TaxConnex
APRIL 27, 2021
Sales tax obligations are getting more complicated for businesses of all industries. And it takes just a few mistakes to add up to a big liability and hefty fees. In this blog, we’ll talk to some of the common missteps businesses make when trying to manage sales tax on their own. Not evaluating economic nexus. Figuring out where you have nexus is key to determining your sales tax liability.
MazumaBusinessAccounting
APRIL 25, 2021
Knowing how to pay yourself as a small business owner may seem simple, but there are quite a few options when it comes to doing it right. The information below will help you learn the basics of how to pay yourself as a small business owner, but we highly recommend talking to a tax or financial expert ( we’d love to chat with you! ) when it comes to the specifics of your business.
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xendoo
APRIL 27, 2021
Editor’s Note: This post was originally published in October 2017 and has been updated for accuracy and comprehensiveness. As a fitness franchise owner, you know very well the challenges of getting new members through the door, even in the best of times. It’s never been easy, but the fitness industry has been one of the hardest hit by COVID-19, with value brands representing the largest share of losses in the industry.
PANALITIX
APRIL 30, 2021
RESOURCES / ARTICLES. Guidelines on Selling. (or Merging). Your Accounting Business. All businesses undergo changes in ownership, or they are liquidated – it’s just a matter of time. Accounting businesses are no exception… so it makes sense for business owners to think about this early and ensure they control the process as far as possible. Panalitix works closely with firms undergoing major “succession events” so we’ll offer some guidelines in this article.
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TaxConnex
APRIL 29, 2021
S uppose you ’ re registered for sales tax in a jurisdiction because you have es tablished sales tax nexus. For various reason though, you don’t have any sales tax to remit. You may think that because you haven’t collected any sales tax, you have no return to file. ?. Wrong. Most s tates in which you’re registered want to hear from you even if you don’t have any sales tax to remit.
BurklandAssociates
APRIL 27, 2021
Plotting a path towards growth and success can be especially tough for women-owned startups. On the Startup Success podcast, we recently sat down with Virginia Almendarez. She’s a startup coach Read More. The post Insights for Women Entrepreneurs from a Startup Coach at iFundWomen appeared first on Burkland.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
KROST
APRIL 30, 2021
If you missed our webinar led by Paren Knadjian , Head of M&A and Capital Markets and Jean Hagan , Principal of Business Management , there is a recording available. This webinar goes over how to apply for Restaurant Revitalization Fund. You can view the webinar replay, by joining our mailing list. The video and presentation slides will be available immediately following submission: Access the Webinar Replay, Presentation Slides, & KROST Mockup Portal. » Learn more about The Restaurant
AccountingDepartment
APRIL 26, 2021
Although individual financial statements each provide different snapshots of financial health, all financial reports reflect business activities that produce a company's profit or loss. The balance sheet shows how cash flow changes revenue and expenditure accounts, while the income state shows true net income at a given point in time. Investors use the various reports as tools that inform investing decisions.
Patriot Software
APRIL 26, 2021
When you run a business, the word taxes might fill you with dread—especially if you have employees. You pay some employment taxes (e.g., unemployment), while others are taxes you deduct from your employees’ wages and pay on their behalf. One of the taxes you must withhold is federal income tax. So, what is it, and […] READ MORE.
Withum
APRIL 26, 2021
When I start a financial planning engagement I ask my client to define their goals and then we work to develop a plan.
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.
GrowthForceBlog
APRIL 29, 2021
5 min read. Nonprofit grants are booming- and at a record rate. While grants fuel your nonprofit to do more good, if you don’t have proper processes in place, they also create additional work.
inDinero Accounting
APRIL 30, 2021
The word “nonprofit” is a bit of a misnomer. Charitable organizations may not pursue financial gain above all, but that doesn’t mean they don’t need funding to operate or further their cause. Indeed, without surplus revenue, a nonprofit can’t grow or scale its mission. And no organization can afford to ignore the financial realities of the world we live in.
KROST
APRIL 28, 2021
KROST is hosting an emergency webinar, How to Apply for the Restaurant Revitalization Fund , on Friday, April 30, at 10 am. Tuesday, April 27, 2021. The US Small Business Administration (SBA) announced today that applications for the Restaurant Revitalization Fund (RRF) would open, via their portal, at 9 am Pacific (12 pm Eastern) on Monday, May 3, 2021, at [link].
LyfeAccounting
APRIL 30, 2021
Today, we’ll be going over the top 5 write offs you could be taking for your LLC this year, next year, and the next year after that. All to save you the most on your taxes. Are you ready? Let’s get started. There are over 20M LLCs in the US today. Chances are if you’re reading this post, you have an LLC, or at least are thinking about starting one of your own.
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
GrowthForceBlog
APRIL 27, 2021
9 min read. Meetings. With your plate already overflowing, they can either be the peak or pit of your day. And on top of that- over the past year, business owners have been forced to make major changes to daily operations- including accommodating remote workers.
inDinero Accounting
APRIL 28, 2021
Be honest. Did you dream about being “in the black” at fiscal year-end when you started in business? And, now? You’ve got a going concern, and yet, you find yourself back at the drawing board with your business budget. Do not worry. Business budgeting is a critical skill that inDinero’s outsource accounting team can take off your plate today. You may be wondering, how do fractional accountants make budgeting look so easy?
