January can be a stressful month for bookkeepers. In addition to our normal workload, we have additional payroll deadlines, 1099s are due, we’re trying to close out the books so our clients’ accountants can work their magic and many of our clients are asking for strategic meetings to help them
At the recent Digital CPA conference I had the pleasure of sitting in Jennifer Wilson’s session, “Solving the Capacity Problem.” This is an issue that hamstrings public accounting firms, and I think defining it clearly is important. The problem is that there is too much work and not enough people.
While many firms understand the need for automation, they’ve yet to implement the required solutions and don’t always know where to start. This delay can wind up costing your firm for years to come in the form of high turnover, hindered growth and lost revenue. In other words, don’t just
If you’re just joining us, parts one and two of this series discussed Internal Revenue Code Section 6672. The law allows the IRS to assess penalties equal to 100 percent of the amounts due against individuals who are responsible for collecting or paying withheld taxes and who willfully fail to collect
Time is quickly running out for accountants to troubleshoot software issues or integrate new accounting technology before tax season really kicks in. Despite the benefits automation and current technology bring, mindlessly throwing software at every issue you face is not the answer. Be sure to assess your situation, vet vendors,
As we prepare for 2022, bookkeepers have a unique opportunity to set (or reset) their expectations and vision. In fact, now is the right moment to ask: is the term “bookkeeper” due for a new definition? Our recent State of Bookkeeping Practices Survey suggests the answer is yes. Bookkeepers are in
Accountants and other finance professionals who want to better serve low-income and underserved communities can start by understanding the access barriers these groups face in order to provide them with advice that is tailored to their needs. The Impact of COVID-19 The COVID-19 pandemic has impacted families from all walks
What would cause a tax professional to need to review R&D tax benefits for midsized or smaller clients? The main tax savings can arise from the federal benefit, but many states also have benefits. The usual focus is the R&D tax credit – officially “research and experimental credit” – which isn’t
Due to the COVID-19 pandemic and other extenuating circumstances, more people than ever are freelancing. Whether you are part of the “gig” economy (Uber, Airbnb, etc.) or are working as a freelancer, you should be aware of the many tax implications of freelance work. Typically, you will receive a 1099-NEC (Non-Employee
The IRS announced (IR-2021-251, 12/17/21) that standard mileage rates are on the rise for the 2022 tax year. The increases are bigger than they’ve been in recent years, reflecting higher prices at the gas pumps. The recordkeeping requirements are, however, significantly less burdensome. The 2022 rates for vehicles, including passenger
