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New York is investigating whether President Donald Trump’s company falsely reported the value of his assets to secure loans and get tax benefits as claimed last year by Trump’s former personal lawyer and fixer, Michael Cohen, who has fallen out with his ex-boss. New York Attorney General Letitia James said Monday that she took legal […]
I am a strong proponent of partner retreats and offsite meetings. Most large firms have them and I had retreats in my small firm since I became partners with Peter Weitsen in 1988. I also organized regular offsite partner meetings going back to the late 1970s in my previous practice. Further, I presented many practice […]
The IRS has released the 2020 draft Form 1040, and it includes the question about whether a taxpayer invested in cryptocurrency or not near the top of the first page. This question first appeared for the 2019 tax year. The wording of the question, “At any time during 2020, did you receive, sell, send, exchange […]
Note: Products and services mentioned in this article are for illustrative purposes only. They should not imply an endorsement. When it comes to working from home, people’s thoughts automatically turn to Zoom, the ubiquitous videoconferencing platform. But there’s another game-changing tool from the “Oom” family that’s rapidly gaining traction in the telework arena — it’s […]
Now that we have had over a month to recover from the July 15 tax return deadline, many firms are looking at opportunities to efficiently add a practice or expand an existing practice to further the goal of being a “trusted advisor” to their clients, not to mention drive revenues during their “slow season.” A […]
Sometimes the best changes come because we are forced into them. For example, the pandemic has made many accounting practitioners more aware of limitations — and the value that can come from changing to better manage the stresses and unknowns of current working conditions. Firms managing well through COVID-19 have found ways to become more […]
Over half of tax clients (53 percent) aren’t positive that their accountant fully minimizes their tax payment, and 46 percent were disappointed by the size of their tax refund last year, according to a new survey. The survey, by practice management software provider Canopy, nevertheless found that 85 percent of those surveyed would recommend their […]
The Internal Revenue Service has released a draft version of the Form 1040 for tax year 2020 with several significant changes probably in store for next tax season. They include moving the question about virtual currency from the attached Schedule 1 to near the top of the main form, right under the name and address, […]
The Internal Revenue Service agreed Friday to quit sending notices about unpaid taxes to taxpayers while it works through the backlog of millions of pieces of unopened mail that has accumulated at IRS facilities during the novel coronavirus pandemic, after complaints from taxpayers and lawmakers. Earlier this week, Rep. Richard Neal, who chairs the tax-writing […]
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