RogerRossmeisl

NOVEMBER 2, 2021

Background Businesses are having difficulties hiring an adequate number of employees as the economy resets after the COVID-19 lockdowns and their aftermath. As such, small businesses are having to think outside the box as they work toward locating amenable workers. If your small business hires a “targeted group” member, you are afforded the ability to claim the lucrative federal Work Opportunity Tax Credit (WOTC) for a portion of wages paid to such an individual.

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Tax CPA cpa firm business tax 245

TaxConnex

NOVEMBER 4, 2021

TaxConnex is pleased to announce the completion of their second annual sales tax survey finding that the increasing sales tax complexities, growing nexus, fear of sales tax audits and limited resources to do what is necessary to remain compliant are among the top worries of financial professionals heading into 2022. The nationwide survey, conducted by In90Group in September of 2021, is composed of responses from 100 top finance professionals in a variety of industries on their thoughts and exper

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Sales Tax audit Finance 181

AccountingDepartment

NOVEMBER 3, 2021

AccountingDepartment.com's team attended the 2021 Vistage ChairWorld in Las Vegas, NV, and had an excellent time getting to create new connections and catch up with clients and friends. ChairWorld is a place for Vistage Chairs to come together and attend various breakout sessions, networking opportunities, and evening fun to learn new strategies, improve on leadership skills, and more.

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Account accountant accounted 94

SMBAccountant

NOVEMBER 4, 2021

Income but no cash?! How does that happen?? How could a business be making money according to their profit and loss but have no money… or even worse, negative cashflow? This answer can vary depending on whether the company’s books are kept on a cash basis or accrual basis, but the general premise is the same. A company pays cash for things that don’t show up on the profit and loss.

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financial statements Account accountant accounted 246

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RogerRossmeisl

NOVEMBER 5, 2021

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Background information The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees and self-employed workers — one for Old Age, Survivors and Disability Insurance, which is commonly known as the Social Secur

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Hospitality CPA Tax business tax 243

TaxConnex

NOVEMBER 2, 2021

You won’t find too many more confusing sales tax scenarios than the one involving dietary supplements. For purposes of sales tax, sometimes supplements and vitamins are considered drugs (prescription or not), sometimes groceries or food, sometimes tangible personal property – and sometimes not. In still other instances, they’re not taxed at all. So how do you manage your sales tax liability if you are selling vitamins, dietary supplements or other items that fall into this undescriptive category

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Sales West Virginia Tax Vermont 196

Withum

NOVEMBER 3, 2021

NBC has a new series, “Ordinary Joe,” on Monday nights at 10:00 ET. I really like it and want to share some info about it. It is about Joe Kimbreau, who makes a life-altering choice on the night of his college graduation.

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RogerRossmeisl

NOVEMBER 5, 2021

Earlier this year, the Corporate Transparency Act (CTA) became the latest law intended to foil financial crime. This law is part of the National Defense Authorization Act and requires certain entities to disclose the identities of those who own or control it. Anonymous no longer Perpetrators of criminal acts such as fraud, drug and human trafficking, and terrorism often use anonymous or shell companies to launder ill-gotten funds and avoid prosecution.

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New York CPA 239

MazumaBusinessAccounting

NOVEMBER 5, 2021

Stress, illness, and a near-death experience. That’s what propelled Maureen Wendy Dearborne to find her calling in life. From a broken engagement to missed promotions at work, Wendy felt like her life was unraveling. “I was blaming everybody and everything for every woe in my life,” she says. But Wendy’s perspective changed when her life was nearly cut short by illness. “I had a near-death experience when I was 21 years old,” she says, adding with a laugh, 

business accounting 105

business accounting Account accountant accounted 105

inDinero Tax Tips

NOVEMBER 4, 2021

Even if your books are perfectly accounted for, an IRS audit letter will fill anyone with a sense of dread. However, most businesses are unprepared and need IRS tax audit help. Having proper documentation of all your income and expenses is the easiest way to pass an audit. In this article, we will discuss what an audit is, why you might get audited, and how to prepare for an audit.

