BurklandAssociates
JUNE 15, 2021
The online marketplace model is surprisingly lean and scalable, making it a popular choice for investors and new consumer startups. The post Is an Online Marketplace the Best Model for My Startup? appeared first on Burkland.
AccountingDepartment
JUNE 16, 2021
Comparing your actual spending against budget goals is a basic strategy for preparing for future growth. For instance, comparisons between budget and actual variances provide an accurate review of spending habits and income patterns. This review provides a valuable tool that business owners use every day to improve forecasting efforts and evaluate individual cost center performance.
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RogerRossmeisl
JUNE 15, 2021
High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact. The NIIT applies to you only if modified adjusted gross income (MAGI) exceeds: $250,000 for married taxpayers filing jointly and surviving spouses, $125,000 for married taxpayers filing separately, $200,000 for unmarried taxpayers and heads of household.
TaxConnex
JUNE 15, 2021
They said it would be simple. They said they could automate it all, but in fact, you’re still doing a lot of the work. Why are you paying more penalties for missed notices and late payments than you were before you started working with your sales tax vendor? Guess what – we frequently hear these situations from businesses ready to make a switch. The good news is there are other providers that put the client first and ensure sales tax is managed correctly.
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PANALITIX
JUNE 14, 2021
RESOURCES / ARTICLES. Best Practices for . (Annual) Strategy Meetings. Partners, owners and/or managers of accounting businesses need to work on business strategy from time to time. These sessions can be hugely productive or… frankly… a waste of time. In this article we look at some best practices in strategy meetings which will help you get the best outcomes. .
MazumaBusinessAccounting
JUNE 18, 2021
If you’re wondering, “How many years can I take a loss on my business?” then you’re probably reaching a point where you’ve been claiming too many losses on your taxes. The Internal Revenue Service (IRS) only allows your business to be in the negative for a certain number of years before it declassifies it as a business.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
TaxConnex
JUNE 17, 2021
Legalization of cannabis and how it would be taxed has been a discussion for many years. But as states continue to pass laws legalizing the sale of cannabis, the businesses trying to capitalize on the market are struggling with the complexities of taxation as it differs from other sales. States that have legalized the sale of cannabis are reaping the benefits.
Patriot Software
JUNE 17, 2021
Whether you offer time off or need to process direct deposit, staying on top of legal holidays is a must. And when it comes to Juneteenth, you need to keep updated with the latest federal and state holiday status changes. So, what is Juneteenth, and is it a legal holiday? Get out your reading glasses. […] READ MORE.
ThomsonReuters
JUNE 15, 2021
Starting your own CPA firm may seem like a distant fantasy, but with barriers to entry lower than they’ve ever been, it could be closer than you think. If you’ve been wondering if it’s time to break free, here are five signs that you’re ready to be your own boss. You have the experience. Most small CPA firm owners have years of experience working for larger firms and find themselves wanting to utilize that experience to serve clients in their own way.
RogerRossmeisl
JUNE 14, 2021
Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the pandemic have caused even more people to turn to gig work to make up lost income. There are tax consequences for the people who perform these jobs, which include providing car rides, delivering food, walking dogs and providing other services.
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.
CTP
JUNE 15, 2021
Over the last two weeks we have outlined a strategy to intentionally fail the test for material participation, for purposes of converting non-passive income to passive income. Why might we want to do that? The first and most obvious reason is to save self-employment tax. A second reason you might want to do that is […]. The post Taking Advantage of Passive Losses appeared first on certifiedtaxcoach.
Withum
JUNE 14, 2021
My webinar “season” is coming to a brief ending on Thursday with two programs I think anyone would enjoy. They are on Financial Statement Myths and the Finances of George Washington. I have others scheduled throughout the year, but these are more appropriate for the public and not just accountants.
ThomsonReuters
JUNE 14, 2021
Each year, more than 40 million Schedule K-1 (Form 1065) are sent to US taxpayers, reporting income and other financial information stemming from their participation in partnerships, S corporations, and trusts. Unlike W-2 forms and other IRS-mandated documentation, however, K-1s needn’t be produced in a standard format, so they come in a variety of formats and may include unstructured data, free-form text, footnotes, statements, and disclosures.
RogerRossmeisl
JUNE 16, 2021
If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S corporation. Fundamentals of self-employment tax The self-employment tax is imposed on 92.35% of self-employment income at a 12.4% rate for Social Security up to a certain maximum ($142,800 for 2021) and at a 2.9% rate for Medicare.
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
AccountingDepartment
JUNE 18, 2021
Whether you're a seasoned pro, or just starting in a business leadership role, you probably know that you need an exceptional accounting and bookkeeping system And, since there are so many accounting processes that can take your team away from focusing on growing your business, this might be the perfect time to look at outsourced accounting and bookkeeping services.
