Let’s face it, the last two tax seasons have been rough on tax professionals and a lot are burnt out. In fact, some are considering leaving the business all together. For 20 years I was the Senior Tax Partner for a firm where the philosophy was to take any client
If you have ever knocked over a full can of paint while painting your house, you know making a huge mess can take only a second, while cleaning it up can take hours. You might have a friend or client who doesn’t pay their bills on time and considers late
I have worked with many young professionals who are pursuing their CPA licensure, preparing for the exam and growing their skills as accountants. The industry currently needs more people, specifically those who are licensed. For firms today, helping young professionals pursue their CPA is of vital importance to the growth
Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners. Tax season is a notorious nightmare for many entrepreneurs. If you don’t have
An AccountingWEB reader recently asked if the process of closing a business with negative equity would be any different than dissolving a company that’s not in the red. Generally, there’s no difference in the steps that a business owner must take. However, there could be tax implications when a company
Ledgible, a professional-first platform for tax and accounting of crypto assets, announced upcoming reporting options for staking rewards in light of the recent lawsuit against the IRS over staking rewards, released by the Proof of Stake Alliance (POSA). Near the end of last year, Proof of Stake (PoS) tokens represented
If you’re just joining us, the first three parts in this series summarized the Code Section 1244 rules and explained what happens when investors sell their shares or they become worthless. Investors aren’t limited to the usual capital-loss deduction of no more than $3,000. Instead, they can claim ordinary-loss deductions
While 2020 was a difficult year for many, it was not without its bright spots. Among them was that levels of charitable giving in the United States broke records, up 5.1 percent from 2019 for an annual total of $471.44 billion. Plus, three of the four major sources of giving grew
The good news for women in accounting is that 42 percent of CPAs in U.S. firms are women, so efforts focused on retention and advancement could result in meaningful change in the next few years. Business ownership in the United States is changing, and that is great news for women.
Much has been made of the projected scarcity of certified public accountants (CPAs), and for good reason. The National Association of State Boards of Accountancy reports that 95,654 candidates took the Uniform CPA Examination in 2017. By 2019, that number was down to barely 83,000, with 2018 reflecting a 10-year low in new CPA candidates.