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audit Tax tax return tax preparation 98

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.

xendoo

NOVEMBER 2, 2021

When making a major purchase for your business, you are expected to spread the tax deduction out over the lifespan of that purchase, which provides small tax savings over the years. But, why wait? Business owners can take advantage of Bonus Depreciation and Section 179 to invest in their businesses, resulting in an enormous tax break! . In this blog post, we will explain how the deductions work, and how you can use them to maximize your tax savings. .

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Tax cpas bookkeeping online accounting 98

RogerRossmeisl

NOVEMBER 4, 2021

For-profit colleges and vocational schools — especially online programs — provide degree-earning opportunities to many Americans who might not otherwise be able to pursue higher education due to financial pressures and work or family obligations. But as countless complaints and lawsuits suggest, some for-profit institutions engage in deceptive, and even illegal, recruiting and retention practices.

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Education CPA 238

AccountingDepartment

NOVEMBER 2, 2021

Pricing decisions are among the most important decisions business owners, or their financial teams, make. Cost accounting methods help business leaders make wise pricing decisions. There are two basic costing systems that help you identify all direct and indirect expenses so you can make well-informed pricing decisions: the traditional costing system and the activity-based costing system.

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cost accounting Account accountant accounted 79

GrowthForceBlog

NOVEMBER 3, 2021

6 min read. “How does a project get to be a year behind schedule? One day at a time. ”— Fred Brooks. Avoiding a difficult project only delays the outcomes you’re trying to achieve. In-kind donations are one of those things that many nonprofits simply avoid because they can be seen as difficult to define, value, and track.

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Account accountant accounted 74

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

xendoo

NOVEMBER 1, 2021

You might not be thinking about taxes until closer to the deadline, but planning your eCommerce tax deductions is a year-round process. If you run an online business, investing in tax-deductible business expenses can reduce your tax burden and increase your profits. We’ll help you plan ahead for next year’s filing. Here are the 9 most common eCommerce tax deductions that you should include in your financial planning: Home Office.

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Tax Transportation tax return bookkeeping 95

RogerRossmeisl

NOVEMBER 5, 2021

Have you heard of the “nanny tax?” Even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a household worker, you aren’t required to withhold federal income taxes from pay.

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Tax income tax CPA 232

ThomsonReuters

NOVEMBER 2, 2021

As a corporate tax professional, you know the complexities of complying with business taxation requirements. Your company may have to file corporate tax returns in multiple states and local jurisdictions, as well as with federal — and perhaps international — tax authorities. The level of intricacy in corporate tax return filing requirements, coupled with frequent changes in tax laws, makes the job of accurately filing corporate taxes time-consuming and complicated.

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tax return corporation tax income tax Tax 59

CapataCPA

NOVEMBER 5, 2021

State Tax Deduction WorkaroundThis year California passed AB 150, which enacts an elective passthrough entity tax (PTET). The idea behind the PTET is to work around the $10,000 SALT deduction limit to an individual’s itemized deductions that came into effect back in 2018.Simply, qualified passthrough entities may pay tax on a consenting owner’s behalf based.

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Tax cpa firm California CPA 52

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Technology

Pooley Accounting Services

NOVEMBER 4, 2021

How are you managing your 1099s these days? Every business owner knows the importance of strong financials. Without a solid balance sheet, it’s difficult to receive loans or attract investors. Yet, many companies fail to realize how accurate tax reporting contributes to a financially sound organization. For example, failure to file non-employee compensation on form 1099 can result in penalties ranging from $50 to $270 per form up to a maximum of $556,500 per year.

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Tax Construction Start-ups accounting firms 52

RogerRossmeisl

NOVEMBER 5, 2021

If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences? The tax treatment can be complex. It depends on how many days it’s rented and your level of personal use. Personal use includes vacation use by you, your relatives (even if you charge them market rent) and use by nonrelatives if a market rent isn’t charged.

