Time was, finding qualified staff or handling a data security breach were accountants’ biggest concerns. But difficulties in working with a resource-challenged IRS have become a more pressing concern for CPA firms over the past year. In some ways, this should be of little surprise to practitioners and the last
Just joining us? The first three parts discussed IRS administrative rulings and court cases on whether write-offs for business expenses comply with the “ordinary and necessary” requirements imposed by Code Section 162. More on those kinds of requirements in part four, as well as a fascinating Tax Court case. Tax
CPAs should use these strategies to build value creation, a vital element of success, into their daily routines. You may not think of it this way, but you spend a lot of time evaluating the value of items and services. Whether you shop at traditional brick-and-mortar retail stores or online,
Partnerships in the accounting profession are a hot topic these days, given the rise of new and improved applications, there are more opportunities for accountants to work with these companies to help them educate other professionals, too. A large number of these programs also offer a partner program. Affiliate partner programs,
Today’s CPAs must reach beyond technical training to protect their relevance and position themselves for long-term career success as client and company demands change. It’s no secret that effective technical training is the basis for a CPA’s success. Most public accounting firms and public and private companies, regardless of size,
One of the relatively recent deduction limitation rules we find of interest to tax planners is Section 163(j)’s rules now limiting business interest deductions. Our topic is not crediting foreign taxes, but one of the concepts there deals with whether the foreign tax is an income tax. (See T.D. 9959,
“Retirement planning” sounds like industry jargon. The term is used so often, clients tend to tune you out. Try repositioning the goal as financial independence. When clients think of retirement planning, it’s often in terms of something that happens at age 65 or 70. They go onto Medicare. They collect
We’ve been here before. Since the emergence of bitcoin over a decade ago, the cryptocurrency market has undergone four crashes where the price of BTC has fallen at least 80 percent, if not more. Yet, each time the industry is written off like a burning tulip field, it rises from
Certainly, small business clients may know the tax benefits of having family members on the payroll, but a new Tax Court case, Wolpert, TC Memo 2022-70, 7/7/22, found that the payments must be for actual services rendered. Background: Hiring your child to work for your company can turn into a tax
For those of you who just entering into the discussion, go back to parts one and two for IRS rulings and court decisions on whether deductions for expenses satisfy the “ordinary and necessary” requirements imposed by Code Section 162. More on such requirements in part three. Travel and entertainment. Long-standing