TaxConnex

AUGUST 17, 2021

Sales tax is full of complexities, but there are certain topics that seem to cause more of a headache than others. Drop shipments are one of those topics. As e-commerce continues to explode – it almost doubled during the pandemic and was already rising sharply nationwide in early 2019 – drop shipment transactions have become even more prevalent. Many companies have added marketplaces on websites and don’t maintain their own inventory for online purchases.

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South Carolina Utah Illinois Sales 239

PANALITIX

AUGUST 15, 2021

RESOURCES / ARTICLES. Exciting Clients…. with Review Meetings! Accountants interpret financials to advise clients, sometimes through ‘quarterly [or monthly] review’ meetings. How do we get clients excited (and willing to invest) in these meetings? They need to see the value and believe in the approach. Then they’ll enter productive, long-term advisory relationships.

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financial statements Education Account accountant 147

RogerRossmeisl

AUGUST 19, 2021

Your employees shouldn’t accept any gift offered with the intent to improperly influence business decisions — or even one that merely appears to compromise their ability to act in your company’s best interests. Unfortunately, kickbacks are often disguised as gifts or travel, so they can be hard to identify. Here’s how to maintain your business’s high ethical standards.

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CPA 180

BurklandAssociates

AUGUST 16, 2021

Misclassification of employees and independent contractors is one of the most common pitfalls startups face during a due diligence process. The post Surviving Due Diligence, Part 2: Employee vs. Contractor appeared first on Burkland.

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Tax 130

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

Account

TaxConnex

AUGUST 19, 2021

This article was written for the Atlanta Business Chronicle Leadership Trust. To see the original post, click here. In the fall of 2020, I published an article on how the sales tax picture is changing due to COVID-19. Now that we’re over a year into the pandemic, I wanted to provide an update on the sales tax landscape, what predictions have remained the same and what’s changed.

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Sales E-commerce Tax Missouri 232

Withum

AUGUST 19, 2021

Last week I wrote about a cleaner that closed and suggested that if they added a surcharge, it might have saved their business. I gave a copy to my cleaner and she told me I was wrong, and I did not want to argue with her, so I decided to put my thoughts in this follow-up, which I will give to her.

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ThomsonReuters

AUGUST 19, 2021

QUESTION: Our company offers a high-deductible health plan (HDHP), and many participants contribute to their own HSAs. Several have asked about making HSA contributions on a pre-tax basis so they can receive income tax savings every payroll period (instead of waiting until they file their tax returns) and avoid paying FICA taxes on those contributions.

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payroll Tax income tax tax return 105

AccountingDepartment

AUGUST 19, 2021

Not all businesses sell a physical product, but many businesses have inventory that is made up of materials used as a part of a service provided to a customer. In either case, these products and materials need to be accounted for in the warehouse, when they are moved to job sites, and when they are used for a client job or within the production of a larger product.

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Account accountant accounted NetSuite 104

xendoo

AUGUST 16, 2021

When you’re running a business, keeping track of all of the financial terms can be enough to give you a headache! But two of the most important terms that will affect you are your cash flow and your profit. Cash flow refers to the net flow of cash in and out of a business, while profit indicates the amount of money that’s left over after all of the expenses have been paid. .

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bookkeeping Sales payroll Legal 98

RogerRossmeisl

AUGUST 19, 2021

More than 43 million student borrowers are in debt with an average of $39,351 each, according to the research group EducationData.org. If you have student loan debt, you may wonder if you can deduct the interest you pay. The answer is yes, subject to certain limits. However, the deduction is phased out if your adjusted gross income exceeds certain levels — and they aren’t as high as the income levels for many other deductions.

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Education CPA Tax 215

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ThomsonReuters

AUGUST 19, 2021

IRS Information Letters 2021-0004 (Dec. 21, 2020) and 2021-0005 (Mar. 3, 2021). Letter 2021-0004. Letter 2021-0005. Two recently released IRS information letters provide general information about the circumstances under which health FSA participants can continue to be reimbursed for eligible expenses after termination of employment. One letter explains that health FSA participants who terminate employment may be able to continue their participation by electing COBRA continuation coverage.

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AccountingDepartment

AUGUST 19, 2021

Growing a business and setting it up for continued growth is a challenge that many new and veteran business owners face. In the start-up phase, a business will typically find itself with basic accounting software, order processing techniques, etc. While these will handle the early stages of a business, with growth comes the need to improve these programs and processes.

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basic accounting accounting software Start-ups Account 98

CTP

AUGUST 17, 2021

In a previous blog, we discussed how a shareholder in an S corporation or a partner in a partnership needs sufficient tax basis to claim a business loss. Tax basis refers to the amount that a taxpayer has invested in business assets, calculated by taking the purchase price and subtracting any accumulated depreciation. If the […]. The post Debt Recourse and Tax Deductions for Partnerships and S Corporations appeared first on certifiedtaxcoach.

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Tax 81

RogerRossmeisl

AUGUST 18, 2021

Forensic accountants are professionals who have received specialized training to uncover fraud and protect against fraud threats. They’re uniquely qualified to review financial statements and business records and to interview employees to find evidence of misrepresentations and theft. In many cases, they’re able to help recover missing funds. So if you suspect fraud and possibly want to take a perpetrator to court, a forensic accountant can be critical.

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forensic accounting Account accountant accounted 168

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.

SkagitCountyTaxServices

AUGUST 20, 2021

No matter your line of work, your computer might be one of your most glaring vulnerabilities … and it’s one that too many Skagit County business owners I’ve worked with don’t fully address. Even if you work with your hands, and you’re a sole practitioner (a contractor, a landscaper, a mechanic, etc.) … the little computer in your HANDS might hold the keys to your business.

