If you’re thinking about updating your firm’s professional tax software, the ideal time to do it is well ahead of tax season. Changing your tax software in the middle of tax season can create chaos at the most inopportune time. Why change your professional tax software? There’s an old adage that goes: “If it’s not…
If the COVID-19 global pandemic has taught us anything, it’s that we are capable of finding ways to stay productive. This is especially true for accountants and tax preparers. Working from home may pose some challenges, but it has also forced professionals to seek creative ways to communicate via teleconferencing with screen sharing and video…
COVID-19 has raised several new issues for accountants. Clients’ finances have often been thrown into disarray, and it’s up to their accountants to help make sense of a complicated situation. Dealing with stimulus checks, disaster relief loans, the sudden loss of income, and possibly even bankruptcy are just some of the issues that accountants now…
The popularity and reach of social media – and particularly the world’s most popular social media platform, Facebook – cannot be denied. Monthly, a staggering 2.5 billion people around the globe turn to Facebook for news, communication, shopping, games, videos, and much more. There’s a seemingly endless supply of information and entertainment available on the…
It’s no secret that tax time is the busiest time of the year for accountants and tax preparers. While it’s important to get some much needed rest and relaxation during the off season, it’s also the best time to evaluate what’s working for your tax business and what’s not. One important consideration is the current…
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…