TaxConnex
MARCH 29, 2022
Subscription-based selling is appealing to businesses for its reliability of loyal customers and steady revenue. From gift boxes to magazines to cutting-edge software, it’s one of the most diverse ways of selling. The model does come with steady sales tax obligations and risks though, and if not properly understood, it could lead to significant sales tax risk in the business.
BurklandAssociates
MARCH 29, 2022
What will the future of work for startups look like? Shahar Erez, Co-Founder & CEO of Stoke Talent, joined us on Startup Success to share his thoughts on the future Read More. The post How to Prepare Your Startup for the Future of Work appeared first on Burkland.
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RogerRossmeisl
MARCH 28, 2022
Keeping track of every IT asset — particularly as remote work has become common — is essential if your company wants to limit financial losses and fraud risk. According to some estimates, most remote employees use at least two employer-assigned devices, and a smaller percentage use three or more. In general, the more devices in use, the greater the potential for loss or theft.
Withum
MARCH 29, 2022
Crowdfunding is an alternative way of raising funds for a startup, requesting donations for a specific charitable cause, or even collecting money for individuals in need. The contributions are usually in small amounts, but the funds raised can be significant. The question is, are funds raised through websites like Kickstarter, GoFundMe, Kiva and Indiegogo taxable?
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TaxConnex
MARCH 31, 2022
Sometimes if we hear a phrase often enough, we don’t appreciate the importance of all the words. One such phrase is “sales and use tax.”. We sure know what “sales” tax is. What about Use Tax? Use tax is defined ?as a tax on the storage, use or consumption of a taxable item or service on which no sales tax has been paid. A complementary or compensating tax to the sales tax, it’s required to be paid by the buyer in cases where the seller does not collect sales tax.
ThomsonReuters
MARCH 31, 2022
QUESTION: Our company is adding a high-deductible health plan (HDHP) option next year, so that employees who choose the HDHP and otherwise meet the HSA eligibility requirements can establish and contribute to HSAs. What will happen to the funds in an HSA after an account holder dies? ANSWER: Upon the death of an HSA account holder, any amounts remaining in the HSA transfer to the beneficiary named in the HSA beneficiary designation form.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Withum
MARCH 31, 2022
Withum is excited to welcome Lynn Mucenski-Keck to the Firm’s National Tax Services Group in the role of Principal, specializing in tax planning for businesses. With over 20 years of experience, Lynn has industry expertise in healthcare, hospitality, real estate and manufacturing distribution and logistics. At Withum, she will focus on Federal tax planning and policy, working with the National Tax Services Group to ensure clients’ understanding of dynamic tax guidance and maximize their cash imp
AccountingDepartment
MARCH 31, 2022
Cash is constantly moving in and out of businesses. For example, when a retailer purchases inventory, money flows out of the business to its suppliers. But, when that retailer sells something from its inventory, cash flows into the business from the consumer.
ThomsonReuters
MARCH 31, 2022
Insurance Standards Bulletin Series – Information – Extension of Limited Non-Enforcement Policy through 2023 and Later Benefit Years (Mar. 23, 2022). Available at [link]. CMS has indefinitely extended the limited nonenforcement policy allowing states to permit insurers in the individual and small group markets to renew health insurance policies that would otherwise have to be canceled due to noncompliance with certain Affordable Care Act (ACA) insurance market reforms.
RogerRossmeisl
MARCH 28, 2022
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex calculations, which we can take care of for you. But in addition to the credit itself, be aware that the credit also has two features that are especially favorable to small businesses: Eligible small businesses ($50 million or less in gross receipts) may claim the credit against alternativ
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.
Withum
MARCH 28, 2022
Withum is excited to announce that Caroline Banzali has joined the Firm’s Transaction Advisory practice as a partner specializing in tax due diligence, structuring and post-transaction integration and tax optimization planning. With over 20 years of experience in strategic planning, mergers and acquisitions, buy- and sell-side transactions, Caroline’s experience and background as both a service provider and corporate executive has culminated in Caroline’s unique arsenal of commercial business co
AccountingDepartment
MARCH 30, 2022
Forecasting revenue is an important task for businesses to provide insight to what is coming in the future. It allows for a clear idea of a company's financial standing, helps identify potential risks, and set owners and management up to make adjustments to the business plan throughout the year.
ThomsonReuters
MARCH 28, 2022
You ’ ve found the ideal tax and accounting research solution for your firm. With features like interactive workflow tools, relevant analysis, and up-to-date guidance, you ’ re certain that this software will save you time while getting to trusted answers — and have a positive impact on you, your team and your clients. . 4 tips to help prepare your business case .
RogerRossmeisl
MARCH 28, 2022
You may have wondered why, in a given year, you may be taxed on more S corporation income than was distributed to you from the S corporation in which you are a shareholder. The answers lies in the way S corporations and their shareholders are taxed. But before explaining those rules, be assured you that when you are taxed on undistributed income, you won’t be taxed again if and when the income ultimately is paid to you.
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
Withum
MARCH 28, 2022
Residential and commercial real estate management company engages outsourced accounting services to fill needs after the retirement of a former outsourced accounting firm. Download a PDF of this case study. Executive Summary. A NYC-based residential and commercial real estate management company transformed its back-office through outsourced accounting services.
GrowthForceBlog
MARCH 31, 2022
9 min read. The Great Resignation spurred on by the pandemic has exposed egregious problems with company culture, work-life balance, and employee engagement around the world, with employees leaving their dissatisfying jobs in droves, leading to unprecedented employee turnover rates.
