New vehicles that qualify for a tax credit

IRC 30D(a) offers a credit to the buyer of an eligible plug-in electric drive motor vehicle. According to the IRS website, the additional models of Audi, MINI and Toyota Prius now qualify for the plug-in electric drive motor vehicle tax credit. The amount of the credit is $2,500 for allowed vehicles purchased after December 31, …

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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 …

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Transfer tax and foreign items adjust for inflation in 2021

Transfer tax and foreign tax figures are among those that are adjusted annually for cost-of-living increases. Thomson Reuters Checkpoint has calculated these figures for the year 2021 using the chained Consumer Price Index from August 2020. Don’t miss: Reasonable compensation for S-Corporation shareholder employees The annual gift tax exclusion will remain at $15,000 and the …

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Reasonable compensation for S-Corporation shareholder employees

S-Corporations have long been popular due to their single level of taxation as a pass-through entity and the shareholder’s share of the corporation’s net income is not considered self-employment earnings, and therefore, not subject to self-employment tax (15.3% in 2020). However, if the shareholder provides services to the S-Corp, he or she must receive reasonable …

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How to report identity theft to the IRS

In the United States, approximately 33% of adults have experienced some form of identity theft, which is more than twice the global average. One of the most common forms of identity theft occurs through tax fraud. It is estimated that tax identity theft costs US taxpayers $5.2 billion annually. To combat this growing issue, the …

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Dashboards and visuals to see your data by

While accountants are used to viewing data in a multitude of rows, columns and pivot tables, most people struggle with seeing any patterns in rows of numbers. The implementation of visualizations through data analytic dashboards allow for you to view data in a user-friendly environment in easy to understand visuals. In addition, the creation of …

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Predictive Analytics – What will happen?

Predictive analytics is the utilization of analytics to forecast what will happen in a business. Predictive analytics is the usage of everything gathered in descriptive and diagnostic analytics along with the continued use of modeling, machine learning and risk assessments to make predictions about future events/trends by scoring data and forecasting. Predictive analytics are generated …

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Diagnostic Analytics – Why did it happen?

Diagnostic analytics uses analytics to describe why something happened. Diagnostic analytics takes the development of descriptive analytics a step further and is generating a root cause analysis to see: What caused the company’s sales last month, last quarter, last year to increase or decrease? Why were there changes in the company’s largest customer? Why were …

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Descriptive Analytics can help you answer “What happened?”

Descriptive analytics is the utilization of analytics to describe what happened. Generally, descriptive analytics entails the gathering of historical data/transactions and using this data to answer questions about the past and provide context to historical activity. Questions like: What were the Company’s sales last month, last quarter, last year? Who were the Company’s largest and …

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