RogerRossmeisl

DECEMBER 14, 2021

Most U.S. businesses operate as so-called “pass-through” entities, including partnerships, limited liability companies (LLCs) and S corporations. For decades, the IRS and valuation professionals have been at odds over how to value pass-through businesses because of their unique tax characteristics. Taxation of pass-through entities For pass-through entities, all items of income, loss, deduction and credit pass through to the owners’ personal tax returns, and taxes are paid at the level of the in

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tax return CPA Tax 211

TaxConnex

DECEMBER 14, 2021

There’s always something changing in the world of tax, especially sales tax. Here’s a review of some of the recent changes and updates. Blue bayou: Sales tax won’t be getting simpler in Louisiana any time soon. Voters have defeated an amendment that would have authorized a new commission to work on simplified electronic filing and remittance for all the state’s many sales and use taxes (each parish currently can have their own rules and tax rates).

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Sales Kansas Tax Iowa 178

AccountingDepartment

DECEMBER 14, 2021

Passing on the accounting and bookkeeping responsibilities of your company is a big task that requires a lot of trust as a business owner or CEO. There is no shortage of benefits that switching to a virtual accounting services provider has, but there are certain things to be aware of to weed through the options.

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bookkeeping Account accountant accounted 70

BurklandAssociates

DECEMBER 13, 2021

Recent news reports have revealed that cybercriminals are monitoring deal flow announcements and targeting affiliated startups. Moreover, according to stats, 50% of successful cyber attacks target small businesses. These days, Read More. The post Cybersecurity: Why it is Important & How it Can Give Startups a Competitive Edge appeared first on Burkland.

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RogerRossmeisl

DECEMBER 17, 2021

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the non-tax benefit of getting a company car.) Plus, current tax law and IRS rules make the benefit even better than it was in the past.

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Tax CPA business tax 233

TaxConnex

DECEMBER 16, 2021

2021 has been another year of tumultuous change. As the global pandemic dragged deep into the year, much longer than many anticipated, businesses were once again forced to adjust their strategies. The dramatic reduction in available skilled resources left many organizations trying to do more with less, even while business complexities continued to grow.

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Tax Sales audit Start-ups 161

Withum

DECEMBER 15, 2021

There are many types of IRS approved retirement plans that could benefit employees, the self-employed and small businesses and its employees. Following is a listing of the more popular plans and the 2021 and 2022 contribution limits.

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RogerRossmeisl

DECEMBER 14, 2021

If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end. 1. Accelerate deductions/defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage interest deduction. So, if you make your January 2022 payment in December, you can deduct the interest portion on your 2021 tax return (assuming you itemize).

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Tax tax return CPA tax planning 225

inDinero Accounting

DECEMBER 13, 2021

Credit: Lukas Blazek. Running your own business can be rewarding, but it also requires a wide range of skills. One of the most critical aspects of running your own business is accounting. Unfortunately, not every business owner has the energy or knowledge to decide between cash vs. accrual or Netsuite vs. Quickbooks. That’s why 71% of businesses rely on outsourced accounting to help them track their financial data.

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xendoo

DECEMBER 16, 2021

The Tech Tribune staff has compiled once again the very best tech startups in Fort Lauderdale, Florida. In their research, they considered several factors including but not limited to: revenue potential, leadership team, brand/product traction, and competitive landscape. Congratulations to all companies nominated. It is an honor to be part of the growing South Florida Tech Scene!

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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.

ThomsonReuters

DECEMBER 16, 2021

Randolph v. E. Baton Rouge Parish Sch. Sys., 2021 WL 5577014 (5th Cir. 2021). Available at [link]. A retired employee sued her employer, alleging that the employer had, on two occasions, failed to provide her a timely COBRA election notice. While working, the employee had been placed on paid administrative leave pending an investigation into a complaint against her.