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Healthcare CPA Washington Technology 52

Pooley Accounting Services

AUGUST 19, 2021

Knowify and simPRO platforms are both a customer service management tool as well as a job cost and job tracking tool. Both offer an all-encompassing cloud-based platform that can handle contractor projects from start to finish. Each of these tools offers the ability to organize leads and follow through to project completion. As an example, once a bid has been completed it can be e-mailed to the customer with the click of a button.

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Construction quickbooks Start-ups Account 52

ThomsonReuters

AUGUST 19, 2021

DOL News Release: United Behavioral Health, United Healthcare Insurance Co. Plans to Pay $15.6M, Take Corrective Actions After Federal, State Investigations (Aug. 12, 2021); Walsh v. United Behavioral Health, No. 1:21CV04519 (Settlement Agreement) (E.D.N.Y., Aug. 11, 2021). News Release. A large insurer has agreed to pay $15.6 million and take corrective actions to resolve claims brought by the DOL, a state attorney general, and group health plan participants for alleged violations of the Mental

Healthcare 52

Healthcare Tax Account accountant 52

RogerRossmeisl

AUGUST 18, 2021

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation. Deductible vs. nondeductible expenses In general, you can’t deduct an expense you incur on behalf of your corporation, even if it’s a legitimate “trade or business” expense and even

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CPA Legal business tax Tax 130

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

FraudFiles

AUGUST 18, 2021

When companies have big problems, they usually bring out the big guns. The benefits of using large law firms, audit firms, and other professional service firms are undeniable. These firms offer a depth of experience that is invaluable, and they have seemingly unlimited resources in terms of manpower. A large firm often has the ability to mobilize an engagement team quickly, and can bring in experts from around the world.

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forensic accounting Account accountant accounted 52

LSLCPAs

AUGUST 17, 2021

Running a retirement plan requires following all the IRS requirements to the T. Each year, the IRS issues a list of required amendments along with the general plan amendment deadlines to go with them. The IRS has amended the amendment. The New Determination Program Rev.Proc.2016-2037 is here. The rules may change according to the type. The post The July 2022 Season for 401(k) Plan Amendments Opens Soon appeared first on LSL CPAs.

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cpas 52

ThomsonReuters

AUGUST 19, 2021

Rev. Proc. 2021-31 (Aug. 6, 2021). Available at [link]. The IRS has announced the 2021 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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Tax Account accountant accounted 52

xendoo

AUGUST 16, 2021

As more small businesses crop up throughout the country, many business owners are starting to realize that a significant task in managing a company, big or small, is bookkeeping. . From choosing an accounting method to managing transactions to setting up payroll, bookkeeping can be an extremely confusing and time-consuming process! That’s why many business owners decide to get bookkeeping help, whether they use a form of online bookkeeping software or hire an accountant. .

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quickbooks bookkeeping software bookkeeping accounting software 52

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Finance

Withum

AUGUST 19, 2021

Tax 126

Tax 126

RitaKeller

AUGUST 19, 2021

“Every great move forward in your life begins with a leap of faith, a step into the unknown.” – Brian Tracy. All the talk these days is about CPAs becoming consultants to their clients and not just compliance service providers. There are even various training programs to help CPAs make the large leap (I say that sarcastically!). It is not a “leap” for you.

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cpas cpa firm public accounting CPA 49

KROST

AUGUST 18, 2021

This is one of the articles in the KROST Quarterly Technology Issue, titled “Nonfungible Tokens: Applications, Technology, And Outlook” by Paren Knadjian. In the cryptocurrency world, a token is the denomination of currency, in the same way as the dollar is the denomination of the US national currency. It represents a tradable asset that has value. All fiat currencies 1 and almost all tokens are fungible – i.e., each unit has the same value and is interchangeable.

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Technology Gaming Sales accounting and finance 40

RogerRossmeisl

AUGUST 19, 2021

(This is Blog Post #1072). The post It’s Never Too Early to Start Saving for Retirement appeared first on Roger Rossmeisl, CPA.

CPA 195

CPA 195

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Withum

AUGUST 20, 2021

Construction 98

Construction 98

RitaKeller

AUGUST 17, 2021

“Tomorrow is the first blank page of a 365-page book. Write a good one.” – Brady Paisley. This term has been used by CPA firms for decades. SALY – Same As Last Year. Do you remember when a new team member was assigned a routine individual tax return and the partner or manager would send the client’s file with a note simply stating SALY?

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cpa firm tax return CPA Tax 49

KROST

AUGUST 17, 2021

Los Angeles-based CPA Firm, KROST CPAs and Consultants, welcomes Evelyn Fernandez, CPA, MST , as a new Principal. Evelyn has over 15 years of experience in the public accounting profession, providing strategic advice and tax planning to her clients. Her areas of expertise include inbound and outbound tax planning for individuals and multi-national entities, tax planning and compliance for high-net-worth individuals, partnerships, S corporations, trusts, nonprofit organizations, and entertainment

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cpa firm CPA tax planning Entertainment 40

ThomsonReuters

AUGUST 16, 2021

The List and Legality of Employee Vaccination Requirements. According to the Centers for Disease Control (CDC) website , the seven-day moving average cases for the coronavirus (COVID-19) is 119,523, as of August 13, 2021. This number was just under 35,000, as of July 13, 2021. These spikes in positive cases of COVID-19 in the U.S. has caused some states to take executive or legislative actions regarding the COVID-19 vaccine and masks, specifically for some employees.

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Legal payroll Connecticut Virginia 52

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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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