The US coastline is about to face the worst of the 2022 hurricane season, and many businesses within a day's drive are taking steps to prepare. While weatherproofing buildings and fueling generators is important, for tax professionals, there are a few more simple steps to be sure your business is ready to weather the storm.…
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President Biden signed into law the $369 billion Inflation Reduction Act of 2022 (IRA), which proponents say will lower the deficit, invest in renewable energy, and lower health care costs. This sweeping legislation also addresses issues that will specifically interest tax professionals: increased funding for the Internal Revenue Service, new corporate taxes, and adjustments to tax credits.…
Read more about Top Tax Issues in the Inflation Reduction Act
We all know that identity thieves aren’t letting up in their efforts to steal your clients’ personal information so they can file fraudulent tax returns. If anything, they’re picking up the pace.…
Most tax-season-preparation checklists include updating software, reviewing tax law changes, earning continuing professional education credits, and training seasonal staff. Creating or updating a written information security plan (WISP) is one often-overlooked item that should make everyone's list. After all, tax professionals are required by the Federal Trade Commission’s Safeguards Rule to have one of these plans in place to protect client information.…
Read more about Security Summit Announces New Sample Security Plan
Many people review user ratings for critical insight when considering a new product, and annual tax-preparation software surveys are a rich resource for tax professionals. The surveys draw clear comparisons of user experience in areas that directly impact office performance. Seeing how applications stack up against the competition can influence the decision to switch, especially when peers overwhelmingly praise one solution.…
Read more about Drake Takes 10 Categories in Journal of Accountancy Survey!
![Virtual Currency and Taxes [Infographic]](/media/3061/virtual-currency-taxes.jpg?anchor=center&mode=crop&width=1024&height=576&rnd=133047087450000000)
It would be an understatement to suggest that interest in virtual currency grew during the early days of the pandemic. By 2021, virtual currency (or cryptocurrency) had seemingly arrived as a mainstream investment vehicle—with exchanges even purchasing Super Bowl ads featuring Hollywood celebrities.…
This summer, the country has been hammered by extreme weather—from oppressive heat waves to torrential rains. In response to deadly flooding in Eastern Kentucky, the Internal Revenue Service announced tax relief for counties the Federal Emergency Management Agency declared disaster areas.…
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It’s never too early to start planning for the next tax season. For millions of tax pros, that means figuring how to make their operations more secure.…
![2022 Contactless Tax Preparation [Infographic]](/media/3055/2022-contactless-tax-preparation-infographic.png?anchor=center&mode=crop&width=1024&height=576&rnd=133028700630000000)
The pandemic forced businesses across the country to adjust how they served customers. Many customer-facing businesses adopted services like curbside pickup to protect both their employees and customers—programs proving so popular they outlived the restrictions that gave rise to them.…
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One of the Internal Revenue Service’s main advisory committees is asking Congress to give the agency the funding it needs to function well. The recommendations, split into two categories, come from the Electronic Tax Administration Advisory Committee, or ETAAC, in its annual report to Congress.…
Read more about ETAAC Recommends IRS Funding, MeF Enhancements
