Here we are, at the end of another month, with tax season drawing closer. Today to help our accountant friends navigate and find the best advice and tax information provided by their peers, we have collected what we feel are the best accounting-related blog posts for November 2016. Read and learn! :

Web Roundup: Best Accounting Blog Posts for November 2016

From CPA Practice Advisor, the Rules of Thumb blog from MoneyThumb feels that this post, 2016 Year-End Small Business Tax Tips, is a great read for both accountants seeking to brush up on year-end tax tips for their clients and small business owners. Here is the first year-end tax tips for small businesses from the blog post:

Tax Law Changes

"You and your business need to consider changes to the tax laws in 2016 when assessing year-end strategies. You can also save by avoiding penalties and knowing how to comply with some new IRS rules and regulations.
 
PATH Act “extenders.” The Protecting Americans from Tax Hikes Act of 2015 (PATH Act), enacted at the end of 2015, made permanent many business-related provisions, including:

• The 100-percent gain exclusion on qualified small business stock.
• The reduced five-year recognition period for S corporation built-in gains tax.
• 15-year straight-line cost recovery for qualified leasehold improvements, restaurant property and retail improvements.
• Charitable deductions for the contribution of food inventory, and others."

A blog we haven't recently discussed but find to be very informative is Ledgers Online. This post, 4 Points to Consider When Moving a Worker from Contract to Payroll, will be really helpful for those who have workers currently signed up as independent contractors and want to switch them to payroll employees. Below is the first portion of the blog post:

"Moving from contracted workers to payroll employees can have both positive and negative impacts on your business' bottom line. The responsibility that you, as a contractor's client or as an employer, carry varies greatly for both. To help you make the decision we've put together the below list of 4 points to consider when moving from contractors to payroll.

 1. Flexibility:

If you take the plunge to hire employees over contractors, you will benefit greatly from your worker's increased flexibility. Typically contracts choose their own work times which can impact your business' output if you have a tight work schedule. Contractors are also entitled to contract with other businesses while working with you which means you might not always be their priority depending on deadlines. Hiring your own payroll staff gives you the ability to choose their work hours to suit your schedule and only yours, ensuring increased productivity and output. That said, while you were able to avoid carrying out payroll duties such as deducting income tax from your contractors or obtaining their SIN, hiring a payroll employee means the responsibility for carrying out these tasks will lie with you the employer."

Another best of November 2016 accounting-related blog post comes courtesy of Going Concern. And how convenient for us that Going Concern has this accounting news roundup for November. That's like killing two birds with one stone, the best accounting post roundup AND accounting news roundup for the month of November 2016. We love it when that happens!

Here is the post, Accounting News Roundup: SEC Names New Chief Accountant; Defining "Generally Accepted."

One November 2016 blog post we really like is this one from Firm of the Future, another great accounting blog we just discovered, providing us with new views and information formerly untapped. This post, Until We Perfect Cloning, How do You Train Accounting Staff? A nifty title and a great read for all accounting firms, large and small.

Last but certainly not least in our roundup of the best accounting-related blog posts for November 2016 comes courtesy of Tax Jar, yet one more blog we have yet to cover in our posts on Rules of Thumb. This post from Tax Jar will teach you everything you ever wanted or to know about sales tax and how sales tax rate works, The Anatomy of a Sales Tax Rate. Below is a small portion of the blog post:

What is a Sales Tax Rate Made Of?

"Forty-five states and the District of Columbia all have a sales tax.

Sales tax rates can be made up of a variety of factors.

State Rates – Each state with a sales tax has a statewide sales tax rate. States use sales tax to pay for budget items like roads and public safety. The state sales tax rate is the rate that is charged on tangible personal property (and sometimes services) across the state. These usually range from 4-7%. For example, the state rate in New York is 4% while the state sales tax rate in Tennessee is 7%."

That concludes our November 2016 best accounting blog posts roundup. We hope you get a lot of new information to help you and your accounting firm. Have a great weekend!