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Economic nexus is now pretty much the law of the land for all states with a statewide sales tax. But what has been the impact on states? States – and their cities and towns that receive portions of their sales tax revenue – have scored big. In fact some would say they are seeing green! Revenues and now their localized payouts are reported to be way up, from New York’s Long Island and California’s Pacific coast to towns like Bentonville, AR, Calhoun, GA, and Kingsport, TN revenues from sales tax
Some of my best tactical and strategic advice gleaned from two decades of working with startups in different stages and sectors. The post Advice for Founders from a Fractional CFO for Startups appeared first on Burkland.
As a small business owner, tax liability is the money you owe the government when your business generates income. With changing laws and gray areas regarding deductions, exemptions, and credits, it’s no wonder small business owners rank taxes at the top of the list of the most stress-inducing aspect of business ownership. To reduce that stress, taxes shouldn’t be something to focus on only at year’s end.
Let’s be honest. Most tax accountants would not be described as “hip” and many struggle to be considered “tech savvy”. Even so, some of their clients’ needs are forcing them into a new world surrounding the exchange of digital assets. . While many persons trading cryptocurrency or buying a non-fungible token (“NFT”) think they are just doing something new, fun, or just goofing around because they have cash to play with, what they don’t realize is that Uncle Sam is looking to collect their share.
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.
There’s always something changing in the world of tax, especially sales tax. Here’s a review of some of the recent changes and updates, with a special focus this month on how more states and jurisdictions look to roll back sales tax. Lawmakers often cite inflation as a key factor in reducing sales tax. The regressive nature of sales tax, for instance, is the crux of the argument of one Pennsylvania legislator who recently called for complete elimination of that state’s sales and use tax.
QUESTION: Our self-insured health plan would like to reduce required employee contributions for employees who do not use tobacco. Can the plan require employees who use tobacco to pay more than employees who do not use tobacco, even though both groups receive the same coverage? ANSWER: Under HIPAA’s health status nondiscrimination rules, a group health plan generally cannot require an employee to pay more for coverage than another similarly situated employee if the difference is based on a hea
Today I have the honor of being the guest on one of the most popular divorce podcasts…. How Not to Suck at Divorce with Morgan Stogsdill and Andrea Rappaport. Episode 20 is all about Divorce Finances, Forensics & Fraud. I love how they describe me: Today’s episode is like divorce meets CSI as we welcome Tracy Coenen. You may have seen her on CNBC On the Money, CBS, NBC, and in the Wall Street Journal.
Today I have the honor of being the guest on one of the most popular divorce podcasts…. How Not to Suck at Divorce with Morgan Stogsdill and Andrea Rappaport. Episode 20 is all about Divorce Finances, Forensics & Fraud. I love how they describe me: Today’s episode is like divorce meets CSI as we welcome Tracy Coenen. You may have seen her on CNBC On the Money, CBS, NBC, and in the Wall Street Journal.
After years of attempting to make ends meet on a shoestring budget, the IRS stands to receive a $675 million funding increase from the Omnibus spending bill passed in the Senate last week. To stave off an impending government shutdown, federal lawmakers passed a $1.5 trillion funding bill that includes a $12.6 billion budget for the IRS. With the new funding, the IRS’s budget allocates $2.8 billion for taxpayer services, including the Office of Taxpayer Advocate, and increased hiring; $5.4 billi
Small business owners around the world are migrating to cloud-based bookkeeping software to keep their financial records and reports organized and accessible. Even with the help of bookkeeping software, it takes financial expertise to put the data into context and use it to make informed decisions. To save time, some choose to partner with an online bookkeeper. .
Rev. Proc. 2022-17 (Mar. 16, 2022). Available at [link]. The IRS has announced the 2022 inflation-adjusted Code § 280F “luxury automobile” limits on certain deductions that may be taken by taxpayers using passenger automobiles (including vans and trucks) in a trade or business. For purchased automobiles, the limits cap the taxpayer’s depreciation deduction.
Here’s the situation: Your employee takes a little time off because they can’t physically work. What happens? In some cases, the employee must receive short-term disability insurance benefits. But, that all depends on whether you decide to offer it—or whether your state forces you to due to a state disability insurance program. Does yours?
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.
Withum is excited to announce Bob Bamsey will join our Global Transfer Pricing Strategies Team as a Principal.??. With over fifteen years of transfer pricing experience, Bob will be advising clients on both transfer pricing and international tax matters, specializing in middle-market companies. He believes in collaborating on projects involving all types of intercompany activity, including tangible property, intangible property, services, and financial instruments.
What's the draw of outsourcing? Some of the most important outsourced accounting benefits are known and enjoyed by businesses of all sizes. An off-site accounting staff provides CEOs, CFOs, and business owners access to experienced accounting professionals that can show them how to run their business more efficiently, grow the business, and even boost ROI and cash flow—typically for much less outlay than a traditional, on-site accounting team.
