If you’re just joining us, the first two parts in this series explained how ownership of conventional single-family dwellings differs from ownership of condominiums or co-op apartments and how an owner of a co-op can build up the adjusted basis for her apartment. This article, part three, will explain why
Today’s tax practitioners are burned out like never before and their services continue to be seen as commodities by most of their clients. Tax season was bad enough before the pandemic. It has always been a siloed practice area within traditional CPA firms and required preparers to rely on workpaper
The COVID-19 pandemic has affected the population in different ways, especially in terms of work, with some people between jobs and others quitting or taking the freelance route. Others are stuck in jobs where the pay stayed the same while their expenses climbed. If you have clients like this, as
Your beverage alcohol seller clients likely face increased scrutiny in 2022 to ensure they’re complying with federal, state, and local tax requirements. We predict continued proliferation of marketplaces and delivery apps, leaving states to grapple with regulation. States that have hesitated to take a stance on takeout and delivery sales
Intuit today revealed the QuickBooks ProAdvisor Preferred Pricing Revenue Share program to recognize accountants who help their small business clients use QuickBooks Online. The new program, currently in beta, recognizes the work accountants do to recommend, set-up and onboard new clients onto QuickBooks. Accountants will receive 30 percent of the
The IRS often disputes a hobby loss claimed for breeding operations and usually prevails in the Tax Court, a recent case proved otherwise. Generally, taxpagers can fully deduct expenses from an actual business, but deductible expenses are limited to the amount of income if an activity is treated as a
If you’re just joining us, go back to part one of this series on how ownership of conventional single-family dwellings differs from ownership of condos or co-op apartments. This article, part two, will focus on how the law allows an owner of a co-op apartment to increase its basis beyond
The COVID-19 pandemic has changed how we do business in no time at all. Even before 2020, there was a discernible shift in buyers’ behaviors. Gone were the days when relationships alone drove the decision to sign with a firm. Now, B2B buyers conduct extensive online research before reaching out
The ‘Great Resignation‘ has been a hot topic of discussion in accounting firms, and all businesses, around the country. People are leaving their current jobs — not just for other firms, but for other careers. Unfortunately, this isn’t a short-term problem. Talent is more limited than it has been in
Many of you have helped your clients, generally, prepare for retirement, but have they given thought to how their spending will change once this happens? and annual bonus. When they filed their taxes you let them know if they were getting a refund or needed to send in an additional
