For those of you who’re just joining in, part one mentioned my responses to a query from Abigail, a self-employed consultant who uses part of her home to conduct her business. Part two focused on three requirements Abigail must satisfy to qualify for home-office deductions. First, she uses a dedicated
Focused on NOLs and the differing complexity by state, Bloomberg Tax & Accounting tax experts regularly update corporate state income tax rules and regulations across 44 states, the District of Columbia and New York City. Most recently, CARES Act changes that affect tax years 2018, 2019 and 2020 were incorporated
It’s my pleasure to field the following question from a reader who reached out to AccountingWeb for information about starting a limited liability company (LLC) in the state of Wyoming. Please know that what I share here is for informational purposes only and is not intended as legal, accounting or tax
In the first article in this series, I postulated that there is no such thing as a bad client. There might be “bad fit” clients, but even those are a rarity. Instead, clients who come across as unreasonable and demanding – thereby earning the label of “bad client” – are
If and when a crisis hits, what do bookkeepers and accountants need to grab so that business/work can continue uninterrupted once we are in a safe location? This happened recently in my hometown, albeit not in my neighborhood. I realized something similar could happen anytime, anywhere, in a commercial or
In response to the recent fuel crisis, the IRS has just indicated it will not impose a penalty when dyed diesel fuel is sold for use or used on the highway in 12 states. These states include: Alabama, Delaware, Georgia, Florida, Louisiana, Maryland, Mississippi, North Carolina, Pennsylvania, South Carolina, Tennessee,
While many accounting firms are talking about client experience, very few have any idea how to approach improving it. As a result, they tend to take a “whack a mole” approach: taking client surveys, sending gift baskets and other activities that don’t really move the needle. What firms need is
We teach webinars very often about improving firm efficiency, workflow and providing better services for our clientele. No matter what the subject matter of the webinar is, we ask one question without fail: What is the biggest obstacle in your firm’s workflow? There are five options for webinar attendees to choose from: 1.
The Consolidated Appropriations Act 2021 (CAA 2021), which was passed on December 27, 2020, provides many of the answers the country was waiting for regarding the Paycheck Protection Program (PPP) in particular. In recent days myriad articles have been written and webinars hosted detailing the key features of CAA 2021 and
In a new private ruling (PLR 202114001, 1/12/21) the IRS substantially limited write-offs for IVF costs claimed by a same-sex couple that used an unrelated surrogate. Under the new Consolidated Appropriations Act (CAA), a taxpayer can deduct qualified medical expenses in excess of 7.5 percent of adjusted gross income (AGI). This threshold