This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
The end of the year is a great time to review your accounting practices. You might want to make changes before the new fiscal year or tax year starts. You might also just have more time available as business slows for the holidays. Here are some of the ways you can benefit from outsourced accounting services. Virtual Accounting Is More Than a CPA. Many smaller businesses only have a CPA that handles their tax return.
Understanding the benefits and drawbacks of different retirement plans is crucial to long-term tax planning. Most retirement plan investment earnings are taxed at ordinary income tax rates—you receive an ordinary tax deduction for every contribution, and you pay ordinary income tax rates when you withdraw funds. However, certain types of retirement plans come with special tax exemptions and other financial benefits, which taxpayers can take advantage of with some advance planning.
Companies of all sizes routinely outsource work to third-party contractors. Yet, each third-party hire comes with risk. Whether deliberate or unintentional, a third party’s actions can cost you money and harm your company’s reputation — particularly if they violate laws and regulations. Here’s how to contain possible threats. Potential problems Suppose your company employs an overseas trucking company to transport goods from a port to a customer’s warehouse.
The whole world pinballed throughout a pandemic the last two years and continues to do so. Sales tax in 2021, though, seemed to move in only one direction: It intensified as even more states hopped on the economic nexus bandwagon and the sales tax burden for online businesses grew. Here’s a look back at some of 2021’s biggest developments in sales tax.
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
As we get ready to head into 2022, Burkland is ending this year by looking back at six of our readers’ favorite blog posts from 2021. These articles are selected Read More. The post 2021 Favorites from Burkland’s Blog for Startups & Investors appeared first on Burkland.
Employers are responsible for withholding, remitting, and filing payroll taxes on behalf of their employees. And, there are some taxes you contribute on behalf of your employees. Social Security tax is one of those essential taxes that impacts both the employer and the employee. Keep reading to find out the answers to questions like: What […] READ MORE.
If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans. The answer is yes, subject to certain limits. The maximum amount of student loan interest you can deduct each year is $2,500. Unfortunately, the deduction is phased out if your adjusted gross income (AGI) exceeds certain levels, and as explained below, the levels aren’t very high.
If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans. The answer is yes, subject to certain limits. The maximum amount of student loan interest you can deduct each year is $2,500. Unfortunately, the deduction is phased out if your adjusted gross income (AGI) exceeds certain levels, and as explained below, the levels aren’t very high.
It looks like another banner year for eCommerce and online shopping this holiday season. And that means that more companies may find themselves with new sales tax obligations. Online shopping from Thanksgiving through Cyber Monday (Nov. 29) this year did fall short of 2020’s total; observers said this might have been because shoppers, fearing supply chain problems, began hitting the buy button earlier in the holiday shopping season.
Instead of a resolution for the new year, try preparing a strategic plan for the rest of your life. I always make new year’s resolutions, but I also put “SALY” (Same as Last Year) after some of last year’s. Resolutions are made with great resolve, but things interfere. Sometimes it is the lack of a plan or time or a deadline; or sometimes it’s the inability to fit the resolution into the big picture of my life. .
Without a doubt, the past year has meant a lot of change for both businesses and consumers. Consumers have had to deal with personal safety, loss of employment, illnesses, isolation, and a lack of consumer services and products. With vaccinations on the increase, what new trends will emerge? Knowing the new trends that will surface will allow businesses to deal with the post-pandemic consumer.
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January 17 (The usual deadline of January 15 is a Saturday) Pay the final installment of 2021 estimated tax.
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
Before I dive into some year end tax strategies Skagit Countybusiness owners can and should be making, I want to address some rumors and misinformation about the SALT workarounds that are available to some of our clients (though not all). Essentially, 22 states (as of this writing) have enacted legislation that enables business owners operating in a partnership or S-corp to deduct their state and local taxes (SALT) beyond the 10K cap that exists on federal returns.
As posted to the Munro Live YouTube Channel on 11/24/2021 (Run Time 46 min, 32 sec) Regarding the accelerating move to EVs, legendary automotive engineer Sandy Munro believes that OEMs are experiencing Scotoma, aka Paradigm Paralysis. They cannot physiologically see the data that is unfolding around them. When a paradigm shifts, success in the old paradigm will block your vision of the future.
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
“You’ll never get bored when you try something new. There’s really no limit to what you can do.” – Dr Seuss. It’s time to welcome a New Year. Don’t keep doing the same old “tax season dance” this year. Jazz it up and have some fun. Click here. (Card via JacquieLawson.com ).
Firms of all sizes are interested in expanding their practices to include forensic accounting and fraud investigation. Experts agree: This practice area is growing and will continue to grow for the foreseeable future. Yet adding forensic accounting to a firm’s portfolio of services might not be as easy as it sounds. While traditional audit staff might have a good foundational knowledge to branch out into fraud investigation, offering reliable service to clients in this area takes a little more w
“I don’t run away from a challenge because I am afraid. Instead, I run towards it because the only way to escape fear is to trample it beneath your foot.” – Nadia Comaneci. My last flashback post for this week. Tomorrow is a holiday for me (and I hope you)! The message: You need someone who will challenge you and be brutally honest. You are a leader in your firm.
Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.
“Not all those who wander are lost.” – J.R.R. Tolkien. Today’s flashback post encourages you to keep connected with people. You are working remotely most of the time. You see others and interact through technology like Zoom and Teams but it just isn’t the same. You might be feeling rather isolated whether you are a new hire, an intern, or even a partner.
“Success isn’t a result of spontaneous combustion. You must set yourself on fire.” – Arnold Glasow. Here is another flashback post. You should always be asking yourself, “Do we really provide exceptional service?” All accounting firms say that they provide good client service, great client service, or even awesome client service. Awesome is the goal.
“From a certain point of view our real enemy, the true troublemaker, is inside.” – Dalai Lama. I am attempting to take some time off this week so I will be posting some flashback posts. Here’s one from December 2020. It is about an activity that I hope is NOT happening in your firm. In progressive, future-focused CPA firms, the partners have committed to core values and they live them.
We organize all of the trending information in your field so you don't have to. Join 237,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
98 
Let's personalize your content