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Victims of severe winter storms, straight-line winds and flooding that occurred in parts of Nebraska on March 9 and parts of Iowa on March 12 may be eligible for tax relief from the IRS. Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency, the IRS said that affected Nebraska […]
QBI; rental pitfalls; the letdown of the TCJA; and other highlights from our favorite tax bloggers. Cue the clowns Taxable Talk (http://www.taxabletalk.com/): Bozo Tax Tip No. 10, to kick off this year’s series, a repeat for the sixth year in a row but one that bears repeating: “I have some clients who are incredibly smart…Yet […]
All businesses, from the single proprietor Schedule C self-employed practitioner to the practice with thousands of staff, have expenses that need to be tracked, and in many cases, laid out by the employee and reimbursed. Expense tracking, especially in these days of the Tax Cuts and Jobs Act, has become one of those aspects of […]
One of the benefits of trawling through all the data brought in by our Top 100 Firms and Regional Leaders survey is that we can occasionally tease out the beginning of a trend, or get a glimpse of the future in today’s facts. One of those moments of serendipity from the most recent report (which […]
After the Tax Cuts and Jobs Act, they’re likely to walk through the door in unprecedented numbers: prospects broadcasting that they’re going to be little more than trouble. “I turn away clients that I feel are trying to scam the system,” said Melissa Bowman of Rainbow Accounting Services, Bradford, Ohio. “I just tell them we’re […]
Higher or lower marginal rates, revamped deductions and exemptions, SALT in some wounds: Federal filing changes got a lot of ink heading into this season. But the other half of most preparers’ workloads involves its own headaches of conformity and non-conformity to new federal tax law. So which is more problematic: Federal returns or state […]
Word of mouth was once an accounting firm’s primary means of gaining new clients, but these days, your prospective customers likely rely on local search as a type of modern-day word of mouth. Unfortunately, if your online presence doesn’t show up in local search results on the major search engines like Google and Bing, prospective […]
Based on cryptocurrency tax guidelines specified by IRS, anyone making cryptocurrency profits has to pay taxes. Cryptocurrency transactions are considered just like stocks, which means investors need to pay taxes any time they sell a cryptocurrency and make a profit. Bloomberg News Unfortunately, not many people understand how to account for cryptocurrency gains on their […]
At this point in history, the accounting community is no stranger to the idea of artificial intelligence performing our most basic tasks. Personal assistant bots like Siri and Alexa give us up-to-date information, answer questions, and control devices. Beyond that, though, AI and bots are developing rapidly for uses in everything from medicine to disaster […]
The Internal Revenue Service issued guidance Friday on how to deal with state and local tax refunds in the context of the $10,000 limit on state and local tax deductions under the Tax Cuts and Jobs Act. The question has perplexed some tax experts and their clients this season, which will be the first one […]
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