Sat.Oct 30, 2021 - Fri.Nov 05, 2021

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Taking Advantage of the WOTC (Work Opportunity Tax Credit)

RogerRossmeisl

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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TaxConnex Releases Research that Reveals Top Concerns Among Financial Leaders Responsible for Sales Tax in

TaxConnex

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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AccountingDepartment.com Attends Vistage ChairWorld 2021

AccountingDepartment

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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Income but no cash?!

SMBAccountant

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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You upgrade everything else. Why not your close process?

You wouldn’t keep using a 2009 flip phone - so why settle for outdated close processes? It’s time for an upgrade. SkyStem's Guide to Month-End Close Software walks you through what today’s best tools can do (and what your team shouldn’t have to deal with anymore). Get smart, fast, and a whole lot less stressed when it’s time to close the books.

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Social Security Wage Base is Increasing in 2022

RogerRossmeisl

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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Sales Tax and Vitamins/Dietary Supplements

TaxConnex

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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New and Recycled Tax Proposals Released as House “Managers Amendment”

Withum

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Hook Investors With Your Pitch Deck

RogerRossmeisl

(This is Blog Post #1117). The post Hook Investors With Your Pitch Deck appeared first on Roger Rossmeisl, CPA.

CPA 246
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Tax & IRS Audit Help

inDinero Tax Tips

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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A Guide to Traditional Costing Systems

AccountingDepartment

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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AI In Accounting: A Practical Roadmap For Smarter AP

Speaker: Gerald Ratigan

The accounts payable (AP) function is evolving and AI is leading the charge. As finance teams face rising invoice volumes and expectations for speed and accuracy, AI-powered automation has shifted from a futuristic concept to the most practical solution. But for finance leaders, success isn’t just about selecting the right tools, it’s about implementing the right strategy.

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Ordinary Joe

Withum

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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How Business Owners Can Comply With New Financial Crime Regulation

RogerRossmeisl

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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Tax Savings for Small Business Owners: Bonus Depreciation and Section 179

xendoo

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. .

Tax 98
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Everything Nonprofit Leaders Need to Know About In-Kind Donations

GrowthForceBlog

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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Stop Budget Burnout: A Better Way to Grow Your Nonprofit in 2026

Speaker: Sean Yoder

Nonprofits are under more pressure than ever to demonstrate financial accountability while continuing to expand their impact. Traditional budgeting models often fall short, reinforcing silos, limiting flexibility, and stalling growth. Enter collaborative budgeting: a dynamic, team-driven process that enables smarter resource allocation and builds financial resilience at scale.

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Withum Announces New Childcare Reimbursement Expense Program

Withum

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When For-Profit Colleges Deceive Students

RogerRossmeisl

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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How Do I Pay Myself and My Taxes as an S-Corporation?

xendoo

When businesses are born, business owners are likely not daydreaming about taxes and payroll. Yet, they still face the unique challenge of figuring out how to pay themselves, file their taxes, and maximize their tax savings. As their business grows, many business owners opt for S-Corporation Election due to the tax advantages it presents, but they must be mindful of how much they pay themselves, in order to remain compliant in the eyes of the IRS.

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What are Tax Write-Offs? What to Know About Small Business Tax Deductions

IgniteSpot

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Why Tech-Forward Tax and Accounting Firms Have the Inside Track to the Future

Speaker: Joe Wroblewski, Sales Engineer Manager

Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. But it can also have longer-lasting benefits, like helping you attract and retain the next generation of CPAs, and we don’t need to tell you how important that is amid the current generational staffing crisis in the tax and accounting profession. You'll want to save your seat for this new webinar with industry expert Joe Wroblewski, where we'll explore how to: Maximize ROI with Cost-Effective Te

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Withum Welcomes New Partner Olga Blyweiss

Withum

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Tax Ramifications of Having a Household Worker

RogerRossmeisl

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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9 eCommerce Tax Deductions for 2021

xendoo

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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7 steps for an accurate and successful corporate tax return filing

ThomsonReuters

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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Live Demo - Supercharge your Month End Close

Automation generally supercharges any process and brings its value to the forefront. See how infusing automation such as ART (our month-end close solution), into your close can get you to the next level of closing. We will share a live demo of SkyStem's solution, ART and share the key elements of month-end close automation. Through ART, we'll take a look at: What month-end close automation entails Which process steps can and should be automated Benefits of achieving process automation, and Why i

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Withum Welcomes New Partner Brian Bender

Withum

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Tax Effect of Renting Out Your Vacation Home

RogerRossmeisl

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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State Tax Deduction Workaround

CapataCPA

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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How Well Are You Managing Your 1099s?

Pooley Accounting Services

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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Mid-Year Review: How to Ignite Employee Potential Through Meaningful Feedback

Mid-year performance reviews aren’t just boxes for HR to check. Paycor’s toolkit empowers leaders to: Identify high-potential team members. Boost engagement with meaningful feedback. Support struggling employees. Nurture top talent to drive results. Learn how to ignite employee potential through meaningful feedback. When you nurture top talent, everybody wins.

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Case Study: Commercial Electric Vehicle Manufacturer Positioned for Transaction with Strategic Investor

Withum

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What to Know About Participating in a 401(k) Plan

RogerRossmeisl

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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QB Connect Announcements for Accountants 2021

SchoolofBookkeeping

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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How Skagit County Businesses Can Build a Quality Prospect List

SkagitCountyTaxServices

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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Your Accounting Expertise Will Only Get You So Far: What Really Matters

Speaker: Victor C. Barnes, CPA, MBA

In the climb from contributor to leader, the rules quietly change. 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 (a concept first popularized by Marshall Goldsmith in his book What Got You Here Won’t Get You There ). 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.