In a previous column, I highlighted new rules that allow nonitemizers to take 2020 deductions of as much as $300 for contributions to charities. Something else that I discussed in more detail was tax breaks for retirees who use IRA withdrawals to make deductible donations. To recap, long-standing rules require
There are five key changes within the new audit standard issued by the ASB with targeted enhancements to communicate the value of the auditor’s report that CPAs should know: The order of sections will change. It will start (rather than end) with the opinion. The Basis for Opinion section states the
One of the challenges accounting firms face in their transformation from a compliance-focused firm to an advisory and consulting firm is capacity. While we tend to think of capacity planning as giving us more time, capacity also encompasses money, resources, skills and opportunities. The following six strategies will help your firm
All sales and use tax rates are subject to change and in some states, local rates fluctuate frequently. It’s less common for a state rate to change, yet statewide sales tax rate changes are now on the table in several states. In this article we’ll touch on the key states
Intuit has released different tools for better user experience, and QuickBooks Database Server manager tops the list. When you connect to QuickBooks DB Manager, multi-user access is accomplished with ease. Additionally, utilizing QB Database Server Manager, multiple users can work on a common company file in multi-user environment in a
There is an extraordinary amount of work outside of estate planning that arises when a tax client passes, mainly dealing with the decedent. This article hopes to serve as a basic checklist for accounting professionals to work with the decedent. The trusted advisor usually gets called by the surviving spouse
As tax season approaches, here’s how to know if you should seek out an expert to help you navigate the numbers.
Bowing to pressure that began nearly as early as tax filing season started, the IRS has finally agreed to postpone the due date for filing 2020 returns, to May 17 (IR-2021-59, 3/17/21), which doesn’t please all tax pros. As you know, the initial due date for filing 2020 federal income
QuickBooks is a useful tool for small and midsize business owners who come from a non-accounting background. It can integrate with otherworldly office applications and systems while keeping up with your bookkeeping needs. It is hard for such people to imagine even a single day of work without the accounting
Cannabis accounting has become a profitable niche, yet it’s grown increasingly crowded. What do you need to know to get in and get ahead? Most cannabis start-up businesses run on the investor money, debt and some of them barely hang in there in the hopes of imminent marijuana legalization. Cannabis