Sat.Feb 12, 2022 - Fri.Feb 18, 2022

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4 Reasons to Outsource Sales and Use Tax

TaxConnex

When is it worth getting a business problem off your plate? Businesses outsource tasks every day, from marketing to operations to finance. But is there more you should be outsourcing? Does it make sense to keep things in-house if you don’t have an expert on staff? A ccording to TaxConnex’s recent market survey of 100 top finance professionals, this could be the year to outsource sales tax.

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How Much Does A Virtual Accountant Cost?

AccountingDepartment

So you're interested in hiring a virtual bookkeeping company, but you're not sure how much making the switch will cost. When considering virtual bookkeeping, there are actually two costs to consider: the virtual bookkeeper and the accounting software. If you don't have online accounting software, you may need to acquire it alongside the virtual bookkeeping services.

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How to Use the Data Storytelling Approach for FP&A Success

Acterys

For every organization, FP&A mandates professionals to have first-rate analytical thinking and numerical analysis skills to interpret financial data and produce insights surrounding business performance. However, crunching numbers and compiling insights is only the first part of the process. To paint the complete picture, they need to understand how those disjointed figures come together and put them in a cohesive narrative to effectively translate insights into game-changing decisions and r

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What’s a Good LTV:CAC Ratio for a SaaS Startup?

BurklandAssociates

Summary: LTV, or Lifetime Value of a Customer, is the average total revenue one customer generates for your business over their lifetime. CAC, or Customer Acquisition Cost, is simply the Read More. The post What’s a Good LTV:CAC Ratio for a SaaS Startup? appeared first on Burkland.

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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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How Much Is a Tax Consultant?

xendoo

If you own a business or earn a significant income, you may be wondering how to manage your tax situation and how much a tax consultant costs. There is a lot to consider when weighing the costs and benefits of hiring a tax consultant. You might need help mitigating tax exposure and ensuring tax planning, charitable giving, and other complex tax needs.

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Appellate Court Reinstates Class Action Lawsuit for Plan’s Denial of Speech Therapy for Autism Spectrum Disorder

ThomsonReuters

N.R. v. Raytheon Co., 2022 WL 278537 (1st Cir. 2022). Available at [link]. The minor beneficiary of an employer-sponsored group health plan, with his parents, sued the employer, the plan administrator, and the claims administrator, alleging that the plan’s exclusion of non-restorative speech therapy for autism spectrum disorder (ASD) violated the Mental Health Parity and Addiction Equity Act (MHPAEA).

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Nonprofit Spotlight: Empowering Human Trafficking Survivors To 'Break The Cycle'

GrowthForceBlog

3 min read. In 2020 alone, there were over 10,000 reports of human trafficking to the U.S National Human Trafficking Hotline - and these numbers are likely only a fraction of the actual data. [1]. To their detriment, human trafficking survivors are often left with serious mental or emotional health consequences such as depression, anxiety, and substance abuse.

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AccountingDepartment.com Attends Genius Network 2022

AccountingDepartment

Last week, AccountingDepartment.com Co-Founder, Bill Gerber, and Business Development Representative, Shawn Marcum hit the road and attended the Genius Network Annual Event in Scottsdale, AZ.

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What Are Prescription Drug and Health Care Spending Reports and When Are They Due?

ThomsonReuters

QUESTION: We’ve heard there is a requirement to report prescription drug and health care spending to the government in 2022. What are the reporting requirements and when are the reports due? ANSWER: Year-end legislation passed in 2020 requires group health plans and insurers to annually report prescription drug and health care spending, premiums, and enrollment information to the government (see our Checkpoint article ).

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Succession Planning 101 for Skagit County Businesses

SkagitCountyTaxServices

Whether you’re partial to the Olympics or American football, this past week has brought some great athletic entertainment to many Skagit County homes and businesses. As we speak, the U.S. has managed to grab 16 medals – 7 of them gold. Among those gold medal winners is Erin Jackson , the first Black woman to win an Olympic medal in speedskating. And while he didn’t medal, Shaun White made his final snowboarding bow as he placed fourth in the halfpipe contest.

