Guest Article

It is painful when you finally realize that the money you expected to be repaid is never coming back. The tiny silver lining in that cloud might be the tax benefit of “writing off” the debt. Unfortunately, that silver lining may well be eclipsed by an even bigger cloud. Writing bad debt off is not that easy, and there’s probably no silver lining to that cloud. Ironically, you might find that the mistakes that caused you to be holding a bad debt might be what prevents you from getting a usable deduction.

Setting up a partnership is a lot like getting married. It's exciting, full of promise, and if you do it right, it can be incredibly rewarding. Do it wrong, and you're setting yourself up for years of headaches and potentially significant financial loss. The decisions you make at the formation stage of your partnership will impact your tax situation for years to come, and in some cases, these decisions can be difficult or costly to undo later. In this article, we'll explore the critical steps in setting up a partnership and the tax implications of various contribution strategies. You'll learn how to establish a foundation that maximizes tax advantages from day one.

There has never been a moment in the accounting profession, quite like this one. For decades, new tools have promised efficiency and accuracy, but artificial intelligence is different. AI is not just another tool, it’s a change in how we work. AI can automate tasks that were formerly part of our everyday work, such as data entry, reconciliations, reporting, and even initial research.

For many accountants, narrowing our focus can feel risky. We are trained to serve anyone who needs help and provide stability in any financial situation. Choosing a niche often raises concerns: Will we turn away good clients? Will we limit opportunities or reduce business stability? These are common doubts many of us have faced in our careers.

April brings both anomalies and the same-old from Tax Court. Congressional enactments that misfire give opportunities to inventive practitioners, while self-represented petitioners continue to do the darndest things. All these are teaching moments that make "the small court" a continuing professional education course that never ends.

The buzz around the Kwong v. United States decision is quickly turning into something very real for practitioners: potentially a wave of Form 843 claims tied to COVID-era penalties and interest. With voices like Frank Agostino pushing for action, the message is clear: dig into client transcripts and don’t sit this one out, even though the outcome is still being litigated.

Early in my career as a tax professional, I thought identifying strategic opportunities was primarily a function of technical knowledge. If I just knew enough tax law, I assumed the right strategies would naturally reveal themselves when reviewing a client's situation. This assumption led to a haphazard approach where I might spot a planning opportunity for one client but completely miss an identical opportunity for another simply because I wasn't methodically looking for it. This inconsistent approach changed when, leaning on my training as an instrument rated pilot, it occurred to me that I should be following a structured process that assures that I won’t miss any opportunities. That observation transformed my practice. I realized that identifying strategic opportunities isn't just about what you know—it's about how systematically you apply that knowledge. Even the most knowledgeable tax professional will miss opportunities without a structured methodology for uncovering them. In this article, I'll share the systematic strategic analysis process I've developed over three decades of tax practice. This methodology doesn't replace technical knowledge—it magnifies its impact by ensuring you consistently identify opportunities across diverse client situations.

The accounting world is changing fast. Computers and AI now handle much of the boring, repetitive work that humans used to do by hand. This is great for saving time and catching mistakes, but it also introduces a new challenge: "mental rust" or “cognitive atrophy.” If we rely on computers for most of our thinking, our own problem‑solving skills can weaken. Recent studies suggest that heavy reliance on AI tools is associated with lower scores on some critical thinking tests. When we stop practicing how to solve problems ourselves, we may be less prepared when something unusual happens that the computer cannot handle. To stay sharp, accountants need to find practical ways to keep their brains working hard. Here are 100 simple ways to keep your mind strong in the age of AI.