What’s hot right now in social media platforms can frustrate your attempts to keep pace, it can also be a major stumbling block for an accounting firm that is depending upon digital marketing to build its brand, develop new business and fuel growth. Here are two immutable rules that your firm
I want to begin this by saying I am not a CPA, but I have spent my entire career since college in client services and have learned many things that have helped me as I have moved into the accounting profession. My first job out of college was in client
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
There are five key changes within the new audit standard issued by the ASB with targeted enhancements to communicate the value of the auditor’s report that CPAs should know: The order of sections will change. It will start (rather than end) with the opinion. The Basis for Opinion section states the
One of the challenges accounting firms face in their transformation from a compliance-focused firm to an advisory and consulting firm is capacity. While we tend to think of capacity planning as giving us more time, capacity also encompasses money, resources, skills and opportunities. The following six strategies will help your firm
All sales and use tax rates are subject to change and in some states, local rates fluctuate frequently. It’s less common for a state rate to change, yet statewide sales tax rate changes are now on the table in several states. In this article we’ll touch on the key states
There is an extraordinary amount of work outside of estate planning that arises when a tax client passes, mainly dealing with the decedent. This article hopes to serve as a basic checklist for accounting professionals to work with the decedent. The trusted advisor usually gets called by the surviving spouse
Bowing to pressure that began nearly as early as tax filing season started, the IRS has finally agreed to postpone the due date for filing 2020 returns, to May 17 (IR-2021-59, 3/17/21), which doesn’t please all tax pros. As you know, the initial due date for filing 2020 federal income
Cannabis accounting has become a profitable niche, yet it’s grown increasingly crowded. What do you need to know to get in and get ahead? Most cannabis start-up businesses run on the investor money, debt and some of them barely hang in there in the hopes of imminent marijuana legalization. Cannabis
I devoted a previous column to two changes on IRS Form 1040. The first one: changes to educator expenses (line 10 of Schedule 1, Additional Income and Adjustments to Income). The other one: expenses incurred by volunteer workers (line 11 of Schedule A, Itemized Deductions). Modest incentives for modest contributions.