Sat.Aug 07, 2021 - Fri.Aug 13, 2021

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Preventing Fraud in your Construction Company

RogerRossmeisl

Fraud is costly for all victimized companies, but it’s even worse in the construction sector. According to the Association of Certified Fraud Examiners’ Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse, construction companies affected by fraud lose a median $200,000 per fraud incident, compared with $125,000 per incident for all organizations.

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Top 5 Best Virtual Accounting Services for 2021

AccountingDepartment

In not-so-recent history, outsourcing services such as bookkeeping or accounting was perceived as limited to just the basics—data entry, processing reports, and automated functions. While some companies, such as our own AccountingDepartment.com, went well above those limitations by engaging trained professionals and full accrual accounting, the fact is that capabilities have evolved alongside both training and technology.

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TaxConnex featured on Worldwide Business with kathy ireland® on Fox Business Network

TaxConnex

TaxConnex is proud to announce that last Sunday, August 8, TaxConnex founder and CEO, Robert Dumas, was interviewed on the Kathy Ireland show as branded content! Robert was able to highlight TaxConnex’s unique offerings to businesses looking to outsource sales tax compliance. There are still many businesses who don’t understand all the complexities surrounding sales tax or that they even have an obligation.

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Whittier 911 Urgent tax help

MyIRSRelief

For any business, the worst thing that can happen is that you can find yourself in a 911 urgent tax help situation. The IRS is known to be the toughest and most ruthless of all collection agencies on the planet. If you ever find yourself in trouble with the IRS, never consider going it alone. There are always avenues for you to turn and they do allow you to have a representative on your side.

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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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“Stepped-Up Basis” on Inherited Property – Will it Last?

RogerRossmeisl

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, for example, if your grandmother bought stock in 1935 for $500 and it’s worth $1 million at her death, the basis is stepped up to $1 million in the hands of your gran

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Anupam Rastogi Shares Insights on Today’s Startup Landscape from an Early-Stage VC

BurklandAssociates

Anupam Rastogi transformed his passion for building and scaling startups into a career in venture capital over a decade ago. He saw venture as a way to bring his skill Read More. The post Anupam Rastogi Shares Insights on Today’s Startup Landscape from an Early-Stage VC appeared first on Burkland.

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A Friend’s Cleaner Closed Last Week

Withum

I spoke to a friend that was somewhat upset because his cleaner closed last week. He used them for over 25 years. It was very convenient and he got into a routine where he would drop off and pick up his cleaning and laundry, get some bagels if he was there in a morning, or a pizza if he stopped off on the way home from work. There was a drug store in the strip center and he would occasionally stop in there.

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6 Ways To Prepare Your Small Business for (Possibly) A Second COVID Lockdown

GrowthForceBlog

8 min read. With COVID hot spots once again dotting the world map and U.S officials rolling out restrictions on social distancing, business owners should be considering what they can do now to prepare for the possibility of a second COVID shutdown.

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KROST Director, Keith Hamasaki is Recognized by LABJ as a Minority CPA of Influence

KROST

Keith’s hard work and dedication to the needs of his clients have been hallmarks of his time at KROST, and as the industry leader for KBI he has taken his client service to the next level. In implementing KBI, Keith and his team of analysts have leveraged raw data from client systems into dynamic reports that provide real insights catered to the Company and their industry.

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Insights from the AICPA Engage 2021 Conference

AccountingDepartment

Cathy Becker, CPA, Senior Controller and Project Manager here at AccountingDepartment.com, joined up with the Jirav team last week at AICPA's Engage 2021 event in Las Vegas, NV. Last fall, the AccountingDepartment.com team discovered Jirav to assist with our budgeting and forecasting needs. As part of our implementation preparation in January of 2021, we discovered that Jirav also offers an in-depth dashboard and reporting , which we elected to use for ALL of our ADC clients.

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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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Monetized Installment Sales: Just Say “NO”

Withum

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The Most Powerful Financial Insights for Engineering Consulting Firms

GrowthForceBlog

8 min read. When leading an engineering consulting firm, it's only natural to want to focus on what you do best – helping businesses meet their design and construction needs.

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Improve Your Small Business Cash Flow with These 10 Tips

Ronika Khanna CPA,CA

One of the biggest challenges for many small business owners, particularly in the initial and growth stage, is ensuring that they maintain sufficient cash flow. Many businesses with great potential have suffered an untimely demise due to their inability to pay their suppliers, employees and revenue agencies. In many cases, this can be prevented through a better understanding of your small business’ cash flow requirements and making sure that you implement relevant processes that can handle cash

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How To Trademark Your Business Name & Logo

LyfeAccounting

Today, we are learning all about trademarks. . What are trademarks? What are the common trademark misconceptions? Is it even worth trademarking your name and if so, what are the exact steps you need to take to get a trademark? Keep reading because in this post, we’re going to uncover everything you need to know about how to trademark your business.

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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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When Must Participants Get Spousal Consent to Take a Loan or Distribution?

ThomsonReuters

QUESTION: Some retirement plans seem to require spousal consent whenever a participant takes a distribution. But our 401(k) does not require spousal consent when a participant takes a distribution or a loan. We only require consent if a participant wants to designate a primary beneficiary other than the participant’s spouse. When are 401(k) plans required to obtain spousal consent for distributions to participants?

