New York State is expanding a tax break that allows smaller companies to circumvent the $10,000 limit on state and local tax deductions from the 2017 Tax Cuts and Jobs Act, similar to a workaround also being permitted in some other high-tax states. The legislation, which was passed by the
Many CPAs don’t realize how everyday tasks can easily expose them to malpractice litigation. The causes of litigation are well known, and so too are the mitigation techniques that prevent it. Some mistakes happen despite your best efforts to prevent them. Some of the more frequent mistakes include the following: Generating
The Public Company Accounting Oversight Board reported Friday it uncovered a high rate of deficiencies last year in firms that perform audits of broker-dealers similar to 2020, but there were signs of improvement in terms of audit engagements and quality control systems. The proportion of inspected firms where the PCAOB
AuditClub™, the Audit Service Center for CPAs, has launched of its new auditors-as-a-service model, designed to provide top 10, regional and local CPA firms with instant talent and fractional flexibility. Founded and led by former audit partners with a unique and valuable mix of Big 4, regional and local firm
Rep. Bill Pascrell, D-New Jersey, sent a letter to Internal Revenue Service Commissioner Charles Rettig requesting details on how the agency will use the funding provided by the new Inflation Reduction Act to enforce national tax laws. Last week, Pascrell and Democrats in Congress approved new funding for the IRS
The Inflation Reduction Act that President Biden signed into law this week has a lesser known provision that could benefit many small business startups, allowing them to potentially double the amount they can claim on the research and development tax credit from $250,000 to $500,000 per year against payroll taxes.
Lack of clarity about when to screen for the Work Opportunity Tax Credit (WOTC) factors makes the tax credit less effective. Designed to provide more opportunities for workers who have historically faced challenges gaining employment, the WOTC can be a helpful tool for your small business clients. The WOTC helps
As you transition your firm from compliance focused services to client advisory services (CAS), your focus will shift from providing your clients with “deliverables” to “intangibles.” And something interesting will happen: You’ll start to wonder if you’re doing enough. You’ll wonder why a client would pay you more than they
Internal Revenue Service Commissioner Chuck Rettig is promising not to use the nearly $80 billion his agency will be receiving over the next 10 years to increase audits of small businesses or taxpayers who earn less than $400,000. The Inflation Reduction Act, which President Biden signed into law Tuesday, allocates
We would usually tell our clients that contingent income, income you may well not receive, isn’t taxable. However, that is not necessarily the case under our increasingly complex tax rules, such as IRC Section 702. The “A,B,C’s” of our discussion are the subsections of the statute. Section 702(a) provides a
