When it comes to maximizing cash flow for small businesses, the Mining Your Business method consists of breaking your client’s operation down into two separate categories: cash generating activities and cash conversion activities. By understanding the difference between the two you can help illuminate problems that exist in the way
Remote auditing, previously a rarity, quickly became the norm during the COVID-19 pandemic. It seems that shift is here to stay — creating both challenges and opportunities for CPAs engaged in audit work. Over the past two years of the COVID-19 pandemic, the auditing profession has undergone a major transformation. Auditors
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
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
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
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
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
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
For some clients, retirement isn’t a bed of roses. Living on a fixed income when inflation drives prices up can put some older clients in a tough spot. Your client might tell you about ads they have seen on TV for structured settlements, specifically life settlements, and wonder whether they
As more states expand or clarify their marketplace facilitator laws, it could become more challenging for marketplaces facilitators and sellers to keep track of which taxes they’re responsible for. For example, although Kansas requires marketplace facilitators to collect and remit tax on third-party lodging, marketplaces are not responsible for the
