stop tax return review shortcuts
three questions to ask when choosing a process.
by ed mendlowitz
how to review tax returns: the field-tested update
tax practice
offers in compromise aren’t for everyone
how much can the client pay?
by eric l. green
tax rep network
no irs program is more interesting yet misunderstood than the irs’s offer in compromise program. for taxpayers who owe money to the irs, between 15 million and 20 million of them, the thought that they can settle their back tax debt for less than the amount owed is an answer to many of their prayers.
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many people have seen the late-night television ads or heard the satellite radio spots: the taxpayer, who seems just like them, owed huge sums of money to the irs and was being abused by the callous tax machine when the advertising company came to the rescue and settled that tax debt for “pennies on the dollar.”
are these ads telling us the truth? can taxpayers really settle their tax debt for little to no money? the answer is yes, they can, but it depends upon their financial situation.
trump’s tax returns
the house ways and means committee has released donald trump‘s tax returns for six years.
here are links to the documents, as released to the public: read more →
outlook 2023: irs hires will add pressures
incentives will bring new opportunities.
by julio gonzales
the rosenberg map study
the current tax changes from the inflation reduction act include 87,000 irs hires to bolster tax return audits for small business.
more: outlook 2023: look who’s making money now | outlook 2023: capacity strategies drive change | outlook 2023: top five trends | outlook 2023: compensation gets creative | outlook 2023: the office is over | 2023 outlook: accounting firms face up to private equity
i believe the additional irs agents will create significant pressure on accounting firms to increase staff and costs associated with client audits. this will create pressures to take advantage of tax credits and incentives, but firms must do this with third-party providers with impeccable reputations.
tax return prep: commodity or professional service?
think of where your value is added.
by ed mendlowitz
how to review tax returns: the field-tested update
survey: tax software favorite keeps crown
firm size may matter.
the accounting firm operations and technology survey
captive insurance: a game changer for business clients
there are eight key advantages to captive insurance. just don’t get fooled by the hype.
by ken huffman, cpa
president, captive nation in fort worth, texas.
while there are several common objections skeptics throw out against captive insurance, including its perception as a hidden tax shelter, there are also multiple advantages.
more in tax practice: captive insurance: the top eight myths | the new tax opportunities in real estate | should the irs create a free file app of its own? | your tax season success plan starts here, now | tax prep fintech startup: april raises $30 million | new ira guide updated & expanded with 42-page supplement | thinking commercial real estate? think fast | new small firm cost seg opportunities | can the r&d tax credit be used to offset the amt?
here we’ll look closer at the many advantages of a captive for your business owner clients, including flexibility, speed, financing source, wealth building and creditor protection.
headcounts grow 5%; pay rates surge at 7% pace
the only down spots? tax prep and payroll.
by beth bellor
卡塔尔世界杯常规比赛时间 research
we like to see a month or two of increases when we’re talking about jobs, but how about six or seven? that’s the rosy picture seen across several sectors in accounting, according to the latest available data.
more: cpa staff wages hit new high and keep climbing | firms battle staff shortages with pay hikes | tax & accounting firms beef up wages and headcounts | employee counts, earnings rise
oh, you’re an employee looking at potential earnings? they just hit new highs at cpa firms and for staff overall.
we report here on the accounting profession as a whole as well as:
- cpa firms
- tax preparation services
- payroll services
- bookkeeping
- women
captive insurance: the top eight myths
deconstructing misconceptions about forming your own insurance company to optimize cash, mitigate taxes and build enterprise value
by ken huffman, cpa
president
captive nation
with continued economic uncertainty, companies of all sizes are looking toward captives as a way to manage high-severity risks and gain enhanced flexibility and greater control over their total cost of risk. and you don’t have to be a global behemoth to form a captive.
more in tax practice: the new tax opportunities in real estate | should the irs create a free file app of its own? | your tax season success plan starts here, now | tax prep fintech startup: april raises $30 million | new ira guide updated & expanded with 42-page supplement | thinking commercial real estate? think fast | new small firm cost seg opportunities | can the r&d tax credit be used to offset the amt? | how the r&d tax credit has expanded over the years |
captive insurance can be one of the most effective ways for businesses to protect themselves, optimize cash, mitigate taxes and build enterprise value. however, captives often arouse suspicion among those who are not well-informed. that’s because there have been widely publicized cases of companies using captives as illegal tax shelters, among other abuses.
to separate fact from fiction, i will walk you through some of the most frequently heard objections to captives and explain why those objections are often short-sighted. read more →
the new tax opportunities in real estate
maximize deductions and increase cash flow for real estate and construction clients.
by hank berkowitz
with a new tax landscape on the horizon, there’s never been more pressure (and more opportunities) for cpas to help their real estate and construction clients maximize deductions and increase cash flow.
more in tax practice: new small firm cost seg opportunities | what gig workers want |survey: big worries for u.s. and small business | working harder for every dollar | for a few: why busy season 2022 beats 2021 | can the r&d tax credit be used to offset the amt? | 21 reasons tax clients fire accountants | unhappy about tax season? | individual tax refunds up 13% | shut down the tax charlatans | eight quick, easy ways to fix irs filing | a tax season worse than 2021? | 16 traits of the best tax clients | irs under covid: heroes or goats?
“we’re looking at some of the biggest changes to the tax regulation, code, stimulus in a generation,” observed rick telberg, founder and ceo of 卡塔尔世界杯常规比赛时间, at the ct society of cpas virtual real estate conference, produced in association with bedford cost segregation /source advisors.
should the irs create a free file app of its own?
three ways to fix the program.
by 卡塔尔世界杯常规比赛时间
here’s something weird: the irs offers the vast majority of taxpayers the option to use the free file program to prepare returns.
more: irs audit rates are dropping, and big earners couldn’t be happier | six more ways to fix the irs | is remote the new normal? | accounting pros face challenges in turbulent times | your tax season success plan starts here, now | tax prep fintech startup: april raises $30 million | accountants agree: the top five ways to fix the irs
it costs taxpayers nothing. yet only three percent use it. can it be fixed? should it? congress is weighing in.
your tax season success plan starts here, now
now that everyone has (hopefully) had time to recover, there are four important steps to take to help next tax season go as smooth as possible
by christopher hayden
managing partner, hayden nelson & yoder
christopher hayden, cpa, cma, cgma is the managing partner of hayden nelson & yoder, a cpa firm based in pennsylvania, at hnycpas.com.
to avoid sugar-coating it, tax season is stressful. long work hours, back-and-forth with clients and mountains of documents can keep accounting professionals in the office for 20 or more additional hours each week. and this tax season felt extra-stressful with all the tax law changes, not to mention explaining to clients who had huge capital gains why they owed taxes.
but once the busy tax season is over, it’s time to review processes and take action to help the remainder of the year go smoothly.
more: civility goes a long way | don’t overlook office relationships | how to deliver authentic value | why deadlines get missed | five reasons you’re not swot-ready | are you productive or just busy? | accounting is a profession, not an industry
before that, allow a few weeks to:
- rest
- relax
- recover
make sure to give team members a pat on the back, especially if it’s their first time going through the madness of tax season or they went above and beyond this year.
however, once everyone has recovered enough, it’s time to go through the following steps: read more →
tax prep fintech startup: april raises $30 million
after successful tax season, embedded tax platform april raises $30m series a from fintech veterans