tax practice

new ira guide updated & expanded with 42-page supplement

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learn more | buy now

free to buyers of the first edition.

卡塔尔世界杯常规比赛时间 is pleased to announce the updated version of a practitioner’s guide to the ira distribution rules under the secure act by seymour goldberg is now available for sale in the 卡塔尔世界杯常规比赛时间 shop here.

  • buyers of the first edition, issued last year, can pick up the new edition for free, using as a discount code the last word on page “i” of the edition they already own.

the new guide includes a 42-page supplement that covers many of the changes in the retirement distribution rules that every accountant dealing with iras must know. the proposed regulations were issued on feb. 23.

the new regs take up only 275 pages, but they are maddeningly complex. “a slipup in not knowing the rules can have adverse irs penalty tax consequences,” warns author goldberg.

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thinking commercial real estate? think fast.

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warn clients: do the deal, get the cost seg study, and claim the bonus depreciation before it sunsets.

gonzalez: clients should act now, while the percentage of the allowed bonus depreciation is tipping in their favor.

by julio gonzalez
engineered tax services

julio gonzalez, founder and ceo of engineered tax services, has been named among the accounting today top 100 most influential people. gonzalez has been a pioneer in bringing specialized engineering tax studies to local cpa firms and mainstream america, which historically had only been available to fortune 500 through national accounting firms.  engineered tax services also owns the growth partnership, able: crm for accountants, and inside public accounting.

alas, the 100 percent bonus depreciation rule—the federal tax law under the tax cuts and jobs act (tcja) of 2017 that made it possible for taxpayers to write off a property’s reallocation in the year of acquisition—will begin to sunset at the end of this year.

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?

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

in its place in 2023, an 80 percent bonus depreciation will be allowed for properties acquired in 2023, scaling down to 60 percent in 2024 (for properties acquired in 2024), 40 percent in 2025 (for properties acquired in 2025), 20 percent in 2026 (for properties acquired in 2026), and then zero percent in 2027 and later years for properties acquired in 2027 and afterward.

it’s important to note for your clients in real estate that bonus depreciation is applied to a property based on the year it was purchased (although there are some exceptions to this rule). and taxpayers can only claim bonus depreciation retroactively within two tax years of the original placed-in-service date. read more →

new small firm cost seg opportunities

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portrait of brian coddington
coddington

accountants’ top five questions answered.

by brian coddington
source advisors

brian coddington is the director of tax accounting methods and credits in the fort worth, texas, office of source advisors.

cost segregation is a highly beneficial and widely accepted tax compliance strategy utilized by commercial real estate owners and tenants to accelerate depreciation deductions, defer tax and improve cash flow.

more: can the r&d tax credit be used to offset the amt? | how the r&d tax credit has expanded over the years | the nine-point plan for handling §179d
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

1 — who uses cost segregation?

once used only by the largest accounting firms and real estate owners, this practice has now become routine for commercial property owners of almost every size.

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what gig workers want

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and what they need opens new opportunities for accountants and accounting tech.

by 卡塔尔世界杯常规比赛时间

one of the most radical and ramifying shifts in employment economics of the past several decades is the advent of gig workers—the millions of americans working out of their garages, attics, closets and breakfast nooks.

and all of them have unique accounting needs.

accounting firms need them. and venture-backed software startups are chasing them. read more →

avalara crush set for may 17-18

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e-commerce changes everything.

avalara, the tax compliance automation software provider, has opened registration for crush, its sixth annual tax, and technology event. the virtual conference will take place may 17–18, 2022. registration is free at avalaracrush.com.

“e-commerce has erased borders and created new channels for businesses of all sizes. at the same time, our omnichannel economy has created new and expanded compliance challenges,” said scott mcfarlane, co-founder, and ceo of avalara. “during this year’s global virtual event, we aim to help businesses understand the global tax landscape and equip them with the tools they need to keep compliance from getting in the way of growth.”

headline sessions for crush include: read more →

accountants agree: the top five ways to fix the irs

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the united states of frustration: schaffer, zulager, toye, devine. (word cloud: 卡塔尔世界杯常规比赛时间 research)

some suggestions: burn it down and start over. abolish the income tax altogether. privatize it.

by 卡塔尔世界杯常规比赛时间 research

if the 卡塔尔世界杯常规比赛时间 busy season barometer were a thermometer, it would be popping its mercury with responses to “how would you fix the irs?”

see: irs tops list of busy season problems

we’re getting a lot of comments, many of them scorchingly hot. accountants and tax preparers are not happy with the government agency that their profession depends on more than any other.

more busy season ’22: 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?

goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the top five most common recommendations:
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can the r&d tax credit be used to offset the amt?

