SBA rules PPP borrowers can use gross income

The U.S. Small Business Administration (SBA) issued new Paycheck Protection Program (PPP) rules that allow self-employed individuals who file Form 1040, Schedule C,  Profit...

Five Tips for 1099s in QuickBooks Online

As if 2020 hasn’t been challenging enough now at the mad dash to the year-end we need to learn and comply with the new...

What does the rescheduling of Cannabis do?

Cannabis taxes are complicated. Reporting “illegal” activity to the Federal government comes with a lot of conservative enforcement of extreme laws. In particular, 280E....

The Neverending Tax Story – October 15th Disaster Deadlines Pushed

2020 is the year of the neverending tax seasons. The original April 15th deadline was pushed to July 15th and now we have enough...

Is it a Hobby or a Business?

You’re a tax professional, so I don’t need to tell you that whether your client thinks his hobby is just a hobby or a...

IRS Accepting Limited Digital Signatures

On Friday, the IRS announced that it will temporarily accept digital signatures on a handful of forms that cannot be filed electronically. The change...

Compliance Assurance Process

The Compliance Assurance Process (CAP) was developed by the Large Business and International (LB&I) Division of the IRS to improve the federal tax compliance...

IRS Form 1040-X Electronic Filing   

“The ability to file the Form 1040-X electronically has been an important long-term goal of the IRS e-file initiative for many years,” said Sunita...

IRS Form 8300

How many forms does the IRS actually have? Does anyone at the IRS know? I’d love to know the answer to that question. If...

CARES Act Provides Relief for Eligible Taxpayers: Withdraw from IRAs or Workplace Retirement Plans

Individuals who are eligible for coronavirus-related relief may be able to withdraw up to $100,000 from IRAs or workplace retirement plans before Dec. 31, 2020, if their plans...

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Mental Health Check: Lack of Motivation & Feeling Defeated

We've all been there. We've all had a deadline or project hanging over our heads that we just couldn't get ourselves to get to....

Why an Expense Management System is Key to Expanding Your Firm’s Client Advisory Services

Client advisory services (CAS), has been a buzzword in the accounting profession for years. In theory, the business strategy is simple: evolve your firm’s services...

Chicken or the Egg: Does Process Dictate Technology or Technology Dictate Process?

Finding the perfect technology solution needs to be finessed with compromises from the most effective process.