TaxConnex
MAY 11, 2021
Both the process of reporting sales tax and the level of sales tax detail required varies from state to state. Understanding the nuances of each state will help you avoid any missteps resulting in jurisdictional-imposed penalties. Some reporting requirements that should be considered in your sales tax compliance process are: 1. Know your Deadlines. Returns are typically due either monthly, quarterly, or annually.
AccountingDepartment
MAY 8, 2021
The concept of virtual accounting isn't anything new. It's been around for a while, yet a lot of accounting firms have struggled to move to this business model. With the COVID-19 pandemic, many companies have had to make this transition, and they had to do it on the fly. If you're making a switch to virtual accounting, here's a few things to keep in mind.
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BurklandAssociates
MAY 10, 2021
I would work with startups all day before sneaking away for an hour or two on the slopes. The post Startup Lessons Learned from 50 Days Skiing (During the COVID Winter) appeared first on Burkland.
PANALITIX
MAY 11, 2021
RESOURCES / ARTICLES. Transform your Niche Product Offering into. an Engaging Marketing Campaign… IN NO TIME! How do you let clients know that you offer a great service that will make a real difference to their business? . Should you call them all up? . Ugh, that sounds awful. . Send an email? . Ho hum…. Grabbing a client’s attention is hard.
Advertiser: Paycor
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TaxConnex
MAY 13, 2021
‘It depends’ is a commonly used phrase when it comes to sales tax, and a quite frustrating one at that. We know that. But when it comes to taxability, it’s often our answer. Understanding the taxability of your company’s products or services is one of the key steps to complying with sales and use tax laws nationwide. But that can be a challenge. Keeping up with states’ sales tax rules was the most-cited worry for 2021 among respondents to our recent survey regarding sales tax and business growth
Patriot Software
MAY 10, 2021
When it comes to paying your employees, you can’t pay them all willy-nilly. Instead, you must give them their wages on a consistent basis (e.g., weekly) and stick to one pay frequency. When you choose a paycheck frequency for your business, you need to follow state and federal payment laws. Learn about pay frequency requirements […] READ MORE.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
ThomsonReuters
MAY 13, 2021
IRS Notice 2021-26 (May 10, 2021). Available at [link]. The IRS has provided guidance regarding the federal tax treatment of DCAP benefits that continue to be available in taxable years ending in 2021 or 2022 because of an extended claims period or carryover offered pursuant to the COVID-19 relief provisions of the Consolidated Appropriations Act, 2021 (CAA, 2021) (see our Checkpoint article ).
LSLCPAs
MAY 12, 2021
Fiscal Recovery Funds provisions, established by the American Rescue Plan Act (ARPA), identified four eligible uses in the statute. Respond to the public health emergency and its negative economic impacts Provide premium pay to essential workers Provide government services to the extent of eligible governments’ revenue losses Make necessary water, sewer, and broadband infrastructure investments.
AccountingDepartment
MAY 12, 2021
As a business owner, there are many different metrics and KPIs out there for you to follow that can give you insight into your company's current standings, along with assistance when it comes to future planning and goal setting. Understanding which of these metrics are important and what they mean is equally as important as being able to run them with your accounting system.
MazumaBusinessAccounting
MAY 10, 2021
Even though we’re accountants, we get that financial reports aren’t at the top of every small business owner’s to do list. Most small businesses run on slim budgets and personnel staff of one or just a few. But whether you keep your own books or employ the services of a bookkeeper or accountant, understanding the numbers can help your small business just as much as it could help a large corporation.
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.
inDinero Accounting
MAY 11, 2021
Often, app fatigue gets pigeon-holed as a consumer problem. Sinform’s latest review of mobile app usage reveals that the average person has 40 apps downloaded to their phone and uses 18 of them regularly. The rapid advancement of accounting software has led to the underutilization of resources. Not knowing how effectively accounting uses software (on-premises or in the cloud) is a costly business ops issue that your chief financial officer should monitor across the organization, especially in ac
ThomsonReuters
MAY 13, 2021
Rev. Proc. 2021-25 (May 10, 2021). Available at [link]. The IRS has released the 2022 cost-of-living adjusted limits for health savings accounts (HSAs), high-deductible health plans (HDHPs), and excepted benefit health reimbursement arrangements (EBHRAs). Here are the details: HSA Contribution Limits. The 2022 annual HSA contribution limit is $3,650 for individuals with self-only HDHP coverage (up from $3,600 in 2021), and $7,300 for individuals with family HDHP coverage (up from $7,200 in 202
Withum
MAY 12, 2021
I am scheduled to present seven webinars for accountants for the CPA Academy and they are FREE. I’ve included a wide array of programs.
RitaKeller
MAY 11, 2021
“Latest survey shows that 3 out of 4 people make up 75% of the world’s population.” – Stephen Hawking. I have always looked forward to reading the results of the AICPA PCPS Top Issues Survey. They conduct it every other year. The last one was in 2019 and a lot has certainly happened since then! Now is your chance to share the top issues facing your firm by participating in the AICPA’s Private Companies Practice Section (PCPS) CPA Firm Top Issues Survey.
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
FraudFiles
MAY 11, 2021
Multi-level marketing companies (MLMs) like to refer to themselves as “Direct Sales” companies, because this puts the focus on the sale of the product or service, and takes focus off the business of recruiting. I’ve been researching MLMs for more than 20 years, and I’ve found that companies use the product or services simply as bait and a cover.
