While the LGBTQIA+ community and supporters view many advancements as slam-dunk decisions, things often play out differently in the public sphere. To achieve progress requires continued support politically, legally, and economically. Tax planning for the LGBTQIA+ community is necessary, with the potential to amend prior year income tax returns to
If your firm is not thinking through revenue goals for each of your service lines before setting them, it can be challenging to hit them. More importantly, if you’re looking for a process your accounting firm can use to set smarter, more achievable revenue goals, this eight-step process is a
Is a settlement of a malpractice claim against physicians or a hospital considered to be taxable income? In short, it depends, but according to a recent Tax Court and Ninth Circuit Appeals Court case, it can be. Let’s dig in… Background: Generally, legal awards and settlements are subject to federal
Communication has gotten so much more complex as there are so many channels now, it’s difficult to manage smartly with clients. In all the conversations we have every day, they come from a variety of sources, not only people but from different channels. Having all these loose threads running around,
Throughout most parts of the country, homeowners who unloaded their dwellings have reason to celebrate. They have benefitted from surges in housing values, particularly since the onset of the pandemic in early 2020. Surges, though, provide only cold comfort for wannabe sellers who owe more on their mortgages than their
As cybercriminals ramp up the volume of attacks in the financial services sector, accounting firms are not immune. Below are several key steps your firm can take today to help prevent and stay ahead of the most common cybersecurity threats. Maintain Your Reputation Trust is a core component of the
As a tax preparer, the primary issue to avoid down the road is whether you were “unreasonable” on a day you signed a return. Our emphasis is debatable return positions, but our preparer penalty topic has many aspects, such as failure to furnish a copy, failure to sign, failure
By taking stock of your client’s property’s individual assets, cost segregation speeds up depreciation so they can deduct more from their taxes. Through this article, I’m trying to be the person who alters the trajectory of your client’s whole year so they can expunge some red ink from their balance
As you start thinking about next tax season, consider this: A timely client conversation could change the trajectory of your year and your firm. We’re living in an era of constant change and often, chaos. For most, any chance to bring some structure and rhythm to the day-to-day challenges of
Every June, people around the world celebrate the LGBTQIA+ community and actively recognize the challenges, from the personal to the financial, as well as the discrimination and prejudice they face on a daily basis. AccountingWEB is proud to be an ally of the LGBTQIA+ community, and part of our mission