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portrait of alex pak
pak

check four tests for qualified research.

by alex pak
source advisors

alex pak is a director in the los angeles, california office of source advisors.

the protecting americans from tax hikes (path) act of 2015 includes provisions that allow certain taxpayers to offset their amt liability with the r&d tax credit for taxable years beginning on or after jan. 1, 2016.

more: how the r&d tax credit has expanded over the years | the nine-point plan for handling §179d
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

amt limitations

before the path act, amt restrictions prevented qualified companies from utilizing 100 percent of the r&d tax credit. the excess credits were often carried forward. today, small businesses can offset amt using the r&d tax credit for tax years beginning after dec. 31, 2015.
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how the r&d tax credit has expanded over the years

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portrait of deborah roth
roth

improving your process? you could qualify.

by deborah roth
source advisors

deborah roth is practice leader and managing director in the fort worth, texas office of source advisors.

governments typically incentivize private industry to produce research and development (r&d) as a strategic tool to advance their economies. initially temporary, the federal r&d tax credit became the united states’ primary means for rewarding businesses for investment in research. the path act of 2015 permanently extended the r&d tax credit and expanded its provisions.

more: the nine-point plan for handling §179d
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

rapid changes in technology over the past decades have forced most companies to constantly innovate. at every stage, companies encounter technical challenges related to developing new or improved products and trade processes and integrating them with existing assets.
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irs tops list of busy season problems

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forget covid. the underfunded, understaffed, underequipped, underappreciated, misunderstood irs is the top problem.

by 卡塔尔世界杯常规比赛时间

it probably won’t surprise you that the 卡塔尔世界杯常规比赛时间 busy season barometer identifies irs operations as the biggest problem tax practitioners face today. in fact, we’ve never seen such widespread agreement among respondents—an astonishing 80 percent of them.

more in tax: shut down the tax charlatans | tax pros preparing 46 percent of e-filings | eight quick, easy ways to fix irs filing | for a few: why busy season 2022 beats 2021 | a tax season worse than 2021? | 16 traits of the best tax clients | six fixable problems at the irs | irs under covid: heroes or goats? | irs launches 2022 season with “strong start” | two big (and obvious) ways irs could work with practitioners | imagine a fully online irs | the real cost of interstate sales tax | irs at death’s door? | beyond tax prep: the big cha-ching! | crisis at the irs | the irs’s 10 biggest problems | fear and loathing for tax season ’22

goprocpa.compro members: log in here or 2022世界杯足球排名 today.

that consensus indicates that there really is a problem at the irs. it’s underfunded, understaffed, underequipped, and, at this point, underappreciated and misunderstood.

the real problem is that the problem is creating problems. irs staff can’t keep up with correspondence, yet the computers, even though working off an operating system that dates back to the kennedy administration, keep churning out moot notices and undeserved penalties.

read more →

the nine-point plan for handling §179d

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portraits of karen koch and imran syed
koch and syed

it takes a team.

by karen j. koch and imran syed
source advisors

karen j. koch, cpa, mt, is a senior director in the louisville, ky., office of source advisors. imran syed, p.e., leed ap, cem, hers rater, is a senior director, energy services in the fort worth, texas, office.

section §179d can help your commercial real estate clients reduce taxable income and increase cash flow significantly. just make sure you know the current rules, rates, regs, and the reach of this provision.

whether you have a large roster of commercial real estate clients or are just dipping your toes in the water, it’s easy to get overwhelmed by all the existing and potential changes to energy incentives. that’s why it’s so important for the energy design needed to qualify for tax incentives to be correct in the original design. the design for claiming lucrative tax incentives is as critical as building the financial stack.

map out a list of points to discuss with your commercial real estate clients.
read more →

shut down the tax charlatans

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why shouldn’t tax practitioners be regulated? ask congress.

by 卡塔尔世界杯常规比赛时间

what do lawyers, cpas, truck drivers, and beauticians have that many tax preparers don’t?

certification.

more in tax: imagine a fully online irs | the real cost of interstate sales tax | irs at death’s door? | beyond tax prep: the big cha-ching! | crisis at the irs | the irs’s 10 biggest problems | fear and loathing for tax season ’22 |  padar joins vc-backed tax fintech for banks |  covid chokes an already crippled irs | tax regs for the metaverse | 10 steps to a superior tax department | accountants critical of competitor price-cutting |  automate busy season with apps you already use | sales & use tax costs are higher than anyone thought | survey: nobody loves the wayfair decision | busy season forecast: more chaos  | a woman named wanda leaves an ira nightmare  | are you under-pricing your client accounting services?  | your best advice: get smart, get tech, get moving | worries for small business clients |

goprocpa.compro members: log in here or 2022世界杯足球排名 today.

or, to use other words, proven competence. the tax preparation industry is a mixed bag of highly skilled and credentialed professionals, less skilled newbies trying to learn the trade on the job, and charlatans skilled in not much more than ripping off the unsuspecting or, at best, doing a slapdash job. read more →