free to pro members: busy season 2019 trend report
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survey: tax season launches with a whimper
tax practitioners say they’re ready for anything. and they may get it.
today’s bonus question:
the tcja impact on your practice and your clients
join the survey: get the results.
by rick telberg
卡塔尔世界杯常规比赛时间 research
16 big questions for tax season
what’s your busy season forecast? join the survey: get the results.
by rick telberg
卡塔尔世界杯常规比赛时间
the government shutdown could not have come at a worse moment for the internal revenue service.
the tax season will bring its annual avalanche of returns. the irs was already working with fewer agents than it had a few years ago, and now it’s even more shorthanded.
the new tax cuts and jobs act tax code is poorly understood by agents who need to be trained and taxpayers and tax preparers who need to be informed. even after the shutdown ends, the backlog will be overwhelming.
the biggest problem may be the uncertainties. we can think of at least 16: read more →
survey: tax accountants alarmed by tcja & shutdown
busy season barometer launches for the 16th year.
by 卡塔尔世界杯常规比赛时间 research
fear, uncertainty, and doubt seem to dominate the run-up to busy season 2019, according to the annual 卡塔尔世界杯常规比赛时间 busy season barometer.
join the survey. get the results.
shutdown: what to tell tax clients during “the lapse”
government shutdown scrambles busy season.
next question: how’s it affecting accountants and clients?
join the survey. get the answers.
by rick telberg
卡塔尔世界杯常规比赛时间
the internal revenue service is struggling to continue operations as the nation heads into tax season during the “appropriations lapse,” a.k.a the government shutdown.
some 16,000 irs employees are exempt from the shutdown, and another 30,000 are being called in to work without pay—a total of 57.4 percent of the 80,265 employed before the shutdown.
nevertheless, with four desks out of ten empty, the irs is holding back on most services that require human involvement.
tax practitioners would do well to advise their clients of the following:
beware the leeches and consultants
kool-aid for tax and accounting firms.
by frank stitely
the relentless cpa
a group has been abusing my facebook timeline with ads touting a system promising to transform our clients into $10,000 annual billing clients.
more stitely: 2 lessons clients taught me | cpas can’t help you | the cure for commoditization | four amusing millennial myths
exclusively for pro members. log in here or 2022世界杯足球排名 today.
i did a little sleuthing – for free of course. if i were billing someone for this, i would call it forensics.
charitable giving under tcja
donor-advised funds can be a simpler option.
by barry j. friedman, cpa
industrynewsletters
the new tax law nearly doubles the standard deduction for individuals and families, simplifying the filing process for millions of americans, but complicating giving strategies for many who have made a habit of deducting their charitable contributions.
more: the latest fraud problem: synthetic identities | why padding tax deductions is a risky proposition | portability: sharing the estate tax exemption | tariffs: what clients need to know now
exclusively for pro members. log in here or 2022世界杯足球排名 today.
indeed, an estimate from the washington, d.c., tax policy center is that the number of itemizers will drop from 46 million to 13 million. that means most taxpayers will have little tax incentive to donate cash or stock to charity, reducing giving by $13 billion to $20 billion a year.
read more →
why padding tax deductions is a risky proposition
some client education may be in order.
by barry j. friedman, cpa
industrynewsletters
“in this world, nothing can be said to be certain, except death and taxes” is a quote often attributed to benjamin franklin. with that in mind, it’s best to be prepared, at least financially, for taxes and tax season each year.
more: yes, home equity loans may still be deductible | how to challenge property taxes | real estate, iras & clients | percentage-withholding for clients | bitcoin: what clients need to know | supreme court wayfair ruling sows confusion – and opportunity
the risks
when it comes to deductions, things can get a little sticky. some clients may wonder what the harm is in taking a little extra here or a little extra there.
read more →
handling the delay in 199a regs
brace for tough conversations, more extensions.
by stephen nelson
pretty clearly, the section 199a final regulations won’t appear before dec. 31, 2018. the draft version of the final regulations went to the office of budget and management on dec. 14, 2018. and the review process almost certainly won’t finish in time for the new regulations to appear in the federal register before new year’s eve.
note: the department of treasury did not designate the final regulations as economically significant. that means omb has 45 days to review the regulations.
this timing hugely impacts tax accountants preparing returns with qualified business income, the income partially sheltered by the new section 199a deduction.
note: qualified business income includes sole proprietorship profits, trade or business income earned in an s corporation or partnership, rental income in most cases, reit dividends and then also income from qualified agricultural or horticultural cooperatives. in short, lots of taxpayers earn qualified business income. read more →
survey: clients rush for tcja answers
8 good reasons to call every client for a year-end review.
by rick telberg
卡塔尔世界杯常规比赛时间
yes, home equity loans may still be deductible
but watch out for the lower dollar limit.
by barry j. friedman, cpa
industrynewsletters
contrary to early reports, the tax cuts and jobs act allows taxpayers who buy, build or substantially improve their homes using either a home equity loan, home equity lines of credit (heloc) or second mortgages to deduct interest on the loans.
more: how to challenge property taxes | portability: sharing the estate tax exemption | tariffs: what clients need to know now | new salt deduction limit: what clients need to know | passwords: how to beat the hackers
that’s the good news. but if clients take out the loan to pay for personal living expenses – credit card debt, for instance – they can’t deduct the interest from their taxes.
read more →
portability: sharing the estate tax exemption
6 key points.
by barry j. friedman, cpa
industrynewsletters
portability is actually a simple concept. it means that if one half of a married couple doesn’t use up the entirety of the federal estate tax exemption at death, the surviving spouse can use this leftover portion, plus his or her own exemption.
more: real estate, iras & clients | tariffs: what clients need to know now | new salt deduction limit: what clients need to know | passwords: how to beat the hackers
it makes a high federal estate tax bill less likely. this provision has changed the way estate planning can be approached today.
read more →
9 secrets to getting irs penalties removed
plus an entirely different method.
by michael rozbruch, cpa
the irs audit notice checklist
the irs has over 148 different penalty types they can hit you with. and the worst part is that the irs can also charge interest and additional penalties on the original penalty.
more: social media’s place in your marketing strategy | kpis that accounting firms don’t measure but should | 10 tips for maximizing referrals
penalties can be such a high percentage of the overall tax debt that it generally makes sense to consider requesting the irs remove or reduce penalties in certain situations.
read more →