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Your Bottom Line Is Taking The Hit. Is It Poorly Managed Accounts Payable?

GrowthForceBlog

6 min read. You know by now that accounts payable is more than just “paying the bills”.

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A Small Business Growth Strategy for Skagit County Business Owners

SkagitCountyTaxServices

We really loved watching the Olympic games the past few weeks. There was so much to see, be inspired by, and even something to learn about growing a small business. Yep, you read that right. Hear me out…. It’s so hard to appreciate the amount of training and work that goes into one ten-second race. We here in Skagit County only get to see the ten seconds.

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12 Ways on How to Raise Money for a New Business (Grants, Loans & More)

LyfeAccounting

How to raise money for a new business? So, what do you do when you have an amazing business idea, but no money to fund it? Well, unless your uncle is someone like Warren Buffet then you’re going to have to figure out how to raise capital. . And of course, raising money is one of the biggest challenges any new or established entrepreneur may face. . But spoiler alert: while raising money may seem difficult, there are more ways than ever before to get funding for a business, and getting capital is

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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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IRS Eliminates 2020 Form 5500 Filing Requirement for Certain Retroactively Adopted Retirement Plans

ThomsonReuters

IRS Employee Plans News (Aug. 6, 2021). Available at [link]. The IRS has announced that certain retirement plans adopted retroactively for the 2020 taxable year will not be required to file Form 5500 for 2020. For plans adopted for taxable years beginning after December 31, 2019, the SECURE Act permits employers to elect to treat a plan adopted after the close of a taxable year as if it had been adopted on the last day of the taxable year, provided the plan is adopted by the due date (including

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Press Release: KROST Acts as Exclusive Financial Advisor for Integrity Bio in Sale to Curia

KROST

Los Angeles, California – Integrity Bio, Inc. , a privately held formulation and fill-finish organization headquartered in Camarillo, California, was sold to Curia (formerly Albany Molecular Research, Inc. (AMRI)), a Contract Development and Manufacturing Organization (CDMO) and leading global provider of advanced contract research, development, and manufacturing solutions.

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EY Charges Related to Auditor Independence

FraudFiles

An interesting story popped up last week about charges the Securities and Exchange Commission (SEC) brought against Ernst & Young (EY) and current and former partners. The current partner is James Herring, and the former partners are James Young and Curt Fochtmann. Separate charges were also brought against the chief accounting officer for the potential client, William Stiehl.

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What to Expect Your Controller to Do for You & Your Business

LSLCPAs

What Does a Controller Do? Almost like a doctor, they understand and protect your organization’s financial health. A controller takes a broad view of your business’s accounting processes. They develop and implement policies and procedures for your bookkeeping/accounting staff to follow to ensure that financial data are recorded accurately and in a timely fashion.

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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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Not your father’s CPA firm: position your firm for the future workforce

ThomsonReuters

Change is the one certainty in all industries. Progress in technology, changes in policy, and changes public opinion are a few of the factors that impact CPA firms and how they work within their team and with clients. . Many preventative measures can be taken to ‘future-proof’ your firm, making certain you will not be left behind as changes occur.

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Overcoming Limits to Tax Deductions for S Corporation or Partnership Losses

CTP

Understanding tax basis is key to maximizing tax deductions, especially for shareholders or partners involved in an S corporation or partnership. Tax basis refers to the amount that a taxpayer has invested in business assets, calculated by taking the purchase price and subtracting any accumulated depreciation. This value will determine the gain or loss when […].

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Kelly Clarkson Child Support and Alimony

FraudFiles

A couple of weeks ago, singer Kelly Clarkson was ordered to pay her soon-to-be ex-husband Brandon Blackstock $150,000 per month of spousal support (alimony) and $45,601 in child support. Some people are criticizing this award and referring to it as “manimony.” This order of the court is temporary, but will total over $2.3 million per year if it continues for the long term.

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Bringing Happiness To the Forefront of Foster Care

Withum

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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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The Overwhelmed Managing Partner

RitaKeller

“The best executive is the one who has sense enough to pick good men to do what he wants done, and self-restraint to keep from meddling with them while they do it.” – Theodore Roosevelt. Not too long ago, I heard a managing partner in a mid-size firm lament that he was overwhelmed with what he had to do as a managing partner. His firm wasn’t big enough for an HR department or a full-time Controller, so much of the administrative management work fell on his shoulders.

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Top Online Bookkeeping and Accounting Services for 2021

xendoo

Good business bookkeeping is vital for any successful company, both for legal and financial reasons. Accurate information from bookkeeping is not only necessary to know where your business stands financially at a given moment, but it is also essential for strategy planning, managing cash flow, and predicting profitability. . There are a lot of reasons why business bookkeeping is useful.

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Discounted Premiums on Individual Disability Policies Do Not Create ERISA Plan

ThomsonReuters

Shrago v. UNUM Life Ins. Co. of Am., 2021 WL 3188320 (D. Md. 2021). Three coworkers purchased individual disability coverage through an insurance broker. At the broker’s suggestion, the coworkers agreed to have their separate policy premiums billed on a single annual invoice in exchange for a premium discount. After one of the three became disabled, the insurer approved only limited benefits.

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New Guidance on Gross Receipts Test for the Employee Retention Credit

Withum

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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.