The many different tax benefits available to your clients largely depend on having one or more dependents. To start with, Section 151 allows personal exemptions, which are not currently available. However, the definition of “dependent” found in Section 152 is still important in these years. A seasoned tax professional may
The shift to remote work due to the COVID-19 pandemic has given employers and employees increased flexibility in when, where and how work is performed. Because many companies have now implemented permanent remote-work policies, accountants should be aware of the tax implications of such a work structure for both employers
Losing a client can be hard, yet it happens all the time. Sometimes, the reasons are simply out of your control. For example, maybe the client’s business was sold or merged into another company that has a long-standing relationship with another accounting firm. However, there are many reasons clients decide
With no end to the pandemic in sight, and ecommerce sales likely to remain strong — especially at the holidays — retail clients need to know how to tax delivery charges. There’s no one way to get products into the hands of customers, and there’s no one way to tax
I recently received several queries from individuals living in single-family homes in the New York City metropolitan area who plan to sell their dwellings and purchase a condominium or cooperative apartment. Some potential sellers want to know how ownership of a single-family home differs from ownership of a condo or
Let’s face it, the last two tax seasons have been rough on tax professionals and a lot are burnt out. In fact, some are considering leaving the business all together. For 20 years I was the Senior Tax Partner for a firm where the philosophy was to take any client
I have worked with many young professionals who are pursuing their CPA licensure, preparing for the exam and growing their skills as accountants. The industry currently needs more people, specifically those who are licensed. For firms today, helping young professionals pursue their CPA is of vital importance to the growth
Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners. Tax season is a notorious nightmare for many entrepreneurs. If you don’t have
An AccountingWEB reader recently asked if the process of closing a business with negative equity would be any different than dissolving a company that’s not in the red. Generally, there’s no difference in the steps that a business owner must take. However, there could be tax implications when a company
Ledgible, a professional-first platform for tax and accounting of crypto assets, announced upcoming reporting options for staking rewards in light of the recent lawsuit against the IRS over staking rewards, released by the Proof of Stake Alliance (POSA). Near the end of last year, Proof of Stake (PoS) tokens represented
