“Retirement planning” sounds like industry jargon. The term is used so often, clients tend to tune you out. Try repositioning the goal as financial independence. When clients think of retirement planning, it’s often in terms of something that happens at age 65 or 70. They go onto Medicare. They collect
We’ve been here before. Since the emergence of bitcoin over a decade ago, the cryptocurrency market has undergone four crashes where the price of BTC has fallen at least 80 percent, if not more. Yet, each time the industry is written off like a burning tulip field, it rises from
Certainly, small business clients may know the tax benefits of having family members on the payroll, but a new Tax Court case, Wolpert, TC Memo 2022-70, 7/7/22, found that the payments must be for actual services rendered. Background: Hiring your child to work for your company can turn into a tax
For those of you who just entering into the discussion, go back to parts one and two for IRS rulings and court decisions on whether deductions for expenses satisfy the “ordinary and necessary” requirements imposed by Code Section 162. More on such requirements in part three. Travel and entertainment. Long-standing
Mental health disorders are surprisingly common: The National Alliance on Mental Illness says 40 percent of US adults have an anxiety disorder, while over 20 million Americans have experienced a depressive episode at least once. According to Davis Behavioral Health, the five most common mental health issues in the US
Growing up, every summer and during breaks, I would go on church camp trips, retreats or service projects. I would return home after these trips with a newfound motivation – I was going to be a better person, I would be more mature, I would adopt all the lessons I
Having the right tools can help to bring safety and security to your firm and give you peace of mind, if utilized wisely. Safety and security come in many forms. At times, we feel like we police these policies at the tax and accounting level, and we have to. It’s
We’ve seen tremendous changes in the accounting industry over the past ten years. We’ve moved from desktop to cloud-based accounting software. We’ve ditched hourly billing and adopted fixed-fee or value pricing. We’ve listened to the experts and have started offering advisory services in addition to compliance work. Some of us
The secret to maximizing the takeaways from any professional education event is to have a plan of action when you return home, especially if you are planning to go on summer break. Here’s my plan for taking all of the connections, education, and opportunities I gained at the conferences I
Court documents show the potential conflicts of interest when accounting firms simultaneously help clients avoid taxes and audit their finances.