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Tax CPA 225

SchoolofBookkeeping

NOVEMBER 4, 2021

At the seventh annual QuickBooks Connect, Intuit unveiled new innovations across the QuickBooks ecosystem to help accountants better serve their small business clients, grow their practices and scale their impact. Introduced by Accountant Segment Leader, Ted Callahan, these accountant-specific innovations include a new Revenue Share Program, Books Review and Transaction Collaboration, the launch of a new QuickBooks Online Windows app, Payroll Certification, ProAdvisor Support and more.

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quickbooks Account accountant accounted 52

SkagitCountyTaxServices

NOVEMBER 4, 2021

How’s your client/customer list faring these days? If you’re like every other business around you, you’ve got some churn happening. People move, change jobs, experience a shift in financial circumstances … the list goes on. Even in predictable economic times (remember those days?), the task of finding new customers to replace the existing ones is an ever-present challenge for Skagit County business owners.

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CPA Start-ups Tax 52

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Technology

KROST

NOVEMBER 4, 2021

In this first article in our upcoming series, we will discuss a trust and the type of assets you may transfer to a trust. Please stay tuned for more related articles coming soon and reach out to our team if you have any questions about estate and trust. . A trust is a legal agreement between two parties: the trustee and the trustor (sometimes called the settlor or grantor).

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Real Estate Entertainment CPA Legal 52

RogerRossmeisl

NOVEMBER 5, 2021

Employers offer 401(k) plans for many reasons, including to attract and retain talent. These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about participating in a plan at work, here are some of the features. Under a 401(k) plan, you have the option of setting aside a certain amount of your wages in a qualified retirement plan.

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CPA Tax 191

LSLCPAs

NOVEMBER 4, 2021

The Deadline for Compliance is June 30, 2022. A number of new debt and lease standards have been added to government agencies’ financial reporting requirements. For this post, we are zeroing in on the condition that government agencies are being required to add additional footnotes to their financial statements. With this new reporting requirement for government.

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Government financial statements cpas 52

ThomsonReuters

NOVEMBER 4, 2021

CMS Memo: Required Federal Agency Contact Information and Website to List on Certain Documents Related to the No Surprises Act (Oct. 25, 2021). Available at [link]. CMS has issued a memorandum to group health plans, insurers, and health care providers regarding agency contact information that must be included on certain notices and disclosures relating to the No Surprises Act, enacted as part of the Consolidated Appropriations Act, 2021 (CAA).

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Government Tax Account accountant 52

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CalCPA

NOVEMBER 2, 2021

The application period for the 2022-23 CalCPA Board and Council, AICPA Council and CalCPA Education Foundation trustee and officer positions is open. CalCPA. The post CalCPA BUZZ: Time to Lead appeared first on Hot Topics.

Education 52

Education 52

RogerRossmeisl

NOVEMBER 2, 2021

As posted to the Naomi Brockwell YouTube Channel on 6/21/21 (Run Time: 12 min, 48 sec) In this informative video from her Privacy Series, Naomi Brockwell compares the most popular e-mail options available to help you make an informed decision as to which will work best for your personal situation. The author’s outline of the clip on YouTube is as follows: E-mail remains an essential backbone of internet communication, with over 4 billion users worldwide.

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CPA cpa firm Technology 130

LSLCPAs

OCTOBER 31, 2021

You’ve seen the ships off the Ports of Los Angeles and Long Beach, stretching for miles. Your product’s machined parts are in the colored containers, piled high like Legos on the stalled cargo ships. There may not be a quick resolution to this one, and more interruptions caused by a variety of factors may occur. The post 10 Things Manufacturers Can Do About Supply Chain Disruptions appeared first on LSL CPAs.

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Manufacturing cpas 52

ThomsonReuters

NOVEMBER 4, 2021

OCR Cybersecurity Newsletter: Securing Your Legacy [System Security] (Oct. 29, 2021). Available at [link]. OCR’s Fall 2021 cybersecurity newsletter addresses the importance of securing legacy computer systems—that is, systems with one or more components that have been supplanted by newer technology and are no longer supported by the manufacturer. According to OCR, all organizations ideally would use only systems that are fully patched and up-to-date, but many factors explain why health organiza

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Manufacturing Tax Technology Account 52

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Finance