thinking commercial real estate? think fast.

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 →

six quick solutions for irs backlogs

some reassignments, perhaps?

by 卡塔尔世界杯常规比赛时间 research

editor’s note: this is part i of a series on fixing the irs. part ii will explore medium-term and longer-term solutions. part iii will look at legislative solutions.

everybody gripes about the irs, but nobody does anything about it.

more in tax practice: thinking commercial real estate? think fast.  |  new small firm cost seg opportunities  |  what gig workers want  |  accountants agree: the top five ways to fix the irs  |  tax season ’22: working harder for every dollar  |  irs tops list of busy season problems

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

well, almost nobody. on april 21, america’s national tax advocate, erin m. collins, marched into the house of representatives, sat down before the subcommittee on government operations and told them two things:

  1. what the problems at the irs are, and
  2. what to do about them.

read more →

grunden, zecca, minkler ink anders deal

the merger joins jody grunden, author of “building the virtual cfo firm in the cloud,” with bob minkler’s top 100 super-regional.

minkler

minkler cites 卡塔尔世界杯常规比赛时间 for sparking the deal.
grunden

summit cpa co-founders jody grunden and adam hale and all 60 staff members are joining st. louis-based anders, bringing anders’ total partners and staff to 335 with revenue of  $60 million.

anthony zecca, ceo of growth path partners llc, and author of 卡塔尔世界杯常规比赛时间’ “leading from the edge,” advised anders on the transaction. zecca was instrumental in connecting anders and summit, and he will continue to serve as an advisor as the merger solidifies and grows. zecca is a retired partner of cohnreznick and was managing partner of the firm’s advisory group.

more grunden here | see “building the virtual cfo firm in the cloud” by grunden
more zecca here | see “leading from the edge” by zecca

founded in 2002, summit has been a pioneer of remote work in the accounting industry since 2013. by offering virtual cfo services, including cash flow management, business tax planning and financial forecasting, summit has grown fast to $8.5 million, approximately doubling in size every three years since 2010 and has been recognized by inc. 5000. anders has also grown rapidly through the addition of advisory services, new industry lines, organically and through mergers, doubling to over $51 million since 2013.

read more →

the big battles ahead for corporate finance

advisory board members say it’s happening “whether a cfo chooses to do it or not.”

by the center for accounting transformation
improvetheworld.net

according to a group of corporate finance professionals, one of the most significant issues facing corporate finance teams is refocusing team members toward higher-value work such as interpreting data and advising on issues and solutions rather than allowing them to continue performing rote, manual tasks.

related:  top issues for 2022: talent, time, and transformation

learn more about the center’s audit advisory board or view the center’s transformation courses.

“the biggest risk that is clear to me is to continue the antiquated and outdated people strategies, performance, process, understanding, lagging platform adoption, and not understanding the deep relationships that we need to build instead of keeping the status quo,” offered chris ortega, ceo of fresh fp&a. “to me, that is 100% the biggest risk that we now face in the accounting and finance  space.”

read more →

must-knows about stock-based comp

portrait of kei morita
morita

new rules make it easier, but traps remain for awards that are not carefully structured.

by kei morita
holthouse carlin & van trigt llp

kei morita is a principal in the los angeles office of holthouse carlin & van trigt llp.

with the war for talent at a fever pitch these days, stock-based compensation (sbc) is one of the most effective ways for private companies to attract and retain valued workers. it’s also a very effective way for early-stage companies and other private entities to preserve cash flow while allowing key employees to share in the company’s growth. but the sbc accounting rules and calculations can be very complex.

more tax practice: new small firm cost seg opportunities  |  what gig workers want  |  avalara crush set for may 17-18  |  accountants agree: the top five ways to fix the irs  |  can the r&d tax credit be used to offset the amt?  |  how the r&d tax credit has expanded over the years

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

while fasb and the private company council (pcc) issued guidance late last year to make it somewhat easier for private companies to account for share-based awards, many challenges still remain. if you’re a cfo, controller, treasurer, hr director or another stakeholder in a privately held company – or have clients that are privately held companies – it’s critical to follow the sbc accounting rules correctly.
read more →

tax pro e-filing gains vs diy

data chartrefund amounts are up by double digits.

by 卡塔尔世界杯常规比赛时间

fewer returns are coming in than in 2021 but they’re being processed faster, according to the latest data available.

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

individual income tax returns received totaled 91.3 million as of the week ending april 1, down 2.1 percent from the same week the previous year, when the tax season began 19 days later and ended 29 days later. processed returns were at 89.3 million, up 6.6 percent. that put the latest processing rate at 97.8 percent.
read more →

what gig workers want

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

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

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 2021can 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:
read more →

survey: big worries for u.s. and small business

about two-thirds of accountants expect tougher times ahead for the nation’s economy and for small businesses. they are considerably more confident about the outlook for their firms. (卡塔尔世界杯常规比赛时间 research)
click here to launch survey
click here to launch survey

while signs are looking better for firms.

by 卡塔尔世界杯常规比赛时间 research

in a contradictory combination of economic outlooks, accountants are seeing pretty good times ahead for their firms and families, but trouble for other businesses.

more busy season ’22:  working harder for every dollar  | irs tops list of busy season problems  |  for a few: why busy season 2022 beats 2021can 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.

according to mid-season results from the 卡塔尔世界杯常规比赛时间 busy season barometer, 38 percent of respondents think the next 12 to 18 months will be much better (at 7 percent) or at least somewhat better (31 percent) for their own firms, and almost half – 45 percent – believe they’ll be doing at least as well as last year.
read more →

the big issues in audit: frustration, inconsistency, and technology

businessman pressing a "future" concept button

discussing audit transformation and innovations, one advisor said the field is ripe for technological solutions that allow team leaders to focus on advising clients and help team members streamline processes for automation.

by the center for accounting transformation
improvetheworld.net

in kicking off an inaugural meeting with audit industry experts, donny shimamoto, cpa, citp, cgma, asked the group, “what does the modern or leading-edge audit practice look like?”

related:  top issues: talent, time, and transformation

learn more about the center’s audit advisory board or view the center’s transformation courses.

the group, which met for the first time recently, is the center for accounting transformation’s audit advisory board. shimamoto, who created the center, brought together audit professionals with various backgrounds to help guide strategic direction, services, and program planning for the center, which helps professionals through the adoption and change required to step into the future of the accounting profession.

read more →

tax season ’22: working harder for every dollar

we may be miserable but the money is rolling in.

how does your tax practice measure up?
join the survey. get the results.

by 卡塔尔世界杯常规比赛时间 research

for the first time in a long time, the 卡塔尔世界杯常规比赛时间 busy season barometer is picking up signs of optimism among tax practitioners.

optimism! it seems kind of quaint today, like a rerun of mary poppins.

more:  irs tops list of busy season problemsshut 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.

but mary poppins, cpa, might have a bit of a hangover.

read more →