Just joining us? To better understand part three, go to parts one and two for their discussions of basic rules on deductions for casualty losses available to property owner Hester (Internal Revenue Code Section 165). To qualify personal-use property for write-offs, Hester has to satisfy two stipulations. First, her losses
Marketplace facilitators in California and Texas will soon be responsible for other fees on top of remitting sales tax on third-party and direct sales. On and after July 1, 2022, a marketplace facilitator (called a “marketplace provider” in Texas) that processes sales of or payments for lead-acid batteries in Texas must
Being an accountant or CPA in private practice has just become too hard for many folks and if you are one of them, I can completely empathize with you, because I have been there, too. There was a time in my career when I was in a really toxic business
Many small to mid-sized CPA firms are thinking about transitioning to consulting to stay relevant and profitable amidst the increasing changes to the industry. With audit and accounting margins decreasing due to competition and advances in technology threatening the industry, many firms are turning to management consulting services for an additional source
A new Tax Court case, Tressler, TC Summary Opinion 2021-33, 9/13/21, shows that the way the settlement is worded can have a significant impact on taxability. Under Section 104(a)(2) of the tax code, and accompanying regulations, damages paid for personal physical injury or illness are specifically excluded from federal income
Many tax practitioners are challenged by what to tell their clients regarding the various tax provisions Congress is currently considering. We, of course, won’t have firm answers until the plan becomes law, but we can educate ourselves about the proposals in order to stay ahead of any major changes. In
Intuit has released Money by QuickBooks, the latest addition to an expanding suite of QuickBooks offerings that power small businesses with the ability to get paid and manage their cash flow. The Money by QuickBooks mobile app available for free on iOS and Android is designed to give your clients
If you’re just joining us, I recommend reviewing part one of the series on tax breaks for disaster victims for introductory comments on the deductions available to Hester, a disaster survivor. To qualify, she must satisfy two stipulations. First, she suffers losses that are “sudden, unexpected or unusual” natural disasters, such
Word-of-mouth marketing has long been an important source of new business leads, and it’s easy to understand why. According to SaaS platform Semrush, 90 percent of people are much more likely to trust a recommended company, even if the recommendation comes from a stranger. Furthermore, 88 percent of people have
The way tax seasons work, it always feels like the next one is just around the corner. Over the last year (2021), there have been several unclear situations regarding how taxes are filed and to whom they pertain. Granted, 2021 was a unique year all around. The world has faced