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
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
Market volatility is inevitable. But even though markets have always had their ups and downs, new periods of volatility often lead to uncertainty and anxiety. While it may not seem like it, volatility is a great time to focus on growing your advisory practice’s financial planning sector. But how do
If a couple files a joint tax return, they are generally both liable for any tax liability, even if only one of the spouses is responsible for the shortfall. However, you might get off the hook if you qualify as an “innocent spouse.” A Tax Court new case, Pocock, TC
The question is not how to make it easy to communicate and exchange information with clients, it already is far too easy for them to find us and put that data in the most inappropriate place. The question is how to make it easy for you. To simplify and optimize
A growing number of CPAs are turning to tools from outside the accounting world like Stream Deck as a way of boosting their efficiency. But how does it work in an accountancy context, and what are its limitations? The Stream Deck was originally designed as a console to allow gamers and
Accounting firms face unprecedented hiring challenges, and while some roles demand a high level of expertise or a CPA license, not all do. So, why do many job descriptions still ask for a bachelor’s degree and 5+ years of experience? Why Hiring Managers Look for Experience and Education Recruiting is
The Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, requires auditors to communicate in writing reportable findings from audit procedures to management or those charged with governance on a timely basis. The SAS-136-required written communication should
From the smallest to the largest accounting firms, recruiting and retaining talent seems to bring about rough seas. The most recent 2021 PCPS CPA Firm Top Issues Survey, published biennially by the AICPA, confirmed once again that “finding qualified staff” was a significant concern for all firms with two or
