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Blog Articles & Video August 2021

Intelligent Document Processing in Accounting

Despite today’s digital-first world, for many accountants, document processing and management remains as challenging and archaic as not having a work email for daily communication. The public sector is especially susceptible to manual document processing challenges with legacy systems and tools unable to keep pace and handle any unexpected influx

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Schumer puts infrastructure plan on path toward passage

Senate Majority Leader Chuck Schumer moved to wrap up a days-long debate on a $550 billion infrastructure package, setting up the Senate for a Saturday vote to approve the largest infusion of cash for roads, bridges and other domestic projects in decades. Schumer on Thursday teed up a procedural vote

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Accounting Seed Updates Financial Reporting Tool

Accounting software maker, Accounting Seed has implemented a new version of its Financial Reporter product, which is now fully integrated with the Salesforce Lightning user interface (UI). This upgrade also brings significant updates to the platform’s standard and custom reports, enabling users to easily access, navigate, update, and export financial

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Can Freelancers Use Income Averaging on 1040s

I receive tax queries from fellow freelance writers and from wannabes, that is, would-be writers. Most of the questions they send are pretty much the same. Does the IRS agree that they can claim deductions in 2021 for 100 percent of certain expenses? Or permit them to take deductions in

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Senators go beyond Biden plan to end private-equity tax break

Two senior Senate Democrats are proposing to end a prized tax break for the private-equity industry in a new bill that would go further than President Joe Biden’s plan and potentially raise quadruple the revenue. Senate Finance Committee Chairman Ron Wyden and Rhode Island’s Sheldon Whitehouse, a member of the

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Why Accounting Is Still an In-Demand Profession

Whether you’re just starting out on a career path in the accounting and finance profession or considering your next career move as an accountant, you’re in luck. According to a report by the U.S. Bureau of Labor Statistics (BLS), over 14,000 jobs in accounting and finance were added in May. At the

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Crypto rules in Senate bill eyed for bipartisan rewrite

Senators Ron Wyden and Pat Toomey are drafting a proposal to overhaul a cryptocurrency provision in the $550 billion bipartisan infrastructure bill that traders and investors have criticized as being overly broad and impractical. The bipartisan duo’s more-targeted language would replace what’s in the bill the Senate is now debating

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Tax Planning for 2021’s Schedule E of Form 1040

The IRS’s initial draft of 2021’s Schedule E components are often major elements of tax liability or savings, and often the most complex details of the return.  The parts consist of rental real estate and royalties, income of partnerships and S corporations, then income of trusts and estates, followed by

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Senate plans to end business tax break that few companies claimed

The bipartisan infrastructure bill would end a tax break Congress crafted to help businesses struggling during the pandemic but relatively few companies have claimed. The employee retention tax credit, worth up to $28,000 per employee kept on the payroll in 2021, would end Sept. 30 under the legislation that the

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Seven Concerns Small Business Owners Have Now

Whether they’re running a remote startup or a brick-and-mortar company, many small business owners share the same concerns. No one likes uncertainty. Many feel that one crisis brings another, but with crisis comes opportunity. As their accountant, you are in a position to help. Why? Because sometimes you understand your client’s

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