Katz,Sapper&Miller

DECEMBER 22, 2020

The latest round of economic stimulus legislation is included within the Consolidated Appropriations Act, 2021, which was passed by Congress on Dec. 21, 2020 and is expected to be quickly signed into law. This is a massive piece of legislation that includes all manners of government funding, expansion of the Paycheck Protection Program (PPP), additional unemployment insurance benefits, and more.

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TaxConnex

DECEMBER 22, 2020

Someday people will probably use a lot of words to describe 2020. “Un-eventful” won’t be one of them. The year’s ongoing pandemic affected almost every aspect of life – including, and in no small way, sales tax, which was already an area that has seen unprecedented change since the Supreme Court’s Wayfair decision in 2018. Add to that, jurisdictions that are worried about how lockdowns have affected their tax revenue and you have a tumultuous year.

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Sales Tax North Carolina Michigan 130

PYMNTS

DECEMBER 23, 2020

We’ve all heard the horror stories. The 6-year-old who get his hands on Mom’s iPad and manages to rack up $16,000 worth of credit charges for online gaming. The teenager with a Fortnite habit who manages to clean out Dad’s checking account via the debit card linked to the gaming account. These aren’t bad kids necessarily so much as they’re kids that simply don’t know the damage they’re doing at the time.

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Education Gaming Construction Start-ups 128

RogerRossmeisl

DECEMBER 24, 2020

With the prospect that ordinarily tax deductible business expenses will still be deductible if they were paid for with forgiven PPP loan funds contained in the Coronavirus Response and Relief Supplemental Appropriations Act, 2021, attention turns to the California treatment of same. The answer is that California currently does not conform to the federal amendment to this law contained in the new stimulus bill.

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California CPA Tax business tax 133

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ThomsonReuters

DECEMBER 20, 2020

What is the difference between sales tax and value-added tax (VAT)? Both sales tax and VAT are types of indirect tax – a tax collected by the seller who charges the buyer at the time of purchase and then pays or remits the tax to the government on behalf of the buyer. Sales tax and VAT are a common cause of confusion within the corporate tax community.

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Sales South Dakota Tax corporation tax 119

Withum

DECEMBER 21, 2020

“Zoom is not my thing” was a response to an invite I sent to a friend for a program I organized that I thought he would enjoy. He is not the only person I know that doesn’t do Zoom.

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LSLCPAs

DECEMBER 22, 2020

As we draft this alert, Congress is still in Washington. And as you will read, that is a very good thing. Congress is spreading holiday cheer and we admit it’s affecting our mood too. On Monday night, Congress passed and sent to the President the 5,593 page Consolidated Appropriations Act […]. The post Part XII – PPP Loan Forgiveness: Merry Christmas Everyone!

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cpas Washington Finance Tax 98

ThomsonReuters

DECEMBER 19, 2020

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act, PL 116-136) made substantial changes to the Code Sec. 163(j) business interest expense deduction limitation. With all the changes made to the Code in 2020 due to COVID-19, it is worthwhile to review Code Sec. 163(j) both pre- and post-CARES Act changes. What is the 163(j) limitation?

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Real Estate New York Tax accounting and finance 105

Withum

DECEMBER 23, 2020

Here is a listing of what records you should keep and for how long that my partner Brian Lovett, CPA, JD and I have prepared. Also, keep in mind that anything that is discarded should be shredded. When organizing your files, please remember these are general rules concerning your records. But don’t get rid of records you will or might need, so go through this listing carefully.

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Tax CPA 98

PYMNTS

DECEMBER 21, 2020

Apple is advancing its self-driving car project, according to a Reuters report, and will look at debuting a new product by 2024 that could also come with new battery technology. Project Titan, the Apple automotive effort, has been working on a self-driving vehicle sporadically since 2014, working from scratch. Apple hasn't always kept up with it, sometimes drawing back to focus more on the software the company is known for, Reuters reported.

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Technology Manufacturing 132

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.

