Sat.Nov 27, 2021 - Fri.Dec 03, 2021

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Ensuring Data Consistency

TaxConnex

When you look at the details involved in your sales tax compliance process – preparing and filing returns, updating the filing calendar, managing notices, monitoring nexus thresholds and on and on – it’s easy to see why you need to simplify the process wherever possible. One important factor is consistent, properly formatted data with the necessary data fields.

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Remember to Use Up Your Flexible Spending Account Money

RogerRossmeisl

Do you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses? As the end of 2021 nears, there are some rules and reminders to keep in mind. An account for health expenses A pre-tax contribution of $2,750 to a health FSA is permitted in 2021. This amount is increasing to $2,850 for 2022.

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Your Tax Audit and the Possibility of Tax Fraud

Withum

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Foodtech Investment is Accelerating, Especially in BioEngineered Foods

BurklandAssociates

As concern over global warming grows around the world, VC investment continues to accelerate in Foodtech. The sector positions itself as a sustainable alternative to the existing food ecosystem and Read More. The post Foodtech Investment is Accelerating, Especially in BioEngineered Foods appeared first on Burkland.

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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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Sales Tax Obligations for Manufacturers and Wholesalers, Part 1: Resale Certificates and Exemptions

TaxConnex

Many manufacturers, wholesalers, and distributors believe they have minimal sales tax obligations due to the likelihood of sales tax-exempt transactions. However, there are numerous pitfalls to be aware of. Businesses don’t always fit into a “box” as being only a manufacturer, or only a distributor. Many times, a manufacturer is also a distributor. And the terms wholesaler and distributor are often used interchangeably.

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Infrastructure Law Sunsets Employee Retention Tax Credit Early

RogerRossmeisl

The Employee Retention Tax Credit (ERTC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has retroactively terminated it before it was scheduled to end. It now only applies through September 30, 2021 (rather than through December 31, 2021) — unless the employer is a “recovery startup business.” The Infrastructure Investment and Jobs Act of 2021 (IIJA 2021), which was signed by President Biden on November 15, 2021, doesn’t have many tax provisions but this

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Stock Spinoffs

Withum

GE , Johnson & Johnson and Toshiba just announced planned spinoffs and IBM just completed one. These are big and well-known companies so there must be something to this, and perhaps the beginning of a trend. Question: What does this mean to stockholders?

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How Should We Handle Cafeteria Plan Election Changes Requested After Open Enrollment but Before the New Plan Year?

ThomsonReuters

QUESTION: Our company has a calendar-year cafeteria plan with a premium payment feature, a health FSA, and a DCAP. Shortly after our open enrollment period closed for the 2022 plan year, several employees asked if they could change their 2022 elections. How should we handle election change requests made after open enrollment has ended but before the new plan year has begun?

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KYC Rules Help Prevent Fraud and Offer Other Advantages

RogerRossmeisl

For years, banks, financial service and investment companies, and exporters have been required to follow know-your-customer (KYC) processes to thwart criminal activity. Developed to help certain businesses comply with anti-money laundering and anti-terrorism regulations, these programs aren’t mandated for most nonfinancial businesses. But you might want to consider adopting some KYC principles anyway.

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A Complete Guide to Reading Financial Statements

xendoo

You’ve been in business for a while, and your next steps require you to obtain a small business loan. Your lender responds to your request favorably but asks to see your company’s recent balance sheet. . With little experience in reading financial statements, this request makes you freeze in your tracks, uncertain of how to express the success of your growing business.

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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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Preparing Yourself For Budget Season

AccountingDepartment

At this point in the year, budget season is here (or already begun for you) and 2022 planning is underway. Financial teams usually plan to finalize budgeting for the following year in December and the importance of going into a new year with an established budget cannot be overlooked.

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2021 Required Amendments List Identifies No Items Affecting 401(k) Plans

ThomsonReuters

IRS Notice 2021-64 (Nov. 30, 2021). Available at [link]. The IRS has issued its 2021 Required Amendments List (RA List) for individually designed qualified retirement plans (including 401(k) plans) and 403(b) plans. This year’s list does not identify any qualification changes that require 401(k) plans to be amended. In fact, it identifies only one change, which only affects financially troubled multiemployer defined benefit plans that received special financial assistance under the American Res

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Recent FTB Clarifications on Pass-Through Entity Tax (AB-150)

RogerRossmeisl

Recent pass-through entity (PTE) tax (AB-150) clarifications from the Franchise Tax Board (FTB) underscore that detailed planning is critical when considering this credit. For an overview of AB-150, also see our initial 8/15/21 post on this subject: “California AB-150 Provides SALT Cap Workaround“ PTE Election The election to pay the tax is: made annually, is irrevocable, and can only be made on an original, timely filed return, including extensions PTE Tax Due Date (2021 Tax Year) F

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What Executive Directors Need to Know about Nonprofit Watchdogs

GrowthForceBlog

6 min read. Well, first, there’s no need to get nervous. Watchdogs are actually a good thing. Here’s why.

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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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5 Common Mistakes Business Owners Make When Outsourcing

AccountingDepartment

Business owners and CEOs approach us daily regarding their outsourced accounting and bookkeeping because that's our job after all. And while AccountingDepartment.com is not the only outsourced accounting and bookkeeping firm out there , we always encourage inquiring parties to conduct their own research and prepare themselves as best they can for making the shift.

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Hats off to you!

DMCL

Congratulations to our newest class of (soon to be accredited) Chartered Professional Accountants: Daryl Eisner. Rita Jia. William Leung. Serena Liang. Devienne Mok. Rhea Morales. Arshdeep Rai. Livani Selvananthan. Felix Tan. Denny Tran. Yvetta Wang. We’re proud of your hard work, grit and determination. Cheers to your success and the next stage of your careers.

