In response to the recent fuel crisis, the IRS has just indicated it will not impose a penalty when dyed diesel fuel is sold for use or used on the highway in 12 states. These states include: Alabama, Delaware, Georgia, Florida, Louisiana, Maryland, Mississippi, North Carolina, Pennsylvania, South Carolina, Tennessee,
While many accounting firms are talking about client experience, very few have any idea how to approach improving it. As a result, they tend to take a “whack a mole” approach: taking client surveys, sending gift baskets and other activities that don’t really move the needle. What firms need is
We teach webinars very often about improving firm efficiency, workflow and providing better services for our clientele. No matter what the subject matter of the webinar is, we ask one question without fail: What is the biggest obstacle in your firm’s workflow? There are five options for webinar attendees to choose from: 1.
The Consolidated Appropriations Act 2021 (CAA 2021), which was passed on December 27, 2020, provides many of the answers the country was waiting for regarding the Paycheck Protection Program (PPP) in particular. In recent days myriad articles have been written and webinars hosted detailing the key features of CAA 2021 and
In a new private ruling (PLR 202114001, 1/12/21) the IRS substantially limited write-offs for IVF costs claimed by a same-sex couple that used an unrelated surrogate. Under the new Consolidated Appropriations Act (CAA), a taxpayer can deduct qualified medical expenses in excess of 7.5 percent of adjusted gross income (AGI). This threshold
When I say the words “unreasonable and demanding,” chances are, a client – either past or present – just sprang to mind. After all, everyone has had a client they’ve considered just throwing up their hands and disengaging with: The client who emails, then calls to make sure you got
Our topic is exclusion from taxable income for employer payments that would otherwise be included in the W-2 (Section 129). The savings can be in income tax as well as FICA. The American Rescue Plan was signed into law on March 11. The credit, the direct reduction in tax liability,
Hiring is no longer limited by physical location. By leveraging technology, we can expand our teams to include people from different geographical locations, broaden our talent pool, reduce overall business costs and provide better client service. But how do you hire someone if you never meet them in person? The
I often receive queries from freelancers, consultants and other kinds of self-employed individuals who use their homes to run their businesses and ask how to take maximum advantage of the IRS’s complex rules for deducting home-office expenses. In particular, they want to know which write-offs are okay and which aren’t.
In a new Tax Court case, Max, TC Memo 2021-37, 3/29/71, a clothing manufacturer could not claim the R&D tax credit for its process of designing garments. Generally, the R&D credit is equal to 20 percent of the amount of qualified research expenses for the year above a base amount.