Making the Switch to Virtual Accounting

Making the Switch to Virtual Accounting

The concept of virtual accounting isn't anything new. It's been around for a while, yet a lot of accounting firms have struggled to move to this business model. With the COVID-19 pandemic, many companies have had to make this transition, and they had to do it on the fly. If you're making a switch to virtual accounting, here's a few things to keep in mind.



* This article was originally published here Check out https://www.johannakimball.com

Comments

Post a Comment

Popular posts from this blog

4 Common Misconceptions About the New 1099-K Reporting Threshold

Image
If the new 1099-K reporting thresholds have you confused as an eBay seller, you’re not alone. But don’t worry — eBay and TaxAct have partnered up to help you separate fact from fiction. Below we’ll address some common misconceptions you might have heard about these changes and the truth about how your taxes could be affected. Misconception 1: This is a new tax that I will have to pay on my profits. The truth: This year’s change is not a new tax imposed on online sellers but a new reporting requirement for eBay and other online marketplaces. Any income derived from a sale has always been reportable income for eBay sellers. Previously, you would not have received a Form 1099-K from eBay unless you hit 200 transactions and $20,000 in gross payments annually. In 2022, the IRS lowered this threshold. Now eBay and other marketplaces must report gross sales that equal or exceed $600 on a Form 1099-K. Due to these changes, many sellers who have not received a Form 1099-K before will be...
Read more

EU-U.S. carbon tax proposed by German Greens to restore alliance

EU-U.S. carbon tax proposed by German Greens to restore alliance The Latest     •     January 25, 2021, 5:10 pm Europe and the U.S. should jointly adopt a carbon tax on imports as a means to promote low-emission production globally, according to the leaders of Germany’s Greens, the country’s No. 2 political… Rethinking your firm in 2021 The Latest     •     January 25, 2021, 3:02 pm With the pandemic shaking things up, now is a great time to reexamine your practice, and Amanda Aguillard of Elefant Training and Accounting Salon offers a guide to what the firm of the future can… Unlocking your accountancy firm's brand identity with archetypes AccountingWEB     •     October 27, 2021, 10:21 am Practice strategy Tags Marketing Check out https://www.johannakimball.com
Read more