ThomsonReuters
MAY 13, 2021
Independent Contractor Status Under the Fair Labor Standards Act, 29 CFR Parts 780, 788, and 795, 86 Fed. Reg. 24303 (May 6, 2021). Withdrawal. News Release. The DOL has withdrawn regulations on determining whether a worker is an independent contractor for purposes of the Fair Labor Standards Act (FLSA), referred to as the “independent contractor rule.
Withum
MAY 11, 2021
My original title began with “The” as in “The 7 Necessary…” However, there are many more than seven. There can also be as many different traits as there are successful leaders and managers.
GrowthForceBlog
MAY 12, 2021
9 min read. Walking into a board meeting knowing you have a budget deficit can be stressful. Because it’s particularly challenging for nonprofits to pull themselves out of this type of loss.
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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.
RitaKeller
MAY 14, 2021
“What you have learned is never enough.” – – Cher Wang. This week for Flashback Friday I want to share what you can learn from a seven-year-old boy. As a leader in an accounting firm, you should always encourage and demonstrate persistence. The post about persistence was written in 2010 about my grandson. He was seven. This month he is eighteen and graduating from high school!
ThomsonReuters
MAY 13, 2021
QUESTION: An employee who participates in our DCAP has told us that the person who provides day care for his children won’t give him a taxpayer identification number (TIN). Can we reimburse his claim for expenses even though he does not have a TIN from the care provider? ANSWER: Generally yes, if the expenses otherwise qualify for reimbursement. To support your treatment of the reimbursement as nontaxable, however, you should consider requiring a statement from the employee as evidence of his
MazumaBusinessAccounting
MAY 9, 2021
We work with small business owners and entrepreneurs. Some are seasoned, others are just growing their side hustle. Their skills are varied and they have a wide variety of talents. We often get asked to explain the ins and outs of financial reports and have found that providing our favorite clients with a working knowledge of accounting terms is helpful.
AccountingDepartment
MAY 14, 2021
A P&L statement is also known as an income statement. It is a financial report that outlines a summary of the company's expenses, revenues, losses, and profits over a period of time. Keep in mind that it is different than a cash flow report. A P&L report includes the cost of sales, revenue, administrative expenses, net income, marketing and advertising, technology, and interest expense.
Advertiser: Paycor
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xendoo
MAY 13, 2021
Editor’s Note: This post was originally published in February 2017 and has been revamped and updated for accuracy and comprehensiveness. . It’s no secret that the restaurant business is tough, even in the best of times. Really tough. Even before the COVID-19 shutdowns, industry analysts estimate the failure rate for new restaurants in the first year was somewhere around 60% , with another 20% shuttering the doors before the 5-year mark.
FraudFiles
MAY 12, 2021
The divorce of Bill and Melinda Gates has everyone talking about what it’s like to be a billionaire getting a divorce. Safe to say, it’s complicated. This article in Forbes, For Richer and Richest:Inside The Billion-Dollar Marriages, Open Relationships And Bitter Divorces Of The Forbes 400 , delves into a few of the realities. They mention Chicago billionaire Ken Griffin (founder of hedge fund Citadel) who got divorced in 2015.
LSLCPAs
MAY 11, 2021
The Deadline for Businesses with > 50 Employees Is JUNE 30, 2021 CalSavers Requirements 2021 for Mandatory 401K Plans In January of 2020, an LSL CPAs blog introduced you to the new CalSavers Mandatory 401K Plan. CalSavers requirements are mandatory; a retirement savings program that began in July 2020 and that replaces its predecessor, Secure Choice.
AccountingDepartment
MAY 14, 2021
Accounting is a fairly transparent profession. It involves working with a lot of financial data, and it also involves problem-solving. So, what does an Accounting Specialist do all day? To answer this question, let's take a look at the roles and responsibilities of an Accounting Specialist in addition to the current trends of accounting roles.
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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.
xendoo
MAY 13, 2021
Editor’s Note: This post was originally published in October 2018 and has been updated for accuracy and comprehensiveness. Just like your clients, your business operation needs a good makeover every now and then to help increase profits for your salon and keep your bottom line healthy. Unfortunately, we sometimes let ourselves get into a rut, keeping the same systems and processes in place mainly because they’ve always been good enough.
KROST
MAY 11, 2021
This is a preview of one of the articles in the new KROST Quarterly Real Estate Issue , titled “There are several tax incentives available to the real estate industry. Whether you invest in, build, design, or make significant renovations to real estate, a closer look at these opportunities could increase cash flow and/or reduce tax burden.” by So Sum Lee.
LSLCPAs
MAY 11, 2021
Fiscal Recovery Funds provisions, established by the American Rescue Plan Act (ARPA), identified four eligible uses in the statute. Respond to the public health emergency and its negative economic impacts Provide premium pay to essential workers Provide government services to the extent of eligible governments’ revenue losses Make necessary water, sewer, and broadband infrastructure investments.
AccountingDepartment
MAY 12, 2021
It's always important to know how much profit a company is making. Many business owners look at the profit margin. This is the amount of money made after-sales. However, if you want to know how much a certain product adds to a company's profit, you need to know the contribution margin. The contribution margin is a financial analysis tool that is often misunderstood by business managers.
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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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