AccountingDepartment

DECEMBER 22, 2020

Breaking News: AccountingDepartment.com co-Founders Dennis Najjar, CPA and Bill Gerber announce all clients will receive a financial dashboard accessible to them in 2021. On the heels of our 2020 Year in Review wrap-up video, AccountingDepartment.com is already out of the gate with one of the promises made to clients ( If you missed it, check it out here ).

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CPA accounting software Technology Account 96

ThomsonReuters

DECEMBER 23, 2020

IRS Notice 2021-02 (Dec. 22, 2020); IRS News Release IR-2020-279 (Dec. 22, 2020). Notice. News Release. The IRS has announced the 2021 standard mileage rates for business, medical, and other uses of an automobile, and the 2021 vehicle values that limit the application of certain rules for valuing an automobile’s use. For 2021, the business standard mileage rate is 56 cents per mile (a 1.5 cent decrease from the 57.5 cents rate for 2020), and the rate when an automobile is used to obtain medical

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Transportation Tax Account accountant 98

Katz,Sapper&Miller

DECEMBER 22, 2020

There can be no doubt that 2020 has been a year codified by unrest and uncertainty. It has been a difficult year, the IRS did no favors; opining that deductions, which support Paycheck Protection Program (PPP) forgiveness, were not deductible. Fortunately, the latest round of COVID-19 relief legislation, the Consolidated Appropriations Act, 2021 , passed by Congress on Dec. 21, 2020 and expected to be quickly signed into law, reinstates the deduction which was clearly intended at the onset of th

Tax 95

Tax 95

PYMNTS

DECEMBER 25, 2020

’Twas Christmas with COVID, We were all stuck at home. Can’t go out, it’s not safe, We’re advised not to roam. The holiday Zoom calls have been scheduled with care, To talk to the relatives who cannot be there. . The children are nestled asleep in their beds, As visions of PS5s dance in their heads. Ma on her mobile and me on the tablet, Spent Christmas Eve cementing our new digital-first habits. .

Gaming 132

Gaming Maine B2B Retail 132

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

Technology

KROST

DECEMBER 24, 2020

As part of the assistance package that was announced by Governor Newsom in September 2020, the State of California is providing $500 million in grants to small businesses that are impacted by COVID-19. Small businesses with annual gross revenue of less than $2.5 million can receive up to $25,000 in the grant. There will be two rounds of grants. CDTFA will start taking applications for the first round on December 30, 2020, and will close on January 8, 2021.

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California Real Estate tax return CPA 70

ThomsonReuters

DECEMBER 19, 2020

With many businesses experiencing losses due to COVID-19, now is a good time to review the CARES Act net operating loss (NOL) rules. The Tax Cuts and Jobs Act (TCJA) changed the rules for deducting net operating losses in 2017. Before 2017, NOLs were fully deductible and could be carried back two years and carried forward 20 years. In 2017, TCJA changed the NOL rules by: limiting NOL deductions to 80% of taxable income, disallowing NOL carrybacks, and. lifting the 20-year limit on NOL carryovers

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Tax Real Estate corporation tax audit 98

RitaKeller

DECEMBER 22, 2020

“Letter writing is the only device for combining soitude with good company.” – Lord Byron. We have evolved so far with technology that a handwritten note is very rare. We text, we email, we chat. This means that a handwritten note carries so much more clout than it ever did in the past. During these last few days of 2020, or early in 2021, write a handwritten note to each of your direct reports.

Technology 59

Technology 59

PYMNTS

DECEMBER 22, 2020

Amazon is postponing its logistics fee increase to help accommodate businesses affected by the pandemic, a company letter from Amazon Worldwide Consumer CEO Jeff Wilke stated. Wilke wrote that the eCommerce giant will continue to take on the extra costs without increasing fees until June 1, 2021. "We are doing this because we want to provide stability and support for you during what will likely remain a challenging winter as vaccine distribution gets underway," Wilke said in the letter.

