A new Tax Court case, Berry, T.C. Memo. 2021-42, 4/7/21, flagged a six-figure deduction claimed by construction business owners for their race car expenses. In some cases, a business will go outside the scope of usual promotional and advertising expenses—like signage, media or online marketing, printed materials and the like—to engage
The International Public Sector Accounting Standards Board released four proposals Thursday for improving various aspects of government accounting around the world. The exposure draft documents deal with changes in the measurement of assets and liabilities in financial statements; measurement; property, plant and equipment; and non-current assets held for sale and
For accountants with clients that sell or distribute alcohol beverages, Avalara Inc., a provider of cloud-based sales tax compliance automation, has released Avalara Shipping Verification for Beverage Alcohol (Avalara Shipping Verification). Avalara Shipping Verification is a new enhancement to Avalara for Beverage Alcohol, which provides a complete solution for direct-to-consumer (DTC)
Today’s digital marketing campaigns run on quality content. The challenge is maintaining both quality and quantity. You need to be posting valuable pieces on a regular basis, but who has the time to be constantly generating topical, informative, articles and blog posts that will draw your target audiences? Let’s face
In case you just joined us, here’s a recap of the previous three columns. Part one explained that Form 1040’s Schedule A allows itemizers to deduct state and local income taxes or to deduct state and local general sales taxes. They can’t write off both in the same year (line
Senate Finance Committee Chairman Ron Wyden proposed ending existing tax breaks for fossil fuels and creating new incentives for low-and-no carbon energy sources that he said would prune the existing “hodgepodge” of energy tax benefits. Wyden’s plan, which he introduced Wednesday, would offer an alternative approach to President Joe Biden’s
There’s a romance associated with startups. There is a person with the big idea. They get started in their garage. Venture capitalists buy into their idea. The business takes off. It goes public. Everyone gets rich. Now comes reality. Many startups fail. Accountants can help shift the odds in favor
CPAs have to handle pressures from a variety of sources, those that come from banks and other lenders wanting reasonable assurance of a client’s financial strength are unfortunately quite common. As tempting as it may be to comply with such requests, CPAs who provide the requested assurances could actually put
Unfairness in the Tax Code; implementing inclusion; the stimulus and 2021 returns; and other highlights from our favorite tax bloggers. Mind the gap Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): If you’ve thought the $441 million that the IRS has for years cited as the Tax Gap is too low, you are
Botkeeper, a machine learning-powered bookkeeping business solution for accounting firms, has a new pricing model intended to break down cost barriers, increase scale and provide greater access for firms of all sizes. Botkeeper’s packaging has been reworked into a scaling model that provides a more consumable approach to the Botkeeper
