Business Strategies

Mitigating Risks: A Roadmap for Withdrawing Employee Retention Credits or Filing Income Tax Returns for Clients Who Have

Just in – the IRS dropped a hot alert about the Employee Retention Credit (ERC), and it's time to pay attention . With the March 22, 2024, deadline creeping up for the ERC Voluntary Disclosure Program, it's crucial for those who mistakenly filed a claim to take action. This program lets businesses repay just 80% of the claimed amount, so it's a chance to make things right. If your clients filed a claim that's still in the pipeline, it's time for a double-check. Review the guidelines ASAP and withdraw the claim if it doesn't pass muster.

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Think Outside the Tax Box provides tax reduction strategies along with practical implementation advice in order to reduce your clients’ federal tax bill with ease.

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CURRENT EDITION

Tax Tips for Families Affected by Disability: What More People Should Know

Peter J Reilly CPA

There are a few tax tips for people with disabilities that I think are not as well-known as they should be. They can also be applicable to their parents or others who care about them. This is not meant to be a comprehensive treatment of all aspects of how taxation and disability interact. Rather it is to alert you to some things I think should be more widely known. One thing to keep in mind is that some of the parents and grandparents of disabled adults don’t necessarily share this part of their personal life, so you may be surprised at how this information might be valuable and appreciated by some of your clients.

Beyond Numbers: How Post-Cognitive Accountants Transform the 1040 into a Portal of Profound Insights

Garret Wasny, MA, CMC, CITP/FITP

In an era where Artificial Intelligence (AI) effortlessly handles the computational heavy lifting of tax preparation, the role of the accountant is evolving into something far more profound. The Post-Cognitive Accountant emerges not as a number cruncher but as a holistic advisor, transforming mundane tax documents into gateways of deep personal and financial insight. The once straightforward Form 1040 is now a rich tapestry, each box a doorway into the unique narrative of an individual’s life. Let’s embark on a journey through the 1040, reimagined as a portal to new dimensions of understanding and opportunity.

Networking Events for CPAs: Making the Most of Conferences and Seminars

Marie Torossian, CPA

Networking is vital to any profession and is no different for us Certified Public Accountants (CPAs). Attending conferences and seminars can be a game-changer, offering opportunities to learn, connect, and grow your professional network. These events are not just about business but also about personal and professional growth. However, to truly benefit from these events, it’s essential to have a strategy in place.