Sat.Jan 01, 2022 - Fri.Jan 07, 2022

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Connecting the Dots Between Data and Returns: Know What You're Filing

TaxConnex

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

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My Startup Got Our First Big VC Check. What Should I Do with It?

BurklandAssociates

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.

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4 Ways Small Business Owners Can Stay Tax Compliant

xendoo

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

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2022 Business Mileage Rate

RogerRossmeisl

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).

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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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IRS TFRP Help – Everything You Need to Know About Trust Fund Taxes and Penalties

MyIRSRelief

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.

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Tax Planning for Retirement Plans: Roth IRAs and the Five-Year Rule

CTP

Roth IRAs have become a popular option for flexible retirement planning. A benefit to this type of retirement account is the fact that contributions to a Roth IRA are always made with after-tax dollars. Because the contributions in a Roth IRA have already been taxed, withdrawals from that account are not taxable. Even if the contributions came from a conversion from, say a traditional IRA or 401(k), those funds are taxed at the time of conversion, and no additional taxation will occur upon withd

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Tax Obligations of Gig Workers

RogerRossmeisl

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.

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2021 Year End Financial Benchmark Charts and Graphs

Withum

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.

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How to Calculate Payroll by Hand

Patriot Software

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.

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Are Employees Taxed on Their Personal Use of Frequent Flyer Miles Earned by Business Travel?

ThomsonReuters

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.

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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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What Factors into the Cost of Capital?

RogerRossmeisl

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.

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How to Build a Successful Company Culture Committee

GrowthForceBlog

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.

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Worker Classification Steps for Skagit County Businesses in 2022

SkagitCountyTaxServices

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.

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Watch out for regulatory progress on the supply-chain finance front 

ThomsonReuters

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

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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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Defer Tax with a Like-Kind Exchange

RogerRossmeisl

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

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Positioning For Growth Without Needing More Staff With NetSuite

AccountingDepartment

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.

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2022 New Partner Announcement

DMCL

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 !

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Supplemental Statement Emphasizes Limits of DOL’s 2020 Letter on Private Equity Investments

ThomsonReuters

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 ).

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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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Salespeople and Commission Fraud

RogerRossmeisl

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.

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When Is The "Right Time" To Outsource?

AccountingDepartment

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.

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Information on Filing T4s/RL-1s and T4As for Small Business Owners

Ronika Khanna CPA,CA

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

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The biggest mistakes I made in my bookkeeping business

5 Minute Bookkeeping

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.

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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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Are You Eligible for a Medical Expense Tax Deduction?

RogerRossmeisl

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.

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Agencies Release 2021 Form 5500 Series With Instruction Changes Finalized by DOL

ThomsonReuters

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.

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Know Your Small Business Tax Deadlines For 2022

Ronika Khanna CPA,CA

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.

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4 Reasons Why Freelancers need Accounting Assistance

Simple Accounts

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

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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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AccountingDepartment.com Introduces A New Role: Assistant Controller

AccountingDepartment

AccountingDepartment.com is the leader in outsourced accounting, bookkeeping, controller, and advisory services. We are the largest and most experienced outsourced provider in the country and serve businesses nationwide with our 100% U.S-based team of professionals.

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IRS Announces Annual PCOR Fee Adjustment

ThomsonReuters

IRS Notice 2022-04 (Dec. 21, 2021). Available at [link]. The IRS has announced the annual increase in Patient-Centered Outcomes Research (PCOR) fees that must be paid by health insurers and self-insured health plan sponsors. PCOR fees were established by the Affordable Care Act (ACA) and are used to support clinical effectiveness research. Because the ACA provision included an expiration date, PCOR fees originally were collected only for plan years ending before October 1, 2019.

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Treatment of PPP Loan Forgiveness for S Corporations

Withum

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10 Key GST Amendments with effect from 01.01.2022

VJM Global

Goods and Service Tax (“GST”) has gone through various changes since implementation and government is making all the efforts to make sure that ITC is claimed only to the extent which is appearing in GSTR-2A and all the practises of passing of fake Input Tax Credit without actual movement of goods is avoided to the maximum. Also, provisions with respect to e-way bill have also been made stringent to make sure that no movement of goods is made without accompanying e-waybill.

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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.