These days, accountants and tax preparers use software to prepare and file your taxes. It allows them to do the calculations faster and to file online with the IRS. But it’s not always like that. In the Market Place article, Marielle Segarra interviews our director Andrea Parness about double-checking the software and how accountants have to remember the software is just a tool, and they can’t let it do all… Read more
Too much stress can be a true detriment to your tax practice, especially during busy season. According to the American Institute of Stress, 80 percent of workers feel stress on the job, while nearly half say they need help learning how to manage stress. Read more on Intuit ProConnect website Read more
The new year brings with it new challenges and opportunities, especially considering the impact the Tax Cuts and Jobs Act has on tax year 2018. Read more about what our owner, Andrea Parness CPA and other Intuit® ProConnect™ Tax Pro Center authors advise to clients in 2019. Read full article Read more
The form 1040 is the form most taxpayers use to file their annual tax returns. In addition to supplying basic information about the taxpayer and his/her family, it acts as an overview or listing of various types of income, deductions, and exemptions. It also acts as an index to other necessary schedules which support the items on each line. Of course we CPA’s, other tax professionals and the general public… Read more
As I walked the monument trail on the last evening during my recent trip to DC, the puddles and sudden downpours did not dampen my sprits or thoughts about the great meetings I had participated in and would continue to have. As I passed the Washington, Jefferson, FDR and Lincoln monuments, I marveled at the foresight of these great leaders. Our tax system is voluntary and we do have representation… Read more
If tax professionals are still scrambling to decipher tax reform and the various code sections of the Tax Cuts & Jobs Act, how do small business clients and individual taxpayers feel with all this uncertainty? What can we, as their trusted advisors, do to help make them feel secure and know that they have a partner to develop a strategy to deal with these tax law changes? In 2016 and… Read more
I am wearing many hats these days. As the owner of a progressive CPA firm I am responsible to my staff and clients and their financial success. As the president of a chapter of my professional group I am responsible for the vision and leadership of the group and for enabling them to operate successfully while ensuring the wellbeing of the administrative staff and the financial stability of the organization.… Read more
With another tax season on the horizon, we talked to several of our tax professionals and Intuit® ProConnect™ Tax Council members about what apps and software they love the most. Many of these apps save them time each day, while others help them make the most of their free time so they can truly focus while at work. We hope these favorite apps help make tax season a little easier… Read more
Monica and Myriam are smart, loyal, self-motivated, conscientious, independent people; both irreplaceable members of my team. Years ago, they separately told me they were moving to different states. At the time, we had a decision to make: part ways or find a path to keep my indispensable team members. Today, I have two full-time employees who live in other states. When we first experimented with working remotely, we were relegated… Read more
US Congress Conference Report which has not been voted on or passed yet, refers to the final version of the bill – does not allow a deduction for prepayment of 2018 state income taxes. https://rules.house.gov/conference-report/hr-1 In addition, prior revenue rulings 71-190 and 82-208 also preclude taking a 2017 deduction for payments made in 2017 to be applied to a tax liability in 2018 — notably, a year that has not… Read more
Whether you’re on vacation, at a firm retreat or simply away from the office, all of us connect while we’re gone to our work, family and friends. Nowadays, it’s not a matter of if you’re going to connect, but rather how to do it consistently and efficiently. We asked several tax practitioners for their guidance. Read more on tips for tax pros working virtually in Scott Cytron’s article on TaxPro… Read more
It’s tax season and many residents of New York and New Jersey lost homes, property and paperwork, making this season particularly difficult, but after Sandy, residents aren’t getting the kind of tax breaks that victims of previous national disasters have received. The IRS released a slim volume back in 2006, known as Publication 4492. If you missed it, that’s because it applied to victims of Hurricanes Katrina, Rita and Wilma,… Read more