State-based job creation tax credit programs typically provide a tax credit against the state’s income tax liability. That credit may be passed through to the shareholder level in many cases, though it will be reviewed on a case-by-case basis. In other states, credits are sold or brokered if a company
Tax season is a busy time for financial advisors, but it also brings overlooked opportunities for client coaching on year-round tax savings and for future growth via CPA referral agreements. With the right outreach and shared professional dedication to clients, certified public accountants and enrolled agents who prepare returns could
The ability to invest in the future has never been more important in our profession. The emergence of artificial intelligence, the need to rebuild our talent pipeline and create value for future generations is top of mind across the industry. In fact, in the Accounting Today Top 100 Firms of
Over 14,000 businesses in the U.S. claim the federal research and development tax credit every year, so businesses relying on this funding must be aware the claiming process has recently changed. The Internal Revenue Service has made significant changes to Form 6765, Credit for Increasing Research Activities, with new requirements
The regulatory environment for digital assets will have significant implications for state-level reporting requirements. A notable development is Montana’s introduction of the Form 1099-DA mandate, reflecting a broader trend toward increased oversight of digital asset transactions. This article provides an overview of the current and expanding 1099-DA state reporting landscape
No matter where a CPA practice is in its lifecycle, owners should have growth in mind. A young practice will strive for growth by adding clients and offering new service lines, sometimes sacrificing margins to bring in new opportunities. Midlife practices may want to acquire other practices or merge with
Enjoy complimentary access to top ideas and insights — selected by our editors. I write about what I did that was successful. It is my way of giving back to the CPA profession that has been great for me. I grew, as did my firm, my staff, my clients and
Andrew Harrer/Bloomberg The Internal Revenue Service’s acting chief counsel, William Paul, has been reportedly removed from his role at the agency and replaced by Andrew De Mello, an attorney in the chief counsel’s office who is deemed supportive of Elon Musk’s Department of Government Efficiency. News reports said Paul, who
The threat of a government shutdown receded Friday, but the IRS would nevertheless still operate during tax season, even at lower capacity, in the event of a shutdown. “During a shutdown, the IRS operates with a limited workforce,” said Misty Erickson, a tax content program manager at the National Association
Family plot; past and present; fat chance; and other highlights of recent tax cases. Princeton Junction, New Jersey: Former accounting professor Gordian A. Ndubizu has been sentenced to two years in prison for evading federal income taxes and filing false returns. He was convicted in August of all eight counts