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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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Revenue Ruling 2021-20 and Revenue Procedure 2021-43: Low Income Housing Tax Credit 4% Floor

Withum

The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (the “Act”) was signed into law on December 27, 2020. As part of the Act, the Internal Revenue Service (“IRS”) created a 4% floor on tax-exempt bonds issued after December 31, 2020 to finance new or existing buildings. The floor also applies to non tax-exempt financed acquisitions and rehabs with credit allocations after 2020.

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The Top 7 Reasons Why Every Small Business Needs an Online Presence

xendoo

Having a powerful online presence is crucial to the success of every small business. Not having an online presence makes it nearly impossible for people to discover a business when searching for products or services. A user-friendly website and active social media presence quickly connects brands with their ideal audience – whether locally, globally, or both!

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12 interview tips to help you hire new accountants for your firm

ThomsonReuters

Job fit is critical when hiring new accountants for your firm. The right accountant in the right role means a happy, engaged, and thriving employee. That is why matching candidates’ skills, experience, and attitudes to the job description and requirements is crucial. Another important factor to evaluate is organizational or cultural fit. A candidate may check all the boxes for the job, but what about that person’s standards, beliefs, and expectations?

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A Business Leader’s Guide To Being Wrong (The Right Way)

GrowthForceBlog

7 min read. I t's only human to experience emotions like shame, frustration, embarrassment, and self-doubt when you make mistakes.

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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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Accounting System Preapproval for Government Contracts: What is a Pre-Award Survey?

Withum

As government contractors prepare to bid on a proposal for a governmental contract that requires an adequate accounting system, a pre-approval known as a “pre-award survey” (Form “SF1408”) assesses the adequacy of a government contractor’s accounting system prior to the award of a cost-reimbursable contract. A pre-award survey is necessary for contractors with cost-reimbursement contracts, or contractors receiving progress payments.

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Your Firm’s Memory

RitaKeller

“Mature companies fail because they forget why they were born.” – Simon Sinek. When was your firm born? When did your one or two founding partners decide to leave another firm and form their own? What were they thinking? If your firm has been around for 90 years, when did your current oldest partner join the firm, and what was it like then?

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Payroll Considerations: When an Employee Dies

ThomsonReuters

The death of a loved one is a challenging time for a family. Not surprisingly, it’s also a challenging time for an employer. There are several considerations when handling the wages and benefits of a deceased employee. . Considerations regarding wages and benefits of a deceased employee. Wage payment. In general, state laws will dictate how wages are processed for a deceased employee.

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Cryptocurrency Reporting

Dent Moses

Perhaps it’s just a generational thing, but to be honest I don’t understand cryptocurrencies. I’ve read various articles and can spout off definitions of blockchain, bitcoin and a host of other cool tech-sounding words and phrases. It does make me feel a little better when I read what the IRS has published over the past couple of years on the subject.

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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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On-Demand Webinar: Your Path to Profitability with Cannabis

Withum

The indoor cannabis growth market sector is experiencing unprecedented growth. New licenses are being awarded in multiple states, and the industry’s expansion is destined to become nationally accepted. As the industry expands, new license holders find themselves toe to toe with Multi State Operators (MSO) competing for market share. While many license holders have seen unparalleled success, others have struggled to make it out of the gate.

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Start a Retirement Plan in 2022 to Save Money, Lower Taxes

Pooley Accounting Services

Financial advisors are continually recommending retirement plans to business owners. They often make that recommendation every tax year and wonder why the owners never do. When asked, about 40% of small business owners do not believe they have enough money to invest in a retirement plan for themselves or for their employees. Almost 75% believe that retirement plans are too expensive, and 61% lack the resources to administer a program.

