Although the filing deadline for federal taxes has been pushed back to July 15th, many small businesses will still be filing in April. Additionally, many states have not pushed back their filing deadlines. So even if your business isn’t filing federal taxes right away, you may still need to compile your state returns quickly. Whether
As I write this, things are going from bad to worse with the COVID-19 crisis. With the high level of anxiety that comes with a stressful situation, and the equally high level of uncertainty, it’s easy to get distracted. But the fact is that most of us are now working from home, and while this
In these unprecedented times, many small businesses are operating with remote staff and many others are completely shut down. No one knows how long businesses will see little or no revenue coming in. The challenge for businesses to remain viable is to continue cash flow. There are many ways to conserve your business cash flow
Erin Collins will start her term as the National Taxpayer Advocate on March 30 — earlier than expected. Collins is taking up her post earlier ahead of schedule due to the national emergency created by the coronavirus pandemic. “I can’t imagine a more critical time to lead the Taxpayer Advocate Service,” she said. She replaces
Quite an education; food for thought; Motion denied; and other highlights of recent tax cases. Tampa, Florida: A federal court has permanently barred Steven Doletzky, formerly doing business as Liberty Tax Service, from operating a prep business and preparing federal returns for others. The court also ordered Doletzky to disgorge $175,000 that the U.S. alleges
The AICPA has been working on the project of moving the audit into the future for some time now, but the U.S. has suddenly found itself thrust into a remote environment with little in the way or preparation or warning due to the coronavirus pandemic. The Association recommends accountants stick with existing standards, while using
With offices closed, and staff and clients scattered, maintaining relationships (and sanity) can be hard. Below are eight tactics to manage a disrupted work environment for the duration, and help maintain productivity and healthy relationships. The first four are specifically for firm leaders and managing partners, and the last four are for everyone trying to
The tax season can be a stressful period for businesses. This period is marked with pressures to file for returns by a deadline and it inadvertently provides good opportunities for scammers to strike. Scammers pounce on opportunities to steal your sensitive data, identity theft or trick you out of money by employing elaborate ruses using
Worried. Concerned. Fearful. These are the feelings your clients may have right now. Notice how they are not accounting problems? They are emotions. One unique aspect of the trusted advisor relationship is that while they must believe you are competent, they must also believe you care. And now is the time you show you care.
The National Society of Accountants sent a letter Friday to Internal Revenue Service Commissioner Charles Rettig, asking for the IRS to extend tax-filing season because of the threat from the coronavirus, while the National Conference of CPA Practitioners asked the IRS and the Treasury to waive penalties and interest charges for taxpayers. The American Institute
The Tax Cuts and Jobs Act drastically cut the corporate tax rate. But it also introduced the qualified business income (QBI) deduction. The QBI offers a way to lower the effective tax rate on the profits of owners of pass-through entities. These include sole proprietorships (including independent contractors), partnerships, limited liability companies, and S corporations.
There’s a new tool watching your cash flow automatically. Kabbage Insights predicts and calculates cash flow patterns so your small business can target deficits and surpluses. It’s a great way to plan when to expand, downsize and ride the ups and downs of your market. What’s more, it’s free. Small Business Trends contacted David Snitkof,
The states with the most tax-filing procrastinators are California and Nevada, while Las Vegas and Denver were the top cities for those who wait until the last minute, according to a new survey. The survey, from the investment property exchange company IPX 1031, polled 1,000 Americans to learn more about their tax-filing habits. The company
Filing tax returns remains a time-consuming and complex task. But tax filing software enables you to accurately and quickly file tax returns. As a result, you can spend more time doing what you do best — running your own business. Tax Filing Software Take a look at our list of the best tax software for
Overall, the 2020 class of the Top 100 Firms and Regional Leaders showed respectable growth in 2019 — the average revenue increase for the Top 100, for instance, was half a percentage point higher than in last year’s report. And yet, while there were several firms with very strong growth rates, the number of Top
The Setting Every Community Up for Retirement Enhancement Act (SECURE) is part of the government’s spending bill that includes numerous provisions intended to strengthen retirement security across the country. It is designed to open up opportunities to segments of the workforce that was previously not covered in retirement plans. In addition, the bill attempts to
Papers trail; House of cards; trickle down; and other highlights of recent tax cases. New York: Richard Gaffey, a.k.a. “Dick Gaffey,” 75, a U.S. citizen and resident of Medfield, Massachusetts, has pleaded guilty to wire fraud, tax fraud, money laundering, aggravated identity theft, and other charges. Gaffey was charged along with Harald Joachim von der
No one doubts the complexity of the Tax Code. And these complications arise from the tax terms in accounting. But they also arise from what the IRS uses in all its tax forms. This glossary serves as a quick reference guide. As a result, use it to find out what exactly the tax terms mean.
