TaxConnex
FEBRUARY 11, 2021
Candy, flowers, jewelry, dinners: The gifts may be the same, but Cupid’s arrow will fly in new online directions this year for Valentine’s Day presents. And it might land right on your company’s bottom line after sales and use tax obligations. Expected s pending on Valentine’s Day gifts this year dropped to an average $164.76 , down about $32 from a record high in 2020 , according to the National Retail Foundation.
TaxConnex
FEBRUARY 9, 2021
If you sell into the handful of states that don’t have nexus or don’t have a general sales tax, you might think you’re home free when it comes to obligations to remit sales tax. Maybe, and maybe not. Forty-five states and the District of Columbia have a statewide sales tax. Alaska, Delaware, Montana, New Hampshire and Oregon do not. ( Local jurisdictions in some of these, however, can charge sales tax based on state nexus thresholds and other criteria. ) Florida and Missouri have sales tax but h
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ThomsonReuters
FEBRUARY 10, 2021
The Consolidated Appropriations Act, 2021 (CAA; PL 116-260), contained numerous tax provisions. While many of those provisions impact tax years 2021 and later, some affect 2020 returns. Here’s a rundown of what you need to know about the CAA as you prepare 2020 business and individual tax returns. Individual Returns. Amendments to CARES Act Economic Impact Payment Rules.
RogerRossmeisl
FEBRUARY 12, 2021
Over the past year, most businesses have been forced to contend with multiple crises, including COVID-19, social unrest and financial challenges. The last thing you need right now is a fraud incident. But if your company is defrauded, make your fraud contingency plan one that can help mitigate the damage. Identifying likely scenarios No contingency plan can cover every possibility, but yours should be as wide-ranging as possible.
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BurklandAssociates
FEBRUARY 8, 2021
Businesses have come a long way when it comes to addressing environmental, social and governance (ESG) concerns. From being on the fringe a decade ago, virtually all larger firms now Read More. The post ESG: Coming Soon to Startups – and their CFOs appeared first on Burkland.
Withum
FEBRUARY 8, 2021
Marking anniversaries is a way to note changes or chart progress. Most people do not usually think about the significance of growth or changes while they are going through the process and an anniversary is one way of reflecting on it.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
SchoolofBookkeeping
FEBRUARY 9, 2021
When QBOA was first introduced, Accounting Firms who signed up for it received a free “Your Books” subscription. The idea was the Accountants could use this to keep track of their own books and be able to recommend QBO to. Read More. The post QuickBooks Online Accountant’s “Your Books” Getting an Upgrade appeared first on schoolofbookkeeping.com - Learn bookkeeping, accounting, QuickBooks, financial statements, and more.
KROST
FEBRUARY 9, 2021
Pasadena, CA. – KROST CPAs and Consultants, the Los Angeles based firm, has announced a new Principal, Stacey R. Korman, CPA, MST. Stacey has extensive experience in assurance & advisory and accounting services and since joining the firm she has led the accounting and audit departments. As an AICPA certified Fundamental Client Accounting Advisor, Stacey leads KROST’s Client Accounting Service (CAS) division.
Withum
FEBRUARY 10, 2021
Jeff Immelt, the former CEO of GE was interviewed in Sunday’s NY Times by David Gelles. Immelt’s book of his GE experiences was just published and he said things about managing that I would like to share here along with my comments. I did not read the book and am basing my comments on the interview which I believe has some good lessons any corporate or organization leader or entrepreneur could learn from.
ThomsonReuters
FEBRUARY 11, 2021
QUESTION: Our company would like to assemble its senior staff for a four-day retreat at a facility near our headquarters to work on our long-term business plan and receive some training. This would not be travel “away from home” for most of them, and we understand that the usual travel exclusion rules will not apply to our local employees. But will we need to treat the value of lodging provided to those local employees as taxable income?
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.
Patriot Software
FEBRUARY 10, 2021
Withholding taxes from employee wages is all part of Payroll 101. But, what happens when an employee is exempt from withholding? While rare, some of your employees might be exempt from taxes. And if an employee tells you that they are exempt, you need to know what to do. So, what does exempt mean, and […] READ MORE.
FraudFiles
FEBRUARY 12, 2021
Many of the cases I work currently focus on the tracing of funds through multiple bank, brokerage, and credit card accounts. I am typically working with tens of thousands of transactions at a time, so the sheer volume of the data could be overwhelming. Over the years, I have developed a proprietary system using software that allows me to capture, manage, and analyze large volumes of data.
