tax season

medical and dental expenses: what can you deduct?

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man taking medication from caretakerinsurance premiums can be deducted … in part.

by barry j. friedman, cpa
industrynewsletters

can your clients deduct medical and dental expenses? that’s a complicated question.

more: beware the taxes of self-employment | 6 key facts about excise taxes | gifts to charity: 6 facts about written acknowledgments | yes, home equity loans may still be deductible | social security hike the largest in 7 years | basis: turning a common client question into new business
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

to start with, their deductions must exceed 7.5 percent of their adjusted gross income. and they have to fall into an irs-approved category.
read more →

busy season: the busiest ever?

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tax professionals expect a very busy busy season.

today’s bonus question:
the tcja impact on your practice and your clients
join the survey: get the results.

busy season barometer: 63 percent expect an increase in clients this year, and 78 expect higher revenues.

by rick telberg
卡塔尔世界杯常规比赛时间 research

one thing’s certain about the 2019 tax season: nothing’s certain.

the early results from the 16th annual 卡塔尔世界杯常规比赛时间 busy season barometer show tax practitioners hopeful but nervous.

more busy season:  tax season 2019 launches with a whimper  | 16 big questions for tax season  |  survey: tax accountants alarmed by tcja & shutdown  |  shutdown: what to tell tax clients during “the lapse”   |  beware the leeches and consultants   |  charitable giving under tcja  |  why padding tax deductions is a risky proposition  |  handling the delay in 199a regs |  survey: clients rush for tcja answers |goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

for many, the season seems to be shaping up for more clients and increased revenues. at the same time, however, practitioners are showing unprecedented concerns that instead of success, they could end up with a mess.

and mess or success, they’re in for a lot of work. read more →

16 big questions for tax season

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how's busy season so far? join the survey. get the results.
how’s your busy season measure up? join the survey: get the metrics.

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 →

shutdown: what to tell tax clients during “the lapse”

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how's busy season so far? join the survey. get the results.
join the survey. get the results.

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:

read more →

how clients should gather their papers for taxes

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woman holding paper at deskthey don’t have to eat the rhino all in one bite.

by barry j. friedman, cpa
industrynewsletters

don’t let your clients find themselves frantically searching for information they need to file their tax returns at the last minute. help them reduce filing difficulties and possibly their tax bills by knowing what documents to have at your fingertips.

more: charitable giving under tcja | gifts to charity: 6 facts about written acknowledgments | yes, home equity loans may still be deductible | how to talk to clients about ‘basis’
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

most of the papers they need to document the income, interest and withheld taxes they report arrive in your mailbox in january, with investment-related 1099s often coming in february. they can get ready for that arrival by creating print and online folders. it’s a good idea to create a paper and an email tax folder for messages relating directly to tax information.
read more →

charitable giving under tcja

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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
goprocpa.comexclusively 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 →

handling the delay in 199a regs

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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 →

tax shops cut 6,200 jobs

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signs of a hiring slowdown? payroll agencies trim hours.

by beth bellor
卡塔尔世界杯常规比赛时间

are the heady days of hiring spikes over? maybe, but the accounting profession still scores far more positives than negatives, according to a new 卡塔尔世界杯常规比赛时间 analysis.

more on jobs: tax shops cut staff by 10% | benefits, perks, and incentives: the happy-packs of employee satisfaction | steady gains in hiring at accounting firms | tax prep services slash 10,000 jobs as busy season begins | tax & accounting wages up 4% | accounting profession shows steady growth | accounting profession growing, but slowly
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

new records are being set in overall staff, in payroll staff, and in bookkeeping. tax preparation services, meanwhile, continue to shed employees. and payroll agencies are cutting back on hours worked.

in this report, 卡塔尔世界杯常规比赛时间 highlights:

  • current hiring trends in each of the bookkeeping, payroll, tax and cpa segments of the industry.
  • average hourly wages for key segments
  • typical hours worked per week
  • trends concerning women in the accounting workforce

read more →

yes, home equity loans may still be deductible

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

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 →