In our continuing effort to improve the AICPA Peer Review Program, we rarely take a step back to look at how far we have come and the positive impact the peer review process has on our profession, those it serves and its overall impact on audit quality. The AICPA, its
Our focus for this article is on the Section 199A deduction that arose with the 2017 Tax Cuts and Jobs Act and the potential impact new legislation may have. Maximizing this deduction is a significant tax planning consideration through 2025. The deduction is “above the line,” and so available to taxpayers even if they
Nearly 61% of U.S households paid no federal income taxes during pandemic-stricken year of 2020, because of declines in income and boosts to government subsidies that wiped away tax liabilities, according to data from the Urban-Brookings Tax Policy Center. The number of households owing nothing came in at 106.8 million,
If President Joe Biden’s revenue proposals (the “green book”) for fiscal year 2022 are passed by Congress, fund managers could be facing increased tax liability. One section in the green book identifies carried interest (or profits interest) as a primary source of income to the investment industry. If passed, carried
Fintechs were almost five times more likely than traditional lenders to be involved with suspicious loans issued through the U.S. government’s Paycheck Protection Program, according to a new study. Nine of the 10 lenders with the highest rates of suspicious loans were financial-technology firms, according to the study released Tuesday
FreshBooks is a cloud-based accounting software that has made accounting solutions for small businesses relatively simple. With all its features and functionality FreshBooks has become an essential for every business. One such feature that you’ll see in this blog today is the FreshBooks Time Tracking Feature. You’ll discover the benefits
Often, you start your career as a generalist. But to grow, you have to find your niche—the unique corner of the world where you can become an expert. No matter the size of your firm, finding and embracing a niche industry is key to growth. But where do you start?
How are we going to get our pricing right in this new world? Accountants work crazy hours and bend over backward to help clients, but many are not charging enough. The profession should be saying goodbye to the billable hour and redefining what their pricing looks like. This becomes more
As policy makers struggle to control an affordable housing crunch, officials in some of the world’s biggest cities have their sights set on a tactic: taxing the empty homes of the rich. Los Angeles is planning to put a vacant homes tax on the ballot for 2022, in the face
Even as the Internal Revenue Service began sending out the second batch of advance Child Tax Credit payments, evidence has emerged that the first round may have had a measurable impact on hunger and poverty in the U.S. The Census Bureau reported Friday that according to two Household Pulse Surveys
