As the CEO and founder of 1st Step Accounting, I am motivated by technology. Ever since I can remember, I have been inspired by some sort of technology. Whether it was a videogame console like the Nintendo or my first Macintosh computer that plugged into the TV, this technology gave
Unless your new business clients come from an accounting or bookkeeping background, they’re not likely familiar with accounting software or terminology. Unfortunately, they often cannot afford to pay for even our most basic services. And, even though we want to help them, we have to keep our own workloads and
The IRS often challenges deductions claimed for business use of a vehicle. And as shown in a new Tax Court case, it pays for your clients to document this activity well. For starters, taxpayers may deduct their actual business-related vehicle expenses or use the standard mileage rate. For 2022, the
The Spousal Lifetime Access Trust (SLAT) is one estate planning tool that accountants and financial planners can use to address the issue for their high-net-worth clients. A SLAT is an irrevocable trust created during a married settlor’s lifetime. The SLAT allows a married settlor to remove assets from her estate,
Small business clients have particular needs, and Ignatius L. Jackson, CPA, is here to help. Jackson, a CPA based in Tempe, Arizona, specializes in small business accounting services, such as compilations, bookkeeping and tax preparation. Although Jackson has worked with companies of all sizes and across several industries, he enjoys
If you’re just joining us, the first two parts in this series explained how ownership of conventional single-family dwellings differs from ownership of condominiums or co-op apartments and how an owner of a co-op can build up the adjusted basis for her apartment. This article, part three, will explain why
Today’s tax practitioners are burned out like never before and their services continue to be seen as commodities by most of their clients. Tax season was bad enough before the pandemic. It has always been a siloed practice area within traditional CPA firms and required preparers to rely on workpaper
The COVID-19 pandemic has affected the population in different ways, especially in terms of work, with some people between jobs and others quitting or taking the freelance route. Others are stuck in jobs where the pay stayed the same while their expenses climbed. If you have clients like this, as
Your beverage alcohol seller clients likely face increased scrutiny in 2022 to ensure they’re complying with federal, state, and local tax requirements. We predict continued proliferation of marketplaces and delivery apps, leaving states to grapple with regulation. States that have hesitated to take a stance on takeout and delivery sales
Intuit today revealed the QuickBooks ProAdvisor Preferred Pricing Revenue Share program to recognize accountants who help their small business clients use QuickBooks Online. The new program, currently in beta, recognizes the work accountants do to recommend, set-up and onboard new clients onto QuickBooks. Accountants will receive 30 percent of the