Looking back over a tumultuous year, we learned the value of cool heads and steady hands. After dealing with the ups and downs of the pandemic, the economy, the election, and political and civil unrest, we’ve learned some broader lessons that can be implemented in our financial planning for 2021. Here are the four biggest lessons we’re encouraging you to … Read More
Tax Savings Tips
With COVID incomes down in 2020, there may be an opportunity for good tax planning to help. For example, if you hold an asset for one year and one day it is taxed at 15 percent or 20 percent, depending on adjusted gross income (AGI). Any asset that you sell that has been held less than a year and a … Read More
Planning for Year-End
Review the CARES act changes for 2020 In March 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law and included relief provisions focused on IRAs and qualified retirement plans. These changes impact the processing and tax reporting of certain transactions in these accounts. Consider making a 2020 IRA contribution, and create or refresh your … Read More
Gifting and taxes: The sooner the better
While festivities may be somewhat dampened this year due to the coronavirus, the holiday season seems to foster a spirit of giving. This year might be a good time to indulge the spirit, according to wealth planners. Right now is a very good time to gift. It’s a good idea to get any appreciation out of their potential estate and … Read More
The Importance of Cybersecurity
Ransomware attacks pose as a threat for any business owner, CPA, or EA. If you suffered a data breach from a ransomware cyberattack you will most likely be forced to pay exorbitant fees as the attackers exchange money for you and your client’s personal information. Since 2016 approximately 4,000 of these types of ransomware attacks have been happening every day … Read More
The New Form 1099-NEC
In case you have not heard: The IRS has revived Form 1099-NEC, which was last used in 1982. This form will be used in 2021 to report 2020 non-employee compensation. Corresponding changes were made to the 1099-MISC form. In recent years, non-employee compensation was reported in Box 7 of the 1099-MISC form, that box now goes away. Instead, the 1099-NEC … Read More
Creating a Foundation for Enduring Success Next Year
As 2020 draws to a close, the topic of advisory services remains relevant to the accounting profession. At the recent Accounting & Finance Show USA, Intuit’s Jasen Stine explained how offering these services will make both you and your clients more successful in the face of the changes that resulted from the COVID-19 pandemic. Over the last year, one major … Read More
IRS Issues Tax Guidance on PPP Loans
The Treasury Department and the IRS have just released additional guidance on the tax treatment of forgiveness of Paycheck Protection Program (PPP) loans authorized by the Coronavirus Aid, Relief and Economic Security (CARES) Act. But is it enough? The CARES Act says PPP loans may be forgiven without any tax consequences. The new ruling and accompanying revenue procedure follow up … Read More
Get ready for the next merger wave in accounting
Between the pandemic, aging CPA firm owners, and staffing tensions, many in the accounting profession anticipate a huge uptick in firm mergers and acquisitions over the next 24 months. If the predictions and emerging trends are right, it’s important for firm leaders to plan accordingly. M&A is a profoundly serious matter, and you need to be prepared. Do not schedule … Read More
3 tips to break up your workday and improve your mental wellbeing
If you’re working from home, things can start to feel repetitive. This is a feeling that is being shared by millions, as people all around the world deal with working in the same place as they sleep, eat and raise their family. And it can be detrimental to your mental wellbeing. Columbia University neuropsychologist Sanam Hafeez says: “When our day … Read More