Customized reports and analysis

As discussed in the blog on dashboards and visualizations, there are increased benefits when integrating multiple software packages a company uses, such as general ledger, inventory management, customer relationship management, human resource information system and point-of-sale systems.  Once the applicable software packages are integrated, the customized reports and analytics can be prepared. Don’t miss: Transfer …

Keep Reading

The Taxpayer Advocate Service: A voice for the taxpayer

Rarely are the words “I really enjoyed working with the Internal Revenue Service to resolve that issue” spoken. Dealing with the Internal Revenue Service can be an intimidating and frustrating experience. The Taxpayer Advocate Service is available to help you navigate problem resolution with the IRS. As part of the IRS Restructuring and Reform Act …

Keep Reading

Sourcing your income taxes: Understanding market-based sourcing

Sales tax nexus laws across the country got a fresh makeover starting in the summer of 2018 with the Supreme Court decision in Wayfair. Now, states are updating their income tax sourcing laws, hoping to lure more businesses to reside there while simultaneously gaining more tax revenues from businesses that do not. The method? Market-based …

Keep Reading

Treasury throws businesses life preserver in coronavirus storm

In response to the coronavirus pandemic, last week the United States House of Representatives passed legislation making COVID-19 testing free and providing paid sick leave to many whose employers had previously not offered paid sick time. The Families First Coronavirus Response Act left many businesses struggling to find the resources to accommodate mandated paid sick …

Keep Reading

What you need to give your CPA to prepare your 2019 tax return

What is needed for taxes is situational. A college student may only have a W-2 form while others will receive 1099 forms, depending on the type of income they receive. It is important to know what forms and documents to give your CPA to have the process be efficient. Don’t miss: key changes to 2019 …

Keep Reading

California’s New Definition of an Employee

California’s new law (Labor Code section 2750.3) creates a big definition change on who should be paid as an independent contractor and who should be paid as an employee. Under the new law, a worker can only be considered an independent contractor if the payor can prove they meet the following three requirements: The worker …

Keep Reading

IRS warns taxpayers of property lien scam

This month the IRS issued a Tax Tip warning taxpayers about a fake property lien scam. This is just one of many scams out there designed to trick you into paying money for fictitious bills. Don’t miss: IRS issues warning to virtual currency owners Here are some of the attributes of the scam that the …

Keep Reading

5 tips after changing your name due to marriage or divorce

So, you married the love of your life? Or maybe you left him in the gutter where you found him? Either way, the IRS wants you to know that when changing your name, the name on your tax return must match the name registered with the Social Security Administration (SSA). Here are five things to …

Keep Reading

Reflecting on the past decade of accounting

As we head into a new decade of accounting, it is beneficial to reflect on the past years to see the things that we have done and where we are going. Looking back, we are able to take a look at the accounting profession and see how it has changed in the recent years and …

Keep Reading

New tax law changes: Taxpayer First Act

The Taxpayer First Act of 2019 was signed by President Trump on July 1, 2019. The purpose of the Act is to ultimately make taxpayers’ experience with the IRS easier and safer by improving customer service and adding safeguards during contact with the IRS. Included below is a list of some of the most interesting …

Keep Reading