As shown in Costello, TC Memo 2021-9, 1/25/21, the taxpayer must effectively be actively conducting a trade or business to qualify for tax deductions. Background: The key tax law provision for business expense deductions is Section 162. It permits a taxpayer to write off all the “ordinary and necessary” expenses of carrying
Clients aren’t always on board with changes or buy-in on automation, even if they involve moving away from manual processing to more automated ones. Moreover, it’s very helpful to give clients as much information as possible so they feel comfortable making a switch. Here are a few handy tricks to help customers
When it comes to advisory services, firms – large and small – across the accounting profession use words such as “agile” and “creative” to describe themselves and their advisory teams. By their very nature, advisory services are anything but cookie-cutter. The service being offered is more of a framework than
The COVID-19 pandemic and the lockdowns have affected some businesses far more than others. Restaurants are a good example. At one point, they were closed. Then they could reopen, but only for outdoor dining. Then indoor dining was allowed, albeit at a fraction of full capacity. The stand-up bar side
Although most clients may never have to experience an IRS audit, professionals need to hope for the best, prepare for the worst and put clients’ minds at ease. There are three useful informational resources accounting professionals can rely on for audit guidance: 1. IRS Documentation The IRS publishes forms, instructions and
For most of us, the last 12 months have been a rollercoaster, a fast-track MBA in change management and and definitely an era with a steep learning curve, particularly in terms of technology tools. When the COVID-19 pandemic began in early 2020, I started bringing different communities within industries together, with
Financial details of the transaction were not disclosed, but the purchase will effectively provide FLEETCOR with a modern automation platform for B2B online bill payment. The platform helps SMBs gather and scan invoices and receipts, eliminate manual data entry using machine learning technology, approve and execute payments, setup automated workflows,
In three previous columns, I discussed often-overlooked IRS tax breaks available in 2021 for freelancers, consultants and other self-employed individuals who pay their sons and daughters reasonable wages for work actually done by the children on behalf of their businesses. One discussed dealing with retirement benefits like Social Security taxes.
Do you agree to everything asked of you because saying “no” feels uncomfortable? As you spread yourself too thin or agree to work outside of scope, you experience burnout, resentment or cynical thoughts. It’s not sustainable, especially during tax season. Consider the client who calls you in a panic to prepare
We learned a lot through recent a Lean billing process improvement project. Today, I’m sharing an overview of what we hoped to achieve with this project, how we approached it, the challenges we faced and where we plan to take it in the future. 1. Opportunities We knew there were several improvements