Let’s time travel back to a couple of days before Santa descended chimneys in 2017, which was when Congress okayed and President Donald J. Trump signed the Tax Cuts and Jobs Act (TCJA). Both supporters and critics of the 45th president agree that the TCJA was his signature legislative accomplishment,
Growing your accounting firm is like making a cross-country trip from New York to Los Angeles. Either you forgo a map and head in a general westerly direction, or you plug the end destination into your GPS. Which one sounds more like your firm’s growth strategy? Many small firms, especially
Xero, the global small business platform, today unveiled that it will roll out a series of significant technology and design updates to new reports over the next six months, to help accountants and bookkeepers unearth and present valuable insights for clients. The new updates are part of Xero’s broader investment
Diverse offerings, like bundled services your business clients may feature, can be attractive to consumers, but the tax implications can get complicated. Moreover, some of these services may even present the same tax obligations or associated regulations. Communications tax is different than regular ol’ sales tax, which is typically based
Self-employed workers have become a prominent demographic amidst the COVID-19 pandemic. Labour Market Information Council reports that in Canada, as much as 73 percent of self-employed people are working for their solely-owned businesses. While the numbers are less clear in the U.S., where nearly anyone can set up an LLC, the chances are that
It’s being called the “Great Resignation.” In 2020, the pandemic brought into clear focus what today’s workers value: work-life balance, working remotely and a shared cultural fit. Not all employers recognized this swing—but they are feeling the effects of it. According to the U.S. Bureau of Labor Statistics, four million
If you have a client that is a new seller, are you aware that consumer use tax is just as obligatory as sales tax? Many sellers overlook this fact and fail to report it properly. Where there’s sales tax, there’s usually use tax — most states that levy sales tax
Homeowners know only too well that their treks to hardware stores, calls to plumbers and emergency replacements of appliances dent their checkbooks. Owners also ought to know why it’s important for them to keep good records on what their outlays add up to. The ones who scrupulously hoard receipts lose
After a crisis, we often look back at the way things were before and find them quaint. The ways in which we measured performance and value before the onset of the COVID-19 pandemic now seem outdated. Historic drivers like scope, scale and efficiency are rapidly being replaced by new and transformative value drivers
In a new case decided by the Eleventh Circuit Court of Appeals, Slaughter, CA-11 No. 20-10786, 8/3/21, a famous author of crime novels was held liable for underreported self-employment income. Generally, a self-employed individual must pay federal income tax as well as self-employment tax on the net self-employment income received during
