In today's digital age, where the competition among businesses is fiercer than ever, accountants are increasingly turning to local search engine optimization (SEO) to stand out in their communities. With many consumers relying on the internet to find local services, including accounting firms, harnessing the power of local SEO has become imperative for those looking to dominate their local market. In this article, I will explain the importance of local SEO for accountants and the difference between on-page and off-page SEO strategies to maximize visibility and attract clients within a targeted region.

Creativity on a tax return is a natural tendency. Many strategies and behaviors we know are wrong, e.g. not reporting all income. However, is it ever okay to disregard some deductions and pay more tax? At first glance, it would seem that the IRS should like the idea of more reported income and a higher tax liability attached to the additional income. The IRS does not.

The gig economy involves more than one-off and part-time jobs. It also includes when you share your property in exchange for money. This can be a residential property, a vacation home, or even a vehicle. The gig economy has connected those who need rides and places to stay with owners via online platforms. We refer to this part of the gig economy as the share economy. Accessing these accommodations is easy with the online platforms. But how the people participating should report their income isn't quite as straightforward. Last time we looked at how your clients should report gig income, just like any other income made as a sole proprietor. But making money from renting your property out is different, right? If you have clients with rental properties, you report their income on Schedule E (1040), Supplemental Income and Loss. We know from last time that we report gig economy income on Schedule C (1040), Profit or Loss from Business. So, how does rental income derived from the share economy get reported on a tax return? Every taxpayer's favorite answer, it depends.

A 2023 Tax Court decision upheld what many small business owners and tax practitioners have wondered about for some time. The court found that shareholders of an S corporation could exclude rental income paid to them by their S corporation for holding planning meetings in their homes. While the IRS and court found that the amounts charged by the shareholders were excessive, the court found the arrangement itself within the bounds of the law. This article examines this case and underlying law and when and how this is a planning idea worth pursuing, the limitations and unknowns involved, and the policy implications of this long standing exclusion. The case is Sinopoli, TC Memo 2023-105 involving the exclusion at IRC Section 280A(g).

What are clients, especially niche clients, generally looking for in an accounting firm? How do they look for an accounting firm? Those questions need answers if you’re to grow your firm as clients inevitably drop away and need to be replaced. Here’s a look at why and when clients might want a new accounting firm – or be thinking about moving on from yours – and niches you might want to investigate to replace these clients.

Month's-end brought signs of things to come. Earlier we saw clarification of the non-jurisdictional limit in employee classification cases, a new IRS tactic in syndication conservation easements, and, as always, sharpeners for the practitioner's toolkit.

Misinformation, misinterpretations, and catastrophizing – much has been written these past few months about BOI (Beneficial Ownership Information), all coming from a range of voices, from tax professionals to politicians. There have been dire predictions of small business owners being ushered to jail for failing to file and fears of tax professionals rounded up for the unauthorized practice of law (UPL). Then there are those who mistakenly say BOI has been ruled unconstitutional and who reject any need to worry about it. That is profoundly wrong. Let’s look at the facts and put an end to all of this fearmongering.

I can recall looking for a part time job in local newspapers when I was in high school. Sometimes a friend and I would ride around with our $2.29 per gallon gas looking for places that were hiring. Facebook was gaining popularity but not for job posting. So, searching for jobs on my phone via an app was unimaginable. Advances in technology have changed the way that we do things in the world. Everything an individual needs to find a job is right at their fingertips. There are more opportunities to find gigs and be your own boss if that’s what one desires. There’s no question that the way people find ways to earn income has changed. What has not changed is the fact that the IRS wants their share of the income earned. But how do we apply the tax code to these new ways that taxpayers are earning money? We are going to break that down in this three-part series. Whether your client is doing odd jobs on an app like TaskRabbit, driving for Lyft, renting out their home or car, you will know how to guide them. This is what we are going to cover today with a focus on rideshare, delivery, and other service gigs.