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Yes, once again I am admitting:  I am a tax nerd; attending the 15th annual Certified Tax Coach (CTC) conference in Seattle is/was the highlight of my week so far.  I can say this, as this morning starts day 2 of the conference and then tonight I head to San Diego to visit my daughter Jessie, her boyfriend Eric and my granddog Sampson.  It was a day of connecting with old friends, making new friends and learning about some new tax minimization stratigies.

My day started with my usual Thursday morning office huddle (via Zoom), then a workout in the hotel gym and on to the first of  inspirational and informative Keynotes and breakout sessions.  I was so glad to finally meet several of my monthly “mastermind” group members in person after meeting them and seeing them via zoom over the past few years.

Later Thursday morning Raquel sent me this photo of the day’s harvest..

We have picked blackberries all week and enjoyed them for a mid-morning snack…

Here’s the pick of the week morning beach shot, some days I just need a “dose”…

I am looking forward to another jam packed day starting with this post, a workout in the hotel gym, a networking breakfast, then 7 more sessions and off to the airport as I head to San Diego for a visit and more ChatGPT training.  I hope you all have a great day and great plans for the weekend.

WEEKLY TAKE AWAY

Be courious, take risks, test, implement and repeat; then share.  For as long as I can remember that is how I approach(ed) the use of technoloy in business and in the process created efficiencies and cost reductions for my firm and my clients.  In our firm we love to say “we create time” and it’s been true, now with the help of analytic software we have added “we help create wealth” so our clients have the financial security to enjoy their free time.

I was thrilled to “run” into my accounting friend and mentor Jim Buffington, CPA at this week’s CTC conference, it’s been at least 5 years since we were together.

We reminicenced about our time together on the Intuit Tax Council and were reminded about the how the software solutions we were and have been able to implement helped clients with financial clarity, growth and exit stratigies as they also enabled us to cut administrative time and costs back then and still do. We chatted about the current state of the accounting profession and how he is successfully incorporating AI in his management and training role at Intuit, I discussed how helful using this new technology can be in creating new efficiences for my firm and our cleints. When I visit my daughter Jessie she will continue to help me use ChatGPT for some repetative low level tasks in my firm.  We will be courious, take risks, test, implement and repeat and then share our recomendations with our clients.

TAX ISSUES/TAX PLANNING

It’s All About the Tax Credits

It bears repeating that in many cases the tax code and tax laws look to influence behavior;  The Inflation Reduction Act of 2022 (IRA) is chock full of enviornmental credits for clean energy options.  Many of the credits are aimed at big corporations, but several can be used in tax minimization stratagies for smaller businesses and individuals.  Over the next few weeks I will be focusing on connecting further with strategic partners enabling my staff  and I to fine tune appropriate suggestions relating to share with our clients and add some “tax minimization tools” to our list of ideas for retirement, tax minimization, growth and exit planning tool box:

• Opportunity Zone Eergy Funds for investing and tax minimization
• Opportunity Zone Funds for investing and tax minimization
• Oil and Gas Drilling funds for investing and tax minimization
• Renewable Energy Invsestment Tax Credits for tax minimization
• Production Tax Credits
• Research and Development Credits

Summertime Tax Scams

This exerpt is from accountingToday’s recent post “The Internal Revenue Service is seeing a surge of tax scams this summer hitting taxpayers via email and text messages touting tax refunds and quick fixes to their tax problems.

Many of the email scams make promises about a non-existent third round of Economic Impact Payments.” Last Friday the IRS announced it is getting hundreds of complaints daily in its phishing@irs.gov inbox about this scam. “The emails include an embedded URL link taking unwary taxpayers to a phishing website that steals their personal information.

The IRS is also getting reports about emails encouraging people to “Claim your tax refund online,” and text messages that the person’s tax return was “banned” by the IRS. These scams are riddled with spelling errors and awkward phrasing, but they consistently try to entice people to click on a link.” For more on this go to the IRS website.

ECONOMY

UPS Workers are Poised for their Biggest Strike in 60 Years

Thousands of part-time employees at UPS are pushing for higher pay as the Teamsters union, which represents 340,000 UPS workers, and the delivery giant resume contract negotiations next week. If no deal is reached by July 31, the union has vowed to walk off the job in what would be America’s biggest strike in 60 years.

AI Could Revolutionize Dentistry

Hundreds of dental offices across the U.S. are now using AI-powered X-ray imaging technology. The software helps dentists deal with routine procedures, such as identifying cavities, as well as spot more serious conditions, including periodontal disease, or bone loss within the mouth often linked with diseases like diabetes or Alzheimer’s.

Craftsman Factory in Texas Shows Challenges of Reshoring Manufacturing

The unsuccessful effort to launch a highly-automated factory for Craftsman tools in the U.S. underscores the challenges American businesses face in bringing manufacturing back from overseas.

Even Congress Thinks its Members Should Stop Playing the Stock Market

The vast majority of voters do not want members of Congress to trade stocks. Plenty of members of Congress say they don’t think they and their colleagues should be playing the stock market either.

What’s Ahead for Bank of America and its Customers

Recently, the Consumer Finincial Protection Bureau (CFPB) took action against Bank of America for breaking federal laws that apply to financial products, including bank accounts and credit cards.  Since 2012, Bank of America had a sales incentive program for its employees, rewarding them when they met goals for opening new credit card accounts. Some employees opened credit cards for customers who never applied for or agreed to the new accounts. Customers might have incurred fees or had damage to their credit reports as a result. If you are a Bank of America customer, here’s information to help you understand whether you may have been harmed, what refunds and reimbursements to expect, and what else to watch for.

Top 10 U.S. Cities for Retirees

U.S. News & World Repot evaluated the 150 largest metropolitan areas in the U.S. using date from a variety of sources, including the U.S. Census Bureau and the Tax Foundation and reveals the top 10 cities for retirees.

GENERAL RESOURCES

• IRS resources for stimulus payments:
  • Use the Get My Payment tool to check on EIP payment status
  • Eligibility and general information about Economic Impact Payments
  • A list of frequently asked questions for stimulus payments
• IRS information about the Advance Child Tax Credit Payments
  • Portal to update information
  • A list of frequently asked questions on the advance Child Tax Credit Payments
• The best source for up-to-date and accurate health information is the Center for Disease Control (CDC)
• Our prior blog posts, videos and prior weekly newsletters
• Entrepreneur put together a listing of free tech resources for remote work
• The Consumer Financial Protection Bureau has warnings about COVID-related scams
• The New York Times has an online newsletter on K-12 and higher education
• The Wall Street Journal has a collection of articles on education
• The Louvre has digitized 482,000 artworks from its collection
• How to create a strong password

We sincerely hope that you and your family are well and remain well. If you have any questions or concerns, don’t hesitate to reach out to us. We are here for you.

If you need help with your accounting, want to create a tax minimization plan, want to discuss your business growth plan or your finances, are concerned about retirement goals or need to be held accountable for your 90 day action plan, contact us for a complimentary discovery session or an appointment to just get started

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