Patriot Software
JUNE 18, 2021
As a small business owner, your doors likely aren’t open 24/7. And if you’re like most businesses, you might be closed on federal legal holidays like Thanksgiving or Christmas. According to the Bureau of Labor Statistics, the average full-time employee receives approximately 7.6 paid holidays annually. If you’re an employer, it’s important to know what […] READ MORE.
ThomsonReuters
JUNE 15, 2021
Use of Special purpose acquisition (SPAC) vehicles have spiked over the past year because private equity and venture capital firms have excess cash they need to put to work, accounting practitioners said mid-June. And about 400 are eagerly trying to find a target company – with hundreds of billions of dollars chasing a finite amount of deals and therefore valuations are sky-high.
RogerRossmeisl
JUNE 15, 2021
Fraudulent behavior isn’t necessarily perpetuated by people hiding their identities. For example, legitimate customers sometimes use the credit card chargeback process to their advantage — and to the disadvantage of merchants. Others routinely abuse chargebacks to steal merchandise. Here’s how to protect your business from these types of “friendly” and sometimes dishonest fraud.
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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.
AccountingDepartment
JUNE 12, 2021
While remote work is new for many as of 2020, it is something we here at AccountingDepartment.com are well accustomed to. However, not having that in-person interaction requires a need to sometimes handle things differently. So we've come up with a list of ways that will help you keep your remote employees engaged and still feeling like a part of the company, no matter where they are.
xendoo
JUNE 13, 2021
In recent years, we’ve seen a reopening of the debate over minimum wage. Advocates are currently pushing for an increase to $15.00 per hour by 2026, with the door open to possible increases in the years after that. If you’re a worker, this is good news. A slight bump in the Florida minimum wage can increase the pay you receive, compensating for rising costs of living and other expenses.
FraudFiles
JUNE 14, 2021
Both civil and criminal cases often involve an element of proving or disproving income of an individual or business. It is not unusual for a divorce case to include allegations of hidden income or assets. In contract disputes alleging the loss of sales or profits, an accurate determination of income is critical. In criminal cases, the issues surrounding the income of an individual or business have even higher stakes.
RogerRossmeisl
JUNE 14, 2021
Providing education assistance to employees is done by many businesses as a fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified educational assistance program.” For this purpose, “education” means any form of instruction or training that improves or develops an individual’s capabilities.
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LyfeAccounting
JUNE 18, 2021
As many of you know, the IRS has been delayed in processing 2020 tax refunds. Covid-19 and the IRS shutdown are largely to blame for this. However, a recent update has confirmed that the IRS has flagged over 5.2 million tax refunds for identity fraud, and for these taxpayers, this means an even longer delay. But there is some good news that could mean an even larger refund once your refund is processed.
xendoo
JUNE 18, 2021
Ready to start selling your products online? Or have you already built a web presence and you’re looking to expand? From marketplaces like Etsy to building and hosting your own website on Squarespace or Shopify, small businesses have plenty of platforms to sell their products online. But eventually, most professional sellers find themselves asking: What are the pros and cons of Amazon vs. eBay?
FraudFiles
JUNE 18, 2021
Tracy Coenen teaches a group about some of the most common red flags of financial statement fraud. More information on corporate fraud is available in Tracy’s book, Essentials of Corporate Fraud.
ThomsonReuters
JUNE 17, 2021
GAO Report on Employee Benefits Security Administration: Enforcement Efforts to Protect Participants’ Rights in Employer-Sponsored Retirement and Health Benefit Plans, GAO-21-376 (May 2021). Available at [link]. The U.S. Government Accountability Office (GAO) has released a report on ERISA enforcement efforts by the DOL’s Employee Benefits Security Administration (EBSA).
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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.
LyfeAccounting
JUNE 17, 2021
So, in one of our previous posts, we were getting a lot of questions if you can get the child tax credit if you don’t file taxes. Well, great news for everyone out there who normally doesn’t file tax returns… …because the IRS just released a new online tool to help low-income families register for the monthly child tax credit payments. Today, let’s talk about this new tool and some other relevant updates.
AccountingDepartment
JUNE 16, 2021
Business liabilities are best defined as the financial obligations or responsibilities of a business. Liabilities should not be construed as a negative. Rather, they are a necessary obligation that proves essential to the company’s progression. In short, liability is almost always necessary for a business to excel. So don’t misconstrue business liabilities with legal liabilities.
ThomsonReuters
JUNE 17, 2021
QUESTION: Our company’s self-insured group health plan provides both medical/surgical and mental health and substance use disorder benefits. We have heard that, to comply with the mental health parity rules, we have to prepare an NQTL comparative analysis. What is this, and how do we prepare it? ANSWER: Health plans and insurers that provide both medical/surgical benefits and mental health or substance use disorder (MH/SUD) benefits—and that impose nonquantitative treatment limitations (NQTLs)
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"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.
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