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RogerRossmeisl

DECEMBER 17, 2021

Year-end is a good time to plan to save taxes by carefully structuring your capital gains and losses. Consider some possibilities if you have losses on certain investments to date. For example, suppose you lost money this year on some stock and have other stock that has appreciated. Consider selling appreciated assets before December 31 (if you think their value has peaked) and offsetting gains with losses.

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SkagitCountyTaxServices

DECEMBER 16, 2021

Whether you like it or not, you’ve most likely found yourself in a fight against inflation. Somebody hikes prices on your supplier and suddenly your supplier has no choice but to increase the price on you. Then you have no choice but to raise the price on your customer – who (even if they don’t tell you) notices … you can depend on that. Inflation is like that dung they say always rolls downhill — except the prices you pay go in the other direction.

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CPA Tax 84

Patriot Software

DECEMBER 13, 2021

You’ve finished distributing Forms W-2. Just when you think you’re done, an employee comes up to you, hands you their form, and asks, Why are my W-2 Box 1 earnings less than my Box 3 and Box 5 earnings? Panicked, you glance over the W-2. That doesn’t help. You do a quick search of Form […] READ MORE.

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payroll 83

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

ThomsonReuters

DECEMBER 16, 2021

Form 5498-SA (HSA, Archer MSA, or Medicare Advantage MSA Information) (2022); Instructions for Forms 1099-SA and 5498-SA (2022). Form 5498-SA. Form 1099-SA and 5498-SA Instructions. The IRS has released Form 5498-SA for the 2022 tax year, along with its instructions, which are combined with the instructions for Form 1099-SA. (The 2022 General Instructions for Certain Information Returns, which relate to these and certain other information returns, have not yet been released.

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RogerRossmeisl

DECEMBER 14, 2021

The U.S. supply chain is overwhelmed and it’s expected to remain so for some time. With so many shipments tied up in ports and too few workers to watch them, cargo theft has become a significant problem. Yet theft from ports of entry isn’t the only way goods disappear. Criminals routinely target truck shipments as well. Cargo theft costs companies somewhere between $15 billion and $35 billion annually, according to the National Insurance Crime Bureau.

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xendoo

DECEMBER 13, 2021

When you get behind in your books, you might find yourself sweating a bit. In addition to being worried about how you’ll get caught up, you may also be concerned about the catch-up bookkeeping price you’ll have to spend to bring your financial data up-to-date. Most business owners find that catch-up bookkeeping services are well worth the price. But before we cover the actual cost of a catch-up bookkeeping service, let’s explore the reasons why businesses should consider relying on an accounting

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GrowthForceBlog

DECEMBER 11, 2021

7 min read. The end of the year marks a time of celebration and festivity. But for business owners, this time means much more than that: year-end planning is here.

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Technology

ThomsonReuters

DECEMBER 16, 2021

2021 Forms 1094-B, 1095-B, 1094-C, and 1095-C; 2021 Instructions for Forms 1094-B and 1095-B; 2021 Instructions for Forms 1094-C and 1095-C. Form 1094-B. Form 1095-B. Form 1094-C. Form 1095-C. B Form Instructions. C Form Instructions. The IRS has released final Affordable Care Act (ACA) information reporting forms and instructions for 2021. As a reminder, Forms 1094-B and 1095-B are filed by minimum essential coverage providers (insurers, government-sponsored health programs, and some self-insur

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RogerRossmeisl

DECEMBER 17, 2021

If your business is successful and you do a lot of business travel, you may have considered buying a corporate aircraft. Of course, there are tax and non-tax implications for aircraft ownership. Let’s look at the basic tax rules. Business travel only In most cases, if your company buys a plane used only for business, the company can deduct its entire cost in the year that it’s placed into service.

