Advisory
Gearing Up for Tax Season
According to a survey, finding qualified staff was the top issue for every firm-size segment except sole practitioners, and most expect staffing to continue being a top issue in the next five years.
Mike D'Avolio
Intuit ProConnect Group
Mike D'Avolio, CPA, JD, is tax law specialist and staff program manager, ProConnect Group, Intuit. He is a customer and employee instructor, customer and government liaison, and a public relations representative.
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Benefits
Setting Your Clients Up for Success with the American Rescue Plan
While every tax season can get a bit hectic, this one will prove extra challenging for tax professionals and their clients. It’s critical to make sure that you set your clients up for success to ensure that they’ll be able to navigate this complicated ...
Key Tax Law Changes for Tax Year 2020
This past year has been a busy one on the tax legislation front with the following tax bills passed by Congress: Coronavirus Aid, Relief and Economic Security (CARES) Act; Families First Coronavirus Response Act; Setting Every Community Up for ...
Advisory
Top Tools for Tax & Accounting Professionals to Automate Tasks
As the tax and accounting profession shifts more towards advisory services, leading firms are leveraging technology to automate low value work like data entry, categorization, file exchange and cleanup. The following article discusses some of the top too
Benefits
Impact of COVID-19 on the Foreign Income and Housing Exclusions
As a general rule, if you have clients who are U.S. citizens or resident aliens, and they live abroad, they are taxed on their worldwide income. However, they may qualify to exclude from income up to $105,900 for tax year 2019 ($107,600 for tax year 2020)
Benefits
Health-Related Benefits Under the CARES Act
For services provided on or after Jan. 1, 2020, and for plan years beginning on or before Dec. 31, 2021, high-deductible healthcare plans (HDHPs) with HSAs provide coverage for telehealth or other remote care services without a deductible or having to ...
Firm Management
New SECURE Act Expands Retirement Savings Opportunities
Tax practitioners can consider sharing this information with their clients and meeting with them to take advantage of the retirement planning opportunities – never a bad thing! Here is a summary of the higher-impact provisions of the SECURE Act.
Advisory
Tax Reform and Beyond: Tax Law Changes for the 2020 Tax Filing Season
As you know, the Tax Cuts and Jobs Act (TCJA) was signed into law in 2017. Most of the measures were effective beginning in tax year 2018, and many individual measures contain a sunset date at the end of 2025. Here’s a summary of the TCJA provisions ...
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Advisory
2019 Year-End Tax Planning Tips for Individual Clients
As the year winds to a close, tax professionals have the opportunity to look at their clients’ tax situations to identify tax savings or deferral options that may help decrease their tax liability.
Advisory
Tax Advice for Business Clients Closing Out 2019
As 2019 comes to a close, many tax professionals are already providing their small business clients with tax planning advice for tax year 2019, in addition to tax compliance services. Tax reform presents a good opportunity for all practitioners to ...
Payroll
Guide for Reporting Tip Income by Employers & Employees
Employers and employees in the service industries that involve tipping need to comply with a unique set of tax rules. Like wages, you must pay income tax, Social Security tax and Medicare tax on tip income.
Payroll
Medicare 101: Coaching Your Clients about Medicare Coverage
Tax professionals should be up to speed with the rules and offer advice to clients and prospects who are nearing retirement and the age of 65. The following article explores the various Medicare plans and enrollment, how Medicare interacts with other ...