As a Finance, HR, and IT outsourcing firm, we take security seriously. In 2021 we achieved SOC 2 Type 2 security compliance status. For those unfamiliar with this credentialing protocol, here’s a quick overview. Service Organization Control (SOC) 2 is a set of compliance requirements and auditing processes designed for service providers. A type 2 … Continued
Many organizations enter into lease agreements throughout the course of business. It’s an important activity that provides the organization with access to assets without the greater risks involved in owning these underlying assets. In this article, we’ll cover what to know about accounting for leases in 2022, notably the new leases standard, so you can … Continued
As we head into the final quarter of 2021, there are a handful of things accounting departments should start doing now to be better prepared to close out the current year and head into the new year. Below are a couple of items to remember to do before the clock strikes midnight on December 31 … Continued
Are you wondering if your company may be eligible for Employee Retention Credits? With many businesses considering the financial impact of lockdown measures taken in the last year, we wanted to shine a light on a way of claiming some of your employee costs incurred during the Covid pandemic: Employee Retention Credits. What is the … Continued
On March 11, President Biden signed the American Rescue Plan Act of 2021 (ARPA) into law, https://www.congress.gov/bill/117th-congress/house-bill/1319/text ARPA provides additional relief to address the continued impact of the COVID-19 pandemic on the economy, public health, state and local government, individuals, and businesses, by extending and expanding on some of the previously enacted COVID-19 stimulus provisions … Continued
As the February 1st 1099 deadline approaches, it’s necessary to understand what they are, and who’s responsible for them. A 1099 is a tax form to report income that does not come in the form of wages and salaries to contractors who may provide services to your business. To provide a 1099 to your contractors, … Continued
The COVID-19 pandemic has shifted business focus in a number of ways. It has increased focus on engaging existing relationships and keeping workforces active while off-site. It also raised concerns for businesses about simply staying afloat in an uncertain economy. However, a period of forced remote work also presents business leaders with the opportunity to … Continued
The Massachusetts Department of Revenue has provided an update to the ongoing Telecommuter Tax speculation for non-residential workers now working from home due to the COVID-19 pandemic. Due to social distancing measures and other restrictions, multiple states have declared states of emergency, resulting in businesses and employees adopting telecommuting arrangements. Insource has previously reported that … Continued
Thousands of commuters face income tax while remote working due to the Coronavirus outbreak – but who does the New Hampshire Work From Home Tax really impact? The Massachusetts Department of Revenue has faced recent criticism for collecting income tax on out-of-state workers currently working from home due to the COVID-19 pandemic. Many New Hampshire … Continued
At Insource we strive to make sure your nonprofit has everything it needs to operate efficiently and safely. With this in mind, we’ve created a series of blogs around keeping your nonprofit safe, covering important aspects of Finance, HR, and Technology. Last month we talked about how fraud could affect your nonprofit. Read below about … Continued