Sat.Feb 27, 2021 - Fri.Mar 05, 2021

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Sales and Use Tax Updates from February

TaxConnex

There’s always something changing in the world of tax, especially sales tax. And 2021 is off to a n especially busy start. Here’s a review of some of the recent changes and updates. In one of the biggest developments, the two remaining states with a sales tax that don’t require online (or otherwise remote) businesses to collect and remit tax – Florida and Missouri – may be inching toward instituting post- Wayfair nexus requirements and sales tax obligations.

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Relief Comes in the Form of R&D Tax Credits for Manufacturing Companies

KROST

This is one of the article in the KROST Quarterly Manufacturing Issue , titled “Relief Comes in the Form of R&D Tax Credits for Manufacturing Companies” by Guest Contributor, Michael Maroney. As history has shown us, difficult times can spark a renaissance of innovation and creativity. With the continued impact of the Coronavirus on American businesses, many companies are rolling up their sleeves, pivoting their focus, and offering radical solutions to solve our pandemic problems.

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How to Increase and Project CASH FLOW

LSLCPAs

Why Cash Is “King” and Projecting Cash Flow is “Emperor” It is crucial these days to know about projecting cash flow. Here’s why: During these uncertain times, how much longer can you survive in your business without going in the red? All too real is the many businesses that have […]. The post How to Increase and Project CASH FLOW appeared first on LSL CPAs.

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Tax Implications of Buying or Selling a Business

RogerRossmeisl

Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering such a transaction, it’s important to understand the tax implications of buying or selling a business. Two ways to arrange a deal Under current tax law, a transaction can basically be structured in two ways: (1) Stock (or ownership interest) A buyer can directly purchase a seller’s ownership intere

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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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Fintech Roundtable: Five Key Takeaways from Industry Insiders

BurklandAssociates

Where are the greatest innovations in Fintech happening right now? How has COVID-19 impacted the Fintech sector? What does the regulatory environment look like? And what does Bitcoin’s price rise Read More. The post Fintech Roundtable: Five Key Takeaways from Industry Insiders appeared first on Burkland.

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A Detailed Overview of Federal, State, and Local Minimum Wage Law

Patriot Software

True or false: As an employer, you can pay employees any amount you want. False. It’s 100% false. Why? Because of minimum wage law. But, what’s minimum wage? Depending on your business location, you might have differing federal, state, and local minimum wage rates. To ensure your business is compliant with labor laws, get to […] READ MORE.

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How to Reduce Receivables Fraud Risk

RogerRossmeisl

One of the most common routes for occupational fraud perpetrators runs through the accounts receivable department. Unless you’re aware of these schemes and take steps to prevent them, your business could face serious financial losses. Creative misappropriation Receivables fraud occurs when dishonest employees divert customer payments for their personal use.

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Happy Anniversary Dennis and Bill | A 17 Year Story

AccountingDepartment

17 years ago, an ingenious CPA partnered with a maverick sales guy in a shared goal to change how entrepreneurs approached their accounting—and AccountingDepartment.com was born. At least, that’s the short version and how the company folklore goes. But as with all things, the truth is far more interesting… and certainly very inspiring.

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Want to Show Employees the Money? Here’s How to Calculate a Raise

Patriot Software

Employees have money on their minds. Only 19% of employees are comfortable with their rate of pay. And, 54% say they would leave their job to make more money elsewhere. To avoid losing your top employees, you might consider offering pay raises. Learn about criteria for raises, when to give salary raises, and how to […] READ MORE.

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One Year Anniversary of My Lock Down

Withum

Today is the one year anniversary of the last day I was in Manhattan. I know this because I posted a few blogs documenting my creeping realization of the pandemic that would engulf us and the world.

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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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If Your Business Still Has Manual Accounting Processes, It’s Costing You Money

GrowthForceBlog

5 min read. I know what you’re thinking– “I want to avoid incurring new expenses in the form of upfront software costs and subscription fees.” But the money you think you're saving is actually costing you more money, time and unforeseen long term issues.

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Make Sure You Know Your IRS Tax Deadlines for Filing Your 2020 Business Taxes in 2021

inDinero Tax Tips

Whether you file your business’s taxes yourself or you have help, making sure your tax returns are right and on time is a lot easier when you. have a year-round reliable accounting team and. have the right deadlines marked on your calendar. By outsourcing your business’s accounting and taxes with inDinero , you’re covered on both fronts. We’ll provide the information you need to create the appropriate 2021 business tax calendar to keep up with your tax filing responsibilities and avoid late pena

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Ready to Dive Right Into Tip Pooling? Read This Before You Take the Plunge

Patriot Software

In many types of service industries, employees can receive tips in addition to their regular wages. If your employees earn tips, you may consider giving tip pooling a try. Keep reading to learn all about tip pooling, including how it works and tip pooling laws you need to follow. What is tip pooling? So, how […] READ MORE.

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Good-Bye Dreary Winter…

Withum

Winter yields to cheery spring. About a month ago the longer days created a good feeling and in spite of the snow it really wasn’t a bad or overly cold winter and I realized that too.

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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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FAQs (Part 44) Clarify Health Plan Coverage of COVID-19 Tests and Vaccines

ThomsonReuters

FAQs About Families First Coronavirus Response Act and Coronavirus Aid, Relief, and Economic Security Act Implementation Part 44 (Feb. 26, 2021). FAQs. News Release. The DOL, IRS, and HHS have issued another round of FAQ guidance addressing implementation of the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) for group health plans.

