Time is quickly running out for accountants to troubleshoot software issues or integrate new accounting technology before tax season really kicks in. Despite the benefits automation and current technology bring, mindlessly throwing software at every issue you face is not the answer. Be sure to assess your situation, vet vendors,
As we prepare for 2022, bookkeepers have a unique opportunity to set (or reset) their expectations and vision. In fact, now is the right moment to ask: is the term “bookkeeper” due for a new definition? Our recent State of Bookkeeping Practices Survey suggests the answer is yes. Bookkeepers are in
Accountants and other finance professionals who want to better serve low-income and underserved communities can start by understanding the access barriers these groups face in order to provide them with advice that is tailored to their needs. The Impact of COVID-19 The COVID-19 pandemic has impacted families from all walks
What would cause a tax professional to need to review R&D tax benefits for midsized or smaller clients? The main tax savings can arise from the federal benefit, but many states also have benefits. The usual focus is the R&D tax credit – officially “research and experimental credit” – which isn’t
Due to the COVID-19 pandemic and other extenuating circumstances, more people than ever are freelancing. Whether you are part of the “gig” economy (Uber, Airbnb, etc.) or are working as a freelancer, you should be aware of the many tax implications of freelance work. Typically, you will receive a 1099-NEC (Non-Employee
The IRS announced (IR-2021-251, 12/17/21) that standard mileage rates are on the rise for the 2022 tax year. The increases are bigger than they’ve been in recent years, reflecting higher prices at the gas pumps. The recordkeeping requirements are, however, significantly less burdensome. The 2022 rates for vehicles, including passenger
The Tax Court recently warned that although there are exceptions for when a traditional IRA can invest in gold, those that do best meet the requirements spelled out by the IRS. Basic rules: When you set up an IRA, the funds are handled by a custodian that oversees the investments. Typically,
Because payroll and HR providers offer such a wide range of services, you can now choose a solution provider that not only takes the friction out of the process, but also fulfills your clients’ needs. Today, firms have more choices when it comes to payroll with four basic models—outsourcing, in-house,
For many people, the COVID-19 pandemic has been a wakeup call. Few people have said at the end of their lives, “I wish I spent more time at the office.” You may have clients who are wondering whether they can retire early. You may have others who are in great
Employers typically aim to pay their employees on an hourly basis. However, some employers don’t respect the hours that their employees work. The Wage and Hour Division notes that under the Fair Labor Standards Act (FLSA), once employees work 40 hours in one week, each hour after that is required to be paid at