Most people who leave public accounting have absolutely no intention of going back. These days public accounting would probably take you back in a heartbeat if you changed your mind. But if you feel like you could use another “drink from the firehose” to help propel your career forward and provide you a missing experience or an additional skill set, maybe you should consider the boomerang.
DOL Compliance Assistance Release No. 2022-01, 401(k) Plan Investments in “Cryptocurrencies” (Mar. 10, 2022). Available at [link]. The DOL has issued a compliance assistance release expressing “serious concerns” about the prudence of making cryptocurrency investments available to 401(k) plan participants and advising fiduciaries to use “extreme care” before they consider adding a cryptocurrency investment option.
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.
While we all helplessly watch the war in Ukraine, we are also seeing the toll it’s extracting on our economy… and small businesses. Oil prices are skyrocketing and supply chain disruptions are becoming regular fare. The shock of the last two years hasn’t really worn off and new challenges are mounting as war affects the globe. And the greatest concern among small business owners right now?
As companies close their books from 2021 and start the new year, not every closing period goes smooth and sometimes can be done better. Whether you are closing a month, quarter, or year, closing the books is an essential activity that accounting professionals rarely look forward to.
HHS, Annual Civil Monetary Penalties Inflation Adjustment, 45 CFR Part 102, 87 Fed. Reg. 15100 (Mar. 17, 2022). Available at [link]. HHS has announced adjustments of civil monetary penalties for statutes within its jurisdiction. The latest amounts are based on a cost-of-living increase of 1.06222%. These adjustments are effective for penalties assessed on or after March 17, 2022, for violations occurring on or after November 2, 2015.
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.
It’s been a minute since we’ve talked about projected salaries for this year in public accounting, and compensation discussions will be happening for many of you in mere months. So today we have a new entrant in our continuing series of 2022 public accounting salary projections , and it is staffing and recruitment firm Century Group, which recently released its 2022 Salary Guide for accounting and finance.
6 min read. Before the pandemic, many business and nonprofit leaders viewed working from home as a sort of forbidden fruit, assuming that remote work from home might improve employee morale and satisfaction but significantly reduce productivity.
Consolidated Appropriations Act, 2022, Pub. L. No. 117-103 (2022). Available at [link]. Congress has passed, and the President has signed, omnibus spending legislation that (among other things) temporarily exempts telehealth and other remote care services from certain restrictions affecting health savings account (HSA) eligibility. By way of background, tax-advantaged contributions generally cannot be made to an HSA unless the account holder is covered by a qualifying high-deductible health plan
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.
It can be overwhelming for small business owners to choose from all the ecommerce bookkeeping services out there. Many small businesses trust Xendoo with their financials, but we understand that choosing the best bookkeeping and accounting solution is a big decision. . When running an online store, there are many financial considerations and challenges, including payments, customer returns, shipping logistics, and inventory management.
Have you been able to keep your mind clear? Have you kept your time-limited output and attention focused on your Skagit County business? I hate to repeat myself, but this is so critical during these globally anxious days. Your business, your team – your FAMILY – is riding on how you manage your most precious resource: your attention. So as things continue to escalate in this war, I want to, once again, encourage you to reduce your time in the swirl of breaking news and around-the-clock social me
A better take on Microsoft Teams management in today’s highly collaborative, but often overwhelming, hybrid workplace. We have arrived in the new digital era where we’re professionally challenged to take up things online rather than offline. Starting from kindergarteners to CEOs we’re all part of a routine where we need to attend video conferences and online meetings more often – such is the way of a hybrid workplace.
The other day — OK it was actually 12 days ago — we got a random email in our editor inbox. This is not uncommon, said inbox serves as the garbage disposal into which reader complaints go. Just kidding, we love feedback. Really. The editor inbox is a hub for reader comments, advertising requests, story requests, complaints, butt emails consisting of long nonsensical rows of b’s and x’s, and occasionally some old guy complaining about how one F-bomb is too many and I need
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.
The days when small businesses never had to think in any currency but dollars are long gone. The 21st century economy is globalized and grows steadily more so. For example, with tools like the internet and wire transfers, it’s easy to do business with suppliers in Bangkok or hire remote workers from Ottawa to Cairo. Even if your business is localized in the U.S. you may still need to deal in foreign currency to pay overseas suppliers.
Tax season feels particularly overwhelming for small business owners. Organizing a year’s worth of records and figuring out which of their expenses are deductible can be daunting. Halting operations to research every tax-saving opportunity is not realistic – let Xendoo do it for you! In this blog post, we will share popular small business tax deductions that you may be able to claim for the 2021 tax year!
With the current real estate market heavily favored towards sellers, property owners are looking to cash in on the appreciated value of their real estate holdings. However, that lucrative sale may come with a hefty tax bill from Uncle Sam. . Fortunately, it is possible to defer a portion of the gain if the transaction is structured as an installment sale.
Inland Revenue (IR) has recently released information setting out the tax rules which apply on fees paid to board members. The way taxation applies to any fees paid to members will depend on the personal circumstances of the individual member and the terms of their contract/appointment. Employees Many SME companies have employees sitting on the board of the company.
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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