I often receive queries from freelancers, consultants and other kinds of self-employed individuals who use their homes to run their businesses and ask how to take maximum advantage of the IRS’s complex rules for deducting home-office expenses. In particular, they want to know which write-offs are okay and which aren’t.
In a new Tax Court case, Max, TC Memo 2021-37, 3/29/71, a clothing manufacturer could not claim the R&D tax credit for its process of designing garments. Generally, the R&D credit is equal to 20 percent of the amount of qualified research expenses for the year above a base amount.
Ford Baker, CPA, founded the BaCo Group in 1999. For 20 years, he grew his firm, hired staff, and expanded his expertise. In 2020, a new need emerged. After developing an accounting workflow technology and a startup spinoff company called BaCo Tech, Ford needed someone to step in to take the day-to-day reins of the firm so he could better manage where his attention was going. Ford brought on Joe
Tax day was extended one month and two days this year to May 17, 2021. But that doesn’t mean the job will be any easier for accounting and finance professionals. More time to process files doesn’t necessarily mean more time to get work done. For accountants and tax experts, it
After transitioning most of their workforces to operate remotely for the past year, accounting firms now face the decision of if and when to have employees return to offices. Before jumping full bore into an ongoing remote workforce situation, there are critical factors to be considered when it comes to
It’s rare that we get to call out the achievements of our own writers or any individual in the world of tax and accounting, for that matter. But to every rule there are exceptions, and our long-time columnist Julian Block is one of them. Avid readers of AccountingWEB know that our primary objective
In a previous column, I highlighted new rules that allow nonitemizers to take 2020 deductions of as much as $300 for contributions to charities. Something else that I discussed in more detail was tax breaks for retirees who use IRA withdrawals to make deductible donations. To recap, long-standing rules require
The time is now for accountants to help their SMB clients get in front of increased business compliance considerations by implementing the right tax solution. By putting a thoughtful tax strategy and system in place, SMBs can mitigate underpayment and incorrect calculations, reduce overpayments, lost sales, potential penalties, and improve overall tax
Every tax season has its unique challenges that stress and overwhelm tax pros, but after more than a year of remote working during a global pandemic, many have reached their burnout point. Keeping up with changing regulations surrounding initiatives like the Paycheck Protection Program (or PPP loan) took extra time
The past year has been a wild ride for most firms. Some have done exceptionally well, while others have struggled to hold onto clients and develop new business. Without travel, in-person networking and other traditional business development activities, firms have had to pivot to video conferencing, social media and other