After contentious debate in Congress, President Biden finally signed the $1.9T American Rescue Plan (ARP) into law on March 11. The final version of the American Rescue Plan contains a bevy of tax-related provisions for individuals. Here are six tax breaks of particular interest to many taxpayers. 1. Cash
Fujitsu Computer Products of America, Inc. has introduced its ScanSnap iX1600 now with ScanSnap Cloud, which with a variety of popular cloud services for accounting firms and business ScanSnap customers. This offering allows users to digitize, save and organize documents, business cards, receipts, photos and more to the cloud service
President Biden spoke of reducing the gift tax exemption levels to $3.5 million, perhaps even $1 million for lifetime transfers, plus an increase in the top tax rate to 45 percent. Even under current law, the post-2025 gift tax exemption is scheduled to drop to $5 million as adjusted for
Good salespeople often make lousy administrators. You’ve seen it all before. A client had a great idea. They started a business. It took off. It grew and grew. The inventor has no idea how to manage a business. It’s time to introduce another of your business advisory service: Management consulting.
There is a lot of misunderstanding surrounding constructive receipt of income. For example, in my office I close the office in late December, put my mail on hold, and when I come back in and have received a few checks, the question is: Did I constructively receive that income or
Virtually every industry has been impacted by COVID-19, and accounting has certainly been one of them. The Hinge Research Institute’s newly released analysis of the Accounting and Financial Services segment of the 2021 High Growth Study reveals the trends that have affected the industry as the economy underwent significant changes
In a new Tax Court case, Mann, CA-4, No. 19-1793, 1/6/21, taxpayers are often tripped up by requirements for charitable contributions under state law. Key facts: A couple purchased a home in Bethesda, Md. that they intended to renovate. However, after discovering water issues in the basement and learning from
Here is a quick and hopefully super helpful guide on what is new in QuickBooks Online. The world of QuickBooks Online can be an ever-evolving, sometimes exciting, sometimes frustrating environment for accountants, depending on your specific needs. One moment, it seems that everything you have just come to master keeps
Accounting firms aren’t entirely new to tax compliance, many have taken on returns preparation and filing to meet client demand. However, sales tax compliance has become more burdensome for businesses since the U.S. Supreme Court issued its decision in South Dakota v. Wayfair, Inc. (June 21, 2018). Moreover, given the
The automation of accounting and bookkeeping services will become more and more prevalent. This means that the way most firms provide value to their clients now is not the way they will provide value in 10 or even 5 years. Many firms use automation tools to perform, at least partially,