CURRENT EDITION
2025 Tax Surprises You Shouldn’t Overlook
There are a few tax rules new for 2025 that may catch some individuals and their tax advisers by surprise. These changes have not received lots of attention either because they are overshadowed by related changes that are more significant, or they were enacted a few years back with a future effective date that arrives in 2025. This article covers changes for 2025 that you will want to be sure to share with clients to avoid surprises at a later date.
READ MOREWhen Clients Leave, Look for a New Niche
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.
Read MoreTAX COURT ROUNDUP – July 2024
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.
Read MoreAn Update on BOI Reporting
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.
Read MoreSide Hustles and Tax Tussles: Tax in the Gig and Share Economy Part One
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.
Read MoreBuilding Your Firm’s Succession Plan from Within
One day, you won’t want to work anymore, at least not at your current firm. How do you pass on your firm for the best chances of success for everyone? That day when you step out the door for the last time may still seem far off, but when it comes – and it will – you’ll be thankful for an orderly departure. That many accounting firms never make it to a second generation indicates that a lot goes into successful succession plans: impressions of senior staff; the bottom line on your firm’s value and future; and, trickiest of all, just admitting that you need a succession plan. Hammer out details beforehand, especially if you, rather than merging your firm into another or selling your firm, want to groom your firm’s next leaders from within. How and when to start?
Read MoreInnovative Marketing Trends in 2024
As the accounting industry progresses, staying up-to-date with the latest marketing trends is crucial for us accountants as we aim to attract and retain clients. The marketing landscape is witnessing a significant transformation through major technological advances and continuous changes in consumer purchase behavior, affecting how we attract clients as accountants and business owners. Therefore, to thrive in this dynamic environment, as accountants, we must embrace these innovative marketing strategies that resonate with modern clients. In this article, I'll discuss ten groundbreaking marketing techniques and how you can use them in your firm's marketing strategy.
Read MoreCharitable Contributions From Your IRA: Tips and Traps
A really neat thing happens when you turn 70 and ½. Your IRAs essentially turn into donor advised funds if you don’t need all the money in them to make ends meet. Rather than withdraw money from your IRA to make charitable contributions, you can make them out of the IRA. So instead of an itemized deduction, you get an exclusion from adjusted gross income. For some people this might be a wash, but for most it probably isn’t. Besides the possibility of not being over the standard deduction threshold, there are a host of computations and thresholds that involve AGI. There are some things you need to watch out for, but first let’s go over the basics.
Read MoreSegmenting Your Prospects: A Targeted Approach to Business Development
In the accounting field, where client relationships and personalized service are paramount, understanding and segmenting your client base must be a priority. As the accounting landscape evolves and clients diversify, a tailored approach to client segmentation becomes indispensable. Clients are no longer interested in a one-size-fits-all approach to sales and marketing. Therefore, as an accountant and a firm owner, you must adopt a targeted approach tailored to different customer segments' unique needs and characteristics. In this article, I will delve into the importance of client segmentation within accounting firms and provide insights into implementing this strategy so you can drive growth and enhance your client satisfaction.
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CURRENT EDITION
2025 Tax Surprises You Shouldn’t Overlook
There are a few tax rules new for 2025 that may catch some individuals and their tax advisers by surprise. These changes have not received lots of attention either because they are overshadowed by related changes that are more significant, or they were enacted a few years back with a future effective date that arrives in 2025. This article covers changes for 2025 that you will want to be sure to share with clients to avoid surprises at a later date.
Leaving the United States, Part I: Expats
When Americans speak of leaving America, they generally are expressing a desire to live elsewhere in the world for cultural reasons or due to cost of living. These people are called expatriates, aka expats. For clarity, a mere visit to another country does not make you an expat. To be an expat, the move needs to be long-term and often includes working or retiring in the new country. Expats live somewhere outside the U.S., but still have a tax obligation to the U.S. and possibly the country they move to. That will be the focus of this article.
Tax Preparer Hit with Stiff Sentence
John Anthony Castro is a colorful character. He entered several Republican primaries seeking the Presidential slot after failing to win the primary for a Senate seat representing Texas. He sued to have our once and future President Donald Trump be removed from the ballot on Fourteenth Amendment Section 3 grounds. As we can easily infer, those suits went nowhere. But more than anything, John Anthony Castro was a tax guy with a virtual practice with locations in four cities. Not anymore. Now he is resident in a Bureau of Prisons facility – the Federal Medical Center Fort Worth. On October 30, 2024, Judge Terry Means sentenced Castro to 188 months in prison, followed by one year of supervised release and restitution of $277,243, following his conviction on 33 counts of “Aiding and Assisting in the Preparation and Presentation of a False and Fraudulent Return.” Does the sad story of John Anthony Castro hold any lessons for us? Perhaps.