ThomsonReuters
FEBRUARY 11, 2021
DOL Fact Sheet: FY 2020 MHPAEA Enforcement; An Introduction: DOL MHPAEA FY 2020 Enforcement Fact Sheet (Jan. 15, 2021); Appendix: MHPAEA Violation Guidance Compendium. Fact Sheet. Introduction. Appendix. The DOL has issued a fact sheet summarizing 2020 mental health parity enforcement activity conducted by the DOL and (with respect to non-federal governmental group health plans) the Centers for Medicare & Medicaid Services (CMS).
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
LyfeAccounting
FEBRUARY 9, 2021
?. What are the tax benefits of S-Corps? Today, we’re going to answer that question and more! And here’s a quick note: We recently saved our client over $95,000 in taxes by making one small change – you guessed it right, helping her switch from an LLC to an S-Corp. And if you are still being taxed, let’s say as an LLC instead of an S-Corp, you may be giving uncle sam a bit more money than you have to.
RitaKeller
FEBRUARY 12, 2021
“Vision is the art of seeing what is invisible to others.” – Jonathan Swift. 2020 was a challenging year and you had to distance yourself from others. This Friday Flashback Post stresses visibility. Also, just because it is tax season, it doesn’t mean you are permitted to forget about visibility. During this time of year, CPAs are the heroes – you are working very hard to help others.
ThomsonReuters
FEBRUARY 11, 2021
IRS Form 8994 (Employer Credit for Paid Family and Medical Leave) (Jan. 2021) and Instructions. Form 8994. Instructions. The IRS has issued an updated Form 8994, which is used by employers to figure the tax credit for providing paid family and medical leave (see our Checkpoint article ). To claim the credit, eligible employers must have a written program that pays at least 50% of wages to qualified employees for at least two weeks of annual paid family and medical leave.
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RogerRossmeisl
FEBRUARY 7, 2021
When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on your 2020 tax return. When filing a return, you do so with one of five tax filing statuses. In part, they depend on whether you’re married or unmarried on December 31. More than one filing status may apply, and you can use the one that saves the most tax.
RitaKeller
FEBRUARY 11, 2021
“Be spectacularly great at what you do. Wear your passion on your sleeve and hold your heart in the palm of your hand. And work hard. Really hard.” – Robin Sharma. If you have been keeping up with current trends in firm management, you probably know all too well that the annual performance review is on the verge of death. Many firms have already abandoned this old-school method of providing team members with information that could help advance their careers.
ThomsonReuters
FEBRUARY 9, 2021
Background. Under the Families First Coronavirus Response Act (FFCRA), certain employers were required to provide paid leave to workers who were unable to work or telework due to circumstances related to COVID-19 (Qualified Paid Leave). FFCRA offsets the costs of providing Qualified Paid Leave, up to certain amounts, with refundable tax credits against employment taxes for qualified leave wages taken beginning April 1, 2020 and ending December 31, 2020.
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SkagitCountyTaxServices
FEBRUARY 10, 2021
During the first Super Bowl that Tom Brady won (with the Patriots), these were some of the companies who advertised (hat tip to Jon Erlichman of Bloomberg): AOL Blockbuster Radio Shack Circuit City CompUSA Sears HotJobs Yahoo VoiceStream Wireless Gateway Computers. The year was 2002, and life looked a little different, eh? BUSINESS looked different.
RitaKeller
FEBRUARY 10, 2021
“An organization’s ability to learn, and translate that learning into action rapidly is the ultimate competitive advantage.” – Jack Welch. CPA firms have come a long way since last March. While working remotely is now a fact of life, some aspects of surviving in a virtual world have been more challenging. Firms are sometimes struggling with things like interviewing, orientation, onboarding and training.
ThomsonReuters
FEBRUARY 8, 2021
In the digital age, tax executives must shift from traditional tax roles in order to be ready for changes that are coming to the industry. Traditional tax roles often include planning to decrease tax liability and increase cash flow, traditional reporting to ensure compliance with current laws and regulations, and analyzing risk to manage exposure appropriately.
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RitaKeller
FEBRUARY 9, 2021
“In skating over thin ice our safety is in our speed.” – Ralph Waldo Emerson. A few years ago we enjoyed a unique trip to Costa Rica. We didn’t go to a resort or spend time at a tourist beach. We saw the country via land, sea, and air – the middle, the south, and the north. We were lucky to observe sloths in the wild. The ones we saw didn’t move.
RitaKeller
FEBRUARY 8, 2021
“Don’t open a shop unless you know how to smile.” – Petteri Tarkkonen. Today’s quote certainly applies to accounting firms. I have heard so many stories from CPA firm citizens about their partners. Here are a few: Some of our partners never smile. Partners don’t seem to have a sense of humor. Some of our partners walk right by you in the hall and never even acknowledge you.
Withum
FEBRUARY 10, 2021
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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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