Tax Practice News

Where we put our hard-earned dollars from running our practices, especially when we’re running smaller organizations, is no doubt a decision made with great discernment. Considering how many kinds of organizations are out there now, you could easily find yourself going broke paying everyone a seemingly harmless $49.99 a month to be a member. So, with the multitude of options,...

And there they were. As lawmakers on both sides scrambled to avoid the debt ceiling deadline, CPAs from across the country made their way to Capitol Hill last week to discuss issues important to the accounting profession. The gatherings came as part of the American Institute of CPAs (AICPA) Spring Meeting of Council and Annual Members Meeting, May 23-25. Among the top agenda...

A bi-partisan duo from California and Ohio introduced a bill to Congress last week to help ease the stress of extensions for accountants and taxpayers alike. How, you ask? By making extension payments easier to calculate without the looming burden of unknown penalties. The SAFE Act of 2023 stands for Simplify Automatic Filing Extensions. The current rules use percentages to...

The American Institute of CPAs (AICPA) has endorsed bipartisan legislation introduced by Representatives Judy Chu (D-CA) and Mike Carey (R-OH) to simplify the tax filing extension process. The Simplify Automatic Filing Extensions (SAFE) Act of 2023 would assist the Internal Revenue Service (IRS) with receiving extensions earlier in the year, providing taxpayers, CPAs and the IRS with a streamlined process and reducing...

Not all tax practitioners love the idea of offering estate and trust services and that’s okay. It is difficult to specialize in all the areas and this one is commonly avoided due to complexity and frequency of work. Typically, your client base would need to be made up of more high net worth clients before these services come up regularly. But,...

The CPA profession has been struggling for years to retain talent in the industry. The number of overall graduates coming out of school with accounting degrees has declined, the number of students taking the CPA has declined, and the number of younger generation CPAs leaving the profession has increased. All this has left a huge gap in the market in...

In honor of Mother’s Day this past weekend, it is important for accounting firms, still, to make sure that they’re looking at ways to retain the moms in the practice, as well as women overall. In spite of women making up more than half the accounting graduates in the country, less than 20% of partners in accounting firms nationwide are...

The upside (we think), post pandemic, is that remote work environments are more prevalent than ever. In fact, it is pretty much expected now that any office style position that does not require a physical presence to do the job will at a minimum be a hybrid role that does not require 40 hours a week of physically being...

Most practitioners are at least familiar with 1031 exchanges even if they haven’t dealt with many of them personally. 1031 exchanges generally allow for like-kind property to be exchanged and any gain deferred. The most common example of this would be the idea of trading in a vehicle. If a taxpayer trades in a business use vehicle for a new...

While small businesses around the world have shown incredible resilience over the last three years, the effort does not come without a major toll on the mental and financial wellbeing of their owners. The latest iteration of Xero’s “The Global State of Small Business Owner Wellbeing” report shines a light on fiscal and personal pressures of business ownership that entrepreneurs...