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All Things PPP For Businesses in Skagit County

SkagitCountyTaxServices

We are knee deep in tax forms with the 3/15 deadline looming for corps. On top of that, of course, Congress continues to throw new things our way. The House passed the “American Rescue Plan” and there are stimulus-ish things to pay attention to. One provision of note for my Skagit County business clients: The federal minimum wage hike was included in this bill, but my sources tell me that this is very unlikely to remain in the final bill that makes its way to the President’s de

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Preparing to Scale DCAA Compliant Accounting | Client Testimonial

AccountingDepartment

Things can move quickly in the world of government contracting and having a strong accounting department to back you up during those times to rapid growth is crucial to making the process smooth and ensuring DCAA compliance of your overall accounting system.

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The Benefits of an ESOP for Architecture, Engineering and Construction Companies

Withum

Planning is the cornerstone of a successful company in the construction industry. However, when it comes to succession planning for owners, they tend to procrastinate. Maybe it’s the idea of losing control, boredom from retirement, or fear of the inevitable. For many owners the daily task of running the business just gets in the way because there are never enough hours, right?

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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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[Webinar] PPP Second Draw Program – Rules for Eligibility and Forgiveness

KROST

The PPP loan program is evolving fast with new rules on Second Draw applications, including a 2-week pause on companies with 20 or more employees and new calculations for sole proprietors. In addition, both the lenders and the SBA are reviewing, rejecting, and putting holds on many applications because of API errors, compliance failures, and First Draw Loan issues.

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Singin’ the Blues

RitaKeller

“The blues ain’t nothing but a good man feelin’ bad.” – Leon Redbone. My husband, Darrell, enjoys the blues and we often listen to Bluesville on satellite radio when we are driving. The names of the artists display when the music is playing and it amazes me how so many have colorful nicknames. We grew up in a small town so nicknames are nothing unusual for us.

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How to Understand Contribution Margin and Gross Profit Margin

AccountingDepartment

When companies want to increase profits, it's best to study the contribution margin and the gross profit margin. This is how unit economics is revealed. Unit economics reveals the relationship between the cost to generate revenue and revenue itself. Once you know the unit economics, you can then increase profits. It reveals which industries deliver the most profits, which marketing campaigns delivered the most profits and which sales people deliver the most profits.

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Clues to a Company Being Ripped Off

FraudFiles

How would you know if your company was being ripped off by a dishonest employee? Most companies miss all of the warning signs that could help stop a fraud early. Studies suggest that the average fraud scheme within a company lasts 18 months. That’s a year-and-a-half that one or more employees are stealing from the company without being caught.

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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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Can Members of Our Company’s Board of Directors Participate in Our Cafeteria Plan?

ThomsonReuters

QUESTION: I’ve been asked whether members of our company’s board of directors can participate in our cafeteria plan. Can we allow this? ANSWER: Generally, board members may not participate in your cafeteria plan because participation must be limited to employees. Therefore, members of your company’s board of directors who are not employees of the company (“outside directors”) cannot participate in your company’s cafeteria plan.

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PPP Part XIV – A Quick Update: IRS Issues Additional ERC Guidance

LSLCPAs

As we went to press on Monday night, so did the Internal Revenue Service. It released Notice 2021-20. It’s primarily an update to the IRS’s previously published FAQ on the Employee Retention Credit. While the 100 page notice is welcome additional guidance, we’re sorry to say that the IRS is […]. The post PPP Part XIV – A Quick Update: IRS Issues Additional ERC Guidance appeared first on LSL CPAs.

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Recording and Issuing Credit Memos

AccountingDepartment

What is a Credit Memo? Short for " credit memorandum " and also known as a credit note, a credit memo is a document that reduces a customer's or client's total account balance. Credit memos may be applied to future purchases of goods or services.

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What Is an FSA?

Patriot Software

As an employer, you can offer various benefits to your employees. There are pre-tax and post-tax benefits for employees to enjoy. One plan you can offer employees is an FSA. So, what is an FSA? What is an FSA? An FSA, also known as a flexible spending account (or arrangement), is a tax-free fund that […] READ MORE.

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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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DOL Delays Effective Date of FLSA Independent Contractor Regulations

ThomsonReuters

Independent Contractor Status Under the Fair Labor Standards Act (FLSA): Delay of Effective Date, 29 CFR Parts 780, 788, and 795, 86 Fed. Reg. _ (March 4, 2021). Available at [link]. The DOL has decided to delay to May 7, 2021, the effective date of final regulations under the Fair Labor Standards Act (FLSA) to determine whether a worker is an employee or an independent contractor (Independent Contractor Regulations).

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Niche Down, Level Up

SingleTrackAccounting

Over the past several years we have learned as a company who our ideal customer and niche industries are. Our main objective is to work with people who our values align with. Our ideal customers are “mountain people.” This does not mean they need to live in the mountains to fall into this category. We prefer to work with customers who are positive, enjoy and respect the outdoors, and understand that no one can go at it alone.

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The Best Accounting Services for Your Business

AccountingDepartment

Accounting services are fundamental to the success of every business, regardless of its size or type. Small businesses often find it is better to outsource accounting services. Outsourcing accounting projects saves a bundle of money, heightens efficiency, and ensures an entire team of professionals is available to handle accounting projects of varying sorts.

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Forensic Accounting for Construction Claims

FraudFiles

Tracy Coenen talks about the prevalence of fraud allegations related to construction projects and the work a forensic accountant can do in construction claims. She goes through the basics of the financial analysis performed on the numbers and documents related to the construction project. The construction analysis includes a comparison of the following numbers: Total expected cost of the project.

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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.