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7 key factors to consider when hiring new accountants for your firm

ThomsonReuters

Every tax and accounting firm is unique, so there’s really no one-size-fits-all approach to hiring. However, there are seven key factors to consider before posting your next job advertisement. 1. Company culture. Understanding your company culture is a useful step in finding a new accountant who is the right fit for your firm. Take some time to understand your company culture, the environment of your office, and the types of people on your team.

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How does Accounting Automation Boost Customer Satisfaction?

Simple Accounts

Imagine you’re shopping for a new washing machine and the cashier offers you a handwritten bill rather than a detailed invoice. Will you be satisfied with the shop? Will you ever visit the store again or recommend it to someone else? If you are the service provider, consider yourself a customer to work in a customer-friendly manner. Accounting automation aids in building a professional foundation for your company.

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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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Case Study: ERP Selection Process Leads Financial Exchange Operator to Eliminate Disparate Systems and Align Processes with Oracle NetSuite

Withum

Download a PDF of this case study. Executive Summary. A growing financial exchange operator was dealing with siloed processes, multiple disparate systems and manual processes, which prevented the company from achieving the level of reporting they desired and created an inability to implement the expected level of controls. The client realized it was time to develop and align their growth and technology strategies.

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Preserving Evidence in Fraud Investigations

FraudFiles

Document management is critical in any fraud investigation. Larger cases mean more documents, so the process of managing them is even more important (and maybe more complicated). Part of the document management process is preserving original evidence so that it may someday be used in court. While an investigator often never knows if a case will ultimately end up in front of a judge, the most prudent way to handle evidence is to assume that you will be in court one day and to handle the evidence

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Form 8950 and Instructions Updated for Pre-Submission Conference Requests Under VCP

ThomsonReuters

Form 8950 (Application for Voluntary Correction Program (VCP)) and Instructions (2022). Form 8950. Instructions. The IRS has revised Form 8950 (Application for Voluntary Correction Program (VCP)), and its instructions, to accommodate anonymous pre-submission conference requests under the Voluntary Correction Program (VCP) portion of the Employee Plans Compliance Resolution System (EPCRS).

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Profit-Sharing Plans: Variable Pay and Executive Compensation Overview

Summit CPA

Variable pay and executive compensation are both types of profit-sharing plans that your company can utilize. They allow employees to share in the financial successes of their respective companies during years of profitability. Therefore, this plan is still used to incentivize employees, encouraging them to work hard, be productive, and deliver quality results, as a way to aid in the financial growth of a company.

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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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On-Demand Webinar: Process Automation for Healthcare

Withum

Healthcare organizations of all sizes still rely on manual processes to get work done. From invoicing to moving data between systems, many practices still rely on paper and their human staff doing things the same old way. Manual processes are error-prone, time consuming, and generally inefficient. In this on-demand webinar, Dale Tuttle , Partner and Lead of Digital and Technology Transformation will investigate how new technologies are allowing all healthcare organizations to automate key busine

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CalCPA BUZZ: Last Chance to Nominate Women to Watch

CalCPA

CalCPA is still seeking nominations for deserving women in your organization—but the nomination deadline is fast approaching. Our Women to Watch awards recognize. The post CalCPA BUZZ: Last Chance to Nominate Women to Watch appeared first on Hot Topics.

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K-2 & K-3 Requirement Issues For Small Businesses

Nancy McClelland, LLC

2/16/22 UPDATE: Looks like the IRS may be issuing relief after all! Check out this article — IRS to delay some K-2 and K-3 reporting requirements for partnerships | Accounting Today. The source is #15 in the IRS FAQ on the topic: This Journal of Accountancy article walks through the particular scenario where this relief — only for tax year 2021 — applies.

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Change Isn’t Easy

RitaKeller

“Life is a journey. Enjoy the ride!” – Nissan Commercial. If you are not familiar with author Dean Koontz The New York Times has called his writing “psychologically complex, masterly and satisfying.” I have read his novels for many years. Some are scary, some are very suspenseful and most are somewhat weird. I like weird. I am currently reading one of his books where there is a paragraph with an aunt talking to her niece about change.

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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.