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3 Tips To Improve Your Audit
By Luis Rivera, Client Success Advocate, Accounting Technology Services With the ever-changing digitization of the world bleeding into companies opting for work at home opportunities over the traditional in-office 9-5; it is no surprise that this has led to audits going paperless. Below are three tips to help improve your audits. 1. Utilize Dashboards Dashboards…
10 Must-Have Policies for 2022
Some laws require employers to provide information to employees via a written policy. Policies are also important for communicating company expectations and requirements. Here are 10 policies that are considered must-have for 2022: #1: COVID-19 By now, many employers have written policies that address masks, vaccination, social distancing, and other safety measures to help prevent…
New Study Finds Rising Health Benefit Costs
Consumer prices jumped 7% in 2021, according to the U.S. Department of Labor. Unfortunately, health benefit costs incurred by small employers increased at an even higher rate — 9.6% — according to the health benefits consulting firm Mercer. The average per-employee cost of health benefits for companies with between 50 and 500 employees was $14,896 in…
Leadership and Mentorship in a (Continuing) Virtual World
By Tricia Katebini, CPA, MBA, Partner and Max Manley, CPA, Partner This article is based on a presentation of the same title given at the 2021 GWSCPA Nonprofit Symposium. As new variants emerge and the pandemic continues, it is clear a mostly remote work arrangement will continue in the near term. In fact, a hybrid…
Building a Compliance Culture
Ensuring compliance depends on the individual actions of employees. That’s why businesses that want to comply with changing laws and regulations should focus on building a compliance culture, where employees understand why compliance matters as well as their roles in ensuring that it happens. How do businesses build a compliance culture? Here are some guidelines….
Implementing DoD Business Systems for Small Government Contractors
By Paul Calabrese, Principal Government contractors with Cost Accounting Standards (CAS) contracts may be subject to the “Contractor Business Systems” clause, DFARS 252.242-7005. The clause states upfront that it “only” applies to contracts that are subject to the CAS per FAR 9903.201-1, which usually involves large contractors. Under FAR 9903.201-1b, the regulation provides exemptions to…
A Review of the Tax Implications of Investing in Mutual Funds
Mutual funds are an attractive investment option, especially for people who are looking for a low-maintenance, long-term way to participate in the securities markets. These funds are managed by professionals who should be well-qualified to judge which securities are attractive bets. Mutual funds also make it easier to maintain a diversified portfolio, which can reduce risk…
The ABCs of Scholarship Tax Rules
Good news: You just found out that your high school senior son or daughter will be receiving a sizeable scholarship at a prestigious university next fall. But what are the tax consequences? In most cases, scholarships awarded to students are exempt from federal income tax, assuming certain conditions are met. Comparable rules apply to fellowships for…
Are You Ready for Possible State Minimum Wage Increases?
In today’s tight labor market, many employers have been raising wages substantially to maintain operations. That’s most evident in the leisure and hospitality sector, where average hourly wages rose 12% for the year ending October 2021. For many organizations, getting by with paying minimum wage is generally a distant memory. That’s particularly true where the state’s…
Recent IRS Guidance Addresses the Taxability of PPP Loan Forgiveness
Businesses that received Paycheck Protection Program (PPP) loans can apply for forgiveness once all loan proceeds for which they are requesting forgiveness have been used. On November 18, 2021, the IRS issued a series of three Revenue Procedures addressing the tax effects when a PPP loan is forgiven. Here’s a brief rundown of each. Revenue Procedure…
Navigating the Tax Angles for ETFs
Exchange traded funds (ETFs) are hot. Last year, $507.4 billion flowed into ETFs listed in the United States, according to Statista, a provider of market and consumer data. Net assets held by ETFs totaled roughly $5.4 trillion in 2020 — up from less than $1 trillion a decade earlier. The trend has apparently continued with a…