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Mechanics tell you that you can keep your car running best by checking the engine occasionally and keeping up with the recommended maintenance schedule. Sales tax is similar in that you need to monitor the process, adjust, and tune-up the process occasionally. Sales tax rules , rates, filing frequencies and many other details change frequently. Whether you manage the process in-house, work with a technology vendor or outsource completely, you must understand the pieces to remaining compliant: re
What do you do when you start getting those checks with a lot of zeros on the end? The post My Startup Got Our First Big VC Check. What Should I Do with It? appeared first on Burkland.
The Details Matter . A crucial component of being a small business owner is meeting certain tax requirements in order to remain compliant in the eyes of the IRS. It can feel overwhelming to keep track of every rule and deadline, especially while juggling countless other business responsibilities day in and day out. . That is why the Xendoo team has created this guide to help business owners stay on top of their tax requirements, remain compliant throughout the year, and effortlessly maximize the
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 58.5 cents (up from 56 cents for 2021).
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 hard to believe as it may be, we are now in yet another year and here’s to hoping that 2022 will be significantly better than the last previous years, but we digress. What we’re here to talk about today is IRS TFRP help, or trust fund recovery penalty help, as it is better known. With tax season coming up fast, our thoughts will soon be turning to our books and accounts, as we look to get all of our taxes in order so as to appease the wrath of the tax man.
The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans have earned money at some time through online gig platforms. This includes providing car rides, shopping for groceries, walking dogs, performing household tasks, running errands and making deliveries from a restaurant or store.
It is no question that rapid growth requires an accessible, user-friendly system to scale with the business. As a business owner, you should always be looking for ways to position yourself for further growth, and in an ideal scenario, not having to add additional staff is a major bonus.
When you have employees, payroll is one of your most important tasks. Because payroll is oh-so important, you need to know how to calculate your employees’ checks. That includes knowing how to calculate taxes and other deductions accurately. Read on to learn more about how to calculate payroll. How to calculate payroll: The basics Before […] READ MORE.
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.
Valuation experts often use discounted cash flow (DCF) techniques to determine the value of a business or estimate economic losses. A critical input in a DCF model is the cost of capital. This is the rate that’s used to discount future earnings into today’s dollars. Small changes in this rate can have a major impact on the expert’s conclusion, so it’s important to get it right.
Field Assistance Bulletin No. 2021-03: Temporary Enforcement Policy Regarding Group Health Plan Service Provider Disclosures Under ERISA Section 408(b)(2)(B) (Dec. 30, 2021). FAB. News Release. The DOL has announced a temporary enforcement policy for fee disclosure requirements that apply to certain group health plan service arrangements. As background, ERISA’s prohibited transaction exemption for reasonable service provider arrangements was amended by the Consolidated Appropriations Act, 2021 (
These year-end financial benchmark charts continue an annual tradition I use to assist clients with their financial planning. The charts show the 10-year annual and cumulative percentage gains or losses of the major stock market indexes, interest rates, currencies and gold. I always make new year’s resolutions, but I also put “SALY” (Same as Last Year) after some of last year’s.
When it comes to outsourcing a business's accounting and bookkeeping, there is no wrong time. Every time is the right time because that just means the business will benefit from the advantages of working with an outsourced accounting and bookkeeping service provider sooner.
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.
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a §1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax bills), the like-kind exchange strategy may be attractive. A like-kind exchange is any exchange of real property held for investment or for productive use in your trade or business (relinquished property) for
6 min read. Left to develop of its own accord, it's easy for a company's culture to go awry. Focused solely on the bottom line, business leaders can lose sight of the very traits that make a business attractive and valuable to customers and a workplace attractive and valuable to employees: company culture.
Supply-chain finance is nothing new; it’s been?around for decades. We saw an uptick in its use after the 2008 financial crisis. Not surprisingly, the uncertainty and volatility of the COVID-19 pandemic, together with the high-profile bankruptcies of UK-based supply-chain finance provider Greensill Capital and construction management firm Carillion PLC, have sparked concern over whether companies are being transparent as they struggle to stay afloat and free up working capital trapped in their g
And the books turn over. As we step over the threshold into 2022, we’re all staring at much lower numbers in our P/L’s. It’s a new slate, and the possibilities are endless. What will you do in 2022? That’s the question of the hour … and it has much less to do with outside circumstances than it does with YOU. Your choices will make all the difference this year — not government policies, congress, sloppy vendors, or recalcitrant employees.
