Sat.May 01, 2021 - Fri.May 07, 2021

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What's New in State Sales and Use Taxes

TaxConnex

There’s always something changing in the world of tax, especially sales tax. And 2021 continues that trend. Here’s a review of some of the recent changes and updates. In the trendiest sales tax news (aside, of course, from Florida finally passing economic nexus legislation), Connecticut lawmakers have proposed a digital advertising services tax similar, experts say, to one recently enacted in Maryland.

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Project Management: Integration

SMBAccountant

Integration management is defined by the PMBOK as a collection of processes required to ensure that the various elements of the projects are properly coordinated. It involves making trade-offs among competing objectives and alternatives to meet or exceed stakeholder needs and expectations. But what exactly does this mean in practice? In small businesses, it is very common that many employees wear multiple hats and perform many duties that would typically belong to different departments in a larg

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Now is the time to be your best!

AccountingDepartment

After attending the virtual Vistage Executive Summit in Philadelphia, PA, one of the important takeaways was the upcoming spark in the economy. Preparing for this is crucial for a business to continue growing and Joe Galvin of Vistage Worldwide laid out a few tips to do so.

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Importance of Meeting Tax Return and Payment Deadlines

RogerRossmeisl

The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Here are the basic rules. Failure to pay Separate penalties apply for failing to pay and failing to file. The failure-to-pay penalty is 1/2% for each month (or partial month) the payment is late.

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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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Unexpected Growth Can Mean Sales Tax Obligations

TaxConnex

This article was written for the Atlanta Business Chronicle Leadership Trust. To see the original post, click here. Every business owner wants their company to grow. And when that growth is unexpected, it feels that much sweeter. But don’t forget that success that comes from selling into more states can also expand your sales tax burdens. Businesses that sell into multiple states or jurisdictions have to pay attention to sales tax thresholds, and it’s not a one-time project.

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2021 Fintech Developments in Venture Capital

BurklandAssociates

Right now, a substantial amount of capital is chasing the Fintech landscape. What does that mean for founders? The post 2021 Fintech Developments in Venture Capital appeared first on Burkland.

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What If You’re Not Ready to File Your 1040 by 5/17/21?

RogerRossmeisl

“Tax day” is just around the corner. This year, the deadline for filing 2020 individual tax returns is Monday, May 17, 2021. The IRS postponed the usual April 15 due date due to the COVID-19 pandemic. If you still aren’t ready to file your return, you should request a tax-filing extension. Anyone can request one and in some special situations, people can receive more time without even asking.

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Deploying Tax Provision Software in the Classroom

ThomsonReuters

As technology transforms tax accounting, business schools are working hard to ensure the next generation of accountants are well-grounded in the digital tools and software that will be central to their professional lives. The growing importance of tax technology is apparent in Deloitte’s recent global tax management survey in which more than half of the respondents said they had increased their focus on digital and tax technology in the past two years.

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Your Balance Sheet and Income Statement are Not the Same

AccountingDepartment

When it comes to your balance sheet vs income statement, they are not the same. There is a difference. While both will give you some insight into your business's finances, each one has different variables. And a smart financial manager will take a look at both of them.

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The Doctor Did Not Like His Accountant

Withum

Last month I met a doctor and as what typically happens I find out who his accountant is. This time he did not tell me but said that he knows more than his accountant. Here is some of what I told him.

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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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“Reasonable Compensation” for C Corporation Business Owners

RogerRossmeisl

Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Thus, if funds are paid as dividends, they’re taxed twice, once to the corporation and once to the recipient.

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How accountants can help the young entrepreneur

ThomsonReuters

Accountants can bring endless value and experience to young entrepreneurs or those branching off to start their own business. Why should an accounting firm seek out these opportunities out, and how can they best work aside these individuals for mutual success? In this episode of Pulse of Practice “The Philip Brabbs Interview”, Paul Miller, Owner of Business by Design , and I are joined by Philip Brabbs, Managing Director, Center for Value Chain Innovation for Ross School of Business at Universit

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Everything you need to know about Account Reconciliation

AccountingDepartment

Entrepreneurs, small business owners, and CEOs of large corporations are all responsible for monitoring an organization's financial health. And, at the end of the day, it's a business leader's responsibility to ensure all accounts are balanced and accurate. Every account from bank accounts, to accounts payable ledgers and accounts receivable reports, must be accurately reconciled using real numbers that represent the true business activities.

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[Webinar Replay] The Restaurant Revitalization Fund

KROST

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 the Restaurant Revitalization Fund, including details of the new Restaurant Revitalization Fund eligibility, how to apply, what documentation is required, and updates on PPP and ERTC.

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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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Topgrading

RitaKeller

“If we weren’t still hiring great people and pushing ahead at full speed, it would be easy to fall behind and become some mediocre company.” – Bill Gates. Have you heard of topgrading interviewing? It is something I was not aware of until I read a recent article by Suzanne Lucas ( @RealEvilHRLady ). Per Lucas: The term topgrading comes from a 1997 article by Bradford D.

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What Are the Surprise Medical Billing Requirements for Non-Emergency Services?

ThomsonReuters

QUESTION: We’ve heard that the surprise medical billing requirements will impact how our company’s group health plan covers emergency services. But do the surprise medical billing requirements apply to any non-emergency services? ANSWER: A number of new patient protection mandates and disclosure requirements were included in legislation passed in December 2020, including surprise medical billing requirements for out-of-network emergency and non-emergency services.

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The Duties of a Controller - Do you need one?