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Technology

Withum

DECEMBER 22, 2020

133

133

ThomsonReuters

DECEMBER 23, 2020

QUESTION: Everybody in the employee benefits field uses acronyms like ALE, MLR, and ACA. What do these and other employee benefits acronyms stand for? ANSWER: Here’s an explanatory list of common acronyms primarily used in our Health Care Reform manual. (Last week’s Question of the Week included acronyms primarily used in our COBRA, HIPAA, and Group Health Plan Mandates manuals, and the Question of the Week from the week before included acronyms from the ERISA Compliance, Self-Insured Heal

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Tax Account accountant accounted 98

KROST

DECEMBER 22, 2020

As previously reported, the $900 billion COVID-19 stimulus Bill contains an additional $284 billion for additional PPP loans for small businesses, referred to as Second Draw Loans. Some of the new rules and rule changes apply to both the Initial and Second Draw PPP loans. Below are the details of the Bill, with respect to PPP and EIDL loans and changes to the Employee Retention Credit rules: 1.

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payroll Agriculture Tax Hospitality 53

PYMNTS

DECEMBER 23, 2020

Burger King has launched a new promotion called the "$1 Your Way Menu" and in conjunction will put $1 in some Venmo users' accounts through Dec. 28, the day the new menu takes effect, the company announced in a press release. "Unlike other value menus, all items on Burger King’s newly unveiled menu are $1 a piece — that’s it,” the release stated. “The big question now becomes, what to get?”.

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Government Account accountant accounted 125

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Technology

Withum

DECEMBER 21, 2020

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ThomsonReuters

DECEMBER 22, 2020

Consolidated Appropriations Act, 2021, H.R. 133 (Dec. 21, 2020). Rules Committee Print available at [link]. Congress has passed, and the President is expected to sign, year-end appropriations legislation that includes a variety of provisions affecting employer-sponsored benefit plans—some relating to the COVID-19 public health emergency and others with broader applicability.

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Education Entertainment Construction Tax 90

RitaKeller

DECEMBER 23, 2020

“We cannot cure the world of sorrows, but we can choose to live in joy.” – Joseph Campbell. To all my clients and friends in the CPA profession and especially to the followers of this blog – Have a wonderful holiday. Like mine, it might be very different than in previous years but treasure it all the same. I will be enjoying a 4-day weekend, so look for my next post on Monday!

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CPA 52

PYMNTS

DECEMBER 22, 2020

A year like no other draws to a weary close. In a year marked by unpredictable events, high unemployment, business closures and, of course, a global pandemic, the U.S. consumer is still standing — but how they pay has changed with the times, both out of necessity and out of convenience. Looking ahead, PSCU President and CEO Chuck Fagan told Karen Webster, some of the trends that have been a hallmark of the last several months will prove long-lasting.

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Maine Government Retail Technology 123

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FraudFiles

DECEMBER 23, 2020

My idea of a good time: Digging through boxes of documents for hours on end, looking for that smoking gun that proves an employee was stealing from a business. An attorney’s idea of a good time: Going to court with the expert witness who proved the employee was stealing, and burying the guilty party with a verdict in favor of the client. The client’s idea of a good time: Having employees who don’t steal from the business in the first place.

Education 52

Education Legal Government 52

ThomsonReuters

DECEMBER 23, 2020

Form 5498-SA (HSA, Archer MSA, or Medicare Advantage MSA Information) (2021); Instructions for Forms 1099-SA and 5498-SA (2021). Form 5498-SA. Form 1099-SA and 5498-SA Instructions. The IRS has released Form 5498-SA for the 2021 tax year, along with its instructions, which are combined with the instructions for Form 1099-SA. (The 2021 General Instructions for Certain Information Returns, which relate to these and certain other information returns, have not yet been released.

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Tax Account accountant accounted 78

Withum

DECEMBER 22, 2020

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PYMNTS

DECEMBER 19, 2020

Everyone knows the famous Dr. Seuss children’s Christmas story and movie “How the Grinch Stole Christmas.”. The Grinch — resident sourpuss in the fictional town of Whoville — is tired of the locals’ incessant Christmas cheer and noise, and decides he’s going to do something to end it. So he dresses up like Santa, descends into Whoville and steals all their Christmas presents, decorations and food in hopes that the residents (known as the “Whos”) will wake up and be brokenhearted that Christmas h

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New York Start-ups Construction California 122

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