There are many different ways that cyber criminals attempt to gain information, and lately tax professionals have been a target. With such a large amount of sensitive taxpayer data being stored in offices, it is more important than ever to make sure that you have the proper safeguards in place. As the saying goes, “You…
If you ask most business owners, they would say one of their main goals is growth. In the professional tax preparation industry it can be more challenging, due to the complex nature of the work, and the specific training required to do it correctly. Many tax pro’s state that they cannot find someone they can…
Every year more and more taxpayers choose to use a self-prep DIY software to prepare their tax returns. As a tax professional, it may seem hard to compete against something so easy and inexpensive. It’s important to remember that tax professionals are able to offer much more than just tax preparation. Keep in mind that…
With the Tax Cuts and Jobs Act in action this tax season, the IRS has continually been offering guidance as to the new tax laws taking effect. This time around the IRS is offering further guidance on the TCJA’s current modifications to the previous tax law, which limits losses from all sorts of business for…
The TCJA has imposed new rules aimed to assist nonprofit organizations in the calculation of nondeductible parking expenses that were once deductible before the passage of the new act. The IRS has issued interim guidance related to the treatment of qualified transportation fringe benefit expenses compensated or incurred after December. 31st, 2017. This interim guidance may also…
In light of the Tax Cuts and Jobs Act passed last December, the IRS has issued proposed regulations for both businesses and individuals in regards to foreign tax credits. The TCJA includes several significant changes on how the government taxes foreign activities. The proposed regulation issued earlier this week includes information and rules to help…
After deciding to delay changes to Form W-4 until 2020, the Internal Revenue Service released Notice 2018-92, which offers interim guidance on income tax withholding for 2019. The IRS did release a draft version of a new Form W-4 earlier this year, however it was received with heavy criticism from accountants and professional tax preparers alike. Groups such…
Earlier this month, the IRS gave guidance to businesses planning to deduct expenses for meals and entertainment which was at first thought to be eliminated by the Tax Cuts and Jobs Act. Tax professionals may have originally understood this to mean the elimination of any business expense deductions that would be considered to be entertainment,…
For the last 36 years, Inc. has recognized the fastest-growing private companies in the United States. Inc. has acknowledged companies that have proven to achieve not only strong, but consistent growth as well. On average, companies that have been admitted onto the Inc. 5000 list in 2018 have established growth of over 500% since 2014….
There were originally going to be five schedules attached to the new Form 1040, but as of last week, it became six schedules after the IRS provided a draft version of the new form for the public to review. Although the draft Form 1040 itself has become the size of a postcard, the number of schedules has…
