There is a lot of misunderstanding surrounding constructive receipt of income. For example, in my office I close the office in late December, put my mail on hold, and when I come back in and have received a few checks, the question is: Did I constructively receive that income or
Virtually every industry has been impacted by COVID-19, and accounting has certainly been one of them. The Hinge Research Institute’s newly released analysis of the Accounting and Financial Services segment of the 2021 High Growth Study reveals the trends that have affected the industry as the economy underwent significant changes
In a new Tax Court case, Mann, CA-4, No. 19-1793, 1/6/21, taxpayers are often tripped up by requirements for charitable contributions under state law. Key facts: A couple purchased a home in Bethesda, Md. that they intended to renovate. However, after discovering water issues in the basement and learning from
Here is a quick and hopefully super helpful guide on what is new in QuickBooks Online. The world of QuickBooks Online can be an ever-evolving, sometimes exciting, sometimes frustrating environment for accountants, depending on your specific needs. One moment, it seems that everything you have just come to master keeps
Accounting firms aren’t entirely new to tax compliance, many have taken on returns preparation and filing to meet client demand. However, sales tax compliance has become more burdensome for businesses since the U.S. Supreme Court issued its decision in South Dakota v. Wayfair, Inc. (June 21, 2018). Moreover, given the
The automation of accounting and bookkeeping services will become more and more prevalent. This means that the way most firms provide value to their clients now is not the way they will provide value in 10 or even 5 years. Many firms use automation tools to perform, at least partially,
As our society takes a closer, introspective look at how our actions match assertions of “equality for all,” many of us in the U.S. accounting profession confront the sobering reality that we have not made as much progress as needed in attracting, retaining and promoting diverse talent to roles where
There has been some “deterioration” of IRC Section 1031 in recent times. We refer to the 2017 Tax Cuts and Jobs Act (TCJA) elimination of like-kind exchange treatment for exchanges of personal property. The basic rationale of IRC Section 1031 in its current form is the absence of recognized gain,
Whether you work from home or in an office, you spend hours of your week communicating and collaborating with your coworkers. So it’s practically inevitable that tensions, conflicts and disagreements with coworkers will crop up from time to time. Whether conflicts stem from miscommunication, clashing priorities or personality differences, it’s important
Part one discussed seven graduated tax brackets for Form 1040s for calendar year 2021 that will be filed in 2022. It explained the first five brackets—10, 12, 22, 24 and 32 percent. Part two discusses the top two IRS tax brackets—35 and 37 percent. First, though, let’s deconstruct “taxable income”