, hand sanitizer, and sanitizing wipes—are treated as amounts paid for medical care under Code § 213(d) if purchased by an individual for use by that individual, or by the individual’s spouse or dependents.

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Life Insurance Policy Loan: A Tax Nightmare

CTP

Bruce Brown fell into the life insurance policy loan trap. Brown, a commercial litigation attorney, purchased a life insurance policy from Northwestern Mutual Life Insurance Company. For the first six and a half years, he paid the insurance premiums by check. For the next 15 1/2 years, he paid the premiums by borrowing at 8 […]. The post Life Insurance Policy Loan: A Tax Nightmare appeared first on certifiedtaxcoach.

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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.