This column focuses on the tax aspects of Ponzi schemes, starting with a bare-bones explanation of how scammers fleece investors. Their modus operandi isn’t complicated: They pay some original investors artificially high returns with funds collected from subsequently conned investors. The most notorious scheme is the one orchestrated by Bernard
There are many times when a passive foreign investment company (PFIC) investment is made unknowingly and the tax consequences can be adverse. Certain elections should be considered that can lessen the tax implications, but it can be difficult obtaining the financial information necessary to determine whether or not the investment
A new Tax Court(Gaston, TC Memo 2021-107, 9/2/21) case found that clients may be able to deduct expenses relating to acting, even if they’re not the next Streep or DiCaprio. The tax difference in the new case is critical. If you incur legitimate business expenses, they can offset taxable income,
As hot as the latest TikTok trend, ESG (which stands for environmental, social, and governance) is the acronym on everyone’s lips, so what’s in it for CPAs? With ever-increasing stakeholder pressure, more organizations in the United States are reporting on ESG data, and the requisite assurance over ESG disclosures presents
In a perfect world, every aspect of your business, from your elevator pitch to your website, would connect with customers who need you most and are willing to pay for your services. Yet, identifying and speaking directly to your ideal client is not always easy. CPAs are numbers people, so they
ADP has added robust analysis tools to its Accountant Connect platform to help accountants and advisors provide their clients with key employee insights using payroll data available in ADP DataCloud. The purpose of the cloud-based, mobile-friendly Accountant Connect portal is to provide quick, secure access to authorized ADP business clients’
While succession planning in CPA firms has received a lot of attention – even to the level of anxiety – for a very long time, not enough firms have figured it all out. In fact, according to the 2020 Rosenberg Survey, only a little more than half of the firms
In this article, we will explore some of what you need to know now about Qualified Opportunity Zones(QOZs), which arose with the not-so-distant 2017 Tax Cuts and Jobs Act. First off, the goal of QOZs is to encourage investments in designated economic areas. The tax incentive encourages reinvestment of short-term
Are you curious about how artificial intelligence (AI) could benefit your business, but not sure where to start? Machine learning, a part of AI, can handle many routine accounting processes, allowing accounting professionals to focus on more complex tasks. In this article, I’ll discuss three steps you can take to find
Recently, an AccountingWeb reader asked, “What are the main differences between a for-profit and a not-for-profit company business structure?” First, it’s helpful to know that there are different varieties of for-profit and nonprofit companies. For example, a for-profit might operate as a sole proprietorship or general partnership. Or, it might