Client service: the good and the bad

All of us, at one time or another, receive bad client service. Some examples may include: Phone calls not being returned, or e-mails responded to timely – if at all. Being unavailable at scheduled times for phone calls with the receptionist instructing you to call back later. Being kept waiting for appointments. A lack of …

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Malware from illegal video streaming apps: what to know

The use of video streaming services has increased significantly over the past few years. Streaming has been made easier through new technology like smart TVs, streaming boxes, and streaming sticks. These devices let you stream through services such as Netflix, Hulu, Sling TV, Amazon Prime, and countless others. Unfortunately, there are some apps that give …

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Auditors get audited too?

Did you know that audit firms get audited by their peers? Just when you think that we as auditors don’t understand what it’s like to be on the other side of the table . . . think again! Firms in the practice of public accounting and members of the American Institute of Certified Public Accountants …

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Leaving your tax practice behind? IRS says, “not so fast”

If you are one of the over 700,000 tax preparers with an IRS PTIN, you are probably familiar with the e-filing process.  A critical part of this process is safeguarding both the Electronic Filing Identification Number (EFIN) used by you to electronically transmit tax returns to the IRS and other e-filing documents. In the QuickAlert …

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What is a Limited Liability Company?

A Limited Liability Company (LLC) is a business structure allowed by state statute. LLCs are popular because owners have limited personal liability for the debts and actions of the LLC. Other features of LLCs include benefits of partnership treatment, providing management flexibility and pass-through taxation, including the ability to make special allocations of income and …

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Piles and piles and piles of regulatory correspondence

Confession of a tax professional after tax season: I took some time off. I had a college graduation to attend, and then some fun theme park time. Then there were second quarter estimated tax payments to calculate and relate to clients. The copies of the correspondence from the IRS and the Arizona Department of Revenue …

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How does Wayfair affect your restaurant business?

For half a century, sales tax from interstate commerce abided by two U.S. Supreme Court rulings: National Bellas Hess v. Department of Revenue of Illinois and Quill v. North Dakota. In these cases, the Court concluded that an out-of-state seller must have physical presence in a state before sales tax collection laws could be imposed. …

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California revises Wayfair sales tax thresholds

The U.S. Supreme Court in 2018 issued a ruling (South Dakota v. Wayfair) which opened the door for states to impose sales tax on internet retailers who sell into a state. As a result of this ruling, many states have begun passing laws and issuing regulations based on the Supreme Court decision. California, due to …

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How long do I need to keep my tax records?

You’ve filed your return, but now you have a pile of documents and you are wondering whether you really need to hang on to all of it. And if so, for how long? The answer is that there are some guidelines to follow, but it also depends on the types of documentation that you have. …

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IRS adjusts Health Savings Accounts limits for inflation in 2020

In Rev Proc 2019-25, the IRS recently announced the inflation adjustments that will apply to the deductions on contributions to a Health Savings Account (HSA) for 2020. This Rev. Proc. adjusts the amounts set forth in Internal Revenue Code §233. §233 allows eligible individuals who participate in a High Deductible Health Plan (HDHP) to deduct …

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