The Biden administration’s proposals reflected in the “Green Book” include significant revisions in the self-employment tax rules. Here’s what you need to know about what could be coming if these changes take effect. Overview of Current Rules The self-employed pay a 12.4 percent tax on earnings of up to $142,800
As CPAs accept that artificial intelligence (AI) is no longer a thing of science fiction, they also must become mindful of the impact it will have on the workforce and the workplace. A two-year McKinsey Global Institute study suggests intelligent agents and robots could replace 30 percent of the world’s current human
Service with a smell; disclosure expectations; new to us; and other highlights from our favorite tax bloggers. Big days The Tax Professional (http://thetaxprofessional.blogspot.com/): The blogger doesn’t oppose requiring PTIN holders to complete a minimum number of CPE hours in federal income taxation to maintain their PTIN. The blogger does oppose
There are many reasons why accountants and bookkeepers undercharge for our services. And, no, it’s not always because we’re “afraid” to charge what we’re worth. Sometimes, we don’t understand our own value. We discussed that challenge – and how to overcome it – in a previous article. But sometimes, we’re
Nearly one out of five accountants who identified as LGBTQIA left the accounting profession because of a lack of diversity, equitable treatment or inclusion, according to a recent study. The study, released in February by the Institute of Management Accountants and the California Society of CPAs, found that only about
There are currently at least three ways your clients can write off costs associated with boats this year, assuming they itemized deductions. 1. Mortgage Interest Generally, you’re allowed to deduct qualified mortgage interest paid on a principal residence and one other home, like a vacation home. Under the TCJA, deductions
The Internal Revenue Service posted new rules Friday for multiemployer qualified retirement plans that have run into funding problems and need extra financial help from the Pension Benefit Guaranty Corporation. The guidance in Notice 2021-38 also aims to help the participants and beneficiaries in such plans in accordance with provisions
When the PCAOB released Auditing Standard 3101: The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion in 2017, it was said the inclusion of critical audit matters (CAMs) in the auditor’s report was the most significant change to the audit report in more
For sci-fi fans, predictions of a tech takeover might trigger thoughts of rebellious robot uprisings the likes of I, Robot or Westworld. Thankfully, we’re not there yet (and hopefully it never comes to that), but that doesn’t mean smart machines aren’t increasingly permeating and changing our world. “[E]xpect social robots to become
QuickBooks facility for payroll enables its users to efficiently pay their employees, track their working days or hours, keep records of remittances, and much more. It also helps them to create reports and file the required tax forms appropriately. Overall, the utility is bliss; however, the users often report an
