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Blog Articles & Video March 2022

6 Questions to Stress Test a Client’s Finances

One of the lessons learned from the Great Recession of 2008 was that the big banks should always be prepared for an emergency. How would they react under similar dire circumstances in the future? This is a good strategy for your clients, too, to get them thinking about financial planning

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Tax Court Maps Out Deductions Away From Tax Home

There’s no place like your tax home. In a Tax Court new case, Harwood, TC Memo 2028-8, 2/15/22, a taxpayer was able to deduct most of his travel expenses while he was away from home on temporary assignments. If you’re away on a temporary asignment, you are considered to be

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The Power of Community for Accountants

Attending an accounting conference provides many opportunities, such as earning CPE, networking with big names in the industry and reuniting with friends and colleagues after a years-long pandemic. Most trade shows offer similar opportunities, but some have a defining quality that makes them unique. For AccountingWEB’s inaugural Live Summit, that

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Senator pitches stiff new tax on oil-company profits

Senator Sheldon Whitehouse is pitching a steep new tax on oil companies, such as Chevron Corp. and Shell Plc, as part of a broader plan to mitigate the impact of inflation on middle-income families. Whitehouse, a Rhode Island Democrat, said taxing the corporate profits that are the result of high

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High-Net-Worth Clients and Charitable Giving

If you have high-net-worth clients, you should understand the ins and outs of charitable giving. Of course, many U.S. families and individuals give to charity and are likely already aware of the general tax rules, such as needing a receipt to prove the donation and itemizing deductions. Most, however, are

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Democrats target oil companies with plan to tax windfall profits

Senators Sheldon Whitehouse and Elizabeth Warren say they’re working on a proposed new tax targeting profits being reaped by oil companies as crude prices spike amid geopolitical tensions. “Big Oil’s first priority is to maximize profits,” Warren, a Massachusetts Democrat, tweeted on Wednesday. “We can’t let them use Putin’s invasion

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How Co-op Owners Can Deduct Medical Expenses

If you’re just joining us, the previous four parts in this series summarized how ownership of conventional single-family dwellings differs from ownership of condos or co-op apartments and explained when the IRS will allow owners of co-op apartments to build up the adjusted basis for their apartment or require them

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Easier passwords, and other tech stories you may have missed

The nine payroll services that received a 3.5/5 or higher on the Forbes Advisor Rating include Paychex Flex, Justworks and Gusto, as well as many other great options. The advisors rated these companies based on four factors — pricing, criteria, third-party reviews, and expected analysis. Each platform varies, but all

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Is Your Firm a Smartphone or Flip Phone?

Many firms today resemble the accounting profession equivalent of flip phones; basic, reliable, but not so advanced when it comes to technology and services offered. But, it doesn’t have to be this way. Before smartphones came along, flip phones were very popular, providing the basic functionality we expected. But when

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