Investing in the right tech stack will save your company time, money, and energy, whether you’re a perfect fit for one of these five firm types or somewhere in the middle. If you work in the financial services industry, you
Everyone has heard the expression “hope for the best, prepare for the worst.” We actually need to go a step further with this approach as tax experts. Rather than simply preparing for the worst, we must teach ourselves how to
It’s tough to exceed the tax law’s “floor” for medical expenses, so make sure you identify every expense you’re authorized to claim. State taxes must be remembered. Only medical costs above 7.5% of adjusted gross income may be written off
You should standardize and document every step of your workflow before scaling. By building a scalable business, you may expand your enterprise more smoothly as you go. Additionally, focusing on growing strengthens your company by making it adaptable and competitive.
The necessary tax forms are easily accessible, and instructions on how to fill them out are readily available on the IRS website. Finding the form or publication you need is as easy as using the search box on the IRS’s
It wouldn’t be strange if your clients thought about changing their legal arrangements at some time given how frequently businesses change. Your clients might decide to change from an LLC to a C Corp or vice versa for a number
When tax season rolls around, we have all had that conversation with our S-Corporation clients. Why should they have to pay tax, when they claim to never receive any payments from their S-Corporation? It’s important to treat the cancellation of
Unenrolled preparers can opt into the IRS Annual Filing Season Program (AFSP). The AFSP provides tax practitioners who meet the standards with limited representation rights. Participants in the AFSP earn a completion certificate that permits them to represent clients in
CPAs are licensed by a state licensing authority (for example, a state board of accountancy), and many states recognize licenses from other jurisdictions. A CPA must normally have a degree in accounting and spend an apprenticeship at a firm before
The US Treasury Department licenses EAs. The exam they take to get the credential is completely tax-related and written by the IRS. Before electing to get the EA credential, an EA would often have one or more years of experience