As CPAs accept that artificial intelligence (AI) is no longer a thing of science fiction, they also must become mindful of the impact it will have on the workforce and the workplace. A two-year McKinsey Global Institute study suggests intelligent agents and robots could replace 30 percent of the world’s current human
There are many reasons why accountants and bookkeepers undercharge for our services. And, no, it’s not always because we’re “afraid” to charge what we’re worth. Sometimes, we don’t understand our own value. We discussed that challenge – and how to overcome it – in a previous article. But sometimes, we’re
There are currently at least three ways your clients can write off costs associated with boats this year, assuming they itemized deductions. 1. Mortgage Interest Generally, you’re allowed to deduct qualified mortgage interest paid on a principal residence and one other home, like a vacation home. Under the TCJA, deductions
For sci-fi fans, predictions of a tech takeover might trigger thoughts of rebellious robot uprisings the likes of I, Robot or Westworld. Thankfully, we’re not there yet (and hopefully it never comes to that), but that doesn’t mean smart machines aren’t increasingly permeating and changing our world. “[E]xpect social robots to become
QuickBooks facility for payroll enables its users to efficiently pay their employees, track their working days or hours, keep records of remittances, and much more. It also helps them to create reports and file the required tax forms appropriately. Overall, the utility is bliss; however, the users often report an
Most firms understand the need to offer advisory services but struggle with getting their staff to believe they have the skills to be confident advisors. Often, partners are the only ones providing advisory services to clients because they honed their problem-solving skills over decades. This is a good start, but
The complications over beneficiary choices with inherited IRAs tend to focus on non-spousal beneficiaries and the special provisions pertaining to them. As beneficiary after the death of the original owner of the IRA, one important consideration is that you do not make contributions to the account. The funds continue to
Given the severity and frequency of cyberattacks, many Liability insurance policies CPA firms hold are now excluding coverage for common cyber security breaches. This leaves many firms exposed to financial, legal and business continuity risks of which they may or may not be aware. While a cybersecurity liability plan may cover third-party
Taxpayers may soon benefit from a temporary tax law provision that doubles the usual 50 percent deduction for qualified business expenses for meals to 100 percent of the cost. The fact is, people are back to dining out this summer as the pandemic abates in many parts of the country. However, when
I am Kate Josephine Johnson. I have a small virtual bookkeeping and business consulting firm called Heritage Business Services. My only involvement in the accounting profession is as an entrepreneur, so that is where I’m coming from. My venture into entrepreneurship came out of necessity, not out of some lifelong