Randal DeHart
APRIL 1, 2022
Contractors who ask for help in Cleaning Up their QuickBooks Files before filing taxes have better results than those that do not. The Tax Accountant is happier because the QuickBooks file is clean and easier to work with. They will likely find more deductions that can save you money and, in some cases, mean the difference between success and failure in your construction company.
SkagitCountyTaxServices
MARCH 30, 2022
I can’t write without mentioning that somewhat awkward, somewhat shocking, somewhat moving star-studded Oscars event. There were some, well, memorable scripted (and *unscripted*) moments. One truly happy surprise was the best picture winner CODA (child of deaf adults) – the first streaming service movie to win Best Picture. Apple’s foray into Hollywood glory is showing how businesses can go beyond money-making endeavors to truly make a difference.
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Withum
MARCH 31, 2022
Many employers are now offering to accommodate hybrid work arrangements. This is already having an effect on commercial real estate as landlords are downsizing office spaces in response to tenant demand. This shift is also having a growing effect on residential rental spaces as well, as landlords begin to offer new and creative accommodations in an effort to keep current tenants and draw in new tenants.
Ryan Lazanis
MARCH 31, 2022
Do you have too much on your plate right now? If yes, it’s probably the right time to hire someone to help you out. In this episode, I shared my journey in hiring and managing a virtual assistant, or VA, and how it helped me save more time. Listen below. 1:25 – I hired my first virtual assistant to help take some of the administrative burdens off my plate. 1:46 – They handle everything from assisting with marketing tasks to interacting with my customers. 2:15 – The right
Nancy McClelland, LLC
MARCH 29, 2022
A short article in today’s Accounting Today newsletter (which I highly-recommend) included an extremely helpful snippet that I want to make sure to spread far-and-wide. To validate and successfully submit an electronically filed tax return to the IRS , taxpayers need their adjusted gross income, or AGI, from their most recent tax return. The IRS has a couple of “special tips” to ensure the tax return is accepted by the IRS for processing.
Going Concern
APRIL 1, 2022
Ed. note: forgive us, we lack the bandwidth to come up with an April Fool’s prank today. For your reading pleasure, you can reminisce on the time we hid the entire site behind a (fake) Bitcoin paywall for a few hours on April Fool’s Day 2014 and proceeded to get cussed out by readers and haters alike. Ah, memories. 431K jobs added in March, with 18.2K in accounting [ Accounting Today ] Some of the main job gains occurred in leisure and hospitality, and professional and business servi
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Withum
MARCH 30, 2022
On February 16, 2022, the Small Business Administration (“SBA”) released additional information for Shuttered Venue Operators Grant (“SVOG”) recipients: SVOG Post-Award FAQs and SVOG Post-Application Guidance. This additional information clarifies the rules surrounding payments included in the Independent Contractors budget line item (6a) for SVOG recipients. .
FraudFiles
APRIL 1, 2022
Insider fraud is most commonly detected in companies through a tip, either from an employee, a customer, a vendor, or an outside party. Anonymous hotlines are excellent tools for reporting fraud, but management must have a plan for evaluating these tips. Some tipsters are okay with revealing their identities from the start. Others fear retribution or damage to their own reputations, so they prefer anonymous reporting.
Ronika Khanna CPA,CA
MARCH 31, 2022
As numerous employees shifted from their offices to their homes, Revenue Canada (CRA) and accountants were deluged with questions about how they could claim home office expenses during the early days of the pandemic. To stave off the complaints and questions, CRA decided to introduce a simplified method of claiming a tax deduction. It should be noted that employees have always been allowed to claim expenses relating to their employment as long as their employers completed and signed form T2200.
Going Concern
MARCH 30, 2022
That dubious award goes to longtime IRS employee Wayne Garvin, who might be hanging out in Club Fed for as long as five years after pleading guilty to tax evasion on March 22. Garvin, 57, a resident of Columbia, SC, who most recently worked as a supervisory associate advocate with the IRS’s Taxpayer Advocate Service in Philadelphia, confessed to filing false tax returns and providing fabricated records to the IRS in an attempt to obstruct an audit of those returns.
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Withum
MARCH 31, 2022
This quarterly newsletter will encompass timely insights relevant to your dealership. Contact Us. For questions or additional insight, contact Withum’s Dealership Services team to help address your dealership challenges. Contact Us. Dealership Services. Partner Spotlight. James Berg. Partner East Brunswick, NJ. The post Dealer Vision: Volume VI appeared first on Withum.
Ryan Lazanis
MARCH 31, 2022
Accounting conferences are a staple for many firm owners and partners. In this article, we’ll take a deeper look at one of the biggest — AICPA Engage. This post will cover: The history of the event. Recap the past 5 Engage conferences. Talk about the upcoming event. Discuss the future of AICPA Engage. Let’s get started. A Brief History of AICPA Engage.
Lockstep
MARCH 31, 2022
Accounting teams rely on email for so much, it’s ridiculous. These teams depend on email to communicate internally with their teams, and externally with customers, sometimes managing four or more inboxes at a time. Managing today’s accounting email inboxes with limited collaboration capabilities means teams are using Slack, Teams, productivity tools, phone calls, IMs, and smoke signals to close the books.
Going Concern
MARCH 31, 2022
We usually reserve this space on Going Concern for our tax preparer friends who have to deal with mostly client-initiated and other unexpected problems on a daily (hourly?) basis during busy season. And we’ll get to them next week as they near the home stretch of the April 15 18 filing deadline. Erin Collins. But today I wanted to bring to your attention a blog post from National Taxpayer Advocate Erin Collins.
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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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