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.
Many employees — from retail workers to sales staffers involved in complex business-to-business transactions — receive part of their compensation from sales-related commissions. To attract and retain top talent, some companies even allow employees to earn unlimited commissions. Unfortunately, some commission-compensated employees may be tempted to abuse this system by falsifying sales or rates.
QUESTION: When our employees travel for business, they earn frequent flyer miles. Do we have to treat those miles as taxable if employees use them for personal reasons (e.g., to buy vacation travel)? ANSWER: Many employers allow their employees to make personal use of frequent flyer miles earned on business travel. This can be a significant benefit.
When I was employee, I never really gave much thought to the T4 (and the Quebec equivalent RL-1) process. I knew that sometime around February an envelope would appear on my desk with a tax document that I would need to reflect on my tax return. I suppose I thought that someone, somewhere pressed a button and the T4s were generated. When I became a small business accountant, who was now either responsible for preparing this information or providing guidance to my clients, I realized that the pro
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not easy. Medical expenses can be claimed as a deduction only to the extent your unreimbursed costs exceed 7.5% of your adjusted gross income. Plus, medical expenses are deductible only if you itemize, which means that your itemized deductions must exceed your standard deduction.
We’re excited to announce four new additions to our partnership effective January 1, 2022. From home grown talent to recent team additions, each of these individuals has demonstrated exceptional skills and leadership, and we’re excited to see them continue to grow in the next chapter of their careers. Please join us in congratulating Jay Park , John Yeum , Marcus Brandt and Travis Knapton !
U.S. Department of Labor Supplemental Statement on Private Equity in Defined Contribution Plan Designated Investment Alternatives (Dec. 21, 2021); DOL News Release 21-2132-NAT (Dec. 21, 2021). Statement. News Release. The DOL has issued a statement that supplements its 2020 information letter regarding designated investment alternatives with a private equity component (see our Checkpoint article ).
Starting a bookkeeping business is fulfilling, but it’s not without challenges. A lot goes into building a bookkeeping business from the ground up, and there are sure to be some missteps. The good news is that you don’t have to make the same mistakes I did. That’s why I’m sharing the biggest mistakes I made in my bookkeeping business and how you can avoid them.
Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.
Freelancers are the boss, employer, employee, assistant, and everything rolled into one. Being a freelancer is not an easy job, it demands consistency, hard work, proper management abilities, and more. A freelancer could be a jack of all trades and a master of one. Freelancers choose the career according to their expertise in the field. You are an expert in your industry, but you also serve as your own advertiser, manager, accountant, and more. . 4 Reasons why freelancers need an accounting ass
2021 Form 5500, Schedules, and Instructions; Revision of Annual Information Return/Reports, 29 CFR Part 2520, 86 Fed. Reg. 73976 (Dec. 29, 2021). Form 5500 Series. Final Forms Revisions. News Release. The DOL, IRS, and PBGC have released informational copies of the 2021 Form 5500 series, including schedules and instructions. The 2021 instructions include certain changes that the DOL proposed in September 2021 (see our Checkpoint article ) and has now finalized.
With the beginning of a new year upon us, tax submission deadlines for individuals and businesses are starting to loom. Every small business owner must adhere to these deadlines or risk facing penalties for late filing of returns plus interest on any overdue balances. Knowing these deadlines can help you ensure that you don’t simply waste your hard earned money and run afoul of CRA and RQ.
Speaker: Claire Grosjean, Global Finance & Operations Executive
Finance teams are drowning in data—but is it actually helping them spend smarter? Without the right approach, excess spending, inefficiencies, and missed opportunities continue to drain profitability. While analytics offers powerful insights, financial intelligence requires more than just numbers—it takes the right blend of automation, strategy, and human expertise.
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