October 8, 2020
The IRS has electronic filing options, including Free File. Taxpayers and tax professionals should continue to use electronic options to support social distancing and speed the processing of tax returns, refunds and payments.
October 7, 2020
The AICPA’s most recent Supply and Demand Report shows an interesting trend, one that the industry needs to find a strategy to address. When students first start down the path of becoming an accounting professional, there’s pretty ...
October 5, 2020
Policy analysts have stated that taxpayers would save roughly the same 20.5% in tax on their contributions to their 401(k)s. This works out to close to $4,000 for a 45-year-old making the maximum annual contribution. It’s not yet clear if the credit ...
October 2, 2020
Also, as part of IRS’s continued focus in this area, the IRS has become aware of variations of the abusive micro-captive insurance transactions. Examples of these variations include certain Puerto Rico and offshore captive insurance arrangements that ...
October 2, 2020
Rimilia is a provider of accounts receivable automation solutions that enable organizations to control cash flow and cash collection in real time. Using artificial intelligence (AI) and machine learning, the SaaS (Software-as-a-Service) platform ...
October 2, 2020
The Internal Revenue Service Chief Counsel has released Chief Counsel Notice 2021-001 (CC Notice), which contains information regarding Chief Counsel’s settlement initiative for certain pending Tax Court cases involving abusive syndicated ...
![Joe-Biden-Speaks[1]](https://www.cpapracticeadvisor.com/wp-content/uploads/2020/09/Joe_Biden_Speaks_1_.5f7502b8383b6.png)
September 30, 2020
On the joint 2019 return filed by Biden and his wife, Dr. Jill Biden, the couple paid almost $300,000 in federal taxes on approximately $985,000 of adjusted gross income (AGI), resulting in a relatively high effective tax rate of 29.5%.
September 30, 2020
Paychex’s PPP Loan Forgiveness Estimator assists business owners with understanding how much of their PPP loan may be forgiven by the federal government. When accessing the tool, CCH AnswerConnect users will be asked to input a variety of ...
September 30, 2020
From all indications, the transformation of the accounting profession to a more advisory focus is already well under way. Taking a learning organization approach will help ensure that your firm develops a comprehensive client advisory mindset.
September 24, 2020
Companies with more women in executive and management roles deliver more positive employee experiences in terms of overall career growth, pay fairness, skill building, confidence in leaders and managerial support.
September 24, 2020
Drawing on publicly available data, the AJPT study employs a novel method to focus on the years immediately preceding and following mandated partner rotations. Joining Prof. Whited as co-authors in the AJPT’s current issue are Huan Kuang and Matthew G.
September 24, 2020
The 1099-NEC is used strictly for reporting independent contractor payments of $600 or more in the course of your trade or business. You will still be required to use the 1099-MISC for such items as royalties, rent, and healthcare payments.