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Many small business government contractors are exempt from complying with cost accounting standards (CAS) and defined by the code of federal regulations (CFR). However, compliance with generally accepted accounting principles (GAAP) is required. What exactly is GAAP? GAAP are a set of accounting principles established by the Financial Accounting Standards Board (FASB) to provide clarity, consistency, and comparability of financial reporting and information.
RESOURCES / ARTICLES. Building the Accounting Business. YOU WANT in 2021. Accounting businesses are thinking ahead to 2021… and Panalitix is fortunate to be working closely with many of them in North America, Europe, Australia and New Zealand. One observation is that many partners are not satisfied with the current state of their businesses. Specifically, they want to work with clients who VALUE their skills and insights, rather than ‘checking tax returns’. they want to be stimulated by interest
You’ve just been told you need an audit by your banker to satisfy covenants, or your Board of Directors is requiring that an audit be performed. Most CPA firms perform audits in accordance with Generally Accepted Accounting Principles (GAAP). During an audit, your CPA will perform a test of your […]. The post What You Should Expect from Your CPA During an Audit |For Privately Held Companies appeared first on LSL CPAs.
Many have asked for the latest update on PPP forgiveness. There are a few Burkland clients who have submitted their PPP forgiveness application, were approved, and had their loan fully Read More. The post PPP Forgiveness & Tax Update appeared first on Burkland.
In the climb from contributor to leader, the rules quietly change. But 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. 🗻 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. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
Alpharetta, GA - TaxConnex, Inc today released the results of a new survey finding that the increasing sales tax complexities, growing nexus, limited resources and additional audits are among the top worries of financial professionals in 2021. The nationwide survey, conducted by Porter Research Group in November of 2020, is composed of responses from 100 top finance professionals on their thoughts and experiences in managing sales tax.
RESOURCES / ARTICLES. Finding Your Niche: Lessons from Accountants on the Specialization Journey. Accounting businesses are thinking ahead to 2021… and Panalitix is fortunate to be working closely with many of them in North America, Europe, Australia and New Zealand. One observation is that many partners are not satisfied with the current state of their businesses.
As ruthless as the IRS can be, they aren’t completely heartless and they themselves know that businesses can’t be expected to hand over unreasonable amounts of profit every time they file their tax returns. As a result of this, for people looking to save on your business taxes, the IRS is set up in such a way that it provides a series of tax breaks aka deductions for individuals and business owners alike.
As ruthless as the IRS can be, they aren’t completely heartless and they themselves know that businesses can’t be expected to hand over unreasonable amounts of profit every time they file their tax returns. As a result of this, for people looking to save on your business taxes, the IRS is set up in such a way that it provides a series of tax breaks aka deductions for individuals and business owners alike.
The divide between digital and brick-and-mortar commerce hit a tipping point this holiday season, with more consumers than ever going online to kick off their holiday shopping sprees. Three out of every four consumers who shopped for their holiday purchases on Black Friday this year made at least one of those purchases online, and three in 10 exclusively shopped online.
In light of the Wayfair decision, and due to recent new hires in a new state or increased online sales, you’ve determined you meet sales tax nexus thresholds outside of just your home state and now you have to collect, file, and remit sales tax in multiple states. What a headache. To make matters worse, this is a compliance issue, so you must act. What do you do?
As ruthless as the IRS can be, they aren’t completely heartless and they themselves know that businesses can’t be expected to hand over unreasonable amounts of profit every time they file their tax returns. As a result of this, for people looking to save on your business taxes, the IRS is set up in such a way that it provides a series of tax savings, breaks aka deductions for individuals and business owners alike.
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
Payments giant Stripe is taking Stripe Capital , its push into online business finance and lending, to the next level. Stripe Capital first got off the ground in September 2019, offering customers and businesses financing options through its online platform. On Tuesday (Dec. 1), Stripe went live with the next phase in its business lending campaign, which enables online platforms to offer financing to their business customers through Stripe Capital.