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21 Gift Ideas to Make Any Small Business Owner Happy

Ronika Khanna CPA,CA

Most of us know at least one small business owner or entrepreneur who maintains an unconventional work schedule, is physically attached to their laptop, sees every get together as a networking opportunity and/or enjoys passionate discussions about spreadsheets. For many business owner, gifts that make their working lives easier and workspaces more efficient (and cozier) are often greatly appreciated since so much of their time is often spent immersed in their businesses.

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Supply chain management: Unleashing innovation to stay ahead of change and uncertainty

ThomsonReuters

With global supply chain challenges spurring dire headlines of precariousness, more than 3,000 transportation, logistics, fulfillment, and warehouse professionals from around the world gathered in October for the Reuters virtual Supply Chain Execution 2022 event. During one panel discussion, titled “Driving Towards a Singular Innovation Goal,” four industry experts discussed how corporate supply chain leaders can foster an innovative culture to master change management when change is incessant.

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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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6 Reasons Construction Companies Need Accounting Professionals

Pooley Accounting Services

It’s been a long day. You were up at 6:00 and at the construction site by 7:00. It’s 10:00 pm, and you’re trying to pull together a proposal for a huge construction project that is due tomorrow. Somehow, the numbers aren’t coming together, plus you aren’t sure what is the best revenue recognition approach to use. Maybe, it’s time to think about accounting professionals or a firm with construction experience to help.

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How to charge for bookkeeping services

5 Minute Bookkeeping

Is not knowing how to charge for bookkeeping services holding you back? I know that for many virtual bookkeepers, the problem isn’t the technical know-how, the problem is being able to confidently price their services. In this blog post, I’ll share the knowledge I’ve gathered over the years on how to charge for bookkeeping services. By far, the most frequently asked question in my Facebook community is how much should I charge for bookkeeping services?

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Tips to Find Hidden Assets in Divorce

FraudFiles

It is not uncommon for one spouse to hide assets during a divorce. Everyone is in love until they’re not, and then they may not feel much like splitting everything with a soon-to-be e-spouse. If hidden assets and streams of income remain hidden, it may be impossible to get a fair divorce settlement. Women are very often in the lesser position when it comes to the finances of the family.

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Supply chain management: Unleashing innovation to stay ahead of change and uncertainty

ThomsonReuters

With global supply chain challenges spurring dire headlines of precariousness, more than 3,000 transportation, logistics, fulfillment, and warehouse professionals from around the world gathered in October for the Reuters virtual Supply Chain Execution 2022 event. During one panel discussion, titled “Driving Towards a Singular Innovation Goal,” four industry experts discussed how corporate supply chain leaders can foster an innovative culture to master change management when change is incessant.

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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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Tax-Saving and Advisory Services for the Real Estate Industry

KROST

The real estate market can be volatile, full of risks and challenges. Real estate professionals should enlist an expert to ensure compliance and navigate the specifics of real estate tax and accounting. At KROST, we provide specialized real estate accounting services to a diverse range of clients in the real estate industry, including developers and investment, construction, and property management companies.

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New Transition Payment Announced

Generate Accounting

The government has announced that a new one-off transition payment will be available for businesses from 10 December this year. Businesses need to have suffered a 30% drop in revenue between October 3 and November 9 compared to a typical week in the six weeks prior to August 17 to be eligible. The transition payment is designed to assist businesses in moving to the new traffic light system.

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10 things you should know about payments on account if you’re self-employed

Cheap Accounting

Many self-employed people (AKA sole traders) who complete a Self-Assessment tax return for the first time are left somewhat baffled when their tax bill is much bigger than expected. It happens because after they file their first Self-Assessment tax return, they find out they need to make a “ payment on account ”. . But, what are payments on account and what key things should you know about them?

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DOL Releases Statistics on ERISA Benefit Plan Enforcement for Fiscal Year 2021

ThomsonReuters

Fact Sheet: EBSA Restores Over $2.4 Billion to Employee Benefit Plans, Participants and Beneficiaries. Available at [link]. The DOL’s Employee Benefits Security Administration (EBSA), the agency that enforces Title I of ERISA, has released a fact sheet announcing its fiscal year (FY) 2021 enforcement statistics. According to the fact sheet, EBSA has enforcement authority over nearly 734,000 retirement plans, 2 million health plans, and 662,000 other welfare benefit plans, covering about 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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What People Think About Their Bosses

RitaKeller

“Many people hear your words, but they feel your attitude.” – John Maxwell. Here is a Flashback Friday post from 2019. What kind of leader/manager will you be as you begin your journey through 2022?

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New Transition Payment Announced

Generate Accounting

The government has announced that a new one-off transition payment will be available for businesses from 10 December this year. Businesses need to have suffered a 30% drop in revenue between October 3 and November 9 compared to a typical week in the six weeks prior to August 17 to be eligible. The transition payment is designed to assist businesses in moving to the new traffic light system.

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Withum’s Jessica Hollobaugh Appointed to Serve on the New Jersey Supreme Court District VII Fee Arbitration Committee

Withum

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Court Finds No Mental Health Parity Violation, Despite Offending Plan Provisions

ThomsonReuters

Christine S. v. Blue Cross Blue Shield of N.M., 2021 WL 4805136 (D. Utah 2021). A group health plan participant sued the plan and its insurer after claims for her child’s residential mental health treatment were denied. The participant argued that the plan improperly classified the treatment as not medically necessary and that it violated the Mental Health Parity and Addiction Equity Act (MHPAEA) by applying more stringent medical necessity criteria to mental health care than to medical/surgical

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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.