October 20, 2014
The American Institute of CPAs (AICPA) sent a letter to the Internal Revenue Service (IRS) explaining that an ambiguity exists under current rules for determining adjustments to the accumulated adjustment account (AAA) of an S corporation when both ...
October 16, 2014
[This is part of a special series about year-end tax planning and preparation.] In the usual case, the tried-and-true tax strategy at the end of the year is to pull deductions into the current year and push income into the following year. And, for the most part, it still makes sense. But now there’s a few...…
October 15, 2014
While most Americans are thinking about football season, the MLB baseball playoffs, the coming NBA season, hockey or the upcoming holidays, savvy financial professionals are advising taxpayers to think about their taxes.
October 14, 2014
[This is part of a special series of articles designed to maximize tax benefits and minimize tax pitfalls at the end of the year.] The alternative minimum tax (AMT) is often referred to as a “stealth tax” because it sneaks up on unsuspecting taxpayers. But you’re not doing your job well if your clients are caught...…
October 12, 2014
The Internal Revenue Service has announced that a planned power outage will cause some services to be unavailable this weekend (Oct. 11-14), which may affect some of the million-plus tax filers, and their tax professionals, who file extended personal inco
October 10, 2014
Keeping up-to-date on changes and proposed changes can be overwhelming, especially if you have a business to run that doesn’t involve payroll. That’s why, as a payroll practitioner, it’s important that you help your clients understand any new changes and what they mean for their business. In 2015, there will be several changes that can...…
October 10, 2014
By Bill Kennedy, CPA, CA The Affordable Care Act changes had the biggest impact on tax software across the country this year, as developers scrambled to incorporate the new Net Investment regulations into their packages, particularly for high net worth individuals. All of the packages reviewed have been updated for the impact of this legislation....…
October 10, 2014
By Steven Phelan, CPA.CITP As we approach the end of the year, many tasks are still ahead of accounting professionals. There are year-end tax planning situations to address, year-end accounting issues required to finalize financial statements and, of course, year-end reporting compliance for W-2s and 1099s. Although the rules have largely remained the same over...…
October 10, 2014
The ProSystem fx Suite from CCH offers integrated applications for tax and accounting firms. While CCH also has cloud-based solutions known as CCH Axcess, for now Planning is only a network or locally installed program which can import tax data from either ProSystem fx Tax or CCH Axcess Tax. However, plans can be created manually...…
October 10, 2014
It pays to collect the right information at the right time. For payroll practitioners, this payout comes in the form of being able to provide quality service to their clients.
October 10, 2014
EasyACCT Write-Up is an Intuit branded solution designed as a full-service write-up and payroll system. Though this solution extends beyond the typical year-end compliance reporting needs, the price point is such that many accounting professionals may benefit from the other features. Intuit also offers EasyACCT Write-Up as a scaled down W-2 and 1099 reporting only...…
October 10, 2014
Magtax is a year-end form compliance solution provided by American Riviera Software. Magtax is offered in two editions: Standard and Professional. Both offer similar functions, but this review will focus on the Professional edition. Basic System Functions – 4.75 Stars Magtax Professional comes with a five user license and provides for an unlimited number of...…