TaxConnex

MARCH 17, 2022

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

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BurklandAssociates

MARCH 14, 2022

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.

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Accountant Advocate Submitted Articles

MARCH 18, 2022

It's easy to see how a future workforce of Zoomers is poised to be a gamechanger for the accounting industry by addressing two of the industry's biggest challenges: talent and technology. Learn more.

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VetCPA

MARCH 16, 2022

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.

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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.

Withum

MARCH 17, 2022

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.

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ThomsonReuters

MARCH 17, 2022

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

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xendoo

MARCH 17, 2022

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. .

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Withum

MARCH 16, 2022

On March 11, 2022, the U.S. Government issued Executive Order 14068 prohibiting certain imports, exports and new investment with Russia. The following transactions by U.S. Persons are prohibited: the importation into the United States of Russian-origin fish and seafood (defined below), and preparations thereof, alcoholic beverages (defined below), and non-industrial diamonds; the exportation, reexportation, sale, or supply, directly or indirectly, of luxury goods (see below) as determined by the

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ThomsonReuters

MARCH 17, 2022

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.

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Going Concern

MARCH 14, 2022

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.

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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

Technology

SkagitCountyTaxServices

MARCH 17, 2022

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?

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Withum

MARCH 15, 2022

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

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ThomsonReuters

MARCH 17, 2022

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.

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xendoo

MARCH 17, 2022

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.

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Going Concern

MARCH 14, 2022

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.

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Withum

MARCH 14, 2022

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.

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ThomsonReuters

MARCH 17, 2022

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.

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SkagitCountyTaxServices

MARCH 12, 2022

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

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Technology

GrowthForceBlog

MARCH 16, 2022

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.

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Withum

MARCH 17, 2022

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.

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ThomsonReuters

MARCH 17, 2022

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

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AccountingDepartment

MARCH 15, 2022

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.

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RitaKeller

MARCH 15, 2022

“The more you check in with your people the more love-filled your team will be, and so the more productivity, creativity, resilience, and collaboration you will get.” – Marcus Buckingham. When I read the above quote, it brought to mind the 12 Questions to measure employee engagement first introduced by Marcus Buckingham in his book, First Break All The Rules.

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Withum

MARCH 14, 2022

The IRS issued proposed PFIC regulations on January 25, 2022 to clarify issues related to PFIC shares held by U.S. partnership and S-Corporation taxpayers. Historically, U.S. passthroughs were responsible for: Reporting ownership of a PFIC; Making elections pertaining to the PFIC; and Allocating income inclusions required by the PFIC regime. These obligations hinged on the fact that these entities were included in the definition of a “PFIC shareholder”.

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Accounting Seed

MARCH 17, 2022

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.

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xendoo

MARCH 17, 2022

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!

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Finance

Generate Accounting

MARCH 18, 2022

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.

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Withum

MARCH 14, 2022

The Treasury and IRS released the final foreign tax credit (“FTC”) regulations on December 28, 2021. These final regulations are the latest set of regulations to modify the FTC rules since the enactment of the Tax Cuts and Jobs Act in 2017. The new regulations significantly modify the rules for determining when a foreign tax credit is creditable, how income and deductions are sourced and allocated for FTC calculation purposes among other modifications.

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Going Concern

MARCH 18, 2022

You guys got a lot of things on your to-do list right now. We don’t want you to get in trouble for not remembering to do this. We’re here for you. Have a good weekend. Love, Your friends at Going Concern. The post Reminder: Don’t Forget to Turn In Your Timesheet! appeared first on Going Concern.

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DMCL

MARCH 17, 2022

While we can all agree it’s great to pay less tax, it goes without saying that you need to make sure any methods of tax reduction you utilize follow the law. That’s why it’s important to know the difference between tax planning, avoidance and evasion when you’re looking for ways to keep your taxes down. Tax planning – Simply put, tax planning involves arranging your business affairs to reduce or defer the amount of taxes payable, within the specific wording and intent of tax legislation. [1] As

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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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