The new Thomson Reuters podcast, Tax & Tech Talks explores the evolving inter section of tax and technology. Each episode explores current issue s or topic s , giving listeners an opportunity to gain a deeper understanding and new perspectives in tax and tech. We chat with top subject matter experts and industry leaders as we break down these top-of-mind topics. .
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
With apologies to T.S. Eliot: This is the way Libra launches — not with a bang, but a whimper. It’s been more than a year in the making — with no shortage of caution and criticism by lawmakers and regulators here in the states and in Europe — but Libra, the digital currency backed by Facebook and a revolving cast of other tech firms, could debut as early as next month.
QUESTION: Our company has decided to self-insure our major medical plan (which is subject to ERISA). Since our plan has been fully insured until now, the insurer has made all claims and appeals decisions without the company’s involvement. Now, we are engaging a TPA to provide certain administrative services for the self-insured plan. Will the TPA assume claims and appeals responsibilities like the insurer has?
Thinking about giving your employees paid sick or vacation days? Why not combine them under one paid time off plan? The U.S. Bureau of Labor Statistics (BLS) says that 41% of private sector workers have access to a consolidated leave plan. That means employees can use paid time off for any reason. Get the 411 […] READ MORE.
Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.
When PayPal announced recently that its 350 million users can deposit bitcoin and other cryptocurrencies in their accounts and spend it at 26 million merchants next year, it was characterized as the inevitable advance of digital currency. Daniel Gouldman , CEO of crypto-banking platform operator Ternio , told Karen Webster that PayPal’s endorsement is a major step in crypto’s quest to go mainstream.
There’s both good news (for some) and bad news (for many) as we round the corner into December. And I’m not talking about our culture, or politics, or sports, or anything like that. I’m talking about TAXES. I’ll start with the good news. This is applicable to some of my readers only, but it is nice news for Skagit County business owners in certain high tax states.
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
A hacker is reportedly selling information from hundreds of C-suite executives' Microsoft -based email accounts, according to a report from Engadget. The targets spanned CEOs, vice presidents and directors, and included "the chief of a mid-sized American software company, the president of a U.S. apparel maker and the CFO of a European retail chain," according to Engadget.
California Proposition 19 passed with just over 51% of the vote in the general election on November 3rd and is expected to become law. This new law has two separate effective dates: February 16, 2021 – For beneficiaries of real estate that use the property as a primary residence. April 1, 2021 – For transferring a property tax assessment to a new location within the state of California.
Whether you're starting a charity, a social organization, or an association there are certain steps you must take before you can apply for tax-exempt status.
Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.
J.P. Morgan Chase said that brisk Black Friday and Cyber Monday sales are likely indicators of a record-breaking eCommerce holiday shopping season. J.P. Morgan Merchant Services’ combined in-store and eCommerce payments were up 15 percent over last year’s Black Friday weekend, “a sign that the pandemic did little to curtail spending as the holiday shopping season began,” Doug Smith, executive director of J.P.
COVID-19 has thrown a wrench into nearly everything in 2020. Despite the hope that the stroke of midnight on Dec. 31 will bring resounding relief, provider productivity and compensation tracking will continue to see the ghost of 2020 unless preemptive planning has taken place.
Changing accountants could very possibly be the best thing you do all year. It’s something that happens for several reasons, ranging from having an accountant retire to going through a change in your business that requires something more or different than what the present accounting firm offers. Assuming the decision […]. The post How to Change Accountants, & Why You’d Want a Change appeared first on LSL CPAs.
Speaker: Claire Grosjean, Global Finance & Operations Executive
Finance teams are drowning in data—but is it actually helping them spend smarter? Without the right approach, excess spending, inefficiencies, and missed opportunities continue to drain profitability. While analytics offers powerful insights, financial intelligence requires more than just numbers—it takes the right blend of automation, strategy, and human expertise.
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