For those of you who’re just joining in, part one explained that Form 1040’s Schedule A allows itemizers to deduct state and local income taxes or state and local general sales taxes. They can’t write off both in the same year (line 5a of 2020’s Schedule A for itemized deductions).
Intuit ProConnect has partnered with Practice Ignition with the goal of increasing productivity for tax professionals. Practice Ignition, an automated proposal and payment management software that eliminates administrative tasks, will work in tandem with Intuit’s professional tax products, allowing for a better end-to-end workflow for tax professionals. Specifically, the ProConnect
The American Rescue Plan basically expands Form 1099-K reporting threshold for third-party settlement organizations to focus on $600 in value of transactions annually without regard to the number of transactions. The old rule, which still the rule in 2020 and 2021, focuses on a $20,000 minimum with an added limitation
Wolters Kluwer Tax & Accounting has partnered with CoinTracker and Verady – developer of Ledgible Tax Pro – to provide integration between these cryptocurrency solutions and its CCH Axcess Tax and on-premises CCH ProSystem fx Tax expert solutions for tax compliance. Both CoinTracker and Ledgible Tax Pro are cryptocurrency tools
On March 11, President Biden signed into law the American Rescue Plan Act (ARPA) of 2021. This bill introduced a $1.9 trillion COVID-19 relief package designed to help boost the economy amidst the effects of the pandemic. This article will focus on those who received unemployment benefits as well as
With the tax cuts in the American Rescue Plan reducing the costs of childcare for families, your clients may actually save money by paying their nannies legally if they are not doing so already. Tax breaks, including those in pandemic relief legislation, are obviously not available to families who pay
Perhaps they want their business to expand, or maybe they’re just having cash flow issues. Whatever the need is, your business-owning clients often have a love/hate relationship with banks. The reason is simple: Your client needs money. Banks are in the business of lending it. Many people have often felt
The IRS has now clarified some of the rules relating to the extension in Notice 2021-21 (IR-2021-67, 3/29/21). Background: The normal tax filing due date returns and paying any resulting tax is April 15 (or the next business day if the 15th falls on a holiday or weekend). However, this
In my previous article on keeping data secure while working remotely, I covered steps to take to ensure your devices and those of your employees are protected from data breaches while everyone is working from home. The next best practice to implement is data encryption. I recommend being thorough and
2017 was almost over when Congress approved and then-president Donald John Trump signed the TCJA, short for the Tax Cuts and Jobs Act. Both its supporters and opponents agree that there can be no two opinions about whether enacting tax reductions was Mr. Trump’s signature legislative accomplishment. Those who praise