ThomsonReuters
APRIL 29, 2021
QUESTION: We have heard that legislation on surprise medical billing revised the patient protections that apply to our group health plan’s emergency services coverage. How have the rules changed, and when do they apply? ANSWER: Coverage and disclosure requirements intended to protect consumers from surprise medical bills from nonparticipating providers and facilities were included in legislation passed in December 2020.
LyfeAccounting
APRIL 28, 2021
So, the vehicle tax deduction can allow you to purchase your dream car, basically for free. Of course, you have to go about this in a very smart and legal way to successfully pull this off. One of the biggest tips we can share with you is to buy a vehicle that weighs over 6,000 pounds because you are able to write it off 100% in the first year. Now we don’t know about you, but that sounds like a lot of pounds.
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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.
SchoolofBookkeeping
APRIL 28, 2021
Now that the vaccine is available to everyone and restrictions are being lifted around the country, we are able to slowly get back to business. Intuit recently released a report, Intuit QuickBooks Small Business Recovery, that shows U.S. Small businesses. Read More. The post Small Business Road to Financial Recovery from the Impacts of COVID-19 appeared first on schoolofbookkeeping.com - Learn bookkeeping, accounting, QuickBooks, financial statements, and more.
xendoo
APRIL 27, 2021
Small business owners are notoriously short on time. They manage everything from sales and marketing to employee scheduling and benefits, not to mention being an expert in whatever good or service it is that their business offers. And there are hurdles every step of the way as you try to grow your business. Hiring an outsourced accounting service can help you tackle many of these including ensuring you don’t pay too much in taxes, that you have time to focus on sales and marketing, and that you
ThomsonReuters
APRIL 29, 2021
IRS Webpage: Top Mistakes in Voluntary Correction Program (VCP) Submissions (Mar. 31, 2021). Available at [link]. The IRS has updated its webpage listing common mistakes in Voluntary Correction Program (VCP) submissions. VCP is one of three retirement plan correction programs under the IRS’s Employee Plans Compliance Resolution System (EPCRS) (see our Checkpoint article ).
LyfeAccounting
APRIL 27, 2021
We know there’s a lot of talk about tax refunds and why the IRS is taking forever to process them. We actually have some really good posts on this blog explaining what might be the causes of that so be sure to check those out after reading this post. But in today’s post, we’ll actually be explaining why having a huge tax refund or any refund at all is not necessarily a good thing and the reasons might surprise you.
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FraudFiles
APRIL 28, 2021
Defendants in criminal cases such as tax fraud, money laundering, or embezzlement often need forensic accountants to help evaluate complex financial situations. Should you provide expert witness services to criminal defendants? Tracy discusses the work and some of the issues that should be considered.
Martin Quinn
APRIL 27, 2021
Photo by Lu00ea Minh on Pexels.com. At one of my recent management accounting lectures, my students had the pleasure of been given a short talk by an accountant who worked in the TV/film sector. There is quite a lot going on in Northern Ireland in this arena (think Game of Thrones etc). While I have often noticed the “Production Accountant” title on movie/TV credits, I have never really thought about what the role entails.
ThomsonReuters
APRIL 29, 2021
CMS Alert: Reminder Regarding Who is the Responsible Reporting Entity (RRE) When Reporting Primary Prescription Drug Coverage Information (Apr. 13, 2021). Available at [link]. CMS has issued a reminder about who has the responsibility for reporting primary prescription drug coverage as the Responsible Reporting Entity (RRE). As background, certain insurers, TPAs, plan administrators, and fiduciaries are required to report information to CMS about individuals who are entitled to Medicare and are
LyfeAccounting
APRIL 27, 2021
?. In one of our previous posts, we talked about the SEP IRA , which has some incredible tax benefits. Like being able to deduct up to $58,000 on your taxes and put that money in an investment vehicle to fund your retirement. Well, today’s post is all about the Solo 401K, which allows you to do the same exact thing and MORE! So keep on reading for all of the pros and cons of the Solo 401k to determine if this is a good tool for you.
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xendoo
APRIL 25, 2021
Nearly 25% of businesses are behind on their books and nearly 41% of business owners try to do their bookkeeping themselves. It happens easily— you fall a month or two behind, then by the time you look up, an entire quarter has gone by, and your books haven’t been updated. With inaccurate and out-of-date books, you might have late invoices, end up over-extending your small business, and not be able to dial in your operating cash flow.
ThomsonReuters
APRIL 29, 2021
IRS Notice 2021-25 (Apr. 8, 2021). Available at [link]. The IRS has issued a notice clarifying when business expenses for purchasing restaurant food or beverages will qualify for waiver of the 50% deduction limit. Ordinarily, Code § 274(n) limits otherwise allowable deductions for food or beverage expenses to 50% of the expenses, subject to various exceptions.
AccountingDepartment
APRIL 30, 2021
The accounting cycle is several steps implemented during an accounting period. This process is implemented to manage company financial transactions.
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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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