After the tax season we’ve all endured, as tax professionals you can take a few critical steps to ensure you and your firm are set up to thrive this year, and beyond. Here are three critical measures that you can take and even expand on post-busy season. 1. Stay in
Accountants and tax pros simply can’t help tackle sales tax compliance without first understanding nexus — a company’s economic “connection” to a state based on qualifying sales activities. Businesses in just about every industry must deal with sales tax in some way, but high-growth companies often struggle the most, and for
For those of you who’re just joining in, part one explained Form 1040’s Schedule A allows itemizers to deduct state and local income taxes or state and local general sales taxes. They can’t write off both in the same year (line 5a of 2020’s Schedule A for itemized deductions). Part
As another tax filing deadline looms, CPAs across the country are going to deal with one of the harder parts of the business: retaining clients. As the usual loss of clients occurs, many firm owners begin to ask, “What can we do to keep our clients?” Rather, the question you should be asking is: “How can we
There is a general perception across corporate America that middle managers have a tough job. In their article “Why Being a Middle Manager Is So Exhausting,” I think Eric M. Anicich and Jacob B. Hirsh describe it best: By virtue of their structural positions, [managers] are simultaneously the ‘victims and
If you aspire to be an influential strategic business advisor to your clients, you must learn how to ask the questions that help you drill down into how they’re really doing so that you can help them navigate that reality. The first step to asking the right questions is approaching
Some sales are easier than others. Take selling a car, for instance: The dealer quotes a price, you negotiate a bit, and then you walk away after making a payment and receiving the vehicle. Your responsibilities are over. Selling a business isn’t as simple, however. You may have clients considering
For those of you who’re just joining in, part one explained that Form 1040’s Schedule A allows itemizers to deduct state and local income taxes or state and local general sales taxes. They can’t write off both in the same year (line 5a of 2020’s Schedule A for itemized deductions).
Intuit ProConnect has partnered with Practice Ignition with the goal of increasing productivity for tax professionals. Practice Ignition, an automated proposal and payment management software that eliminates administrative tasks, will work in tandem with Intuit’s professional tax products, allowing for a better end-to-end workflow for tax professionals. Specifically, the ProConnect
The American Rescue Plan basically expands Form 1099-K reporting threshold for third-party settlement organizations to focus on $600 in value of transactions annually without regard to the number of transactions. The old rule, which still the rule in 2020 and 2021, focuses on a $20,000 minimum with an added limitation
