Did you see this article in last Saturday’s New York Times? “The Robots are Coming for Phil in Accounting” Oh boy, so many things to unpack here! Most of the article discusses the prospects of white-collar workers in several professional fields. Thanks to recent advances in A.I. and machine learning, they feel targeted for layoffs at their […]
American Rescue Plan Act passes with many tax components
The American Rescue Plan Act, H.R. 1319, was signed into law Thursday by President Joe Biden, one day after the House of Representatives passed it by a vote of 220–211. H.R. 1319 was first passed by the House on Feb. 27. The Senate made several amendments and passed its version of the bill on March 6. […]
Ideas for business goals this year
The start of the year is the perfect time to dust off last year’s business plan and set some new goals for the future. But there is never really a “bad” time to set some new goals in your business. Let us review the ideas for business goals this year. While some entrepreneurs love planning, […]
Tips for taking on a massive QuickBooks Online cleanup
Are you taking on a big QuickBooks Online cleanup project and not sure where to get started? I’ve been in your shoes, but after years of performing QBO cleanups, I’ve developed a system for organizing my cleanup projects from start to finish. I want to share my tips for taking on a massive QuickBooks Online […]
Small Business COVID Relief and New Updates
If you own a business with 20 or fewer employees and planned to apply for the third round of Paycheck Protection Program funding, take action ASAP. There is new help available for small businesses like yours. Here’s what you need to know about the Biden-Harris Administration’s reforms. There is a 14-day period (that started February […]
AICPA recommends Circular 230 changes
The AICPA has recommended revisions to clarify and update certain aspects of Circular 230, Regulations Governing Practice Before the Internal Revenue Service (31 C.F.R. Part 10), and allow a better understanding of the rules for tax practitioners when they are representing taxpayers before the IRS. The suggestions include that Circular 230 should define applicable jurisdiction […]
AICPA requests tax deadline postponements until June 15
News Practice & Procedures By Sally P. Schreiber, J.D. The AICPA on Thursday sent a letter to IRS Commissioner Charles Rettig and Acting Assistant Secretary Mark Mazur urgently asking for the deadlines for filing all 2020 federal income tax and information returns and for making payments to be extended from April 15 to June 15, […]
Twelve Months Since COVID – our reflections
It’s around twelve months since COVID really started having an impact in Australia. A few things that come to mind when thinking about the past year: Restrictions and closures to national and international borders; Whole communities went into lockdown and got cut off from the outside world; Students learning online and alongside their parents who […]
Pandemic Preparedness Tips for Your Business
The COVID-19 pandemic has caught most of us off guard. Who would’ve thought that the world would spend over a year battling a virus? Here are the Pandemic Preparedness Tips for your business. This unprecedented global crisis is a reminder that these business threats are very real and acts as a wake-up call for business […]
IRS issues employee retention credit guidance
In Notice 2021-20, the IRS issued detailed guidance for employers claiming the employee retention credit for calendar quarters in 2020. The credit was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L 116-136, and amended by the Consolidated Appropriations Act, 2021, P.L 116-260. The IRS says the guidance in the notice is […]