The Association of Chartered Certified Accountants has released a paper examining the impact of the coronavirus, and how it is affecting economies around the world, including the U.S. In the policy brief released Monday, the ACCA noted that economic shocks such as the coronavirus, also known as COVID-19, tend to have temporary effects on economic
Have you ever dreamed of becoming a millionaire? It is very possible to become one! Today there are over 10 million millionaires in the U.S., according to research by the Spectrem Group. Just imagine what you could do as a millionaire. You’d have financial freedom. You could enjoy life, stop worrying about money, and gain
As part of its Tax in 2020 initiative, Deloitte has introduced Immersive Mobility, a virtual reality-driven service that helps orient transitioning employees to new locations. The new offering is designed to reduce the financial and environmental costs of relocation. Immersive Mobility offers 360-degree city tours, virtual home tours, onboarding, and mixed-reality training combining virtual reality,
Your business spends money and effort in looking for a new, improved, or technologically advanced product or process. The federal government may reward you through a tax credit. The research and development tax credit, technically called the credit for increasing research activities, serves as a way to recoup some of the cost of this activity
The Supreme Court vacated and remanded Tuesday an appeals court decision that found under federal common law, a tax refund due from a joint tax return generally belongs to the company responsible for the losses that form the basis of the refund, rejecting a nearly half-century-old precedent. In Rodriguez v. Federal Deposit Insurance Corporation, the
The gig economy has made side business a norm. Whether it is Uber or Fiverr, professions across virtually every industry are now earning money as a side business. Plumbers and electricians are working on TaskRabbit as are homeowners renting their property on Airbnb. There seems to be no end to what the side business has
My company sells five different customer relationship management applications, and we currently serve about 600 clients using these applications. I’ve gotten pretty good at being able to identify prospective clients that have a good chance of success. So can you guess my reaction when a CPA firm approaches me about a potential CRM solution? It’s
Leaders of the Securities and Exchange Commission and the Public Company Accounting Oversight Board issued a joint statement Wednesday about the impact of the coronavirus on audit firms trying to operate in China and the impact on audit quality, while offering them the possibility of relief as auditors struggle to visit clients during the outbreak.
Understanding and fulfilling your tax obligations remain one of the biggest challenges with running a business. You usually complete your personal tax returns once a year with a few forms. But preparing and filing your business taxes can prove, for lack of a better term, taxing. Even more so if you do not know about
The American Accounting Association has announced that five new members will be inducted into its Accounting Hall of Fame this August during the organization’s Annual Meeting in Atlanta. Started at Ohio State University in 1950, the Accounting Hall of Fame has inducted 101 members since its inception. Bruce Behn, past president of the AAA and
Take the hassle out of tax season, budgeting, and financial management. February 13, 2020 2 min read Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners. It’s
The White House’s latest budget blueprint proposes consolidating the functions and responsibilities of the Public Company Accounting Oversight Board into the Securities and Exchange Commission starting in 2022. The move would save a projected $57 million that year, and up to $580 million by 2030, but the impact on audit firms and investor protection couldn’t