We teach webinars very often about improving firm efficiency, workflow and providing better services for our clientele. No matter what the subject matter of the webinar is, we ask one question without fail: What is the biggest obstacle in your firm’s workflow? There are five options for webinar attendees to choose from: 1.
The Consolidated Appropriations Act 2021 (CAA 2021), which was passed on December 27, 2020, provides many of the answers the country was waiting for regarding the Paycheck Protection Program (PPP) in particular. In recent days myriad articles have been written and webinars hosted detailing the key features of CAA 2021 and
In a new private ruling (PLR 202114001, 1/12/21) the IRS substantially limited write-offs for IVF costs claimed by a same-sex couple that used an unrelated surrogate. Under the new Consolidated Appropriations Act (CAA), a taxpayer can deduct qualified medical expenses in excess of 7.5 percent of adjusted gross income (AGI). This threshold
When I say the words “unreasonable and demanding,” chances are, a client – either past or present – just sprang to mind. After all, everyone has had a client they’ve considered just throwing up their hands and disengaging with: The client who emails, then calls to make sure you got
Our topic is exclusion from taxable income for employer payments that would otherwise be included in the W-2 (Section 129). The savings can be in income tax as well as FICA. The American Rescue Plan was signed into law on March 11. The credit, the direct reduction in tax liability,
Hiring is no longer limited by physical location. By leveraging technology, we can expand our teams to include people from different geographical locations, broaden our talent pool, reduce overall business costs and provide better client service. But how do you hire someone if you never meet them in person? The
I often receive queries from freelancers, consultants and other kinds of self-employed individuals who use their homes to run their businesses and ask how to take maximum advantage of the IRS’s complex rules for deducting home-office expenses. In particular, they want to know which write-offs are okay and which aren’t.
In a new Tax Court case, Max, TC Memo 2021-37, 3/29/71, a clothing manufacturer could not claim the R&D tax credit for its process of designing garments. Generally, the R&D credit is equal to 20 percent of the amount of qualified research expenses for the year above a base amount.
Ford Baker, CPA, founded the BaCo Group in 1999. For 20 years, he grew his firm, hired staff, and expanded his expertise. In 2020, a new need emerged. After developing an accounting workflow technology and a startup spinoff company called BaCo Tech, Ford needed someone to step in to take the day-to-day reins of the firm so he could better manage where his attention was going. Ford brought on Joe
Tax day was extended one month and two days this year to May 17, 2021. But that doesn’t mean the job will be any easier for accounting and finance professionals. More time to process files doesn’t necessarily mean more time to get work done. For accountants and tax experts, it
