Sat.Nov 14, 2020 - Fri.Nov 20, 2020

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IRS Confirms PPP Loan Forgiveness is Taxable in 2020

Withum

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Common Accounting Mistakes: Government Edition - Issue #10 Indirect Rate Calculations and Associated Risks

SMBAccountant

Indirect rates are not exclusive to government contractors. As part of any cost accounting management system, rates are determined in order to apply costs that are not directly related to a product or service. Direct costs are expenses directly associated with a product or service. This typically includes direct labor (hours spent on the billable task) and direct materials (materials used on a billable task).

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New Business? Start a Retirement Plan

RogerRossmeisl

If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types of qualified plans that are eligible for these tax advantages: A current deduction from income to the employer for contributions to the plan, Tax-free buildup of the value of plan investments, and The deferral of income (augmented by investment earnings) to employees until funds are distributed.

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Sales and Use Tax FAQs - Risk and Liability

TaxConnex

When it comes to managing sales tax compliance, for most businesses there are really three ways you can do it. Attempt to manage everything in-house. Outsource sales tax compliance. Do nothing and roll the dice. So what happens if you attempt to manage the process in-house but lack the expertise and bandwidth to manage it effectively? Or what if you do nothing and decide to roll the dice?

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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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Burkland’s Role in the $3.2B Acquisition of Segment

BurklandAssociates

Burkland’s Head of Marketing Kate Adams interviews Jeff Burkland about the role our firm played in Segment’s recent acquisition by Twilio. Segment’s acquisition by Twilio for $3.2B is another success Read More. The post Burkland’s Role in the $3.2B Acquisition of Segment appeared first on Burkland.

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Vintage Toys Aid In Happiness Recovery

PYMNTS

The word “nostalgia” entered the English language by way of ancient Greek. “Nostos” means “home” and “algos” means “pain.” It was invented to describe feeling homesick. Concepts like “homesickness” are taking on new meanings in 2020, as that chair, that table or that tiny crack in the wall are making us all slightly crazy after 10 months, and winter is setting in.

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4 Steps to Monitoring Your Sales Tax Obligations During the Holiday Shopping Season (and Beyond)

TaxConnex

It’s that time of year – holiday shopping is in full swing. W hile the pandemic has continued to wreak havoc on retail locations, online sales continue to skyrocket. So while you’re busy with closing out your year, hopefully on a higher note, don’t forget about your sales tax obligations or you could wind up with a big lump of coal. This year, Cyber Monday falls on Nov. 30, just 25 days before Christmas and 10 days before Hanukkah.

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Converting a Solo 401k to an IRA

Withum

A client just asked me about terminating his 401k and I think it affects many people, so I am posting my response here (and he is getting free advice from me for this). I answered in sections included.

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Amazon CEO Jeff Bezos Invests In Chipper Cash In Latest African FinTech VC Deal

PYMNTS

African FinTech Chipper Cash has landed a whale of an investor. Chipper CEO Ham Serunjogi confirmed on Twitter the startup, which got its initial foothold in the market as a peer-to-peer (P2P) payments service, has just wrapped up a $30 million Series B round of venture capital. And among the investors was none other than multibillionaire Amazon Founder and CEO Jeff Bezos, who participated through Bezos Expeditions, his personal venture capital fund.

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IRS Addresses Options for Qualified Transportation Benefits Unused Due to COVID-19

ThomsonReuters

IRS Information Letter 2020-0024 (Sept. 8, 2020). Available at [link]. The IRS has released an information letter responding to an inquiry from a qualified transportation plan participant with unused transit benefits. Explaining that he was now driving to work instead of taking public transportation due to the COVID-19 pandemic, the participant asked whether his unused benefits could be rolled over to a parking account.

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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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PPP Expenses Not Deductible if Reasonable Expectation of Forgiveness Exists (Regardless of Loan Forgiveness Timing)

Katz,Sapper&Miller

This week, the IRS issued Revenue Ruling 2020-27, which dictates the timing of the non-deductible nature of eligible PPP loan expenses. Many had hoped that by delaying the loan forgiveness application – and, as a result, PPP loan forgiveness – until 2021, calendar-year taxpayers could shift the non-deductible event forward a year. We now have the IRS’ position on this issue: If there is a reasonable expectation of forgiveness, borrowers are out of luck.

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Donor Advised Funds

Withum

A client just asked me about terminating his 401k and I think it affects many people, so I am posting my response here (and he is getting free advice from me for this). I answered in sections included.

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Brazil Upgrades Real Time Payments Rails, Goes Live With PIX

PYMNTS

Real-time payments continue to gain traction around the world. Case in point: Brazil. The country’s banking system is giving an upgrade to its instant payments system. Called PIX , the new payment rails have been in the works for some time and launched last week. It will be fully operational starting Monday (Nov. 16) and has already processed 10 million transactions a day.

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Innovation, Positivity, and Evolution: How Three Businesses are Navigating the Pandemic

KROST

This is a preview of one of the articles in the new KROST Quarterly Manufacturing Issue , titled “Innovation, Positivity, and Evolution: How Three Businesses are Navigating the Pandemic” with Serrano Industries, Inc. , Drop Labs & LumaForge. For insight into how manufacturers and businesses that rely heavily upon supply chains have been impacted by COVID-19, we connected with a few of our clients to hear about their experiences over the last several months.