AccountingDepartment

What does a controller do? A controller is a professional who manages the accounting functions of a company. This is the professional who makes sure that the company ledgers are accurate and correct. A controller also supervises the recording of a business's finances. Services handled by a controller include accounting team management, inventory accounting, revenue recognition, establishing formal financial procedures, and month-end close.

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Top 10 Financial Freedom Secrets by Grant Cardone

LyfeAccounting

If you are looking for actionable steps to help you build wealth from someone who has done it before, this is the post for you. We want you to get ready because you are about to get one step closer to financial freedom with Grant Cardone’s top 10 financial freedom secrets for building true wealth. Here we go. Grant Cardone’s Top 10 Financial Freedom Secrets.

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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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What Are Expenses?

MazumaBusinessAccounting

We work with small business owners and entrepreneurs. Some are seasoned, others are just growing their side hustle. Their skills are varied and they have a wide variety of talents. We often get asked to explain the ins and outs of financial reports and have found that providing our favorite clients with a working knowledge of accounting terms is helpful.

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IRS launches Operation Hidden Treasure and the implications for CPAs

ThomsonReuters

It’s been well reported in cryptocurrency circles that Damon Rowe, Executive Director at the IRS Office of Fraud Enforcement, unveiled “Operation Hidden Treasure” at a recent Federal Bar Association virtual tax conference. The long-time veteran of the IRS Criminal Investigation division explained that the office has put together a dedicated team of IRS criminal investigation professionals to work on this operation.

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Free Cash Flow Explained

AccountingDepartment

Free cash flow is a business's thermometer. It measures the financial performance of a business. Specifically, it reveals the cash that a business can make after taking away the purchase of assets, such as equipment and property. It reveals what investors care about most - cash. There are different types of free cash flow. Two of them are unlevered and levered.

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Cashflow Vs. Profitability with Lil Roberts, CEO Xendoo

xendoo

Lil Roberts, CEO and founder of Xendoo, appeared on The Savvy Entrepreneur with host Doris Nagel to discuss concepts of cash flow vs. profitability and share tips to keep both healthy. The Savvy Entrepreneur is a talk radio show dedicated to helping entrepreneurs on their path to success by sharing tools, tips, resources, and experience. The post Cashflow Vs.

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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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What Are Liabilities?

MazumaBusinessAccounting

We work with small business owners and entrepreneurs. Some are seasoned, others are just growing their side hustle. Their skills are varied and they have a wide variety of talents. We often get asked to explain the ins and outs of financial reports and have found that providing our favorite clients with a working knowledge of accounting terms is helpful.

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Court Dismisses Claims Arising Out of 401(k) Plan Recordkeeper’s Use of Participant Data for Marketing

ThomsonReuters

Harmon v. Shell, 2021 WL 1232694 (S.D. Tex. 2021). A federal trial court has dismissed breach of fiduciary duty and related claims against a 401(k) plan recordkeeper that allegedly shared participant data with its affiliates for marketing purposes. The class action lawsuit asserted that the recordkeeper shared a wide range of information—including contact information, Social Security numbers, account balances, contribution and investment history, age, and marital status—with its affiliates so th

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California’s Partial PPP Conformity Bill

CapataCPA

California’s Partial PPP Conformity Bill On April 29, 2021, Governor Newsom signed into law Assembly Bill No. 80 (“AB 80”), providing partial conformity to the Federal tax treatment for deducting expenses paid with Paycheck Protection Program (“PPP”) loans, EIDL advance, and targeted grants. Below are some of the key highlights of the bill’s provisions:For taxable years.

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How to Setup Your Online Store to Integrate Accounting Software

xendoo

You’ve set up your online store set, and orders are starting to come in. But in your rush to pack, ship, and sell, there’s a good chance you haven’t made time to integrate accounting software with your eCommerce software. By downloading a third-party app plug-in, you are just a few clicks away from saving time and money by automatically sharing data between your accounting and eCommerce programs.

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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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PPP Part XV – AB 80 and California’s Taxation of PPP Loan Forgiveness

LSLCPAs

Governor Newsom just signed Assembly Bill 80, California’s latest legislation enacted to address the issue of taxability of PPP loan forgiveness. This bill is being touted as a giant “tax relief” measure for small businesses hurt by the coronavirus pandemic. While we applaud the legislature’s attempt to provide relief for certain businesses, we believe that.

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IRS Provides Q&A Guidance on Temporary Relief From Partial Terminations

ThomsonReuters

Coronavirus-Related Relief for Retirement Plans and IRAs Questions and Answers (Apr. 27, 2021). Available at [link]. The IRS has updated its Q&As regarding coronavirus-related relief for retirement plans by adding a new section about the partial termination relief provided by the Consolidated Appropriations Act, 2021 (CAA, 2021). Under that relief, a plan is not treated as having a partial termination—and thus is not required to fully vest accrued benefits—during any plan year which include

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What Type of Business Entity is Best For You?

SchoolofBookkeeping

One of the most important choices you will make when starting a business is the type of legal structure you select for your company. The legal structure of your business can impact the amount of taxes you pay, the record-keeping required for your business, and the amount of personal liability you will be exposed to. Selecting the right entity can protect your private assets from liability or make it easier to secure capital.

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Controlling Litigation Costs with Fixed Fees

FraudFiles

With the challenging economy we’re experiencing, people are constantly asking me how business is going. The assumption is that people and companies don’t have money for litigation, and so my business is probably suffering. Add to that the long-term shutdown of various courts, and you’d think that business would be slow. But I’ve been doing well.

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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.