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To plug in or to not plug in? A look at EV credits

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The Inflation Reduction Act of 2022 changes the rules on electric vehicle credits. Are they still worth the investment and which ones does the credit apply to? Electric vehicle credits have been extended for 10 years, until 2032. That means the $7,500 credit will stay in place for quite a while. The actual dollar amount however depends heavily on the...

Why tax efficiency is a top concern

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We recently marked the official opening of the 2022 return filing season. The IRS began accepting returns on Jan. 23. As per usual, not all form types are going to be accepted early, but suffice it to say, tax season is well underway. Practitioners already are feeling the crunch of the 1099 deadline looming even without the expanded 1099-K reporting...

3 ways to encourage creativity in your practice

Accountants tend to think in black and white. Maybe it is the world of numbers and rules we live in all day. But when it comes to firm growth, efficiency, strategy, and sustainability, being creative as well as innovative is crucial to survival. Here are three ways you can help foster creativity in your team to drive innovation and...

Your 1099-K update here

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The much-anticipated 1099-K changes have been delayed by a year. Anticipated is used with a grain of salt as many practitioners were dreading the compliance implications of the change. The IRS originally announced that beginning with the calendar year 2022 reporting, payment processors such as PayPal and Venmo would be required to report all transactions over $600. The biggest concern...

Save the Date. Your top 2023 conferences

Education might not feel like a top priority at the onset of tax season, but license renewals come quickly and having a highly skilled team is necessary to be efficient during busy seasons. Ensuring you and your team not only have the best technical education for changing rules but also the best tech tools is critical to operating without burnout...

The official start to tax season

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The IRS announced that it would officially start accepting returns on January 23. The deadline this year falls on Tuesday, April 18, as the normal 15th is a weekend. The IRS starts the season off on shaky ground after the last few years. Between last minute tax law changes, poorly administered pandemic relief, and staffing challenges, the agency has struggled...

Cash flow forecasting in a recession

As interest rates continue to rise and the stock market continues to decline, fears of an impending recession are valid across many markets. Small business clients especially become vulnerable from the cash flow crunch that can sneak up on them during these economic situations. Below are three cash flow automation tools that can be used to help clients create forecasting...

3 reasons to protect your firm beyond WISP Requirements

Join us on January 19th for more information on the IRS WISP requirements. You can sign up for our 30-minute lunch and learn a webinar HERE or subscribe to our YouTube channel for the replay. Following the IRS Security Summit last August, all new requirements for written information security plans were released. The checklist of items that firms must address...

Taking a deep dive into what you want this year

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Personally, I love to purge everything in my office, home and refrigerator before each new year hits. There is something symbolic (and probably clichéd) about clearing out the old to make space for the new. I also just need to feel like I am surrounded by slightly less chaos before jumping into yet another busy season. This is the time...

IRS selects 9 new IRSAC members for 2023

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The Internal Revenue Service has appointed nine new members to the Internal Revenue Service Advisory Council. IRSAC, established in 1953, is an organized public forum for IRS officials and representatives of the public to discuss a broad range of issues in tax administration. The Council provides the IRS commissioner with relevant feedback, observations and recommendations. It will submit its...

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Latest article

To plug in or to not plug in? A look at EV credits

0
The Inflation Reduction Act of 2022 changes the rules on electric vehicle credits. Are they still worth the investment and which ones does the...

Why tax efficiency is a top concern

0
We recently marked the official opening of the 2022 return filing season. The IRS began accepting returns on Jan. 23. As per usual, not...

3 ways to encourage creativity in your practice

Accountants tend to think in black and white. Maybe it is the world of numbers and rules we live in all day. But when...