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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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2020 Indiana Manufacturing Survey: COVID-19 Special Edition

Katz,Sapper&Miller

In a year of unpredictable outcomes and business projections, the manufacturing industry took a hit early in the COVID-19 pandemic but is bouncing back to end the year strong.

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The Seven Primary Tasks For Any Skagit County Business Team

SkagitCountyTaxServices

A week past the election, and still plenty of disagreement about the results. That means this is another week where you have the opportunity for the other chumps out there to get massively distracted by the political war games … while you go about quietly building your Skagit County business, your team, and your financial outcomes. Only you decide these things.

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Shopify Links Up With Alipay To Boost Merchants’ Cross-Border Sales

PYMNTS

Shopify has expanded its payment options for merchants with a new partnership with Alipay , China’s payments app. The deal will unlock “the power of cross-border commerce for Shopify’s merchants,” Shopify said in a press release that called Alipay “Asia's leading digital wallet platform.” The new payment option will ”allow Shopify merchants to seamlessly accept payments through Alipay from more than one billion annual active users in China alone — and, in the future, hundreds of millions more ac

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Bankruptcy Basics for Frontline Industries: FAQs

Withum

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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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The Future of Accounting Technology for Business Leaders

IgniteSpot

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California Small Business Hiring Tax Credit

KROST

A lot of people lost their jobs in 2020 when businesses were forced to shut down or had to furlough their employees due to COVID. To help Californians get back to work, California’s governor signed a new tax bill to give tax breaks to small businesses that increased hiring during the second half of 2020. Senate Bill 1447 was enacted on September 9, 2020, to offer new credit called Small Business Hiring Tax Credit to qualified California small business employers who can use it to offset state inc

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Mastercard Embraces Existing Rails To Drive B2B Payments Value

PYMNTS

When it comes to global B2B procurement, nothing is simple. For example, suppose a huge global consumer packaged goods (CPG) conglomerate wants to introduce a new shampoo. To do so it needs new supplies of palm oil, and a new supplier in Indonesia has the right quantity and the right environmental profile. Said CPG company would need to onboard the new supplier, which in the past could be a 90-day process full of you’re your customers (KYC) regulations and other laborious processes.

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Withum Internship Program Ranked High for Accounting Interns

Withum

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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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8 Important Steps for Skagit County Non-Profits Before Year-End

SkagitCountyTaxServices

With the increased standard deduction this past year ($12,400 single, $24,800 married filing jointly, $18,650 head of household), some smaller charities began to see a decrease in donations. This year might be worse. Yes, I hate to be the one to say these things, but I’m also privy to the books and financials for a variety of Skagit County businesses and individuals, and these are just the facts.

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Projections of payroll issues under a Biden presidency

ThomsonReuters

While President Donald Trump has filed numerous lawsuits challenging the election results, we will examine how a Joe Biden presidency could have a significant impact on employers. This is particularly true in the area of wage and hour, worker classification, and wage theft. Wage Theft. Biden noted on his official website as a campaign platform item that wage theft is a serious issue he intends to address.

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Bringing Order To Chaos: Open Banking Meets Healthcare Payments

PYMNTS

In the accelerated, digital-first world, few things are more complicated than healthcare payments. In fact, even a medical school degree isn’t enough to sort out the different payment accounts, billing statements and various insurance plans. However, chaos invites someone or something than can bring order, and i2c wants to contribute to that effort.

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Withum Welcomes Molly Goins-Cox in New Chief Innovation Officer Role

Withum

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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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US Consumers Pay Down $10B In Credit Card Debt In Q3

PYMNTS

Americans paid off $10 billion in credit card debt in the third quarter (Q3) of 2020, but borrowed more for car and housing loans, according to a report in the Wall Street Journal (WSJ) citing the Federal Reserve Bank of New York. This follows a record $76 billion drop in Q2 credit card debt, as people used COVID-19 stimulus money and pandemic unemployment to pay down financial obligations.

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Credit Suisse, Bird Rides In Talks To IPO Via SPACs

PYMNTS

Scooter rental startup Bird is working on a deal with Credit Suisse Group to go public, according to a report from Bloomberg. The company, based in Santa Monica, California, has spoken with some special purpose acquisition companies (SPACs) about acquisition deals, although none have reached any agreements, Bloomberg reported, and some SPACs have expressed inbound interest.

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Carrying Cash Could Become A Casualty Of COVID

PYMNTS

While its imminent death has been long forecast, cash just keeps on living to pay another day. Cash may not be king in the U.S. market anymore, but reports of its demise have often proved to be a bit premature. U.S. consumers’ cash use has declined over the last several years in terms of its share of the overall payments pie, but as consumers spend more, the pie gets bigger, and as people continue to use cash, cash usage continues to grow.

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Can Low Credit Card Balances Save Holiday Spending? Don’t Bet On It

PYMNTS

Here’s the scenario. Consumers have cut back on travel, in-person entertainment and restaurant spend. They have paid down their credit cards. Then they will use this newfound spending power to bring a new, vengeful spending strategy to the holiday season because, after all, the American consumer deserves a few gifts after all that they’ve been through this year.

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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.