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Tax CPA business tax 211

xendoo

DECEMBER 15, 2021

Whether they coach chess players or sell organic puppy food online, every small business owner shares a common driving force: a passion for growing their business. Increasing sales and gaining new customers is one part of the equation. Consistent bookkeeping provides the financial insight needed to strategize for long-term success. With so many obligations resting on the business owner’s shoulders, it can feel like there are not enough hours in the day to accomplish every task, and eventually th

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bookkeeping financial statements Tax bookkeeping services 69

inDinero Accounting

DECEMBER 13, 2021

Credit: Lukas Blazek Running your own business can be rewarding, but it also requires a wide range of skills. One of the most critical aspects of running your own business is accounting. Unfortunately, not every business owner has the energy or knowledge to decide between cash vs. accrual or NetSuite vs. Quickbooks. That’s why 71% of businesses rely on outsourced accounting to help them track their financial data.

NetSuite 59

NetSuite accounting software quickbooks Account 59

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LSLCPAs

DECEMBER 17, 2021

Private Companies and Non-Profits Must Comply by Original Deadline. The Financial Accounting Standards Board FASB rejected the Pennsylvania Institute of CPA’s (PICPA) request for a two-year extension of the lease accounting standard’s due date. The lease standard takes effect for nonpublic entities for fiscal years beginning after Dec. 15, 2021, and interim periods within fiscal years.

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accounting standards Pennsylvania Non-Profits Account 52

RogerRossmeisl

DECEMBER 17, 2021

In a business valuation context, the term “marketability” refers to the ability to quickly convert property to cash at minimal cost. While publicly traded stocks are readily marketable, interests in private companies typically require substantial time, cost and effort to sell. To the extent that public stock data is used to value private businesses, a discount may be warranted to reflect the lack of marketability.

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ThomsonReuters

DECEMBER 17, 2021

In 2022, tax authorities around the world hope to finalize the myriad details that will shape a Global Minimum Tax on multinational corporations — if they can reach consensus and make it happen. Reuters noted that this is “an extremely tight timeframe given that previous international tax deals took years to implement.”. The Global Minimum Tax is the latest initiative spinning off of the Base Erosion and Profit Shifting (BEPS) initiative from the Organisation for Economic Co-operation and Develo

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VJM Global

DECEMBER 16, 2021

Held by Hon’ble Authority of Advance Ruling, Maharashtra. In the case of M/S. KAMDHENU AGROCHEM INDUSTRIES LLP (GST-ARA-112/2019-20/B-87). M/s. Kamdhenu Agrochem Industries LLP (“The Applicant”) is an importer and reseller of Chemicals. The Applicant has a principal place of business in Maharashtra and warehouses in Gujarat and Kerala. The Applicant has obtained GST registration for all 3 states.

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Sales Legal Tax 52

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Finance

KROST

DECEMBER 16, 2021

If you are a shareholder of an S Corporation, partner/member of a partnership/LLC, you might be able to get some of your state tax deduction back. As you may remember, the federal Tax Cuts and Jobs Act reduced the amount of the SALT deduction individuals can claim on their federal tax return to $10,000 starting with the 2018 tax year. California recently passed Assembly Bill 150 (AB 150), which allows qualified entities to pay tax on the income from an S Corporation, or partnership (reported to

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Tax Real Estate California tax return 52

RogerRossmeisl

DECEMBER 17, 2021

Awards and settlements are routinely provided for a variety of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of this money is taxed by the federal government, and perhaps state governments. Hopefully, you’ll never need to know how payments for personal injuries are taxed.

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ThomsonReuters

DECEMBER 16, 2021

QUESTION: Our 401(k) plan satisfies the nondiscrimination safe harbor under Code § 401(k)(13) by requiring an automatic deferral of 3.5% for each new employee who does not affirmatively elect a different percentage (or zero), and by providing a 100% matching contribution of up to 3.5% of compensation. We have procedures in place to automatically enroll new employees, but due to an administrative error, one new employee was not enrolled for an entire calendar year.

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Generate Accounting

DECEMBER 14, 2021

The team at Generate Accounting would like to wish all our lovely clients and suppliers a very Merry Christmas and a happy and prosperous 2022. We hope you take the time to unwind with friends and family after such an exhausting year. We will close at midday on Thursday 23rd December and reopen again on Monday 17th January. Merry Christmas and a Happy New Year to you all.

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Account accountant accounted 52

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"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.

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