Clients are often concerned with the past, like filing the previous year’s tax returns, rather than the future. Accountants can be hugely beneficial to these clients by providing forward-thinking services. This means financial planning. There are many reasons why clients often think they don’t need financial planning services. They may
As digital advisors, we get frequent questions from business leaders about how they can measure their organizations’ digital maturity. The answer is multifaceted and goes beyond technology. Digital disruption is a clear and present threat to firms that won’t change. Leaders must embed digital capabilities into the heart of their businesses and make digital
In thinking about the health and longevity of your business, ask yourself: Is my business running like an engine or like an egg beater? That’s to say, is your business a well-oiled machine with every part running exactly as it should with minimal input? Or, must you manually churn away
Intuit has introduced QuickBooks Desktop 2022, which includes new capabilities with major money movement, data sync and speed improvements that will help your small business clients complete more accounting tasks quicker. Below is a brief dive into the core updates made to the product. QuickBooks Desktop 2022 Subscription Offering QuickBooks Desktop
Whether you have an existing business or you are starting one, congratulate yourself—in any business environment, this is no easy feat. However, in the time of COVID-19, it’s even harder. But while you focus on sales and operations, do not forget the tax man. You may think that you already
Thousands of in-person conferences and tradeshows have been postponed or switched to virtual events over the past two years due to the pandemic, and accounting events are no exception. While live presentations over Zoom and recorded demonstrations made the best of a terrible situation, the reality is that, in most
The increasing awareness of social justice issues over the past 18 months has triggered the need for organizations to have serious discussions about their internal culture and demographics. Terms like anti-racist, bias, micro-aggressions and allyship have become more widely used among HR and senior leadership teams. Companies across every industry pledged
This column focuses on the tax aspects of Ponzi schemes, starting with a bare-bones explanation of how scammers fleece investors. Their modus operandi isn’t complicated: They pay some original investors artificially high returns with funds collected from subsequently conned investors. The most notorious scheme is the one orchestrated by Bernard
There are many times when a passive foreign investment company (PFIC) investment is made unknowingly and the tax consequences can be adverse. Certain elections should be considered that can lessen the tax implications, but it can be difficult obtaining the financial information necessary to determine whether or not the investment
A new Tax Court(Gaston, TC Memo 2021-107, 9/2/21) case found that clients may be able to deduct expenses relating to acting, even if they’re not the next Streep or DiCaprio. The tax difference in the new case is critical. If you incur legitimate business expenses, they can offset taxable income,
