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Residential Energy Credits: Invest in Clean Energy Solutions To Qualify

Cherry Bekaert

The maximum available credit for eligible clean energy expenses when using a property partially for business is as follows: Business use of up to 20% receives full credit Business use of more than 20% receives credit based on the share of expenses allocable to nonbusiness use A few items to note: Roof trusses and traditional shingles that support solar (..)

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Friday Footnotes: If There’s AI in Your Job, There May Be More Money; Audits Make Clients Anxious; Who You Calling an Unsexy Sector!? | 5.24.24

Going Concern

“Considering we have a state budget just over $50 billion and the multiple errors we identified were in excess of $718 billion, it’s clear this additional level of review is vital to ensure we have accurate financial reporting,” Republican Auditor Scott Fitzpatrick said in a statement announcing the report.

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ChatGPT Isn’t Terminator for Accountants…Yet

Going Concern

The products can sort accounts, predict the other side of a journal entry, and populate a tax form with high accuracy. If you’ve been on an audit or prepared a tax return and at some point thought “a monkey could do my job,” you weren’t far off. It isn’t just another game, it’s a different sport. ChatGPT is Usain Bolt.

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Accounting Jokes, Videos, Puns and Humor

AdviceForTaxpreparers

Why did the auditor get hit by a car when he crossed the road? What’s an accountants favorite sport to play during busy season? How did the auditor propose to his girlfriend? I sold my boat for 100k, do I have to pay taxes? Interstellar Tax Debt Self Prepared Tax Return Mindset? Ultimate FASB.

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Friday Footnotes: Work-Life Balance, Does It Work?; Big 4 Firms Slash Job Postings; She Doesn’t Even Go Here! | 2.16.24

Going Concern

Bill would let private CPAs, not state auditor’s office, audit state agencies [ Radio Iowa ] Senator Mike Bousselot, a Republican from Ankeny, IA seems to think letting CPA firms audit government books instead of the state auditor will fix the accountant shortage somehow?

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Friday Footnotes: PwC’s Head of Reputation Quits; KPMG’s New Commercial; EY Split Still on the Menu | 6.9.23

Going Concern

Specifically, the tax agency is challenging how much income the players can deduct from their taxes through contributions to a form of pension plan through an employer called a Retirement Compensation Agreement (RCA). More is being asked of accountants, auditors and financial service providers than ever before.

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Are Gifts to customers and business associates deductible expenses?

Ronika Khanna CPA,CA

Gifts that are specifically for meals or entertainment such as a gift certificates to a restaurant or tickets to a sporting event, even if you don’t accompany the client, are only 50% deductible and should be reflected as meals and entertainment in your accounting.