tax practice

yes, home equity loans may still be deductible

by

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 →

portability: sharing the estate tax exemption

by

6 key points.

by barry j. friedman, cpa
industrynewsletters

portability is actually a simple concept. it means that if one half of a married couple doesn’t use up the entirety of the federal estate tax exemption at death, the surviving spouse can use this leftover portion, plus his or her own exemption.

more: real estate, iras & clients | 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.

it makes a high federal estate tax bill less likely. this provision has changed the way estate planning can be approached today.
read more →

9 secrets to getting irs penalties removed

by

number 9 created by gaps between many small green plastic 9'splus an entirely different method.

by michael rozbruch, cpa
the irs audit notice checklist

the irs has over 148 different penalty types they can hit you with. and the worst part is that the irs can also charge interest and additional penalties on the original penalty.

more: social media’s place in your marketing strategy | kpis that accounting firms don’t measure but should | 10 tips for maximizing referrals
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

penalties can be such a high percentage of the overall tax debt that it generally makes sense to consider requesting the irs remove or reduce penalties in certain situations.
read more →

the cure for commoditization

by

managing for profits beats price-cutting.

by frank stitely
the relentless cpa

in the beginning, the irs created the 1040 and saw that it was good. shortly thereafter, the first cpa crawled out of the primordial muck and asked, “how can i make money preparing tax returns?”

more stitely: what the value-pricers get wrong | four amusing millennial myths | the annual tax meeting is dead. clients killed it. | 3 rules for asking great tax-return questions | where workflow management runs off the rails | three ways your office tech is ruining your firm | when value pricing works | the 4 dark clouds hovering over cloud accounting software | value billing on the 19th hole | the irs and big data gone bad | will zero data entry end your tax practice? | three trends that will transform your tax practice or eliminate it | value, billem & dunn: a value billing case study | how to make an extra $72,000 by working smarter

goprocpa.com

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

the green eyeshade-wearing neanderthal cpas eventually evolved into cpas experienced in electronic data management, but today, we are still trying to answer that first question.

effective project management isn’t the entire answer, but it’s an essential building block.

read more →

kpis that accounting firms don’t measure but should

by

kpi business management with key performance indicator presented by businessmanplus 6 to help spot warning signs.

by michael rozbruch, cpa
the irs audit notice checklist

successful solo and small firm owners know their kpis like the back of their hand. they realize that the key to generating healthy profit margins, cash flow and to thrive is to “know thy numbers.”

more: 10 tips for maximizing referrals
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

most business owners only need to keep track of a few key indicators – which measure the performance of their marketing and sales efforts – to ensure that their firms are prosperous, growing and on the right track.

keep reading for the most important ones:
read more →

busy season prep: 12 essential checklists

by

more than 50 items to get off to a good start.

卡塔尔世界杯常规比赛时间 research

planning for tax season is an important step in both optimizing profits and managing the professional liability risk associated with providing tax services,. pre-tax season training of personnel and proactive review of administrative procedures will improve efficiency through april 15th and beyond. 

part 1. what to do now… before the big rush

  • 4 ways to help clients prepare
  • 5 steps to review e-file requirements and processes
  • 4 ways to update engagement letter processes
  • 3 must-do’s to review client acceptance and continuance procedures
  • 8 steps to prepare the firm for tax season
  • 5 ways to help staff prepare for tax season

part 2. what to do during busy season

  • 11 items to cover in a pre-tax season staff meeting
  • 15 things to include in a control log
  • 4 things to remember when testing tax software
  • 8 things every tax preparer should do for each client
  • 4 ways to better plan for deadlines
  • 2 keys to survival

read more →

10 tips for maximizing referrals

by

it doesn’t happen by accident.

by michael rozbruch, cpa
the irs audit notice checklist

if you’re like most people, it’s only when customer service dramatically impresses or exceeds your expectations that you begin to create word-of-mouth advertising and referrals.

conversely, service has to be really bad before you starting warning people to avoid a company at all costs. the thing is, often it only takes one or two “little touches” to create exceptional service.

read more →

leveraging r&d credits and depreciation for cannabis clients

by

portrait of bryan mcdonald
mcdonald

cpamd’s bryan mcdonald shows clients how to start off on the right foot.

by liz gold
cannabizcpa.pro

how a cannabis company is structured can have huge tax implications – and getting companies set up correctly, from the get-go, is what bryan mcdonald does when he starts working with a cannabis client.

more at cannabizcpa.pro: cannabis lights up midterm ballots | ‘genius accountant’ helps cannabiz clients manage effectively | bruce jolliff: jumping into cannabis head first | mark guiley oversees new cannabis niche | jessica velazquez on cannabis accounting and activism | podcast: jim marty and cory parnell go national | 5 biggest mistakes cannabis ceos make
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

as he said, “how you form your entity is really key. it is much more difficult to do that later in the life of a cannabis company.”
read more →

client checklist: top 10 issues for real estate investors

by

explaining the strategies, benefits, and pitfalls.

by ed mendlowitz

real estate is a popular investment, and there are many potential tax benefits to owning it. want to help your clients get all the tax benefits they could be entitled to? of course, you do!

so make sure your clients know some of the more popular benefits and pitfalls. the top ten issues to conder are in my real estate tax-benefit checklist below.

read more →

new salt deduction limit: what clients need to know

by

tcja caps deduction at $10,000.

by barry j. friedman, cpa
industrynewsletters

the irs is taking a look at the deductibility of state and local tax payments for federal income tax purposes in the wake of tax reform. so what’s happening with this complicated issue?

more: basis: turning a common client question into new business | bitcoin: what clients need to know | supreme court wayfair ruling sows confusion – and opportunity
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

the irs will be addressing the deductibility of state and local tax payments for federal income tax purposes. it’s a reminder that federal law controls payments for federal income tax purposes no matter how state law wants to view things.
read more →

basis: turning a common client question into new business

by

how a simple conversation opens the door to a host of new opportunity.

by barry j. friedman, cpa
industrynewsletters

basis seems like a simple concept, but as with so many tax issues, it can become complicated quickly. this is especially true after recent tax reform.

more hot-button topics for clients: supreme court’s wayfair ruling on sales tax sows more confusion  |  making passwords hack-proof  |  check your clients’ withholding now  |  what clients need to know about bitcoin

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

first, let’s start with what “basis” means. clients need to understand that basis is usually what you paid for an asset. according to the irs, a capital gain or loss is the difference between your basis and the amount you get when you sell an asset. so, if you sell an asset that is worth more than you paid for it, you will have to pay taxes on the gain.

read more →